{"annotation_id":"cda77639-7179-4a92-8ee7-1c50eed48d69","file_hash":"ffdade7448efb4d1417ff1a794a227c2da242554ddd43026d500f69e7d2e5047","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"8b8bc0f3-7f3d-4248-b007-0f966a9b361e","block_type":"box","text":"iShares Trust","page_number":1,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"170955aa-c2a0-4407-86a4-44c8a6687b8a","block_type":"box","text":"Supplement dated October 5, 2026 (the “Supplement”)","page_number":1,"box":{"x":290,"y":85,"width":423,"height":12}},{"id":"d017f2dd-b997-4bb1-a63a-1437b667b893","block_type":"box","text":"to the currently effective Prospectus for the","page_number":1,"box":{"x":333,"y":100,"width":337,"height":13}},{"id":"2a7ead44-8b5d-4f52-8a3a-cc79eb923b3d","block_type":"box","text":"iShares Morningstar Small-Cap ETF (ISCB), and","page_number":1,"box":{"x":322,"y":116,"width":360,"height":12}},{"id":"b71eb812-ea53-437a-b279-bf9204aef387","block_type":"box","text":"iShares Morningstar U.S. Equity ETF (ILCB)","page_number":1,"box":{"x":339,"y":131,"width":326,"height":13}},{"id":"214072f7-8992-47ea-a049-a7e95442cb6f","block_type":"box","text":"(each, a “Fund” and collectively, the “Funds”)","page_number":1,"box":{"x":328,"y":147,"width":348,"height":12}},{"id":"d1ab604d-1c34-4a3e-87c8-61ed2b4392d0","block_type":"box","text":"This Supplement includes and supersedes information contained in the Prospectus Supplements dated","page_number":1,"box":{"x":116,"y":170,"width":751,"height":13}},{"id":"9c3931e5-224e-404d-86af-6c1168cb5496","block_type":"box","text":"August 31, 2026.","page_number":1,"box":{"x":116,"y":186,"width":129,"height":12}},{"id":"af296e77-830d-4964-8164-ee20900e7e6e","block_type":"box","text":"Effective immediately, the following changes are made to each Fund’s Prospectus:","page_number":1,"box":{"x":117,"y":209,"width":626,"height":12}},{"id":"db2240e3-5789-4e4c-bad3-d311392d905e","block_type":"box","text":"1. Name and Ticker Symbol","page_number":1,"box":{"x":118,"y":232,"width":207,"height":13}},{"id":"6e1513db-9cf0-4eaf-bc80-77a68e02082f","block_type":"box","text":"Š","page_number":1,"box":{"x":136,"y":257,"width":9,"height":7}},{"id":"ec25eeda-29ad-4464-afd6-a226e76811c9","block_type":"box","text":"The iShares Morningstar Small-Cap ETF’s name is changed to “iShares MSCI USA Small-Cap ETF”,","page_number":1,"box":{"x":156,"y":255,"width":716,"height":13}},{"id":"f286667b-eeb0-420b-b9e7-2270e8c43d6c","block_type":"box","text":"and its ticker is changed to “MSML”. Accordingly, all references in the Prospectus to “iShares","page_number":1,"box":{"x":157,"y":271,"width":678,"height":12}},{"id":"6797e0e6-01d1-4be2-b6fd-ac6e12e5a8c4","block_type":"box","text":"Morningstar Small-Cap ETF” are replaced with “iShares MSCI USA Small-Cap ETF”, and all","page_number":1,"box":{"x":157,"y":286,"width":656,"height":13}},{"id":"6b41f792-333b-45f7-912b-ff6f084795fa","block_type":"box","text":"references to “ISCB” are replaced with “MSML”.","page_number":1,"box":{"x":157,"y":302,"width":350,"height":12}},{"id":"b4bcf19b-71e4-45e4-9a99-274a3f760091","block_type":"box","text":"Š","page_number":1,"box":{"x":136,"y":327,"width":9,"height":7}},{"id":"4c20f942-e8a5-4dde-bd1b-9586ced09734","block_type":"box","text":"The iShares Morningstar U.S. Equity ETF’s name is changed to “iShares MSCI USA ETF”, and its","page_number":1,"box":{"x":156,"y":325,"width":692,"height":13}},{"id":"2dbd330f-820c-4ca4-9113-31d40ef3058d","block_type":"box","text":"ticker is changed to “MLRG”. Accordingly, all references in the Prospectus to “iShares Morningstar","page_number":1,"box":{"x":156,"y":340,"width":718,"height":13}},{"id":"7c2230e5-3c4e-4a2f-8f9e-e5b29ccadd7e","block_type":"box","text":"U.S. Equity ETF” are replaced with “iShares MSCI USA ETF”, and all references to “ILCB” are replaced","page_number":1,"box":{"x":157,"y":356,"width":729,"height":13}},{"id":"79170294-fa5d-4f20-a996-8fec478475b7","block_type":"box","text":"with “MLRG”.","page_number":1,"box":{"x":156,"y":371,"width":104,"height":10}},{"id":"6a21697e-a22f-45a0-96aa-bad31a66bb5b","block_type":"box","text":"2. Principal Investment Strategies","page_number":1,"box":{"x":116,"y":395,"width":260,"height":12}},{"id":"7af5f332-455f-4033-9905-1697d84e8ab7","block_type":"box","text":"Š","page_number":1,"box":{"x":136,"y":420,"width":9,"height":7}},{"id":"e783d135-e36e-42ea-93b9-c1d30c6dba55","block_type":"box","text":"In the Fund Summary for iShares MSCI USA Small-Cap ETF, the first seven paragraphs under the","page_number":1,"box":{"x":158,"y":418,"width":701,"height":13}},{"id":"4c71f1ff-23a8-468d-9a76-059092e83880","block_type":"box","text":"“Principal Investment Strategies” heading are deleted and replaced with the following:","page_number":1,"box":{"x":157,"y":433,"width":628,"height":13}},{"id":"12de31bd-f30a-410a-9283-5ab20d86c5f5","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA Small Cap Index (the","page_number":1,"box":{"x":183,"y":457,"width":623,"height":12}},{"id":"fe4f86f1-e1bf-484d-8ca3-d4812baece4d","block_type":"box","text":"“Underlying Index”), which measures the performance of the small-capitalization segment of","page_number":1,"box":{"x":184,"y":472,"width":678,"height":13}},{"id":"bbdde6a2-627e-47fe-9003-a668af627579","block_type":"box","text":"the U.S. equities market, as determined by MSCI, Inc. (“MSCI” or the “Index Provider”). The","page_number":1,"box":{"x":183,"y":488,"width":663,"height":12}},{"id":"05a44c71-e97b-4909-b475-709b9b69dbed","block_type":"box","text":"Underlying Index represents approximately 14% of the free float-adjusted market capitalization","page_number":1,"box":{"x":184,"y":503,"width":694,"height":13}},{"id":"1675ab06-9f7a-4b9e-84c6-23238b42bcd9","block_type":"box","text":"in the U.S. The Underlying Index is free float-adjusted market-capitalization weighted.","page_number":1,"box":{"x":184,"y":519,"width":623,"height":12}},{"id":"658bf95f-16f4-44b2-9812-80eabee916df","block_type":"box","text":"As of August 31, 2026, the Underlying Index had approximately 1,634 constituents, and a","page_number":1,"box":{"x":183,"y":542,"width":654,"height":13}},{"id":"056d66a1-2fe6-4267-bc3e-efa593367a41","block_type":"box","text":"significant portion of the Underlying Index was represented by securities of companies in the","page_number":1,"box":{"x":184,"y":557,"width":676,"height":13}},{"id":"e4dafaab-a7fd-44f7-85cd-2978aa730c0c","block_type":"box","text":"financial, industrials and technology industries or sectors. The components of the Underlying","page_number":1,"box":{"x":183,"y":573,"width":679,"height":13}},{"id":"263788ef-a8b6-443a-88f6-4760dcbd9618","block_type":"box","text":"Index are likely to change over time.","page_number":1,"box":{"x":184,"y":589,"width":265,"height":12}},{"id":"31059342-0ac2-4378-9bf3-4cf808f7280e","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and","page_number":1,"box":{"x":183,"y":612,"width":634,"height":12}},{"id":"31b2b822-0032-4085-abc2-a181c585519f","block_type":"box","text":"expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the","page_number":1,"box":{"x":184,"y":627,"width":664,"height":13}},{"id":"d32b2892-5cf2-4a6c-b26f-709d2a264808","block_type":"box","text":"Fund. “Representative sampling” is an indexing strategy that involves investing in a","page_number":1,"box":{"x":184,"y":643,"width":606,"height":12}},{"id":"f0123873-7bb7-4161-accb-df9310315642","block_type":"box","text":"representative sample of securities or other instruments intended to collectively have an","page_number":1,"box":{"x":184,"y":658,"width":643,"height":13}},{"id":"bb540bbf-b48e-4b7e-be23-12c11e7c8cfc","block_type":"box","text":"investment profile similar to that of an applicable underlying index. The instruments selected are","page_number":1,"box":{"x":184,"y":674,"width":698,"height":12}},{"id":"a4ebddb2-19a2-497c-b581-7baaf66ab4c4","block_type":"box","text":"expected to have, in the aggregate, investment characteristics (based on factors such as market","page_number":1,"box":{"x":184,"y":689,"width":695,"height":13}},{"id":"14e5cf37-c544-4984-b875-39d3df26859e","block_type":"box","text":"capitalization and industry weightings), fundamental characteristics (such as return variability","page_number":1,"box":{"x":184,"y":705,"width":680,"height":12}},{"id":"94e8d9f5-d010-4f67-98d4-c84c179d4b5b","block_type":"box","text":"and yield) and liquidity measures similar to those of an applicable underlying index. The Fund","page_number":1,"box":{"x":184,"y":720,"width":675,"height":13}},{"id":"acabee9c-8ffb-40bc-bfdd-ed88aafc9285","block_type":"box","text":"may or may not hold all of the components of the Underlying Index. The Fund may use","page_number":1,"box":{"x":184,"y":736,"width":629,"height":12}},{"id":"1cd585a8-ceda-4690-8922-eefdfc77705c","block_type":"box","text":"derivatives to gain or reduce exposure to the components of the Underlying Index or exposure","page_number":1,"box":{"x":184,"y":751,"width":683,"height":13}},{"id":"cd3991b8-5cfd-4ec2-b185-a318c7d67f86","block_type":"box","text":"to one or more market risk factors associated with such components. Subject to the limits","page_number":1,"box":{"x":183,"y":767,"width":653,"height":12}},{"id":"cbeca6a3-d8e5-41f7-90e6-65941500720d","block_type":"box","text":"described herein, the Fund may purchase and hold cash and cash equivalents, including shares","page_number":1,"box":{"x":184,"y":782,"width":687,"height":13}},{"id":"bcd82986-f8a4-41b8-a0bf-4f9c9f742169","block_type":"box","text":"of money market funds advised by BFA or its affiliates, and may also purchase and hold","page_number":1,"box":{"x":184,"y":798,"width":633,"height":12}},{"id":"9dbc5ce7-57c0-410d-8da4-0e7d700fda17","block_type":"box","text":"instruments not included in the Underlying Index when BFA believes that such instruments will","page_number":1,"box":{"x":184,"y":813,"width":686,"height":13}},{"id":"fe9adcb8-4b6d-479f-8ce1-a0a43d9d2bbf","block_type":"box","text":"help the Fund track the performance of the Underlying Index over time, including in light of","page_number":1,"box":{"x":184,"y":829,"width":664,"height":12}},{"id":"8c699293-5e0b-4f3f-98dc-3a1610f31c96","block_type":"box","text":"expected liquidity or trading costs, anticipated additions to or deletions from the Underlying","page_number":1,"box":{"x":184,"y":844,"width":669,"height":13}},{"id":"286c169a-de26-4ec1-9a4e-fd98e5cee1ed","block_type":"box","text":"Index, or other reasons as determined by BFA.","page_number":1,"box":{"x":184,"y":860,"width":337,"height":12}},{"id":"b6cde343-9999-47cb-a44a-60b30ae964fa","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the","page_number":1,"box":{"x":184,"y":883,"width":681,"height":13}},{"id":"5d2835c0-8636-4703-adec-754f75010f30","block_type":"box","text":"“1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of","page_number":1,"box":{"x":184,"y":899,"width":700,"height":12}},{"id":"5fc2630a-8ae1-419a-8536-a43ebde55f3e","block_type":"box","text":"its net assets, plus the amount of any borrowings for investment purposes, in components of its","page_number":2,"box":{"x":184,"y":69,"width":700,"height":13}},{"id":"53369eed-aabf-47c8-b16a-904105e511cd","block_type":"box","text":"Underlying Index. Investments in derivatives and other investments will be counted toward the","page_number":2,"box":{"x":184,"y":85,"width":690,"height":12}},{"id":"563d4c0f-b345-4a0f-90a7-176344ce1537","block_type":"box","text":"Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":2,"box":{"x":184,"y":100,"width":701,"height":13}},{"id":"46866fd2-7f4d-4574-9806-aad0c2f0023e","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such","page_number":2,"box":{"x":184,"y":116,"width":626,"height":12}},{"id":"c6b0573c-a70f-465e-9413-a2bf4e0b9c2a","block_type":"box","text":"components. The Fund’s 80% investment policy may be changed by the Trust’s Board of","page_number":2,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"e6dbadb6-6509-41af-b75a-0452c03e3aba","block_type":"box","text":"Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":2,"box":{"x":183,"y":147,"width":445,"height":12}},{"id":"c8159a74-b909-46d2-9d71-2c2a9047b262","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund’s total assets","page_number":2,"box":{"x":183,"y":170,"width":702,"height":13}},{"id":"e1e263a4-9960-4d8b-b41a-b0be736b15f6","block_type":"box","text":"(including the value of any collateral received).","page_number":2,"box":{"x":184,"y":185,"width":342,"height":13}},{"id":"16ec17d7-bb24-4b81-980c-32b8ddfcd5c9","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent of the Fund and BFA. The","page_number":2,"box":{"x":183,"y":209,"width":672,"height":12}},{"id":"b0142aa0-1a47-490a-8f50-071cf027b9b2","block_type":"box","text":"Index Provider determines the composition and relative weightings of the components of the","page_number":2,"box":{"x":184,"y":224,"width":679,"height":13}},{"id":"96aca4ad-9f6f-4ce4-b25d-68b2f52ada80","block_type":"box","text":"Underlying Index and publishes information regarding the market value of the Underlying Index.","page_number":2,"box":{"x":184,"y":240,"width":699,"height":12}},{"id":"1be8449d-2dad-4826-972a-c4ca8a1f0b54","block_type":"box","text":"Industry Concentration Policy.","page_number":2,"box":{"x":184,"y":263,"width":230,"height":13}},{"id":"d4362682-ca3f-4d0b-9559-2dcd5818ceb9","block_type":"box","text":"The Fund will concentrate its investments (i.e., hold 25% or","page_number":2,"box":{"x":415,"y":263,"width":440,"height":13}},{"id":"846aba97-45e6-4853-99d0-588adc480629","block_type":"box","text":"more of its total assets) in a particular industry or group of industries to approximately the same","page_number":2,"box":{"x":184,"y":278,"width":702,"height":13}},{"id":"fdfcd0a2-672c-4fbe-b23d-b571bdb6f238","block_type":"box","text":"extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the","page_number":2,"box":{"x":184,"y":294,"width":703,"height":13}},{"id":"2b47de37-0013-462e-9c29-639e21ab0ac3","block_type":"box","text":"U.S. government (including its agencies and instrumentalities) and repurchase agreements","page_number":2,"box":{"x":184,"y":309,"width":662,"height":13}},{"id":"db2134cc-f86b-4b7f-8559-f3c6a93736bf","block_type":"box","text":"collateralized by U.S. government securities are not considered to be issued by members of any","page_number":2,"box":{"x":184,"y":325,"width":693,"height":13}},{"id":"ff2050e3-74af-46e2-8f55-ea7e663500c8","block_type":"box","text":"industry.","page_number":2,"box":{"x":184,"y":340,"width":67,"height":13}},{"id":"a51ed4d6-b612-4aaf-a3e5-79261b32d048","block_type":"box","text":"Š","page_number":2,"box":{"x":136,"y":366,"width":9,"height":6}},{"id":"b70841e5-4fb9-489b-b057-000505ea16d2","block_type":"box","text":"In the Fund Summary for iShares MSCI USA ETF, the first eight paragraphs under the “Principal","page_number":2,"box":{"x":158,"y":364,"width":691,"height":12}},{"id":"1ec0cc54-65aa-4d45-a046-1f01c9e109ce","block_type":"box","text":"Investment Strategies” heading are deleted and replaced with the following:","page_number":2,"box":{"x":158,"y":379,"width":553,"height":13}},{"id":"1545e1f2-3ce9-4ec1-bb4f-3f1eaf03533e","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA Index (the “Underlying Index”),","page_number":2,"box":{"x":183,"y":402,"width":698,"height":13}},{"id":"6e24e1c8-8a59-4ad9-980b-f8d91a651a42","block_type":"box","text":"which measures the performance of the large- and mid-capitalization segments of the U.S.","page_number":2,"box":{"x":183,"y":418,"width":662,"height":13}},{"id":"8762bfdb-2878-47b2-9b40-06bd09dd124e","block_type":"box","text":"equities market, as determined by MSCI, Inc. (“MSCI” or the “Index Provider”). The Underlying","page_number":2,"box":{"x":184,"y":433,"width":685,"height":13}},{"id":"c0e1dc3e-6a4b-4e09-97cf-08f7ffdf0dda","block_type":"box","text":"Index represents approximately 85% of the free float-adjusted market capitalization in the U.S.","page_number":2,"box":{"x":184,"y":449,"width":688,"height":13}},{"id":"b4d048b7-089d-4514-97a2-0d9fb1ce6c34","block_type":"box","text":"The Underlying Index is free float-adjusted market capitalization weighted.","page_number":2,"box":{"x":183,"y":464,"width":545,"height":13}},{"id":"17121c70-ddf7-4e6f-8258-c53ea55d8557","block_type":"box","text":"As of August 31, 2026, the Underlying Index had approximately 525 constituents, and a","page_number":2,"box":{"x":183,"y":488,"width":640,"height":12}},{"id":"0dc89ba4-7aa6-48f6-8454-0076327d523f","block_type":"box","text":"significant portion of the Underlying Index was represented by securities of companies in the","page_number":2,"box":{"x":184,"y":503,"width":676,"height":13}},{"id":"e5fe6f7d-d15e-4695-b040-a54bc3606892","block_type":"box","text":"technology industry or sector. The components of the Underlying Index are likely to change over","page_number":2,"box":{"x":183,"y":519,"width":704,"height":12}},{"id":"c4975891-72c9-435c-b5b5-f8d8d9deff31","block_type":"box","text":"time.","page_number":2,"box":{"x":183,"y":535,"width":41,"height":9}},{"id":"012bf438-dee9-4657-8832-771af20011e8","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and","page_number":2,"box":{"x":183,"y":557,"width":634,"height":13}},{"id":"521855b9-35d5-48a9-9855-fa8174d966f3","block_type":"box","text":"expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the","page_number":2,"box":{"x":184,"y":573,"width":664,"height":13}},{"id":"42a3b4ec-cb55-4aa6-8c65-925547e39be7","block_type":"box","text":"Fund. “Representative sampling” is an indexing strategy that involves investing in a","page_number":2,"box":{"x":184,"y":589,"width":606,"height":12}},{"id":"c5cd03ee-e905-4ae3-9393-50fd884cadcb","block_type":"box","text":"representative sample of securities or other instruments intended to collectively have an","page_number":2,"box":{"x":184,"y":604,"width":643,"height":13}},{"id":"dfbc78eb-5c6b-4ed6-bc01-89fb6221de0b","block_type":"box","text":"investment profile similar to that of an applicable underlying index. The instruments selected are","page_number":2,"box":{"x":184,"y":620,"width":703,"height":12}},{"id":"e9cc6895-0b09-4ea3-8095-c9ccc96f87a9","block_type":"box","text":"expected to have, in the aggregate, investment characteristics (based on factors such as market","page_number":2,"box":{"x":184,"y":635,"width":700,"height":13}},{"id":"6beb2338-628d-4d4a-90d0-ce43df2be99e","block_type":"box","text":"capitalization and industry weightings), fundamental characteristics (such as return variability","page_number":2,"box":{"x":184,"y":651,"width":684,"height":12}},{"id":"b2588f9d-e7d2-4f36-8218-b8e18303a4af","block_type":"box","text":"and yield) and liquidity measures similar to those of an applicable underlying index. The Fund","page_number":2,"box":{"x":184,"y":666,"width":675,"height":13}},{"id":"70de420f-efd2-49a0-9c34-a0ee67a9b059","block_type":"box","text":"may or may not hold all of the components of the Underlying Index. The Fund may use","page_number":2,"box":{"x":184,"y":682,"width":629,"height":12}},{"id":"243f21f6-5a37-4aaf-84e3-62babddad44a","block_type":"box","text":"derivatives to gain or reduce exposure to the components of the Underlying Index or exposure","page_number":2,"box":{"x":184,"y":697,"width":683,"height":13}},{"id":"d7112f40-5c59-4537-919e-03ee127e6a15","block_type":"box","text":"to one or more market risk factors associated with such components. Subject to the limits","page_number":2,"box":{"x":183,"y":713,"width":653,"height":12}},{"id":"d783e93f-d208-4b2d-8bad-d471f422063e","block_type":"box","text":"described herein, the Fund may purchase and hold cash and cash equivalents, including shares","page_number":2,"box":{"x":184,"y":728,"width":687,"height":13}},{"id":"6ba95a22-7d81-4077-ac2d-a9155864f82d","block_type":"box","text":"of money market funds advised by BFA or its affiliates, and may also purchase and hold","page_number":2,"box":{"x":184,"y":744,"width":633,"height":12}},{"id":"06576269-9c7e-41ce-8c8e-71810947a14f","block_type":"box","text":"instruments not included in the Underlying Index when BFA believes that such instruments will","page_number":2,"box":{"x":184,"y":759,"width":686,"height":13}},{"id":"aa35b8df-dcff-49eb-ab45-75f443f49013","block_type":"box","text":"help the Fund track the performance of the Underlying Index over time, including in light of","page_number":2,"box":{"x":184,"y":775,"width":661,"height":12}},{"id":"b1ebae19-389d-4ed7-bdd6-520cf8277b3d","block_type":"box","text":"expected liquidity or trading costs, anticipated additions to or deletions from the Underlying","page_number":2,"box":{"x":184,"y":790,"width":664,"height":13}},{"id":"2bdd7757-5ecc-4cb1-833a-1e9b0a58b310","block_type":"box","text":"Index, or other reasons as determined by BFA.","page_number":2,"box":{"x":184,"y":806,"width":332,"height":12}},{"id":"faf3cc8c-9244-4dc4-bc6f-2c8043045ab6","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the","page_number":2,"box":{"x":184,"y":829,"width":681,"height":12}},{"id":"149437cf-cf77-4828-8444-8724a9c39898","block_type":"box","text":"“1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of","page_number":2,"box":{"x":184,"y":844,"width":700,"height":13}},{"id":"5b50eb5c-609b-4c7c-93f3-d975e385930b","block_type":"box","text":"its net assets, plus the amount of any borrowings for investment purposes, in components of its","page_number":2,"box":{"x":184,"y":860,"width":700,"height":12}},{"id":"a0ccf562-94fe-42b3-b720-368a5d46043b","block_type":"box","text":"Underlying Index. Investments in derivatives and other investments will be counted toward the","page_number":2,"box":{"x":184,"y":875,"width":690,"height":13}},{"id":"be9f6931-a531-45e0-891b-23a037c785b0","block_type":"box","text":"Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":2,"box":{"x":184,"y":891,"width":701,"height":12}},{"id":"0f20f3ac-38d4-449b-bc5d-e58d3a37db39","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such","page_number":3,"box":{"x":184,"y":69,"width":626,"height":13}},{"id":"e971a036-8599-45a4-9f3f-e677c30d2830","block_type":"box","text":"components. The Fund’s 80% investment policy may be changed by the Trust’s Board of","page_number":3,"box":{"x":184,"y":85,"width":648,"height":12}},{"id":"f385c7be-bc17-4732-9ba5-693c06419612","block_type":"box","text":"Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":3,"box":{"x":183,"y":100,"width":445,"height":13}},{"id":"c0bf0e30-2b79-4d0a-9611-c3df46262065","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund’s total assets","page_number":3,"box":{"x":183,"y":123,"width":702,"height":13}},{"id":"072b8f18-dff9-4c4f-82af-c6093087c753","block_type":"box","text":"(including the value of any collateral received).","page_number":3,"box":{"x":184,"y":139,"width":342,"height":13}},{"id":"e79d6181-14df-4a84-85cd-aa128b211299","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent of the Fund and BFA. The","page_number":3,"box":{"x":183,"y":162,"width":672,"height":13}},{"id":"5f57aa7c-88d5-48b2-8aef-73740f8740a2","block_type":"box","text":"Index Provider determines the composition and relative weightings of the components of the","page_number":3,"box":{"x":184,"y":178,"width":679,"height":12}},{"id":"04cc4e05-d57b-4694-bbf7-5db6611bea3b","block_type":"box","text":"Underlying Index and publishes information regarding the market value of the Underlying Index.","page_number":3,"box":{"x":184,"y":193,"width":699,"height":13}},{"id":"9ad5d8fe-02ed-486c-8de8-37616c642f58","block_type":"box","text":"Industry Concentration Policy.","page_number":3,"box":{"x":184,"y":216,"width":230,"height":13}},{"id":"663e4d6b-cfb1-49fb-8077-80a63ee15912","block_type":"box","text":"The Fund will concentrate its investments (i.e., hold 25% or","page_number":3,"box":{"x":415,"y":216,"width":440,"height":13}},{"id":"19ac3a21-6ae1-4b80-8d16-77ab242c56c1","block_type":"box","text":"more of its total assets) in a particular industry or group of industries to approximately the same","page_number":3,"box":{"x":184,"y":232,"width":702,"height":13}},{"id":"49c20da3-4526-49c8-9c86-5eac3a562433","block_type":"box","text":"extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the","page_number":3,"box":{"x":184,"y":247,"width":703,"height":13}},{"id":"e72d996f-4a85-4b90-907f-43d81feacd2c","block_type":"box","text":"U.S. government (including its agencies and instrumentalities) and repurchase agreements","page_number":3,"box":{"x":184,"y":263,"width":662,"height":13}},{"id":"53370b5f-da0f-453d-96ab-fc8aa1d1e84c","block_type":"box","text":"collateralized by U.S. government securities are not considered to be issued by members of any","page_number":3,"box":{"x":184,"y":278,"width":693,"height":13}},{"id":"c5f8e399-05a0-48af-9608-e6b618d711dd","block_type":"box","text":"industry.","page_number":3,"box":{"x":184,"y":294,"width":67,"height":13}},{"id":"7aff0aa7-73aa-41e7-becd-41a6f5abee4c","block_type":"box","text":"Diversification Policy.","page_number":3,"box":{"x":184,"y":317,"width":164,"height":13}},{"id":"cff93543-1e29-4a51-92a9-78fc9b1958a6","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion","page_number":3,"box":{"x":349,"y":317,"width":534,"height":13}},{"id":"c62baf08-6a93-48de-8942-fdda1d8c3529","block_type":"box","text":"as the Underlying Index is diversified and to invest all or substantially all of its assets in","page_number":3,"box":{"x":184,"y":333,"width":629,"height":12}},{"id":"82aca210-87cf-44ef-998b-7dabb6f657a2","block_type":"box","text":"components of the Underlying Index in approximately the same proportion as each","page_number":3,"box":{"x":184,"y":348,"width":607,"height":13}},{"id":"5ab02a55-7cea-4e76-98c0-641adfc9cc3a","block_type":"box","text":"component’s weighting in the Underlying Index. This diversification policy may limit the Fund’s","page_number":3,"box":{"x":184,"y":364,"width":692,"height":12}},{"id":"7d3f7cb9-42f8-4eac-81c0-fb6498f44a65","block_type":"box","text":"ability to use representative sampling. The Fund may become “non-diversified,” as defined in","page_number":3,"box":{"x":184,"y":379,"width":677,"height":13}},{"id":"3f9e8fb4-acc3-464c-8f36-dee4141de1e6","block_type":"box","text":"the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of","page_number":3,"box":{"x":183,"y":395,"width":704,"height":12}},{"id":"058a5820-b8fa-47f1-91ac-2375c7565d08","block_type":"box","text":"one or more components of the Underlying Index. Shareholder approval will not be sought if the","page_number":3,"box":{"x":184,"y":410,"width":701,"height":13}},{"id":"6fc0f48e-631d-417d-9ec9-6832242f4b79","block_type":"box","text":"Fund becomes “non-diversified” due solely to a change in the relative market capitalization or","page_number":3,"box":{"x":184,"y":426,"width":682,"height":12}},{"id":"48ec2014-c690-43eb-abed-409d0a8ed64e","block_type":"box","text":"index weighting of one or more components of the Underlying Index. The Fund discloses its","page_number":3,"box":{"x":184,"y":441,"width":669,"height":13}},{"id":"0ca9ef83-c0e2-4ec3-b874-7ccb850db2fe","block_type":"box","text":"portfolio holdings and weightings at www.iShares.com.","page_number":3,"box":{"x":184,"y":457,"width":406,"height":12}},{"id":"0e1f2a64-53db-40ec-bca0-48dc76daffae","block_type":"box","text":"3. Principal Risks","page_number":3,"box":{"x":116,"y":480,"width":133,"height":13}},{"id":"33cd0098-2812-40a0-a980-fddd0c8d9c1a","block_type":"box","text":"Š","page_number":3,"box":{"x":136,"y":505,"width":9,"height":7}},{"id":"875aaf5d-1a90-4ee9-bbdc-d1348045e438","block_type":"box","text":"In the Fund Summary for iShares MSCI USA Small-Cap ETF, the Growth Securities Risk and Value","page_number":3,"box":{"x":158,"y":503,"width":706,"height":13}},{"id":"76422612-8943-4690-bef6-82773d22ae49","block_type":"box","text":"Securities Risk are removed in their entirety and the below is added under the “Summary of","page_number":3,"box":{"x":157,"y":519,"width":666,"height":12}},{"id":"f15a12e8-fca6-4c2f-a879-a3baf959d08d","block_type":"box","text":"Principal Risks”.","page_number":3,"box":{"x":157,"y":534,"width":119,"height":13}},{"id":"e8f995e2-e144-4b46-88ef-691b6fbdfa53","block_type":"box","text":"Technology Companies Risk.","page_number":3,"box":{"x":183,"y":557,"width":218,"height":13}},{"id":"8c7fa73d-69a7-4ceb-a015-158823fc9c53","block_type":"box","text":"Technology companies and companies that rely heavily on","page_number":3,"box":{"x":402,"y":557,"width":435,"height":13}},{"id":"716d7e74-e849-439c-baff-c91d3eda248b","block_type":"box","text":"technological advances may have limited product lines, markets, financial resources, supply","page_number":3,"box":{"x":183,"y":573,"width":670,"height":13}},{"id":"63958f56-39a7-4d29-9253-76a7b2ce6829","block_type":"box","text":"chains and personnel. These companies typically face intense competition, potentially rapid","page_number":3,"box":{"x":184,"y":589,"width":668,"height":12}},{"id":"3d8a0ccd-8ad3-4c87-a5f2-6790e4c265c1","block_type":"box","text":"product obsolescence and changes in product cycles and customer preferences. They may face","page_number":3,"box":{"x":184,"y":604,"width":697,"height":13}},{"id":"913c72e1-a0f0-4b3e-80e5-082568c17f2a","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial","page_number":3,"box":{"x":184,"y":620,"width":651,"height":12}},{"id":"078fed2d-9888-4a5b-888b-aeceb8b85e05","block_type":"box","text":"intelligence and machine learning. Technology companies also depend heavily on intellectual","page_number":3,"box":{"x":184,"y":635,"width":679,"height":13}},{"id":"f0b6d82c-069b-49c0-a239-7507ffb60c96","block_type":"box","text":"property rights and may be adversely affected by the loss or impairment of those rights.","page_number":3,"box":{"x":184,"y":651,"width":640,"height":12}},{"id":"2c9368b2-e14a-4484-b2d0-1f8cf067909d","block_type":"box","text":"Technology companies may face increased government scrutiny and may be subject to adverse","page_number":3,"box":{"x":183,"y":666,"width":695,"height":13}},{"id":"405c6301-f2dc-49ee-93ac-49529633be3a","block_type":"box","text":"government or legal action.","page_number":3,"box":{"x":184,"y":682,"width":198,"height":12}},{"id":"e8abd29a-9d4e-4a15-bd69-970b8ae36ef1","block_type":"box","text":"Š","page_number":3,"box":{"x":136,"y":707,"width":9,"height":6}},{"id":"1fc39fab-d8ab-411f-8c6b-f71840cc5062","block_type":"box","text":"In the Fund Summary for iShares MSCI USA ETF, the Growth Securities Risk and Value Securities","page_number":3,"box":{"x":158,"y":705,"width":696,"height":12}},{"id":"06e1e4e1-9f3d-4dae-96d8-fc989e8bb4eb","block_type":"box","text":"Risk are removed in their entirety under the “Summary of Principal Risks”.","page_number":3,"box":{"x":157,"y":720,"width":533,"height":13}},{"id":"3b9f1029-6a50-4ae4-88f3-63794108514e","block_type":"box","text":"4. Performance Information","page_number":4,"box":{"x":116,"y":69,"width":216,"height":10}},{"id":"bcfa652f-f104-44ee-9b00-2cb72a32ed8c","block_type":"box","text":"Š","page_number":4,"box":{"x":136,"y":95,"width":9,"height":6}},{"id":"a7eeafd2-945d-48a7-a798-c45c39c0875f","block_type":"box","text":"In the Fund Summary for iShares MSCI USA Small-Cap ETF, the Average Annual Total Returns table","page_number":4,"box":{"x":158,"y":92,"width":724,"height":13}},{"id":"590f15b4-df63-4971-8a0b-3a7103fd0e4e","block_type":"box","text":"under the “Performance Information” heading is deleted in its entirety and replaced with the","page_number":4,"box":{"x":157,"y":108,"width":673,"height":13}},{"id":"8236189a-984c-4f88-a38e-20746bbbfad0","block_type":"box","text":"following:","page_number":4,"box":{"x":156,"y":123,"width":76,"height":13}},{"id":"734acde6-a4c9-45f1-8ec4-74dc59ffc525","block_type":"box","text":"Average Annual Total Returns (%)","page_number":4,"box":{"x":403,"y":154,"width":264,"height":13}},{"id":"1b5cdc9f-e644-429b-8868-67ca3fcf402c","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":4,"box":{"x":379,"y":168,"width":309,"height":12}},{"id":"6a49d917-aad0-44d9-a740-dfc146ec0aba","block_type":"box","text":"One Year Five Years Ten Years","page_number":4,"box":{"x":376,"y":188,"width":503,"height":10}},{"id":"a8703711-fe3e-4b7b-a005-9824f858b448","block_type":"box","text":"Fund Inception: 6/28/2004","page_number":4,"box":{"x":193,"y":211,"width":212,"height":13}},{"id":"bee00f61-d187-4ab4-a50f-e3a25484bc78","block_type":"box","text":"Return Before Taxes 11.93% 7.24% 8.88%","page_number":4,"box":{"x":193,"y":235,"width":684,"height":9}},{"id":"f515c4fd-63f7-49f5-8bf7-91f3ed10676c","block_type":"box","text":"Return After Taxes on Distributions 11.49% 6.81% 8.43%","page_number":4,"box":{"x":193,"y":258,"width":684,"height":10}},{"id":"c91858ff-7f83-4fed-882c-68f4f14f5e85","block_type":"box","text":"Return After Taxes on Distributions and Sale of","page_number":4,"box":{"x":193,"y":281,"width":344,"height":10}},{"id":"6a1d98bc-76b8-4f86-a71b-75521e8ec6ef","block_type":"box","text":"Fund Shares","page_number":4,"box":{"x":193,"y":297,"width":93,"height":9}},{"id":"cac6be0a-ec54-43e0-a5c0-9048901b2eab","block_type":"box","text":"7.26% 5.57% 7.12%","page_number":4,"box":{"x":609,"y":282,"width":268,"height":9}},{"id":"611ffd0b-d7dc-4956-b4e3-da96b6d75f04","block_type":"box","text":"MSCI US Broad Market Index","page_number":4,"box":{"x":192,"y":320,"width":218,"height":10}},{"id":"8197cc73-7839-4a93-81cc-837b1eb19fe9","block_type":"box","text":"1","page_number":4,"box":{"x":411,"y":320,"width":3,"height":6}},{"id":"b5c6aa5c-2cc9-43ff-bb97-fe4eef8f2064","block_type":"box","text":"(Returns do not","page_number":4,"box":{"x":421,"y":320,"width":114,"height":12}},{"id":"57dff02e-ebc2-4df8-9de7-6ef3ddebaafb","block_type":"box","text":"reflect deductions for fees, expenses or taxes)","page_number":4,"box":{"x":193,"y":336,"width":328,"height":12}},{"id":"24e0ca2a-320e-48e5-9256-a165205556db","block_type":"box","text":"17.21% 13.28% 14.37%","page_number":4,"box":{"x":601,"y":320,"width":276,"height":10}},{"id":"888cc10f-b2a2-48b7-9020-69299cd6f902","block_type":"box","text":"MSCI USA Small Cap Index (Spliced)","page_number":4,"box":{"x":192,"y":359,"width":272,"height":12}},{"id":"4f36e39b-7aa2-4e23-99f4-67f725549b17","block_type":"box","text":"2","page_number":4,"box":{"x":466,"y":359,"width":5,"height":6}},{"id":"834de15f-6afe-4489-a231-7a13d872ceb8","block_type":"box","text":"(Returns","page_number":4,"box":{"x":472,"y":359,"width":71,"height":12}},{"id":"ebddd513-11a4-4128-9f70-79a773f762f0","block_type":"box","text":"do not reflect deductions for fees, expenses or","page_number":4,"box":{"x":192,"y":374,"width":340,"height":13}},{"id":"be629bb2-5741-4a5b-8f69-54a62d19c647","block_type":"box","text":"taxes)","page_number":4,"box":{"x":191,"y":390,"width":49,"height":12}},{"id":"f6149b7c-c871-4576-9abd-9912887a7a07","block_type":"box","text":"11.86% 7.14% 8.91%","page_number":4,"box":{"x":601,"y":359,"width":276,"height":10}},{"id":"cb0ba1f0-6f59-49ab-8834-ea29192b9cd2","block_type":"box","text":"Morningstar US Market Index","page_number":4,"box":{"x":192,"y":413,"width":224,"height":12}},{"id":"4a775952-90c3-40d5-ab61-1c8283008712","block_type":"box","text":"1","page_number":4,"box":{"x":418,"y":413,"width":2,"height":6}},{"id":"7770054d-6cfe-411f-8e84-f457e90d0b22","block_type":"box","text":"(Returns do not","page_number":4,"box":{"x":427,"y":413,"width":114,"height":12}},{"id":"2f53f405-e872-446f-b6a4-807073e7d649","block_type":"box","text":"reflect deductions for fees, expenses or taxes)","page_number":4,"box":{"x":193,"y":429,"width":328,"height":12}},{"id":"1636086f-03f1-48d7-b607-a9238d174fb2","block_type":"box","text":"17.35% 13.29% 14.40%","page_number":4,"box":{"x":601,"y":413,"width":276,"height":10}},{"id":"84a4c5e0-a6ad-4807-a5ed-bb571187fbe6","block_type":"box","text":"1","page_number":4,"box":{"x":184,"y":462,"width":3,"height":6}},{"id":"9a3c6d21-8e10-4a9c-8519-05ee05c7a841","block_type":"box","text":"The Fund is changing its broad-based index from the Morningstar US Market Index to the","page_number":4,"box":{"x":189,"y":462,"width":682,"height":13}},{"id":"0c77141b-57c0-4b2c-af38-7e63ac7ce817","block_type":"box","text":"MSCI US Broad Market Index in connection with changing its Underlying Index as Fund","page_number":4,"box":{"x":218,"y":477,"width":634,"height":13}},{"id":"70dcad3a-fdb9-4295-ac10-adb2dcf81834","block_type":"box","text":"management believes the MSCI US Broad Market Index is more representative of the","page_number":4,"box":{"x":218,"y":493,"width":617,"height":13}},{"id":"3da77c6c-7f73-4e55-8c08-802d968f0e8b","block_type":"box","text":"investments in which the Fund will invest. The Fund will no longer compare its","page_number":4,"box":{"x":218,"y":508,"width":572,"height":13}},{"id":"e3d33f04-e017-4327-ba0d-46d78b0aae1f","block_type":"box","text":"performance to the Morningstar US Market Index effective approximately one year from","page_number":4,"box":{"x":217,"y":524,"width":644,"height":13}},{"id":"09589af1-9122-4def-87d8-f9c30bb903d9","block_type":"box","text":"October 5, 2026.","page_number":4,"box":{"x":217,"y":539,"width":126,"height":12}},{"id":"2d77aaf3-75b2-469f-860b-b5a2f2e8ace6","block_type":"box","text":"2","page_number":4,"box":{"x":184,"y":563,"width":4,"height":6}},{"id":"2ac1da11-d34d-4f24-ae66-874dfbd64f5c","block_type":"box","text":"The MSCI USA Small Cap Index (Spliced) reflects the performance of the Morningstar US","page_number":4,"box":{"x":189,"y":563,"width":676,"height":12}},{"id":"9d3b64ec-6e0a-4e78-ae1b-b80e2315448a","block_type":"box","text":"Small Core Index through March 21, 2021, the Morningstar US Small Cap Extended Market","page_number":4,"box":{"x":217,"y":578,"width":663,"height":13}},{"id":"0e44cab6-5192-41d2-9e60-4def4164cb4b","block_type":"box","text":"Index through October 5, 2026 and the MSCI USA Small Cap Index thereafter, which reflect","page_number":4,"box":{"x":218,"y":594,"width":664,"height":12}},{"id":"5e991cd7-4c1f-47f6-aa77-c02c3ef434fe","block_type":"box","text":"the times when each index was the Underlying Index of the Fund.","page_number":4,"box":{"x":217,"y":609,"width":478,"height":13}},{"id":"3895ff42-0e3d-4038-8562-0fe630901f12","block_type":"box","text":"Š","page_number":5,"box":{"x":136,"y":71,"width":9,"height":7}},{"id":"cb018c9d-f507-4637-a4b8-2216e4168202","block_type":"box","text":"In the Fund Summary for iShares MSCI USA ETF, the Average Annual Total Returns table under the","page_number":5,"box":{"x":158,"y":69,"width":720,"height":13}},{"id":"c58c7dc6-5bde-4b70-b0fa-84ec8cb23432","block_type":"box","text":"“Performance Information” heading is deleted in its entirety and replaced with the following:","page_number":5,"box":{"x":157,"y":85,"width":674,"height":12}},{"id":"d9de6c28-cba8-42cc-b536-1480a500a1b8","block_type":"box","text":"Average Annual Total Returns (%)","page_number":5,"box":{"x":403,"y":119,"width":264,"height":12}},{"id":"cc162bab-d12a-465e-b786-95b0fc8b174f","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":5,"box":{"x":379,"y":132,"width":309,"height":12}},{"id":"267453c7-d7af-4527-b340-981c1dcb63bd","block_type":"box","text":"One Year Five Years Ten Years","page_number":5,"box":{"x":376,"y":153,"width":503,"height":9}},{"id":"13a6b0f2-f3e8-4521-af20-e2ab7b1ebfd8","block_type":"box","text":"Fund Inception: 6/28/2004","page_number":5,"box":{"x":193,"y":175,"width":212,"height":13}},{"id":"e2cbf168-d726-4cdb-bcf2-9e7dc5f5ed37","block_type":"box","text":"Return Before Taxes 17.65% 13.24% 14.13%","page_number":5,"box":{"x":193,"y":199,"width":684,"height":10}},{"id":"125d14fa-56c2-4ca9-b3f0-de01b05ff74c","block_type":"box","text":"Return After Taxes on Distributions 17.30% 12.86% 13.67%","page_number":5,"box":{"x":193,"y":222,"width":684,"height":10}},{"id":"81bcf7e9-d909-4b0f-962e-3b5125cb65cf","block_type":"box","text":"Return After Taxes on Distributions and Sale of","page_number":5,"box":{"x":193,"y":245,"width":344,"height":10}},{"id":"fee17556-3f82-4197-9d74-6a31fa83f5a0","block_type":"box","text":"Fund Shares","page_number":5,"box":{"x":193,"y":261,"width":93,"height":10}},{"id":"715b181b-c464-4e13-9794-83c4f81d97bc","block_type":"box","text":"10.64% 10.51% 11.75%","page_number":5,"box":{"x":601,"y":246,"width":276,"height":9}},{"id":"ff164db9-600e-437e-8373-07aa51255153","block_type":"box","text":"MSCI US Broad Market Index","page_number":5,"box":{"x":192,"y":284,"width":218,"height":10}},{"id":"ecc0a2eb-0ffd-427b-b7ad-ec1f8778aac1","block_type":"box","text":"1","page_number":5,"box":{"x":411,"y":285,"width":3,"height":6}},{"id":"7dc592ea-eaf8-4f80-9e62-79b67077c63e","block_type":"box","text":"(Returns do not","page_number":5,"box":{"x":421,"y":284,"width":117,"height":13}},{"id":"3acd2ed9-e6fe-4d2d-a615-069803c6ba0f","block_type":"box","text":"reflect deductions for fees, expenses or taxes)","page_number":5,"box":{"x":193,"y":299,"width":335,"height":13}},{"id":"4de3f7e8-483c-45f1-a364-50d085d6028d","block_type":"box","text":"17.21% 13.28% 14.37%","page_number":5,"box":{"x":601,"y":285,"width":276,"height":9}},{"id":"cfbd8c18-2d76-4e9d-9658-52ba3d74951d","block_type":"box","text":"MSCI USA Index (Spliced)","page_number":5,"box":{"x":192,"y":323,"width":194,"height":12}},{"id":"84a87f84-4658-40b1-9ef5-05aa53c23e84","block_type":"box","text":"2","page_number":5,"box":{"x":390,"y":323,"width":5,"height":6}},{"id":"e2e9634c-822b-40d4-ad36-dc79d66a8114","block_type":"box","text":"(Returns do not","page_number":5,"box":{"x":396,"y":323,"width":122,"height":12}},{"id":"c06b9f42-f6db-48b4-b434-d46931ed4c1b","block_type":"box","text":"reflect deductions for fees, expenses or taxes)","page_number":5,"box":{"x":193,"y":338,"width":336,"height":13}},{"id":"c5a87cef-8ceb-4548-8dc1-25c8dde0e543","block_type":"box","text":"17.71% 13.27% 14.27%","page_number":5,"box":{"x":601,"y":323,"width":276,"height":10}},{"id":"e1c065cd-97a9-485a-ac73-261dadb0c2c8","block_type":"box","text":"Morningstar US Market Index","page_number":5,"box":{"x":192,"y":362,"width":224,"height":12}},{"id":"d3c8409f-a6e1-4cfe-a6f1-588f6f4cf4e3","block_type":"box","text":"1","page_number":5,"box":{"x":418,"y":362,"width":2,"height":6}},{"id":"fa5c4d89-be15-4f32-bc17-7a05fc046f0f","block_type":"box","text":"(Returns do not","page_number":5,"box":{"x":427,"y":362,"width":118,"height":12}},{"id":"29af39c1-c980-4715-9c75-90104d11f6fb","block_type":"box","text":"reflect deductions for fees, expenses or taxes)","page_number":5,"box":{"x":193,"y":377,"width":335,"height":13}},{"id":"75dbbbe4-d474-4f3a-b081-1df8f59ad2bb","block_type":"box","text":"17.35% 13.29% 14.40%","page_number":5,"box":{"x":601,"y":362,"width":276,"height":9}},{"id":"7f8378ff-2ce6-4225-8cba-33a9965e314a","block_type":"box","text":"1","page_number":5,"box":{"x":184,"y":411,"width":3,"height":6}},{"id":"67ec9a23-06dd-4faf-b698-e05eeaa0d364","block_type":"box","text":"The Fund is changing its broad-based index from the Morningstar US Market Index to the","page_number":5,"box":{"x":189,"y":411,"width":682,"height":12}},{"id":"49ae6abb-bc7d-488e-91ee-67d573020b30","block_type":"box","text":"MSCI US Broad Market Index in connection with changing its Underlying Index as Fund","page_number":5,"box":{"x":218,"y":426,"width":634,"height":13}},{"id":"b9f9c423-9bdb-4c25-815b-6f846f60ac29","block_type":"box","text":"management believes the MSCI US Broad Market Index is more representative of the","page_number":5,"box":{"x":218,"y":442,"width":617,"height":12}},{"id":"526366be-d221-4643-bc43-4b40dfe954fa","block_type":"box","text":"investments in which the Fund will invest. The Fund will no longer compare its","page_number":5,"box":{"x":218,"y":457,"width":572,"height":13}},{"id":"735c6f60-fb5e-427c-9517-3dbe47f99f73","block_type":"box","text":"performance to the Morningstar US Market Index effective approximately one year from","page_number":5,"box":{"x":217,"y":473,"width":644,"height":12}},{"id":"9a13d48d-f677-4b34-84e2-101922bab4c5","block_type":"box","text":"October 5, 2026.","page_number":5,"box":{"x":217,"y":488,"width":126,"height":12}},{"id":"6df14f7d-7941-4a75-8704-d5921f4827c1","block_type":"box","text":"2","page_number":5,"box":{"x":184,"y":507,"width":4,"height":6}},{"id":"14863d5c-54bf-4eeb-a0b8-86d436bfbdc3","block_type":"box","text":"The MSCI USA Index (Spliced) reflects the performance of the Morningstar US Large Core","page_number":5,"box":{"x":189,"y":507,"width":682,"height":12}},{"id":"83e78cda-c57a-4be2-93ed-025afb0743b4","block_type":"box","text":"Index through March 21, 2021, the Morningstar US Large-Mid Cap Market Index through","page_number":5,"box":{"x":218,"y":522,"width":651,"height":13}},{"id":"d1d54514-29a4-4949-846c-e11ef0f7d9c9","block_type":"box","text":"October 5, 2026 and the MSCI USA Index thereafter, which reflect the times when each","page_number":5,"box":{"x":217,"y":538,"width":637,"height":11}},{"id":"012d6b31-7b74-476c-bf72-cc16e70320d8","block_type":"box","text":"index was the Underlying Index of the Fund.","page_number":5,"box":{"x":218,"y":553,"width":322,"height":13}},{"id":"effa9466-4aa7-439f-974c-9b221b2a900d","block_type":"box","text":"5. Underlying Index and Investment Objective","page_number":5,"box":{"x":116,"y":578,"width":351,"height":13}},{"id":"71bdae89-9784-4b64-a613-7c5640f0240f","block_type":"box","text":"In the table under the “More Information About the Funds” heading, the information for each","page_number":5,"box":{"x":184,"y":603,"width":680,"height":12}},{"id":"3ae99234-76a3-4181-93f9-6078a214b918","block_type":"box","text":"Fund is deleted and replaced with the following:","page_number":5,"box":{"x":184,"y":618,"width":351,"height":13}},{"id":"bee32d88-fb7f-4d2d-a66b-41a03fbf21c9","block_type":"box","text":"Fund Underlying Index Investment Objective","page_number":5,"box":{"x":193,"y":653,"width":535,"height":13}},{"id":"81e796c0-3ffb-4d63-8536-7d86f1449f75","block_type":"box","text":"iShares MSCI USA","page_number":5,"box":{"x":193,"y":678,"width":129,"height":10}},{"id":"2897f82d-3277-4fa3-baff-4fd724655656","block_type":"box","text":"Small-Cap ETF","page_number":5,"box":{"x":192,"y":694,"width":105,"height":12}},{"id":"c1f5c83b-8393-45c6-a243-0aa774477bf1","block_type":"box","text":"1","page_number":5,"box":{"x":299,"y":694,"width":2,"height":6}},{"id":"5557860b-d593-4a41-8bcd-123519bda08d","block_type":"box","text":"MSCI USA Small Cap","page_number":5,"box":{"x":361,"y":678,"width":149,"height":13}},{"id":"7f0c7d07-9dd2-4acb-80cc-e345ada434a7","block_type":"box","text":"Index","page_number":5,"box":{"x":361,"y":694,"width":39,"height":10}},{"id":"c23be582-dfdd-4d6c-824a-fe32d7f86709","block_type":"box","text":"1","page_number":5,"box":{"x":401,"y":694,"width":3,"height":6}},{"id":"88a8e73e-4a3e-4b1a-bc9d-dee15cca7c65","block_type":"box","text":"The iShares MSCI USA Small-Cap ETF seeks","page_number":5,"box":{"x":562,"y":678,"width":317,"height":13}},{"id":"cd525dde-5008-4f74-87f9-f79da50f23f3","block_type":"box","text":"to track the investment results of an index","page_number":5,"box":{"x":562,"y":694,"width":306,"height":10}},{"id":"7398760d-b513-4fda-814e-ee29c2e39e20","block_type":"box","text":"composed of small-capitalization U.S.","page_number":5,"box":{"x":562,"y":709,"width":272,"height":13}},{"id":"995012fd-a2a5-4b3a-a691-c7506e42e685","block_type":"box","text":"equities.","page_number":5,"box":{"x":562,"y":726,"width":59,"height":11}},{"id":"9084fe0d-a546-42cb-8d91-ac3e62823bab","block_type":"box","text":"iShares MSCI ETF","page_number":5,"box":{"x":193,"y":749,"width":125,"height":10}},{"id":"db64b319-5ef6-441b-bb03-add759fbfea5","block_type":"box","text":"2","page_number":5,"box":{"x":319,"y":750,"width":5,"height":6}},{"id":"8bcb7725-b821-4642-896f-a9bd85c6928a","block_type":"box","text":"MSCI USA Index","page_number":5,"box":{"x":361,"y":749,"width":117,"height":10}},{"id":"9a7c9cb2-b718-4083-8822-097285465d3f","block_type":"box","text":"2","page_number":5,"box":{"x":479,"y":750,"width":4,"height":6}},{"id":"53c9275b-e477-4487-92e1-e3d31376513a","block_type":"box","text":"The iShares MSCI USA ETF seeks to track","page_number":5,"box":{"x":562,"y":749,"width":299,"height":10}},{"id":"860f8231-731e-425f-ae25-d350e441020e","block_type":"box","text":"the investment results of an index","page_number":5,"box":{"x":562,"y":765,"width":246,"height":10}},{"id":"4ad8a1fa-9422-412c-b017-9efb77df19e8","block_type":"box","text":"composed of large- and mid-capitalization","page_number":5,"box":{"x":562,"y":780,"width":307,"height":13}},{"id":"39718201-de46-41be-8dc5-7176ff3e6cea","block_type":"box","text":"U.S. equities.","page_number":5,"box":{"x":563,"y":796,"width":90,"height":12}},{"id":"933fc7b4-5d35-40d1-8e3b-853b13129056","block_type":"box","text":"1","page_number":5,"box":{"x":184,"y":830,"width":3,"height":6}},{"id":"f3b07c7e-2062-4452-b98d-813dc096afd8","block_type":"box","text":"Effective October 5, 2026, the name of the Fund changed from the iShares Morningstar","page_number":5,"box":{"x":189,"y":830,"width":666,"height":12}},{"id":"02aa7708-1a1b-4eab-b7a3-04064471fd3f","block_type":"box","text":"Small-Cap ETF to the iShares MSCI USA Small-Cap ETF, and the Fund’s Underlying Index","page_number":5,"box":{"x":217,"y":845,"width":645,"height":13}},{"id":"ae91c947-cb83-49e3-a8db-5ae8d760bd41","block_type":"box","text":"changed from the Morningstar US Small Cap Extended Market Index to the MSCI USA Small","page_number":5,"box":{"x":217,"y":861,"width":670,"height":12}},{"id":"2b56a9e6-3ac5-4c94-8a08-fceada698ac6","block_type":"box","text":"Cap Index.","page_number":5,"box":{"x":217,"y":876,"width":80,"height":13}},{"id":"3c5955e3-6ea6-48bb-bf28-0dffee68c617","block_type":"box","text":"2","page_number":5,"box":{"x":184,"y":895,"width":4,"height":6}},{"id":"e923f733-5fd0-45a4-86a0-5b9267c009b0","block_type":"box","text":"Effective October 5, 2026, the name of the Fund changed from the iShares Morningstar U.S.","page_number":5,"box":{"x":189,"y":895,"width":698,"height":12}},{"id":"b26ae044-162e-4aa5-8772-aaefce6ff4d1","block_type":"box","text":"Equity ETF to the iShares MSCI USA ETF, and the Fund’s Underlying Index changed from","page_number":5,"box":{"x":218,"y":910,"width":637,"height":13}},{"id":"50841a83-5845-4462-8190-db3aac719ab0","block_type":"box","text":"the Morningstar US Large-Mid Cap Market Index to the MSCI USA Index.","page_number":5,"box":{"x":217,"y":926,"width":526,"height":12}},{"id":"7cfb710f-36fe-4bf3-9837-1b99a3ebab33","block_type":"box","text":"6. Additional Information about the Funds’ Risks","page_number":6,"box":{"x":117,"y":69,"width":371,"height":10}},{"id":"e88b574f-b928-4299-94b1-6c722b0ec938","block_type":"box","text":"In the table under the “Additional Information about the Funds’ Risks” heading, the following changes","page_number":6,"box":{"x":137,"y":92,"width":743,"height":13}},{"id":"1500751b-80f1-42cd-96fd-28b849ba00e7","block_type":"box","text":"are made:","page_number":6,"box":{"x":137,"y":108,"width":75,"height":10}},{"id":"843bbe13-f15d-43da-97e1-017946753ac1","block_type":"box","text":"Š","page_number":6,"box":{"x":136,"y":133,"width":9,"height":7}},{"id":"07691608-ca7e-4b20-9840-6e255bbddb49","block_type":"box","text":"For the iShares MSCI USA Small-Cap ETF column: Growth Securities Risk and Value Securities Risk","page_number":6,"box":{"x":157,"y":131,"width":717,"height":13}},{"id":"3c2aae48-5094-45b2-b511-a4f17a1aa560","block_type":"box","text":"are removed as Principal Risks of the Fund. Technology Companies Risk is added as a Principal Risk","page_number":6,"box":{"x":157,"y":147,"width":724,"height":12}},{"id":"e6699cdb-1884-43f1-8380-b07d131ca596","block_type":"box","text":"of the Fund.","page_number":6,"box":{"x":157,"y":162,"width":91,"height":10}},{"id":"0056a320-1f9c-408f-83dd-e81839e54a50","block_type":"box","text":"Š","page_number":6,"box":{"x":136,"y":188,"width":9,"height":6}},{"id":"f686df21-b0d8-4ead-8271-5eac85d769a4","block_type":"box","text":"For the iShares MSCI USA ETF column: Growth Securities Risk and Value Securities Risk are","page_number":6,"box":{"x":157,"y":185,"width":665,"height":10}},{"id":"79d3d3b1-05a7-4f9b-bfa9-f35472ce4672","block_type":"box","text":"removed as Principal Risks of the Fund.","page_number":6,"box":{"x":157,"y":201,"width":288,"height":13}},{"id":"ab5f05a8-ecec-45e1-8b7f-d4b1a234ac06","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":6,"box":{"x":117,"y":224,"width":521,"height":13}},{"id":"ef1274da-a14d-413d-941c-fb6b49e86099","block_type":"box","text":"iShares","page_number":6,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"1a37d9e2-25ad-4802-9fcf-cd1c79743368","block_type":"box","text":"®","page_number":6,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"888638e6-934b-4203-b1ff-0d4c1e08f997","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":6,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"8b38df3e-9e25-4e99-9b0c-af6e23903b98","block_type":"box","text":"IS-SUPP-MSML-MLRG-1026","page_number":6,"box":{"x":718,"y":887,"width":165,"height":8}},{"id":"7375a7cc-0799-4a28-aa92-1569bc2d5022","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":6,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"31d407c4-5142-49fc-89e7-e1a4ffc87945","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":6,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"7ad32e54-5ac3-40e9-93c6-5e5e3b826ec1","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":7,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"e3c84b71-116a-4fd8-941e-906e7adede6b","block_type":"box","text":"iShares Trust","page_number":8,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"d08acb45-27f2-4f77-b1d2-c148cad3a5b6","block_type":"box","text":"Supplement dated August 31, 2026","page_number":8,"box":{"x":365,"y":85,"width":273,"height":12}},{"id":"e43565f9-6fab-4ff3-b604-e1394573bf5e","block_type":"box","text":"to the currently effective","page_number":8,"box":{"x":405,"y":100,"width":193,"height":13}},{"id":"97a78bb7-f327-4775-8cfb-14ac0419c4b9","block_type":"box","text":"Summary Prospectus and Prospectus for the","page_number":8,"box":{"x":331,"y":116,"width":341,"height":12}},{"id":"05c6dc51-a5a3-4ad5-b070-1f9d0f24022a","block_type":"box","text":"iShares Morningstar U.S. Equity ETF (ILCB)","page_number":8,"box":{"x":339,"y":131,"width":326,"height":13}},{"id":"ffd71b23-659f-4ccc-aced-2a3ab5b15194","block_type":"box","text":"(the “Fund”)","page_number":8,"box":{"x":453,"y":147,"width":98,"height":12}},{"id":"c89d69d0-b074-48a4-b1ec-5e1a00f2ea52","block_type":"box","text":"As announced on August 6, 2026, the Board of Trustees approved the following changes for the Fund","page_number":8,"box":{"x":116,"y":170,"width":743,"height":13}},{"id":"2be0c960-c32f-4d41-9871-795f0eaffb5e","block_type":"box","text":"that are expected to take effect on or around October 5, 2026:","page_number":8,"box":{"x":116,"y":185,"width":456,"height":13}},{"id":"7e484b9c-bf9a-423d-8903-c13af7689a2c","block_type":"box","text":"1. The Fund’s ticker, name, and Underlying Index will be changed to the following, and all","page_number":8,"box":{"x":151,"y":209,"width":666,"height":12}},{"id":"6d81fa06-54fa-4ca0-81d8-bc682142467c","block_type":"box","text":"references to each shall be updated with the following:","page_number":8,"box":{"x":184,"y":224,"width":401,"height":13}},{"id":"63599e05-64a0-4282-8358-7f6e6ca6da05","block_type":"box","text":"New Ticker New Fund Name New Underlying Index Name","page_number":8,"box":{"x":192,"y":245,"width":603,"height":12}},{"id":"7ad9247c-3ef2-47a2-8cb6-986969125a37","block_type":"box","text":"MLRG iShares MSCI USA ETF MSCI USA Index","page_number":8,"box":{"x":212,"y":266,"width":534,"height":9}},{"id":"98dc0baf-6bb3-45b4-b78b-96e70e49c86d","block_type":"box","text":"2. The first and second paragraphs of the Principal Investment Strategies section in the Fund’s","page_number":8,"box":{"x":150,"y":297,"width":703,"height":12}},{"id":"163bea21-f454-44c3-97c5-bcc5fce03ec4","block_type":"box","text":"Summary Prospectus and Prospectus are deleted in their entirety and replaced with the","page_number":8,"box":{"x":184,"y":312,"width":637,"height":13}},{"id":"c1653844-4c00-45b4-953f-f19ac274186c","block_type":"box","text":"following:","page_number":8,"box":{"x":183,"y":328,"width":76,"height":12}},{"id":"b0184bc8-73f8-4ea8-ac1f-cadd7927ef77","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA Index (the “Underlying Index”),","page_number":8,"box":{"x":183,"y":351,"width":698,"height":12}},{"id":"b134c0bc-ff94-49d8-93bf-04c8e0eeb1a2","block_type":"box","text":"which measures the performance of the large- and mid-capitalization segments of the U.S.","page_number":8,"box":{"x":183,"y":366,"width":662,"height":13}},{"id":"460e10cf-3167-4b01-8863-2e348034efe4","block_type":"box","text":"equities market, as determined by MSCI Inc. (“MSCI” or the “Index Provider”). The Underlying","page_number":8,"box":{"x":184,"y":382,"width":682,"height":12}},{"id":"53420c00-6a64-4ce1-bb91-1fa6d6e1f50f","block_type":"box","text":"Index represents approximately 85% of the free float-adjusted market capitalization in the U.S.","page_number":8,"box":{"x":184,"y":397,"width":688,"height":13}},{"id":"93d49a9b-dbbc-4728-9d3f-58ce4629448a","block_type":"box","text":"The Underlying Index is free float-adjusted market capitalization weighted.","page_number":8,"box":{"x":183,"y":413,"width":545,"height":12}},{"id":"60935695-62c5-42a9-ac0f-d8e32e1f5c2d","block_type":"box","text":"As of June 30, 2026, a significant portion of the Underlying Index is represented by securities of","page_number":8,"box":{"x":183,"y":436,"width":693,"height":13}},{"id":"30a45725-d4e8-4836-9562-593e958e2b80","block_type":"box","text":"companies in the technology industry or sector. The components of the Underlying Index are","page_number":8,"box":{"x":184,"y":452,"width":679,"height":12}},{"id":"68ef92e7-97e9-4057-a59e-d82c6129d827","block_type":"box","text":"likely to change over time.","page_number":8,"box":{"x":184,"y":467,"width":193,"height":13}},{"id":"12418e6d-b121-4112-99f3-f7f3e198c169","block_type":"box","text":"3. The last paragraph of the Principal Investment Strategies section in the Fund’s Summary","page_number":8,"box":{"x":150,"y":490,"width":679,"height":13}},{"id":"d78afbe7-9212-4924-9fdc-54c6a757dd13","block_type":"box","text":"Prospectus and Prospectus is deleted in its entirety and replaced with the following:","page_number":8,"box":{"x":184,"y":506,"width":610,"height":12}},{"id":"bdb0876f-9162-4e49-b885-178f342813ea","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent of the Fund and BFA. The","page_number":8,"box":{"x":183,"y":529,"width":672,"height":13}},{"id":"6d14ccdd-e28b-461c-a720-aaaf48142c12","block_type":"box","text":"Index Provider determines the composition and relative weightings of the securities in the","page_number":8,"box":{"x":184,"y":545,"width":654,"height":12}},{"id":"0d468c08-0089-4c6d-bc75-dfc3286c1dbc","block_type":"box","text":"Underlying Index and publishes information regarding the market value of the Underlying Index.","page_number":8,"box":{"x":184,"y":560,"width":699,"height":13}},{"id":"454f3e98-11bb-4168-ab0b-f30884838a10","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":8,"box":{"x":117,"y":583,"width":521,"height":13}},{"id":"104ae75f-55dd-4db3-97f2-70a6ea3760d5","block_type":"box","text":"iShares","page_number":8,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"7e7b9f03-229b-47c7-8d7f-88ffaaceb089","block_type":"box","text":"®","page_number":8,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"a45343e6-1382-4e84-a133-81dbc72c4a5b","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":8,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"b740d000-f056-43c5-9c73-86802b26f2b7","block_type":"box","text":"IS-RESUPP-ILCB-0826","page_number":8,"box":{"x":756,"y":887,"width":127,"height":8}},{"id":"7283b27c-887f-4ac3-a456-4a8d62a76491","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":8,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"ed480141-a42a-4cec-8502-7c19188192aa","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":8,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"0fe3fb6c-e683-401e-862c-1e9cea418099","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":9,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"f0a21223-cbf1-4e79-8e0c-495fe04b3ec0","block_type":"box","text":"iShares Trust","page_number":10,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"9fc50272-3e78-4975-8f24-fad59ee17759","block_type":"box","text":"Supplement dated August 31, 2026","page_number":10,"box":{"x":365,"y":85,"width":273,"height":12}},{"id":"e086a239-7c6d-4918-b45d-da48e1939c9c","block_type":"box","text":"to the currently effective","page_number":10,"box":{"x":405,"y":100,"width":193,"height":13}},{"id":"567622bc-d22e-4047-a239-ce5646763031","block_type":"box","text":"Summary Prospectus and Prospectus for the","page_number":10,"box":{"x":331,"y":116,"width":341,"height":12}},{"id":"fff7878d-851d-4379-b729-c19bb6f08ce8","block_type":"box","text":"iShares Morningstar Small-Cap ETF (ISCB)","page_number":10,"box":{"x":340,"y":131,"width":324,"height":13}},{"id":"396a1190-95ea-4f70-abdc-92b75d63f69d","block_type":"box","text":"(the “Fund”)","page_number":10,"box":{"x":453,"y":147,"width":98,"height":12}},{"id":"48d510ed-8355-4f34-bcfb-808e9cdc3258","block_type":"box","text":"As announced on August 6, 2026, the Board of Trustees approved the following changes for the Fund","page_number":10,"box":{"x":116,"y":170,"width":743,"height":13}},{"id":"40bbb8bb-8d16-431e-89a3-3389cba22cbe","block_type":"box","text":"that are expected to take effect on or around October 5, 2026:","page_number":10,"box":{"x":116,"y":185,"width":456,"height":13}},{"id":"b77b5f08-253c-4946-a004-ebf984cd7bec","block_type":"box","text":"1. The Fund’s ticker, name, and Underlying Index will be changed to the following, and all","page_number":10,"box":{"x":151,"y":209,"width":666,"height":12}},{"id":"c4814fe9-ffd8-4d3f-b932-a5b66efa68dc","block_type":"box","text":"references to each shall be updated with the following:","page_number":10,"box":{"x":184,"y":224,"width":401,"height":13}},{"id":"1c9cb299-552b-4fee-8814-12a80d77a013","block_type":"box","text":"New Ticker New Fund Name New Underlying Index Name","page_number":10,"box":{"x":192,"y":245,"width":603,"height":12}},{"id":"ebee5fc0-3cf7-4bae-84bc-cc04ca26c0f7","block_type":"box","text":"MSML iShares MSCI USA Small-Cap ETF MSCI USA Small Cap Index","page_number":10,"box":{"x":211,"y":266,"width":574,"height":12}},{"id":"c689b15c-3325-429d-90c5-67fcfab7e762","block_type":"box","text":"2. The first and second paragraphs of the Principal Investment Strategies section in the Fund’s","page_number":10,"box":{"x":150,"y":297,"width":703,"height":12}},{"id":"3a12e95a-f794-4bb4-affc-27f338374628","block_type":"box","text":"Summary Prospectus and Prospectus are deleted in their entirety and replaced with the","page_number":10,"box":{"x":184,"y":312,"width":637,"height":13}},{"id":"10fd7973-dc5c-43ba-b20c-3f16450fd92c","block_type":"box","text":"following:","page_number":10,"box":{"x":183,"y":328,"width":76,"height":12}},{"id":"2d09238f-0f5d-4d33-9afa-59d1d68f75bc","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA Small Cap Index (the","page_number":10,"box":{"x":183,"y":351,"width":623,"height":12}},{"id":"ac53bf22-69d3-4de0-8a4f-9cb32f4bc22e","block_type":"box","text":"“Underlying Index”), which measures the performance of the small-capitalization segment of","page_number":10,"box":{"x":184,"y":366,"width":678,"height":13}},{"id":"9b1f6835-1d0f-47ff-849b-24878d6828d6","block_type":"box","text":"the U.S. equities market, as determined by MSCI Inc. (“MSCI” or the “Index Provider”). The","page_number":10,"box":{"x":183,"y":382,"width":659,"height":12}},{"id":"d8d7f11c-1d91-4aff-9334-fe038f551c8b","block_type":"box","text":"Underlying Index represents approximately 14% of the free float-adjusted market capitalization","page_number":10,"box":{"x":184,"y":397,"width":694,"height":13}},{"id":"0bc50b09-3b66-4719-8cdc-1aece458cd82","block_type":"box","text":"in the U.S. The Underlying Index is free float-adjusted market-capitalization weighted.","page_number":10,"box":{"x":184,"y":413,"width":623,"height":12}},{"id":"27ff9cbe-036e-454e-ab2d-f83f5581b15b","block_type":"box","text":"As of June 30, 2026, a significant portion of the Underlying Index is represented by securities of","page_number":10,"box":{"x":183,"y":436,"width":693,"height":13}},{"id":"d45fa276-1f60-468e-a9f4-03bac4f3f602","block_type":"box","text":"companies in the financial, industrials and technology industries or sectors. The components of","page_number":10,"box":{"x":184,"y":452,"width":696,"height":12}},{"id":"d9d59455-54e4-43b7-a8ec-0b08d2d4a3e2","block_type":"box","text":"the Underlying Index are likely to change over time.","page_number":10,"box":{"x":183,"y":467,"width":376,"height":13}},{"id":"d2a3735c-ea65-43ec-afc5-5b3236a9f7ca","block_type":"box","text":"3. The last paragraph of the Principal Investment Strategies section in the Fund’s Summary","page_number":10,"box":{"x":150,"y":490,"width":679,"height":13}},{"id":"4bbeaca2-e6fe-42dd-9427-897563c181a6","block_type":"box","text":"Prospectus and Prospectus is deleted in its entirety and replaced with the following:","page_number":10,"box":{"x":184,"y":506,"width":610,"height":12}},{"id":"ae62a0ca-3e42-4822-99cc-daee426f4141","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent of the Fund and BFA. The","page_number":10,"box":{"x":183,"y":529,"width":672,"height":13}},{"id":"7527469e-f25d-4299-8c34-380f153d2972","block_type":"box","text":"Index Provider determines the composition and relative weightings of the securities in the","page_number":10,"box":{"x":184,"y":545,"width":654,"height":12}},{"id":"c0be454a-b5b3-4952-a011-52166df8542d","block_type":"box","text":"Underlying Index and publishes information regarding the market value of the Underlying Index.","page_number":10,"box":{"x":184,"y":560,"width":699,"height":13}},{"id":"6c4c5f8e-eed9-4f99-b670-be1bb8a432b7","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":10,"box":{"x":117,"y":583,"width":521,"height":13}},{"id":"e2557462-3c8d-4e8d-87b5-ea493d99907d","block_type":"box","text":"iShares","page_number":10,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"2732c9e1-0c4d-48e8-8a0f-44cd02f3be69","block_type":"box","text":"®","page_number":10,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"c70fdda4-1bff-48b1-a9be-af6e7b1c1a18","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":10,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"c6765604-0ff7-4df0-9a6e-c164827f402a","block_type":"box","text":"IS-RESUPP-ISCB-0826","page_number":10,"box":{"x":755,"y":887,"width":128,"height":8}},{"id":"61c8ddfb-d643-4101-b994-72b7d576011e","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":10,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"bf581686-8208-4d22-a142-e36501542cfb","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":10,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"601eaaea-ea0f-44c1-8dee-2215893cb909","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":11,"box":{"x":390,"y":309,"width":268,"height":11}},{"id":"a03044fa-8242-4e4f-a5af-9510f0b7ff25","block_type":"box","text":"AUGUST 31, 2026","page_number":12,"box":{"x":801,"y":31,"width":147,"height":12}},{"id":"69fcc37d-c789-4b77-b83a-86922798d3dd","block_type":"box","text":"Prospectus","page_number":12,"box":{"x":145,"y":177,"width":259,"height":32}},{"id":"543cab71-5cc8-4716-add5-0102820d1849","block_type":"box","text":"iShares Trust","page_number":12,"box":{"x":112,"y":278,"width":101,"height":9}},{"id":"7525d6c9-81a7-4139-b01b-9a0add2be5e2","block_type":"box","text":"•","page_number":12,"box":{"x":111,"y":300,"width":6,"height":4}},{"id":"a1ff0e62-15f4-4908-86c1-52069cb2ca9c","block_type":"box","text":"iShares Core Dividend ETF","page_number":12,"box":{"x":132,"y":298,"width":177,"height":8}},{"id":"7655dd3d-21ac-4e9e-8033-59cfbc1f9810","block_type":"box","text":"|","page_number":12,"box":{"x":319,"y":296,"width":1,"height":12}},{"id":"8c3bac66-e443-4d62-a357-ee9c66cda496","block_type":"box","text":"DIVB","page_number":12,"box":{"x":330,"y":298,"width":31,"height":7}},{"id":"e8f91d21-bdd5-47b0-bbee-82f38276a502","block_type":"box","text":"|","page_number":12,"box":{"x":371,"y":296,"width":1,"height":12}},{"id":"a58bd6f0-fc42-4334-a431-2595425627e4","block_type":"box","text":"Cboe BZX","page_number":12,"box":{"x":381,"y":298,"width":64,"height":8}},{"id":"5e1c2d63-c42e-4796-84ef-2a234f882155","block_type":"box","text":"•","page_number":12,"box":{"x":111,"y":316,"width":6,"height":4}},{"id":"ca54c37e-7111-4399-aabc-b5ba02dbe82c","block_type":"box","text":"iShares Core Dividend Growth ETF","page_number":12,"box":{"x":132,"y":314,"width":230,"height":8}},{"id":"0f551981-7b0e-4f12-9af6-8cc57a2596db","block_type":"box","text":"|","page_number":12,"box":{"x":371,"y":312,"width":1,"height":13}},{"id":"194500f8-2603-4dcc-8a7a-3b52f4531e3d","block_type":"box","text":"DGRO","page_number":12,"box":{"x":382,"y":314,"width":40,"height":8}},{"id":"094417d6-a8f3-4245-b5a0-346f232f26d2","block_type":"box","text":"|","page_number":12,"box":{"x":432,"y":312,"width":1,"height":13}},{"id":"8d2dbd3c-ea06-481a-b763-06125d44ba4c","block_type":"box","text":"NYSE Arca","page_number":12,"box":{"x":443,"y":314,"width":69,"height":8}},{"id":"c56d6333-682a-4eb3-be9e-61133f560b97","block_type":"box","text":"•","page_number":12,"box":{"x":111,"y":332,"width":6,"height":4}},{"id":"71fc7a1d-a684-4af6-a5c0-0a6bf8b1bdc0","block_type":"box","text":"iShares Dow Jones U.S. ETF","page_number":12,"box":{"x":132,"y":330,"width":184,"height":8}},{"id":"c58719d1-6e36-4a86-a9c4-4a7f1a1dbaa0","block_type":"box","text":"|","page_number":12,"box":{"x":326,"y":329,"width":0,"height":12}},{"id":"cf542913-36d3-451c-92de-6e6d1a60a09d","block_type":"box","text":"IYY","page_number":12,"box":{"x":336,"y":330,"width":21,"height":8}},{"id":"3e9719ae-85be-432c-8362-54cd4cbc126a","block_type":"box","text":"|","page_number":12,"box":{"x":366,"y":329,"width":1,"height":12}},{"id":"29925138-52e5-408c-bf80-ea1cdf25a25d","block_type":"box","text":"NYSE Arca","page_number":12,"box":{"x":380,"y":330,"width":69,"height":8}},{"id":"db0fc834-b4e4-4fea-8c01-5c19d16b181a","block_type":"box","text":"•","page_number":12,"box":{"x":111,"y":349,"width":6,"height":4}},{"id":"ebc9ba40-79ef-41a7-89b9-32be09566a2f","block_type":"box","text":"iShares ESG MSCI KLD 400 ETF","page_number":12,"box":{"x":132,"y":346,"width":214,"height":8}},{"id":"74977bb6-0210-4417-85e4-51cc2f62c8da","block_type":"box","text":"|","page_number":12,"box":{"x":355,"y":345,"width":1,"height":12}},{"id":"501a41da-dd56-4069-a0c8-05b3fe561d13","block_type":"box","text":"DSI","page_number":12,"box":{"x":366,"y":346,"width":21,"height":8}},{"id":"8c40746a-8a5b-4250-9108-e7e07db2e20a","block_type":"box","text":"|","page_number":12,"box":{"x":398,"y":345,"width":1,"height":12}},{"id":"2bfbff0f-a1aa-4e49-9772-900b47b08695","block_type":"box","text":"NYSE Arca","page_number":12,"box":{"x":409,"y":346,"width":69,"height":8}},{"id":"7bb403e9-8c12-432b-a09b-8675048f8806","block_type":"box","text":"•","page_number":12,"box":{"x":111,"y":365,"width":6,"height":4}},{"id":"b1deaf21-1ded-4817-8a87-5cad35aa4898","block_type":"box","text":"iShares ESG Optimized MSCI USA ETF","page_number":12,"box":{"x":132,"y":362,"width":257,"height":10}},{"id":"49048fd8-77aa-4f2a-8c2b-fb4d8e45616b","block_type":"box","text":"|","page_number":12,"box":{"x":398,"y":361,"width":1,"height":12}},{"id":"6bc54914-c8fc-417f-8f70-cc11712111f2","block_type":"box","text":"SUSA","page_number":12,"box":{"x":408,"y":362,"width":37,"height":8}},{"id":"46c28124-eee6-486f-8c3c-706aba972bff","block_type":"box","text":"|","page_number":12,"box":{"x":454,"y":361,"width":1,"height":12}},{"id":"89331d78-3382-4667-b563-61f071e72f29","block_type":"box","text":"NYSE Arca","page_number":12,"box":{"x":465,"y":362,"width":69,"height":8}},{"id":"51134f7e-d4b7-4204-9509-2d8de4f51208","block_type":"box","text":"•","page_number":12,"box":{"x":111,"y":381,"width":6,"height":4}},{"id":"8a14f120-943b-4ead-a664-5b0d2f95854b","block_type":"box","text":"iShares Morningstar Growth ETF","page_number":12,"box":{"x":132,"y":378,"width":219,"height":10}},{"id":"2e16e8c0-8df9-4413-9117-1c44b9341097","block_type":"box","text":"|","page_number":12,"box":{"x":360,"y":377,"width":1,"height":12}},{"id":"35517314-fe50-4caa-840d-e6d5a57d4d4f","block_type":"box","text":"ILCG","page_number":12,"box":{"x":371,"y":378,"width":31,"height":8}},{"id":"f45c004a-78a9-42a7-8a69-e092ed5317d4","block_type":"box","text":"|","page_number":12,"box":{"x":412,"y":377,"width":1,"height":12}},{"id":"d570cac0-66db-41ae-ae05-2e1064c1f79f","block_type":"box","text":"NYSE Arca","page_number":12,"box":{"x":423,"y":378,"width":69,"height":8}},{"id":"70af76c5-c446-4eb1-95b8-b303da6f4d4e","block_type":"box","text":"•","page_number":12,"box":{"x":111,"y":397,"width":6,"height":4}},{"id":"90269754-7ac7-4fd3-9f5f-02f9ecdcc978","block_type":"box","text":"iShares Morningstar Mid-Cap ETF","page_number":12,"box":{"x":132,"y":394,"width":229,"height":10}},{"id":"7d0f49e1-6dec-4168-95d9-49f776fdc71d","block_type":"box","text":"|","page_number":12,"box":{"x":370,"y":393,"width":1,"height":12}},{"id":"52acc2c0-f1e7-4563-8fc4-5895ad3732d0","block_type":"box","text":"IMCB","page_number":12,"box":{"x":381,"y":394,"width":36,"height":8}},{"id":"a670e04c-9370-4056-8630-66b2808cc4a6","block_type":"box","text":"|","page_number":12,"box":{"x":426,"y":393,"width":1,"height":12}},{"id":"77e38ef2-e6f4-4bb2-847a-2d97d68818e4","block_type":"box","text":"NYSE Arca","page_number":12,"box":{"x":441,"y":394,"width":69,"height":8}},{"id":"1a9d53fc-b2db-43bf-8ab2-fad6e7358880","block_type":"box","text":"•","page_number":12,"box":{"x":111,"y":413,"width":6,"height":4}},{"id":"c55b17fc-8966-4ff8-8bc2-b3f515bc0da2","block_type":"box","text":"iShares Morningstar Mid-Cap Growth ETF","page_number":12,"box":{"x":132,"y":410,"width":282,"height":11}},{"id":"13915b03-8d29-4d2d-8df8-e790669769d4","block_type":"box","text":"|","page_number":12,"box":{"x":423,"y":409,"width":1,"height":12}},{"id":"f42f78fd-a66a-4824-92ec-5056d0a547c5","block_type":"box","text":"IMCG","page_number":12,"box":{"x":434,"y":410,"width":35,"height":8}},{"id":"006eddb9-4eb1-4c11-967e-c85a4629a429","block_type":"box","text":"|","page_number":12,"box":{"x":480,"y":409,"width":0,"height":12}},{"id":"d9fd88cb-1221-45f8-bbb5-24fdc2a1ec7b","block_type":"box","text":"NYSE Arca","page_number":12,"box":{"x":490,"y":410,"width":69,"height":8}},{"id":"2db8993f-0a71-4d9f-9798-b68d3571cc58","block_type":"box","text":"•","page_number":12,"box":{"x":111,"y":429,"width":6,"height":4}},{"id":"4f9d5e1c-5c59-4e5f-bdf8-1242bd523a3b","block_type":"box","text":"iShares Morningstar Mid-Cap Value ETF","page_number":12,"box":{"x":132,"y":427,"width":270,"height":10}},{"id":"4851efca-38c1-428f-9f29-9217687d6cab","block_type":"box","text":"|","page_number":12,"box":{"x":411,"y":425,"width":1,"height":12}},{"id":"6f8f8b55-f2a2-4ab2-976e-0adf6bddeab1","block_type":"box","text":"IMCV","page_number":12,"box":{"x":422,"y":427,"width":35,"height":7}},{"id":"9897ac3c-a138-4cfc-b44b-2cb27820363f","block_type":"box","text":"|","page_number":12,"box":{"x":466,"y":425,"width":1,"height":12}},{"id":"a7ab9e99-43ac-486a-b7b5-b40b07dd6bbc","block_type":"box","text":"Nasdaq","page_number":12,"box":{"x":481,"y":427,"width":49,"height":9}},{"id":"fb1b26d6-4005-4d20-85e3-87524bb27732","block_type":"box","text":"•","page_number":12,"box":{"x":111,"y":445,"width":6,"height":4}},{"id":"5d29eac4-2a2a-4e69-b93c-a449148ad489","block_type":"box","text":"iShares Morningstar Small-Cap ETF","page_number":12,"box":{"x":132,"y":443,"width":241,"height":10}},{"id":"6999ee43-4ad9-443a-bd54-ac7df31dcf1c","block_type":"box","text":"|","page_number":12,"box":{"x":382,"y":441,"width":1,"height":12}},{"id":"38e2994e-33d9-4379-a41b-7a06b19a80d7","block_type":"box","text":"ISCB","page_number":12,"box":{"x":393,"y":443,"width":31,"height":8}},{"id":"ba463100-80d0-4bf9-96cd-7c53cca4996e","block_type":"box","text":"|","page_number":12,"box":{"x":434,"y":441,"width":1,"height":12}},{"id":"af3b1fb5-e756-4944-b552-baa44365ff6d","block_type":"box","text":"NYSE Arca","page_number":12,"box":{"x":445,"y":443,"width":69,"height":8}},{"id":"aab28f7c-f753-40e6-a8c8-73c384d3346f","block_type":"box","text":"•","page_number":12,"box":{"x":111,"y":461,"width":6,"height":4}},{"id":"28219706-5089-4ab4-9a95-12cc39a2fbaa","block_type":"box","text":"iShares Morningstar Small-Cap Growth ETF","page_number":12,"box":{"x":132,"y":459,"width":294,"height":10}},{"id":"272460b9-d180-4c9a-b139-f05d83582a12","block_type":"box","text":"|","page_number":12,"box":{"x":435,"y":457,"width":1,"height":13}},{"id":"d877c4a1-1462-41d9-80cc-b781bff24837","block_type":"box","text":"ISCG","page_number":12,"box":{"x":446,"y":459,"width":31,"height":8}},{"id":"1c565224-e942-4103-a9df-b4c11d0837f2","block_type":"box","text":"|","page_number":12,"box":{"x":487,"y":457,"width":1,"height":13}},{"id":"d2c54080-6cfd-488b-8f1d-e15217e3625c","block_type":"box","text":"NYSE Arca","page_number":12,"box":{"x":498,"y":459,"width":69,"height":8}},{"id":"7e915e65-6bf4-4101-8af1-8fa10906d747","block_type":"box","text":"•","page_number":12,"box":{"x":111,"y":478,"width":6,"height":3}},{"id":"1b2fea21-a0a7-4f7d-9aac-2149c8aece43","block_type":"box","text":"iShares Morningstar Small-Cap Value ETF","page_number":12,"box":{"x":132,"y":475,"width":282,"height":10}},{"id":"efdb2a09-2e63-4b41-bbcf-37f9966d29e8","block_type":"box","text":"|","page_number":12,"box":{"x":423,"y":474,"width":1,"height":12}},{"id":"c8dcc9b2-e3ab-4294-bba7-9946bf0e099e","block_type":"box","text":"ISCV","page_number":12,"box":{"x":434,"y":475,"width":31,"height":8}},{"id":"5a85edaa-a8d8-43a2-a70a-abf78ce60866","block_type":"box","text":"|","page_number":12,"box":{"x":474,"y":474,"width":1,"height":12}},{"id":"12ffcddb-e80f-45d8-b412-418c16ee3171","block_type":"box","text":"NYSE Arca","page_number":12,"box":{"x":488,"y":475,"width":69,"height":8}},{"id":"010551a0-050d-48d7-8f92-31c69a43381f","block_type":"box","text":"•","page_number":12,"box":{"x":111,"y":494,"width":6,"height":4}},{"id":"6f7852ce-36cf-4af2-b81e-1b74babefb2b","block_type":"box","text":"iShares Morningstar U.S. Equity ETF","page_number":12,"box":{"x":132,"y":491,"width":243,"height":10}},{"id":"6267ee45-148d-4f53-aacd-3f8e656ca542","block_type":"box","text":"|","page_number":12,"box":{"x":384,"y":490,"width":1,"height":12}},{"id":"9ac060c5-3322-4eb8-8fbd-4804aa113f9a","block_type":"box","text":"ILCB","page_number":12,"box":{"x":395,"y":491,"width":30,"height":8}},{"id":"0afb2adc-455b-4448-9434-d2eb6b3dbce7","block_type":"box","text":"|","page_number":12,"box":{"x":435,"y":490,"width":1,"height":12}},{"id":"7fc8ce69-769a-4a67-81fb-dcd2559e7f96","block_type":"box","text":"NYSE Arca","page_number":12,"box":{"x":446,"y":491,"width":69,"height":8}},{"id":"cb7b648a-7e7e-4df2-acce-ec6c5a42d853","block_type":"box","text":"•","page_number":12,"box":{"x":111,"y":510,"width":6,"height":4}},{"id":"1bb16b5c-e497-42dd-bdd8-292ab364ccf3","block_type":"box","text":"iShares Morningstar Value ETF","page_number":12,"box":{"x":132,"y":507,"width":207,"height":10}},{"id":"b311a7c5-8a5e-4ba9-bb7e-86f024071dbe","block_type":"box","text":"|","page_number":12,"box":{"x":349,"y":506,"width":1,"height":12}},{"id":"48cfd809-f736-4442-90fb-e31a80cad487","block_type":"box","text":"ILCV","page_number":12,"box":{"x":360,"y":507,"width":30,"height":8}},{"id":"73da1d0b-431d-476e-b933-2d5dd32dcc8c","block_type":"box","text":"|","page_number":12,"box":{"x":399,"y":506,"width":1,"height":12}},{"id":"3bebbe96-673f-40d5-8b01-94fa3d6084d4","block_type":"box","text":"NYSE Arca","page_number":12,"box":{"x":410,"y":507,"width":69,"height":8}},{"id":"f583e247-417e-4336-8596-6302eebb25db","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":12,"box":{"x":111,"y":894,"width":834,"height":10}},{"id":"33132de4-784a-4f82-ad38-d809b943d662","block_type":"box","text":"this prospectus. Any representation to the contrary is a criminal offense.","page_number":12,"box":{"x":111,"y":906,"width":453,"height":9}},{"id":"62f7578d-a895-43e7-aca7-268452991671","block_type":"box","text":"iShares Core Dividend ETF","page_number":13,"box":{"x":198,"y":96,"width":280,"height":14}},{"id":"e02dee8d-173d-4098-a982-e376bbc4991d","block_type":"box","text":"....................................................","page_number":13,"box":{"x":483,"y":109,"width":431,"height":1}},{"id":"8be40e2a-9c4c-4ced-8c78-79482aa32432","block_type":"box","text":"S-1","page_number":13,"box":{"x":947,"y":96,"width":31,"height":14}},{"id":"ac9101dd-3b76-4055-aba2-e387cff53459","block_type":"box","text":"iShares Core Dividend Growth ETF","page_number":13,"box":{"x":198,"y":123,"width":365,"height":14}},{"id":"7134f3cc-c4e3-4f93-b3c8-84188e97cb8a","block_type":"box","text":"..........................................","page_number":13,"box":{"x":567,"y":136,"width":347,"height":1}},{"id":"d2baf81d-1e74-443c-9aff-1f80eee6ae32","block_type":"box","text":"S-7","page_number":13,"box":{"x":947,"y":123,"width":34,"height":14}},{"id":"97df692c-3230-4c1f-b5a8-f25de9060aeb","block_type":"box","text":"iShares Dow Jones U.S. ETF","page_number":13,"box":{"x":198,"y":150,"width":294,"height":16}},{"id":"56395e71-cc9b-42d1-9d30-4a6a9a1b11e0","block_type":"box","text":"..................................................","page_number":13,"box":{"x":500,"y":163,"width":414,"height":1}},{"id":"20420912-5076-40f6-9190-6ee010e9a75a","block_type":"box","text":"S-12","page_number":13,"box":{"x":936,"y":150,"width":44,"height":14}},{"id":"0ef4dd9a-36ec-496e-bcc1-5b52d9311269","block_type":"box","text":"iShares ESG MSCI KLD 400 ETF","page_number":13,"box":{"x":198,"y":177,"width":340,"height":15}},{"id":"53bcff66-1867-4cb0-b875-9ea333025904","block_type":"box","text":".............................................","page_number":13,"box":{"x":542,"y":190,"width":372,"height":1}},{"id":"8805304b-a705-4a55-97bc-c3a34f84a9ec","block_type":"box","text":"S-17","page_number":13,"box":{"x":936,"y":177,"width":45,"height":15}},{"id":"7f00f760-2511-4791-896a-c81ca06638d2","block_type":"box","text":"iShares ESG Optimized MSCI USA ETF","page_number":13,"box":{"x":198,"y":205,"width":408,"height":17}},{"id":"16657863-8c35-463f-add2-a4fdcd36b7b2","block_type":"box","text":".....................................","page_number":13,"box":{"x":609,"y":217,"width":305,"height":2}},{"id":"af7506db-3744-408b-8202-eb64e54a2f0a","block_type":"box","text":"S-22","page_number":13,"box":{"x":933,"y":205,"width":47,"height":14}},{"id":"ba7ac1b5-5be3-4a92-82a7-344cb6bd3a24","block_type":"box","text":"iShares Morningstar Growth ETF","page_number":13,"box":{"x":198,"y":232,"width":344,"height":18}},{"id":"6dbfddf3-6465-4a3d-afc4-d968c45323e7","block_type":"box","text":"............................................","page_number":13,"box":{"x":550,"y":244,"width":364,"height":2}},{"id":"f02f14c4-5612-455f-9766-15fd4e31ff89","block_type":"box","text":"S-28","page_number":13,"box":{"x":933,"y":232,"width":48,"height":14}},{"id":"f1310d93-856f-45bf-bf61-fe4c5d1cb6c7","block_type":"box","text":"iShares Morningstar Mid-Cap ETF","page_number":13,"box":{"x":198,"y":259,"width":357,"height":18}},{"id":"97507389-4668-4de4-8222-462df491301f","block_type":"box","text":"...........................................","page_number":13,"box":{"x":559,"y":271,"width":355,"height":2}},{"id":"877c45aa-ee94-440c-9b9b-34361a1c1113","block_type":"box","text":"S-33","page_number":13,"box":{"x":933,"y":259,"width":48,"height":14}},{"id":"616c8db9-0e53-4b97-82a9-ef435f2c3ec4","block_type":"box","text":"iShares Morningstar Mid-Cap Growth ETF","page_number":13,"box":{"x":198,"y":286,"width":441,"height":18}},{"id":"692800a2-1064-4032-9ee1-a337a9154648","block_type":"box","text":".................................","page_number":13,"box":{"x":643,"y":298,"width":271,"height":2}},{"id":"eab86ef9-6e34-4281-8607-b244642c2a96","block_type":"box","text":"S-38","page_number":13,"box":{"x":933,"y":286,"width":48,"height":14}},{"id":"c7255e34-f13a-42a0-96e3-ac14e958d8bd","block_type":"box","text":"iShares Morningstar Mid-Cap Value ETF","page_number":13,"box":{"x":198,"y":313,"width":421,"height":18}},{"id":"5169877f-567e-4421-b102-dd328df31b76","block_type":"box","text":"...................................","page_number":13,"box":{"x":626,"y":325,"width":288,"height":2}},{"id":"c4f01e86-ef27-40dc-82eb-d959ccf69bb3","block_type":"box","text":"S-43","page_number":13,"box":{"x":933,"y":313,"width":48,"height":14}},{"id":"734e6a7e-b193-469e-9cdd-7ab94e1ecc09","block_type":"box","text":"iShares Morningstar Small-Cap ETF","page_number":13,"box":{"x":198,"y":340,"width":376,"height":18}},{"id":"20afe5eb-0dbb-41c9-bb8e-b6c65a4e6288","block_type":"box","text":"........................................","page_number":13,"box":{"x":584,"y":352,"width":330,"height":2}},{"id":"fd695396-7679-4182-8dad-3ab3a58cc704","block_type":"box","text":"S-48","page_number":13,"box":{"x":933,"y":340,"width":48,"height":14}},{"id":"60306d76-7546-4356-ab51-254e6977a452","block_type":"box","text":"iShares Morningstar Small-Cap Growth ETF","page_number":13,"box":{"x":198,"y":367,"width":461,"height":18}},{"id":"dcda326e-1c58-4855-8c84-3ca18223957b","block_type":"box","text":"..............................","page_number":13,"box":{"x":668,"y":379,"width":246,"height":2}},{"id":"09e5c5b7-1ee0-4e78-8c6b-fbeca44c7a93","block_type":"box","text":"S-53","page_number":13,"box":{"x":933,"y":367,"width":48,"height":14}},{"id":"960d803d-ef6c-40bd-a710-18904e31791a","block_type":"box","text":"iShares Morningstar Small-Cap Value ETF","page_number":13,"box":{"x":198,"y":394,"width":441,"height":18}},{"id":"6526eefa-ba41-45cd-bb16-9d9c09128afd","block_type":"box","text":".................................","page_number":13,"box":{"x":643,"y":406,"width":271,"height":2}},{"id":"f8674853-c891-40e7-9fbb-18956f7dd736","block_type":"box","text":"S-58","page_number":13,"box":{"x":933,"y":394,"width":48,"height":14}},{"id":"78f70fd8-ce5b-4041-9e6b-de83d8b2bfa4","block_type":"box","text":"iShares Morningstar U.S. Equity ETF","page_number":13,"box":{"x":198,"y":421,"width":383,"height":18}},{"id":"e1be8219-dcd9-4605-97f5-b844b159adaa","block_type":"box","text":"........................................","page_number":13,"box":{"x":584,"y":434,"width":330,"height":1}},{"id":"b9849981-970a-43e8-b6c8-859ac346b393","block_type":"box","text":"S-63","page_number":13,"box":{"x":933,"y":421,"width":48,"height":14}},{"id":"aea01fa2-9cbc-4bb9-8e69-eaeee701b675","block_type":"box","text":"iShares Morningstar Value ETF","page_number":13,"box":{"x":198,"y":448,"width":324,"height":18}},{"id":"c22c6805-45f8-43be-9442-35cfd392e93c","block_type":"box","text":"...............................................","page_number":13,"box":{"x":525,"y":461,"width":389,"height":1}},{"id":"c897e8e7-7b92-4bf3-9409-50087aa694a4","block_type":"box","text":"S-68","page_number":13,"box":{"x":933,"y":448,"width":48,"height":14}},{"id":"293c43d9-b520-4f47-8a82-b793cfe01fed","block_type":"box","text":"More Information About the Funds","page_number":13,"box":{"x":158,"y":475,"width":366,"height":14}},{"id":"fe906144-8e8a-4911-ac19-d10a01eaf73c","block_type":"box","text":"..............................................","page_number":13,"box":{"x":533,"y":488,"width":381,"height":1}},{"id":"f8c6bc99-634a-4e6d-b700-eb06555a25c0","block_type":"box","text":"1","page_number":13,"box":{"x":973,"y":476,"width":5,"height":13}},{"id":"aab171b5-e3e6-4c91-a6f1-3022ca942a72","block_type":"box","text":"Additional Information About the Funds’ Risks","page_number":13,"box":{"x":157,"y":502,"width":487,"height":14}},{"id":"0e7d4701-5876-45ab-bf8b-c0f0cd93f358","block_type":"box","text":"................................","page_number":13,"box":{"x":651,"y":515,"width":263,"height":1}},{"id":"3b6e41d5-4d19-4637-ad93-947baa2f2fc5","block_type":"box","text":"3","page_number":13,"box":{"x":970,"y":503,"width":11,"height":13}},{"id":"a54660e7-0064-474a-96b0-845fe8493ed0","block_type":"box","text":"Portfolio Holdings Information","page_number":13,"box":{"x":158,"y":529,"width":318,"height":18}},{"id":"42b96dbe-626d-4512-a039-06b591182e73","block_type":"box","text":"....................................................","page_number":13,"box":{"x":483,"y":542,"width":431,"height":1}},{"id":"fe17a0cf-da4e-4ce0-9e96-844296667a8c","block_type":"box","text":"14","page_number":13,"box":{"x":962,"y":530,"width":19,"height":13}},{"id":"7184de4b-dfd8-4c19-8187-db09a0d976a1","block_type":"box","text":"Management of the Funds","page_number":13,"box":{"x":158,"y":556,"width":277,"height":18}},{"id":"14cb8d03-96d2-4029-be40-b02f7e04a97d","block_type":"box","text":".........................................................","page_number":13,"box":{"x":441,"y":569,"width":473,"height":1}},{"id":"f67e89fe-a6a0-4fb2-9c90-ed4f367dc795","block_type":"box","text":"14","page_number":13,"box":{"x":962,"y":557,"width":19,"height":13}},{"id":"69427778-6590-4d41-b701-50772532dc00","block_type":"box","text":"Shareholder Information","page_number":13,"box":{"x":157,"y":583,"width":258,"height":15}},{"id":"d14160e9-18a0-4197-bf29-016ae8f8b39e","block_type":"box","text":"...........................................................","page_number":13,"box":{"x":424,"y":596,"width":490,"height":2}},{"id":"5174590f-0768-4146-8210-83f058f42799","block_type":"box","text":"17","page_number":13,"box":{"x":962,"y":584,"width":19,"height":13}},{"id":"7180a5f8-3ec3-40b6-b971-4a09df399767","block_type":"box","text":"Distribution","page_number":13,"box":{"x":158,"y":611,"width":121,"height":14}},{"id":"7b65f1b1-ffe7-44bb-a50a-0241e8de786f","block_type":"box","text":"...........................................................................","page_number":13,"box":{"x":290,"y":623,"width":624,"height":2}},{"id":"9db785a8-5e09-4eca-bbfd-8897773cc9a3","block_type":"box","text":"23","page_number":13,"box":{"x":956,"y":611,"width":25,"height":14}},{"id":"d5a1963f-781c-476c-8b73-14b79649bdbd","block_type":"box","text":"Financial Highlights","page_number":13,"box":{"x":158,"y":638,"width":206,"height":18}},{"id":"28bd6f27-4072-469b-b532-4018469a6c2d","block_type":"box","text":".................................................................","page_number":13,"box":{"x":374,"y":650,"width":540,"height":2}},{"id":"56166b65-4e11-44be-9d54-38660c8a55ce","block_type":"box","text":"23","page_number":13,"box":{"x":956,"y":638,"width":25,"height":14}},{"id":"f6b7ba71-cad4-4a51-8e65-e13519d0f732","block_type":"box","text":"Index Providers and Disclaimers","page_number":13,"box":{"x":158,"y":665,"width":340,"height":14}},{"id":"5ae8a80a-b678-46c7-9675-348e37231ed6","block_type":"box","text":".................................................","page_number":13,"box":{"x":508,"y":677,"width":406,"height":2}},{"id":"daa73c06-3cf8-4b03-bd0b-03791a830ac0","block_type":"box","text":"31","page_number":13,"box":{"x":957,"y":665,"width":21,"height":14}},{"id":"32777c03-d69e-4fdf-96cb-00d9d060aefe","block_type":"box","text":"Table of Contents","page_number":13,"box":{"x":76,"y":23,"width":296,"height":23}},{"id":"9e560948-8b0d-4703-87ba-a93e1de1a0b0","block_type":"box","text":"Fund Summaries","page_number":13,"box":{"x":158,"y":69,"width":177,"height":14}},{"id":"01b22b96-1e6d-4c62-af24-18c41a4ed715","block_type":"box","text":"i","page_number":13,"box":{"x":528,"y":910,"width":2,"height":8}},{"id":"23be874a-8867-4cd7-921b-a63a88ba1272","block_type":"box","text":"iShares Core Dividend ETF","page_number":14,"box":{"x":84,"y":23,"width":369,"height":17}},{"id":"1ca1b449-9d38-4ab9-a70f-49b8d220f2dc","block_type":"box","text":"DIVB | Cboe BZX","page_number":14,"box":{"x":85,"y":47,"width":228,"height":18}},{"id":"447c7dc6-11e9-4f94-a8fd-695aa5bf8b43","block_type":"box","text":"Investment Objective","page_number":14,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"4ec87fa1-0b79-4246-9615-97452173ca4a","block_type":"box","text":"The iShares Core Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. stocks with a","page_number":14,"box":{"x":82,"y":117,"width":875,"height":11}},{"id":"7e269760-d844-40dd-8b51-d0992aefc9c3","block_type":"box","text":"history of dividend payments and/or share buybacks.","page_number":14,"box":{"x":84,"y":131,"width":374,"height":11}},{"id":"ca74bcff-143f-4289-83dd-271ffabd5aed","block_type":"box","text":"Fees and Expenses","page_number":14,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"f412ed34-1ca0-430b-b2ad-aec2f91cef1b","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":14,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"52b1b81b-9354-4c26-9d67-98f9e6f4ad47","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":14,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"04f4c862-f811-4a35-b4de-ac1bc76d2ed2","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":14,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"44e0566e-8346-451b-a195-2e246f24af8f","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":14,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"04ea7189-7639-4140-bb0a-ffb54b8b44d8","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":14,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"be48adac-aab6-457d-8150-20eab53fcfa9","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":14,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"9f06c703-755a-423b-9cd4-190a42a0f6d1","block_type":"box","text":"extraordinary expenses.","page_number":14,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"fab84a1b-8141-46fc-b339-b3b4efe9b641","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":14,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"914d713a-cce8-4dcd-8fb0-17d40362d3d9","block_type":"box","text":"reflected in the table and example below.","page_number":14,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"3e93b2ac-d885-4595-bdbf-d94d1a6b79c1","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":14,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"0fd4c211-2c56-4146-990c-4e4f540b3c38","block_type":"box","text":"1","page_number":14,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"d987ca4e-74ba-456f-ba80-02d8fe0c222a","block_type":"box","text":"Management Fee","page_number":14,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"7215d592-c225-4946-9174-198d3922b05c","block_type":"box","text":"0.05%","page_number":14,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"a72c3bab-f9f5-4f65-a7e8-b9ec7dd29ec6","block_type":"box","text":"Other Expenses","page_number":14,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"98bd678b-1318-4a79-9d1b-59a6277779a8","block_type":"box","text":"0.00%","page_number":14,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"1b52051d-1606-4c75-883a-37abedb0d3b9","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":14,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"115803d7-25ec-4dd1-b303-96ad1cd1445d","block_type":"box","text":"0.05%","page_number":14,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"d6df327f-54fc-4a19-9f8e-959ee0998f24","block_type":"box","text":"1","page_number":14,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"e28f2c6b-617a-4d82-9d51-ec9e1e56ea0a","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":411,"width":780,"height":9}},{"id":"a0237151-2225-4698-ac95-6d6e084b52c9","block_type":"box","text":"Example.","page_number":14,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"98e92c9c-4993-4639-ac67-7c714e1613ec","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":14,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"836e19f2-45a4-4666-89e2-dc22938ee8ae","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":14,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"b43a178b-0124-4b35-a834-1aa585800ead","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":14,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"4406a855-8b00-49ea-9be2-0fac01e31e73","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":14,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"a1845d3d-04f8-45af-8cee-9062e8239b38","block_type":"box","text":"your costs would be:","page_number":14,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"ff27e714-61a7-4b70-bcf9-fe83963ade61","block_type":"box","text":"Expense Example","page_number":14,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"399e048e-c804-46e4-b009-bfef00a2928a","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":14,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"dac7a18a-dcb9-4c83-bdff-923ef2bbdc2a","block_type":"box","text":"Example Fund Costs","page_number":14,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"bd057622-dc0c-4f32-8773-8eb550f77e33","block_type":"box","text":"$5 $16 $28 $64","page_number":14,"box":{"x":705,"y":525,"width":253,"height":9}},{"id":"bfd4fd7c-392b-4d46-9ac3-a9893a44aeb3","block_type":"box","text":"Portfolio Turnover.","page_number":14,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"a8d6c9e4-d6ba-44b0-86d3-2ecbeafff059","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":14,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"41eccbc3-8feb-408c-a5a1-82f856ca9991","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":14,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"860be311-5159-4ac5-84e2-fbc119a372f8","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":14,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"07e58798-c1f3-4ad1-926d-f5fa00e99790","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 38% of","page_number":14,"box":{"x":82,"y":597,"width":887,"height":11}},{"id":"d96d3ba5-72d4-4397-982e-a299ce9e7224","block_type":"box","text":"the average value of its portfolio.","page_number":14,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"39d22461-a9f1-40b9-bf50-969994340474","block_type":"box","text":"Principal Investment Strategies","page_number":14,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"085df679-fcaa-40ff-a9ca-9aa56281ea4f","block_type":"box","text":"The Fund seeks to track the investment results of the Morningstar","page_number":14,"box":{"x":82,"y":666,"width":467,"height":11}},{"id":"9a16f753-a77c-466c-85a3-455d7950694d","block_type":"box","text":"®","page_number":14,"box":{"x":550,"y":665,"width":5,"height":3}},{"id":"ea8888f1-d142-472e-b815-bb58a14cad36","block_type":"box","text":"US Dividend and Buyback Index","page_number":14,"box":{"x":560,"y":666,"width":226,"height":11}},{"id":"ea6fe5de-199e-409b-975f-c87ea5727601","block_type":"box","text":"SM","page_number":14,"box":{"x":786,"y":664,"width":17,"height":5}},{"id":"2e9460bc-4d54-4d44-ba9a-f232a7650886","block_type":"box","text":"(the “Underlying","page_number":14,"box":{"x":808,"y":666,"width":115,"height":11}},{"id":"7daca2c9-d2c8-4daa-8aa5-eb4c63c32140","block_type":"box","text":"Index”). The Underlying Index is designed to provide exposure to U.S.-based companies that return capital to shareholders","page_number":14,"box":{"x":84,"y":680,"width":862,"height":11}},{"id":"bbc855b8-3e28-481b-bcec-1ca388328b39","block_type":"box","text":"through either dividend payments or share buybacks. The Underlying Index consists of companies with the largest dividend","page_number":14,"box":{"x":82,"y":694,"width":874,"height":11}},{"id":"20fdd909-0187-4c17-9378-a3adcee20a00","block_type":"box","text":"and buyback programs in the market measured by adjusted shareholder yield, as determined by Morningstar, Inc.","page_number":14,"box":{"x":83,"y":709,"width":802,"height":10}},{"id":"8f1da055-ecf9-4abc-8f22-2dceceaa896c","block_type":"box","text":"(“Morningstar” or the “Index Provider”). The Underlying Index is a subset of the Morningstar US Market Index (the “Parent","page_number":14,"box":{"x":83,"y":722,"width":859,"height":11}},{"id":"821edc29-f87d-4e88-b774-71571cf5f463","block_type":"box","text":"Index”), which is a broad market index that represents approximately 97% of the market capitalization of publicly traded U.S.","page_number":14,"box":{"x":84,"y":737,"width":879,"height":11}},{"id":"d04d2ff0-732c-44ee-8e5f-19deb9193cd2","block_type":"box","text":"stocks.","page_number":14,"box":{"x":83,"y":751,"width":47,"height":8}},{"id":"8e3587d6-ed1e-4d54-936a-3c59aa8f2f3d","block_type":"box","text":"Constituent securities of the Parent Index that have had recent aggregate dividend yield and net buyback yield (“total","page_number":14,"box":{"x":83,"y":773,"width":828,"height":11}},{"id":"786e4dc7-cfbb-4d3a-ab25-816ddfe10e09","block_type":"box","text":"shareholder yield”) greater than 0.1%, as calculated by the Index Provider, are eligible for inclusion in the Underlying Index.","page_number":14,"box":{"x":83,"y":787,"width":870,"height":11}},{"id":"3a0d4441-4e08-4155-abd6-ec6c59e95137","block_type":"box","text":"The Index Provider’s adjusted shareholder yield calculation gives a 75% weighting to trailing twelve-month dividend yields","page_number":14,"box":{"x":82,"y":801,"width":868,"height":11}},{"id":"041508a7-3d23-40ed-b3f1-9b4ee677c117","block_type":"box","text":"and 25% weighting to trailing two-year net buyback yields. Companies in the top 5% of total shareholder yield are removed.","page_number":14,"box":{"x":83,"y":815,"width":879,"height":11}},{"id":"99dec5f2-e577-47a9-8318-3f02d4db4c21","block_type":"box","text":"The remaining companies are selected by decreasing order of adjusted shareholder yield until 50% coverage of total","page_number":14,"box":{"x":82,"y":830,"width":824,"height":10}},{"id":"7c3d70ce-e703-4c74-8477-7a57a9944c4e","block_type":"box","text":"shareholder payout dollars of the Parent Index (excluding any companies with a negative total shareholder yield) is reached.","page_number":14,"box":{"x":83,"y":844,"width":876,"height":11}},{"id":"f3632665-2129-48d0-bda3-d8092a92a3cf","block_type":"box","text":"The “total shareholder payout dollars” of a company is defined as the total shareholder yield multiplied by the float-adjusted","page_number":14,"box":{"x":82,"y":858,"width":877,"height":11}},{"id":"da666bd9-4e84-4dcb-be52-bd21767ef975","block_type":"box","text":"market capitalization of the company.","page_number":14,"box":{"x":84,"y":872,"width":264,"height":11}},{"id":"e012ca47-f1dc-4d9f-ab15-7be5b85bbcbd","block_type":"box","text":"S-1","page_number":14,"box":{"x":524,"y":920,"width":23,"height":9}},{"id":"0dfa706b-3f86-4b10-8d54-8616f76d5c48","block_type":"box","text":"The Underlying Index is weighted by total shareholder payout dollars and constrained by capping each company at 4.9%. In","page_number":15,"box":{"x":82,"y":23,"width":876,"height":11}},{"id":"15af9212-fc74-4f40-8194-6ce523ecd8c9","block_type":"box","text":"addition, the sector weights are constrained within 5% (positive or negative) of the Parent Index. The Underlying Index may","page_number":15,"box":{"x":83,"y":37,"width":870,"height":11}},{"id":"4cbce969-1bef-4869-a1a5-af938f62e97d","block_type":"box","text":"include large-, mid- and small-capitalization companies. As of April 30, 2026, a significant portion of the Underlying Index","page_number":15,"box":{"x":83,"y":52,"width":864,"height":10}},{"id":"43022557-e1bf-4e8e-aa76-63ab85a83b56","block_type":"box","text":"was represented by securities of companies in the financial services and technology industries or sectors. The components of","page_number":15,"box":{"x":82,"y":66,"width":888,"height":11}},{"id":"631ea157-0dce-4e5f-93b1-98717dc1174b","block_type":"box","text":"the Underlying Index are likely to change over time.","page_number":15,"box":{"x":82,"y":80,"width":362,"height":11}},{"id":"4c5ccc59-e289-4956-ae4a-61cdb4d1e054","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":15,"box":{"x":82,"y":103,"width":853,"height":11}},{"id":"ff1faf1b-20bd-49c8-9934-0969863a0c4d","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":15,"box":{"x":84,"y":117,"width":838,"height":11}},{"id":"e784d99b-d851-43f4-9f6a-3e87d06c44a1","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":15,"box":{"x":83,"y":131,"width":868,"height":11}},{"id":"fe39af2c-f911-4c86-801d-18ceef1c2f00","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":15,"box":{"x":84,"y":146,"width":850,"height":10}},{"id":"f55f7c43-66e3-4645-996e-ba796ad45b37","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":15,"box":{"x":83,"y":160,"width":806,"height":11}},{"id":"e7fbc795-94c8-44f8-9f32-ddac2a329ee6","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":15,"box":{"x":83,"y":174,"width":885,"height":11}},{"id":"6a8ae84e-2f54-4119-bfc9-3eb0bc156bc9","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":15,"box":{"x":82,"y":188,"width":885,"height":11}},{"id":"dd26775b-6e26-474f-bd25-6f03e51574d9","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":15,"box":{"x":83,"y":202,"width":853,"height":11}},{"id":"71b7b360-f926-4aaf-8879-48590a61b263","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":15,"box":{"x":83,"y":217,"width":867,"height":10}},{"id":"31dbe9fb-0e47-4e23-aa89-c38227256159","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":15,"box":{"x":83,"y":231,"width":868,"height":11}},{"id":"3531e124-c88d-4244-9394-245fd4a6efd3","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":15,"box":{"x":82,"y":245,"width":863,"height":11}},{"id":"3e2c7519-22a4-46cd-9c81-78f34dff8ca5","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":15,"box":{"x":84,"y":259,"width":825,"height":11}},{"id":"818299f2-97e0-4319-a80b-b96e182ea7de","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":15,"box":{"x":84,"y":273,"width":405,"height":11}},{"id":"4982f57e-caac-4708-8956-63947cefcb7e","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":15,"box":{"x":84,"y":296,"width":844,"height":11}},{"id":"64e9456a-fa9c-4eea-a558-f78313584f23","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":15,"box":{"x":83,"y":311,"width":860,"height":10}},{"id":"1c5afec2-22cf-4a1f-916f-2f16771d0bcd","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":15,"box":{"x":83,"y":325,"width":831,"height":11}},{"id":"9431cb0c-f0b1-4cb7-806e-2e1e051f4700","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":15,"box":{"x":83,"y":339,"width":817,"height":11}},{"id":"30edf401-92fb-4664-a65f-80755a7c450c","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":15,"box":{"x":84,"y":353,"width":817,"height":11}},{"id":"4bb5a664-9ef4-4509-a92f-78e3dcf8d006","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":15,"box":{"x":83,"y":367,"width":835,"height":11}},{"id":"75de2320-c484-4dcc-9c1f-45b0425dbfe4","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any","page_number":15,"box":{"x":82,"y":390,"width":873,"height":11}},{"id":"802d4911-b17a-4cfc-a46e-90b06296530e","block_type":"box","text":"collateral received).","page_number":15,"box":{"x":83,"y":405,"width":136,"height":9}},{"id":"f66e0d34-6a3a-411b-a538-97ba43b3fa58","block_type":"box","text":"The Underlying Index is sponsored by Morningstar, which is independent of the Fund and BFA. The Index Provider determines","page_number":15,"box":{"x":82,"y":428,"width":889,"height":11}},{"id":"f7f9378b-9b35-4ce4-8710-94e8e23d45eb","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":15,"box":{"x":82,"y":442,"width":884,"height":11}},{"id":"99d76843-3dd2-4d7c-8efe-07036fbb7494","block_type":"box","text":"market value of the Underlying Index.","page_number":15,"box":{"x":84,"y":456,"width":262,"height":11}},{"id":"c114d709-f8fc-4f7a-9771-4c1da8ab97b7","block_type":"box","text":"Industry Concentration Policy.","page_number":15,"box":{"x":84,"y":479,"width":223,"height":11}},{"id":"147a6c64-a2ce-466c-b76b-518e3f869d06","block_type":"box","text":"The Fund will concentrate its investments (","page_number":15,"box":{"x":312,"y":479,"width":304,"height":10}},{"id":"7fcd92dc-6e9f-49d0-b95f-a161f969a62e","block_type":"box","text":"i.e.","page_number":15,"box":{"x":617,"y":480,"width":17,"height":8}},{"id":"ce7e71ec-3fad-4202-a35e-9201991af204","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":15,"box":{"x":636,"y":479,"width":292,"height":10}},{"id":"69e4ca3f-a805-4bff-9423-d3114624c3b6","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":15,"box":{"x":84,"y":494,"width":858,"height":11}},{"id":"928d8710-af29-429b-a9ba-3379d4d40524","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":15,"box":{"x":84,"y":508,"width":867,"height":11}},{"id":"0ff1d60d-b9e2-40a0-a239-55368952575f","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":15,"box":{"x":83,"y":522,"width":826,"height":11}},{"id":"1b0d5129-5e78-42e8-ad04-562022729026","block_type":"box","text":"Summary of Principal Risks","page_number":15,"box":{"x":83,"y":551,"width":248,"height":13}},{"id":"9373af05-1e4b-4d5b-a644-b41a5817ae5b","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":15,"box":{"x":82,"y":576,"width":882,"height":11}},{"id":"92d5ec73-15e2-48ad-9210-4ec24c4a4700","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":15,"box":{"x":83,"y":590,"width":825,"height":11}},{"id":"e71eaa58-3f28-4eee-a399-696a5a3966f8","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":15,"box":{"x":83,"y":604,"width":807,"height":11}},{"id":"979d7718-b935-4cab-b771-9a0bfa54567f","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":15,"box":{"x":83,"y":619,"width":844,"height":11}},{"id":"e7469f58-4354-4a9f-b065-656889520bf6","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":15,"box":{"x":83,"y":633,"width":814,"height":11}},{"id":"d317e740-b82c-4a78-933b-aedbc319e99e","block_type":"box","text":"Risk of Investing in the U.S.","page_number":15,"box":{"x":84,"y":656,"width":200,"height":11}},{"id":"92903e21-c6cd-45d4-af2d-e4cda3218553","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":15,"box":{"x":289,"y":656,"width":664,"height":11}},{"id":"7a992855-83a3-48c6-ad33-2c078acd4c23","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":15,"box":{"x":83,"y":670,"width":878,"height":11}},{"id":"1846a8d1-f19a-49b0-8c4d-3c3551c096de","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":15,"box":{"x":83,"y":684,"width":470,"height":11}},{"id":"1e680d71-40f9-46c1-bc46-a48bc18d3d49","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":15,"box":{"x":84,"y":708,"width":208,"height":11}},{"id":"07ef932a-92c8-4b90-9c43-52086260b8b5","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":15,"box":{"x":298,"y":708,"width":665,"height":11}},{"id":"109ded6c-fa61-4ab2-84d7-4814c56eeaa2","block_type":"box","text":"investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are","page_number":15,"box":{"x":83,"y":722,"width":864,"height":11}},{"id":"e59878fa-2f02-4243-9ee6-24ec91cbfdd9","block_type":"box","text":"not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will","page_number":15,"box":{"x":84,"y":736,"width":876,"height":11}},{"id":"d2d70bf1-33f5-44df-9784-5c5e5cdcf3ce","block_type":"box","text":"not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating","page_number":15,"box":{"x":84,"y":750,"width":858,"height":11}},{"id":"9405fdc0-fa9f-4738-b71e-2dd07afd3013","block_type":"box","text":"anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.","page_number":15,"box":{"x":83,"y":764,"width":744,"height":11}},{"id":"d3db825f-5d33-4249-891b-04c410ac0319","block_type":"box","text":"Equity Securities Risk.","page_number":15,"box":{"x":84,"y":788,"width":163,"height":10}},{"id":"1011f4f9-c78e-4965-9503-aeca1ccc2fb8","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":15,"box":{"x":253,"y":788,"width":709,"height":10}},{"id":"dc2eb4bc-b545-436d-84d5-1906fdd631e8","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":15,"box":{"x":83,"y":802,"width":889,"height":11}},{"id":"3ba88c20-a255-4aac-a5de-1b7f36343bd5","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":15,"box":{"x":83,"y":816,"width":880,"height":11}},{"id":"26c06974-fe4f-4118-be05-e70dd5b4f028","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":15,"box":{"x":83,"y":830,"width":867,"height":11}},{"id":"dd868652-a60d-4b3e-aa08-d2dac02169cf","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":15,"box":{"x":84,"y":844,"width":339,"height":11}},{"id":"df5a7016-ffe9-4cd4-bd1e-7f43f196b59a","block_type":"box","text":"S-2","page_number":15,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"6312bf70-3e44-4572-b7e4-04b74ad6c3b6","block_type":"box","text":"Market Risk.","page_number":16,"box":{"x":84,"y":23,"width":90,"height":9}},{"id":"66172599-bfb3-4aa3-adb1-16250e96c494","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":16,"box":{"x":179,"y":23,"width":767,"height":11}},{"id":"b2159269-c7a4-486e-8dc0-1b8885ee5cda","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":16,"box":{"x":83,"y":37,"width":882,"height":11}},{"id":"db3e9b5b-199e-4211-8033-78db9b2e4cdb","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":16,"box":{"x":84,"y":52,"width":857,"height":10}},{"id":"27be6d9f-334c-4889-a25f-dc609def4cb6","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":16,"box":{"x":83,"y":66,"width":875,"height":11}},{"id":"d1b07c74-4969-46c5-92f1-4d3743f01395","block_type":"box","text":"Fund’s NAV.","page_number":16,"box":{"x":84,"y":80,"width":81,"height":8}},{"id":"840419b7-ba0c-42ff-ac26-2e05f10d93c4","block_type":"box","text":"Index-Related Risk.","page_number":16,"box":{"x":84,"y":103,"width":143,"height":9}},{"id":"13dd4d94-cc2d-44ea-b360-c1f507fdb40b","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":16,"box":{"x":231,"y":103,"width":742,"height":11}},{"id":"a760d818-b014-424a-a952-aa0d857ea4aa","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":16,"box":{"x":84,"y":117,"width":855,"height":11}},{"id":"43f7e8c9-0b92-416c-abde-adf38ac69661","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":16,"box":{"x":83,"y":131,"width":852,"height":11}},{"id":"a2e78ac9-cb17-4a3d-99fb-1c5fee3ab1fc","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":16,"box":{"x":83,"y":146,"width":877,"height":10}},{"id":"aac0bc7e-58b3-4d25-8a45-87a866175e0d","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":16,"box":{"x":82,"y":160,"width":849,"height":11}},{"id":"a8c6fbfb-50d3-4ee5-8bb4-1431ec3c9a71","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":16,"box":{"x":83,"y":174,"width":849,"height":11}},{"id":"7653dc98-a5b0-4323-8a06-99ceb17629b3","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":16,"box":{"x":84,"y":188,"width":890,"height":11}},{"id":"7f3d26a0-5632-4413-84a7-911f377bf968","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":16,"box":{"x":84,"y":203,"width":852,"height":10}},{"id":"7c107cf2-a760-4044-9719-1b3634b26ece","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":16,"box":{"x":83,"y":217,"width":539,"height":10}},{"id":"c1740440-9f36-46e5-875e-8b5adb05a2a0","block_type":"box","text":"Asset Class Risk.","page_number":16,"box":{"x":82,"y":240,"width":123,"height":8}},{"id":"09a1e57c-7b3e-4c24-a303-b58e5ec9244b","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":16,"box":{"x":209,"y":240,"width":721,"height":11}},{"id":"9de05de7-812e-4e5e-a163-0ac75a7fd977","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":16,"box":{"x":83,"y":254,"width":774,"height":11}},{"id":"8896c572-d900-419e-8fd3-143618622c4a","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":16,"box":{"x":82,"y":277,"width":318,"height":11}},{"id":"016ad995-011e-4249-834e-efbc0201b4ed","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":16,"box":{"x":405,"y":277,"width":531,"height":11}},{"id":"9bc8f1aa-05be-49c9-9583-10060abfc400","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":16,"box":{"x":84,"y":291,"width":809,"height":11}},{"id":"8c7baa28-3197-40f0-a5c5-848c72202888","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":16,"box":{"x":82,"y":305,"width":816,"height":11}},{"id":"f7d8dccc-1e09-4418-a815-c3a8f20a1b3f","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":16,"box":{"x":82,"y":320,"width":885,"height":10}},{"id":"d5c38061-4134-45a7-a442-45de5c36e165","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":16,"box":{"x":83,"y":334,"width":871,"height":11}},{"id":"5cd26535-aee7-463d-bb0c-d2091d91dac5","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":16,"box":{"x":84,"y":348,"width":845,"height":11}},{"id":"933428b8-79c8-4de9-8240-f729f73d8837","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":16,"box":{"x":82,"y":362,"width":882,"height":11}},{"id":"99f14531-b1a6-4b16-94ca-2bbd528d6b6b","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":16,"box":{"x":84,"y":376,"width":853,"height":11}},{"id":"083b9385-595b-4f99-b6e0-2e7eef83bf58","block_type":"box","text":"halts or delisting.","page_number":16,"box":{"x":84,"y":391,"width":120,"height":10}},{"id":"694e3248-3f47-4882-825c-4ad0dcac189c","block_type":"box","text":"Buyback Risk.","page_number":16,"box":{"x":84,"y":414,"width":101,"height":11}},{"id":"28ab3b6e-0f39-4270-8d9e-e1dc523d68a1","block_type":"box","text":"A stock buyback may signal that a company’s management believes the company’s stock price is undervalued.","page_number":16,"box":{"x":189,"y":414,"width":781,"height":11}},{"id":"64ad174b-7b45-4299-bb20-64503b93b47e","block_type":"box","text":"However, a company’s announcement of a share buyback strategy may not be an accurate predictor of future share","page_number":16,"box":{"x":84,"y":428,"width":813,"height":11}},{"id":"e6f789ff-dba8-444f-b96e-e10d4073fc94","block_type":"box","text":"performance.","page_number":16,"box":{"x":84,"y":442,"width":93,"height":11}},{"id":"857216e3-0f00-48d7-8cf3-3835734efd3a","block_type":"box","text":"Concentration Risk.","page_number":16,"box":{"x":83,"y":465,"width":145,"height":9}},{"id":"2c2c8460-a449-4df5-86ac-e96bcf39c55b","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":16,"box":{"x":232,"y":465,"width":712,"height":11}},{"id":"39204044-13c3-409b-be84-fd43020cc710","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":16,"box":{"x":83,"y":479,"width":884,"height":10}},{"id":"6b6b35be-7379-46de-bae3-382d7e39faa2","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":16,"box":{"x":82,"y":494,"width":887,"height":11}},{"id":"31c383ba-3ba7-4090-a173-1c3075e09a40","block_type":"box","text":"asset classes.","page_number":16,"box":{"x":83,"y":508,"width":95,"height":8}},{"id":"d207d811-fcae-4bc5-ada9-9755b019b99e","block_type":"box","text":"Financial Companies Risk.","page_number":16,"box":{"x":84,"y":531,"width":192,"height":11}},{"id":"f9721e01-c8bf-4c9a-a36a-0e59fce6fb33","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":16,"box":{"x":282,"y":531,"width":683,"height":11}},{"id":"5fe931ec-0240-4526-8cf2-cff95d15cd9c","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":16,"box":{"x":82,"y":545,"width":864,"height":11}},{"id":"1a9e0aaa-a6b7-4f95-b8ca-da799332d1bb","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":16,"box":{"x":83,"y":560,"width":813,"height":10}},{"id":"507e1c9e-2fc6-45f2-b179-06d53ac8cd5b","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":16,"box":{"x":83,"y":574,"width":879,"height":10}},{"id":"449dcdae-db7a-4f31-a7ad-02043277f41e","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":16,"box":{"x":83,"y":588,"width":613,"height":11}},{"id":"48511a43-cb1c-4bd1-adf7-d46c52ae72f3","block_type":"box","text":"Issuer Risk.","page_number":16,"box":{"x":84,"y":611,"width":82,"height":8}},{"id":"3fba0613-7a94-4adc-a5d0-31a9883466e5","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":16,"box":{"x":170,"y":611,"width":780,"height":10}},{"id":"2f9b92ba-54ba-4925-90c7-50a272de946e","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":16,"box":{"x":84,"y":625,"width":885,"height":11}},{"id":"0a8297ea-dd49-4745-9048-5b5a036a2bce","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":16,"box":{"x":82,"y":639,"width":577,"height":11}},{"id":"01b71fd2-28f6-48bb-ac19-49d509c13373","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":16,"box":{"x":84,"y":662,"width":278,"height":11}},{"id":"3d59fe97-046e-4ecb-a1a8-acba01d8a6b1","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":16,"box":{"x":367,"y":663,"width":540,"height":10}},{"id":"7930a0aa-5204-4022-b228-0c063c01ecff","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":16,"box":{"x":83,"y":677,"width":890,"height":11}},{"id":"0c72af62-4386-4184-919f-87d989938995","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":16,"box":{"x":84,"y":691,"width":867,"height":11}},{"id":"64b0d4f2-72bf-4b80-b463-1fd94f3ea2ff","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":16,"box":{"x":84,"y":705,"width":709,"height":11}},{"id":"a5680fe7-a68f-4a5d-8397-dce01555d23f","block_type":"box","text":"Management Risk.","page_number":16,"box":{"x":84,"y":728,"width":136,"height":11}},{"id":"0bf737fc-e3f1-43e4-b6b3-331b264f6524","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":16,"box":{"x":225,"y":728,"width":711,"height":11}},{"id":"d0016649-8dcb-46ec-a116-76c387b4cb11","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":16,"box":{"x":84,"y":742,"width":876,"height":11}},{"id":"d069fd69-3f87-4ddc-aa50-c9f71004349d","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":16,"box":{"x":83,"y":757,"width":859,"height":11}},{"id":"8c379b90-2580-43a9-b031-4aad8e329f43","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":16,"box":{"x":83,"y":771,"width":847,"height":11}},{"id":"bd2e8c9e-22c4-4890-986b-65ca042cfe95","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":16,"box":{"x":83,"y":785,"width":756,"height":11}},{"id":"5dd3e7af-33c9-4657-8371-558d57bfe4ca","block_type":"box","text":"Market Trading Risk.","page_number":16,"box":{"x":84,"y":808,"width":151,"height":11}},{"id":"7f76895e-4963-4cda-9d6c-cc529eeeeba2","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":16,"box":{"x":239,"y":808,"width":695,"height":11}},{"id":"ffb1c766-4e79-48a1-960b-e024165e6537","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":16,"box":{"x":84,"y":822,"width":841,"height":11}},{"id":"4ab33de5-75c4-411f-9839-b3d25179c68c","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":16,"box":{"x":83,"y":837,"width":887,"height":10}},{"id":"f160c04f-2068-4a99-a9bd-8ab8ae690612","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":16,"box":{"x":83,"y":851,"width":839,"height":11}},{"id":"b4d3944c-7966-4ebb-8763-0802429ef8dd","block_type":"box","text":"S-3","page_number":16,"box":{"x":524,"y":920,"width":23,"height":9}},{"id":"67af77d0-fa10-454c-917a-54e5712d1c7b","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":17,"box":{"x":84,"y":23,"width":865,"height":11}},{"id":"49423869-5e13-4e5d-842a-64c67535a063","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":17,"box":{"x":82,"y":37,"width":885,"height":11}},{"id":"4ba958c5-00ba-4bf9-b913-9dd91d1ba00d","block_type":"box","text":"of the Fund shares.","page_number":17,"box":{"x":83,"y":52,"width":135,"height":8}},{"id":"3bfbc919-d613-49aa-aad2-fb1b3eda1e26","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":17,"box":{"x":84,"y":75,"width":264,"height":10}},{"id":"83286658-88e8-4e04-be40-42cbd7dd2267","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":17,"box":{"x":353,"y":75,"width":590,"height":11}},{"id":"0b62acc8-e7d4-4ada-8f6b-24ebaebd3864","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":17,"box":{"x":84,"y":89,"width":846,"height":11}},{"id":"ad3d8e4e-3ca0-45b5-b6c7-e2a783ecc342","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":17,"box":{"x":82,"y":103,"width":875,"height":11}},{"id":"17845462-8d14-47b3-84f9-3ca015e3f4df","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":17,"box":{"x":82,"y":117,"width":529,"height":11}},{"id":"b43dec3f-293b-4d2a-a868-6c48ddb76b73","block_type":"box","text":"Operational and Technology Risks.","page_number":17,"box":{"x":83,"y":140,"width":255,"height":11}},{"id":"e30ec8d1-9c62-43b4-b8cf-e3c21eb0cc74","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":17,"box":{"x":342,"y":141,"width":582,"height":10}},{"id":"9df9f911-956f-4a6b-81a3-6a5423cc8e19","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":17,"box":{"x":83,"y":155,"width":876,"height":10}},{"id":"9cac34c6-17ca-472c-a2da-77f8084f81a5","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":17,"box":{"x":83,"y":169,"width":879,"height":11}},{"id":"361a1977-3a85-42b1-9bec-406ee6eef925","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":17,"box":{"x":83,"y":183,"width":825,"height":11}},{"id":"abb8f9ff-0dca-48bc-9a39-4a08bc12abc8","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":17,"box":{"x":83,"y":197,"width":863,"height":11}},{"id":"e80094f1-8fc2-4f1d-868d-cca5d18d52ec","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":17,"box":{"x":83,"y":211,"width":872,"height":11}},{"id":"271d203a-6ccb-4296-9486-19842bab1a8a","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":17,"box":{"x":84,"y":225,"width":823,"height":11}},{"id":"97666c54-13c5-44fd-bb20-01f41a43b3fe","block_type":"box","text":"Securities Lending Risk.","page_number":17,"box":{"x":83,"y":249,"width":177,"height":11}},{"id":"661b2339-3882-43bd-bbef-87a89cba98a8","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":17,"box":{"x":264,"y":249,"width":692,"height":11}},{"id":"c63a1ebd-fbaa-40c8-bba9-863a201a3da8","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":17,"box":{"x":84,"y":263,"width":869,"height":11}},{"id":"c8b7d778-07a3-4f4b-b581-f37ad9e9a0c8","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":17,"box":{"x":83,"y":277,"width":886,"height":11}},{"id":"8556e972-8051-44f2-ae87-d81f41280d3b","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":17,"box":{"x":83,"y":291,"width":831,"height":11}},{"id":"77b4ebfe-5939-4f4c-b6dc-0588461592c8","block_type":"box","text":"Technology Companies Risk.","page_number":17,"box":{"x":82,"y":314,"width":211,"height":11}},{"id":"7b95c704-67e5-47fa-b724-d60b72d94c1a","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":17,"box":{"x":298,"y":315,"width":656,"height":10}},{"id":"275ec8a6-3d42-49b6-80aa-303f03bfd27c","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":17,"box":{"x":84,"y":329,"width":848,"height":11}},{"id":"5aae70ad-f912-468e-99db-f165118ee078","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":17,"box":{"x":83,"y":343,"width":887,"height":11}},{"id":"9819ed41-b2ac-4a6e-a941-46507407ce2b","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":17,"box":{"x":83,"y":357,"width":884,"height":11}},{"id":"a664b6bd-cd0e-4a97-ac22-2a4930fe2d17","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":17,"box":{"x":82,"y":371,"width":839,"height":11}},{"id":"8c8924c1-9091-4b79-8529-d43c9dd92e41","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":17,"box":{"x":83,"y":385,"width":870,"height":11}},{"id":"4009e636-8fcf-4f9c-a629-c1ce684d7b59","block_type":"box","text":"government or legal action.","page_number":17,"box":{"x":83,"y":400,"width":193,"height":10}},{"id":"1fb67ad4-77b6-4ed4-9ab8-dd20134f8136","block_type":"box","text":"Tracking Error Risk.","page_number":17,"box":{"x":82,"y":423,"width":145,"height":11}},{"id":"a660064c-10b4-4e11-b143-b17f750f8509","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":17,"box":{"x":231,"y":423,"width":741,"height":11}},{"id":"60123efa-bcf5-4a3b-99f0-f3a002a282c9","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":17,"box":{"x":83,"y":437,"width":861,"height":11}},{"id":"b84ac66b-4cb1-47f5-9b3b-3fb20ac93f3b","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":17,"box":{"x":83,"y":451,"width":832,"height":11}},{"id":"f9b7643c-a010-4050-b8f7-a1259b49901b","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":17,"box":{"x":84,"y":466,"width":880,"height":10}},{"id":"d01feb6b-fa17-4b19-93da-acb0c030e22d","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":17,"box":{"x":84,"y":479,"width":830,"height":11}},{"id":"9066f863-5c8c-46f5-9254-d1ca943d6963","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":17,"box":{"x":82,"y":494,"width":828,"height":11}},{"id":"8a2c0189-1729-49af-b581-2d8644c5f9ca","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":17,"box":{"x":83,"y":508,"width":874,"height":11}},{"id":"ebb4b82c-c8b2-47ef-b72d-ecf020256a8e","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":17,"box":{"x":84,"y":522,"width":888,"height":11}},{"id":"1a344cbe-e1a0-4c2b-9876-b07b4918d2ae","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":17,"box":{"x":84,"y":536,"width":851,"height":11}},{"id":"e5438720-fc39-4175-9003-552701bc47cd","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":17,"box":{"x":84,"y":550,"width":885,"height":11}},{"id":"583908d1-e7d6-45d5-9b72-7cbd76cf0caa","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":17,"box":{"x":83,"y":565,"width":874,"height":10}},{"id":"777b6c0d-f7de-4af3-9cba-f99d8a73475b","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":17,"box":{"x":84,"y":579,"width":724,"height":11}},{"id":"fa9f0638-4e9e-48eb-8146-771a32a70eaf","block_type":"box","text":"Performance Information","page_number":17,"box":{"x":84,"y":608,"width":229,"height":10}},{"id":"4129e34d-7c42-470d-88f6-1ae87b758991","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":17,"box":{"x":82,"y":633,"width":864,"height":10}},{"id":"a455789f-8859-4007-8490-821be693275c","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":17,"box":{"x":83,"y":647,"width":871,"height":11}},{"id":"8b978820-f821-43ec-8c8a-febd9dae5a88","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":17,"box":{"x":83,"y":661,"width":868,"height":11}},{"id":"e0bf6cb0-d8c5-412c-9c8c-a9dc6a1d2a34","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":17,"box":{"x":84,"y":675,"width":837,"height":11}},{"id":"dfd247c7-19a7-47bb-a6f3-0ffa66d24e9c","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":17,"box":{"x":83,"y":690,"width":869,"height":10}},{"id":"409629f5-81c9-4e99-8ebb-5a747fdc1994","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":17,"box":{"x":84,"y":704,"width":832,"height":11}},{"id":"754b6caa-1c72-4839-8708-09bb3bdc5171","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":17,"box":{"x":84,"y":718,"width":841,"height":11}},{"id":"786b56fa-1f50-40f5-a15f-681237b6a013","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":17,"box":{"x":82,"y":732,"width":531,"height":11}},{"id":"a83b3ae6-03b0-4b2b-81b3-2bd0c63c35d6","block_type":"box","text":"S-4","page_number":17,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"de32edf8-1025-45aa-9f17-6d3970ddec8e","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":18,"box":{"x":165,"y":23,"width":260,"height":11}},{"id":"a6e7cbf6-4ec3-48ab-a297-4ce0bef14446","block_type":"box","text":"-6.46","page_number":18,"box":{"x":121,"y":155,"width":24,"height":6}},{"id":"6dbb62f4-10ec-4d78-9346-67d761807084","block_type":"box","text":"32.04","page_number":18,"box":{"x":167,"y":81,"width":26,"height":6}},{"id":"a24a0533-d034-4f00-8e48-421de428dda6","block_type":"box","text":"10.64","page_number":18,"box":{"x":214,"y":114,"width":25,"height":6}},{"id":"a28e9953-6d1d-4cd9-a9be-faec048abc53","block_type":"box","text":"31.32","page_number":18,"box":{"x":259,"y":82,"width":26,"height":6}},{"id":"ceea4f38-351a-4454-9dfa-01844532db77","block_type":"box","text":"-10.38","page_number":18,"box":{"x":303,"y":161,"width":30,"height":6}},{"id":"baa34caf-90b4-4217-bee7-608e3526e4f8","block_type":"box","text":"13.15","page_number":18,"box":{"x":353,"y":110,"width":25,"height":6}},{"id":"689a9c49-79a9-4b85-bab4-5651f47e7deb","block_type":"box","text":"18.60","page_number":18,"box":{"x":399,"y":101,"width":25,"height":6}},{"id":"4264a255-cb27-4ab6-bd26-6173bf81bf06","block_type":"box","text":"15.09","page_number":18,"box":{"x":446,"y":107,"width":25,"height":6}},{"id":"7e292c57-3636-4219-9156-5ef375d52808","block_type":"box","text":"2018 2019 2020 2021 2022 2023 2024 2025","page_number":18,"box":{"x":122,"y":177,"width":347,"height":6}},{"id":"f558780f-92e5-4a10-9d40-6f67bdeb636a","block_type":"box","text":"Return (%) Period Ended","page_number":18,"box":{"x":790,"y":38,"width":176,"height":9}},{"id":"48260f93-a271-4aa7-956b-bfd9447b6cec","block_type":"box","text":"Calendar Year-to-Date Return","page_number":18,"box":{"x":550,"y":56,"width":197,"height":8}},{"id":"d3b7d29d-0b7f-413c-b854-172c554a7921","block_type":"box","text":"17.30% June 30, 2026","page_number":18,"box":{"x":804,"y":56,"width":168,"height":9}},{"id":"0305cdb7-1698-4e50-94bb-8c77591f3792","block_type":"box","text":"During the periods shown in the chart:","page_number":18,"box":{"x":551,"y":69,"width":250,"height":10}},{"id":"2dfe4725-73cc-4b89-87fa-26b43f461276","block_type":"box","text":"Best Quarter 19.14% June 30, 2020","page_number":18,"box":{"x":564,"y":82,"width":408,"height":9}},{"id":"4c59b27b-bda6-47b5-9e39-ee7bc57115b4","block_type":"box","text":"Worst Quarter -24.49% March 31, 2020","page_number":18,"box":{"x":563,"y":95,"width":409,"height":9}},{"id":"51aef80a-c306-465b-82f8-5d3ba800ee13","block_type":"box","text":"Average Annual Total Returns (%)","page_number":18,"box":{"x":403,"y":207,"width":250,"height":11}},{"id":"0db78ab1-73e4-4e02-9c21-6da380ae9498","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":18,"box":{"x":371,"y":222,"width":315,"height":10}},{"id":"721fc61b-e170-4793-8c2a-249a3f60d63b","block_type":"box","text":"One Year Five Years","page_number":18,"box":{"x":690,"y":248,"width":165,"height":8}},{"id":"d8db650f-3c73-4435-b329-d9c3b5ee4f47","block_type":"box","text":"Since Fund","page_number":18,"box":{"x":896,"y":238,"width":72,"height":8}},{"id":"b197e418-db15-4935-91f0-efb0235a9586","block_type":"box","text":"Inception","page_number":18,"box":{"x":902,"y":248,"width":61,"height":10}},{"id":"117eb5c9-36ce-477c-91c1-0d7e7ae8b7fd","block_type":"box","text":"Fund Inception: 11/7/2017","page_number":18,"box":{"x":88,"y":264,"width":179,"height":9}},{"id":"9bd943f7-0bb6-4521-b826-c5e94134004b","block_type":"box","text":"Return Before Taxes","page_number":18,"box":{"x":89,"y":275,"width":124,"height":8}},{"id":"1ac1ee9a-a875-4fe2-a56b-a552a9258cd6","block_type":"box","text":"15.09% 12.69% 12.43%","page_number":18,"box":{"x":702,"y":276,"width":262,"height":7}},{"id":"43ee95a9-42ae-4e4a-bf37-66298d136be7","block_type":"box","text":"Return After Taxes on Distributions 14.35% 12.01% 11.76%","page_number":18,"box":{"x":89,"y":287,"width":875,"height":8}},{"id":"59d42c02-4682-449d-b049-5066c46822fc","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 9.37% 10.02% 10.04%","page_number":18,"box":{"x":89,"y":299,"width":875,"height":7}},{"id":"27c2b064-8cbb-46dd-941b-7c481c16b2d7","block_type":"box","text":"Morningstar US Market Index","page_number":18,"box":{"x":88,"y":310,"width":194,"height":10}},{"id":"9c05ea42-d7a1-49f2-a2e2-01aa9237a742","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":18,"box":{"x":286,"y":310,"width":347,"height":10}},{"id":"ac68eb2a-0bc3-42ca-9924-331231e1195c","block_type":"box","text":"taxes)","page_number":18,"box":{"x":101,"y":323,"width":37,"height":8}},{"id":"e6b44ce3-0db5-40dc-b0f6-9a1e8afc35d9","block_type":"box","text":"17.35% 13.29% 14.02%","page_number":18,"box":{"x":702,"y":323,"width":262,"height":8}},{"id":"253b51c7-0abd-4c7f-ab61-e59580742d6f","block_type":"box","text":"Morningstar US Dividend and Buyback Index","page_number":18,"box":{"x":88,"y":335,"width":295,"height":9}},{"id":"39013c9e-8107-4476-963c-2761ca45461a","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":18,"box":{"x":387,"y":335,"width":268,"height":9}},{"id":"1b039be3-d7fb-4b6b-b682-c17c6218fe9d","block_type":"box","text":"expenses or taxes)","page_number":18,"box":{"x":101,"y":348,"width":116,"height":9}},{"id":"af8e4306-793e-4224-8882-82957aea7c13","block_type":"box","text":"15.19% 12.85% 12.63%","page_number":18,"box":{"x":702,"y":348,"width":262,"height":7}},{"id":"05c1289c-7d2f-49cc-aa77-e40db46ee3e9","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":18,"box":{"x":82,"y":377,"width":857,"height":11}},{"id":"9af9d208-f018-4043-a391-9925718d63e3","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":18,"box":{"x":84,"y":391,"width":864,"height":11}},{"id":"4d1b70ea-185c-40bd-8627-6f38939a5f67","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":18,"box":{"x":84,"y":405,"width":847,"height":11}},{"id":"62a5556a-c42b-4314-9200-67c49389a5fc","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":18,"box":{"x":83,"y":419,"width":857,"height":11}},{"id":"ff5f4cf0-1dbe-44e0-be21-ef4f8ba18477","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":18,"box":{"x":83,"y":434,"width":877,"height":11}},{"id":"cc1ecd18-7a96-4026-974e-94f5d7e8275f","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":18,"box":{"x":82,"y":448,"width":837,"height":11}},{"id":"f45dc98b-a123-4fa8-849d-e4ad6b0873c8","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":18,"box":{"x":84,"y":462,"width":885,"height":11}},{"id":"19967501-782e-4177-a8b6-d9546677f532","block_type":"box","text":"on distributions.","page_number":18,"box":{"x":83,"y":477,"width":115,"height":8}},{"id":"fbfb1f20-1513-440c-81cb-374ccdb6871e","block_type":"box","text":"Management","page_number":18,"box":{"x":84,"y":506,"width":120,"height":13}},{"id":"aabbd72c-5bd7-4366-bafb-365031e4d45b","block_type":"box","text":"Investment Adviser.","page_number":18,"box":{"x":84,"y":530,"width":144,"height":9}},{"id":"483645a5-12e9-4f34-aeae-013f8b879718","block_type":"box","text":"BlackRock Fund Advisors.","page_number":18,"box":{"x":234,"y":531,"width":180,"height":8}},{"id":"18790928-c4f2-4019-9c76-444226bd90b2","block_type":"box","text":"Portfolio Managers.","page_number":18,"box":{"x":84,"y":554,"width":145,"height":11}},{"id":"73b38240-498f-4db5-b1fc-e63947386e91","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":18,"box":{"x":233,"y":553,"width":679,"height":11}},{"id":"17c1a994-9f8b-44b5-b041-36a246e2f574","block_type":"box","text":"management of the Fund:","page_number":18,"box":{"x":84,"y":568,"width":182,"height":11}},{"id":"01d2970f-822c-4153-8190-32602b3b7ff4","block_type":"box","text":"Portfolio Manager","page_number":18,"box":{"x":88,"y":603,"width":120,"height":10}},{"id":"8e513920-9928-43ad-8157-c497ecf58176","block_type":"box","text":"Portfolio Manager of the","page_number":18,"box":{"x":441,"y":591,"width":161,"height":9}},{"id":"88a32626-7556-47d5-a4eb-52d12e696d97","block_type":"box","text":"Fund Since","page_number":18,"box":{"x":485,"y":603,"width":72,"height":8}},{"id":"e6c80400-3066-4b6e-aac9-784675e02bec","block_type":"box","text":"Title with Investment","page_number":18,"box":{"x":834,"y":591,"width":140,"height":7}},{"id":"c0c0586b-baa9-4c21-bdf7-d56885e1b92c","block_type":"box","text":"Adviser","page_number":18,"box":{"x":880,"y":603,"width":48,"height":8}},{"id":"effe527e-e5ac-4e0d-9746-20e4f48d556b","block_type":"box","text":"Jennifer Hsui 2017 Managing Director","page_number":18,"box":{"x":87,"y":619,"width":877,"height":10}},{"id":"2d8136e4-2340-40d8-a3eb-4a96708b7c0d","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":18,"box":{"x":89,"y":635,"width":875,"height":9}},{"id":"90dd2c87-ddca-4c67-a1d9-2513d5301e92","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":18,"box":{"x":89,"y":650,"width":875,"height":10}},{"id":"1d349e59-1bcb-49bc-9efe-dfe0aad60382","block_type":"box","text":"Steven White 2025 Managing Director","page_number":18,"box":{"x":88,"y":665,"width":876,"height":10}},{"id":"939bc974-1a17-47cb-acf3-0ac8457368e2","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":18,"box":{"x":84,"y":701,"width":304,"height":10}},{"id":"5f252d0f-537d-4c00-b4c5-7ab683e7975b","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":18,"box":{"x":82,"y":726,"width":878,"height":11}},{"id":"9040a455-b3bf-4462-8252-d9df72ca4c47","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":18,"box":{"x":83,"y":740,"width":855,"height":11}},{"id":"cefa337c-2429-4470-8458-0efcd47eb4bf","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":18,"box":{"x":83,"y":754,"width":817,"height":11}},{"id":"902066a9-6b36-4010-b21b-b9b65d6b7390","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":18,"box":{"x":83,"y":768,"width":878,"height":11}},{"id":"aa853a90-f2f2-4461-8f6a-1f36dfc48151","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":18,"box":{"x":84,"y":782,"width":860,"height":11}},{"id":"2eb4e55d-b1bc-4487-b82b-044cbb804589","block_type":"box","text":"(the “bid-ask spread”).","page_number":18,"box":{"x":83,"y":796,"width":157,"height":11}},{"id":"4d4561ef-221c-4ddc-bc53-dda009efb058","block_type":"box","text":"Tax Information","page_number":18,"box":{"x":82,"y":826,"width":144,"height":10}},{"id":"ed96c2c0-aaa0-43ad-b4b2-ec6eb7b8d62b","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":18,"box":{"x":82,"y":851,"width":832,"height":11}},{"id":"bd3151c4-6160-4434-9794-7d0af9759150","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":18,"box":{"x":83,"y":865,"width":883,"height":11}},{"id":"d6ee2d12-ab72-42e0-ad38-b89d1f7150cc","block_type":"box","text":"be taxed when withdrawn.","page_number":18,"box":{"x":84,"y":879,"width":181,"height":9}},{"id":"e6ecdbf1-7589-4368-a90e-5c975973c24e","block_type":"box","text":"S-5","page_number":18,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"963ac1c7-1fbe-4e3e-b872-26c639b0dbd8","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":19,"box":{"x":84,"y":22,"width":575,"height":14}},{"id":"70225249-0438-4da9-a3df-9db8cef33bb7","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":19,"box":{"x":84,"y":48,"width":854,"height":10}},{"id":"f0ae2447-4315-4e08-b6cc-0c5891efe56f","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":19,"box":{"x":84,"y":62,"width":842,"height":11}},{"id":"4488bc2c-1a07-4b73-9ade-225e11e093ca","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":19,"box":{"x":83,"y":76,"width":820,"height":11}},{"id":"9fb49382-693e-46c1-a14b-abc64f9c59c2","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":19,"box":{"x":84,"y":90,"width":801,"height":11}},{"id":"2b4e02e4-d5d5-4ff7-88c9-c72972096030","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":19,"box":{"x":83,"y":105,"width":841,"height":10}},{"id":"f72b8529-3515-4aa8-a847-efdcf5660122","block_type":"box","text":"financial intermediary’s website for more information.","page_number":19,"box":{"x":83,"y":118,"width":379,"height":11}},{"id":"8eea2689-0be2-4f04-b3a3-6605a7788d8f","block_type":"box","text":"S-6","page_number":19,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"a59d7fa4-5de5-4f00-8bc6-cf5d27ba969f","block_type":"box","text":"iShares Core Dividend Growth ETF","page_number":20,"box":{"x":84,"y":23,"width":479,"height":17}},{"id":"e9a16506-783e-4820-834f-4b39faaf8135","block_type":"box","text":"DGRO | NYSE Arca","page_number":20,"box":{"x":85,"y":47,"width":254,"height":18}},{"id":"2e8d2a3f-c09e-4e16-a51e-a1909bafb77b","block_type":"box","text":"Investment Objective","page_number":20,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"73a41ba7-31c4-4f7c-b68c-7bcee99e5f4d","block_type":"box","text":"The iShares Core Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":20,"box":{"x":82,"y":117,"width":836,"height":11}},{"id":"506624d2-9090-498f-b64f-0da815392d02","block_type":"box","text":"equities with a history of consistently growing dividends.","page_number":20,"box":{"x":83,"y":131,"width":400,"height":11}},{"id":"43184512-0a45-4e11-95b5-84404c3b318c","block_type":"box","text":"Fees and Expenses","page_number":20,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"d67073b8-ec3a-4421-ae19-f96e059583b4","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":20,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"ba43847d-e93b-4f89-af3a-c307096e905b","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":20,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"7d6d1f30-dff1-473d-a25f-eed0a7e3436a","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":20,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"01f669d8-12bb-484d-bc97-687ee0f997d3","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":20,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"7989284c-c504-4561-94d3-b3dab49fef75","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":20,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"9d8f6aa9-cf5f-4612-a2c7-97bb9802bc82","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":20,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"bb7cbe6c-142e-4f66-86a1-4e444d9a621c","block_type":"box","text":"extraordinary expenses.","page_number":20,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"50972332-7c22-440e-be2a-b399a9f5a6ea","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":20,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"d1156e19-5360-41b5-be3f-c21eec0512a4","block_type":"box","text":"reflected in the table and example below.","page_number":20,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"806ec8a5-48e4-45c4-904f-c1b01254cf35","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":20,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"66dc8f2b-5c99-4191-881e-ba70365b3d61","block_type":"box","text":"1","page_number":20,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"0a8db938-6ff2-4f1a-9291-cf680815bf3a","block_type":"box","text":"Management Fee","page_number":20,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"783b5445-ab9d-44bc-a5ff-f65a15577abb","block_type":"box","text":"0.08%","page_number":20,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"e74516a6-61ab-492f-b707-9659f36dd3d6","block_type":"box","text":"Other Expenses","page_number":20,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"6eb20719-ae90-4de9-b5cf-b051fe9b37f5","block_type":"box","text":"0.00%","page_number":20,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"5a45341b-b9c7-4636-a8e7-2c875ac66943","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":20,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"432bbbda-dec1-43ac-a084-4b5b1f2fcc94","block_type":"box","text":"0.08%","page_number":20,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"11c81b6b-e398-4539-b40b-5ab76b4a596e","block_type":"box","text":"1","page_number":20,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"e7ae48ac-5cdc-435a-9cbb-b4dd82c7ecf6","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":411,"width":780,"height":9}},{"id":"6ab64186-8404-45e0-badd-f6e6d1077ba3","block_type":"box","text":"Example.","page_number":20,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"38dbbe80-6fca-4c05-a71c-4e9576ec0dad","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":20,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"721d5cf6-0b4f-4cdb-8d01-062994838dc3","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":20,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"9745b926-5190-409e-a60c-39529a5819fc","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":20,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"62af58b3-01fb-47b1-88e1-827e75fa6e8b","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":20,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"6df06608-bdbd-4f15-a71c-c61594c4075a","block_type":"box","text":"your costs would be:","page_number":20,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"ca5ae6e1-e6b1-42a7-a380-88bd3dfb13eb","block_type":"box","text":"Expense Example","page_number":20,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"33912e94-e695-4976-83da-5d4e61892ad7","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":20,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"296280d9-2155-4956-bd7c-5c0a89e078bb","block_type":"box","text":"Example Fund Costs","page_number":20,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"110940fc-cf6d-40d4-91f4-50522dcc75b0","block_type":"box","text":"$8 $26 $45 $103","page_number":20,"box":{"x":705,"y":525,"width":257,"height":9}},{"id":"dbd623a0-60ab-4b3b-9d66-28ed447eb4a5","block_type":"box","text":"Portfolio Turnover.","page_number":20,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"6a3b2e90-4490-428a-b704-aaa421ff80d8","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":20,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"93712832-5f3a-4ed2-a92f-031a513164b1","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":20,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"0d84e10c-1cfb-4799-aa8c-3b1a4b6f92a7","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":20,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"a99c8725-5b8e-4138-bd60-5a93bde3b02d","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25% of","page_number":20,"box":{"x":82,"y":597,"width":887,"height":11}},{"id":"c955b2cb-b101-4fcf-a703-1a2e21310070","block_type":"box","text":"the average value of its portfolio.","page_number":20,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"51dc92f4-fcf2-4694-8ac6-10e49b9e5049","block_type":"box","text":"Principal Investment Strategies","page_number":20,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"b53bee1f-ee22-4cb6-9ac3-bb6f799856a0","block_type":"box","text":"The Fund seeks to track the investment results of the Morningstar","page_number":20,"box":{"x":82,"y":666,"width":467,"height":11}},{"id":"e7e86693-ebaa-4319-87d6-e3d24fda4acb","block_type":"box","text":"®","page_number":20,"box":{"x":550,"y":665,"width":5,"height":3}},{"id":"4d49aa8a-40cb-4f79-b3a3-9ec8ea4ea9b0","block_type":"box","text":"US Dividend Growth Index","page_number":20,"box":{"x":560,"y":666,"width":185,"height":8}},{"id":"34847609-9dd7-4039-981d-e38a2234570d","block_type":"box","text":"SM","page_number":20,"box":{"x":746,"y":664,"width":17,"height":5}},{"id":"4676aa15-ab02-41a2-8b43-d4932324110d","block_type":"box","text":"(the “Underlying Index”),","page_number":20,"box":{"x":768,"y":666,"width":173,"height":11}},{"id":"36460a2b-17af-4917-8a2c-611fdcb04563","block_type":"box","text":"which is a dividend dollar-weighted index that seeks to measure the performance of U.S. companies selected based on a","page_number":20,"box":{"x":82,"y":680,"width":850,"height":11}},{"id":"182be752-1a87-49d0-a924-40d3ff96d198","block_type":"box","text":"consistent history of growing dividends. The Underlying Index is a subset of the Morningstar","page_number":20,"box":{"x":83,"y":694,"width":654,"height":11}},{"id":"6a1bd8f2-4cb2-473a-9951-4e37074b2d68","block_type":"box","text":"®","page_number":20,"box":{"x":738,"y":693,"width":4,"height":4}},{"id":"631a53bf-b57d-47f1-b57b-529992bdd426","block_type":"box","text":"US Market Index","page_number":20,"box":{"x":748,"y":694,"width":116,"height":9}},{"id":"09c0f270-8e38-42ef-a482-34649458ecd3","block_type":"box","text":"SM","page_number":20,"box":{"x":864,"y":693,"width":17,"height":5}},{"id":"a00ee5ac-a495-4d4e-babe-e72ea9f14a9f","block_type":"box","text":", which is a","page_number":20,"box":{"x":883,"y":694,"width":75,"height":10}},{"id":"b8bf3ba4-452d-4061-bceb-6806d2905195","block_type":"box","text":"broad market index that represents approximately 97% of the market capitalization of publicly traded U.S. stocks. Eligible","page_number":20,"box":{"x":84,"y":708,"width":858,"height":11}},{"id":"477dc795-8eea-47dd-99dc-4cfad61d0186","block_type":"box","text":"companies must pay a qualified dividend, must have at least five years of uninterrupted annual dividend growth and their","page_number":20,"box":{"x":83,"y":723,"width":859,"height":10}},{"id":"ebf9a23f-6e1a-4978-ad2f-4e4e3525966b","block_type":"box","text":"earnings payout ratio must be less than 75%. Companies that are in the top decile based on dividend yield are excluded from","page_number":20,"box":{"x":83,"y":737,"width":884,"height":11}},{"id":"de4922b0-8a33-4613-b839-7ec998568d08","block_type":"box","text":"the Underlying Index prior to the dividend growth and payout ratio screens. The Underlying Index is weighted by dividend","page_number":20,"box":{"x":82,"y":751,"width":856,"height":11}},{"id":"e6c629c3-5628-4ea8-9539-7342d6b6a01c","block_type":"box","text":"dollars (total value of dividends expected to be paid out over the next 12 months) and constrained by capping each company","page_number":20,"box":{"x":83,"y":765,"width":882,"height":11}},{"id":"43f772c9-bce3-4a33-b6fc-2ebfc928ee89","block_type":"box","text":"at 3%. The Underlying Index may include large-, mid- and small-capitalization companies. As of April 30, 2026, a significant","page_number":20,"box":{"x":83,"y":779,"width":877,"height":11}},{"id":"709b2a23-e774-485b-84e8-9e6f633a65d2","block_type":"box","text":"portion of the Underlying Index was represented by securities of companies in the financial services, healthcare and","page_number":20,"box":{"x":84,"y":793,"width":818,"height":11}},{"id":"af655972-6cfb-40c8-9642-67e49337595c","block_type":"box","text":"technology industries or sectors. The components of the Underlying Index are likely to change over time.","page_number":20,"box":{"x":82,"y":808,"width":738,"height":10}},{"id":"77eebdd7-3664-4b4c-af39-5fe2c0d8b3d5","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":20,"box":{"x":82,"y":831,"width":853,"height":11}},{"id":"b1b052e2-1a9b-4025-b1c8-8f3d8c932f15","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":20,"box":{"x":84,"y":845,"width":838,"height":11}},{"id":"be07ab7f-824c-44ec-95c1-edcc5ae9e869","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":20,"box":{"x":83,"y":859,"width":868,"height":11}},{"id":"d4c2798b-f7b8-434b-933e-04e2a09dc720","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":20,"box":{"x":84,"y":873,"width":850,"height":11}},{"id":"4747d49f-3e0c-4872-94c0-6333204fac4e","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":20,"box":{"x":83,"y":887,"width":806,"height":11}},{"id":"9ae72af8-e0af-4b10-870f-70ab1dc684f2","block_type":"box","text":"S-7","page_number":20,"box":{"x":524,"y":920,"width":23,"height":9}},{"id":"4f01d0aa-764e-4501-affa-3732f0d2d73f","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":21,"box":{"x":83,"y":23,"width":885,"height":11}},{"id":"86a565fc-ff28-4814-8935-f014c72ed0ee","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":21,"box":{"x":82,"y":37,"width":885,"height":11}},{"id":"247f97f2-2fd8-4875-ab08-7f1d58077eb3","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":21,"box":{"x":83,"y":52,"width":853,"height":10}},{"id":"0edbf62e-d872-4f88-9adb-1ced8ec2b0fd","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":21,"box":{"x":83,"y":66,"width":867,"height":11}},{"id":"6b925550-9154-41d7-82cb-6e6781174703","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":21,"box":{"x":83,"y":80,"width":868,"height":11}},{"id":"e2aeb266-5b6a-4188-9323-f1840b33ae30","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":21,"box":{"x":82,"y":94,"width":863,"height":11}},{"id":"6a983e75-81e0-4d24-960d-b29dc67e61cc","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":21,"box":{"x":84,"y":108,"width":825,"height":11}},{"id":"aacea90a-6eb2-430d-931a-8c23a57abd37","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":21,"box":{"x":84,"y":123,"width":405,"height":10}},{"id":"707613a4-4fdf-49c8-84e7-462cfba69b02","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":21,"box":{"x":84,"y":145,"width":844,"height":11}},{"id":"9baf8959-87df-4e5f-a943-5c80c5ce6fe9","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":21,"box":{"x":83,"y":160,"width":860,"height":11}},{"id":"9a15852a-a957-4ff7-9cc2-15ffc47f7bfe","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":21,"box":{"x":83,"y":174,"width":831,"height":11}},{"id":"9ffe13c9-a036-4a78-b12e-1f8b84cc82a7","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":21,"box":{"x":83,"y":188,"width":817,"height":11}},{"id":"053e3eed-259d-4c05-a1c2-aa4c35bcf144","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":21,"box":{"x":84,"y":202,"width":817,"height":11}},{"id":"32c862f8-e3ad-4042-a4d7-1ff0701e176b","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":21,"box":{"x":83,"y":216,"width":835,"height":11}},{"id":"5cbaca34-ec74-4cfd-b3e3-ee807a912fe2","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":21,"box":{"x":82,"y":240,"width":873,"height":11}},{"id":"adcce034-f483-410c-9ff7-38afd3f170bb","block_type":"box","text":"collateral received).","page_number":21,"box":{"x":83,"y":254,"width":136,"height":9}},{"id":"08a00fa6-2a99-45f2-bea5-4f93f3443dff","block_type":"box","text":"The Underlying Index is sponsored by Morningstar Inc. (“Morningstar” or the “Index Provider”), which is independent of the","page_number":21,"box":{"x":82,"y":277,"width":869,"height":11}},{"id":"fa29f71f-175d-40b0-bf05-f21e54612f82","block_type":"box","text":"Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying","page_number":21,"box":{"x":84,"y":291,"width":874,"height":11}},{"id":"94589d24-c4f2-42e4-b4be-f552cd898f32","block_type":"box","text":"Index and publishes information regarding the market value of the Underlying Index.","page_number":21,"box":{"x":84,"y":305,"width":598,"height":11}},{"id":"43fb1744-02e6-453a-ab8b-8555158a040d","block_type":"box","text":"Industry Concentration Policy.","page_number":21,"box":{"x":84,"y":329,"width":223,"height":11}},{"id":"cfc24d94-86fe-481c-ab39-dee23ba909ef","block_type":"box","text":"The Fund will concentrate its investments (","page_number":21,"box":{"x":312,"y":329,"width":304,"height":9}},{"id":"e06cc4ab-cce1-4c34-a0e6-b623b0299dfd","block_type":"box","text":"i.e.","page_number":21,"box":{"x":617,"y":329,"width":17,"height":8}},{"id":"cc3d2e2a-5ffb-4d8b-9975-216c5b15dd75","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":21,"box":{"x":636,"y":329,"width":292,"height":10}},{"id":"577859db-7033-42f3-b0b9-c9d7c78ab270","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":21,"box":{"x":84,"y":343,"width":858,"height":11}},{"id":"05e873ae-7a7e-4fed-9292-99a926c01f1a","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":21,"box":{"x":84,"y":357,"width":867,"height":11}},{"id":"94bc80c3-870b-4754-89c0-ad1c8f1059fa","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":21,"box":{"x":83,"y":371,"width":826,"height":11}},{"id":"45ec87fc-655c-4f72-aab6-dd3ec966a550","block_type":"box","text":"Summary of Principal Risks","page_number":21,"box":{"x":83,"y":400,"width":248,"height":14}},{"id":"ece04e2c-2cb0-4366-a6f4-9a44f7cbf0b5","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":21,"box":{"x":82,"y":425,"width":882,"height":11}},{"id":"b03889c6-36b4-4d86-a6de-19c1b839d23e","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":21,"box":{"x":83,"y":440,"width":825,"height":10}},{"id":"63f472aa-83ca-44e6-af8a-1eb7cd5c5bf4","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":21,"box":{"x":83,"y":454,"width":807,"height":11}},{"id":"7c88d053-c2fd-4308-9374-7f62742a25e8","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":21,"box":{"x":83,"y":468,"width":844,"height":11}},{"id":"09c14ec9-97f8-498d-8ce4-c28da2d2adc4","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":21,"box":{"x":83,"y":482,"width":814,"height":11}},{"id":"a2fee471-0ce1-48bb-b8b1-51e815790f43","block_type":"box","text":"Risk of Investing in the U.S.","page_number":21,"box":{"x":84,"y":505,"width":200,"height":11}},{"id":"8976bc99-84d2-4c6c-8d10-ce5406e47fd2","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":21,"box":{"x":289,"y":505,"width":664,"height":11}},{"id":"024cdbab-b109-43f2-9c83-1c5fd8008ad0","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":21,"box":{"x":83,"y":519,"width":878,"height":11}},{"id":"2522621c-46ba-48d4-97db-438d73044754","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":21,"box":{"x":83,"y":534,"width":470,"height":10}},{"id":"cbe4eed1-51fa-4018-9418-ebd9ee054572","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":21,"box":{"x":84,"y":557,"width":208,"height":11}},{"id":"5130b772-5206-45e1-aa58-7cfe1441d451","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":21,"box":{"x":298,"y":557,"width":665,"height":11}},{"id":"9d236b2d-a7e1-412a-b35d-2187f34219a0","block_type":"box","text":"investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are","page_number":21,"box":{"x":83,"y":571,"width":864,"height":11}},{"id":"d5e619bf-0450-439c-81fe-cba1a439c64d","block_type":"box","text":"not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will","page_number":21,"box":{"x":84,"y":585,"width":876,"height":11}},{"id":"f338472b-04af-40d7-82b4-9caa6cef4e1e","block_type":"box","text":"not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating","page_number":21,"box":{"x":84,"y":599,"width":858,"height":11}},{"id":"5d5a871d-98f9-4cf2-80d8-ecbf7ab7a574","block_type":"box","text":"anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.","page_number":21,"box":{"x":83,"y":614,"width":744,"height":10}},{"id":"7248e51f-4687-4e08-8419-24b988c9560f","block_type":"box","text":"Equity Securities Risk.","page_number":21,"box":{"x":84,"y":637,"width":163,"height":11}},{"id":"e1e34195-7a46-4d66-b3ab-501816116f12","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":21,"box":{"x":253,"y":637,"width":709,"height":11}},{"id":"4fa879a0-229c-463a-91db-e8a02a42f077","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":21,"box":{"x":83,"y":651,"width":889,"height":11}},{"id":"22f38e33-1b69-4ace-9595-ef274f796e12","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":21,"box":{"x":83,"y":665,"width":880,"height":11}},{"id":"3caee0ad-8c90-4d61-96c2-ed8f0e2b03b4","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":21,"box":{"x":83,"y":679,"width":867,"height":11}},{"id":"c0107a08-e45e-4837-a9a5-5ed27d6ef5d8","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":21,"box":{"x":84,"y":693,"width":339,"height":11}},{"id":"83fe5e3f-d6f3-4c10-bfc8-7326986d54e6","block_type":"box","text":"Market Risk.","page_number":21,"box":{"x":84,"y":717,"width":90,"height":8}},{"id":"c3787c7f-1524-418c-aa79-2a694681e860","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":21,"box":{"x":179,"y":717,"width":767,"height":11}},{"id":"af498a38-34ba-44e3-889d-a4d5ae63b836","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":21,"box":{"x":83,"y":731,"width":882,"height":11}},{"id":"58298bc4-a0b1-47f7-8cf8-14d0ffed2199","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":21,"box":{"x":84,"y":745,"width":857,"height":11}},{"id":"f57dfd49-1f4b-43b5-8826-8927f4e4d380","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":21,"box":{"x":83,"y":759,"width":875,"height":11}},{"id":"c57eaed0-9781-4c01-9494-6a795ca5c4f5","block_type":"box","text":"Fund’s NAV.","page_number":21,"box":{"x":84,"y":773,"width":81,"height":9}},{"id":"c1f8c8ab-27e6-4987-ba23-435393a4a6cb","block_type":"box","text":"Index-Related Risk.","page_number":21,"box":{"x":84,"y":797,"width":143,"height":8}},{"id":"d3e2de25-557d-400b-b390-60959ecb90c6","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":21,"box":{"x":231,"y":797,"width":742,"height":10}},{"id":"4a52c532-9260-44e8-b549-4fb3ff463489","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":21,"box":{"x":84,"y":811,"width":855,"height":11}},{"id":"7f1af386-e896-476c-b2f1-cfdee2ca4cc9","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":21,"box":{"x":83,"y":825,"width":852,"height":11}},{"id":"ce2d9959-89b8-4a3d-8c28-3232c8ed4266","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":21,"box":{"x":83,"y":839,"width":877,"height":11}},{"id":"82fe1063-0877-4438-9820-c00724f278f2","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":21,"box":{"x":82,"y":853,"width":849,"height":11}},{"id":"158b1d70-0732-404c-9eda-f4ae37fe7eb3","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":21,"box":{"x":83,"y":868,"width":849,"height":10}},{"id":"bdca7f7d-f361-425e-bd23-8159df20327b","block_type":"box","text":"S-8","page_number":21,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"32e11204-3eb7-4e73-bda7-b85fc2db4e5a","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":22,"box":{"x":84,"y":23,"width":890,"height":11}},{"id":"09e66da1-b4fb-4142-90a5-3066416a475b","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":22,"box":{"x":84,"y":38,"width":852,"height":10}},{"id":"ffc491c8-81e6-47b1-86d1-a387b25a7db5","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":22,"box":{"x":83,"y":52,"width":539,"height":10}},{"id":"ac20812a-8a0d-4763-9ae5-e5eee670b55f","block_type":"box","text":"Asset Class Risk.","page_number":22,"box":{"x":82,"y":75,"width":123,"height":8}},{"id":"b1e0b5c0-bc8c-44a8-8479-8720638b759e","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":22,"box":{"x":209,"y":75,"width":721,"height":11}},{"id":"7d5249d0-3bb7-45c6-9aca-e946b3776ebb","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":22,"box":{"x":83,"y":89,"width":774,"height":11}},{"id":"d86baf95-23b4-40c8-be9e-0de5d7620cfd","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":22,"box":{"x":82,"y":112,"width":318,"height":11}},{"id":"a831ee6c-840c-4e9d-ae98-c19ebb8cc593","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":22,"box":{"x":405,"y":112,"width":531,"height":11}},{"id":"8b5e9356-053b-4035-a2af-0e993ac5f96d","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":22,"box":{"x":84,"y":126,"width":809,"height":11}},{"id":"af0fa554-4693-49d9-abca-b1e0b49c6865","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":22,"box":{"x":82,"y":140,"width":816,"height":11}},{"id":"a8f2b9e2-17ac-458c-af5c-1e6e60cb7992","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":22,"box":{"x":82,"y":155,"width":885,"height":10}},{"id":"7515814e-f001-4d69-a1fb-a23a63aceeb4","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":22,"box":{"x":83,"y":169,"width":871,"height":11}},{"id":"0355b117-56c6-4e6f-aee1-5c5e556a2a47","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":22,"box":{"x":84,"y":183,"width":845,"height":11}},{"id":"24db9ed9-ab5e-4976-b082-9ce6313f3658","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":22,"box":{"x":82,"y":197,"width":882,"height":11}},{"id":"2627bde8-fae6-4ec1-9467-3fec86ad8824","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":22,"box":{"x":84,"y":211,"width":853,"height":11}},{"id":"af9f244f-1b09-404b-8f91-77636d2c3b34","block_type":"box","text":"halts or delisting.","page_number":22,"box":{"x":84,"y":226,"width":120,"height":10}},{"id":"71ad582f-4411-4f2a-8e33-c80e76aae762","block_type":"box","text":"Concentration Risk.","page_number":22,"box":{"x":83,"y":249,"width":145,"height":8}},{"id":"5ab3542f-a4bc-436f-afa9-6b7ddc942368","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":22,"box":{"x":232,"y":249,"width":712,"height":11}},{"id":"72c054cb-d5c2-46cd-850f-b1c0b1585c71","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":22,"box":{"x":83,"y":263,"width":884,"height":10}},{"id":"929f08ef-f256-4914-8991-d6f4b81a0890","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":22,"box":{"x":82,"y":277,"width":887,"height":11}},{"id":"c878fe69-337e-49cb-9b80-26453b2f4d2c","block_type":"box","text":"asset classes.","page_number":22,"box":{"x":83,"y":292,"width":95,"height":8}},{"id":"d945f7c9-1edf-42a2-998e-5ba1d5983dd6","block_type":"box","text":"Financial Companies Risk.","page_number":22,"box":{"x":84,"y":314,"width":192,"height":11}},{"id":"153ed576-11b4-4de2-bd6f-732eaf7886bd","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":22,"box":{"x":282,"y":315,"width":683,"height":10}},{"id":"8da5bdff-bbba-428e-906d-c2388ff8700d","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":22,"box":{"x":82,"y":329,"width":864,"height":11}},{"id":"4c0af29b-1f75-4201-8661-8422b984d020","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":22,"box":{"x":83,"y":343,"width":813,"height":11}},{"id":"6c2e07ee-3135-4136-acc7-498135acf9ba","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":22,"box":{"x":83,"y":357,"width":879,"height":11}},{"id":"7c1d7328-6a70-48a6-95d4-3b8f58b4072a","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":22,"box":{"x":83,"y":371,"width":613,"height":11}},{"id":"3e4ffab1-eda8-4466-8ca8-369105bb1b86","block_type":"box","text":"Healthcare Companies Risk.","page_number":22,"box":{"x":84,"y":394,"width":206,"height":11}},{"id":"8c961cf8-4554-46b3-925a-6f23ea00ed20","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by extensive government","page_number":22,"box":{"x":294,"y":394,"width":661,"height":11}},{"id":"a3450694-81b8-4606-8981-d904d511d048","block_type":"box","text":"regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services,","page_number":22,"box":{"x":84,"y":409,"width":876,"height":10}},{"id":"edcaea0e-3e5f-4d53-b5e8-4990b2ef1ee9","block_type":"box","text":"pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and","page_number":22,"box":{"x":84,"y":423,"width":852,"height":11}},{"id":"ea841e46-8398-4ed9-a8c8-68ae335720be","block_type":"box","text":"product liability claims, among other factors.","page_number":22,"box":{"x":84,"y":437,"width":315,"height":11}},{"id":"09d648ab-23cd-4f58-8dbf-af08cd9b96a7","block_type":"box","text":"Issuer Risk.","page_number":22,"box":{"x":84,"y":460,"width":82,"height":9}},{"id":"410a4053-e74a-40fe-a169-7b1e20e9387f","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":22,"box":{"x":170,"y":460,"width":780,"height":11}},{"id":"cd7ebfdf-c2f3-439c-8e47-f3d3652bc86c","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":22,"box":{"x":84,"y":474,"width":885,"height":11}},{"id":"a9491a01-2c7a-4015-8a21-97c48a6058f6","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":22,"box":{"x":82,"y":489,"width":577,"height":10}},{"id":"b9d6d1b3-b643-4394-8cb5-f8c53f632cdc","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":22,"box":{"x":84,"y":512,"width":278,"height":11}},{"id":"68594a21-55f7-4f57-9755-203842e74e09","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":22,"box":{"x":367,"y":512,"width":540,"height":11}},{"id":"cbc3c89e-dcf2-43da-99de-294be8234ece","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":22,"box":{"x":83,"y":526,"width":890,"height":11}},{"id":"fd14d480-8862-4e72-8416-e963d0e0a7f0","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":22,"box":{"x":84,"y":540,"width":867,"height":11}},{"id":"ca7e7c7d-6e40-4e9d-8447-43ffac0d78f3","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":22,"box":{"x":84,"y":554,"width":709,"height":11}},{"id":"c65378b3-f8c0-4657-b179-048b3cc50c1e","block_type":"box","text":"Management Risk.","page_number":22,"box":{"x":84,"y":577,"width":136,"height":11}},{"id":"ee7918a0-79c0-4197-ad5c-065367f299cb","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":22,"box":{"x":225,"y":577,"width":711,"height":11}},{"id":"f0a6caa0-1097-4ba0-b64a-ef0ac434808e","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":22,"box":{"x":84,"y":592,"width":876,"height":10}},{"id":"2794d5e3-a690-48db-9514-66f1d718e0d5","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":22,"box":{"x":83,"y":606,"width":859,"height":11}},{"id":"b8e22fad-d7c4-49ac-a691-745a9471c0e9","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":22,"box":{"x":83,"y":620,"width":847,"height":11}},{"id":"b40b67ca-ae91-4ae0-a863-713742084cb4","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":22,"box":{"x":83,"y":634,"width":756,"height":11}},{"id":"392f4ee6-641b-4de2-9f07-52a08ca0d668","block_type":"box","text":"Market Trading Risk.","page_number":22,"box":{"x":84,"y":657,"width":151,"height":11}},{"id":"06a85969-b863-4854-ac8c-58323e48be0d","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":22,"box":{"x":239,"y":657,"width":695,"height":11}},{"id":"f6f02413-ea27-43b7-af23-7cfe7e3ff4b0","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":22,"box":{"x":84,"y":672,"width":841,"height":10}},{"id":"b90b6221-1b24-459e-873b-3627445c8dd6","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":22,"box":{"x":83,"y":686,"width":887,"height":11}},{"id":"9dc200c1-6dad-4635-affa-27042b28a46a","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":22,"box":{"x":83,"y":700,"width":839,"height":11}},{"id":"e71b2bac-31be-41e0-a165-3c4194ee2b2e","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":22,"box":{"x":84,"y":714,"width":865,"height":11}},{"id":"881f6de3-52d0-413b-b17f-8f8cb1b573da","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":22,"box":{"x":82,"y":728,"width":885,"height":11}},{"id":"3f465104-a568-4be3-9373-cebe9a7faa2b","block_type":"box","text":"of the Fund shares.","page_number":22,"box":{"x":83,"y":742,"width":135,"height":9}},{"id":"ee60ff76-e9ae-4a20-a3d2-69da7157a401","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":22,"box":{"x":84,"y":766,"width":264,"height":10}},{"id":"4bd21c78-b0a8-4190-b10f-9dfb32147b90","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":22,"box":{"x":353,"y":766,"width":590,"height":11}},{"id":"945854e9-d6b7-439b-9399-252284a8245e","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":22,"box":{"x":84,"y":780,"width":846,"height":11}},{"id":"6126a8f9-b61f-45f1-afa8-e586ee2bf44d","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":22,"box":{"x":82,"y":794,"width":875,"height":11}},{"id":"fd64d3d5-ffee-4229-b1f7-041271ce7142","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":22,"box":{"x":82,"y":808,"width":529,"height":11}},{"id":"5ea4a03e-7d4c-4aa4-8954-e5a8c9732ab8","block_type":"box","text":"Operational and Technology Risks.","page_number":22,"box":{"x":83,"y":831,"width":255,"height":11}},{"id":"2f31f682-0170-4bf2-8a94-b10c5287caea","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":22,"box":{"x":342,"y":832,"width":582,"height":10}},{"id":"4785bac7-7b86-480a-8fa4-1d4dae672f76","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":22,"box":{"x":83,"y":846,"width":876,"height":10}},{"id":"90ed2391-59c2-4c2d-b385-d045cf6aec6c","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":22,"box":{"x":83,"y":860,"width":879,"height":11}},{"id":"cc393f39-513d-43d8-9c73-0b868ed7ee5f","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":22,"box":{"x":83,"y":874,"width":825,"height":11}},{"id":"838b6f16-eaf3-4acc-834a-a17f2178b6ed","block_type":"box","text":"S-9","page_number":22,"box":{"x":524,"y":920,"width":24,"height":9}},{"id":"15d7958f-2a75-41c6-b1b6-0a951ac7fa68","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":23,"box":{"x":83,"y":23,"width":863,"height":11}},{"id":"60c37387-b20e-4beb-85d5-20124e62a8e7","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":23,"box":{"x":83,"y":37,"width":872,"height":11}},{"id":"67a3cd89-660c-4d1b-865d-50c70998c65e","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":23,"box":{"x":84,"y":51,"width":823,"height":11}},{"id":"60a45e45-6a45-4e14-891e-0eeec8121130","block_type":"box","text":"Securities Lending Risk.","page_number":23,"box":{"x":83,"y":75,"width":177,"height":11}},{"id":"a4a2ff44-55e2-4b9f-bdd0-a24e06e6d4a1","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":23,"box":{"x":264,"y":75,"width":692,"height":11}},{"id":"697740dc-e832-497b-a29b-d23df2a3a2e4","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":23,"box":{"x":84,"y":89,"width":869,"height":11}},{"id":"58a71508-87c5-4a3f-b58f-d5661c227249","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":23,"box":{"x":83,"y":103,"width":886,"height":11}},{"id":"3a95e7cd-78b3-4446-a27d-50e96c45e220","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":23,"box":{"x":83,"y":117,"width":831,"height":11}},{"id":"ce8ac8d1-bbb6-413e-9342-9a3ff084fba8","block_type":"box","text":"Technology Companies Risk.","page_number":23,"box":{"x":82,"y":140,"width":211,"height":11}},{"id":"0b2aafcd-dbca-430b-9e68-31da11017f58","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":23,"box":{"x":298,"y":141,"width":656,"height":10}},{"id":"aea0941d-15ca-491c-800a-ad49e64038fd","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":23,"box":{"x":84,"y":155,"width":848,"height":10}},{"id":"2552dc39-e69f-4fe9-b132-ec85af787287","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":23,"box":{"x":83,"y":169,"width":887,"height":11}},{"id":"f8cc823f-1515-4e5c-b94b-aff27ba70413","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":23,"box":{"x":83,"y":183,"width":884,"height":11}},{"id":"809c0339-1dba-4e68-85cf-5caaaed87e2c","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":23,"box":{"x":82,"y":197,"width":839,"height":11}},{"id":"bf5acb13-f580-48dc-af7a-a6babca0416d","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":23,"box":{"x":83,"y":211,"width":870,"height":11}},{"id":"65895328-56ba-4619-95b8-9b05a4f5fd8b","block_type":"box","text":"government or legal action.","page_number":23,"box":{"x":83,"y":226,"width":193,"height":10}},{"id":"1ff0dce8-baf5-409c-bf50-11fa160aba42","block_type":"box","text":"Tracking Error Risk.","page_number":23,"box":{"x":82,"y":249,"width":145,"height":11}},{"id":"e61c59f7-963a-498b-94ab-c03d28dbbde3","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":23,"box":{"x":231,"y":249,"width":741,"height":11}},{"id":"d368cc13-b408-49bb-8c8a-b6b54cdc0f35","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":23,"box":{"x":83,"y":263,"width":861,"height":11}},{"id":"f7926087-d7e9-4b34-8d0f-3183948f36f3","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":23,"box":{"x":83,"y":277,"width":832,"height":11}},{"id":"5acf5afe-e538-4480-9d6b-70270abed343","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":23,"box":{"x":84,"y":292,"width":880,"height":10}},{"id":"e610fe89-834e-414f-a1d2-aa55be801944","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":23,"box":{"x":84,"y":305,"width":830,"height":11}},{"id":"782dcfe0-e166-42e5-9b64-ae68ac6422e7","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":23,"box":{"x":82,"y":320,"width":828,"height":10}},{"id":"0bfd44ee-5728-461d-afde-9bb91f9cbdb7","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":23,"box":{"x":83,"y":334,"width":874,"height":11}},{"id":"9a65fc00-02e7-49d4-95b4-9797a65487fb","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":23,"box":{"x":84,"y":348,"width":888,"height":11}},{"id":"942b8927-0f92-47d9-bdc0-f988cd020ab5","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":23,"box":{"x":84,"y":362,"width":851,"height":11}},{"id":"eee87ab7-55ef-4781-af56-43985b2be154","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":23,"box":{"x":84,"y":376,"width":885,"height":11}},{"id":"7c112902-3762-4a8c-8842-c7b1d4aff052","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":23,"box":{"x":83,"y":391,"width":874,"height":10}},{"id":"26a64d4a-4456-4bd8-b207-dd4049cb71b9","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":23,"box":{"x":84,"y":405,"width":724,"height":11}},{"id":"fde33390-3615-41fa-b161-98763a23e340","block_type":"box","text":"Performance Information","page_number":23,"box":{"x":84,"y":434,"width":229,"height":10}},{"id":"828db28d-73ef-4be8-a65d-bbadd1996177","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":23,"box":{"x":82,"y":459,"width":864,"height":10}},{"id":"3ea2dbed-a694-46ba-af98-de5529e69994","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":23,"box":{"x":83,"y":473,"width":871,"height":11}},{"id":"a4794e0d-d08a-4af9-b03d-3e1fa03bdeda","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":23,"box":{"x":83,"y":487,"width":868,"height":11}},{"id":"6e85b878-7437-4f2f-81ad-f8633275e244","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":23,"box":{"x":84,"y":501,"width":837,"height":11}},{"id":"72729a47-d6e0-4f1d-ae2b-88fe21e90414","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":23,"box":{"x":83,"y":516,"width":869,"height":10}},{"id":"0834ec95-2c80-46a6-abf4-713500a4d227","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":23,"box":{"x":84,"y":530,"width":832,"height":11}},{"id":"e31bd992-bc4a-4abe-8634-5400c3f728bd","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":23,"box":{"x":84,"y":544,"width":841,"height":11}},{"id":"edd30c11-c75a-4fe0-9e07-a5ee23cc3d49","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":23,"box":{"x":82,"y":558,"width":531,"height":11}},{"id":"c549ed72-525e-40db-96e9-9699583147fc","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":23,"box":{"x":165,"y":583,"width":260,"height":11}},{"id":"7abd1d0d-34e4-4d0b-b6ad-cc86c6b4aeb4","block_type":"box","text":"15.27","page_number":23,"box":{"x":117,"y":657,"width":25,"height":6}},{"id":"bac55e4f-4f43-4ad0-9e7a-3044abd163d1","block_type":"box","text":"22.84","page_number":23,"box":{"x":153,"y":643,"width":26,"height":6}},{"id":"681982d0-d278-4d75-8713-141b93276884","block_type":"box","text":"-2.24","page_number":23,"box":{"x":191,"y":704,"width":24,"height":5}},{"id":"1eca92ff-f1ef-41df-96ac-ae2273c28f0c","block_type":"box","text":"30.02","page_number":23,"box":{"x":227,"y":631,"width":26,"height":6}},{"id":"8a80ebf8-c9e9-49ff-bfbe-65840158169e","block_type":"box","text":"9.47","page_number":23,"box":{"x":267,"y":667,"width":20,"height":6}},{"id":"be390bf5-3143-4f8c-9287-7251b987d8b1","block_type":"box","text":"26.56","page_number":23,"box":{"x":301,"y":637,"width":26,"height":6}},{"id":"65cf1091-51ba-4b73-9c60-916ae5612010","block_type":"box","text":"-7.85","page_number":23,"box":{"x":339,"y":714,"width":24,"height":6}},{"id":"37534884-31b0-4470-8836-c9e11f2ded76","block_type":"box","text":"10.43","page_number":23,"box":{"x":376,"y":666,"width":25,"height":6}},{"id":"c7dc9f87-0ea7-4996-ab7b-68375b515067","block_type":"box","text":"16.61","page_number":23,"box":{"x":413,"y":655,"width":24,"height":6}},{"id":"0224e174-b951-4f9e-aba2-73101f9036f0","block_type":"box","text":"15.74","page_number":23,"box":{"x":450,"y":656,"width":26,"height":6}},{"id":"d6334dda-b8c4-4e37-b493-32869f61c3e9","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":23,"box":{"x":117,"y":737,"width":357,"height":6}},{"id":"2d8a83b3-8be5-4370-8eac-51f5f3bb0224","block_type":"box","text":"Return (%) Period Ended","page_number":23,"box":{"x":790,"y":598,"width":176,"height":9}},{"id":"0f224753-e512-4d71-ad5a-840aad192b21","block_type":"box","text":"Calendar Year-to-Date Return","page_number":23,"box":{"x":550,"y":616,"width":197,"height":7}},{"id":"7fa18f3b-617d-4559-86fe-7aa228550e19","block_type":"box","text":"10.22% June 30, 2026","page_number":23,"box":{"x":804,"y":616,"width":168,"height":9}},{"id":"a2a3e712-1218-42f9-8731-6c084bf7097d","block_type":"box","text":"During the periods shown in the chart:","page_number":23,"box":{"x":551,"y":629,"width":250,"height":9}},{"id":"84e5c182-a2be-4895-8174-76e7051ebde7","block_type":"box","text":"Best Quarter 16.22% June 30, 2020","page_number":23,"box":{"x":564,"y":642,"width":408,"height":8}},{"id":"dece3704-252d-4afa-a6a1-d0c205982ae5","block_type":"box","text":"Worst Quarter -21.91% March 31, 2020","page_number":23,"box":{"x":563,"y":655,"width":409,"height":8}},{"id":"71e010f5-9a93-4bb3-b92d-cd7a485d1041","block_type":"box","text":"S-10","page_number":23,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"e877bde0-5ac3-4309-a23f-1c40fb14348e","block_type":"box","text":"Average Annual Total Returns (%)","page_number":24,"box":{"x":403,"y":31,"width":250,"height":11}},{"id":"38717804-0d8c-4c5f-ae3a-c06821ec748c","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":24,"box":{"x":371,"y":45,"width":315,"height":11}},{"id":"f0179ed5-2fa4-4da1-8b9e-1ec764eb8d15","block_type":"box","text":"One Year Five Years Ten Years","page_number":24,"box":{"x":701,"y":61,"width":268,"height":8}},{"id":"8ed065b3-4541-45ab-9312-0943cf8ddd42","block_type":"box","text":"Fund Inception: 6/10/2014","page_number":24,"box":{"x":88,"y":77,"width":180,"height":9}},{"id":"66db00fe-1290-42a6-8234-bf2cb227fe88","block_type":"box","text":"Return Before Taxes","page_number":24,"box":{"x":89,"y":89,"width":124,"height":7}},{"id":"4e4b68db-3f83-4873-b2ef-30baf4718ab3","block_type":"box","text":"15.74% 11.69% 13.10%","page_number":24,"box":{"x":712,"y":89,"width":257,"height":7}},{"id":"2e89d038-50a3-42b1-a7ba-4b1b19cbe7c4","block_type":"box","text":"Return After Taxes on Distributions 15.14% 11.08% 12.47%","page_number":24,"box":{"x":89,"y":100,"width":880,"height":8}},{"id":"c2f94ed2-2a61-4f4d-98b0-13db8ede3dcf","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 9.70% 9.21% 10.79%","page_number":24,"box":{"x":89,"y":112,"width":880,"height":7}},{"id":"86d5e8be-9f70-4f7e-a71e-9d0e50d1e9bc","block_type":"box","text":"Morningstar US Market Index","page_number":24,"box":{"x":88,"y":123,"width":194,"height":10}},{"id":"4f8ac9d1-7ed6-4d2c-8096-8b8c537e03f2","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.35% 13.29% 14.40%","page_number":24,"box":{"x":286,"y":123,"width":683,"height":10}},{"id":"5d3fd00b-f4cd-4d19-a5cd-af89ef1d83d7","block_type":"box","text":"Morningstar US Dividend Growth Index","page_number":24,"box":{"x":88,"y":135,"width":258,"height":10}},{"id":"92a852e2-43fc-47b6-a02f-2678eb2f6306","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":24,"box":{"x":350,"y":135,"width":268,"height":9}},{"id":"833e6db2-ce8b-41ba-ae4b-eb93bf60a330","block_type":"box","text":"expenses or taxes)","page_number":24,"box":{"x":101,"y":148,"width":116,"height":9}},{"id":"9d876f4e-8c3d-407f-a668-c18a8d19602d","block_type":"box","text":"15.87% 11.78% 13.18%","page_number":24,"box":{"x":712,"y":148,"width":257,"height":7}},{"id":"26d2e6cc-8e61-4d7a-a513-95fb711761be","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":24,"box":{"x":82,"y":177,"width":857,"height":11}},{"id":"6e1f3fc3-febe-4a82-9e89-f3c530b815a3","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":24,"box":{"x":84,"y":191,"width":864,"height":11}},{"id":"d6e261ac-e53f-45e2-8ac2-16b294061fbf","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":24,"box":{"x":84,"y":206,"width":847,"height":10}},{"id":"8f8e4bf5-3b71-4384-afeb-edd5c6840a4b","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":24,"box":{"x":83,"y":220,"width":857,"height":11}},{"id":"bbeaf715-24fb-401d-a2c7-f366acb0b2c1","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":24,"box":{"x":83,"y":234,"width":877,"height":11}},{"id":"dc342c69-091b-4d7c-9257-d17b40f94471","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":24,"box":{"x":82,"y":248,"width":837,"height":11}},{"id":"fa63748a-a5ed-479a-ba01-a75c8bb419a3","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":24,"box":{"x":84,"y":262,"width":885,"height":11}},{"id":"f52d72fb-aadb-40a4-805b-edd5dd0ca149","block_type":"box","text":"on distributions.","page_number":24,"box":{"x":83,"y":277,"width":115,"height":8}},{"id":"9b4eeb70-972e-42ae-913e-1cb7f4fe524f","block_type":"box","text":"Management","page_number":24,"box":{"x":84,"y":306,"width":120,"height":13}},{"id":"b3551774-7670-4b2e-8509-d2f3fd591955","block_type":"box","text":"Investment Adviser.","page_number":24,"box":{"x":84,"y":331,"width":144,"height":8}},{"id":"6296a33c-6ad7-4ec7-b98e-b14cea3fd200","block_type":"box","text":"BlackRock Fund Advisors.","page_number":24,"box":{"x":234,"y":331,"width":180,"height":8}},{"id":"d16d064a-7da7-4b32-bc0c-75743bb71988","block_type":"box","text":"Portfolio Managers.","page_number":24,"box":{"x":84,"y":354,"width":145,"height":11}},{"id":"b120b247-7e73-4d18-959a-815c2099e1b6","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":24,"box":{"x":233,"y":354,"width":679,"height":11}},{"id":"d1a0fb1c-257e-4c66-a44d-0d71d192c599","block_type":"box","text":"management of the Fund:","page_number":24,"box":{"x":84,"y":368,"width":182,"height":11}},{"id":"1c9130cc-ad30-4898-90c6-315909cea186","block_type":"box","text":"Portfolio Manager","page_number":24,"box":{"x":88,"y":404,"width":120,"height":9}},{"id":"7a4ba6a5-4d9f-4447-b486-e3775fd4a2b0","block_type":"box","text":"Portfolio Manager of the","page_number":24,"box":{"x":441,"y":391,"width":161,"height":10}},{"id":"33a82c56-bfa7-46ab-a443-f1777af5fbe3","block_type":"box","text":"Fund Since","page_number":24,"box":{"x":485,"y":404,"width":72,"height":7}},{"id":"1ac0bd06-4516-42e1-8d5a-4039cf250036","block_type":"box","text":"Title with Investment","page_number":24,"box":{"x":834,"y":391,"width":140,"height":7}},{"id":"198c7493-7f45-44a1-8894-cc7472078900","block_type":"box","text":"Adviser","page_number":24,"box":{"x":880,"y":404,"width":48,"height":7}},{"id":"fc4d0f91-bd45-4ea1-a98a-fa3a203a9605","block_type":"box","text":"Jennifer Hsui 2014 Managing Director","page_number":24,"box":{"x":87,"y":419,"width":877,"height":10}},{"id":"04b66080-6a2d-46d9-b7f1-9e31667a6491","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":24,"box":{"x":89,"y":435,"width":875,"height":9}},{"id":"0b8b1ec2-bc10-4179-af9c-9ebfd93d67ae","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":24,"box":{"x":89,"y":450,"width":875,"height":10}},{"id":"51aa9f43-bb69-4efd-a4a1-7b1b48b8fe92","block_type":"box","text":"Steven White 2025 Managing Director","page_number":24,"box":{"x":88,"y":466,"width":876,"height":9}},{"id":"f1ea6c95-3472-4592-8de7-09bb84b7147e","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":24,"box":{"x":84,"y":501,"width":304,"height":10}},{"id":"a8d36fe8-63f4-4b6e-a51b-2695896cee64","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":24,"box":{"x":82,"y":526,"width":878,"height":11}},{"id":"f2a7c2d2-92ee-4db0-b3b2-918a7a1e7811","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":24,"box":{"x":83,"y":540,"width":855,"height":11}},{"id":"2805ee75-06c8-4114-bd3d-db55eee946dd","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":24,"box":{"x":83,"y":554,"width":817,"height":11}},{"id":"48dfcef1-3642-4b87-93cc-4245c0c00811","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":24,"box":{"x":83,"y":568,"width":878,"height":11}},{"id":"67d9448b-129e-4ed8-bbb8-840c4f3a1350","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":24,"box":{"x":84,"y":583,"width":860,"height":10}},{"id":"f84ea27e-8042-4e11-8767-e1d16b0205b1","block_type":"box","text":"(the “bid-ask spread”).","page_number":24,"box":{"x":83,"y":597,"width":157,"height":10}},{"id":"1806b03c-1738-4cd2-a47d-980438b5efbb","block_type":"box","text":"Tax Information","page_number":24,"box":{"x":82,"y":626,"width":144,"height":10}},{"id":"3609679e-38c5-442f-a92d-cd5cca47e43f","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":24,"box":{"x":82,"y":651,"width":832,"height":11}},{"id":"8eef5a3e-9432-4272-8261-c26bbd1e28e5","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":24,"box":{"x":83,"y":665,"width":883,"height":11}},{"id":"f43464bb-0fac-403a-9409-24799c6090cd","block_type":"box","text":"be taxed when withdrawn.","page_number":24,"box":{"x":84,"y":680,"width":181,"height":8}},{"id":"32f6fe48-9375-4800-81cb-6ffff699cd13","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":24,"box":{"x":84,"y":708,"width":575,"height":14}},{"id":"df35fd51-1cc7-4193-a4c2-62d8fecd6299","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":24,"box":{"x":84,"y":733,"width":854,"height":11}},{"id":"9c27e89c-b723-418b-8886-7adc6e695461","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":24,"box":{"x":84,"y":748,"width":842,"height":10}},{"id":"929d56d7-376c-46f8-b914-411559f29d4d","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":24,"box":{"x":83,"y":762,"width":820,"height":11}},{"id":"3054fc1d-fa84-4513-a496-1b5cf3acc081","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":24,"box":{"x":84,"y":776,"width":801,"height":11}},{"id":"f27a7938-2ad8-475f-bed9-4e33243bb0e6","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":24,"box":{"x":83,"y":790,"width":841,"height":11}},{"id":"f3c2c56b-9970-4fdc-8000-25c82526c5a6","block_type":"box","text":"financial intermediary’s website for more information.","page_number":24,"box":{"x":83,"y":804,"width":379,"height":11}},{"id":"86f58a67-9f6f-4201-917e-0f22fc6d46e2","block_type":"box","text":"S-11","page_number":24,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"3dec3b64-1429-474f-9ae3-6e00bc224efa","block_type":"box","text":"iShares Dow Jones U.S. ETF","page_number":25,"box":{"x":84,"y":23,"width":382,"height":17}},{"id":"333b3bfb-b5a9-422d-b149-36b2270d195d","block_type":"box","text":"IYY | NYSE Arca","page_number":25,"box":{"x":85,"y":47,"width":217,"height":18}},{"id":"cc0a1e5a-b705-4b59-9093-9ece461599c0","block_type":"box","text":"Investment Objective","page_number":25,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"4387a260-3369-464f-9e9d-9edfcc1163ba","block_type":"box","text":"The iShares Dow Jones U.S. ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S.","page_number":25,"box":{"x":82,"y":117,"width":873,"height":11}},{"id":"89a9d9b8-b79c-4454-9fa3-90bcd9521a97","block_type":"box","text":"equities.","page_number":25,"box":{"x":83,"y":132,"width":59,"height":10}},{"id":"5cb17308-b0d6-4f52-be42-c88f42f1919d","block_type":"box","text":"Fees and Expenses","page_number":25,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"6be0639a-ea01-40eb-b329-2a21de7cae63","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":25,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"7cd4c988-678d-499b-939d-437a02c38307","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":25,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"1cf4ffaf-d6f1-4db8-9438-098e06ced62e","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":25,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"efee5d1c-cf22-436b-935f-7f493d806e59","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":25,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"d1fb3f0d-73fd-4825-9b9b-ce8c2e7621aa","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":25,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"5e8e6d94-894d-4bae-96f9-996fb2776223","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":25,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"75a912ad-b421-4ad7-9fc7-ed9be2e5574d","block_type":"box","text":"extraordinary expenses.","page_number":25,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"2dcbafa1-1db4-4831-be5d-7a5116e869d3","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":25,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"435dbe92-70c6-4c07-8fa9-7ef8fa7f41da","block_type":"box","text":"reflected in the table and example below.","page_number":25,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"7fc68431-89c2-440f-a770-e16e08c4f760","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":25,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"f2f8c5d6-bdc7-492e-97f9-0aa902597bce","block_type":"box","text":"1","page_number":25,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"e82086bc-5b6c-4a05-b95b-cfd7a18861d0","block_type":"box","text":"Management Fee","page_number":25,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"b0bd66bd-f352-4aa4-984a-76e93e263dda","block_type":"box","text":"0.20%","page_number":25,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"2a626558-5df7-4713-960a-ee9f9909616c","block_type":"box","text":"Other Expenses","page_number":25,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"1bec876e-741f-4c14-a2bf-dac76da6d940","block_type":"box","text":"0.00%","page_number":25,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"80035fdc-fbf6-457c-97f9-7ca47ddbabeb","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":25,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"11ad8a9c-71ae-4052-aaa6-382f1c14b937","block_type":"box","text":"0.20%","page_number":25,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"4ac79da7-f14d-4884-8308-faee981d3419","block_type":"box","text":"1","page_number":25,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"9e4cb64a-9dac-4d06-ad6c-db548ff7ab4b","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":25,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"4fdddaf9-deab-43fd-a3c6-3c628207e4a9","block_type":"box","text":"Example.","page_number":25,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"a33d3ca3-f1a2-4611-a1a7-cfdfb94da3d7","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":25,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"ba38eefb-3908-4e4a-9be4-28ad3dd1d10a","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":25,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"1799a079-a2a4-47f4-8a8f-c060c53d0a78","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":25,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"73695e77-3890-4389-b72a-b1d48ee2204d","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":25,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"937c09f4-ae64-4f0c-aab6-d7b64601610e","block_type":"box","text":"your costs would be:","page_number":25,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"15466fa6-89f3-4254-a05b-f41cb3734345","block_type":"box","text":"Expense Example","page_number":25,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"9fbe1de5-b722-4fc5-88b1-f08d3891de9a","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":25,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"854bb902-e11a-4422-8b2b-a8d89003f0bf","block_type":"box","text":"Example Fund Costs","page_number":25,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"ad04de66-264e-4efb-9cc4-6eb9daeea9e1","block_type":"box","text":"$20 $64 $113 $255","page_number":25,"box":{"x":701,"y":525,"width":261,"height":9}},{"id":"404f98b1-5571-48fb-ba7e-83253e544eb8","block_type":"box","text":"Portfolio Turnover.","page_number":25,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"48c40dc7-95d6-4506-a9e0-9b203b8db2dd","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":25,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"651aa8e1-aa01-42b5-b86b-27b3e7fab118","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":25,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"75207a84-5c4f-4ecf-ac8d-d723cd6faf61","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":25,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"2371ca2d-2353-4b9e-a7ab-ee4c4903fff4","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 3% of","page_number":25,"box":{"x":82,"y":597,"width":877,"height":11}},{"id":"63bcc6d9-d54f-4faa-a325-5b7a86ffe3ac","block_type":"box","text":"the average value of its portfolio.","page_number":25,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"20f226fa-27a2-4e2a-b731-c16ab862618d","block_type":"box","text":"Principal Investment Strategies","page_number":25,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"eb4048ce-d46c-4c14-b367-e0d33c5421e6","block_type":"box","text":"The Fund seeks to track the investment results of the Dow Jones U.S. Index (the “Underlying Index”), which measures the","page_number":25,"box":{"x":82,"y":666,"width":852,"height":11}},{"id":"437be99f-d0fb-4727-9a7c-1832a1357a83","block_type":"box","text":"performance of the broad U.S. equity market. The Underlying Index is composed of all the U.S. companies in the Dow Jones","page_number":25,"box":{"x":84,"y":680,"width":867,"height":11}},{"id":"ea61c68f-a180-4e8c-b027-44851b2fcd82","block_type":"box","text":"Global Index. The Underlying Index aims to consistently represent the top 95% of U.S.-traded stocks based on a","page_number":25,"box":{"x":83,"y":694,"width":788,"height":11}},{"id":"3226c927-00ba-4cdd-b306-4331253e4e4e","block_type":"box","text":"float-adjusted market capitalization. The constituents of the Underlying Index must be common shares or other securities","page_number":25,"box":{"x":83,"y":708,"width":861,"height":11}},{"id":"dfeb214d-3dbe-4e87-8a99-80a08b6f5928","block_type":"box","text":"that have characteristics of common equities and must meet certain minimum liquidity criteria. As of April 30, 2026, a","page_number":25,"box":{"x":82,"y":723,"width":834,"height":10}},{"id":"879ca0de-d970-45f3-afd7-416c76e0baa9","block_type":"box","text":"significant portion of the Underlying Index was represented by securities of companies in the financial services and","page_number":25,"box":{"x":83,"y":737,"width":815,"height":11}},{"id":"3b7700b0-1138-4475-b60f-789988bf6413","block_type":"box","text":"technology industries or sectors. The components of the Underlying Index are likely to change over time.","page_number":25,"box":{"x":82,"y":751,"width":738,"height":11}},{"id":"c7afecd9-f1f4-40c0-b0d9-2b52f0a071e9","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":25,"box":{"x":82,"y":774,"width":853,"height":11}},{"id":"cca97e54-a166-46f1-81be-325550a49a68","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":25,"box":{"x":84,"y":788,"width":838,"height":11}},{"id":"1fe77f7f-64da-4baf-aa11-a6867def0de9","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":25,"box":{"x":83,"y":802,"width":868,"height":11}},{"id":"be53c8c9-8000-4a7b-9cd1-f10398e8e269","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":25,"box":{"x":84,"y":817,"width":850,"height":10}},{"id":"8cceb20e-d302-40a4-8201-5a63743ca69c","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":25,"box":{"x":83,"y":831,"width":806,"height":11}},{"id":"7c9fa00e-f265-46e5-ab20-d88bcb9b6492","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":25,"box":{"x":83,"y":845,"width":885,"height":11}},{"id":"45120add-a910-4676-82d8-c0e7beffebf9","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":25,"box":{"x":82,"y":859,"width":885,"height":11}},{"id":"4e67e38e-8866-4777-8ce0-4759e6b2b34e","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":25,"box":{"x":83,"y":873,"width":853,"height":11}},{"id":"0d456a63-02ce-43cb-b05f-ce27118a9d73","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":25,"box":{"x":83,"y":888,"width":867,"height":10}},{"id":"fbb2f4df-6a15-443a-84a4-0bb74923c752","block_type":"box","text":"S-12","page_number":25,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"51234b87-eb53-47da-b567-9de4fedcb94b","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":26,"box":{"x":83,"y":23,"width":868,"height":11}},{"id":"bee52ae1-391b-4ccf-97d9-35e9ee62487f","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":26,"box":{"x":82,"y":37,"width":863,"height":11}},{"id":"bd36fca3-6cbf-4c09-a11d-d19996f8b005","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":26,"box":{"x":84,"y":52,"width":825,"height":10}},{"id":"5606352a-aaf6-41d8-8efc-c740fb668f6a","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":26,"box":{"x":84,"y":66,"width":405,"height":11}},{"id":"01aa23ff-8d1e-40d2-95b7-4cea3e560e25","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":26,"box":{"x":84,"y":89,"width":844,"height":11}},{"id":"097c1e71-cf06-4413-82a1-7047ea7e5e36","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":26,"box":{"x":83,"y":103,"width":860,"height":11}},{"id":"7505331f-1d5b-45cc-b0ef-ac2612d8d1f0","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":26,"box":{"x":83,"y":117,"width":831,"height":11}},{"id":"f828232a-d939-4a0a-b2cf-2582531275d1","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":26,"box":{"x":83,"y":131,"width":817,"height":11}},{"id":"04dae27c-7371-4e23-8ff6-667882e98ae6","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":26,"box":{"x":84,"y":146,"width":817,"height":10}},{"id":"4032b22b-9b58-4a21-be7d-0e2a7fa70207","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":26,"box":{"x":83,"y":160,"width":835,"height":11}},{"id":"240cd840-7551-476d-9bb6-69e81c68f28d","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":26,"box":{"x":82,"y":183,"width":873,"height":11}},{"id":"0cc48d73-93eb-4ae9-81e7-2eef8f6db848","block_type":"box","text":"collateral received).","page_number":26,"box":{"x":83,"y":197,"width":136,"height":9}},{"id":"c1ea98ad-8862-4a99-9462-fe58d00a6dc8","block_type":"box","text":"The Underlying Index is sponsored by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”), which is independent of","page_number":26,"box":{"x":82,"y":220,"width":877,"height":11}},{"id":"9bfc27cf-a6f2-4f17-b3e8-71ba9f6e7722","block_type":"box","text":"the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the","page_number":26,"box":{"x":82,"y":235,"width":821,"height":10}},{"id":"ae6c0681-6ddf-4be5-807d-a101acdb013f","block_type":"box","text":"Underlying Index and publishes information regarding the market value of the Underlying Index.","page_number":26,"box":{"x":84,"y":249,"width":680,"height":11}},{"id":"67955ab7-0d63-4c03-b05f-f0840b873096","block_type":"box","text":"Industry Concentration Policy.","page_number":26,"box":{"x":84,"y":272,"width":223,"height":11}},{"id":"d6111fc1-3b0a-4d0b-9354-12898dcefa36","block_type":"box","text":"The Fund will concentrate its investments (","page_number":26,"box":{"x":312,"y":272,"width":304,"height":9}},{"id":"20b34975-ecb6-498f-b14c-1634257d54a6","block_type":"box","text":"i.e.","page_number":26,"box":{"x":617,"y":272,"width":17,"height":8}},{"id":"233d88d4-a072-4ab7-b37c-9c416682a84d","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":26,"box":{"x":636,"y":272,"width":292,"height":10}},{"id":"5e09fe81-63b9-4b30-b982-3e3bc9c402a5","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":26,"box":{"x":84,"y":286,"width":858,"height":11}},{"id":"160acceb-7420-444f-afa3-2b90abcdae1b","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":26,"box":{"x":84,"y":300,"width":867,"height":11}},{"id":"8dcec899-50ea-4c75-93a7-832beeb45408","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":26,"box":{"x":83,"y":315,"width":826,"height":10}},{"id":"6ca94c56-5882-4601-9eb3-b8fd5a36e002","block_type":"box","text":"Diversification Policy.","page_number":26,"box":{"x":84,"y":338,"width":158,"height":11}},{"id":"3327ede0-eb2f-4499-b17a-572ef617b5fd","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion as the Underlying Index is","page_number":26,"box":{"x":246,"y":338,"width":699,"height":11}},{"id":"8ff35701-9c96-4ea0-a4a4-fd7a9c233183","block_type":"box","text":"diversified and to invest all or substantially all of its assets in components of the Underlying Index in approximately the same","page_number":26,"box":{"x":83,"y":352,"width":882,"height":11}},{"id":"93a1b58b-b124-4c89-ad8a-2a0aa3a5ee81","block_type":"box","text":"proportion as each component’s weighting in the Underlying Index. This diversification policy may limit the Fund’s ability to","page_number":26,"box":{"x":84,"y":366,"width":871,"height":11}},{"id":"9601c593-465b-4d89-ab8e-ca8c3bdea164","block_type":"box","text":"use representative sampling. The Fund may become “non-diversified,” as defined in the 1940 Act, solely as a result of a","page_number":26,"box":{"x":83,"y":380,"width":838,"height":11}},{"id":"c8ecbed6-b673-4570-a5c9-65fac851f224","block_type":"box","text":"change in relative market capitalization or index weighting of one or more components of the Underlying Index. Shareholder","page_number":26,"box":{"x":83,"y":394,"width":878,"height":11}},{"id":"21906066-484f-4bd9-983a-a013182af091","block_type":"box","text":"approval will not be sought if the Fund becomes “non-diversified” due solely to a change in the relative market capitalization","page_number":26,"box":{"x":83,"y":408,"width":877,"height":11}},{"id":"1880e4cb-8103-4f53-a7a0-f1fcacad9842","block_type":"box","text":"or index weighting of one or more components of the Underlying Index. The Fund discloses its portfolio holdings and","page_number":26,"box":{"x":83,"y":423,"width":825,"height":11}},{"id":"09957b16-508c-4618-ad3e-7923d65fb378","block_type":"box","text":"weightings at www.iShares.com.","page_number":26,"box":{"x":82,"y":437,"width":227,"height":11}},{"id":"b1f28adc-997d-41f4-9643-3ca177a5f9b6","block_type":"box","text":"Summary of Principal Risks","page_number":26,"box":{"x":83,"y":466,"width":248,"height":13}},{"id":"d24a75ea-8e64-4a08-a80e-aa6675245402","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":26,"box":{"x":82,"y":491,"width":882,"height":11}},{"id":"76c51cf0-9cfc-41b6-b106-ca4670ea8c18","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":26,"box":{"x":83,"y":505,"width":825,"height":11}},{"id":"0a96f76f-1156-4f01-89f2-50f20260a4b3","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":26,"box":{"x":83,"y":519,"width":807,"height":11}},{"id":"18f7e40b-8df9-4d69-b2ac-6d8071b6a6e0","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":26,"box":{"x":83,"y":534,"width":844,"height":10}},{"id":"3644815f-15b6-44b5-9ae9-4b3ce5d2b9e9","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":26,"box":{"x":83,"y":548,"width":814,"height":11}},{"id":"e4a3a175-c4a3-46de-9bfb-2d7e19828774","block_type":"box","text":"Risk of Investing in the U.S.","page_number":26,"box":{"x":84,"y":571,"width":200,"height":11}},{"id":"4f917940-8098-43a8-bcb2-a947c9e15e05","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":26,"box":{"x":289,"y":571,"width":664,"height":11}},{"id":"3dd01594-3446-4847-a143-1591e55c16df","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":26,"box":{"x":83,"y":585,"width":878,"height":11}},{"id":"5f6ed794-f311-4b24-b5f4-5c52bfb4b0da","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":26,"box":{"x":83,"y":599,"width":470,"height":11}},{"id":"6e748d84-1d80-4b9c-b70f-2d92e4a3d589","block_type":"box","text":"Equity Securities Risk.","page_number":26,"box":{"x":84,"y":623,"width":163,"height":10}},{"id":"fbf84e80-e441-4198-adde-3ed6d90ec726","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":26,"box":{"x":253,"y":623,"width":709,"height":10}},{"id":"b1b85f25-6765-4716-99ff-04c817bc5042","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":26,"box":{"x":83,"y":637,"width":889,"height":11}},{"id":"08d3701d-5632-4834-a154-a0987897472b","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":26,"box":{"x":83,"y":651,"width":880,"height":11}},{"id":"827bce23-b5c4-4b77-9501-b52d4a3a474d","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":26,"box":{"x":83,"y":665,"width":867,"height":11}},{"id":"83572a06-6c02-4d3c-bcac-8276712e5b5a","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":26,"box":{"x":84,"y":679,"width":339,"height":11}},{"id":"cd878b59-4992-4381-b836-5f4d4729f351","block_type":"box","text":"Market Risk.","page_number":26,"box":{"x":84,"y":702,"width":90,"height":9}},{"id":"be25937b-ebd4-4c5f-87c7-3abd29367cab","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":26,"box":{"x":179,"y":703,"width":767,"height":10}},{"id":"13ab6719-1b15-4066-9786-3f61783e462f","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":26,"box":{"x":83,"y":717,"width":882,"height":11}},{"id":"65381d91-9788-4145-b02f-407e6f0cf0cd","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":26,"box":{"x":84,"y":731,"width":857,"height":11}},{"id":"4c890db9-c048-4840-a814-de29db026c4e","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":26,"box":{"x":83,"y":745,"width":875,"height":11}},{"id":"95fd6d73-5d58-4ddf-adc0-287499d068ad","block_type":"box","text":"Fund’s NAV.","page_number":26,"box":{"x":84,"y":759,"width":81,"height":9}},{"id":"fe07b4ce-f535-4986-8ced-05ba40ddd957","block_type":"box","text":"Index-Related Risk.","page_number":26,"box":{"x":84,"y":782,"width":143,"height":9}},{"id":"c6d59eed-a1ca-47c5-b87e-c939bc448fdf","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":26,"box":{"x":231,"y":782,"width":742,"height":11}},{"id":"71af6a9c-1449-4040-bf80-776bf5e16b80","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":26,"box":{"x":84,"y":797,"width":855,"height":10}},{"id":"1ee4351c-ec79-4693-aa98-3be180130190","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":26,"box":{"x":83,"y":811,"width":852,"height":11}},{"id":"6fc80c1f-fefe-41c0-a087-b997b61e9d03","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":26,"box":{"x":83,"y":825,"width":877,"height":11}},{"id":"4eac4f72-d946-4a59-b274-15f421d56dd7","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":26,"box":{"x":82,"y":839,"width":849,"height":11}},{"id":"a93b4f67-2b8b-4786-b283-b813cd33e1bb","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":26,"box":{"x":83,"y":853,"width":849,"height":11}},{"id":"422ca556-632a-445b-b22a-cc2f197e830a","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":26,"box":{"x":84,"y":867,"width":890,"height":11}},{"id":"45f7c269-0742-45dd-bb03-0197fd540ff0","block_type":"box","text":"S-13","page_number":26,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"807c075a-ac93-4ec8-92d4-be6a78eabdf3","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":27,"box":{"x":84,"y":23,"width":852,"height":11}},{"id":"ac4fb364-a31f-4053-90da-b21160edde1a","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":27,"box":{"x":83,"y":37,"width":539,"height":11}},{"id":"94962df3-b5c4-4b69-9667-d3ce607ed561","block_type":"box","text":"Asset Class Risk.","page_number":27,"box":{"x":82,"y":60,"width":123,"height":9}},{"id":"24ce3a98-1f4a-4647-8e95-644996c5d6b7","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":27,"box":{"x":209,"y":60,"width":721,"height":11}},{"id":"30dca090-83f5-48da-ad16-ac707df603c9","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":27,"box":{"x":83,"y":75,"width":774,"height":11}},{"id":"b95ffcca-7c65-4380-bcf3-3be1d1c4bab4","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":27,"box":{"x":82,"y":98,"width":318,"height":10}},{"id":"f18fedfc-f809-462a-b87a-a8d235340119","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":27,"box":{"x":405,"y":98,"width":531,"height":11}},{"id":"e9f4d8eb-ee15-4f57-ac8f-1d7a362e2d46","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":27,"box":{"x":84,"y":112,"width":809,"height":11}},{"id":"7e8d1866-3828-4620-9429-27acde2f9ea6","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":27,"box":{"x":82,"y":126,"width":816,"height":11}},{"id":"a0205e2c-d05f-4dcc-9877-828281046d65","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":27,"box":{"x":82,"y":141,"width":885,"height":10}},{"id":"93e75d73-6e2d-4b0f-8208-28e0ffaf99f6","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":27,"box":{"x":83,"y":155,"width":871,"height":10}},{"id":"9ccd155c-9bb0-4d37-af8c-0fe5e165382d","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":27,"box":{"x":84,"y":169,"width":845,"height":11}},{"id":"aba49bf0-36d3-4039-bb06-026a9d58cd8e","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":27,"box":{"x":82,"y":183,"width":882,"height":11}},{"id":"5d5e8e10-8365-49f0-985b-6bf731a24e90","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":27,"box":{"x":84,"y":197,"width":853,"height":11}},{"id":"8ed8300c-d2d2-4ebb-8300-c07a4df74d29","block_type":"box","text":"halts or delisting.","page_number":27,"box":{"x":84,"y":212,"width":120,"height":10}},{"id":"2deee3c6-579a-4d6f-8288-894c0280320a","block_type":"box","text":"Concentration Risk.","page_number":27,"box":{"x":83,"y":234,"width":145,"height":9}},{"id":"28820cc7-1d13-4588-80ee-f117fea35ba8","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":27,"box":{"x":232,"y":235,"width":712,"height":10}},{"id":"16409902-19e1-4005-86c7-03ad1500aacf","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":27,"box":{"x":83,"y":249,"width":884,"height":10}},{"id":"d6890eaf-1511-4167-831d-754aa53c8fce","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":27,"box":{"x":82,"y":263,"width":887,"height":11}},{"id":"e13adb0b-55a8-4dc0-95fa-ccddc8c428ed","block_type":"box","text":"asset classes.","page_number":27,"box":{"x":83,"y":277,"width":95,"height":9}},{"id":"31005fe8-6ea0-4371-8df6-7da564177585","block_type":"box","text":"Financial Companies Risk.","page_number":27,"box":{"x":84,"y":300,"width":192,"height":11}},{"id":"fcf2da63-3d1f-4ebc-bf84-e35e0e566337","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":27,"box":{"x":282,"y":301,"width":683,"height":10}},{"id":"d2269ba5-15e0-47ad-8519-fa7c31020cad","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":27,"box":{"x":82,"y":315,"width":864,"height":10}},{"id":"621a7d72-a489-4778-8477-331dd589a270","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":27,"box":{"x":83,"y":329,"width":813,"height":11}},{"id":"419f6a46-0247-489f-964a-6062a7b32536","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":27,"box":{"x":83,"y":343,"width":879,"height":11}},{"id":"5bcc35f5-f35f-48ba-8ffc-024bf6f69f65","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":27,"box":{"x":83,"y":357,"width":613,"height":11}},{"id":"19a7537e-949b-4fd7-8429-693e58cb07dd","block_type":"box","text":"Issuer Risk.","page_number":27,"box":{"x":84,"y":380,"width":82,"height":9}},{"id":"c4eeb671-0f00-42c3-8037-6dab7e473a16","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":27,"box":{"x":170,"y":380,"width":780,"height":11}},{"id":"43f14cb8-dc00-4566-84bf-5852b7a9cf2f","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":27,"box":{"x":84,"y":394,"width":885,"height":11}},{"id":"f3e5814b-0310-4eda-8428-0bf1f5c20cf9","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":27,"box":{"x":82,"y":409,"width":577,"height":10}},{"id":"96408ed1-35c6-4bdd-af6c-5e95f448ec7f","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":27,"box":{"x":84,"y":432,"width":278,"height":11}},{"id":"113d3434-7be6-4890-b361-b39217310f75","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":27,"box":{"x":367,"y":432,"width":540,"height":11}},{"id":"82bfef9b-24f5-41a0-be20-09e2e232a2e9","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":27,"box":{"x":83,"y":446,"width":890,"height":11}},{"id":"d33f5c35-ac63-48f7-9347-def5cbe0b2da","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":27,"box":{"x":84,"y":460,"width":867,"height":11}},{"id":"f4b61744-6868-4a34-af1a-cb1a9e0e8bef","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":27,"box":{"x":84,"y":474,"width":709,"height":11}},{"id":"c84db70b-c98a-4534-bf8a-e039693ff5fb","block_type":"box","text":"Management Risk.","page_number":27,"box":{"x":84,"y":497,"width":136,"height":11}},{"id":"539de523-a075-44aa-92fd-9fb1c38e6e35","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":27,"box":{"x":225,"y":497,"width":711,"height":11}},{"id":"8429924b-96e0-4f11-be9b-91132ed8cff3","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":27,"box":{"x":84,"y":512,"width":876,"height":11}},{"id":"58d2fea0-fa3b-4613-9302-74f791a2af0f","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":27,"box":{"x":83,"y":526,"width":859,"height":11}},{"id":"2eb6d3ec-81d7-49a8-9a51-2b2ff258398c","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":27,"box":{"x":83,"y":540,"width":847,"height":11}},{"id":"8b93b4e5-8560-4b72-8947-4c3a8e8aa88a","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":27,"box":{"x":83,"y":554,"width":756,"height":11}},{"id":"a6bfd234-99fc-4568-95bc-6dfa7ef9e538","block_type":"box","text":"Market Trading Risk.","page_number":27,"box":{"x":84,"y":577,"width":151,"height":11}},{"id":"c7be05b6-104c-4474-b226-08877791d685","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":27,"box":{"x":239,"y":577,"width":695,"height":11}},{"id":"2198693d-6cf9-479d-883f-5b5d7dbb846a","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":27,"box":{"x":84,"y":592,"width":841,"height":10}},{"id":"bb3f48f9-b665-4b8b-ad38-5f625bf2ce8a","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":27,"box":{"x":83,"y":606,"width":887,"height":11}},{"id":"a99aca68-39a5-4ebf-86e1-4771132784cd","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":27,"box":{"x":83,"y":620,"width":839,"height":11}},{"id":"f1dc5f26-4a4d-4a8c-b85e-7a929dde7bbd","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":27,"box":{"x":84,"y":634,"width":865,"height":11}},{"id":"2608d93d-b6e5-4fb2-950e-0b2ba70190a0","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":27,"box":{"x":82,"y":648,"width":885,"height":11}},{"id":"f41d9329-9320-452f-95bf-4b8eeaa2f780","block_type":"box","text":"of the Fund shares.","page_number":27,"box":{"x":83,"y":663,"width":135,"height":8}},{"id":"5de30af9-98ac-4543-88bd-4699076a3b2b","block_type":"box","text":"Non-Diversification Risk.","page_number":27,"box":{"x":84,"y":686,"width":184,"height":8}},{"id":"7e4f0ee6-6190-460f-bac8-d0a6fc629eb3","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large percentage of its assets in","page_number":27,"box":{"x":272,"y":686,"width":681,"height":11}},{"id":"0bbca669-028f-47ee-af2b-15dcc77dc96f","block_type":"box","text":"securities or other instruments representing a small number of issuers or counterparties and thus may be more susceptible","page_number":27,"box":{"x":83,"y":700,"width":873,"height":11}},{"id":"cc7c8938-2ae0-4262-ba79-3a7594ac44e2","block_type":"box","text":"to the risks associated with these particular issuers or counterparties. As a result, the Fund's performance may depend to a","page_number":27,"box":{"x":82,"y":714,"width":867,"height":11}},{"id":"8b07f696-3b70-4737-a20c-41208066a891","block_type":"box","text":"greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the","page_number":27,"box":{"x":83,"y":728,"width":857,"height":11}},{"id":"f4eb950d-65fe-4651-b85c-f1569a7bf6af","block_type":"box","text":"Fund’s NAV.","page_number":27,"box":{"x":84,"y":742,"width":81,"height":9}},{"id":"14211576-1ba8-40bd-a42e-cc6c4b81f453","block_type":"box","text":"Operational and Technology Risks.","page_number":27,"box":{"x":83,"y":766,"width":255,"height":11}},{"id":"9684a8c4-5c69-4d16-90db-6c053b30d999","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":27,"box":{"x":342,"y":766,"width":582,"height":11}},{"id":"109ec643-29f9-444c-a435-424bc6b5e1af","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":27,"box":{"x":83,"y":780,"width":876,"height":11}},{"id":"ae6f844e-2721-4cdf-abfc-e86e1afec611","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":27,"box":{"x":83,"y":794,"width":879,"height":11}},{"id":"6cd8aae6-8fe8-4954-aa5a-3e65f1302b15","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":27,"box":{"x":83,"y":808,"width":825,"height":11}},{"id":"8b6efb24-5bd9-409a-aca4-b91d0c0d9ff9","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":27,"box":{"x":83,"y":822,"width":863,"height":11}},{"id":"db3bc35b-3b2e-4c4a-ab49-521a86da47ff","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":27,"box":{"x":83,"y":837,"width":872,"height":10}},{"id":"c52c3aa5-41a9-4c80-9be1-320227977ea8","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":27,"box":{"x":84,"y":851,"width":823,"height":11}},{"id":"f0120c71-4917-473a-aefd-2d6424bfa911","block_type":"box","text":"S-14","page_number":27,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"ac77734e-60c8-412d-b449-afb74b135ccc","block_type":"box","text":"Securities Lending Risk.","page_number":28,"box":{"x":83,"y":23,"width":177,"height":11}},{"id":"55335d74-21a7-4a1f-9b91-c21aff85bfa1","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":28,"box":{"x":264,"y":23,"width":692,"height":11}},{"id":"25cc7241-a360-42b2-8ac7-b48cd45d59fc","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":28,"box":{"x":84,"y":37,"width":869,"height":11}},{"id":"375e83ad-259a-4e4d-8f64-e9bd8f13f03b","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":28,"box":{"x":83,"y":52,"width":886,"height":10}},{"id":"93271f74-d76f-4f11-9adf-23bbe0fc94be","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":28,"box":{"x":83,"y":66,"width":831,"height":11}},{"id":"60329b3b-8b69-42d1-b8ef-a458367ffab7","block_type":"box","text":"Technology Companies Risk.","page_number":28,"box":{"x":82,"y":89,"width":211,"height":11}},{"id":"5f923e6b-4aa9-4faa-92e8-329651ae7eb0","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":28,"box":{"x":298,"y":89,"width":656,"height":11}},{"id":"930d6b21-b279-4d9a-a0d9-b18801984856","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":28,"box":{"x":84,"y":103,"width":848,"height":11}},{"id":"7e9abcd5-3b84-4c9f-9905-0a40a8d6d0c1","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":28,"box":{"x":83,"y":117,"width":887,"height":11}},{"id":"1a522489-5a0e-4821-ae02-866d639db937","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":28,"box":{"x":83,"y":131,"width":884,"height":11}},{"id":"f170e705-4884-4348-9492-e3621e876e5d","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":28,"box":{"x":82,"y":146,"width":839,"height":10}},{"id":"a358f41e-022c-490d-878f-5f305400505f","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":28,"box":{"x":83,"y":160,"width":870,"height":11}},{"id":"483b3571-05bd-41ce-a17d-becefc184d41","block_type":"box","text":"government or legal action.","page_number":28,"box":{"x":83,"y":174,"width":193,"height":11}},{"id":"01934ae1-fb70-41c5-8945-7d8dc9298047","block_type":"box","text":"Tracking Error Risk.","page_number":28,"box":{"x":82,"y":197,"width":145,"height":11}},{"id":"48b40aa3-63b2-4435-9c76-a93a7fd72780","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":28,"box":{"x":231,"y":197,"width":741,"height":11}},{"id":"6c95cf4f-8b1d-4a5d-ba63-b066c0093e41","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":28,"box":{"x":83,"y":211,"width":861,"height":11}},{"id":"583e2c3a-0be8-43c5-b30c-0c4119e3c97c","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":28,"box":{"x":83,"y":225,"width":832,"height":11}},{"id":"6ea9e056-77eb-49cf-baea-7b4186159c75","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":28,"box":{"x":84,"y":240,"width":880,"height":11}},{"id":"f18e2ef6-1ac5-4456-abfd-46c4aef35018","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":28,"box":{"x":84,"y":254,"width":830,"height":11}},{"id":"50aadb20-f716-4366-8509-d381bda54560","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":28,"box":{"x":82,"y":268,"width":828,"height":11}},{"id":"ad80b6c5-b845-4106-8be0-3de66897fcf5","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":28,"box":{"x":83,"y":282,"width":874,"height":11}},{"id":"3d09d89b-7c55-4da2-a982-b007696e3861","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":28,"box":{"x":84,"y":296,"width":888,"height":11}},{"id":"f4c012f4-a797-404e-b6a4-c1da3c7840d2","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":28,"box":{"x":84,"y":311,"width":851,"height":10}},{"id":"73eb294a-2cf3-4cb5-9b1e-92f5295c39ac","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":28,"box":{"x":84,"y":325,"width":885,"height":11}},{"id":"44f30eae-f050-41aa-b17d-2835448bf4fe","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":28,"box":{"x":83,"y":339,"width":874,"height":11}},{"id":"28c33dbb-5970-4c10-9636-f7450d15ac2a","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":28,"box":{"x":84,"y":353,"width":724,"height":11}},{"id":"760e422b-b0cc-40e2-b1b2-4fe68fe99344","block_type":"box","text":"Performance Information","page_number":28,"box":{"x":84,"y":382,"width":229,"height":11}},{"id":"e0ba62ea-8373-4972-968b-40f2b64c8819","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":28,"box":{"x":82,"y":407,"width":864,"height":11}},{"id":"468041c5-9047-4c74-980a-5a57e0e1f5cf","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":28,"box":{"x":83,"y":422,"width":871,"height":10}},{"id":"9927cc38-ef30-4b0c-9f61-439cd76e6bbe","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":28,"box":{"x":83,"y":436,"width":868,"height":11}},{"id":"9a85c847-9493-4063-acf0-91c80db3f6ea","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":28,"box":{"x":84,"y":450,"width":837,"height":11}},{"id":"f0d06a0e-8894-4596-8a81-04c08d56d52a","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":28,"box":{"x":83,"y":464,"width":869,"height":11}},{"id":"ff57530d-bf87-4181-a64a-2cc64405399a","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":28,"box":{"x":84,"y":478,"width":832,"height":11}},{"id":"9fd36c01-5aa0-40d4-bb42-f8a97395f2d0","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":28,"box":{"x":84,"y":492,"width":841,"height":11}},{"id":"2933ecca-c2d1-486b-ab3b-0561c2ec1dbf","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":28,"box":{"x":82,"y":507,"width":531,"height":10}},{"id":"31e87fb2-13bd-431a-b109-40eda72f3180","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":28,"box":{"x":165,"y":531,"width":260,"height":11}},{"id":"4a011e45-4a00-4363-a1c0-82cba0bd887c","block_type":"box","text":"12.04","page_number":28,"box":{"x":117,"y":612,"width":25,"height":6}},{"id":"54d1db02-9aa5-457b-9be0-20f931eca828","block_type":"box","text":"21.24","page_number":28,"box":{"x":153,"y":600,"width":26,"height":6}},{"id":"50a59636-25a1-48ef-908a-17beeeb7e074","block_type":"box","text":"-5.11","page_number":28,"box":{"x":191,"y":650,"width":22,"height":6}},{"id":"a7740c6e-979d-4011-a289-16c97615cc31","block_type":"box","text":"30.87","page_number":28,"box":{"x":227,"y":587,"width":26,"height":6}},{"id":"76dcc41a-5db2-4b2c-975f-d8345846b452","block_type":"box","text":"20.16","page_number":28,"box":{"x":264,"y":601,"width":26,"height":6}},{"id":"dc8da6c7-c527-4372-a4a7-c3588dcc7371","block_type":"box","text":"26.26","page_number":28,"box":{"x":301,"y":593,"width":26,"height":6}},{"id":"5a7dbe39-5c80-411b-9f80-59ec69dcda8f","block_type":"box","text":"-19.54","page_number":28,"box":{"x":336,"y":670,"width":30,"height":6}},{"id":"7f41ad71-b0e2-4ddb-abfb-8b05876a350b","block_type":"box","text":"26.34","page_number":28,"box":{"x":375,"y":593,"width":26,"height":6}},{"id":"c5d1edd6-6157-4359-a873-87ded6927856","block_type":"box","text":"24.20","page_number":28,"box":{"x":412,"y":596,"width":26,"height":6}},{"id":"9f626b38-0b91-4a23-b684-5d2a071951c3","block_type":"box","text":"17.13","page_number":28,"box":{"x":450,"y":605,"width":25,"height":6}},{"id":"a4bdae0b-0c3b-457c-b665-603f22cd2161","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":28,"box":{"x":117,"y":685,"width":357,"height":6}},{"id":"a3d84e79-31d5-45fe-93e3-8cb80c26af32","block_type":"box","text":"Return (%) Period Ended","page_number":28,"box":{"x":790,"y":546,"width":176,"height":9}},{"id":"2236c13c-d7ac-4449-9115-47c59ac1ded3","block_type":"box","text":"Calendar Year-to-Date Return","page_number":28,"box":{"x":550,"y":564,"width":197,"height":8}},{"id":"071ad880-b29d-4b61-b683-18b7e11d8ea7","block_type":"box","text":"10.41% June 30, 2026","page_number":28,"box":{"x":804,"y":564,"width":168,"height":9}},{"id":"a0118e8a-47f6-499d-981c-df5918612672","block_type":"box","text":"During the periods shown in the chart:","page_number":28,"box":{"x":551,"y":577,"width":250,"height":10}},{"id":"3d38cf5b-4fe0-46bb-b909-a6109cf60569","block_type":"box","text":"Best Quarter 21.71% June 30, 2020","page_number":28,"box":{"x":564,"y":590,"width":408,"height":9}},{"id":"f9a62166-a36a-41eb-8091-c19992287eff","block_type":"box","text":"Worst Quarter -20.49% March 31, 2020","page_number":28,"box":{"x":563,"y":603,"width":409,"height":9}},{"id":"818cd810-32a0-4f93-94bb-6232293e5e27","block_type":"box","text":"Average Annual Total Returns (%)","page_number":28,"box":{"x":403,"y":715,"width":250,"height":11}},{"id":"4998b11c-237e-4a5e-ab3f-46820c155533","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":28,"box":{"x":371,"y":729,"width":315,"height":11}},{"id":"041f2cab-f337-4b25-8a0b-011b93106bf9","block_type":"box","text":"One Year Five Years Ten Years","page_number":28,"box":{"x":701,"y":746,"width":268,"height":8}},{"id":"ca1d9b34-58bc-4e00-b26e-8a8e21e1816a","block_type":"box","text":"Fund Inception: 6/12/2000","page_number":28,"box":{"x":88,"y":761,"width":180,"height":10}},{"id":"9545f911-1b07-44d3-9592-306352378567","block_type":"box","text":"Return Before Taxes","page_number":28,"box":{"x":89,"y":773,"width":124,"height":8}},{"id":"5237d799-b5b2-403f-a911-0c81bcaac530","block_type":"box","text":"17.13% 13.30% 14.23%","page_number":28,"box":{"x":712,"y":773,"width":257,"height":8}},{"id":"1fe5ff09-95ff-4b74-b930-fe3ebb4aa5d6","block_type":"box","text":"Return After Taxes on Distributions 16.84% 12.97% 13.82%","page_number":28,"box":{"x":89,"y":785,"width":880,"height":7}},{"id":"6775c919-cef4-46ee-a407-ed3e81dfb179","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 10.31% 10.59% 11.87%","page_number":28,"box":{"x":89,"y":796,"width":880,"height":8}},{"id":"9e22677e-42e2-42cc-9f23-33bc43346668","block_type":"box","text":"S&P Total Market Index","page_number":28,"box":{"x":87,"y":808,"width":155,"height":7}},{"id":"0af8f5ea-49e4-4157-804a-eeeccbcff80b","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 13.07% 14.22%","page_number":28,"box":{"x":246,"y":808,"width":723,"height":9}},{"id":"ebbe8398-ec4f-4ca5-9b3f-c5d414d92ab2","block_type":"box","text":"Dow Jones U.S. Index","page_number":28,"box":{"x":88,"y":820,"width":139,"height":7}},{"id":"e34e20a4-9fb9-45fb-9f7c-13e25d374d65","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.36% 13.51% 14.45%","page_number":28,"box":{"x":231,"y":819,"width":738,"height":10}},{"id":"c647fb18-63b8-46db-ad06-1daec201f8bb","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":28,"box":{"x":82,"y":849,"width":857,"height":11}},{"id":"a4054a2a-eee5-4601-a374-ae83ec2e8a4c","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":28,"box":{"x":84,"y":863,"width":864,"height":11}},{"id":"1789e269-3dee-409d-89b2-d44ef13d9cbc","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":28,"box":{"x":84,"y":877,"width":847,"height":11}},{"id":"38528f44-b334-4be0-ba7b-8cd834ea32b6","block_type":"box","text":"S-15","page_number":28,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"086167f8-b64f-4269-add6-1ece68d19531","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":29,"box":{"x":83,"y":23,"width":857,"height":11}},{"id":"e7b212e7-633d-4bfe-8bd6-cf960a287af2","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":29,"box":{"x":83,"y":37,"width":877,"height":11}},{"id":"56367dc5-316e-40df-9ad7-b3b0be974ab6","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":29,"box":{"x":82,"y":52,"width":837,"height":10}},{"id":"fd87b9eb-9e35-47cb-80d3-935d03ef4079","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":29,"box":{"x":84,"y":66,"width":885,"height":11}},{"id":"6fd89564-092d-426d-b7f7-ec93d2583a45","block_type":"box","text":"on distributions.","page_number":29,"box":{"x":83,"y":80,"width":115,"height":8}},{"id":"5b5d785c-5c40-4bb5-bfda-80b45cfe6571","block_type":"box","text":"Management","page_number":29,"box":{"x":84,"y":109,"width":120,"height":13}},{"id":"f587c8a3-c0f5-4e1d-937b-40254bb93444","block_type":"box","text":"Investment Adviser.","page_number":29,"box":{"x":84,"y":134,"width":144,"height":9}},{"id":"73545356-6c22-41ab-83bd-1ab63236c34d","block_type":"box","text":"BlackRock Fund Advisors.","page_number":29,"box":{"x":234,"y":134,"width":180,"height":8}},{"id":"cb88cfc2-3ef8-4a16-a594-67bf31a382a6","block_type":"box","text":"Portfolio Managers.","page_number":29,"box":{"x":84,"y":157,"width":145,"height":11}},{"id":"28e1310e-b08e-4563-9420-0ffc5ae12b9a","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":29,"box":{"x":233,"y":157,"width":679,"height":11}},{"id":"20d83416-0cdf-4bc9-9d34-0ccccd340ede","block_type":"box","text":"management of the Fund:","page_number":29,"box":{"x":84,"y":171,"width":182,"height":11}},{"id":"67da555e-cb06-4549-9702-d14ab54403d6","block_type":"box","text":"Portfolio Manager","page_number":29,"box":{"x":88,"y":207,"width":120,"height":10}},{"id":"067f363d-d4cb-4278-a0e3-bbfee0fe4ce7","block_type":"box","text":"Portfolio Manager of the","page_number":29,"box":{"x":441,"y":194,"width":161,"height":10}},{"id":"c923130f-eb62-443a-a1d9-556df5dfe5a2","block_type":"box","text":"Fund Since","page_number":29,"box":{"x":485,"y":207,"width":72,"height":8}},{"id":"3212f8b7-b0ab-4f8a-a758-b8f2a36b4aa8","block_type":"box","text":"Title with Investment","page_number":29,"box":{"x":834,"y":194,"width":140,"height":8}},{"id":"29618f51-2a2e-46d5-a1f8-ad629b31d769","block_type":"box","text":"Adviser","page_number":29,"box":{"x":880,"y":207,"width":48,"height":8}},{"id":"75039b56-5b7f-45fa-bbee-cf60540d4057","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":29,"box":{"x":87,"y":223,"width":877,"height":9}},{"id":"8903e9c8-3268-456e-b4c2-9110818a889f","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":29,"box":{"x":89,"y":238,"width":875,"height":10}},{"id":"5141765e-3d69-4c96-93af-413ada65d137","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":29,"box":{"x":89,"y":254,"width":875,"height":9}},{"id":"c1f60ea8-eb49-4ad9-adbf-e39b798343cf","block_type":"box","text":"Steven White 2025 Managing Director","page_number":29,"box":{"x":88,"y":269,"width":876,"height":10}},{"id":"e44b85e6-05e6-42e2-be38-ea1216f6566d","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":29,"box":{"x":84,"y":304,"width":304,"height":11}},{"id":"5011f472-ad89-4ac2-9f06-2387845a8840","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":29,"box":{"x":82,"y":329,"width":878,"height":11}},{"id":"d22b799d-265b-470b-b0e7-90e3a7de0a61","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":29,"box":{"x":83,"y":344,"width":855,"height":10}},{"id":"a52639b2-2652-4845-b09d-e77fcbf0fc9a","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":29,"box":{"x":83,"y":358,"width":817,"height":11}},{"id":"4c205320-ea5a-4bda-a48a-e6ff0bcfac66","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":29,"box":{"x":83,"y":372,"width":878,"height":11}},{"id":"5a89b80b-142a-4063-b532-40054cea5117","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":29,"box":{"x":84,"y":386,"width":860,"height":11}},{"id":"c2f8d0e8-46de-46bd-891d-a693b5ced97c","block_type":"box","text":"(the “bid-ask spread”).","page_number":29,"box":{"x":83,"y":400,"width":157,"height":11}},{"id":"99087ed1-1384-4041-bd01-46317ca72886","block_type":"box","text":"Tax Information","page_number":29,"box":{"x":82,"y":429,"width":144,"height":11}},{"id":"5955418b-f087-4032-9069-54353106fe83","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":29,"box":{"x":82,"y":455,"width":832,"height":10}},{"id":"eab135fb-6927-419a-b3d4-ae631499eba5","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":29,"box":{"x":83,"y":468,"width":883,"height":11}},{"id":"bf07326b-f658-42a1-bbc3-2cd2f840882c","block_type":"box","text":"be taxed when withdrawn.","page_number":29,"box":{"x":84,"y":483,"width":181,"height":8}},{"id":"7ba6e088-f348-4463-a5ab-1d548bdc19a4","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":29,"box":{"x":84,"y":512,"width":575,"height":13}},{"id":"f6dc2b3b-b939-4e8a-8fe3-d747b9c6e324","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":29,"box":{"x":84,"y":537,"width":854,"height":11}},{"id":"7544cbbc-d6a0-4c1e-97d5-ffd5e85fdaf5","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":29,"box":{"x":84,"y":551,"width":842,"height":11}},{"id":"728026fa-98b3-43ea-96cc-3a07d2d536d6","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":29,"box":{"x":83,"y":565,"width":820,"height":11}},{"id":"32ca62f9-8359-4814-b51b-965e754fa36f","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":29,"box":{"x":84,"y":579,"width":801,"height":11}},{"id":"3bcfde3c-d5ca-46a8-a391-d404b8cce0e4","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":29,"box":{"x":83,"y":594,"width":841,"height":10}},{"id":"8ab3bb8e-52d8-4d80-8c8f-f57bec377dc9","block_type":"box","text":"financial intermediary’s website for more information.","page_number":29,"box":{"x":83,"y":608,"width":379,"height":11}},{"id":"fcc74a68-df40-4d79-a765-d3256b83158f","block_type":"box","text":"S-16","page_number":29,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"cf68b822-fbf5-4672-ad28-180df9b8422e","block_type":"box","text":"iShares ESG MSCI KLD 400 ETF","page_number":30,"box":{"x":84,"y":23,"width":441,"height":17}},{"id":"ac2afab6-14d4-4174-8e2e-542c77b03e5c","block_type":"box","text":"DSI | NYSE Arca","page_number":30,"box":{"x":85,"y":47,"width":218,"height":18}},{"id":"3343e492-25ac-465a-bc5a-23c8ff7f1873","block_type":"box","text":"Investment Objective","page_number":30,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"6c95d7c6-b8c3-42ec-b480-bdd6f99dec06","block_type":"box","text":"The iShares ESG MSCI KLD 400 ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":30,"box":{"x":82,"y":117,"width":819,"height":11}},{"id":"526402a2-870b-471e-879c-e3b8218a0daf","block_type":"box","text":"companies that have positive environmental, social and governance characteristics as identified by the index provider.","page_number":30,"box":{"x":83,"y":131,"width":835,"height":11}},{"id":"ee8efb83-e412-443a-a11c-eb96206ab291","block_type":"box","text":"Fees and Expenses","page_number":30,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"426cf2f7-3f39-484b-bafe-9fde01b30df2","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":30,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"7bb6c97e-a952-4675-8d6a-aef6acbe8b67","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":30,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"3bd93fc0-2427-430e-832c-8378e4f352c9","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":30,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"69ee0391-5552-4a23-a9a0-83e738e84912","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":30,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"6cbf3d50-5fca-4e9f-84f9-91b167b8331c","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":30,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"2b471d06-2a9e-4466-863a-38937d343d9f","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":30,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"9907d39c-c7e0-4318-9751-9dfb365d6f1f","block_type":"box","text":"extraordinary expenses.","page_number":30,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"d437bddf-8ef8-4cfb-bdc1-083c66d89210","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":30,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"eff16c41-c3aa-4d21-86af-749ce3eb6e94","block_type":"box","text":"reflected in the table and example below.","page_number":30,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"0ee8a5bf-59a3-4f84-ab23-a03cdd1ed092","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":30,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"8125a78d-3981-4084-b562-4c7a97a08407","block_type":"box","text":"1","page_number":30,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"97013243-9fee-4b28-9638-f4c24f2ca143","block_type":"box","text":"Management Fee","page_number":30,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"2ffde2f9-e1e4-451c-b8aa-74767bf0bb6c","block_type":"box","text":"0.25%","page_number":30,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"ac861f3b-c2cc-4c98-93de-19d17292a21c","block_type":"box","text":"Other Expenses","page_number":30,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"5e5efa81-5e73-4020-9de8-b9bca4e1070e","block_type":"box","text":"0.00%","page_number":30,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"e298e37e-2e75-4569-84c9-1706dd5d8b85","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":30,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"b49a4ea4-6f15-4421-9b14-dcbddee20194","block_type":"box","text":"0.25%","page_number":30,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"30301f0a-01d3-482b-b47f-252b844067f8","block_type":"box","text":"1","page_number":30,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"5e7e9f9f-339e-49ac-a613-7c2e43c9aedf","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":30,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"c7a78db8-9a02-4c1c-a4e8-97cd9f66dfc6","block_type":"box","text":"Example.","page_number":30,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"cd87c2e8-6917-4865-90ba-c6dc88aa4b97","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":30,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"805b3223-991a-4034-974e-2943f795f0bf","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":30,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"e9c7e158-1d0e-405b-8903-5a9e5fd3ce59","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":30,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"4656bacf-cb85-4c25-9842-096aa2a28072","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":30,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"c1a2803e-60da-4319-8bb3-82875169581b","block_type":"box","text":"your costs would be:","page_number":30,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"22eba7ce-95d2-4a0e-9976-b0c893edc9a0","block_type":"box","text":"Expense Example","page_number":30,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"8ef83cd0-5ceb-4e8f-a845-38cb08b8e3f6","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":30,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"617eb801-40c9-49ca-a6b3-d6eebb9d5b18","block_type":"box","text":"Example Fund Costs","page_number":30,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"23bd076f-6d03-4cce-97b6-3b0854a3bf31","block_type":"box","text":"$26 $80 $141 $318","page_number":30,"box":{"x":701,"y":525,"width":261,"height":9}},{"id":"a4d61b1b-aa3b-4efd-9aea-b965cdc3591b","block_type":"box","text":"Portfolio Turnover.","page_number":30,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"3d7c2dbd-6479-4aa6-a43d-140176fba998","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":30,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"542f05c0-b138-46b9-a5c9-7297784dc2c3","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":30,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"b70f4fa5-261f-4dfd-879e-dde7848100d0","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":30,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"1c5c6506-8225-410c-829f-163dccde00b9","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 3% of","page_number":30,"box":{"x":82,"y":597,"width":877,"height":11}},{"id":"664af9b2-75b8-4adb-8188-6ab6cad09f5a","block_type":"box","text":"the average value of its portfolio.","page_number":30,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"dec3b62c-e1f2-473e-86d5-7b2b560745fe","block_type":"box","text":"Principal Investment Strategies","page_number":30,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"4acc4762-82a6-484b-a359-bca2c7d70a91","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI KLD 400 Social Index (the “Underlying Index”), which is a free","page_number":30,"box":{"x":82,"y":666,"width":855,"height":11}},{"id":"3d0f42f7-fdc9-4de8-b51e-41566c9c85bb","block_type":"box","text":"float-adjusted market capitalization weighted index designed to provide exposure to U.S. companies that have positive","page_number":30,"box":{"x":83,"y":680,"width":838,"height":11}},{"id":"a48275d1-fbfc-4ab5-afe7-9c7a58635a10","block_type":"box","text":"environmental, social and governance (“ESG”) characteristics. As of April 30, 2026, the Underlying Index consisted of 399","page_number":30,"box":{"x":83,"y":694,"width":858,"height":11}},{"id":"6a2a5b67-41f3-460f-9d01-54e75c57f3a3","block_type":"box","text":"securities identified by MSCI Inc. (the “Index Provider” or “MSCI”) from the universe of companies included in the MSCI USA","page_number":30,"box":{"x":83,"y":708,"width":874,"height":11}},{"id":"10c4676a-b9ff-411b-ab8f-a05206c42153","block_type":"box","text":"IMI Index, which targets 99% of the market coverage of stocks that are listed for trading on the New York Stock Exchange","page_number":30,"box":{"x":84,"y":723,"width":855,"height":10}},{"id":"c0c6b415-f26f-455d-8883-07d011590cdd","block_type":"box","text":"(“NYSE”) and the Nasdaq Stock Market. MSCI analyzes each eligible company’s ESG performance using proprietary ratings","page_number":30,"box":{"x":83,"y":737,"width":871,"height":11}},{"id":"0fbb1d2b-7df3-4e67-8527-d29702cb1323","block_type":"box","text":"covering ESG criteria. When selecting companies for the Underlying Index, MSCI also considers market capitalization and","page_number":30,"box":{"x":83,"y":751,"width":859,"height":11}},{"id":"42a7d4c0-10c7-4e80-95d6-92f8e0dccb93","block_type":"box","text":"liquidity. Companies that MSCI determines have significant involvement in the following businesses are not eligible for the","page_number":30,"box":{"x":84,"y":765,"width":866,"height":11}},{"id":"11f85a9f-b940-4a8f-b4d2-1983dc4ec1a5","block_type":"box","text":"Underlying Index: fossil fuel extraction, fossil fuel reserve ownership, unconventional oil and gas extraction, thermal","page_number":30,"box":{"x":84,"y":779,"width":816,"height":11}},{"id":"8580b17a-65c0-4aae-abeb-929c4a685901","block_type":"box","text":"coal-based power generation, alcohol, tobacco, gambling, civilian firearms, nuclear power, controversial weapons, nuclear","page_number":30,"box":{"x":83,"y":793,"width":861,"height":11}},{"id":"e6f921e6-ea0e-4261-920b-afbe2073fd3e","block_type":"box","text":"weapons, conventional weapons, adult entertainment and genetically modified organisms. The Underlying Index may include","page_number":30,"box":{"x":82,"y":808,"width":887,"height":10}},{"id":"021ee653-035f-46fc-9ad3-05aa915cacc0","block_type":"box","text":"large-, mid- and small-capitalization companies.","page_number":30,"box":{"x":84,"y":822,"width":343,"height":11}},{"id":"722eebed-2f26-4755-842d-606f49082752","block_type":"box","text":"As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the","page_number":30,"box":{"x":82,"y":844,"width":816,"height":11}},{"id":"b00571a8-760b-4324-bf9e-b7c3d8bb70af","block_type":"box","text":"technology industry or sector. The components of the Underlying Index are likely to change over time.","page_number":30,"box":{"x":82,"y":858,"width":717,"height":11}},{"id":"3e22dbf0-5698-4dc5-b3ff-25704afff15b","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":30,"box":{"x":82,"y":881,"width":853,"height":11}},{"id":"f135aa07-e6e9-4a46-a02b-07b588e29d03","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":30,"box":{"x":84,"y":895,"width":838,"height":11}},{"id":"da322a22-4186-4fda-8c09-94a34856e1a6","block_type":"box","text":"S-17","page_number":30,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"dd9d6656-348f-42c7-89d4-77b1d6711c54","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":31,"box":{"x":83,"y":23,"width":868,"height":11}},{"id":"185a464c-ab49-48ca-b37d-03d1096a6c13","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":31,"box":{"x":84,"y":37,"width":850,"height":11}},{"id":"b1bf98a5-e76d-4abf-90f5-6e1307dbafca","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":31,"box":{"x":83,"y":51,"width":806,"height":11}},{"id":"7ad07f4c-ee0d-4cbd-93db-47eb95f12e6d","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":31,"box":{"x":83,"y":66,"width":885,"height":11}},{"id":"2a7f4bb9-b831-46ce-a857-a9dd7e2c91d8","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":31,"box":{"x":82,"y":80,"width":885,"height":11}},{"id":"32495950-4795-4112-a458-e6304ca23a4e","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":31,"box":{"x":83,"y":94,"width":853,"height":11}},{"id":"25f1de61-89be-45cd-a21f-851eb3850b3b","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":31,"box":{"x":83,"y":108,"width":867,"height":11}},{"id":"9527f084-cf74-41cd-99d2-84c6b367d9fc","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":31,"box":{"x":83,"y":122,"width":868,"height":11}},{"id":"09e50839-b554-4885-9e92-4515e4d4c516","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":31,"box":{"x":82,"y":137,"width":863,"height":10}},{"id":"8229591b-65bb-4956-a0cb-2941abbb33c6","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":31,"box":{"x":84,"y":151,"width":825,"height":11}},{"id":"91b5b6e2-9bbc-4104-87ac-7f083a060ada","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":31,"box":{"x":84,"y":165,"width":405,"height":11}},{"id":"a3adc518-73a5-4d0a-977a-754eee8db40e","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":31,"box":{"x":84,"y":188,"width":844,"height":11}},{"id":"44944644-0e2d-4b85-8d13-b08a463b6931","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":31,"box":{"x":83,"y":202,"width":860,"height":11}},{"id":"26d79bf9-dc8d-4e5f-9bb6-27b5567c1751","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":31,"box":{"x":83,"y":217,"width":831,"height":10}},{"id":"4e65557c-a23b-4e6e-8a59-263daa91c814","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":31,"box":{"x":83,"y":231,"width":817,"height":11}},{"id":"bf781027-4166-451e-97d4-ce024d73ae0d","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":31,"box":{"x":84,"y":245,"width":817,"height":11}},{"id":"5690ae7f-a4a8-4f1d-86f9-2a981db45e4e","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":31,"box":{"x":83,"y":259,"width":835,"height":11}},{"id":"2180ead9-03d8-427b-b09a-6652090b029d","block_type":"box","text":"In addition, the Fund generally will invest at least 90% of its assets in the components of the Underlying Index.","page_number":31,"box":{"x":84,"y":281,"width":780,"height":11}},{"id":"d71033fc-5c2a-4fbc-9b24-6d88ee1d8bde","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":31,"box":{"x":82,"y":304,"width":873,"height":11}},{"id":"22e09523-5d23-40dc-b11f-45249a976643","block_type":"box","text":"collateral received).","page_number":31,"box":{"x":83,"y":318,"width":136,"height":10}},{"id":"8dca5687-b5e3-428c-bca8-904832f2db3b","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":31,"box":{"x":82,"y":342,"width":867,"height":10}},{"id":"2019f0a6-8ed4-41c4-a9cc-a27a47b85035","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":31,"box":{"x":83,"y":356,"width":856,"height":11}},{"id":"32176180-44fb-4ce2-87d7-bdaa0495b201","block_type":"box","text":"market value of the Underlying Index.","page_number":31,"box":{"x":84,"y":370,"width":262,"height":11}},{"id":"8dd478c8-6153-4260-b098-8f23c61c4bc2","block_type":"box","text":"Industry Concentration Policy.","page_number":31,"box":{"x":84,"y":393,"width":223,"height":11}},{"id":"362c048a-b204-40cd-bd9e-027f969b59b6","block_type":"box","text":"The Fund will concentrate its investments (","page_number":31,"box":{"x":312,"y":393,"width":304,"height":9}},{"id":"922c2610-7fca-4e68-b744-ee97d2fa5d3e","block_type":"box","text":"i.e.","page_number":31,"box":{"x":617,"y":393,"width":17,"height":9}},{"id":"2489982c-d7dc-4036-b96a-e0b5682a9f4b","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":31,"box":{"x":636,"y":393,"width":292,"height":10}},{"id":"984f5aca-9bef-4c0e-9b9e-7afcfa56435c","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":31,"box":{"x":84,"y":407,"width":858,"height":11}},{"id":"1da4b3c0-0bf8-4928-a228-5a8fe34833d2","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":31,"box":{"x":84,"y":421,"width":867,"height":11}},{"id":"92466447-d1d8-4e97-9faa-a942de1f272c","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":31,"box":{"x":83,"y":436,"width":826,"height":11}},{"id":"969ba7fb-7715-4174-9a15-e88ca2f6af04","block_type":"box","text":"Diversification Policy.","page_number":31,"box":{"x":84,"y":459,"width":158,"height":11}},{"id":"45fe4c7f-0662-4c4d-a5bd-5860236aba67","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion as the Underlying Index is","page_number":31,"box":{"x":246,"y":459,"width":699,"height":11}},{"id":"bf8433b4-3a14-452d-ba0b-494e0ef70f18","block_type":"box","text":"diversified and to invest all or substantially all of its assets in components of the Underlying Index in approximately the same","page_number":31,"box":{"x":83,"y":473,"width":882,"height":11}},{"id":"1d367fa8-8530-4766-baa4-f3bae31cfa12","block_type":"box","text":"proportion as each component’s weighting in the Underlying Index. This diversification policy may limit the Fund’s ability to","page_number":31,"box":{"x":84,"y":487,"width":871,"height":11}},{"id":"3a1c868d-3dec-4aab-a65e-4880a9c41e26","block_type":"box","text":"use representative sampling. The Fund may become “non-diversified,” as defined in the 1940 Act, solely as a result of a","page_number":31,"box":{"x":83,"y":501,"width":838,"height":11}},{"id":"112839cd-100c-48e9-9486-c949206b610c","block_type":"box","text":"change in relative market capitalization or index weighting of one or more components of the Underlying Index. Shareholder","page_number":31,"box":{"x":83,"y":516,"width":878,"height":10}},{"id":"d3a2f096-b176-4692-8d5c-436a8b88cdf9","block_type":"box","text":"approval will not be sought if the Fund becomes “non-diversified” due solely to a change in the relative market capitalization","page_number":31,"box":{"x":83,"y":530,"width":877,"height":11}},{"id":"ddc770a8-e156-4466-9dc5-9aa0dc56db70","block_type":"box","text":"or index weighting of one or more components of the Underlying Index. The Fund discloses its portfolio holdings and","page_number":31,"box":{"x":83,"y":544,"width":825,"height":11}},{"id":"53533faa-ba1c-4acf-b447-42316eaa4cde","block_type":"box","text":"weightings at www.iShares.com.","page_number":31,"box":{"x":82,"y":558,"width":227,"height":11}},{"id":"f07cebc3-6401-4f99-9dee-20a368d2c11c","block_type":"box","text":"Summary of Principal Risks","page_number":31,"box":{"x":83,"y":587,"width":248,"height":14}},{"id":"7e3489ab-e645-4c95-8578-42bd9eced0f2","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":31,"box":{"x":82,"y":612,"width":882,"height":11}},{"id":"50aa9d95-e7d0-4afe-b950-53ff16b1da88","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":31,"box":{"x":83,"y":626,"width":825,"height":11}},{"id":"9be39b72-0f50-4b7e-9ce1-47853e3b1b9e","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":31,"box":{"x":83,"y":640,"width":807,"height":11}},{"id":"823bf79c-922f-428e-8fe5-bbfbf8ff925d","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":31,"box":{"x":83,"y":655,"width":844,"height":11}},{"id":"b31c0e21-f9e2-418d-8225-216dca411695","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":31,"box":{"x":83,"y":669,"width":814,"height":11}},{"id":"ab35c281-377a-4622-a7e4-7259c30c54bf","block_type":"box","text":"Risk of Investing in the U.S.","page_number":31,"box":{"x":84,"y":692,"width":200,"height":11}},{"id":"5a76f1fb-e625-4567-bf0a-e556ee2768b0","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":31,"box":{"x":289,"y":692,"width":664,"height":11}},{"id":"a3a4d37a-6cac-4e93-9c92-24064cf387c4","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":31,"box":{"x":83,"y":706,"width":878,"height":11}},{"id":"f2859746-a56b-4e42-9fd0-5a4e822abbf0","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":31,"box":{"x":83,"y":721,"width":470,"height":10}},{"id":"c450056b-f01e-4b44-a539-ffb56fa395a8","block_type":"box","text":"ESG Risk.","page_number":31,"box":{"x":84,"y":744,"width":68,"height":8}},{"id":"1bf84a6f-5770-49b5-bf09-77f6d377dbf8","block_type":"box","text":"To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the","page_number":31,"box":{"x":156,"y":744,"width":810,"height":11}},{"id":"2d164e73-adef-457b-ae4e-0006638d4b55","block_type":"box","text":"types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds","page_number":31,"box":{"x":82,"y":758,"width":888,"height":11}},{"id":"13cac497-8bcc-4f21-a873-d0b420bfb344","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing","page_number":31,"box":{"x":82,"y":772,"width":886,"height":11}},{"id":"1bbe0f09-29f0-466b-9eb2-7f8b3126e1fb","block_type":"box","text":"in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform","page_number":31,"box":{"x":83,"y":786,"width":851,"height":11}},{"id":"5d51976d-bb92-4d2b-a244-7fd885e49be6","block_type":"box","text":"other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s","page_number":31,"box":{"x":83,"y":800,"width":842,"height":11}},{"id":"373da708-2fe3-440f-8fd7-3d7f04f41568","block_type":"box","text":"overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level","page_number":31,"box":{"x":83,"y":815,"width":858,"height":11}},{"id":"247e029b-3799-4b63-9a5b-37fb6596e794","block_type":"box","text":"ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or","page_number":31,"box":{"x":84,"y":829,"width":863,"height":11}},{"id":"e430eea6-d357-4777-a3e6-ca6c9d1b061e","block_type":"box","text":"rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless","page_number":31,"box":{"x":84,"y":843,"width":856,"height":11}},{"id":"55d50c7c-0820-4f27-9f33-1e9643a0d699","block_type":"box","text":"remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain","page_number":31,"box":{"x":84,"y":857,"width":844,"height":11}},{"id":"a8f77b34-db3d-43b4-9956-154d2dfe6db3","block_type":"box","text":"S-18","page_number":31,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"485a937c-f268-4bbc-b007-39f11fbfdb46","block_type":"box","text":"securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or","page_number":32,"box":{"x":83,"y":23,"width":809,"height":11}},{"id":"efb89deb-2051-4927-9c16-f4110de56f28","block_type":"box","text":"constraints at all times.","page_number":32,"box":{"x":83,"y":38,"width":164,"height":8}},{"id":"efb554ad-86d6-4de4-b1f2-623fc56c9635","block_type":"box","text":"Equity Securities Risk.","page_number":32,"box":{"x":84,"y":60,"width":163,"height":11}},{"id":"79c605b8-4a59-450b-90ff-326065689e5f","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":32,"box":{"x":253,"y":61,"width":709,"height":10}},{"id":"f586ad75-d480-4ec9-b9c5-2da2fb496eb0","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":32,"box":{"x":83,"y":75,"width":889,"height":11}},{"id":"1867bc6a-8504-4ae6-862e-66edcd38c2af","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":32,"box":{"x":83,"y":89,"width":880,"height":11}},{"id":"879d6aae-0c39-41d6-bc26-d29e37fd67da","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":32,"box":{"x":83,"y":103,"width":867,"height":11}},{"id":"dba003d6-f331-4b7e-9927-34e0a2f893c4","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":32,"box":{"x":84,"y":117,"width":339,"height":11}},{"id":"5d5a1a6f-d35f-4930-a43d-9fd5c7f953f7","block_type":"box","text":"Market Risk.","page_number":32,"box":{"x":84,"y":140,"width":90,"height":9}},{"id":"e88b8951-0875-4917-9f5f-57b0f42526a1","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":32,"box":{"x":179,"y":141,"width":767,"height":10}},{"id":"a35fa771-8e12-42aa-bea6-b0513fc176b6","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":32,"box":{"x":83,"y":155,"width":882,"height":10}},{"id":"ad4def28-60b9-45a0-abfd-10bf6eac4d53","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":32,"box":{"x":84,"y":169,"width":857,"height":11}},{"id":"ed295cff-9456-417e-9df3-a0fae6302361","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":32,"box":{"x":83,"y":183,"width":875,"height":11}},{"id":"b53cd9fc-f11f-4118-be5d-ad65de765e86","block_type":"box","text":"Fund’s NAV.","page_number":32,"box":{"x":84,"y":197,"width":81,"height":9}},{"id":"0b32e7db-09d9-49d7-b19d-1e8371d35577","block_type":"box","text":"Index-Related Risk.","page_number":32,"box":{"x":84,"y":220,"width":143,"height":9}},{"id":"29cfb85e-f47d-42c6-88b8-772f9c84eb58","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":32,"box":{"x":231,"y":220,"width":742,"height":11}},{"id":"174de42f-ec88-45b8-be4e-4c88149d74ff","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":32,"box":{"x":84,"y":235,"width":855,"height":10}},{"id":"487ca52c-90b3-4261-8c19-4b5ff1d6a541","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":32,"box":{"x":83,"y":249,"width":852,"height":11}},{"id":"a1acbe70-fbc9-4c81-bea1-a04020cb6c42","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":32,"box":{"x":83,"y":263,"width":877,"height":11}},{"id":"81faf471-7ccf-4d00-9a02-1b5117210426","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":32,"box":{"x":82,"y":277,"width":849,"height":11}},{"id":"d35d3718-4760-442a-8a65-961792c90e11","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":32,"box":{"x":83,"y":291,"width":849,"height":11}},{"id":"590767a6-722f-4064-b2d2-ce4fc25dcf46","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":32,"box":{"x":84,"y":305,"width":890,"height":11}},{"id":"52511c73-4152-4c64-9da4-63a8d59e3f99","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":32,"box":{"x":84,"y":320,"width":852,"height":10}},{"id":"fd5baa8b-493d-4d1a-9f0e-4a955e31d13a","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":32,"box":{"x":83,"y":334,"width":539,"height":11}},{"id":"9adca7a9-ffff-4d0a-ae78-4a37b7729535","block_type":"box","text":"Asset Class Risk.","page_number":32,"box":{"x":82,"y":357,"width":123,"height":9}},{"id":"3c8601c8-8d06-4f4c-af48-7c5619deb091","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":32,"box":{"x":209,"y":357,"width":721,"height":11}},{"id":"cf1661d1-1751-437f-b60d-111712d979ce","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":32,"box":{"x":83,"y":371,"width":774,"height":11}},{"id":"7e5db368-1331-4fb0-9707-4e9366204ac8","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":32,"box":{"x":82,"y":394,"width":318,"height":11}},{"id":"463e4276-0285-4b0a-8c8c-e3feef8c1391","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":32,"box":{"x":405,"y":394,"width":531,"height":11}},{"id":"b71a10bf-f696-422a-b7d1-f978ea3076fb","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":32,"box":{"x":84,"y":409,"width":809,"height":10}},{"id":"6870be9c-70e2-4ab1-a2c3-be4286f47e61","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":32,"box":{"x":82,"y":423,"width":816,"height":11}},{"id":"c01128ef-bc23-4d91-9cd3-2ae1eb977e5e","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":32,"box":{"x":82,"y":437,"width":885,"height":11}},{"id":"d2442022-98ab-403d-a0ad-af805380fcc6","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":32,"box":{"x":83,"y":451,"width":871,"height":11}},{"id":"97b249cb-5011-49fe-9071-9672dd257d6b","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":32,"box":{"x":84,"y":466,"width":845,"height":10}},{"id":"5eda8d00-e6ac-4d15-be04-2ca102088054","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":32,"box":{"x":82,"y":480,"width":882,"height":10}},{"id":"fd3b3a09-a532-4ded-b45d-46c1b3ebfc5b","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":32,"box":{"x":84,"y":494,"width":853,"height":11}},{"id":"9f8c6b1b-e785-4bfd-baee-8a2f23f86f1d","block_type":"box","text":"halts or delisting.","page_number":32,"box":{"x":84,"y":508,"width":120,"height":11}},{"id":"2c8c503a-2d84-4433-8a54-84fd9dbedd9d","block_type":"box","text":"Concentration Risk.","page_number":32,"box":{"x":83,"y":531,"width":145,"height":9}},{"id":"53bd6917-cea1-402f-b56f-fbc1e627a0ba","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":32,"box":{"x":232,"y":531,"width":712,"height":11}},{"id":"aba31eae-d916-4fb0-9064-fc0b3b92e899","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":32,"box":{"x":83,"y":545,"width":884,"height":10}},{"id":"bf59010b-b87b-45db-9e68-1e11b407fa97","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":32,"box":{"x":82,"y":559,"width":887,"height":11}},{"id":"2b6dd52a-e3ec-43ea-8797-7fe544d0f918","block_type":"box","text":"asset classes.","page_number":32,"box":{"x":83,"y":574,"width":95,"height":8}},{"id":"30a389da-3b4c-4799-b868-fa2f310c71df","block_type":"box","text":"Issuer Risk.","page_number":32,"box":{"x":84,"y":597,"width":82,"height":8}},{"id":"a68a5cef-d1e8-4962-bee2-f430386c2c69","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":32,"box":{"x":170,"y":597,"width":780,"height":10}},{"id":"7bc94fc3-7cf3-43f0-8033-e94b53e7dff5","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":32,"box":{"x":84,"y":611,"width":885,"height":11}},{"id":"3743a695-bd96-45f4-84f8-6d976db225e4","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":32,"box":{"x":82,"y":625,"width":577,"height":11}},{"id":"0203bfed-aecb-4ade-9d69-c522094a1980","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":32,"box":{"x":84,"y":648,"width":278,"height":11}},{"id":"753159eb-d590-4bb3-aca1-198f5e69dd6d","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":32,"box":{"x":367,"y":649,"width":540,"height":10}},{"id":"9ad917ea-82cd-4a09-8bcb-53153325b753","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":32,"box":{"x":83,"y":663,"width":890,"height":10}},{"id":"79a99e5c-63ba-4270-a3b9-d55ad1add29b","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":32,"box":{"x":84,"y":677,"width":867,"height":11}},{"id":"6f4e7d3f-9cbf-4d2d-8819-abaa0b1ffbaa","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":32,"box":{"x":84,"y":691,"width":709,"height":11}},{"id":"b4351257-5525-4a9d-b076-72c05249225e","block_type":"box","text":"Management Risk.","page_number":32,"box":{"x":84,"y":714,"width":136,"height":11}},{"id":"27195c0c-edfc-42b7-8bb4-6c0c1d45f717","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":32,"box":{"x":225,"y":714,"width":711,"height":11}},{"id":"0380ca87-581e-4877-b5e3-94c06cf64527","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":32,"box":{"x":84,"y":728,"width":876,"height":11}},{"id":"21da15a9-f49d-4410-b7e2-5586ea2e656d","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":32,"box":{"x":83,"y":742,"width":859,"height":11}},{"id":"953cb5c7-cba8-4443-b5f1-cacdcba8d794","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":32,"box":{"x":83,"y":757,"width":847,"height":11}},{"id":"459f0b1d-9514-4c2f-b9bc-cc880934ac9e","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":32,"box":{"x":83,"y":771,"width":756,"height":11}},{"id":"ae118603-f7f3-4f14-84be-3b0a079db53e","block_type":"box","text":"Market Trading Risk.","page_number":32,"box":{"x":84,"y":794,"width":151,"height":11}},{"id":"07341c8f-72f8-4503-9437-a5c10b15b590","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":32,"box":{"x":239,"y":794,"width":695,"height":11}},{"id":"28363f3c-a597-4a58-abd4-cee706da84c4","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":32,"box":{"x":84,"y":808,"width":841,"height":11}},{"id":"f821cbc3-88c1-4088-877d-0d552ee07bbe","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":32,"box":{"x":83,"y":822,"width":887,"height":11}},{"id":"95ca8746-0fce-40e7-beab-79ab6d04a313","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":32,"box":{"x":83,"y":837,"width":839,"height":10}},{"id":"65801160-8e53-4f66-b8c7-c9bd4cef6c61","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":32,"box":{"x":84,"y":851,"width":865,"height":11}},{"id":"ba9c4919-d221-4006-ac83-efecb73dcc1d","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":32,"box":{"x":82,"y":865,"width":885,"height":11}},{"id":"2b6fde65-e066-4b23-a320-cd85d494c66b","block_type":"box","text":"of the Fund shares.","page_number":32,"box":{"x":83,"y":879,"width":135,"height":9}},{"id":"a817d141-c7fb-48a1-9cdf-c6a122540fd1","block_type":"box","text":"S-19","page_number":32,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"db7a6c17-f999-4f60-ab6e-7c7aa5e34b1f","block_type":"box","text":"Non-Diversification Risk.","page_number":33,"box":{"x":84,"y":23,"width":184,"height":9}},{"id":"b8da5460-bb9d-4d5c-af33-d9d6525b95b0","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large percentage of its assets in","page_number":33,"box":{"x":272,"y":23,"width":677,"height":11}},{"id":"38e1f157-76b6-492a-90dd-2bd45bfd963c","block_type":"box","text":"securities or other instruments representing a small number of issuers or counterparties and thus may be more susceptible","page_number":33,"box":{"x":83,"y":37,"width":873,"height":11}},{"id":"1a74ea98-50c6-4969-9bd2-14f3b01b69b6","block_type":"box","text":"to the risks associated with these particular issuers or counterparties. As a result, the Fund's performance may depend to a","page_number":33,"box":{"x":82,"y":52,"width":867,"height":10}},{"id":"f96d098a-8866-449a-a845-5a71cb7c4d22","block_type":"box","text":"greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the","page_number":33,"box":{"x":83,"y":66,"width":857,"height":11}},{"id":"21f7a38c-3875-4171-8977-61a4a056371b","block_type":"box","text":"Fund’s NAV.","page_number":33,"box":{"x":84,"y":80,"width":81,"height":8}},{"id":"d09ea795-4d84-4a5d-a7ac-c649927f29c6","block_type":"box","text":"Operational and Technology Risks.","page_number":33,"box":{"x":83,"y":103,"width":255,"height":11}},{"id":"d5cfc1eb-7c74-4003-a493-4e7579e23820","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":33,"box":{"x":342,"y":103,"width":582,"height":11}},{"id":"db9375d3-1f7b-4863-8210-f8dce58cbe47","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":33,"box":{"x":83,"y":117,"width":876,"height":11}},{"id":"a615e166-8a6f-4323-a2b1-53e53fb3c413","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":33,"box":{"x":83,"y":131,"width":879,"height":11}},{"id":"d1b32f33-4f2e-4b06-ae7a-237d4d8e0a3b","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":33,"box":{"x":83,"y":146,"width":825,"height":10}},{"id":"e6edc27d-cee3-4764-af11-daac58cfed1f","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":33,"box":{"x":83,"y":160,"width":863,"height":11}},{"id":"a4ce86de-c903-4404-ae1f-2c933fa8ab32","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":33,"box":{"x":83,"y":174,"width":872,"height":11}},{"id":"6d2938fa-cc3e-4595-a4af-2686d5c90c8c","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":33,"box":{"x":84,"y":188,"width":823,"height":11}},{"id":"53f6ae04-73c6-4993-863a-fa7d49f65781","block_type":"box","text":"Securities Lending Risk.","page_number":33,"box":{"x":83,"y":211,"width":177,"height":11}},{"id":"0cc509b0-7bf2-4ac5-ae65-a5859a0f5115","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":33,"box":{"x":264,"y":211,"width":692,"height":11}},{"id":"c11381f8-dd78-4d8c-962b-e6f842e55e75","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":33,"box":{"x":84,"y":226,"width":869,"height":10}},{"id":"6553f1ae-9f2d-4e79-9d0b-8026efb4856c","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":33,"box":{"x":83,"y":240,"width":886,"height":11}},{"id":"adfcd54b-7461-407f-b841-74ba789f492a","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":33,"box":{"x":83,"y":254,"width":831,"height":11}},{"id":"aa187ae6-79a4-4791-8b74-ad1d817d74ba","block_type":"box","text":"Technology Companies Risk.","page_number":33,"box":{"x":82,"y":277,"width":211,"height":11}},{"id":"914de147-198b-4a1d-b79c-131ff7596b87","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":33,"box":{"x":298,"y":277,"width":656,"height":11}},{"id":"89f92acd-979a-472a-a186-e470152d5860","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":33,"box":{"x":84,"y":291,"width":848,"height":11}},{"id":"fc199820-87c4-4a62-800d-e99ee1b9b4df","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":33,"box":{"x":83,"y":305,"width":887,"height":11}},{"id":"2375d35d-22c1-4bc6-b3c3-8378d41cd8cc","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":33,"box":{"x":83,"y":320,"width":884,"height":10}},{"id":"98bfbf0f-9a29-462f-a531-dadbcc4f9ca5","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":33,"box":{"x":82,"y":334,"width":839,"height":11}},{"id":"4c171b5f-3f48-425e-9e60-f797d73c4898","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":33,"box":{"x":83,"y":348,"width":870,"height":11}},{"id":"04bb6fc2-2b75-47d9-acbc-47f11bf8ff69","block_type":"box","text":"government or legal action.","page_number":33,"box":{"x":83,"y":362,"width":193,"height":11}},{"id":"afd6643a-4ccd-492e-8ec0-909e8a9a9149","block_type":"box","text":"Tracking Error Risk.","page_number":33,"box":{"x":82,"y":385,"width":145,"height":11}},{"id":"5c196252-e950-4b84-a365-6e34f3519601","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":33,"box":{"x":231,"y":385,"width":741,"height":11}},{"id":"bd17f950-a190-4ae8-83bd-0fb75aac66be","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":33,"box":{"x":83,"y":400,"width":861,"height":10}},{"id":"87ef9d11-5a28-40a5-8b42-d95bebbaed59","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":33,"box":{"x":83,"y":414,"width":832,"height":11}},{"id":"93d69c12-5624-400a-ab0f-1c9d292ce714","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":33,"box":{"x":84,"y":428,"width":880,"height":11}},{"id":"f335bec2-7b0b-4cc0-ae93-384c88d111b7","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":33,"box":{"x":84,"y":442,"width":830,"height":11}},{"id":"eec80e0b-7e70-481a-a68b-c92ff3f40cc4","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":33,"box":{"x":82,"y":456,"width":828,"height":11}},{"id":"a06d9366-f514-420b-b58e-7794b7c2882b","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":33,"box":{"x":83,"y":470,"width":874,"height":11}},{"id":"e6c82291-ef70-4ae9-8700-73baa7dec4a6","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":33,"box":{"x":84,"y":485,"width":888,"height":10}},{"id":"e3166cc6-0b05-443a-aa8a-3102da852c1c","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":33,"box":{"x":84,"y":499,"width":851,"height":11}},{"id":"17e5cc5b-6373-479b-9122-d124c8273182","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":33,"box":{"x":84,"y":513,"width":885,"height":11}},{"id":"0d7a2044-c871-4063-8ee8-6ea02a6cfbee","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":33,"box":{"x":83,"y":527,"width":874,"height":11}},{"id":"7d2e14d7-b19f-4ca0-848a-138e294a1e8f","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":33,"box":{"x":84,"y":541,"width":724,"height":11}},{"id":"ebecc598-37e0-4bf8-a136-8fcece9237e6","block_type":"box","text":"Performance Information","page_number":33,"box":{"x":84,"y":570,"width":229,"height":11}},{"id":"8b7a0c9e-d51a-4ec2-b462-5e1afc2bd8e7","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":33,"box":{"x":82,"y":595,"width":864,"height":11}},{"id":"daa467a7-f16c-43b1-af5c-fe2c868bdc82","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":33,"box":{"x":83,"y":610,"width":871,"height":11}},{"id":"eefe9af3-6f30-4a79-9242-e564b6891d0a","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":33,"box":{"x":83,"y":624,"width":868,"height":11}},{"id":"af7699aa-4090-4512-b957-859b38359199","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":33,"box":{"x":84,"y":638,"width":837,"height":11}},{"id":"fbabe49e-a293-42a8-879f-130e4dface1e","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":33,"box":{"x":83,"y":652,"width":869,"height":11}},{"id":"ae4372e6-f14e-4ac5-b446-325a6039fcc3","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":33,"box":{"x":84,"y":666,"width":832,"height":11}},{"id":"0def2d13-e861-4dc1-b560-6fdbe0ca25d2","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":33,"box":{"x":84,"y":681,"width":841,"height":10}},{"id":"dff9d643-faaf-4ae8-9d25-d1a7ab9ff766","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":33,"box":{"x":82,"y":695,"width":531,"height":11}},{"id":"00fa16ba-441e-44be-92fb-9a7a072310cc","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":33,"box":{"x":165,"y":719,"width":260,"height":11}},{"id":"3c83eff5-b31e-4ec4-b540-22bf4ee9a752","block_type":"box","text":"10.34","page_number":33,"box":{"x":117,"y":797,"width":25,"height":6}},{"id":"5fc21dbf-a59d-4095-8966-8daff0bcec46","block_type":"box","text":"20.96","page_number":33,"box":{"x":153,"y":784,"width":26,"height":6}},{"id":"71095b92-851b-4a61-8318-f6b5bb55e139","block_type":"box","text":"-3.81","page_number":33,"box":{"x":191,"y":829,"width":22,"height":6}},{"id":"f2bfcb0f-ae8c-4208-ac1a-0a553e075159","block_type":"box","text":"31.27","page_number":33,"box":{"x":227,"y":772,"width":26,"height":6}},{"id":"c199472d-9d98-4977-b6d7-925f89cf74f2","block_type":"box","text":"20.81","page_number":33,"box":{"x":264,"y":784,"width":25,"height":6}},{"id":"3518e9e5-0042-477e-a4e7-fb5d8d3e1276","block_type":"box","text":"31.30","page_number":33,"box":{"x":301,"y":772,"width":26,"height":6}},{"id":"1b6e8aa3-d988-4863-aa01-99131e97a774","block_type":"box","text":"-21.66","page_number":33,"box":{"x":336,"y":850,"width":30,"height":6}},{"id":"68e526bc-1964-43a6-97c1-3d401cea67dc","block_type":"box","text":"28.45","page_number":33,"box":{"x":375,"y":775,"width":26,"height":6}},{"id":"183fc86e-20ba-401d-adef-04863d31bb03","block_type":"box","text":"22.48","page_number":33,"box":{"x":412,"y":782,"width":26,"height":6}},{"id":"6090b1f2-5e9a-43c9-b692-2b5d278fc74a","block_type":"box","text":"17.93","page_number":33,"box":{"x":450,"y":788,"width":25,"height":6}},{"id":"3f741f31-5858-4e2c-8e94-b20a8af569a6","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":33,"box":{"x":117,"y":873,"width":357,"height":6}},{"id":"cfec2f0c-8080-4db1-a219-b487400e91ec","block_type":"box","text":"Return (%) Period Ended","page_number":33,"box":{"x":790,"y":734,"width":176,"height":9}},{"id":"30d0c0aa-dc61-4df5-a60c-c171cdc8eb98","block_type":"box","text":"Calendar Year-to-Date Return","page_number":33,"box":{"x":550,"y":752,"width":197,"height":8}},{"id":"71e1f24c-347f-45bc-8dab-bd22b4bfb371","block_type":"box","text":"11.21% June 30, 2026","page_number":33,"box":{"x":804,"y":753,"width":168,"height":8}},{"id":"79fcb663-8849-4e94-ae05-6f1addf7972f","block_type":"box","text":"During the periods shown in the chart:","page_number":33,"box":{"x":551,"y":765,"width":250,"height":10}},{"id":"0e5146b8-a4fc-455b-83e5-6ee0db802cf3","block_type":"box","text":"Best Quarter 21.51% June 30, 2020","page_number":33,"box":{"x":564,"y":778,"width":408,"height":9}},{"id":"55fb2daf-959f-47f4-b78e-1d633d854459","block_type":"box","text":"Worst Quarter -18.42% March 31, 2020","page_number":33,"box":{"x":563,"y":791,"width":409,"height":9}},{"id":"2db0a0f1-c482-4118-969e-b272eaa94c7e","block_type":"box","text":"S-20","page_number":33,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"a030d041-5462-4282-b455-9c2e9019edc4","block_type":"box","text":"Average Annual Total Returns (%)","page_number":34,"box":{"x":403,"y":31,"width":250,"height":11}},{"id":"cc84a345-ac93-4a16-93d4-93352a68f450","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":34,"box":{"x":371,"y":45,"width":315,"height":11}},{"id":"53dfabe2-68ad-454b-b7a9-436dd0560cbc","block_type":"box","text":"One Year Five Years Ten Years","page_number":34,"box":{"x":701,"y":61,"width":268,"height":8}},{"id":"8a7cae17-3b00-4970-96b9-4e2ba10a8b0c","block_type":"box","text":"Fund Inception: 11/14/2006","page_number":34,"box":{"x":88,"y":77,"width":188,"height":9}},{"id":"3b76823c-3343-4e07-8369-e69e4bead0c3","block_type":"box","text":"Return Before Taxes","page_number":34,"box":{"x":89,"y":89,"width":124,"height":7}},{"id":"31fe0a69-41e2-4ef0-8a7a-8ef386d30e6f","block_type":"box","text":"17.93% 13.80% 14.54%","page_number":34,"box":{"x":712,"y":89,"width":257,"height":7}},{"id":"5c04a6aa-4df4-438d-8d4d-3471af9085fc","block_type":"box","text":"Return After Taxes on Distributions 17.65% 13.48% 14.18%","page_number":34,"box":{"x":89,"y":100,"width":880,"height":8}},{"id":"3972ed2c-8eef-498d-b50e-f1588622a48c","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 10.78% 11.01% 12.17%","page_number":34,"box":{"x":89,"y":112,"width":880,"height":7}},{"id":"feddd61a-1366-462e-9bfc-b67db763443e","block_type":"box","text":"MSCI USA Index","page_number":34,"box":{"x":88,"y":123,"width":107,"height":8}},{"id":"ff5ad37b-afe3-4d0c-ab5a-427c8221f997","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.75% 13.87% 14.79%","page_number":34,"box":{"x":198,"y":123,"width":771,"height":10}},{"id":"35d3a4e0-5a64-429b-bb7e-6cee93c7f5d1","block_type":"box","text":"MSCI KLD 400 Social Index","page_number":34,"box":{"x":88,"y":135,"width":178,"height":7}},{"id":"b2c432c7-7231-41cf-806a-045080378076","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 18.23% 14.06% 14.89%","page_number":34,"box":{"x":270,"y":135,"width":699,"height":9}},{"id":"2a7cbd96-a2ec-4dbf-9f72-eaaba743176f","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":34,"box":{"x":82,"y":164,"width":857,"height":11}},{"id":"b2968d26-623e-4ab2-b33e-bb7e90597f4b","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":34,"box":{"x":84,"y":178,"width":864,"height":11}},{"id":"1902cd9e-07f9-4f4e-8843-73199e51ff3f","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":34,"box":{"x":84,"y":193,"width":847,"height":11}},{"id":"6df7499c-7af1-47b9-8bb8-d5fb605bd60f","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":34,"box":{"x":83,"y":207,"width":857,"height":11}},{"id":"8172f19d-3cb7-46c6-ae17-4857fcfcd7bf","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":34,"box":{"x":83,"y":221,"width":877,"height":11}},{"id":"dbd20c78-ee55-4d6c-8874-dc21eda81431","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":34,"box":{"x":82,"y":235,"width":837,"height":11}},{"id":"5a1b135f-83d1-479f-8754-8d34eb1c9268","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":34,"box":{"x":84,"y":249,"width":885,"height":11}},{"id":"5f89e181-b846-4de9-ad2e-6c74c6200f3d","block_type":"box","text":"on distributions.","page_number":34,"box":{"x":83,"y":264,"width":115,"height":8}},{"id":"a075c2fe-2878-48a4-a216-3d985fefe09e","block_type":"box","text":"Management","page_number":34,"box":{"x":84,"y":293,"width":120,"height":13}},{"id":"df63df88-571b-4c37-8373-fd2d6a08834e","block_type":"box","text":"Investment Adviser.","page_number":34,"box":{"x":84,"y":318,"width":144,"height":8}},{"id":"01938dc6-67a8-4ad7-b44e-3e408484a86e","block_type":"box","text":"BlackRock Fund Advisors.","page_number":34,"box":{"x":234,"y":318,"width":180,"height":8}},{"id":"b896d05a-fa1c-40cc-8f25-ea95e055d70d","block_type":"box","text":"Portfolio Managers.","page_number":34,"box":{"x":84,"y":341,"width":145,"height":11}},{"id":"39a1f570-7028-4180-b629-e799fa06a439","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":34,"box":{"x":233,"y":341,"width":679,"height":11}},{"id":"f4e1eb06-93f8-48cb-8585-7341d0eb8954","block_type":"box","text":"management of the Fund:","page_number":34,"box":{"x":84,"y":355,"width":182,"height":11}},{"id":"970d3157-77b0-421e-8bc6-838d18ddff87","block_type":"box","text":"Portfolio Manager","page_number":34,"box":{"x":88,"y":391,"width":120,"height":10}},{"id":"d9027adf-52b0-42c3-89bb-ae3fec3859c4","block_type":"box","text":"Portfolio Manager of the","page_number":34,"box":{"x":441,"y":378,"width":161,"height":10}},{"id":"3b90bd76-5b68-46b8-9441-a026a46ca48b","block_type":"box","text":"Fund Since","page_number":34,"box":{"x":485,"y":391,"width":72,"height":7}},{"id":"473c10d0-da45-4b22-a63e-5f81ddd995d2","block_type":"box","text":"Title with Investment","page_number":34,"box":{"x":834,"y":378,"width":140,"height":7}},{"id":"dadba61a-4425-4e55-8406-68ed1127c20f","block_type":"box","text":"Adviser","page_number":34,"box":{"x":880,"y":391,"width":48,"height":7}},{"id":"9d032362-5e89-43c0-a3a6-027e9cd95924","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":34,"box":{"x":87,"y":406,"width":877,"height":10}},{"id":"4848efad-8ef6-4c28-b7c0-6749377e58a6","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":34,"box":{"x":89,"y":422,"width":875,"height":9}},{"id":"4dabebdc-856b-457a-a350-e28f0843a88d","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":34,"box":{"x":89,"y":437,"width":875,"height":10}},{"id":"43460055-3011-479c-bc2d-f03c8c0a72ad","block_type":"box","text":"Steven White 2025 Managing Director","page_number":34,"box":{"x":88,"y":453,"width":876,"height":9}},{"id":"5fadef6f-9a3a-4e0b-a5d3-1e25ea2fb8ae","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":34,"box":{"x":84,"y":488,"width":304,"height":10}},{"id":"f77706f3-254a-4685-a176-8aa273995cc6","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":34,"box":{"x":82,"y":513,"width":878,"height":11}},{"id":"767ea2f3-d046-448e-8d29-874a5a2b1b6a","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":34,"box":{"x":83,"y":527,"width":855,"height":11}},{"id":"5fb41457-1ec2-4f48-8200-9f88f11a57c0","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":34,"box":{"x":83,"y":541,"width":817,"height":11}},{"id":"667df4e1-432d-4f63-92ff-a36639893210","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":34,"box":{"x":83,"y":555,"width":878,"height":11}},{"id":"52323a3a-5519-4a3e-8783-593a8db51822","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":34,"box":{"x":84,"y":570,"width":860,"height":11}},{"id":"26b575d5-bb6d-4c36-9866-e1154d0ca2a2","block_type":"box","text":"(the “bid-ask spread”).","page_number":34,"box":{"x":83,"y":584,"width":157,"height":10}},{"id":"7a61665a-49b2-4b41-8130-76cbb1b84d9c","block_type":"box","text":"Tax Information","page_number":34,"box":{"x":82,"y":613,"width":144,"height":10}},{"id":"b8f2d2b5-1732-4721-9372-827c90fd6ddc","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":34,"box":{"x":82,"y":638,"width":832,"height":11}},{"id":"7400c1cb-8eb3-4cba-ab97-c309f6813539","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":34,"box":{"x":83,"y":652,"width":883,"height":11}},{"id":"160e16ab-8625-4a44-989f-751cd2d7a0a8","block_type":"box","text":"be taxed when withdrawn.","page_number":34,"box":{"x":84,"y":667,"width":181,"height":8}},{"id":"edb0e695-81ea-4787-bdf5-17f0af2334d4","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":34,"box":{"x":84,"y":695,"width":575,"height":14}},{"id":"e1089aa8-c980-41ec-84b1-8ce98ccfed56","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":34,"box":{"x":84,"y":721,"width":854,"height":10}},{"id":"916356d5-e77b-456a-aa54-62c8fa145ef6","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":34,"box":{"x":84,"y":735,"width":842,"height":11}},{"id":"e74dd520-32c3-4c29-96b0-70306c8ac24f","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":34,"box":{"x":83,"y":749,"width":820,"height":11}},{"id":"9b1e39b1-9f01-4c4d-8485-111102a4debd","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":34,"box":{"x":84,"y":763,"width":801,"height":11}},{"id":"90669607-0f3d-449d-a024-8ce713a540b9","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":34,"box":{"x":83,"y":778,"width":841,"height":10}},{"id":"01836abf-f8f2-4f65-a307-eaf383c99a04","block_type":"box","text":"financial intermediary’s website for more information.","page_number":34,"box":{"x":83,"y":791,"width":379,"height":11}},{"id":"e4aaff4c-d5f7-48cc-a00e-e986cae2aef4","block_type":"box","text":"S-21","page_number":34,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"430daa45-7310-4c36-a154-eb7b9fe88636","block_type":"box","text":"iShares ESG Optimized MSCI USA ETF","page_number":35,"box":{"x":84,"y":23,"width":532,"height":20}},{"id":"7d9ea822-4d49-4460-9d4e-dbceb80c620d","block_type":"box","text":"SUSA | NYSE Arca","page_number":35,"box":{"x":83,"y":47,"width":248,"height":18}},{"id":"ac15de78-f2c8-43b9-a8fa-90df8283398d","block_type":"box","text":"Investment Objective","page_number":35,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"54d58721-6639-4f69-94be-9a1bf4d25fb8","block_type":"box","text":"The iShares ESG Optimized MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":35,"box":{"x":82,"y":117,"width":864,"height":11}},{"id":"034e4bf8-c82d-4cd8-9995-e06d93b55749","block_type":"box","text":"companies that have positive environmental, social and governance characteristics as identified by the index provider.","page_number":35,"box":{"x":83,"y":131,"width":835,"height":11}},{"id":"415464fe-9fd3-41bb-a385-04a29fb1d2ff","block_type":"box","text":"Fees and Expenses","page_number":35,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"589f9b26-73ca-4ebf-934e-4b681957db82","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":35,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"5b33c58a-d089-4c5d-add6-4782e05cb115","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":35,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"c86889f0-fbfc-4116-bc87-95f22c8d3567","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":35,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"88998e0d-85c5-4a5d-830c-4536cf56b0ae","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":35,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"2bd54620-ee98-4dad-9b2b-3240bac06bae","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":35,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"06005569-f7e1-4430-b24a-b398d053e436","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":35,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"6c0c275b-bd42-42e9-9ae3-4d44784e0679","block_type":"box","text":"extraordinary expenses.","page_number":35,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"aa69942e-cee1-4703-9359-65c0cdbc243e","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":35,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"531e61e3-54fc-4caa-9c67-3f1763e8a0b9","block_type":"box","text":"reflected in the table and example below.","page_number":35,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"73f16c95-c8f0-42ae-bd7a-6e84f11a4ed2","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":35,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"98485409-455d-417f-afe3-1c0f3da372d1","block_type":"box","text":"1","page_number":35,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"7b032379-d228-4ad3-9d0a-be1e10d62bf4","block_type":"box","text":"Management Fee","page_number":35,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"c152db5e-dbff-4435-a0cc-ac1771f1d1ad","block_type":"box","text":"0.25%","page_number":35,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"3e6882c3-f55b-44d7-b5ad-6cd2bcf71f0a","block_type":"box","text":"Other Expenses","page_number":35,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"0aba939b-fef3-4195-9906-36495e2b44d1","block_type":"box","text":"0.00%","page_number":35,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"11dbe71d-1373-4264-8770-1ac6a4d626be","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":35,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"ca7eaf1a-f420-4824-87af-5d48335efff7","block_type":"box","text":"0.25%","page_number":35,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"e40b05aa-994a-461d-8c3f-627abeda050a","block_type":"box","text":"1","page_number":35,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"2c361c3e-4f0d-408b-a1eb-2ab0294c17f1","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":35,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"b3383539-36b8-4de3-9ba0-38738ee7d1df","block_type":"box","text":"Example.","page_number":35,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"81c84295-8814-4efa-a0c0-d92c8f655052","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":35,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"c719c89a-6c54-4486-a374-41c4d4fb8d70","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":35,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"b7d7315c-c892-4cd3-9009-0ecaca7c3fac","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":35,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"31a60074-12fd-42aa-afe8-b008bda056ff","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":35,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"99b69d89-57e4-4e61-9d64-e6c601eba2e2","block_type":"box","text":"your costs would be:","page_number":35,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"ad64b752-9eca-484c-9588-0a14645ac832","block_type":"box","text":"Expense Example","page_number":35,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"1c8431aa-b6c5-4c7a-ae0a-0b56012c5bbc","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":35,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"f768fa0a-2fd3-4ff1-ab61-a0470592491e","block_type":"box","text":"Example Fund Costs","page_number":35,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"eabd71b6-76f8-43ad-abdd-6824cc1116bd","block_type":"box","text":"$26 $80 $141 $318","page_number":35,"box":{"x":701,"y":525,"width":261,"height":9}},{"id":"b9a2d2f9-0ee6-4721-963d-a9c1b3f4f464","block_type":"box","text":"Portfolio Turnover.","page_number":35,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"ccdf0a5c-f513-4dea-971b-508dc5d3ebe1","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":35,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"09dea3ba-34f5-450e-b659-6394a8fc539a","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":35,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"f760d8de-926b-476b-abc9-bcff5ff4eed5","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":35,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"4dbb7c2a-2d8b-4fb3-b79d-ea42c9e2159f","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25% of","page_number":35,"box":{"x":82,"y":597,"width":887,"height":11}},{"id":"2bfffc71-d18c-4083-961f-f6f55bdfff33","block_type":"box","text":"the average value of its portfolio.","page_number":35,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"0ab4bcf5-7830-4766-b72f-7efad30d4dfd","block_type":"box","text":"Principal Investment Strategies","page_number":35,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"3a4ff129-c802-4660-80eb-faa17748756d","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI USA Extended ESG Select Index (the “Underlying Index”), which is","page_number":35,"box":{"x":82,"y":666,"width":885,"height":11}},{"id":"778ed328-2336-4568-8b0d-1f6064032109","block_type":"box","text":"an optimized index designed to maximize exposure to positive environmental, social and governance (“ESG”) characteristics,","page_number":35,"box":{"x":83,"y":680,"width":881,"height":11}},{"id":"297fff55-e822-400b-8638-b2f4cff033bb","block_type":"box","text":"while exhibiting risk and return characteristics similar to the MSCI USA Index. The MSCI USA Index is designed to measure","page_number":35,"box":{"x":82,"y":694,"width":866,"height":11}},{"id":"84d9cd79-2db0-406b-946b-df05c414ed47","block_type":"box","text":"the performance of the large- and mid-capitalization segments of the U.S. equities market. As of April 30, 2026, the","page_number":35,"box":{"x":82,"y":708,"width":813,"height":11}},{"id":"eadc211a-1ff7-4428-aeaf-2c1c0f0f01e1","block_type":"box","text":"Underlying Index consisted of 170 securities selected from the MSCI USA Index.","page_number":35,"box":{"x":84,"y":723,"width":564,"height":10}},{"id":"5c403787-a06f-468f-adfb-b88f96604b8c","block_type":"box","text":"MSCI Inc. (the “Index Provider” or “MSCI”) analyzes each eligible company’s ESG performance using proprietary ratings","page_number":35,"box":{"x":84,"y":744,"width":843,"height":11}},{"id":"fa8d0fa9-a87b-41eb-be80-868e326787d9","block_type":"box","text":"covering ESG and ethics criteria. The index methodology is designed so that companies with relatively high overall ratings","page_number":35,"box":{"x":83,"y":759,"width":861,"height":10}},{"id":"7ca3759f-543d-448c-a891-82e2839e249d","block_type":"box","text":"have a higher representation in the Underlying Index than in the MSCI USA Index and companies with relatively low overall","page_number":35,"box":{"x":84,"y":773,"width":864,"height":11}},{"id":"eea73b7a-bf6e-4e29-91a4-bc398396842c","block_type":"box","text":"ratings have a lower representation in the Underlying Index than in the MSCI USA Index. Exceptions may result from the","page_number":35,"box":{"x":84,"y":787,"width":846,"height":11}},{"id":"0030ffff-af74-4013-81fb-a651676916af","block_type":"box","text":"Underlying Index’s objective of having risk and return characteristics similar to the MSCI USA Index. At each quarterly review,","page_number":35,"box":{"x":84,"y":801,"width":880,"height":11}},{"id":"bbb3e37f-6a82-4a71-99e4-5c8029c48b50","block_type":"box","text":"the Underlying Index must have an ESG score of at least 20% better than that of the MSCI USA Index, as determined by the","page_number":35,"box":{"x":82,"y":815,"width":871,"height":11}},{"id":"ee82b1e9-115a-4fc2-8093-745d4c11e222","block_type":"box","text":"Index Provider.","page_number":35,"box":{"x":84,"y":830,"width":102,"height":8}},{"id":"f5020830-d6d1-40aa-b43b-4a7c0d1cfc57","block_type":"box","text":"The Index Provider excludes securities of companies involved in the business of tobacco, alcohol, gambling, nuclear power","page_number":35,"box":{"x":82,"y":851,"width":866,"height":11}},{"id":"df19d33e-3ad5-4999-a7cf-079d0c44eb8b","block_type":"box","text":"and weapons, fossil fuel extraction, thermal coal power and unconventional oil and gas businesses (e.g., thermal coal","page_number":35,"box":{"x":83,"y":866,"width":825,"height":10}},{"id":"37b942f3-64d0-4065-ab99-dcff9038a792","block_type":"box","text":"extraction and generation or oil sands extraction), companies involved with conventional and controversial weapons,","page_number":35,"box":{"x":83,"y":880,"width":825,"height":11}},{"id":"c69fca91-6134-4f6f-aaee-2240becbc348","block_type":"box","text":"producers and major retailers of civilian firearms, as well as companies involved in very severe business controversies. The","page_number":35,"box":{"x":84,"y":894,"width":862,"height":11}},{"id":"6a44a47e-3712-4728-8e39-41b3ed4aa56f","block_type":"box","text":"S-22","page_number":35,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"20274d95-a5f2-479e-bc4e-fc52402e5371","block_type":"box","text":"Index Provider defines a controversy as an instance or ongoing situation in which company operations and/or products","page_number":36,"box":{"x":84,"y":23,"width":842,"height":11}},{"id":"a55e6500-4760-4f5f-ab35-8e7bf712b185","block_type":"box","text":"allegedly have a negative environmental, social and/or governance impact. Each controversy case is assessed for the severity","page_number":36,"box":{"x":83,"y":37,"width":885,"height":11}},{"id":"e9c63789-1abe-4ba8-8057-716abfcbb802","block_type":"box","text":"of its impact on society. The Index Provider generally classifies companies as “involved” in a particular business based on","page_number":36,"box":{"x":83,"y":51,"width":855,"height":11}},{"id":"eaeabef8-3d1e-41c4-9b32-6ad8be787f00","block_type":"box","text":"revenue or percentage of revenue thresholds (e.g., 10%) for certain products and activities in an excluded industry. The","page_number":36,"box":{"x":84,"y":66,"width":841,"height":11}},{"id":"70f564d4-77ee-42e6-81c7-2e8bc8c15d56","block_type":"box","text":"securities of certain companies are excluded regardless of revenue measures (e.g., all companies involved in the","page_number":36,"box":{"x":83,"y":80,"width":792,"height":11}},{"id":"5e99ec63-c74c-4e89-94a5-8175a7140b07","block_type":"box","text":"manufacturing of controversial weapons are excluded).","page_number":36,"box":{"x":84,"y":94,"width":389,"height":11}},{"id":"43e8b6f8-6190-4aff-bbcb-5e7e212bbac3","block_type":"box","text":"To maintain risk and return characteristics similar to the MSCI USA Index, the Index Provider applies various optimization","page_number":36,"box":{"x":82,"y":116,"width":857,"height":10}},{"id":"d9a6730a-66ec-4792-83e8-944a47b1cfb2","block_type":"box","text":"constraints (e.g., constituent and sector weights relative to the parent index). The Index Provider also applies conditional","page_number":36,"box":{"x":83,"y":130,"width":849,"height":11}},{"id":"6cdc13db-2827-41b5-b1ec-dc3bd8b1cb3b","block_type":"box","text":"capping to the index constituents. At the quarterly review, if the combined weight of issuers with individual weights above","page_number":36,"box":{"x":83,"y":144,"width":856,"height":11}},{"id":"1b39562c-a67c-4cd7-bbf9-4c2f64b00169","block_type":"box","text":"4.5% exceeds 22.5% of the Underlying Index, then the total weight is capped at 22.5%. The Index Provider also verifies at the","page_number":36,"box":{"x":82,"y":159,"width":886,"height":10}},{"id":"ebc9a6bb-3800-4d5a-a598-2444cebc3ff8","block_type":"box","text":"end of each business day whether the combined weight of issuers with individual weights above 5% exceeds 25% of the","page_number":36,"box":{"x":83,"y":173,"width":849,"height":11}},{"id":"0ce5ddf1-48e3-4bb2-a726-672f86ef5ea4","block_type":"box","text":"Underlying Index. If this daily threshold is breached, rebalancing occurs to meet the prescribed 4.5% and 22.5% buffer levels.","page_number":36,"box":{"x":84,"y":187,"width":888,"height":11}},{"id":"5f8363d3-b3be-4cad-9f4f-51742802e488","block_type":"box","text":"The optimization constraints are not applied during a rebalancing triggered by daily capping.","page_number":36,"box":{"x":82,"y":201,"width":658,"height":11}},{"id":"6e237cab-9465-490c-878a-5bac21b2cb9f","block_type":"box","text":"As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the","page_number":36,"box":{"x":82,"y":223,"width":816,"height":11}},{"id":"f501be21-c06b-4f32-8add-9663d1edffa2","block_type":"box","text":"technology industry or sector. The components of the Underlying Index are likely to change over time.","page_number":36,"box":{"x":82,"y":237,"width":717,"height":11}},{"id":"2d53eead-cc34-47fe-9bee-e31d0a77ee3c","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":36,"box":{"x":82,"y":260,"width":853,"height":11}},{"id":"8b91dcad-26bc-414a-8a29-9a9ee895c5db","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":36,"box":{"x":84,"y":274,"width":838,"height":11}},{"id":"07bf3744-b093-45e1-98f3-ea88c8bca5ee","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":36,"box":{"x":83,"y":289,"width":868,"height":11}},{"id":"6a1090e4-9815-4326-b350-9c5ec0bc1c4f","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":36,"box":{"x":84,"y":303,"width":850,"height":11}},{"id":"bbdf38ee-035b-42d6-9b22-e3c093ba5477","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":36,"box":{"x":83,"y":317,"width":806,"height":11}},{"id":"9dc0c385-3ad0-4a3c-8928-1eccd9e9b15e","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":36,"box":{"x":83,"y":331,"width":885,"height":11}},{"id":"fc55f9ae-5432-4425-89d3-2ee86d74778c","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":36,"box":{"x":82,"y":345,"width":885,"height":11}},{"id":"8d063433-7738-4eeb-a5ee-beefb2a5973c","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":36,"box":{"x":83,"y":360,"width":853,"height":10}},{"id":"df2d72ef-2809-4abe-a689-c1796256839f","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":36,"box":{"x":83,"y":374,"width":867,"height":11}},{"id":"8b7ccc6d-e8c4-4398-b7af-4ea5b2f23c4a","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":36,"box":{"x":83,"y":388,"width":868,"height":11}},{"id":"355bf6e7-1a32-4523-98ca-ee7c983d813e","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":36,"box":{"x":82,"y":402,"width":863,"height":11}},{"id":"4d17fa43-3269-4bc1-b229-297717eb3521","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":36,"box":{"x":84,"y":416,"width":825,"height":11}},{"id":"5c247f2d-7d9c-4648-b6cc-622155a8c0d5","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":36,"box":{"x":84,"y":431,"width":405,"height":10}},{"id":"c863b100-72db-40ac-89cb-62cdde57d812","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":36,"box":{"x":84,"y":454,"width":844,"height":11}},{"id":"b41ec81f-b35d-427d-92e9-2b1ba0e6103b","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":36,"box":{"x":83,"y":468,"width":860,"height":11}},{"id":"30ca2f3a-2461-4d54-9256-08bb31496d02","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":36,"box":{"x":83,"y":482,"width":831,"height":11}},{"id":"99b4b5bc-829c-4858-abc4-578ec40e033e","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":36,"box":{"x":83,"y":496,"width":817,"height":11}},{"id":"3110315d-50f4-488d-a136-a1f988ec9483","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":36,"box":{"x":84,"y":510,"width":817,"height":11}},{"id":"c9d36d22-e594-4681-91e7-8595723393c0","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":36,"box":{"x":83,"y":524,"width":835,"height":11}},{"id":"e235b63f-4e60-461e-b0aa-1a207709be70","block_type":"box","text":"In addition, the Fund generally will invest at least 90% of its assets in the components of the Underlying Index.","page_number":36,"box":{"x":84,"y":547,"width":780,"height":10}},{"id":"33338101-de87-49d1-8e32-916b2b0370ed","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":36,"box":{"x":82,"y":570,"width":873,"height":11}},{"id":"9b0fdc65-116a-4029-8fe4-084c27f01f4a","block_type":"box","text":"collateral received).","page_number":36,"box":{"x":83,"y":584,"width":136,"height":9}},{"id":"43534fdb-62b4-4159-8758-fe217a8735be","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":36,"box":{"x":82,"y":607,"width":867,"height":11}},{"id":"687c2ecb-4d48-4c0f-927d-d9d842cb84d3","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":36,"box":{"x":83,"y":621,"width":856,"height":11}},{"id":"c003bec4-9506-48ff-8215-4d5a0e157b3e","block_type":"box","text":"market value of the Underlying Index.","page_number":36,"box":{"x":84,"y":635,"width":262,"height":11}},{"id":"925af312-e7d4-469e-b94f-cd6b62b4ae7d","block_type":"box","text":"Industry Concentration Policy.","page_number":36,"box":{"x":84,"y":659,"width":223,"height":11}},{"id":"18012d22-bea2-413b-93fd-eee317576cfa","block_type":"box","text":"The Fund will concentrate its investments (","page_number":36,"box":{"x":312,"y":659,"width":304,"height":9}},{"id":"e0bead60-f8c1-4650-b554-3458169cc978","block_type":"box","text":"i.e.","page_number":36,"box":{"x":617,"y":659,"width":17,"height":8}},{"id":"7d7a615a-3d5d-4633-a9ad-f739b05f535c","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":36,"box":{"x":636,"y":659,"width":292,"height":10}},{"id":"0f0bb94d-5545-44ee-b49f-63f878cbb16e","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":36,"box":{"x":84,"y":673,"width":858,"height":11}},{"id":"11140a19-4f96-4646-bdc0-6426ce3d24b7","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":36,"box":{"x":84,"y":687,"width":867,"height":11}},{"id":"1573f0ce-0ccf-4438-9e7c-a08bcecec515","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":36,"box":{"x":83,"y":701,"width":826,"height":11}},{"id":"16ad4ace-61cc-427d-86fc-cb3679f41a6e","block_type":"box","text":"Summary of Principal Risks","page_number":36,"box":{"x":83,"y":730,"width":248,"height":14}},{"id":"34c72dec-e5da-4ea3-ba26-b596583b26e4","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":36,"box":{"x":82,"y":755,"width":882,"height":11}},{"id":"fc54fe30-0ff4-4d8f-8789-5f47987558f5","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":36,"box":{"x":83,"y":770,"width":825,"height":10}},{"id":"139ff9ab-139f-4a3c-bc7b-28f00a365edc","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":36,"box":{"x":83,"y":784,"width":807,"height":11}},{"id":"abb076ad-619e-4a16-803b-a22046b86239","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":36,"box":{"x":83,"y":798,"width":844,"height":11}},{"id":"1170cc55-ce25-4fa4-b24f-9256acafdedd","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":36,"box":{"x":83,"y":812,"width":814,"height":11}},{"id":"1a70bd7e-bc61-4bae-905d-bd61e016a774","block_type":"box","text":"Risk of Investing in the U.S.","page_number":36,"box":{"x":84,"y":835,"width":200,"height":11}},{"id":"8b85b204-3cbb-4c86-ac1e-f78a620f8dc9","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":36,"box":{"x":289,"y":835,"width":664,"height":11}},{"id":"310552cd-2598-4e16-8eb4-4c6ee2772584","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":36,"box":{"x":83,"y":849,"width":878,"height":11}},{"id":"a0a7e3cd-72b5-453d-84c0-8a5481f0bb61","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":36,"box":{"x":83,"y":864,"width":470,"height":11}},{"id":"2cd5f318-e0eb-4bd5-99c0-02f1455dea48","block_type":"box","text":"S-23","page_number":36,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"8b45774f-c393-445a-95c8-a1f1849abcc6","block_type":"box","text":"ESG Risk.","page_number":37,"box":{"x":84,"y":23,"width":68,"height":9}},{"id":"642a8c95-14dc-45bd-be50-a144dce9adfe","block_type":"box","text":"To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the","page_number":37,"box":{"x":156,"y":23,"width":810,"height":11}},{"id":"82331213-29ad-423d-8075-a913b1912399","block_type":"box","text":"types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds","page_number":37,"box":{"x":82,"y":37,"width":888,"height":11}},{"id":"a60b8553-b83b-4805-8773-a4b03a1c6d4e","block_type":"box","text":"whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing","page_number":37,"box":{"x":82,"y":51,"width":886,"height":11}},{"id":"8af40265-90cb-43cb-8f8f-ff108247cb1c","block_type":"box","text":"in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform","page_number":37,"box":{"x":83,"y":66,"width":851,"height":11}},{"id":"69066d22-7f67-4200-bb6d-1d714b97c123","block_type":"box","text":"other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s","page_number":37,"box":{"x":83,"y":80,"width":842,"height":11}},{"id":"687bfc99-1e58-46f2-8c5f-866b3ea124fe","block_type":"box","text":"overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level","page_number":37,"box":{"x":83,"y":94,"width":858,"height":11}},{"id":"a59b4e12-7e80-4964-ae50-3dd87216b7e3","block_type":"box","text":"ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or","page_number":37,"box":{"x":84,"y":108,"width":863,"height":11}},{"id":"20987ca3-fb14-44ed-93ba-37bb751484c7","block_type":"box","text":"rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless","page_number":37,"box":{"x":84,"y":122,"width":856,"height":11}},{"id":"ac58b185-37e8-4b4a-8f61-5e9e6be742e2","block_type":"box","text":"remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain","page_number":37,"box":{"x":84,"y":137,"width":844,"height":10}},{"id":"bb248a28-f3d2-45a1-97bb-668c32ab19a0","block_type":"box","text":"securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or","page_number":37,"box":{"x":83,"y":151,"width":809,"height":11}},{"id":"c394a6dd-d3b1-45f7-bc8a-73bd8b2c1b1b","block_type":"box","text":"constraints at all times.","page_number":37,"box":{"x":83,"y":165,"width":164,"height":8}},{"id":"ba7a2aca-9deb-4cd6-9e09-b7c89c369d43","block_type":"box","text":"Equity Securities Risk.","page_number":37,"box":{"x":84,"y":188,"width":163,"height":11}},{"id":"75d59e2f-40e6-4c6a-a541-85d013ae1580","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":37,"box":{"x":253,"y":188,"width":709,"height":11}},{"id":"d0fb545a-3182-4218-9ec7-9fadd3f95f8f","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":37,"box":{"x":83,"y":202,"width":889,"height":11}},{"id":"5b7ceb20-fec0-4cf4-8699-4ad482e93697","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":37,"box":{"x":83,"y":216,"width":880,"height":11}},{"id":"ad9c2e42-c252-4606-adea-ae2fdd629611","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":37,"box":{"x":83,"y":231,"width":867,"height":11}},{"id":"1eea0850-01ae-4093-a7dc-12cad3a364d3","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":37,"box":{"x":84,"y":245,"width":339,"height":11}},{"id":"f5c3dbd1-bde7-4602-a7dd-b854b5f8ecb7","block_type":"box","text":"Market Risk.","page_number":37,"box":{"x":84,"y":268,"width":90,"height":9}},{"id":"d492150a-0474-484d-8124-1003e585c99d","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":37,"box":{"x":179,"y":268,"width":767,"height":11}},{"id":"ea8b245a-913f-4aef-8bb1-d85043a6ba78","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":37,"box":{"x":83,"y":282,"width":882,"height":11}},{"id":"2e111fcc-4b0b-4aa2-86ce-dec0577da8c3","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":37,"box":{"x":84,"y":296,"width":857,"height":11}},{"id":"a08ec975-0f20-49e5-8f41-580874f8a469","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":37,"box":{"x":83,"y":311,"width":875,"height":10}},{"id":"ffeeba9e-eb65-4bff-a5ed-dc96fbcc1679","block_type":"box","text":"Fund’s NAV.","page_number":37,"box":{"x":84,"y":325,"width":81,"height":8}},{"id":"75ebb4fd-0b47-44be-abda-488deb6e29d6","block_type":"box","text":"Index-Related Risk.","page_number":37,"box":{"x":84,"y":348,"width":143,"height":9}},{"id":"15e739d9-f41c-47dc-9a9a-677252f02963","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":37,"box":{"x":231,"y":348,"width":742,"height":11}},{"id":"7d830097-4cd5-4028-b0b9-8450ac5dc72e","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":37,"box":{"x":84,"y":362,"width":855,"height":11}},{"id":"2841a6cd-320e-4a2f-be09-d22787cd3253","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":37,"box":{"x":83,"y":376,"width":852,"height":11}},{"id":"cbf3177d-27c7-466c-b945-1e374797b6e7","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":37,"box":{"x":83,"y":391,"width":877,"height":10}},{"id":"22099b6a-fc8c-4afd-868b-b298beb5056d","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":37,"box":{"x":82,"y":405,"width":849,"height":11}},{"id":"2724abeb-e55a-4fb3-a195-b9b0bc6c0049","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":37,"box":{"x":83,"y":419,"width":849,"height":11}},{"id":"a167b818-daad-428c-b063-79124bcdc78e","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":37,"box":{"x":84,"y":433,"width":890,"height":11}},{"id":"0691e938-628f-4d16-abd8-cf3eb86c6543","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":37,"box":{"x":84,"y":447,"width":852,"height":11}},{"id":"eb32f0ce-2b57-423b-a492-1d419454d34a","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":37,"box":{"x":83,"y":461,"width":539,"height":11}},{"id":"f497011a-01d3-4c42-8fbe-8a4e0e977b5e","block_type":"box","text":"Asset Class Risk.","page_number":37,"box":{"x":82,"y":485,"width":123,"height":8}},{"id":"e1024f4f-cf15-4505-a7a7-a3464465b62e","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":37,"box":{"x":209,"y":485,"width":721,"height":10}},{"id":"63aa3085-9713-4dcc-b5e3-ec850fa8fb08","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":37,"box":{"x":83,"y":499,"width":774,"height":11}},{"id":"e1b39d37-705f-4f31-b3cc-0b414b67f85b","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":37,"box":{"x":82,"y":522,"width":318,"height":11}},{"id":"990bd668-7c21-4731-8f01-e3cfede8d14f","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":37,"box":{"x":405,"y":522,"width":531,"height":11}},{"id":"e5c00ae7-6f0e-4518-bbcb-1ac43e54b1c8","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":37,"box":{"x":84,"y":536,"width":809,"height":11}},{"id":"4f867e2b-b564-48e7-b802-aa4961843d20","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":37,"box":{"x":82,"y":550,"width":816,"height":11}},{"id":"1c9f8f2b-78d2-4c76-8f57-a00076176480","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":37,"box":{"x":82,"y":565,"width":885,"height":10}},{"id":"3597af03-5fc0-4ed0-98c3-5d187d169758","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":37,"box":{"x":83,"y":579,"width":871,"height":11}},{"id":"d45fcd70-8a0b-46b0-a5d4-20a2b3c80815","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":37,"box":{"x":84,"y":593,"width":845,"height":11}},{"id":"1af3d268-ceac-41d4-ae3b-88d14618cb01","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":37,"box":{"x":82,"y":607,"width":882,"height":11}},{"id":"6fcf3f60-1e34-420a-a207-a45d88783aef","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":37,"box":{"x":84,"y":621,"width":853,"height":11}},{"id":"c71637e4-fa12-41c2-baa8-487554e161f0","block_type":"box","text":"halts or delisting.","page_number":37,"box":{"x":84,"y":636,"width":120,"height":10}},{"id":"b958950e-0980-4712-aa54-9d586d614b0a","block_type":"box","text":"Concentration Risk.","page_number":37,"box":{"x":83,"y":659,"width":145,"height":8}},{"id":"4ec1565f-d7a8-488e-802f-1dec7e358eba","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":37,"box":{"x":232,"y":659,"width":712,"height":11}},{"id":"f7fd5b6c-aab1-44ac-91cd-3b1c916974ad","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":37,"box":{"x":83,"y":673,"width":884,"height":10}},{"id":"2c783cbe-2b91-4ec4-8fcc-815a2380c598","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":37,"box":{"x":82,"y":687,"width":887,"height":11}},{"id":"7703d0ca-3bac-4b44-8f51-63a2bfa087c8","block_type":"box","text":"asset classes.","page_number":37,"box":{"x":83,"y":701,"width":95,"height":9}},{"id":"77761e6c-b7c9-441f-87a3-5c457f1d13d7","block_type":"box","text":"Issuer Risk.","page_number":37,"box":{"x":84,"y":724,"width":82,"height":9}},{"id":"a3d55bbc-1a50-452d-8d44-d9702b801bfd","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":37,"box":{"x":170,"y":724,"width":780,"height":11}},{"id":"273f7830-4dde-43f1-90fe-e898583ad403","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":37,"box":{"x":84,"y":739,"width":885,"height":10}},{"id":"9f254000-06ae-408f-93e7-8437f65e1321","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":37,"box":{"x":82,"y":753,"width":577,"height":11}},{"id":"c3b3a59b-43b3-405c-a8cb-2afd5fafe762","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":37,"box":{"x":84,"y":776,"width":278,"height":11}},{"id":"d6b0b31d-6c3b-4e88-8d42-8dd0d2de8075","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":37,"box":{"x":367,"y":776,"width":540,"height":11}},{"id":"a6b73382-2995-4815-a644-4d67838d48ff","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":37,"box":{"x":83,"y":790,"width":890,"height":11}},{"id":"f9e1baa7-8ffd-4be0-85f2-facde69db629","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":37,"box":{"x":84,"y":804,"width":867,"height":11}},{"id":"88acfb17-4629-4188-9535-e8b7d8f9e06a","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":37,"box":{"x":84,"y":819,"width":709,"height":10}},{"id":"6a34772d-ba24-4a1b-97ed-938c44ba80d4","block_type":"box","text":"Management Risk.","page_number":37,"box":{"x":84,"y":842,"width":136,"height":11}},{"id":"a5e0c6a3-b816-4200-b799-56b9e081fc53","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":37,"box":{"x":225,"y":842,"width":711,"height":11}},{"id":"c60bb56b-fc1e-4bdb-99d0-9b6de0588b6b","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":37,"box":{"x":84,"y":856,"width":876,"height":11}},{"id":"f56d0425-5e93-4c37-8c79-0057ad0da024","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":37,"box":{"x":83,"y":870,"width":859,"height":11}},{"id":"c69818ed-8a26-48a6-ad43-e6d7566a1a2d","block_type":"box","text":"S-24","page_number":37,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"3f3da92d-a7ef-4500-ac6b-6e19237d9a33","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":38,"box":{"x":83,"y":23,"width":847,"height":11}},{"id":"e89f0320-c5b9-4cb8-9c2b-62e3c168891a","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":38,"box":{"x":83,"y":37,"width":756,"height":11}},{"id":"64461c88-53e5-4eee-ba79-45222e39c073","block_type":"box","text":"Market Trading Risk.","page_number":38,"box":{"x":84,"y":60,"width":151,"height":11}},{"id":"75c9817d-0bff-4e42-88d0-4f729e5149a0","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":38,"box":{"x":239,"y":61,"width":695,"height":10}},{"id":"45536e56-c03c-4638-88e9-45e94ca3dd1c","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":38,"box":{"x":84,"y":75,"width":841,"height":11}},{"id":"7f4f16a3-a7f2-4d08-ad8a-ea1632c63e69","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":38,"box":{"x":83,"y":89,"width":887,"height":11}},{"id":"cd14ce0b-994d-4a01-9284-8389ef927867","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":38,"box":{"x":83,"y":103,"width":839,"height":11}},{"id":"c5b02ff3-c56b-4829-91f4-161377d386bf","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":38,"box":{"x":84,"y":117,"width":865,"height":11}},{"id":"9898d434-e035-4d73-984d-e8e5d9e5a0b8","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":38,"box":{"x":82,"y":131,"width":885,"height":11}},{"id":"028ac696-27a7-4700-8e27-c444d666623e","block_type":"box","text":"of the Fund shares.","page_number":38,"box":{"x":83,"y":146,"width":135,"height":8}},{"id":"207f49d5-6fbe-453f-8c0f-0f26a514dfbd","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":38,"box":{"x":84,"y":169,"width":264,"height":10}},{"id":"9877a4dd-f91a-4886-baaf-a26d8d7c0b96","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":38,"box":{"x":353,"y":169,"width":590,"height":11}},{"id":"8f25dde0-b75d-4525-9c7b-f11c7c7d2122","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":38,"box":{"x":84,"y":183,"width":846,"height":11}},{"id":"b37b27e2-575c-4457-9326-a398965879ad","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":38,"box":{"x":82,"y":197,"width":875,"height":11}},{"id":"b1a46db9-7f11-430c-996f-4674326cf963","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":38,"box":{"x":82,"y":211,"width":529,"height":11}},{"id":"535def81-8420-4b0e-a258-b9de7ca5a641","block_type":"box","text":"Operational and Technology Risks.","page_number":38,"box":{"x":83,"y":234,"width":255,"height":11}},{"id":"251462e1-df92-47a8-8b88-3f34ae345e05","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":38,"box":{"x":342,"y":235,"width":582,"height":10}},{"id":"83b60372-3f60-4d81-a760-36210f628401","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":38,"box":{"x":83,"y":249,"width":876,"height":11}},{"id":"f4db21b9-8e54-4390-87f5-56c3092f743c","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":38,"box":{"x":83,"y":263,"width":879,"height":11}},{"id":"a621fe20-25a8-4dbb-9cd3-a4cfa5f9ba42","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":38,"box":{"x":83,"y":277,"width":825,"height":11}},{"id":"649378a9-5a54-479c-be4a-e08350338365","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":38,"box":{"x":83,"y":291,"width":863,"height":11}},{"id":"7e1123da-bfb4-40a4-ac2c-288c9e8003d2","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":38,"box":{"x":83,"y":305,"width":872,"height":11}},{"id":"b784dc54-1fd7-4100-837e-7677973e416c","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":38,"box":{"x":84,"y":320,"width":823,"height":10}},{"id":"02175735-aaef-44fc-89e2-f96748379bc7","block_type":"box","text":"Securities Lending Risk.","page_number":38,"box":{"x":83,"y":343,"width":177,"height":11}},{"id":"431ce9da-3617-4293-b15d-19390e49b80b","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":38,"box":{"x":264,"y":343,"width":692,"height":11}},{"id":"737579f7-bb4a-41ed-b722-713c334f641c","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":38,"box":{"x":84,"y":357,"width":869,"height":11}},{"id":"38bc5420-f358-469e-8c8f-fa7b22feb470","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":38,"box":{"x":83,"y":371,"width":886,"height":11}},{"id":"234b7fad-6470-4695-b336-5d1ea9408771","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":38,"box":{"x":83,"y":385,"width":831,"height":11}},{"id":"8505265f-4cc2-461e-a067-f43ab60fd2be","block_type":"box","text":"Technology Companies Risk.","page_number":38,"box":{"x":82,"y":409,"width":211,"height":10}},{"id":"76dd7b4e-f241-4437-85ff-6fde43d45c81","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":38,"box":{"x":298,"y":409,"width":656,"height":10}},{"id":"9549152a-98a7-4b3f-9138-7c2db1005570","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":38,"box":{"x":84,"y":423,"width":848,"height":11}},{"id":"26ec0d95-5ead-449c-8732-04143915aa07","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":38,"box":{"x":83,"y":437,"width":887,"height":11}},{"id":"8e76cb0c-2cc9-4586-ba54-9d18d1812793","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":38,"box":{"x":83,"y":451,"width":884,"height":11}},{"id":"d9dccc58-43bc-4379-9fe5-68e149a1f16c","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":38,"box":{"x":82,"y":465,"width":839,"height":11}},{"id":"519bc509-3073-4c6f-b22b-b957cc40f22a","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":38,"box":{"x":83,"y":480,"width":870,"height":10}},{"id":"06b0f460-35ad-4598-8356-0b93bbc0e78f","block_type":"box","text":"government or legal action.","page_number":38,"box":{"x":83,"y":494,"width":193,"height":11}},{"id":"97ad3b89-cc0c-4085-9f51-a8650c2bcc49","block_type":"box","text":"Tracking Error Risk.","page_number":38,"box":{"x":82,"y":517,"width":145,"height":11}},{"id":"c25a9bca-9d0b-4a6a-855c-f30906bdecca","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":38,"box":{"x":231,"y":517,"width":741,"height":11}},{"id":"1d263088-d3e0-4782-a642-9fab6a8716bd","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":38,"box":{"x":83,"y":531,"width":861,"height":11}},{"id":"49d0f3f4-667f-4b66-b3b8-cdff5a738d62","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":38,"box":{"x":83,"y":545,"width":832,"height":11}},{"id":"6317b772-17d7-4b83-956d-4b96278d1ccd","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":38,"box":{"x":84,"y":560,"width":880,"height":10}},{"id":"c54540a8-e069-4df5-8901-5eff5a7bd4f6","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":38,"box":{"x":84,"y":574,"width":830,"height":10}},{"id":"fffa1528-8441-436a-b54d-ad48871171d4","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":38,"box":{"x":82,"y":588,"width":828,"height":11}},{"id":"277557c9-118e-45e1-b640-13de5fc15006","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":38,"box":{"x":83,"y":602,"width":874,"height":11}},{"id":"a694b3fe-4294-4256-958b-206340ca56e3","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":38,"box":{"x":84,"y":616,"width":888,"height":11}},{"id":"0e88d8f5-0a8c-4802-9fdb-03bdf1f4d74a","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":38,"box":{"x":84,"y":630,"width":851,"height":11}},{"id":"bf2bb6f0-947d-4d7d-9dc2-9141307ca87f","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":38,"box":{"x":84,"y":645,"width":885,"height":10}},{"id":"2c7f3ccf-e8be-4377-a2dd-affb0da5ec07","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":38,"box":{"x":83,"y":659,"width":874,"height":11}},{"id":"cf49aa21-1a94-4383-99b5-d92a67236e58","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":38,"box":{"x":84,"y":673,"width":724,"height":11}},{"id":"6d6e4c95-c4d9-4b49-a59b-c73baa81f348","block_type":"box","text":"Performance Information","page_number":38,"box":{"x":84,"y":702,"width":229,"height":10}},{"id":"258b16e7-2635-4037-9c90-b475517b03d4","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":38,"box":{"x":82,"y":727,"width":864,"height":11}},{"id":"6f9359c8-6c38-4e58-8ce4-7bb403db5632","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":38,"box":{"x":83,"y":741,"width":871,"height":11}},{"id":"c9bf0fa6-e6c6-48fc-ad9c-98e963b9bae7","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":38,"box":{"x":83,"y":755,"width":868,"height":11}},{"id":"5aa25de5-ede0-491a-b6b9-07c49e6d3f17","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":38,"box":{"x":84,"y":770,"width":837,"height":10}},{"id":"cfd63f6e-e4a6-4be8-89a0-b628cca3314f","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":38,"box":{"x":83,"y":784,"width":869,"height":11}},{"id":"a2be0d7e-07aa-493c-b4af-08f16ce9da50","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":38,"box":{"x":84,"y":798,"width":832,"height":11}},{"id":"53c59c92-4925-4abb-a71d-aaad52544824","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":38,"box":{"x":84,"y":812,"width":841,"height":11}},{"id":"ce14ecc7-3b97-464d-8a38-2d6f771d3fa8","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":38,"box":{"x":82,"y":826,"width":531,"height":11}},{"id":"2337a02d-50a8-4d9f-abe6-9ffe154248d0","block_type":"box","text":"S-25","page_number":38,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"302f088c-b3ed-477e-ab40-78a7660671aa","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":39,"box":{"x":165,"y":23,"width":260,"height":11}},{"id":"adc0dcb1-764e-4ea2-8544-17c0ab634678","block_type":"box","text":"12.25","page_number":39,"box":{"x":117,"y":98,"width":25,"height":6}},{"id":"597b84a7-462f-4384-aca1-712dbf81bfa7","block_type":"box","text":"22.52","page_number":39,"box":{"x":153,"y":86,"width":26,"height":6}},{"id":"3deefaf9-9bb3-485e-a6cf-c9bb8265ebe2","block_type":"box","text":"-5.56","page_number":39,"box":{"x":191,"y":135,"width":23,"height":6}},{"id":"41f3b07d-ef5d-4fe9-9404-2a5377757ca4","block_type":"box","text":"32.18","page_number":39,"box":{"x":227,"y":75,"width":26,"height":6}},{"id":"5cc37ceb-00fd-4c3e-99fa-255cd748d4bb","block_type":"box","text":"24.64","page_number":39,"box":{"x":264,"y":83,"width":26,"height":6}},{"id":"c6869011-bca3-4049-b8ab-309d80a5b02f","block_type":"box","text":"30.31","page_number":39,"box":{"x":301,"y":77,"width":25,"height":6}},{"id":"8b570310-2065-4713-ac3d-91804f4c26d0","block_type":"box","text":"-21.31","page_number":39,"box":{"x":336,"y":154,"width":29,"height":5}},{"id":"c9fdf641-ae24-448f-942b-c78046b64ce6","block_type":"box","text":"23.87","page_number":39,"box":{"x":375,"y":84,"width":26,"height":6}},{"id":"bbe4934a-733e-4b84-9d57-57a22083efb1","block_type":"box","text":"22.41","page_number":39,"box":{"x":412,"y":86,"width":25,"height":6}},{"id":"c141b555-14dc-4cf4-a6b3-5b4012c4b621","block_type":"box","text":"15.72","page_number":39,"box":{"x":450,"y":94,"width":25,"height":6}},{"id":"400e351c-e6bd-4b70-9c0a-d46df6576f54","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":39,"box":{"x":117,"y":177,"width":357,"height":6}},{"id":"a69e4ec6-9d93-47bd-83f6-10e4caaec819","block_type":"box","text":"Return (%) Period Ended","page_number":39,"box":{"x":790,"y":38,"width":176,"height":9}},{"id":"c01f5191-6858-4766-a112-7243a8e79780","block_type":"box","text":"Calendar Year-to-Date Return","page_number":39,"box":{"x":550,"y":56,"width":197,"height":8}},{"id":"feaafd72-f616-43c2-bc7b-999792b2fb47","block_type":"box","text":"11.30% June 30, 2026","page_number":39,"box":{"x":804,"y":56,"width":168,"height":9}},{"id":"e5c9c86d-165a-4783-af01-9006494564e5","block_type":"box","text":"During the periods shown in the chart:","page_number":39,"box":{"x":551,"y":69,"width":250,"height":10}},{"id":"c66f0eea-b85d-4ca2-b86d-a41066069071","block_type":"box","text":"Best Quarter 22.26% June 30, 2020","page_number":39,"box":{"x":564,"y":82,"width":408,"height":9}},{"id":"64fc05d5-4126-40b8-b8e5-845e2e6b55bb","block_type":"box","text":"Worst Quarter -17.79% March 31, 2020","page_number":39,"box":{"x":563,"y":95,"width":409,"height":9}},{"id":"4adae59e-05a7-4bf6-ae1f-ffb3eef1b9b9","block_type":"box","text":"Average Annual Total Returns (%)","page_number":39,"box":{"x":403,"y":207,"width":250,"height":11}},{"id":"337b37f0-9519-4f0f-93cf-2abe39a33df0","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":39,"box":{"x":371,"y":222,"width":315,"height":10}},{"id":"7be60642-ba13-4151-83d3-9b907aede2b6","block_type":"box","text":"One Year Five Years Ten Years","page_number":39,"box":{"x":701,"y":238,"width":268,"height":8}},{"id":"f1153362-8734-4279-b972-ce8d1c46b641","block_type":"box","text":"Fund Inception: 1/24/2005","page_number":39,"box":{"x":88,"y":253,"width":179,"height":10}},{"id":"72b79b46-f17b-4452-b9af-8f0bac18bec5","block_type":"box","text":"Return Before Taxes","page_number":39,"box":{"x":89,"y":265,"width":124,"height":8}},{"id":"d80665f4-2f6e-4c30-90b7-6efb5a086146","block_type":"box","text":"15.72% 12.47% 14.43%","page_number":39,"box":{"x":712,"y":265,"width":257,"height":8}},{"id":"a7a892eb-53e1-4d44-8fe2-e7c1e2d5fa98","block_type":"box","text":"Return After Taxes on Distributions 15.45% 12.14% 14.05%","page_number":39,"box":{"x":89,"y":277,"width":880,"height":7}},{"id":"88bbd471-fc4c-4bef-a795-e0f2da82e14b","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 9.47% 9.90% 12.07%","page_number":39,"box":{"x":89,"y":288,"width":880,"height":8}},{"id":"71cf86c3-ed91-45d6-8022-56fbf35aa825","block_type":"box","text":"MSCI USA Index","page_number":39,"box":{"x":88,"y":300,"width":107,"height":8}},{"id":"f43e7c2f-5ad9-471b-b46e-8a9954d5fb51","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.75% 13.87% 14.79%","page_number":39,"box":{"x":198,"y":300,"width":771,"height":9}},{"id":"009c5e1e-dc9e-4197-b072-8c24684d640f","block_type":"box","text":"MSCI USA Extended ESG Select Index (Spliced)","page_number":39,"box":{"x":88,"y":311,"width":309,"height":10}},{"id":"b1c8e286-d152-4240-a85e-4c36a7cd5710","block_type":"box","text":"1","page_number":39,"box":{"x":398,"y":310,"width":5,"height":5}},{"id":"fea8e43d-067c-4278-8e0d-c706ad22e955","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":39,"box":{"x":407,"y":311,"width":269,"height":9}},{"id":"d074b7c0-eece-4163-9933-bcc222f10044","block_type":"box","text":"expenses or taxes)","page_number":39,"box":{"x":101,"y":324,"width":116,"height":10}},{"id":"5cce13a8-0f80-42cb-931f-ee8c46eefe19","block_type":"box","text":"16.10% 12.75% 14.79%","page_number":39,"box":{"x":712,"y":325,"width":257,"height":7}},{"id":"a8601d47-fd68-4ae6-9f63-310016870a02","block_type":"box","text":"1","page_number":39,"box":{"x":110,"y":343,"width":5,"height":5}},{"id":"a245e374-0b1f-43a2-9158-ea053c194310","block_type":"box","text":"The MSCI USA Extended ESG Select Index (Spliced) reflects the performance of the MSCI USA ESG Select Index through May 31, 2018","page_number":39,"box":{"x":123,"y":344,"width":846,"height":10}},{"id":"461812c3-113c-4fd6-b760-d65bb8974821","block_type":"box","text":"and the MSCI USA Extended ESG Select Index thereafter, which reflect the times when each index was the Underlying Index of the","page_number":39,"box":{"x":123,"y":355,"width":815,"height":9}},{"id":"ef8ba148-c7f5-474f-84b9-a695077b2033","block_type":"box","text":"Fund.","page_number":39,"box":{"x":124,"y":365,"width":34,"height":8}},{"id":"3f1a9f68-97ad-40b0-9bdc-d00ce8c12c8a","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":39,"box":{"x":82,"y":385,"width":857,"height":11}},{"id":"435980c6-2196-4bb0-8aa8-ba0885dfb0ed","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":39,"box":{"x":84,"y":399,"width":864,"height":10}},{"id":"2da71d0b-bf27-42d6-8b92-fea26e68ba23","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":39,"box":{"x":84,"y":413,"width":847,"height":11}},{"id":"5ff68245-657d-4e91-a6f1-ebcf5d703e57","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":39,"box":{"x":83,"y":427,"width":857,"height":11}},{"id":"3bc5fbfe-0d7f-42bd-b084-d37f552e1945","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":39,"box":{"x":83,"y":441,"width":877,"height":11}},{"id":"dcd94de7-7bbb-42c3-b4c0-b0a16e97f302","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":39,"box":{"x":82,"y":456,"width":837,"height":10}},{"id":"b78e6a29-36aa-4a5c-adab-48ed30c14da7","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":39,"box":{"x":84,"y":470,"width":885,"height":11}},{"id":"0e5436ea-fd1d-4303-83f0-3badf3ad3ef7","block_type":"box","text":"on distributions.","page_number":39,"box":{"x":83,"y":484,"width":115,"height":8}},{"id":"111eeaeb-8104-4a9a-9dd4-bfe972f4c68f","block_type":"box","text":"Management","page_number":39,"box":{"x":84,"y":513,"width":120,"height":13}},{"id":"3f8f6f44-f837-4157-a6cf-3629a0d0320f","block_type":"box","text":"Investment Adviser.","page_number":39,"box":{"x":84,"y":538,"width":144,"height":9}},{"id":"ce75f1e7-acf6-44dc-b3f3-f537e9f0566b","block_type":"box","text":"BlackRock Fund Advisors.","page_number":39,"box":{"x":234,"y":538,"width":180,"height":9}},{"id":"df714466-e9b2-4ac3-adcb-d85610dc23ad","block_type":"box","text":"Portfolio Managers.","page_number":39,"box":{"x":84,"y":561,"width":145,"height":11}},{"id":"23cd84a5-e865-4a62-afc5-327a4ac4f4d6","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":39,"box":{"x":233,"y":561,"width":679,"height":11}},{"id":"34b95017-2690-4811-93b1-37a854235140","block_type":"box","text":"management of the Fund:","page_number":39,"box":{"x":84,"y":576,"width":182,"height":10}},{"id":"f987f7f9-930a-42eb-9e61-f629c8687b24","block_type":"box","text":"Portfolio Manager","page_number":39,"box":{"x":88,"y":611,"width":120,"height":10}},{"id":"b49f9d53-b0b3-414f-b689-d6baeceea474","block_type":"box","text":"Portfolio Manager of the","page_number":39,"box":{"x":441,"y":598,"width":161,"height":10}},{"id":"bbc6e2e4-f1dd-4dc2-9c80-280cc26d7812","block_type":"box","text":"Fund Since","page_number":39,"box":{"x":485,"y":611,"width":72,"height":8}},{"id":"027cbf87-aedf-4f0e-af84-373e2fad9fc3","block_type":"box","text":"Title with Investment","page_number":39,"box":{"x":834,"y":598,"width":140,"height":8}},{"id":"2dc1229a-4f42-4a58-a8e6-460d7ebe1cea","block_type":"box","text":"Adviser","page_number":39,"box":{"x":880,"y":611,"width":48,"height":8}},{"id":"1bbe997c-04e7-471f-963e-e763dd951e92","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":39,"box":{"x":87,"y":627,"width":877,"height":9}},{"id":"498bfb3e-4432-4ba5-a695-c6ebc01567f2","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":39,"box":{"x":89,"y":642,"width":875,"height":10}},{"id":"bca06fbb-bc54-40bf-aaaa-305eebd8a764","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":39,"box":{"x":89,"y":658,"width":875,"height":9}},{"id":"a73fe25f-99be-44f8-8bd6-2293ef7279e4","block_type":"box","text":"Steven White 2025 Managing Director","page_number":39,"box":{"x":88,"y":673,"width":876,"height":10}},{"id":"b22bd579-7280-4d91-9291-844e8c037e22","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":39,"box":{"x":84,"y":708,"width":304,"height":11}},{"id":"a2c31f61-bb0d-42e0-93fa-23e51c88a69c","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":39,"box":{"x":82,"y":733,"width":878,"height":11}},{"id":"0e739d84-9af8-4a24-bf20-be0844d440d3","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":39,"box":{"x":83,"y":748,"width":855,"height":10}},{"id":"5aac5e78-ea82-4e7f-a742-339f05b48cfb","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":39,"box":{"x":83,"y":762,"width":817,"height":11}},{"id":"e6361b40-a1c6-45e0-9df4-518e9795ba9c","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":39,"box":{"x":83,"y":776,"width":878,"height":11}},{"id":"12e99883-55e1-4327-9da2-5c3b9e88a4cf","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":39,"box":{"x":84,"y":790,"width":860,"height":11}},{"id":"fa79f8fe-b21f-4a74-a3d4-1c96da946246","block_type":"box","text":"(the “bid-ask spread”).","page_number":39,"box":{"x":83,"y":804,"width":157,"height":11}},{"id":"877c747f-ca98-448d-9ed7-4bcb5a417a82","block_type":"box","text":"S-26","page_number":39,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"2a49ab81-20fa-45ff-b41b-199eda3a9739","block_type":"box","text":"Tax Information","page_number":40,"box":{"x":82,"y":22,"width":144,"height":11}},{"id":"c7404f55-009d-49ab-bb33-9235d532b2e4","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":40,"box":{"x":82,"y":48,"width":832,"height":10}},{"id":"c07c56ea-6aa2-4dcb-8c08-17dae7088c37","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":40,"box":{"x":83,"y":62,"width":883,"height":11}},{"id":"4d4ae9dc-5b21-470a-aa89-143bce50cd4c","block_type":"box","text":"be taxed when withdrawn.","page_number":40,"box":{"x":84,"y":76,"width":181,"height":8}},{"id":"ef2a9849-75da-44fd-93ee-6a31d5f90406","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":40,"box":{"x":84,"y":105,"width":575,"height":13}},{"id":"e114d33e-9c96-40ef-93c4-64fd22cbb834","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":40,"box":{"x":84,"y":130,"width":854,"height":11}},{"id":"2c59ec8d-9531-41a7-a3bf-cbcef9008249","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":40,"box":{"x":84,"y":144,"width":842,"height":11}},{"id":"c312aed2-f58c-4148-a854-8ec3c798d1c3","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":40,"box":{"x":83,"y":159,"width":820,"height":10}},{"id":"baed21cc-b50c-4b8b-8357-6acb4cca708f","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":40,"box":{"x":84,"y":173,"width":801,"height":11}},{"id":"7e5ea51d-71d7-46ce-bf62-3b10aca6b698","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":40,"box":{"x":83,"y":187,"width":841,"height":11}},{"id":"38d39c81-ddce-446e-9f1f-02a2978e3aed","block_type":"box","text":"financial intermediary’s website for more information.","page_number":40,"box":{"x":83,"y":201,"width":379,"height":11}},{"id":"35eeab54-9ad3-499e-b541-d59e49ed8a5b","block_type":"box","text":"S-27","page_number":40,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"95ecb823-a64c-4eed-b448-38d04fd1771d","block_type":"box","text":"iShares Morningstar Growth ETF","page_number":41,"box":{"x":84,"y":23,"width":456,"height":21}},{"id":"892d2977-c1df-4688-a1d9-99e3e1fbced0","block_type":"box","text":"ILCG | NYSE Arca","page_number":41,"box":{"x":85,"y":47,"width":237,"height":18}},{"id":"38b4268a-e9e5-4c4e-b2c5-54424a3d0885","block_type":"box","text":"Investment Objective","page_number":41,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"dc4f1588-9355-4646-a8f1-1d837dfc3973","block_type":"box","text":"The iShares Morningstar Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large- and","page_number":41,"box":{"x":82,"y":117,"width":870,"height":11}},{"id":"17d63e2b-3483-4519-8a4f-2f9c077fca0d","block_type":"box","text":"mid-capitalization U.S. equities that exhibit growth characteristics.","page_number":41,"box":{"x":84,"y":132,"width":470,"height":10}},{"id":"2a42fa12-5ff8-41c9-8ee7-9fa3f9f89a03","block_type":"box","text":"Fees and Expenses","page_number":41,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"e286e32c-0c01-4a6f-a866-3a2aef32d4f3","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":41,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"720067be-547c-4eae-871c-3dcb7ad00a2a","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":41,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"21267ceb-899d-4769-b217-97facbe9aca1","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":41,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"6307410b-8cbd-445f-b6a9-2f85b59c5fb2","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":41,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"b3e06a7d-df53-4059-8b90-ccc6279eea78","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":41,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"be1bec65-8c89-4f04-9927-c97edd4f7669","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":41,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"2c491643-0f86-4356-9932-c825890696d3","block_type":"box","text":"extraordinary expenses.","page_number":41,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"af241a59-124a-4866-acc1-0847d0a24889","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":41,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"e71c47f7-74c4-445a-8fb7-091d49eb0f10","block_type":"box","text":"reflected in the table and example below.","page_number":41,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"b4bd1903-f0a7-483f-aa41-48eac17d79f8","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":41,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"b4acd3a8-0633-4841-aeee-9b395eae07e2","block_type":"box","text":"1","page_number":41,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"a641f3de-393c-4848-9448-46dd9566e22b","block_type":"box","text":"Management Fee","page_number":41,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"10afa687-6fc9-48ff-ac3b-7a6b423d0232","block_type":"box","text":"0.04%","page_number":41,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"ced12dca-6e90-432a-9df6-a19eca2b4454","block_type":"box","text":"Other Expenses","page_number":41,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"213e5428-5927-4f39-a036-4cf67f6ebd5c","block_type":"box","text":"0.00%","page_number":41,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"43a40159-4c73-49d2-95e7-f94a76665d8a","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":41,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"531289de-6363-4ba8-8ae4-ca961e7328b0","block_type":"box","text":"0.04%","page_number":41,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"a1662fa9-f0b7-4396-ab06-c1866a1e8394","block_type":"box","text":"1","page_number":41,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"019da403-c02a-4af2-a260-50a035d37c35","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":41,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"4a6e4439-a122-4941-a4bf-85a28bfd8a41","block_type":"box","text":"Example.","page_number":41,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"8ae00d86-8ee8-4c4e-b6a7-a86eea472d85","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":41,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"527fd40e-9ed3-4742-b22d-ae7ec0aac1fd","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":41,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"7c4841fd-57c8-4259-86e0-4f2468917c5e","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":41,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"9834b333-9955-4908-8b68-533505743a1a","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":41,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"7b6be11f-af3f-4ba1-b837-905a4dacda53","block_type":"box","text":"your costs would be:","page_number":41,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"7f028270-19db-42f6-b69e-f85c0128c5d5","block_type":"box","text":"Expense Example","page_number":41,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"c88d32d3-5e8a-4469-ae8e-9ed03229ca1f","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":41,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"65f6c098-8139-40e5-88aa-752c3e6a77aa","block_type":"box","text":"Example Fund Costs","page_number":41,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"041c788c-8f28-4010-ab79-126d986d7b6a","block_type":"box","text":"$4 $13 $23 $51","page_number":41,"box":{"x":705,"y":525,"width":252,"height":9}},{"id":"1f681a86-20a9-47fc-a282-7728d6475a1b","block_type":"box","text":"Portfolio Turnover.","page_number":41,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"afe35c30-12b8-4afa-a960-905ee32943c8","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":41,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"c4e49981-f5fa-4a17-8c6b-4f399fdc7bf1","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":41,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"0dadc028-7613-4fca-9ec4-94ca757cf204","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":41,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"0308bab4-38e2-4ad0-81f5-617921829290","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 27% of","page_number":41,"box":{"x":82,"y":597,"width":887,"height":11}},{"id":"034ebd7d-07a5-4ee3-9817-574ae2ff17a4","block_type":"box","text":"the average value of its portfolio.","page_number":41,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"41e448a0-dcc2-4371-9c65-bd89ebbc0671","block_type":"box","text":"Principal Investment Strategies","page_number":41,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"f5826a16-c6f7-4bd6-b383-36738cfb2b12","block_type":"box","text":"The Fund seeks to track the investment results of the Morningstar","page_number":41,"box":{"x":82,"y":666,"width":467,"height":11}},{"id":"59a34051-eda5-4270-a81d-9a0104a410b5","block_type":"box","text":"®","page_number":41,"box":{"x":550,"y":665,"width":5,"height":3}},{"id":"ec80a20f-4e95-45c1-823c-ccb66b085ae5","block_type":"box","text":"US Large-Mid Cap Broad Growth Index","page_number":41,"box":{"x":560,"y":666,"width":276,"height":11}},{"id":"a3bd6fdd-27b9-42a0-a79f-d0f23380a305","block_type":"box","text":"SM","page_number":41,"box":{"x":837,"y":664,"width":16,"height":5}},{"id":"db7853c0-1db1-4296-9a22-a5c2c839d171","block_type":"box","text":"(the","page_number":41,"box":{"x":859,"y":666,"width":27,"height":9}},{"id":"87518ab2-6e6c-4f38-8a13-5c6e5b1b2414","block_type":"box","text":"“Underlying Index”), which measures the performance of U.S. stocks issued by “large-mid capitalization” companies that have","page_number":41,"box":{"x":83,"y":680,"width":888,"height":11}},{"id":"3dcc2d37-d3f4-4575-be47-33352e70c11d","block_type":"box","text":"exhibited above-average “growth” characteristics as determined by Morningstar, Inc. (“Morningstar” or the “Index Provider”).","page_number":41,"box":{"x":83,"y":694,"width":879,"height":11}},{"id":"b6138bb1-dd1c-48ed-95d1-7f5e0dca9d7d","block_type":"box","text":"Morningstar defines “large-mid capitalization” stocks as those stocks that form approximately the top 90% of the market","page_number":41,"box":{"x":84,"y":708,"width":856,"height":11}},{"id":"d877e0ed-f317-4652-ae50-85c43fa34d70","block_type":"box","text":"capitalization of the stocks eligible to be included in the Morningstar","page_number":41,"box":{"x":83,"y":723,"width":486,"height":10}},{"id":"8c913f8b-c4b5-4e05-822c-bd2c4aa15e2f","block_type":"box","text":"®","page_number":41,"box":{"x":570,"y":722,"width":4,"height":3}},{"id":"bce9180b-08ee-4911-afe1-6c35e1ffdcb7","block_type":"box","text":"US Market Extended Index","page_number":41,"box":{"x":580,"y":723,"width":187,"height":8}},{"id":"23636364-384d-472b-81ad-3d11b3408747","block_type":"box","text":"SM","page_number":41,"box":{"x":768,"y":721,"width":17,"height":5}},{"id":"fb1ddb0f-be8a-4fa5-8a9a-b706b4493b85","block_type":"box","text":"(a diversified broad","page_number":41,"box":{"x":790,"y":722,"width":135,"height":10}},{"id":"dc8fb2d7-94f4-488f-bd34-842caa0d2913","block_type":"box","text":"market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks and includes","page_number":41,"box":{"x":84,"y":737,"width":860,"height":11}},{"id":"ccb82298-c351-451c-b93a-955796dd660a","block_type":"box","text":"only those stocks in the top 75% of companies in the investable universe based on a liquidity score of the Index Provider). The","page_number":41,"box":{"x":83,"y":751,"width":889,"height":11}},{"id":"c5ef2b04-d7e3-4512-9d61-352625a4828c","block_type":"box","text":"Index Provider then designates stocks as “blend,” “growth” or “value” based on their style orientations. The stocks included in","page_number":41,"box":{"x":84,"y":765,"width":878,"height":11}},{"id":"263f16c0-c09b-4b74-ab68-50b3bc5c3c9a","block_type":"box","text":"the Underlying Index are designated as “growth” because they are issued by companies that typically have higher than","page_number":41,"box":{"x":82,"y":779,"width":838,"height":11}},{"id":"48d80c80-eb1b-4a93-9ef5-e1288697efa8","block_type":"box","text":"average historical and forecasted earnings, sales, book value and cash flow growth.","page_number":41,"box":{"x":83,"y":793,"width":587,"height":11}},{"id":"9fd65c90-cfa0-4d1d-b2ff-658b0d0762f3","block_type":"box","text":"The stocks in the Underlying Index are weighted according to the total value of shares that are publicly owned and available","page_number":41,"box":{"x":82,"y":815,"width":873,"height":11}},{"id":"b55aab5f-639c-4304-b994-7fc0b2542c64","block_type":"box","text":"for investment. As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies","page_number":41,"box":{"x":83,"y":830,"width":881,"height":10}},{"id":"f39338f8-0527-4949-a65f-78b15dc450f9","block_type":"box","text":"in the technology industry or sector. The components of the Underlying Index are likely to change over time.","page_number":41,"box":{"x":83,"y":844,"width":760,"height":11}},{"id":"47f2d336-7666-45d6-9586-983e25f96a7b","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":41,"box":{"x":82,"y":867,"width":853,"height":11}},{"id":"05de91ae-f904-4b0d-8da4-a0fb1ec77cab","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":41,"box":{"x":84,"y":881,"width":838,"height":11}},{"id":"eb967971-460f-4456-a5b2-c7c4fb07d198","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":41,"box":{"x":83,"y":895,"width":868,"height":11}},{"id":"5ff9b731-9c7f-4f63-a883-e837cac4cc73","block_type":"box","text":"S-28","page_number":41,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"85cbdc1f-c7c1-42cb-8e7a-6a7204db259e","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":42,"box":{"x":84,"y":23,"width":850,"height":11}},{"id":"2736de0a-e648-4e44-8943-2a6964605cdc","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":42,"box":{"x":83,"y":37,"width":806,"height":11}},{"id":"df2b0c28-b15c-45f8-9c6c-b282d047b30b","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":42,"box":{"x":83,"y":51,"width":885,"height":11}},{"id":"120a0a6b-1246-4c2f-940d-3e92c45fc381","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":42,"box":{"x":82,"y":66,"width":885,"height":11}},{"id":"468117be-109b-4651-a8b8-8d91026cc95b","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":42,"box":{"x":83,"y":80,"width":853,"height":11}},{"id":"6c80f5ce-192c-4dc7-b3d0-c9571159a7d2","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":42,"box":{"x":83,"y":94,"width":867,"height":11}},{"id":"0ff45461-dc2c-4fa7-8bd4-d35a2e4ade82","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":42,"box":{"x":83,"y":108,"width":868,"height":11}},{"id":"419c88fc-8e42-47e0-b217-8087277501c0","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":42,"box":{"x":82,"y":122,"width":863,"height":11}},{"id":"77bb849b-b3d7-4724-aeb2-1045e7d8bd28","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":42,"box":{"x":84,"y":137,"width":825,"height":10}},{"id":"967a7f84-d1fd-47b3-87f1-36da71be5d6e","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":42,"box":{"x":84,"y":151,"width":405,"height":11}},{"id":"0bc3924e-df6a-4598-a8dd-083328b7dded","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":42,"box":{"x":84,"y":174,"width":844,"height":11}},{"id":"3ec80832-2319-49b1-9ce9-38fa2fa98caa","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":42,"box":{"x":83,"y":188,"width":860,"height":11}},{"id":"50659af9-27bd-43fb-b0be-69101b7eb584","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":42,"box":{"x":83,"y":202,"width":831,"height":11}},{"id":"6699156f-e8e3-4713-b6cc-ba7ba7c6d3d2","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":42,"box":{"x":83,"y":217,"width":817,"height":10}},{"id":"a8b47261-d0d0-4965-b343-94f0cad86a58","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":42,"box":{"x":84,"y":231,"width":817,"height":11}},{"id":"d6f4efe9-7173-4adf-9370-2e63168c8222","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":42,"box":{"x":83,"y":245,"width":835,"height":11}},{"id":"ea8373b1-a880-48f5-9260-21194833e767","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":42,"box":{"x":82,"y":268,"width":873,"height":11}},{"id":"09f4aca9-e6ed-4dd5-a8b8-a050de66bb40","block_type":"box","text":"collateral received).","page_number":42,"box":{"x":83,"y":282,"width":136,"height":10}},{"id":"3c93e105-6c26-4443-b15e-af64f65008e6","block_type":"box","text":"The Underlying Index is sponsored by Morningstar, which is independent of the Fund and BFA. The Index Provider determines","page_number":42,"box":{"x":82,"y":305,"width":889,"height":11}},{"id":"7dca64a6-3af4-47ce-987f-ca179302b7f3","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":42,"box":{"x":82,"y":320,"width":884,"height":10}},{"id":"b73bbf1e-a464-450c-850e-523a1cf846bd","block_type":"box","text":"market value of the Underlying Index.","page_number":42,"box":{"x":84,"y":334,"width":262,"height":11}},{"id":"860551df-4d6a-4f3c-8878-1cdced1c2344","block_type":"box","text":"Industry Concentration Policy.","page_number":42,"box":{"x":84,"y":357,"width":223,"height":11}},{"id":"c46c4218-714c-4b50-9e2a-a0bdced80d17","block_type":"box","text":"The Fund will concentrate its investments (","page_number":42,"box":{"x":312,"y":357,"width":304,"height":9}},{"id":"2fe838fc-7184-4d8f-a728-947f6ac58ff7","block_type":"box","text":"i.e.","page_number":42,"box":{"x":617,"y":357,"width":17,"height":9}},{"id":"58b90f0e-4456-4e19-baba-d0789c43842b","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":42,"box":{"x":636,"y":357,"width":292,"height":10}},{"id":"2240c942-ae3f-4f70-9cb3-9f34dc17f63d","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":42,"box":{"x":84,"y":371,"width":858,"height":11}},{"id":"40fa512a-cfcc-45ce-95b1-36a9db953a13","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":42,"box":{"x":84,"y":385,"width":867,"height":11}},{"id":"5c8e1e15-32b5-4c0a-bcb7-99296fdfc97a","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":42,"box":{"x":83,"y":400,"width":826,"height":10}},{"id":"b44c64c5-de53-4dd8-a045-f7ba167dc0ef","block_type":"box","text":"Summary of Principal Risks","page_number":42,"box":{"x":83,"y":429,"width":248,"height":13}},{"id":"f4a676e2-872f-42b0-bcd2-fe04e66573f2","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":42,"box":{"x":82,"y":454,"width":882,"height":11}},{"id":"3c908d10-6587-4689-aea2-10b7b40f8ef1","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":42,"box":{"x":83,"y":468,"width":825,"height":11}},{"id":"fc74c733-42d0-4118-a699-5fac24cecc94","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":42,"box":{"x":83,"y":482,"width":807,"height":11}},{"id":"0c9ef12e-7c53-469d-9516-7575331c8401","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":42,"box":{"x":83,"y":496,"width":844,"height":11}},{"id":"71c01c54-ec9e-49c0-9f0f-395bce3f4ba6","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":42,"box":{"x":83,"y":510,"width":814,"height":11}},{"id":"ccdaecea-397b-4525-bd06-292403ccb25f","block_type":"box","text":"Risk of Investing in the U.S.","page_number":42,"box":{"x":84,"y":534,"width":200,"height":11}},{"id":"d15347cb-95e2-4321-89a5-faed7e28bc19","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":42,"box":{"x":289,"y":534,"width":664,"height":10}},{"id":"f1181330-1281-4056-821f-d0579917c11e","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":42,"box":{"x":83,"y":548,"width":878,"height":11}},{"id":"2c960da3-fde0-43b8-ab0f-201fe84ec0ca","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":42,"box":{"x":83,"y":562,"width":470,"height":11}},{"id":"1f7edce1-0bda-42de-9191-f92dfa1c7e8a","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":42,"box":{"x":84,"y":585,"width":278,"height":11}},{"id":"c23de7b1-7668-46b1-b996-3082df970911","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":42,"box":{"x":367,"y":585,"width":540,"height":11}},{"id":"6df0d920-fcef-440e-b2c5-314be974a1de","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":42,"box":{"x":83,"y":600,"width":890,"height":10}},{"id":"11e97e65-1faa-4846-b30b-bea7256a8e38","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":42,"box":{"x":84,"y":614,"width":867,"height":10}},{"id":"269d35ca-0dd0-491c-beed-763716dfa599","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":42,"box":{"x":84,"y":628,"width":709,"height":11}},{"id":"0732279c-1020-4ca1-88b3-3b0b707765a1","block_type":"box","text":"Growth Securities Risk.","page_number":42,"box":{"x":83,"y":651,"width":170,"height":8}},{"id":"f7c102f1-3463-4ac9-8243-c9f40d6b4155","block_type":"box","text":"Growth securities are those issued by companies whose earnings growth potential appears to be","page_number":42,"box":{"x":259,"y":651,"width":681,"height":11}},{"id":"11ef18db-fc12-4bc8-af39-7ecdaeeef0bb","block_type":"box","text":"greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The","page_number":42,"box":{"x":83,"y":665,"width":855,"height":11}},{"id":"0f797557-0992-4875-8e7f-0ee1fd5586c1","block_type":"box","text":"prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and","page_number":42,"box":{"x":84,"y":679,"width":824,"height":11}},{"id":"a315edc4-d64e-41ac-aa32-5b026ca26116","block_type":"box","text":"significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as","page_number":42,"box":{"x":83,"y":694,"width":873,"height":10}},{"id":"beb4a7f9-0599-4d0b-8f38-ca6c77f01acc","block_type":"box","text":"well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of","page_number":42,"box":{"x":82,"y":708,"width":888,"height":11}},{"id":"c6bcd11b-8f54-42af-a18c-4e43c481601f","block_type":"box","text":"the Fund.","page_number":42,"box":{"x":82,"y":722,"width":67,"height":8}},{"id":"f960b41d-0e63-40a5-ab5e-a10fe2b96f7d","block_type":"box","text":"Equity Securities Risk.","page_number":42,"box":{"x":84,"y":745,"width":163,"height":11}},{"id":"bafa2df1-14d8-486d-85be-fe9bac6cf67c","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":42,"box":{"x":253,"y":745,"width":709,"height":11}},{"id":"42908d74-7644-4d4b-a061-4ae3de203483","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":42,"box":{"x":83,"y":759,"width":889,"height":11}},{"id":"7f6d92b4-fbe1-406f-a20b-f67b8883777e","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":42,"box":{"x":83,"y":773,"width":880,"height":11}},{"id":"5cb1cc23-cff1-4998-a373-93e3fef6f7a1","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":42,"box":{"x":83,"y":788,"width":867,"height":10}},{"id":"c03c6d7d-b24f-4ca4-9b1e-8b6e5240c515","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":42,"box":{"x":84,"y":802,"width":339,"height":11}},{"id":"0a3fff0d-4879-4b29-a7d5-14ff516bc5be","block_type":"box","text":"Market Risk.","page_number":42,"box":{"x":84,"y":825,"width":90,"height":8}},{"id":"df5ee1ee-4042-4fd1-b175-fc264d1ac771","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":42,"box":{"x":179,"y":825,"width":767,"height":11}},{"id":"b85e3c5e-7f02-45c6-a7c3-54e0dc924c35","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":42,"box":{"x":83,"y":839,"width":882,"height":11}},{"id":"510b877f-207c-433c-b548-0d91a7d5f725","block_type":"box","text":"S-29","page_number":42,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"e063e91e-2b2b-49b2-acae-aa3a6c029d53","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":43,"box":{"x":84,"y":23,"width":857,"height":11}},{"id":"1e7f5ae6-3168-49e0-a1dc-74ae8e6a142d","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":43,"box":{"x":83,"y":37,"width":875,"height":11}},{"id":"2d5c7267-154d-40b9-938b-759fa0e4e12d","block_type":"box","text":"Fund’s NAV.","page_number":43,"box":{"x":84,"y":51,"width":81,"height":9}},{"id":"764cb49a-8f71-4f52-bbd8-d2e640c7a11e","block_type":"box","text":"Index-Related Risk.","page_number":43,"box":{"x":84,"y":75,"width":143,"height":8}},{"id":"17e839ff-e864-4490-bed2-a1fe59c2d076","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":43,"box":{"x":231,"y":75,"width":742,"height":11}},{"id":"42a59f1d-25fd-4b0c-8dbb-8c55b622a921","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":43,"box":{"x":84,"y":89,"width":855,"height":11}},{"id":"b6973a65-3e0f-4afc-acb8-4d490b58e273","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":43,"box":{"x":83,"y":103,"width":852,"height":11}},{"id":"a3284124-ae0a-4f0e-b267-d434af50a643","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":43,"box":{"x":83,"y":117,"width":877,"height":11}},{"id":"a66eea30-0a41-409d-96b2-7c1899c2b4a8","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":43,"box":{"x":82,"y":131,"width":849,"height":11}},{"id":"f95d66e8-5d1e-4dd7-b08c-16b91ba9ea92","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":43,"box":{"x":83,"y":146,"width":849,"height":10}},{"id":"2703cd0d-8801-412f-8de4-fcacf4275209","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":43,"box":{"x":84,"y":160,"width":890,"height":11}},{"id":"fe15cbf0-70c0-4a41-9a8e-e6752e1dfdaf","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":43,"box":{"x":84,"y":174,"width":852,"height":11}},{"id":"f235868a-0f84-4845-a484-c623a229245a","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":43,"box":{"x":83,"y":188,"width":539,"height":11}},{"id":"7e4a0ab0-f690-4501-9dcb-4cdf685d1e44","block_type":"box","text":"Asset Class Risk.","page_number":43,"box":{"x":82,"y":211,"width":123,"height":9}},{"id":"46a971ff-4d82-40c5-974d-939ad3a1d646","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":43,"box":{"x":209,"y":211,"width":721,"height":11}},{"id":"41eceec5-116f-454e-9737-52dd31676f4a","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":43,"box":{"x":83,"y":226,"width":774,"height":10}},{"id":"e2b4ea6e-9cb4-4dc4-800f-833a31465707","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":43,"box":{"x":82,"y":249,"width":318,"height":10}},{"id":"e4df7607-5867-44cb-98c0-3c8b9a889143","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":43,"box":{"x":405,"y":249,"width":531,"height":11}},{"id":"ab63c0d6-ed5c-4ba6-b888-efa1cfe19768","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":43,"box":{"x":84,"y":263,"width":809,"height":11}},{"id":"04b3c0ca-0d30-4315-84c0-91e14b2d2a76","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":43,"box":{"x":82,"y":277,"width":816,"height":11}},{"id":"f266e857-e6fd-4c2b-ac66-d066b64a443e","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":43,"box":{"x":82,"y":292,"width":885,"height":10}},{"id":"6b6b74cf-b03a-4c23-b4b7-3ac2c1809cd9","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":43,"box":{"x":83,"y":305,"width":871,"height":11}},{"id":"751b78f4-7cd1-4305-aaac-546380d9c500","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":43,"box":{"x":84,"y":320,"width":845,"height":10}},{"id":"80d0ba85-70ca-474e-9721-52ee2cf3083f","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":43,"box":{"x":82,"y":334,"width":882,"height":10}},{"id":"b3877f09-0557-4a46-b44e-d890c3638232","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":43,"box":{"x":84,"y":348,"width":853,"height":11}},{"id":"16ba1505-78c6-44f4-826d-5526d5433fc9","block_type":"box","text":"halts or delisting.","page_number":43,"box":{"x":84,"y":362,"width":120,"height":11}},{"id":"2bd67658-7505-4720-a8f5-ed87673075a4","block_type":"box","text":"Concentration Risk.","page_number":43,"box":{"x":83,"y":385,"width":145,"height":9}},{"id":"f95dc530-ae85-4806-bcfc-3c1fbe4ec51b","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":43,"box":{"x":232,"y":385,"width":712,"height":11}},{"id":"3ddad2e2-ef30-4451-ad3a-a56184570a5d","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":43,"box":{"x":83,"y":400,"width":884,"height":9}},{"id":"01e0ff88-28e6-4f85-8986-8390f1cc37e8","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":43,"box":{"x":82,"y":414,"width":887,"height":11}},{"id":"f2137dda-f4c1-4509-b5f0-391a5e565fc1","block_type":"box","text":"asset classes.","page_number":43,"box":{"x":83,"y":428,"width":95,"height":8}},{"id":"fe09377d-4c8b-41d6-a45e-5aec42e42f1f","block_type":"box","text":"Issuer Risk.","page_number":43,"box":{"x":84,"y":451,"width":82,"height":9}},{"id":"1e2ce28f-55a5-4a74-a8e4-48685e6abc4f","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":43,"box":{"x":170,"y":451,"width":780,"height":11}},{"id":"857a7095-6c9c-453b-a4e0-3486f1d25ca8","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":43,"box":{"x":84,"y":465,"width":885,"height":11}},{"id":"458737f4-d18f-456b-9ee2-7da102784b96","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":43,"box":{"x":82,"y":480,"width":577,"height":10}},{"id":"109c6673-6c6e-4f72-9caf-6b6d3d70aa0a","block_type":"box","text":"Management Risk.","page_number":43,"box":{"x":84,"y":503,"width":136,"height":11}},{"id":"a150cdb4-c349-4ae8-9db8-24dc02139675","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":43,"box":{"x":225,"y":503,"width":711,"height":11}},{"id":"97fede8a-1490-492e-b9e5-647325173a9d","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":43,"box":{"x":84,"y":517,"width":876,"height":11}},{"id":"7fc24397-9f80-4cba-a9dc-10549da1a028","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":43,"box":{"x":83,"y":531,"width":859,"height":11}},{"id":"2d60641c-e80c-47dc-bdb7-4a2baadefce3","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":43,"box":{"x":83,"y":545,"width":847,"height":11}},{"id":"a2e79011-b49b-4917-bd00-6a968196fc50","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":43,"box":{"x":83,"y":559,"width":756,"height":11}},{"id":"7963152e-8249-4345-a793-9ddbf6c23495","block_type":"box","text":"Market Trading Risk.","page_number":43,"box":{"x":84,"y":583,"width":151,"height":11}},{"id":"2de49c61-f178-4781-9d8a-bc52ad98e947","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":43,"box":{"x":239,"y":583,"width":695,"height":10}},{"id":"7edca570-b0b6-4fb6-9454-3198b4bbbf04","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":43,"box":{"x":84,"y":597,"width":841,"height":11}},{"id":"e8f98f00-0e8e-45de-b4d4-5e25e701836f","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":43,"box":{"x":83,"y":611,"width":887,"height":11}},{"id":"f1a1cc15-98ca-467d-9e9e-904807ec3d8c","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":43,"box":{"x":83,"y":625,"width":839,"height":11}},{"id":"103c7893-f040-488c-83f1-8e244c8fea41","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":43,"box":{"x":84,"y":639,"width":865,"height":11}},{"id":"0d259587-877d-4df8-9e17-b078e3c4079c","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":43,"box":{"x":82,"y":654,"width":885,"height":10}},{"id":"142299d9-68d3-4338-8aad-e72b2c7c03b7","block_type":"box","text":"of the Fund shares.","page_number":43,"box":{"x":83,"y":668,"width":135,"height":8}},{"id":"7b599414-b11a-4de5-848b-fcba005055c0","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":43,"box":{"x":84,"y":691,"width":264,"height":10}},{"id":"49ebbf65-8a8e-446d-a9b5-7a7a1b4543fe","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":43,"box":{"x":353,"y":691,"width":590,"height":11}},{"id":"f2b41594-529d-4e40-ac2f-117a25f5c479","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":43,"box":{"x":84,"y":705,"width":846,"height":11}},{"id":"0a4e6441-8271-4579-9856-d71585272808","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":43,"box":{"x":82,"y":719,"width":875,"height":11}},{"id":"fbed3abc-fb18-4c3f-b760-6cd808772be0","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":43,"box":{"x":82,"y":733,"width":529,"height":11}},{"id":"09a20f5e-8cc0-4ad3-a8cf-fbdebda3cfcb","block_type":"box","text":"Non-Diversification Risk.","page_number":43,"box":{"x":84,"y":757,"width":184,"height":8}},{"id":"82bdec59-f17d-4d5d-8d4f-46065e767f02","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":43,"box":{"x":272,"y":756,"width":633,"height":11}},{"id":"4872e195-6147-46e8-b451-bbd138309eb9","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":43,"box":{"x":83,"y":771,"width":803,"height":11}},{"id":"92fe7b8c-21a1-4dc2-a906-6ef66e2a8130","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":43,"box":{"x":84,"y":785,"width":887,"height":11}},{"id":"4e9cc94d-3382-4d0f-b720-005d783196d4","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":43,"box":{"x":84,"y":799,"width":875,"height":11}},{"id":"541d8595-937f-40f9-830f-16d3f0008972","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":43,"box":{"x":83,"y":813,"width":697,"height":11}},{"id":"090d9222-2e1b-40d9-8609-905fe82b2940","block_type":"box","text":"Operational and Technology Risks.","page_number":43,"box":{"x":83,"y":837,"width":255,"height":10}},{"id":"dc9d9093-cc14-4348-89dd-2a7829da98a6","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":43,"box":{"x":342,"y":837,"width":582,"height":10}},{"id":"c1d36630-a328-417e-945a-bc5c9a8f33fa","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":43,"box":{"x":83,"y":851,"width":876,"height":11}},{"id":"7d5f555e-3e16-46ac-bf90-b6a0d8ec3de6","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":43,"box":{"x":83,"y":865,"width":879,"height":11}},{"id":"6de66b6f-53b8-4e85-b8b5-3ce7965e7e16","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":43,"box":{"x":83,"y":879,"width":825,"height":11}},{"id":"b7801218-d479-44f0-82cd-b83749c77c45","block_type":"box","text":"S-30","page_number":43,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"2e284088-136c-4cad-b494-d5bbb9f4608d","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":44,"box":{"x":83,"y":23,"width":863,"height":11}},{"id":"29a7f5f2-8d2c-4df9-8ee5-f51f14688fae","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":44,"box":{"x":83,"y":37,"width":872,"height":11}},{"id":"abc111d3-d091-4b6a-b3d5-3bedacbb7696","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":44,"box":{"x":84,"y":51,"width":823,"height":11}},{"id":"1d05a070-888e-4083-b117-f0884b7d7290","block_type":"box","text":"Securities Lending Risk.","page_number":44,"box":{"x":83,"y":75,"width":177,"height":11}},{"id":"aa4a0d7a-6887-4278-9e64-b8bbdf02af0e","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":44,"box":{"x":264,"y":75,"width":692,"height":11}},{"id":"74c068e4-dd6f-405e-aeb9-4a00babdb068","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":44,"box":{"x":84,"y":89,"width":869,"height":11}},{"id":"41d30ed3-81da-4149-bbae-f72dc40f4bcd","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":44,"box":{"x":83,"y":103,"width":886,"height":11}},{"id":"743bfe9e-63e8-4cce-b13a-4cdd9cff2e96","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":44,"box":{"x":83,"y":117,"width":831,"height":11}},{"id":"903754a4-53e9-49e8-9609-9ba67bd68240","block_type":"box","text":"Technology Companies Risk.","page_number":44,"box":{"x":82,"y":140,"width":211,"height":11}},{"id":"154c5330-3f15-451f-adee-ec5d1da93a6b","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":44,"box":{"x":298,"y":141,"width":656,"height":10}},{"id":"f3f95b49-4f01-4d62-927c-024ba3bf184c","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":44,"box":{"x":84,"y":155,"width":848,"height":10}},{"id":"03aa7bb0-3eaf-4f63-a3fb-219e136417df","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":44,"box":{"x":83,"y":169,"width":887,"height":11}},{"id":"18e38e75-9b56-4a77-8912-526a94d4b5b7","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":44,"box":{"x":83,"y":183,"width":884,"height":11}},{"id":"0e44c727-eaa2-4bfa-b37a-7a33894c1cf9","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":44,"box":{"x":82,"y":197,"width":839,"height":11}},{"id":"0251d447-6cc5-458d-b505-7a21971850e1","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":44,"box":{"x":83,"y":211,"width":870,"height":11}},{"id":"b89330ea-7800-43c0-9dd5-c92b925da9b4","block_type":"box","text":"government or legal action.","page_number":44,"box":{"x":83,"y":226,"width":193,"height":10}},{"id":"ee95542d-9db1-42ee-a940-d01afcebc9d7","block_type":"box","text":"Tracking Error Risk.","page_number":44,"box":{"x":82,"y":249,"width":145,"height":11}},{"id":"ab7feb11-0531-4278-80a4-765a7e46e422","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":44,"box":{"x":231,"y":249,"width":741,"height":11}},{"id":"8423814d-e7c2-4dfd-a044-a77c94757ff6","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":44,"box":{"x":83,"y":263,"width":861,"height":11}},{"id":"4483adae-3aef-440a-800d-2a160da5f7b0","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":44,"box":{"x":83,"y":277,"width":832,"height":11}},{"id":"3daecc20-b788-41c2-b40d-657633ac34f5","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":44,"box":{"x":84,"y":292,"width":880,"height":10}},{"id":"ea2e62a2-8508-4fd4-be70-a69d23324d33","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":44,"box":{"x":84,"y":305,"width":830,"height":11}},{"id":"388c7611-abe5-4fde-ac04-df39246f446e","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":44,"box":{"x":82,"y":320,"width":828,"height":10}},{"id":"d01fbfb3-ac49-4dad-8979-9f49d49b5fcc","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":44,"box":{"x":83,"y":334,"width":874,"height":11}},{"id":"96cc9eb6-087e-4021-a3b9-c749b2e9e880","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":44,"box":{"x":84,"y":348,"width":888,"height":11}},{"id":"daa1b0ea-b0f8-49a6-920d-abc29d926de8","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":44,"box":{"x":84,"y":362,"width":851,"height":11}},{"id":"0f6ee47d-4bd7-48e0-8e03-523b0035fc20","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":44,"box":{"x":84,"y":376,"width":885,"height":11}},{"id":"f4eae333-9b4b-4130-a9ee-fa21ac559bd9","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":44,"box":{"x":83,"y":391,"width":874,"height":10}},{"id":"c48ac17e-cf41-4742-a4a9-8a141bb382db","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":44,"box":{"x":84,"y":405,"width":724,"height":11}},{"id":"44ecc5a6-cd65-4fb1-adbe-b995e587eae3","block_type":"box","text":"Performance Information","page_number":44,"box":{"x":84,"y":434,"width":229,"height":10}},{"id":"57d8c0ef-843e-43d1-bdae-f0c52a5d50de","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":44,"box":{"x":82,"y":459,"width":864,"height":10}},{"id":"472706d5-9057-4d8b-aed4-e57aa91b9050","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":44,"box":{"x":83,"y":473,"width":871,"height":11}},{"id":"cd257de6-80e3-435e-9fa8-bebe35d3fb04","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":44,"box":{"x":83,"y":487,"width":868,"height":11}},{"id":"f6b5cb76-f290-4216-806b-11667e30a996","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":44,"box":{"x":84,"y":501,"width":837,"height":11}},{"id":"7bd3c113-0179-4d39-b7a8-e5ef37dec227","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":44,"box":{"x":83,"y":516,"width":869,"height":10}},{"id":"50a35b6f-bbc4-4c40-ac7f-2b72947c87e4","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":44,"box":{"x":84,"y":530,"width":832,"height":11}},{"id":"233c5e44-d324-42be-b108-be761f71d894","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":44,"box":{"x":84,"y":544,"width":841,"height":11}},{"id":"b7d53c64-5879-4fa8-8d83-78d63165d35e","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":44,"box":{"x":82,"y":558,"width":531,"height":11}},{"id":"79dd1adf-aa60-4b35-b3fc-065b73f07e2e","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":44,"box":{"x":165,"y":583,"width":260,"height":11}},{"id":"0439b76c-9b0c-4b97-9b1c-899e4b70fc96","block_type":"box","text":"1.57","page_number":44,"box":{"x":120,"y":673,"width":19,"height":6}},{"id":"77614144-0e05-4ff9-9fbc-0761816d9d83","block_type":"box","text":"30.61","page_number":44,"box":{"x":153,"y":651,"width":25,"height":6}},{"id":"406616bd-470a-4f51-aaf2-2090acd5f400","block_type":"box","text":"2.09","page_number":44,"box":{"x":193,"y":672,"width":20,"height":6}},{"id":"84e438d4-0bde-4a9b-815c-574cb5fc9310","block_type":"box","text":"33.47","page_number":44,"box":{"x":227,"y":648,"width":26,"height":6}},{"id":"1cef3604-467f-4c81-b9b7-a6e4f42c4665","block_type":"box","text":"38.50","page_number":44,"box":{"x":264,"y":645,"width":26,"height":6}},{"id":"c61bbe25-5194-4b36-a5d5-3693c0705202","block_type":"box","text":"24.21","page_number":44,"box":{"x":301,"y":656,"width":25,"height":5}},{"id":"f3bb287e-2841-484b-8c73-d49e83969aca","block_type":"box","text":"-31.73","page_number":44,"box":{"x":336,"y":714,"width":30,"height":6}},{"id":"0d0efe63-0e4a-44f7-8f6e-ebfbc2626fff","block_type":"box","text":"40.25","page_number":44,"box":{"x":375,"y":643,"width":26,"height":6}},{"id":"a9ba76b6-2229-4c9c-88cf-9a07f8236591","block_type":"box","text":"32.98","page_number":44,"box":{"x":412,"y":649,"width":26,"height":6}},{"id":"1e27067e-f251-48b2-bf86-6a6b0511bfc4","block_type":"box","text":"16.64","page_number":44,"box":{"x":450,"y":661,"width":25,"height":6}},{"id":"7bc51660-469e-4987-8120-7983a3a14739","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":44,"box":{"x":117,"y":737,"width":357,"height":6}},{"id":"acdbac90-42b6-407a-b18b-3c20b786b75d","block_type":"box","text":"Return (%) Period Ended","page_number":44,"box":{"x":800,"y":598,"width":171,"height":9}},{"id":"a17fecfe-fccf-4daa-be91-282c24253016","block_type":"box","text":"Calendar Year-to-Date Return","page_number":44,"box":{"x":550,"y":616,"width":197,"height":7}},{"id":"ae1784a8-b83a-4fac-8732-714643288d92","block_type":"box","text":"12.79% June 30, 2026","page_number":44,"box":{"x":814,"y":616,"width":158,"height":9}},{"id":"7797ca67-1354-4571-8c96-ce967c4808fd","block_type":"box","text":"During the periods shown in the chart:","page_number":44,"box":{"x":551,"y":629,"width":250,"height":9}},{"id":"8556728c-d289-4e8e-9560-7f40ebc406fb","block_type":"box","text":"Best Quarter 26.53% June 30, 2020","page_number":44,"box":{"x":564,"y":642,"width":408,"height":8}},{"id":"7b436095-ed55-40ad-b6b4-0ffac8fba3f7","block_type":"box","text":"Worst Quarter -22.78% June 30, 2022","page_number":44,"box":{"x":563,"y":655,"width":409,"height":8}},{"id":"d66498bc-5ed6-4dc9-aca1-cc410a1c8652","block_type":"box","text":"S-31","page_number":44,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"3f0625d4-20e6-4845-8d0d-179bee2df4a8","block_type":"box","text":"Average Annual Total Returns (%)","page_number":45,"box":{"x":403,"y":31,"width":250,"height":11}},{"id":"2e2605ae-1c79-4a06-a7c3-340bde3e7700","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":45,"box":{"x":371,"y":45,"width":315,"height":11}},{"id":"41c83bd4-3da7-4210-978f-68fb8af1641d","block_type":"box","text":"One Year Five Years Ten Years","page_number":45,"box":{"x":701,"y":61,"width":268,"height":8}},{"id":"7e093b06-b210-4ee0-af5f-5ab03c47a7c7","block_type":"box","text":"Fund Inception: 06/28/2004","page_number":45,"box":{"x":88,"y":77,"width":188,"height":9}},{"id":"185cf7b5-343c-430f-b5cc-8c21d176e189","block_type":"box","text":"Return Before Taxes","page_number":45,"box":{"x":89,"y":89,"width":124,"height":7}},{"id":"e8b0120c-08e7-42d7-8297-18b91b94f966","block_type":"box","text":"16.64% 13.03% 16.53%","page_number":45,"box":{"x":712,"y":89,"width":257,"height":7}},{"id":"7c8e1e95-da23-47f3-8f37-d70035908224","block_type":"box","text":"Return After Taxes on Distributions 16.50% 12.87% 16.35%","page_number":45,"box":{"x":89,"y":100,"width":880,"height":8}},{"id":"17f2b5b4-3657-42cb-ad31-a1f6d225b5c1","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 9.93% 10.40% 14.06%","page_number":45,"box":{"x":89,"y":112,"width":880,"height":7}},{"id":"b2a49575-2b26-44d5-8299-699a5546a4f5","block_type":"box","text":"Morningstar US Market Index","page_number":45,"box":{"x":88,"y":123,"width":194,"height":10}},{"id":"2f459d35-c4e9-48b6-b7d6-4a3bd92b46c7","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.35% 13.29% 14.40%","page_number":45,"box":{"x":286,"y":123,"width":683,"height":10}},{"id":"a15c36bc-424d-4740-8997-4710142b908c","block_type":"box","text":"Morningstar US Large-Mid Cap Broad Growth Index (Spliced)","page_number":45,"box":{"x":88,"y":135,"width":402,"height":10}},{"id":"ebcc7325-edec-44fd-a2f9-017c95a04670","block_type":"box","text":"1","page_number":45,"box":{"x":491,"y":134,"width":5,"height":4}},{"id":"c52789c6-8fdf-45c9-a83c-00759b5a288d","block_type":"box","text":"(Returns do not reflect","page_number":45,"box":{"x":501,"y":135,"width":140,"height":8}},{"id":"96927944-b2cb-4f38-9c40-5c3d9b841d51","block_type":"box","text":"deductions for fees, expenses or taxes) 16.67% 13.07% 16.78%","page_number":45,"box":{"x":101,"y":148,"width":868,"height":9}},{"id":"0356609f-85f0-4480-9fa0-79316b161d83","block_type":"box","text":"1","page_number":45,"box":{"x":110,"y":167,"width":5,"height":4}},{"id":"2a753fb6-48be-4835-b8d8-4f2b4180fe30","block_type":"box","text":"The Morningstar US Large-Mid Cap Broad Growth Index (Spliced) reflects the performance of the Morningstar US Large Growth Index","page_number":45,"box":{"x":123,"y":168,"width":845,"height":9}},{"id":"b3eabd23-70aa-4260-b7e5-5283403b08b8","block_type":"box","text":"through March 21, 2021 and the Morningstar US Large-Mid Cap Broad Growth Index thereafter, which reflect the times when each","page_number":45,"box":{"x":123,"y":178,"width":823,"height":10}},{"id":"58f9058c-6cb4-4404-8eb0-79dcf1ba941c","block_type":"box","text":"index was the Underlying Index of the Fund.","page_number":45,"box":{"x":124,"y":188,"width":274,"height":10}},{"id":"fabac834-8a99-4ebe-82ee-57d7c3d4fd0e","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":45,"box":{"x":82,"y":208,"width":857,"height":11}},{"id":"1cd1c958-104e-46a1-91d8-8550c600678c","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":45,"box":{"x":84,"y":222,"width":864,"height":11}},{"id":"742f2e59-aeb8-4239-b1b0-4ab818a9b72e","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":45,"box":{"x":84,"y":237,"width":847,"height":10}},{"id":"0587584f-a608-4435-9196-3d6a2906cc89","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":45,"box":{"x":83,"y":250,"width":857,"height":12}},{"id":"f779e644-3f63-475a-b49c-3430257d15e5","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":45,"box":{"x":83,"y":265,"width":877,"height":11}},{"id":"0231f2c7-b2b3-45d7-b324-b39d854f3394","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":45,"box":{"x":82,"y":279,"width":837,"height":11}},{"id":"9e530a14-3649-4c20-a85b-458bbc29fce4","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":45,"box":{"x":84,"y":293,"width":885,"height":11}},{"id":"eab6390e-a60d-4084-b79f-f6d6ec8ff322","block_type":"box","text":"on distributions.","page_number":45,"box":{"x":83,"y":308,"width":115,"height":8}},{"id":"ed61c199-846d-4473-bfb2-e6cb7e57582d","block_type":"box","text":"Management","page_number":45,"box":{"x":84,"y":337,"width":120,"height":13}},{"id":"c7903d32-a142-40db-898f-9285bbc0e088","block_type":"box","text":"Investment Adviser.","page_number":45,"box":{"x":84,"y":361,"width":144,"height":9}},{"id":"e2b013e5-3819-43b7-adb2-455bfa1b3228","block_type":"box","text":"BlackRock Fund Advisors.","page_number":45,"box":{"x":234,"y":362,"width":180,"height":8}},{"id":"4bc9260f-14c9-46bb-a058-7dfbabfba906","block_type":"box","text":"Portfolio Managers.","page_number":45,"box":{"x":84,"y":385,"width":145,"height":11}},{"id":"1df9f410-bfbc-466f-8edd-c8c3f74507fa","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":45,"box":{"x":233,"y":385,"width":679,"height":11}},{"id":"e1fa58dd-2b55-49f7-b301-52438d3d6ed2","block_type":"box","text":"management of the Fund:","page_number":45,"box":{"x":84,"y":399,"width":182,"height":11}},{"id":"25d04f40-d207-4099-85f7-bcb0c068b87c","block_type":"box","text":"Portfolio Manager","page_number":45,"box":{"x":88,"y":435,"width":120,"height":9}},{"id":"8933e189-d759-4a79-8fdc-27375cef54a4","block_type":"box","text":"Portfolio Manager of the","page_number":45,"box":{"x":441,"y":422,"width":161,"height":9}},{"id":"d4df10ee-65a5-4b43-b7c7-6d00f3e7670d","block_type":"box","text":"Fund Since","page_number":45,"box":{"x":485,"y":435,"width":72,"height":7}},{"id":"9621d1c1-db50-45ac-a84d-706fa801a173","block_type":"box","text":"Title with Investment","page_number":45,"box":{"x":834,"y":422,"width":140,"height":7}},{"id":"29cc3a50-fb49-490a-b76b-3ebfe9cc09b4","block_type":"box","text":"Adviser","page_number":45,"box":{"x":880,"y":435,"width":48,"height":7}},{"id":"091c63d8-9e49-4dd4-a7e1-aa2244073fb6","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":45,"box":{"x":87,"y":450,"width":877,"height":10}},{"id":"783b5639-c6ed-4e18-a29e-56a3d3b47207","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":45,"box":{"x":89,"y":466,"width":875,"height":9}},{"id":"bcd6acfe-3b10-4911-899b-e19f9dc78310","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":45,"box":{"x":89,"y":481,"width":875,"height":10}},{"id":"72c447bb-ecb6-4da7-9378-8fc6d937eb90","block_type":"box","text":"Steven White 2025 Managing Director","page_number":45,"box":{"x":88,"y":497,"width":876,"height":9}},{"id":"43d152f8-e3fc-42ff-aa2f-f53fa8837279","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":45,"box":{"x":84,"y":532,"width":304,"height":10}},{"id":"9d85e2c7-4248-422a-84ae-e2a247053d4d","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":45,"box":{"x":82,"y":557,"width":878,"height":11}},{"id":"1fb96a66-4398-4f47-8c55-5a4b434a4f5e","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":45,"box":{"x":83,"y":571,"width":855,"height":11}},{"id":"0762581d-ae87-4a5b-8d00-f3ad70474d5a","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":45,"box":{"x":83,"y":585,"width":817,"height":11}},{"id":"a97d91d2-56ed-428f-8775-0c921c376968","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":45,"box":{"x":83,"y":599,"width":878,"height":11}},{"id":"b69c18d4-4105-40f1-849b-82275073d5a7","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":45,"box":{"x":84,"y":614,"width":860,"height":10}},{"id":"b61410dd-69a5-4b43-acad-5290f3dc7320","block_type":"box","text":"(the “bid-ask spread”).","page_number":45,"box":{"x":83,"y":628,"width":157,"height":10}},{"id":"ffeb7960-b658-4234-a8ec-649c8148e35f","block_type":"box","text":"Tax Information","page_number":45,"box":{"x":82,"y":657,"width":144,"height":10}},{"id":"0b08816b-5d1b-4921-9892-dea39a6792dd","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":45,"box":{"x":82,"y":682,"width":832,"height":11}},{"id":"73cdfb44-e59b-4401-b757-d8bd151b027e","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":45,"box":{"x":83,"y":696,"width":883,"height":11}},{"id":"035cf512-7b20-4050-bfa1-b4aa27fcb9ab","block_type":"box","text":"be taxed when withdrawn.","page_number":45,"box":{"x":84,"y":710,"width":181,"height":9}},{"id":"d38e5322-83a7-45ed-9bbc-36365de9c9d1","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":45,"box":{"x":84,"y":739,"width":575,"height":14}},{"id":"36c34de6-e94f-49bb-9767-6a87af83180f","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":45,"box":{"x":84,"y":764,"width":854,"height":11}},{"id":"2ee4134c-281c-483a-af4a-b88493d9f1f6","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":45,"box":{"x":84,"y":779,"width":842,"height":10}},{"id":"490fefb7-abec-4889-b418-b9e9a15296ad","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":45,"box":{"x":83,"y":793,"width":820,"height":11}},{"id":"b4e4bc0b-01e7-4dfc-ab67-c19ccf6f5b61","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":45,"box":{"x":84,"y":807,"width":801,"height":11}},{"id":"a3fec3b4-464f-4f54-a712-5293d77812a3","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":45,"box":{"x":83,"y":821,"width":841,"height":11}},{"id":"f97cb9a9-e156-4f6e-86c2-0e435b8c7367","block_type":"box","text":"financial intermediary’s website for more information.","page_number":45,"box":{"x":83,"y":835,"width":379,"height":11}},{"id":"1103cdd0-2a50-4355-8c5e-37839296e92c","block_type":"box","text":"S-32","page_number":45,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"6cec21b4-121a-4a4f-9a2a-0cefaa6c5a68","block_type":"box","text":"iShares Morningstar Mid-Cap ETF","page_number":46,"box":{"x":84,"y":23,"width":476,"height":21}},{"id":"5837e6be-5de0-48d4-89bb-e40847fe4c30","block_type":"box","text":"IMCB | NYSE Arca","page_number":46,"box":{"x":85,"y":47,"width":247,"height":18}},{"id":"655d1c90-885d-4c11-b377-07d2a592ce91","block_type":"box","text":"Investment Objective","page_number":46,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"54de5458-e35e-4e28-b40e-473014600768","block_type":"box","text":"The iShares Morningstar Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":46,"box":{"x":82,"y":117,"width":804,"height":11}},{"id":"19aae297-dd28-4721-8bca-4431b7135758","block_type":"box","text":"mid-capitalization U.S. equities.","page_number":46,"box":{"x":84,"y":132,"width":223,"height":10}},{"id":"6991cc6c-7eaf-4a56-b25c-4fbd142816c0","block_type":"box","text":"Fees and Expenses","page_number":46,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"24105758-894f-45a3-87bc-360e65eda0e1","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":46,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"f907f406-5800-4808-9bc6-58f19bc85d8a","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":46,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"9100d152-3885-4b7b-a801-0d10849600de","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":46,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"129380c0-376a-4763-97de-5e38d91e2c4f","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":46,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"32d84f14-f57b-4e19-baa7-b96a592a0ccf","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":46,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"0e74514b-9eed-46b6-9442-9cb58cfe922f","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":46,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"564e9703-a526-4c2e-b6de-cebecce5cfdd","block_type":"box","text":"extraordinary expenses.","page_number":46,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"b485fc13-7a60-477b-99c7-1f9c8ed3cbf2","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":46,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"7f57d81f-070b-4737-a577-444d5b96809c","block_type":"box","text":"reflected in the table and example below.","page_number":46,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"ccb6bcde-d9d5-468f-b9ce-fab6d55f41b7","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":46,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"59d969ff-f4b5-46cd-aa89-61054aee16d7","block_type":"box","text":"1","page_number":46,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"a7e22771-a8e1-4d62-afb5-56125b101a5c","block_type":"box","text":"Management Fee","page_number":46,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"664ebc92-9e7d-430a-89c0-cc06b5b354fa","block_type":"box","text":"0.04%","page_number":46,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"ff77e491-56c5-4efd-a054-51a0f079ef5f","block_type":"box","text":"Other Expenses","page_number":46,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"1ebf51cc-170b-47a2-bea0-075d87222c39","block_type":"box","text":"0.00%","page_number":46,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"153cf106-6b9d-415c-a033-cdbecb164971","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":46,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"c5c8434b-6280-4bf3-ac5e-21cefa005346","block_type":"box","text":"0.04%","page_number":46,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"e4ad7f30-2df4-40e0-83ef-8bf2a418c25e","block_type":"box","text":"1","page_number":46,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"80d95bfe-1279-4484-aa35-961171c32cc9","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":46,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"ef4ed727-c5b9-48a2-a716-648a50414c8d","block_type":"box","text":"Example.","page_number":46,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"5e05a141-c72d-40c0-9c3e-f98552e6db93","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":46,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"a5fe9ee7-72e0-4aca-988b-fed5713b8c2d","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":46,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"b5e0539f-b4db-41bb-9faa-f063f69fde8d","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":46,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"cd3c6ea9-73da-426c-8eeb-a10c2bfb1412","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":46,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"bbb7ad30-5ed5-44cf-87e5-320f24903f9d","block_type":"box","text":"your costs would be:","page_number":46,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"54301ae1-0b19-4090-aced-d712155bf0c8","block_type":"box","text":"Expense Example","page_number":46,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"cb450551-ce82-4345-9abd-cda31d971e40","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":46,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"9adef5fc-30c2-4f62-8f8d-83faa2d54118","block_type":"box","text":"Example Fund Costs","page_number":46,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"1c96fde2-25d8-4d63-a0d4-1f58e655417e","block_type":"box","text":"$4 $13 $23 $51","page_number":46,"box":{"x":705,"y":525,"width":252,"height":9}},{"id":"18d3d13d-ec43-46ff-85b2-7c241da34f29","block_type":"box","text":"Portfolio Turnover.","page_number":46,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"f4ec12ab-508a-4c0a-8d9a-e83f1d9bd593","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":46,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"8c90d67a-62d0-40d7-8e09-e4ab0c615da8","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":46,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"051a2775-02fa-4e6a-96f2-2a922f66b78b","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":46,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"6bd1fa96-521d-481c-a9bb-6cb26d6b9361","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 29% of","page_number":46,"box":{"x":82,"y":597,"width":887,"height":11}},{"id":"99d2eb9e-1aff-4046-a3f1-122787e46e24","block_type":"box","text":"the average value of its portfolio.","page_number":46,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"185930ac-efcb-4c84-8367-55de7dd69a75","block_type":"box","text":"Principal Investment Strategies","page_number":46,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"ce49d2eb-1692-4853-a993-3b769e703b67","block_type":"box","text":"The Fund seeks to track the investment results of the Morningstar","page_number":46,"box":{"x":82,"y":666,"width":467,"height":11}},{"id":"1fb8c908-9294-4aa7-ba1b-3359653dbdf3","block_type":"box","text":"®","page_number":46,"box":{"x":550,"y":665,"width":5,"height":3}},{"id":"0f0f076b-c9c1-41b1-84a0-180e33c38d1a","block_type":"box","text":"US Mid Cap Market Index","page_number":46,"box":{"x":560,"y":666,"width":180,"height":10}},{"id":"9b560a4b-9b68-43e4-b1de-9f22ddd71a16","block_type":"box","text":"SM","page_number":46,"box":{"x":740,"y":664,"width":17,"height":5}},{"id":"d203425b-b819-454b-88dd-3a12f8506073","block_type":"box","text":"(the “Underlying Index”),","page_number":46,"box":{"x":763,"y":666,"width":172,"height":11}},{"id":"82c13b57-5c98-4b8e-8008-71500987af63","block_type":"box","text":"which measures the performance of U.S. stocks issued by mid-capitalization companies. Morningstar, Inc. (“Morningstar” or","page_number":46,"box":{"x":82,"y":680,"width":879,"height":11}},{"id":"149a822c-5470-46f7-8d5d-f8246cc89b8d","block_type":"box","text":"the “Index Provider”) defines “mid-capitalization” stocks as those stocks that generally fall between the 70th and 90th","page_number":46,"box":{"x":82,"y":694,"width":833,"height":11}},{"id":"27d8e2f5-56d4-4929-b6e3-3c534795941c","block_type":"box","text":"percentile of the market capitalization of the stocks eligible to be included in the Morningstar","page_number":46,"box":{"x":84,"y":708,"width":658,"height":11}},{"id":"40fe84cc-6367-4f93-8c07-15cb2420e866","block_type":"box","text":"®","page_number":46,"box":{"x":743,"y":708,"width":4,"height":3}},{"id":"40a02425-1f6a-4499-a038-f86b38a5d9da","block_type":"box","text":"US Market Extended","page_number":46,"box":{"x":753,"y":708,"width":143,"height":9}},{"id":"a16a9d9a-641a-4633-be0b-f59ae066e624","block_type":"box","text":"Index","page_number":46,"box":{"x":84,"y":723,"width":37,"height":8}},{"id":"0294908b-4efb-4cfd-9e6d-a8412863f8b3","block_type":"box","text":"SM","page_number":46,"box":{"x":122,"y":721,"width":17,"height":5}},{"id":"21483350-9709-4ac2-823a-a9db6baf44ce","block_type":"box","text":"(a diversified broad market index that represents approximately 99.5% of the market capitalization of publicly traded","page_number":46,"box":{"x":144,"y":722,"width":825,"height":11}},{"id":"181e3e8d-940f-42d7-8696-40b559839d84","block_type":"box","text":"U.S. stocks and includes only those stocks of the top 75% of companies in the investable universe based on a liquidity score","page_number":46,"box":{"x":84,"y":737,"width":875,"height":11}},{"id":"ffd7c54a-75f1-4c14-a3c9-b46c6481ecbf","block_type":"box","text":"of the Index Provider). The stocks in the Underlying Index are weighted according to the total value of shares that are publicly","page_number":46,"box":{"x":83,"y":751,"width":887,"height":11}},{"id":"e1fe66da-05bb-4b2b-b8c1-d1b888ffd98b","block_type":"box","text":"owned and available for investment.","page_number":46,"box":{"x":83,"y":765,"width":254,"height":9}},{"id":"0dc8a7ad-8caf-4807-aeae-69f1fd9e66e7","block_type":"box","text":"As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the","page_number":46,"box":{"x":82,"y":787,"width":816,"height":11}},{"id":"b63c499f-46a7-49ed-9635-111776faeed6","block_type":"box","text":"industrials and technology industries or sectors. The components of the Underlying Index are likely to change over time.","page_number":46,"box":{"x":83,"y":801,"width":847,"height":11}},{"id":"7f57586f-82ee-400b-b21a-445e9c2eda2c","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":46,"box":{"x":82,"y":824,"width":853,"height":11}},{"id":"349fae74-4157-49ef-8884-934e5ac8dbbe","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":46,"box":{"x":84,"y":838,"width":838,"height":11}},{"id":"4bfb1f55-3474-461b-9ff9-0038d42a2728","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":46,"box":{"x":83,"y":853,"width":868,"height":11}},{"id":"97c5fbd6-0235-4a94-af5b-56426b1cf734","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":46,"box":{"x":84,"y":867,"width":850,"height":11}},{"id":"a6c8e02b-1fc1-4afa-afe1-06d5bf217239","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":46,"box":{"x":83,"y":881,"width":806,"height":11}},{"id":"9e5abd12-59c0-4ab7-8cc8-d93665d4e827","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":46,"box":{"x":83,"y":895,"width":885,"height":11}},{"id":"d8e13b59-238c-48c9-be04-8c6a58e382eb","block_type":"box","text":"S-33","page_number":46,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"0bcd93a2-3ce9-40ad-b603-fd26e8cec6b1","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":47,"box":{"x":82,"y":23,"width":885,"height":11}},{"id":"3d0e184e-4eac-4941-9a67-aca7bbb8b729","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":47,"box":{"x":83,"y":37,"width":853,"height":11}},{"id":"13f4a653-cb69-4e3c-a404-6a547711fbd7","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":47,"box":{"x":83,"y":52,"width":867,"height":10}},{"id":"30ff1c43-faf6-4fc0-8e08-ee988f6f6065","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":47,"box":{"x":83,"y":66,"width":868,"height":11}},{"id":"46be6824-df68-42b9-9efd-440258ec2930","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":47,"box":{"x":82,"y":80,"width":863,"height":11}},{"id":"419afa36-8cb7-40fe-bfab-7eaa723153a6","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":47,"box":{"x":84,"y":94,"width":825,"height":11}},{"id":"769777be-4095-4b90-8ba0-d950e0bb811c","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":47,"box":{"x":84,"y":108,"width":405,"height":11}},{"id":"0896e07e-ea6f-450d-ab54-e0214b1e5518","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":47,"box":{"x":84,"y":131,"width":844,"height":11}},{"id":"fcc8a575-cb89-4a1f-b4da-6cfc56fe0f50","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":47,"box":{"x":83,"y":146,"width":860,"height":10}},{"id":"da0c06c1-458c-4168-9f97-c749fb712331","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":47,"box":{"x":83,"y":160,"width":831,"height":11}},{"id":"47b8bd88-a894-41c3-8666-4285d72c7506","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":47,"box":{"x":83,"y":174,"width":817,"height":11}},{"id":"b474a73f-d4a7-4016-803d-b6b05240fa61","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":47,"box":{"x":84,"y":188,"width":817,"height":11}},{"id":"1ec9e2be-2308-411a-b9bf-942f30d4a13d","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":47,"box":{"x":83,"y":202,"width":835,"height":11}},{"id":"b04f3731-1eab-4c0c-934e-929d1c641fda","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":47,"box":{"x":82,"y":225,"width":873,"height":11}},{"id":"d8a50c94-6621-4dd2-9a78-cc6bea6339c2","block_type":"box","text":"collateral received).","page_number":47,"box":{"x":83,"y":240,"width":136,"height":9}},{"id":"957fe744-a0c7-4693-8c58-9b230c584db4","block_type":"box","text":"The Underlying Index is sponsored by Morningstar, which is independent of the Fund and BFA. The Index Provider determines","page_number":47,"box":{"x":82,"y":263,"width":889,"height":11}},{"id":"d5be4387-3444-413a-952b-61ac95ce9426","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":47,"box":{"x":82,"y":277,"width":884,"height":11}},{"id":"5609c167-8c11-48e9-a7de-01c4c7f8a892","block_type":"box","text":"market value of the Underlying Index.","page_number":47,"box":{"x":84,"y":291,"width":262,"height":11}},{"id":"81e57c29-5fd3-4068-a7ed-2eaba02283d3","block_type":"box","text":"Industry Concentration Policy.","page_number":47,"box":{"x":84,"y":314,"width":223,"height":11}},{"id":"31b0c325-bb9d-4bf8-bf04-b9d9032ab51e","block_type":"box","text":"The Fund will concentrate its investments (","page_number":47,"box":{"x":312,"y":314,"width":304,"height":10}},{"id":"c84a4d30-193e-4a4e-bc8b-812413439e57","block_type":"box","text":"i.e.","page_number":47,"box":{"x":617,"y":315,"width":17,"height":8}},{"id":"9f7aecff-7299-47b9-841b-4a145b77aaf7","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":47,"box":{"x":636,"y":314,"width":292,"height":10}},{"id":"994b46c6-b54f-46bc-91a1-f468745bb9b7","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":47,"box":{"x":84,"y":329,"width":858,"height":11}},{"id":"323a8510-244c-4e99-a6e5-71f82db38c64","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":47,"box":{"x":84,"y":343,"width":867,"height":11}},{"id":"21155a87-a165-4042-b1a6-fff65e35f04b","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":47,"box":{"x":83,"y":357,"width":826,"height":11}},{"id":"0ec42de3-b13a-4262-883e-9b884ffb7fde","block_type":"box","text":"Summary of Principal Risks","page_number":47,"box":{"x":83,"y":386,"width":248,"height":13}},{"id":"8a32abeb-0c0e-4b39-ba2b-cfc118991102","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":47,"box":{"x":82,"y":411,"width":882,"height":11}},{"id":"ac0c3e8f-6cce-4365-b129-c76f23d6fa7e","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":47,"box":{"x":83,"y":425,"width":825,"height":11}},{"id":"60a76b60-c477-4389-8104-95f1430e71c1","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":47,"box":{"x":83,"y":439,"width":807,"height":11}},{"id":"ce3f313d-fd54-4be8-bf45-c20ed504f28e","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":47,"box":{"x":83,"y":454,"width":844,"height":11}},{"id":"43847c4c-fa3b-47b1-8a7f-b664636dcea7","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":47,"box":{"x":83,"y":468,"width":814,"height":11}},{"id":"00e36fcb-86d0-4f6f-9d51-298c96c6ee78","block_type":"box","text":"Risk of Investing in the U.S.","page_number":47,"box":{"x":84,"y":491,"width":200,"height":11}},{"id":"8e3d0d8f-049d-429f-9a06-8cb5f39adcab","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":47,"box":{"x":289,"y":491,"width":664,"height":11}},{"id":"ed96d258-1dc7-4c92-957d-276d4a44cf88","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":47,"box":{"x":83,"y":505,"width":878,"height":11}},{"id":"66f75a7b-d85e-4706-8108-3fd20472b3d9","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":47,"box":{"x":83,"y":519,"width":470,"height":11}},{"id":"5a66d8d8-79ea-42a2-a2ee-3a15ef970b2c","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":47,"box":{"x":84,"y":543,"width":264,"height":10}},{"id":"03598f9c-08aa-491f-8f69-02b4b376c619","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":47,"box":{"x":353,"y":543,"width":590,"height":11}},{"id":"f549fd45-75fe-4440-ae41-31f321aacaba","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":47,"box":{"x":84,"y":557,"width":846,"height":11}},{"id":"df960d3b-0df7-43d0-bcfc-93e8accf38dd","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":47,"box":{"x":82,"y":571,"width":875,"height":11}},{"id":"d6ceb499-294d-47d8-ada3-57f573b1fe18","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":47,"box":{"x":82,"y":585,"width":529,"height":11}},{"id":"4a260a74-c469-4fb1-b842-372edb09fded","block_type":"box","text":"Equity Securities Risk.","page_number":47,"box":{"x":84,"y":608,"width":163,"height":11}},{"id":"b46326bd-1793-4ab1-ab20-274bf9e66cb5","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":47,"box":{"x":253,"y":608,"width":709,"height":11}},{"id":"1ad29391-4a64-4506-8fb2-65d17216fdb1","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":47,"box":{"x":83,"y":623,"width":889,"height":10}},{"id":"c11b3546-4c2f-46e4-b208-8a0a4339c73c","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":47,"box":{"x":83,"y":637,"width":880,"height":11}},{"id":"741ebca3-6ccc-4810-bdca-df69c9f89b33","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":47,"box":{"x":83,"y":651,"width":867,"height":11}},{"id":"c875d972-0fd9-413f-be28-db923b995474","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":47,"box":{"x":84,"y":665,"width":339,"height":11}},{"id":"c005a55c-2c3b-46f9-abeb-3c16c6776103","block_type":"box","text":"Market Risk.","page_number":47,"box":{"x":84,"y":688,"width":90,"height":9}},{"id":"56b23717-923d-4cd8-aab3-db464e6a4a44","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":47,"box":{"x":179,"y":689,"width":767,"height":10}},{"id":"94961ac7-9c44-4181-b570-74b3166122f6","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":47,"box":{"x":83,"y":703,"width":882,"height":10}},{"id":"f509dc6e-bda4-4241-852f-da3aba7ad5df","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":47,"box":{"x":84,"y":717,"width":857,"height":11}},{"id":"1c573092-e4f6-4d81-a3a1-013d28a42075","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":47,"box":{"x":83,"y":731,"width":875,"height":11}},{"id":"330cb4b4-ff67-4a8b-88b0-e231cd8ac374","block_type":"box","text":"Fund’s NAV.","page_number":47,"box":{"x":84,"y":745,"width":81,"height":9}},{"id":"bf581551-f9ea-4fd3-a365-634f55cd6379","block_type":"box","text":"Index-Related Risk.","page_number":47,"box":{"x":84,"y":768,"width":143,"height":9}},{"id":"ec29cbf1-423e-4ecd-9088-d3fa0c7c974b","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":47,"box":{"x":231,"y":768,"width":742,"height":11}},{"id":"f85de97f-39b1-4f6d-8462-9f7ac412b653","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":47,"box":{"x":84,"y":782,"width":855,"height":11}},{"id":"e1ace1a9-b391-4fb1-a761-5cece0a06904","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":47,"box":{"x":83,"y":797,"width":852,"height":10}},{"id":"eb87d14f-974f-47bf-9e4c-5cede23d3828","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":47,"box":{"x":83,"y":811,"width":877,"height":11}},{"id":"204d37de-0a0b-40a9-8095-c32f2941357a","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":47,"box":{"x":82,"y":825,"width":849,"height":11}},{"id":"402e3673-35fc-40ed-869f-d4c0fe0eac5b","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":47,"box":{"x":83,"y":839,"width":849,"height":11}},{"id":"e97842b0-3043-4746-8b28-a4ee66180a32","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":47,"box":{"x":84,"y":853,"width":890,"height":11}},{"id":"aa6204de-29ec-4f22-ab9c-b05604980208","block_type":"box","text":"S-34","page_number":47,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"576e4612-a54a-4b63-a1f4-3cee5034a9ff","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":48,"box":{"x":84,"y":23,"width":852,"height":11}},{"id":"ca78f321-ca7b-41a5-8a0f-35daa29da1d6","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":48,"box":{"x":83,"y":37,"width":539,"height":11}},{"id":"527cfab5-d8dc-4e9e-8695-2aece41f66c4","block_type":"box","text":"Asset Class Risk.","page_number":48,"box":{"x":82,"y":60,"width":123,"height":9}},{"id":"58b8a1e7-5504-4418-9ec9-3a0e99c22f12","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":48,"box":{"x":209,"y":60,"width":721,"height":11}},{"id":"c080033a-b07e-48d8-8106-41e56988b79b","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":48,"box":{"x":83,"y":75,"width":774,"height":11}},{"id":"f0ea5671-03bd-4700-9c09-77fd584786e8","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":48,"box":{"x":82,"y":98,"width":318,"height":10}},{"id":"19ee7a7e-2e97-4e66-8187-9866d9e7e7bc","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":48,"box":{"x":405,"y":98,"width":531,"height":11}},{"id":"16c896c6-c8ec-4f69-821b-d55311c0a2a2","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":48,"box":{"x":84,"y":112,"width":809,"height":11}},{"id":"2bc8984f-1db3-4da0-8e31-a732b51af641","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":48,"box":{"x":82,"y":126,"width":816,"height":11}},{"id":"2d39321d-d423-4dec-ab2b-fe81f97fb876","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":48,"box":{"x":82,"y":141,"width":885,"height":10}},{"id":"4687fdbd-98db-4dcb-97a0-54edec7f0e68","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":48,"box":{"x":83,"y":155,"width":871,"height":10}},{"id":"fd1924c9-a361-40c0-99d5-5120a4ec64e1","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":48,"box":{"x":84,"y":169,"width":845,"height":11}},{"id":"7a672c6c-91d7-4771-b6f5-584137415055","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":48,"box":{"x":82,"y":183,"width":882,"height":11}},{"id":"fa1fba70-c476-44ec-8711-772ccf32f8d6","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":48,"box":{"x":84,"y":197,"width":853,"height":11}},{"id":"8fdd0e0b-14bb-4142-b9ff-1b7bc6f7c9cd","block_type":"box","text":"halts or delisting.","page_number":48,"box":{"x":84,"y":212,"width":120,"height":10}},{"id":"1de6f947-f9a2-46da-b164-367767c9201d","block_type":"box","text":"Concentration Risk.","page_number":48,"box":{"x":83,"y":234,"width":145,"height":9}},{"id":"e36cd8db-0316-46e1-bd42-b6bb9169e815","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":48,"box":{"x":232,"y":235,"width":712,"height":10}},{"id":"2809dba8-51ee-426e-88e9-6ca59214d76e","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":48,"box":{"x":83,"y":249,"width":884,"height":10}},{"id":"7b363bc7-3f8e-4d05-8204-1800786565bd","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":48,"box":{"x":82,"y":263,"width":887,"height":11}},{"id":"6df3ae37-14ab-4cda-9ebf-701498995887","block_type":"box","text":"asset classes.","page_number":48,"box":{"x":83,"y":277,"width":95,"height":9}},{"id":"0c803f39-bd15-44e8-bf56-f4f6f7d2f073","block_type":"box","text":"Growth Securities Risk.","page_number":48,"box":{"x":83,"y":300,"width":170,"height":9}},{"id":"6868c7a4-2a9b-42ab-b86c-273d1f44a415","block_type":"box","text":"Growth securities are those issued by companies whose earnings growth potential appears to be","page_number":48,"box":{"x":259,"y":300,"width":681,"height":11}},{"id":"65405125-f679-40c7-8b22-cbda1bf6f445","block_type":"box","text":"greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The","page_number":48,"box":{"x":83,"y":315,"width":855,"height":10}},{"id":"a33cb5a1-3297-414a-9040-76aa80ab21c7","block_type":"box","text":"prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and","page_number":48,"box":{"x":84,"y":329,"width":824,"height":11}},{"id":"3a758fcf-de64-4de1-878c-eacd3409e0dc","block_type":"box","text":"significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as","page_number":48,"box":{"x":83,"y":343,"width":873,"height":11}},{"id":"c1e5a923-c46c-4a6f-a844-afe265c5abe6","block_type":"box","text":"well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of","page_number":48,"box":{"x":82,"y":357,"width":888,"height":11}},{"id":"f1ad9fa6-dab3-4adb-995f-20f10e23d822","block_type":"box","text":"the Fund.","page_number":48,"box":{"x":82,"y":371,"width":67,"height":9}},{"id":"fe8305a1-234a-485f-8117-f9472ace6958","block_type":"box","text":"Industrial Companies Risk.","page_number":48,"box":{"x":84,"y":394,"width":196,"height":11}},{"id":"88ae293c-9ccb-4d76-9a53-0388e46abbde","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions,","page_number":48,"box":{"x":286,"y":394,"width":684,"height":11}},{"id":"e35180e6-97b7-438c-a524-67ad7af7647c","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability","page_number":48,"box":{"x":84,"y":409,"width":880,"height":10}},{"id":"323982fa-b83f-4c20-bcde-2ffa892965f3","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices","page_number":48,"box":{"x":83,"y":423,"width":868,"height":11}},{"id":"88e731e5-44f5-493c-87dd-5e0c0d315ccb","block_type":"box","text":"and currencies. The performance of such companies may also be affected by technological developments, labor relations,","page_number":48,"box":{"x":83,"y":437,"width":860,"height":11}},{"id":"0e03cc84-481d-46fc-9894-0c7f3b71ac09","block_type":"box","text":"legislative and regulatory changes, government spending policies, and changes in domestic and international economies.","page_number":48,"box":{"x":84,"y":451,"width":862,"height":11}},{"id":"a385f48e-eeb1-4109-bfd7-1f58c97361a7","block_type":"box","text":"Issuer Risk.","page_number":48,"box":{"x":84,"y":474,"width":82,"height":9}},{"id":"7d52efd5-3e6e-4de3-9ed5-0c57e2f45a2b","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":48,"box":{"x":170,"y":474,"width":780,"height":11}},{"id":"b38c3fd7-d5ac-48ad-9389-3901784d3629","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":48,"box":{"x":84,"y":489,"width":885,"height":10}},{"id":"4dedd1b1-8fc9-4274-b05a-3a0ec2aa0e54","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":48,"box":{"x":82,"y":503,"width":577,"height":11}},{"id":"b9c28529-a023-4e20-b5b2-660e2d4f71a9","block_type":"box","text":"Management Risk.","page_number":48,"box":{"x":84,"y":526,"width":136,"height":11}},{"id":"38514348-e08a-4f65-81ef-fc531e30e3af","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":48,"box":{"x":225,"y":526,"width":711,"height":11}},{"id":"7aa078f1-be16-41de-be94-d5c26664d729","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":48,"box":{"x":84,"y":540,"width":876,"height":11}},{"id":"cc8415f8-a585-47f3-892c-cd329eb84610","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":48,"box":{"x":83,"y":554,"width":859,"height":11}},{"id":"b5f0ab6a-1a59-4f2f-a06b-e80ca14022b2","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":48,"box":{"x":83,"y":568,"width":847,"height":11}},{"id":"980a8cba-9c82-4738-a7bf-9cd2fba52d62","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":48,"box":{"x":83,"y":583,"width":756,"height":10}},{"id":"ad72ed14-0e7e-4e68-aa0e-72921426aba9","block_type":"box","text":"Market Trading Risk.","page_number":48,"box":{"x":84,"y":606,"width":151,"height":11}},{"id":"d261ceaa-bda2-48c3-88cc-ca2bbaa4fd14","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":48,"box":{"x":239,"y":606,"width":695,"height":11}},{"id":"ab365706-11f4-4217-8e44-bec67ca5d68f","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":48,"box":{"x":84,"y":620,"width":841,"height":11}},{"id":"5cbcc68a-aad0-4950-aee5-7262e34bc14f","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":48,"box":{"x":83,"y":634,"width":887,"height":11}},{"id":"4fdfe2cf-226c-4b9c-8585-eea60e7fd529","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":48,"box":{"x":83,"y":648,"width":839,"height":11}},{"id":"bcc59021-3da6-4340-bad5-fccc34e725b4","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":48,"box":{"x":84,"y":663,"width":865,"height":10}},{"id":"e516b37f-14b5-42f4-8b20-8babff2540e7","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":48,"box":{"x":82,"y":677,"width":885,"height":11}},{"id":"1a812016-2851-4627-93c5-d4e2c8186513","block_type":"box","text":"of the Fund shares.","page_number":48,"box":{"x":83,"y":691,"width":135,"height":8}},{"id":"65e298e2-b4c2-426c-9392-9dc51d1da6a1","block_type":"box","text":"Operational and Technology Risks.","page_number":48,"box":{"x":83,"y":714,"width":255,"height":11}},{"id":"ea7d517f-52bb-4a76-9cd7-d2c19e254f0c","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":48,"box":{"x":342,"y":714,"width":582,"height":11}},{"id":"3a4097e3-b9cf-4712-9b5d-53d12e9b57b9","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":48,"box":{"x":83,"y":728,"width":876,"height":11}},{"id":"4bf65ee6-6333-49b6-8d6b-0de3d0bca6fc","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":48,"box":{"x":83,"y":742,"width":879,"height":11}},{"id":"ce5a1b22-f2f9-4bc6-b492-8bdcf808001b","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":48,"box":{"x":83,"y":757,"width":825,"height":11}},{"id":"ccce5da7-40cc-45d9-8176-c7c297c78661","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":48,"box":{"x":83,"y":771,"width":863,"height":11}},{"id":"344e7726-4940-4eaa-87ae-ed66a27b145f","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":48,"box":{"x":83,"y":785,"width":872,"height":11}},{"id":"8eec3abf-39b2-4a31-9f58-5b62d27ff70e","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":48,"box":{"x":84,"y":799,"width":823,"height":11}},{"id":"cb3528f5-b232-4a96-91e4-5d3c43037554","block_type":"box","text":"Securities Lending Risk.","page_number":48,"box":{"x":83,"y":822,"width":177,"height":11}},{"id":"43847d20-3ccd-4a43-80d9-1103c5ba80fd","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":48,"box":{"x":264,"y":822,"width":692,"height":11}},{"id":"21b561c4-5381-41b3-8384-26d9bcc37067","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":48,"box":{"x":84,"y":837,"width":869,"height":10}},{"id":"de48689d-e8a4-42f5-9240-940933758ddb","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":48,"box":{"x":83,"y":851,"width":886,"height":11}},{"id":"e279a3a0-b127-4772-947a-d948133215c0","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":48,"box":{"x":83,"y":865,"width":831,"height":11}},{"id":"c0f172b4-1556-4942-a286-8d9683cf6557","block_type":"box","text":"S-35","page_number":48,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"dbf4a631-830a-42fe-a5bf-37489b858aca","block_type":"box","text":"Technology Companies Risk.","page_number":49,"box":{"x":82,"y":23,"width":211,"height":11}},{"id":"b3a613ed-0015-40ed-ae24-12b77eb02097","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":49,"box":{"x":298,"y":23,"width":656,"height":11}},{"id":"bf9167bd-b0ba-4423-b560-71af14311a26","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":49,"box":{"x":84,"y":37,"width":848,"height":11}},{"id":"8fad1e03-0505-4216-93ea-d4dfea11a6a7","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":49,"box":{"x":83,"y":52,"width":887,"height":10}},{"id":"a9cad567-63c6-4e3b-a10e-f80c999bca38","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":49,"box":{"x":83,"y":66,"width":884,"height":11}},{"id":"0998fc04-ac65-46f9-97a0-6c51b49396b8","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":49,"box":{"x":82,"y":80,"width":839,"height":11}},{"id":"bbcb5e6a-4aaf-4ea4-8d31-bc95af6eab62","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":49,"box":{"x":83,"y":94,"width":870,"height":11}},{"id":"644e475f-ca74-482d-9d32-c4cdc1552fe4","block_type":"box","text":"government or legal action.","page_number":49,"box":{"x":83,"y":108,"width":193,"height":11}},{"id":"c6d8e7b2-5c64-42a8-a76d-d2d5b4d86217","block_type":"box","text":"Tracking Error Risk.","page_number":49,"box":{"x":82,"y":131,"width":145,"height":11}},{"id":"a3b0a6e5-d20e-4f7a-b000-2c6ea72b53ee","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":49,"box":{"x":231,"y":131,"width":741,"height":11}},{"id":"1befb9a4-35cf-4f53-9a48-fa5cf7272b1b","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":49,"box":{"x":83,"y":146,"width":861,"height":10}},{"id":"22208e7c-55ee-4feb-822d-c8ae96395013","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":49,"box":{"x":83,"y":160,"width":832,"height":11}},{"id":"f30a93d8-ca8b-425a-b3cb-920a35242537","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":49,"box":{"x":84,"y":174,"width":880,"height":11}},{"id":"671205f2-a039-4d44-b51b-4b7b98ffa5f9","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":49,"box":{"x":84,"y":188,"width":830,"height":11}},{"id":"28839b40-1993-4d9d-a0d2-729c8aa26ba0","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":49,"box":{"x":82,"y":202,"width":828,"height":11}},{"id":"75e58028-ef41-4484-b260-0882c0fc8068","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":49,"box":{"x":83,"y":217,"width":874,"height":10}},{"id":"ffde072e-d6e4-45e2-b108-7375d84aa30f","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":49,"box":{"x":84,"y":231,"width":888,"height":11}},{"id":"d0ef299e-0374-4938-b9c6-4a59a95aa2e3","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":49,"box":{"x":84,"y":245,"width":851,"height":11}},{"id":"a22f26b5-ee20-42a8-bc41-0d55e5b6d9bd","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":49,"box":{"x":84,"y":259,"width":885,"height":11}},{"id":"aad63761-9815-47ec-b626-bb84f36e69d6","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":49,"box":{"x":83,"y":273,"width":874,"height":11}},{"id":"458e0391-7ecd-45d1-9a44-009acafe6e7f","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":49,"box":{"x":84,"y":287,"width":724,"height":11}},{"id":"fd61995b-5527-4162-b391-7c4860c32d30","block_type":"box","text":"Value Securities Risk.","page_number":49,"box":{"x":82,"y":311,"width":158,"height":8}},{"id":"49ff96f3-09fe-4b64-9b7a-628f1c65e2c6","block_type":"box","text":"Value securities are those issued by companies that may be perceived as undervalued. Such securities","page_number":49,"box":{"x":244,"y":311,"width":723,"height":10}},{"id":"8f4bbf4a-03e7-433c-9961-e5231eb562b4","block_type":"box","text":"may decline in price or fail to appreciate for long periods of time, and they may never realize their full potential value. Value","page_number":49,"box":{"x":84,"y":325,"width":865,"height":11}},{"id":"4fc70f02-83ea-4081-9f22-8feeaad8631e","block_type":"box","text":"securities may underperform growth securities and other types of assets as well as the overall stock market. Value securities","page_number":49,"box":{"x":83,"y":339,"width":876,"height":11}},{"id":"8d807cc5-98e7-4b8c-a6a8-485db7ce224a","block_type":"box","text":"may go in and out of favor over time, which could affect the performance of the Fund.","page_number":49,"box":{"x":84,"y":353,"width":601,"height":11}},{"id":"9a5e286c-4908-478b-b80c-0141f58016e5","block_type":"box","text":"Performance Information","page_number":49,"box":{"x":84,"y":382,"width":229,"height":11}},{"id":"6ce285bd-6b2a-4833-a48f-b32ef6e73956","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":49,"box":{"x":82,"y":407,"width":864,"height":11}},{"id":"258de271-68cb-4cb7-9d66-edf7fdbfa2b8","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":49,"box":{"x":83,"y":422,"width":871,"height":10}},{"id":"50ab0483-5933-45be-8d3d-4925cb428430","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":49,"box":{"x":83,"y":436,"width":868,"height":11}},{"id":"2c148b84-771a-49a2-867d-a4f9abb5a0f3","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":49,"box":{"x":84,"y":450,"width":837,"height":11}},{"id":"ce0a99b3-d059-4da3-90c5-8503c793b4ed","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":49,"box":{"x":83,"y":464,"width":869,"height":11}},{"id":"a4e24523-e9f4-425f-89f9-c1d307e996b6","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":49,"box":{"x":84,"y":478,"width":832,"height":11}},{"id":"1091bd23-68bb-4232-bfc2-931a599ae83e","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":49,"box":{"x":84,"y":492,"width":841,"height":11}},{"id":"5ba1b7e6-8da9-4806-87aa-e306b5ef7ddb","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":49,"box":{"x":82,"y":507,"width":531,"height":10}},{"id":"0e29503a-7bb5-4a5e-a275-e10c8b72af30","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":49,"box":{"x":165,"y":531,"width":260,"height":11}},{"id":"53b7bb38-64f4-4997-be03-6635fcc68ab1","block_type":"box","text":"12.13","page_number":49,"box":{"x":117,"y":612,"width":25,"height":6}},{"id":"d78348e9-ad43-44d4-bb69-9c33fd29db9d","block_type":"box","text":"19.58","page_number":49,"box":{"x":154,"y":602,"width":25,"height":6}},{"id":"9517e03c-2a46-478f-87a3-e7feceb2ec48","block_type":"box","text":"-11.41","page_number":49,"box":{"x":188,"y":659,"width":28,"height":6}},{"id":"400dbe69-f89b-46a9-a0f6-8411d9d29bc5","block_type":"box","text":"31.55","page_number":49,"box":{"x":227,"y":586,"width":26,"height":6}},{"id":"518713ce-ea1e-4f9f-8e5d-b197dfeed225","block_type":"box","text":"13.24","page_number":49,"box":{"x":265,"y":611,"width":25,"height":5}},{"id":"ac464037-ee0c-4a93-85b5-7a331a51811a","block_type":"box","text":"22.77","page_number":49,"box":{"x":301,"y":598,"width":26,"height":6}},{"id":"c449306b-c28e-48a0-8e2d-a4cc7e6be4c4","block_type":"box","text":"-16.05","page_number":49,"box":{"x":336,"y":665,"width":30,"height":6}},{"id":"dc0a94dd-af96-422f-9a4d-ab4933ebfe00","block_type":"box","text":"16.21","page_number":49,"box":{"x":376,"y":606,"width":24,"height":6}},{"id":"2a3c5d1a-a5d9-4989-b002-d8881de9be2a","block_type":"box","text":"15.28","page_number":49,"box":{"x":413,"y":608,"width":25,"height":6}},{"id":"0e5291d6-80e5-4cfd-8652-4786a511bbad","block_type":"box","text":"10.12","page_number":49,"box":{"x":450,"y":615,"width":25,"height":6}},{"id":"813a7a53-a957-427c-8508-053b28f66832","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":49,"box":{"x":117,"y":685,"width":357,"height":6}},{"id":"6dc56d83-8c75-41bf-9169-a7018099da00","block_type":"box","text":"Return (%) Period Ended","page_number":49,"box":{"x":790,"y":546,"width":176,"height":9}},{"id":"a3774da9-21fe-4ba3-8114-7f75572aabc6","block_type":"box","text":"Calendar Year-to-Date Return","page_number":49,"box":{"x":550,"y":564,"width":197,"height":8}},{"id":"202b10aa-1753-4e3b-b1d0-049daebb4121","block_type":"box","text":"17.44% June 30, 2026","page_number":49,"box":{"x":804,"y":564,"width":168,"height":9}},{"id":"2bfdc004-c9d7-4a21-bec1-b466e2f42827","block_type":"box","text":"During the periods shown in the chart:","page_number":49,"box":{"x":551,"y":577,"width":250,"height":10}},{"id":"5d696582-79ae-44da-96d1-52c358250f8f","block_type":"box","text":"Best Quarter 20.68% June 30, 2020","page_number":49,"box":{"x":564,"y":590,"width":408,"height":9}},{"id":"91c2cb3d-5630-462d-bcfa-5f65325e9ef3","block_type":"box","text":"Worst Quarter -26.66% March 31, 2020","page_number":49,"box":{"x":563,"y":603,"width":409,"height":9}},{"id":"9e3118e3-b5be-4653-ba6a-3aacafb13d5f","block_type":"box","text":"Average Annual Total Returns (%)","page_number":49,"box":{"x":403,"y":715,"width":250,"height":11}},{"id":"2b755128-83c1-4275-8a52-daca2812ccca","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":49,"box":{"x":371,"y":729,"width":315,"height":11}},{"id":"d6403951-12e9-4d00-8860-9237136bd161","block_type":"box","text":"One Year Five Years Ten Years","page_number":49,"box":{"x":701,"y":746,"width":268,"height":8}},{"id":"118e08cb-fb76-4a5a-9983-57a7880ebdb2","block_type":"box","text":"Fund Inception: 06/28/2004","page_number":49,"box":{"x":88,"y":761,"width":188,"height":10}},{"id":"220e9f41-3e6c-499a-a745-903df260efbc","block_type":"box","text":"Return Before Taxes","page_number":49,"box":{"x":89,"y":773,"width":124,"height":8}},{"id":"428986f5-b0c5-4ae2-98ef-e4362473362c","block_type":"box","text":"10.12% 8.74% 10.40%","page_number":49,"box":{"x":712,"y":773,"width":257,"height":8}},{"id":"88de0394-20b0-48d8-976d-e16b1f68295d","block_type":"box","text":"Return After Taxes on Distributions 9.72% 8.33% 9.97%","page_number":49,"box":{"x":89,"y":785,"width":880,"height":7}},{"id":"fb0c63e0-8655-45e0-8573-1e30dc05db31","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 6.23% 6.82% 8.47%","page_number":49,"box":{"x":89,"y":796,"width":880,"height":8}},{"id":"2d26fa5a-e41e-40c6-96a7-0388ac6fe653","block_type":"box","text":"Morningstar US Market Index","page_number":49,"box":{"x":88,"y":808,"width":194,"height":10}},{"id":"e080274f-0b17-45a1-8529-692d6645896f","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.35% 13.29% 14.40%","page_number":49,"box":{"x":286,"y":808,"width":683,"height":9}},{"id":"31dbb5cd-78f7-4780-b3ea-e98a9d5b7568","block_type":"box","text":"Morningstar US Mid Cap Market Index (Spliced)","page_number":49,"box":{"x":88,"y":819,"width":313,"height":10}},{"id":"3c2b0252-1408-4b58-a627-281a5cbbd096","block_type":"box","text":"1","page_number":49,"box":{"x":403,"y":818,"width":4,"height":5}},{"id":"d703445a-4dc6-4199-ba48-4b0355b49089","block_type":"box","text":"(Returns do not reflect deductions for","page_number":49,"box":{"x":412,"y":819,"width":236,"height":9}},{"id":"f471953f-402c-4879-841d-ea409bcdc047","block_type":"box","text":"fees, expenses or taxes)","page_number":49,"box":{"x":101,"y":832,"width":148,"height":10}},{"id":"2e160b5b-8628-4eae-b534-34536abd203a","block_type":"box","text":"10.12% 8.77% 10.56%","page_number":49,"box":{"x":712,"y":832,"width":257,"height":8}},{"id":"19bda792-aed3-4cdb-a4b1-c8d03e0326ba","block_type":"box","text":"1","page_number":49,"box":{"x":110,"y":851,"width":5,"height":5}},{"id":"4107f56d-3186-4196-99bc-e2ac7720c394","block_type":"box","text":"The Morningstar US Mid Cap Market Index (Spliced) reflects the performance of the Morningstar US Mid Core Index through","page_number":49,"box":{"x":123,"y":852,"width":784,"height":10}},{"id":"5667f9a5-5fa3-4d4b-a687-53bd407fa8e5","block_type":"box","text":"March 21, 2021 and the Morningstar US Mid Cap Market Index thereafter, which reflect the times when each index was the Underlying","page_number":49,"box":{"x":124,"y":863,"width":844,"height":9}},{"id":"fbc4fcdb-690f-4643-8500-ac3ece050f63","block_type":"box","text":"Index of the Fund.","page_number":49,"box":{"x":124,"y":873,"width":112,"height":8}},{"id":"2bd2d3ea-6b94-4102-97ca-70010c0d9e2e","block_type":"box","text":"S-36","page_number":49,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"19a0f78f-c392-4799-890d-8694c036745b","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":50,"box":{"x":82,"y":23,"width":857,"height":11}},{"id":"5d22547c-6466-495e-978a-8f4729cfd962","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":50,"box":{"x":84,"y":37,"width":864,"height":11}},{"id":"3054440c-5a3d-4094-b038-24ca644cd6a6","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":50,"box":{"x":84,"y":52,"width":847,"height":10}},{"id":"25c9299c-926b-47de-8cb4-b55ec73a03f6","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":50,"box":{"x":83,"y":66,"width":857,"height":11}},{"id":"89a9230e-ada5-4e45-a877-f60c8c56890d","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":50,"box":{"x":83,"y":80,"width":877,"height":11}},{"id":"d6455a68-4898-4070-908d-eabf7939372b","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":50,"box":{"x":82,"y":94,"width":837,"height":11}},{"id":"debb8b0d-6ef5-477a-9c2b-ce86fd82cd37","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":50,"box":{"x":84,"y":108,"width":885,"height":11}},{"id":"36fc9f24-94d7-4f6f-a36e-0d44f00fed1b","block_type":"box","text":"on distributions.","page_number":50,"box":{"x":83,"y":123,"width":115,"height":8}},{"id":"1bce672d-4a80-4d3b-a4af-5e42c6d02740","block_type":"box","text":"Management","page_number":50,"box":{"x":84,"y":152,"width":120,"height":13}},{"id":"3cc38356-495c-4ee6-a7b8-93615129afa6","block_type":"box","text":"Investment Adviser.","page_number":50,"box":{"x":84,"y":176,"width":144,"height":9}},{"id":"abeed533-c292-4746-a7c1-c254c4370ae0","block_type":"box","text":"BlackRock Fund Advisors.","page_number":50,"box":{"x":234,"y":177,"width":180,"height":8}},{"id":"c8f512ae-faa2-4163-b76d-e44ae5030ddd","block_type":"box","text":"Portfolio Managers.","page_number":50,"box":{"x":84,"y":200,"width":145,"height":11}},{"id":"53f78fc4-47d7-42b0-b9ca-ebe1c4414c10","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":50,"box":{"x":233,"y":200,"width":679,"height":11}},{"id":"28b09bc1-bdd6-4875-bbc2-288161984816","block_type":"box","text":"management of the Fund:","page_number":50,"box":{"x":84,"y":214,"width":182,"height":11}},{"id":"ef0fcc10-4413-4742-a352-7358cd4d6886","block_type":"box","text":"Portfolio Manager","page_number":50,"box":{"x":88,"y":250,"width":120,"height":9}},{"id":"a2bed335-631c-4f6f-838f-10a999bc88f3","block_type":"box","text":"Portfolio Manager of the","page_number":50,"box":{"x":441,"y":237,"width":161,"height":9}},{"id":"c3eb6144-9f6a-4c61-bee9-55152bdd926d","block_type":"box","text":"Fund Since","page_number":50,"box":{"x":485,"y":250,"width":72,"height":7}},{"id":"d184679d-6b7d-4d3c-bfab-f0388a5b90a1","block_type":"box","text":"Title with Investment","page_number":50,"box":{"x":834,"y":237,"width":140,"height":7}},{"id":"4ef6c54f-06cc-40fa-a888-e466789a45ed","block_type":"box","text":"Adviser","page_number":50,"box":{"x":880,"y":250,"width":48,"height":7}},{"id":"9d3aa4d1-c91a-478e-ab1f-fcd1cc3c6932","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":50,"box":{"x":87,"y":265,"width":877,"height":10}},{"id":"6b8b31c4-5771-4e4e-8999-9f18625768c9","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":50,"box":{"x":89,"y":281,"width":875,"height":9}},{"id":"92aceff4-f738-4baf-855d-2684ec27b85c","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":50,"box":{"x":89,"y":296,"width":875,"height":10}},{"id":"671858db-90df-48b8-baf5-c08a1960eeef","block_type":"box","text":"Steven White 2025 Managing Director","page_number":50,"box":{"x":88,"y":312,"width":876,"height":9}},{"id":"a49c7e9b-c716-4ee8-be47-cef573345860","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":50,"box":{"x":84,"y":347,"width":304,"height":10}},{"id":"bcbf9f0b-e509-4b4e-926a-aa3500b83fbc","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":50,"box":{"x":82,"y":372,"width":878,"height":11}},{"id":"51ce203d-644f-49e4-8a13-1bdc07bb8436","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":50,"box":{"x":83,"y":386,"width":855,"height":11}},{"id":"a19059da-236e-4744-820f-c2de6115b92a","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":50,"box":{"x":83,"y":400,"width":817,"height":11}},{"id":"05d946ae-0934-47d4-bb12-1bb05d21a718","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":50,"box":{"x":83,"y":414,"width":878,"height":11}},{"id":"17e2d2ab-6ccf-4b4b-87a2-8d6305d4906d","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":50,"box":{"x":84,"y":429,"width":860,"height":10}},{"id":"c723a7a0-9b08-44de-9ac8-3be2b9ad02e9","block_type":"box","text":"(the “bid-ask spread”).","page_number":50,"box":{"x":83,"y":443,"width":157,"height":10}},{"id":"3deafffd-a5b3-459d-ad3d-3eb3a31a5352","block_type":"box","text":"Tax Information","page_number":50,"box":{"x":82,"y":472,"width":144,"height":10}},{"id":"145e7242-271e-4be2-a029-f825aa71163d","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":50,"box":{"x":82,"y":497,"width":832,"height":11}},{"id":"d2aae9d2-8709-4289-a88a-acb1ed47dcb8","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":50,"box":{"x":83,"y":511,"width":883,"height":11}},{"id":"07b6f97b-603a-4f80-9b32-25cd7e5a8301","block_type":"box","text":"be taxed when withdrawn.","page_number":50,"box":{"x":84,"y":525,"width":181,"height":9}},{"id":"c4692807-ff68-47f8-9815-eb90db12c19b","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":50,"box":{"x":84,"y":554,"width":575,"height":14}},{"id":"71091495-53f9-4d58-badd-44afa312443b","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":50,"box":{"x":84,"y":579,"width":854,"height":11}},{"id":"36364f0a-d656-46ff-9932-f6b7335659ca","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":50,"box":{"x":84,"y":594,"width":842,"height":10}},{"id":"9e6a75b4-ea57-4395-9739-2c5e83a5327e","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":50,"box":{"x":83,"y":608,"width":820,"height":11}},{"id":"cde714f5-c0a7-4134-89d7-b28a461839ce","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":50,"box":{"x":84,"y":622,"width":801,"height":11}},{"id":"84e9c0c2-6c4b-4a16-98df-b3b0197ad028","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":50,"box":{"x":83,"y":636,"width":841,"height":11}},{"id":"9a8b1cce-8177-46b6-9dd7-ac5c65fcaaf6","block_type":"box","text":"financial intermediary’s website for more information.","page_number":50,"box":{"x":83,"y":650,"width":379,"height":11}},{"id":"539b6253-77fd-4da9-b3d1-83cec12aa161","block_type":"box","text":"S-37","page_number":50,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"e976156e-31d9-4679-a462-5e92e8d1e3b6","block_type":"box","text":"iShares Morningstar Mid-Cap Growth ETF","page_number":51,"box":{"x":84,"y":23,"width":586,"height":21}},{"id":"12d6ee59-b791-4586-afbe-12cbdbfa5a0a","block_type":"box","text":"IMCG | NYSE Arca","page_number":51,"box":{"x":85,"y":47,"width":248,"height":18}},{"id":"25054ec4-36a2-4320-b520-e33b6325e197","block_type":"box","text":"Investment Objective","page_number":51,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"c5748893-8ba8-4df3-b988-5378d188d33d","block_type":"box","text":"The iShares Morningstar Mid-Cap Growth ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":51,"box":{"x":82,"y":117,"width":860,"height":11}},{"id":"9d0f8191-7522-45f1-9d07-361fc943340e","block_type":"box","text":"mid-capitalization U.S. equities that exhibit growth characteristics.","page_number":51,"box":{"x":84,"y":132,"width":470,"height":10}},{"id":"ca92b8bc-7a40-490d-a848-a7594149a99c","block_type":"box","text":"Fees and Expenses","page_number":51,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"e8f32761-7b02-41ff-a2eb-5096698a8db6","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":51,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"f9707278-dc2a-4834-9e05-72ab1141276c","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":51,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"65697a46-66eb-497c-8330-dd83d669a6fc","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":51,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"69c52def-a520-4713-b5f7-ffd08475b256","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":51,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"80abd34a-954e-42fe-88ab-50819054d27f","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":51,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"c10cb7d8-4c04-4fcd-ab68-40a72eaab9ce","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":51,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"f0db9da3-3a78-4bcc-9320-46a1be9f7e55","block_type":"box","text":"extraordinary expenses.","page_number":51,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"0ef25fde-4458-4162-b9e0-438900756a55","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":51,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"78d1ce7f-66d4-4977-b38e-4ac10349368e","block_type":"box","text":"reflected in the table and example below.","page_number":51,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"9ed362e2-72fd-4b59-8573-69a11b4240f1","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":51,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"ac49343d-3cb6-402e-a991-22f4bb91475b","block_type":"box","text":"1","page_number":51,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"41131588-8ebf-4540-be7c-27ab4b76f94f","block_type":"box","text":"Management Fee","page_number":51,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"9b1d0aeb-7d77-4892-83c4-f78054657a6b","block_type":"box","text":"0.06%","page_number":51,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"1031be8d-2d6c-463e-9a18-b30f0f0c1b90","block_type":"box","text":"Other Expenses","page_number":51,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"0ced6bf2-f8af-4943-b87e-f8fa5a6a144d","block_type":"box","text":"0.00%","page_number":51,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"c387a7ff-e559-41ef-9510-76462b807fe1","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":51,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"4aa799c6-975a-4de2-b82e-f189d0383ca2","block_type":"box","text":"0.06%","page_number":51,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"00d467a9-8ae3-48fb-beff-502dbb63df3b","block_type":"box","text":"1","page_number":51,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"0f3309d5-9712-4435-a184-3876c42699eb","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":51,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"c2ab9142-c17d-4972-8a53-0cd5fd9bd5f6","block_type":"box","text":"Example.","page_number":51,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"186c4916-5724-47d2-bfab-13fe94b93c38","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":51,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"734e2a0e-43ad-426a-b369-a64432d99668","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":51,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"442bc5ba-4e62-431b-a3fc-68bd04ec4231","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":51,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"d97d2a98-4bbb-4213-a47a-df6d1a3c2fe8","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":51,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"7949fb3f-fa84-4259-9039-a85f1fc9af2e","block_type":"box","text":"your costs would be:","page_number":51,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"43073123-7414-46d9-b6d7-fdb2a3fe8f55","block_type":"box","text":"Expense Example","page_number":51,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"4941595e-9538-4464-9334-e70cbbd31ce8","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":51,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"38ae05f5-18d9-4f87-b71c-2a1c50c188ba","block_type":"box","text":"Example Fund Costs","page_number":51,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"17acd0ca-08ac-4f75-aa59-3ea5b3d02faa","block_type":"box","text":"$6 $19 $34 $77","page_number":51,"box":{"x":705,"y":525,"width":253,"height":9}},{"id":"b1348fa7-e9f5-45b8-a320-bc17107ecdfd","block_type":"box","text":"Portfolio Turnover.","page_number":51,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"8c34e3c6-2ea2-4a59-9882-2942c493774e","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":51,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"da5a2d3c-ff8d-4576-a736-cdcc84a49727","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":51,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"5f0da1b3-aeac-418d-9917-2edbbb5df4f4","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":51,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"9a89ce18-b18a-4e37-aa02-6668fc86db6a","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 45% of","page_number":51,"box":{"x":82,"y":597,"width":887,"height":11}},{"id":"482f3ad9-811e-4ccb-8c75-de050525a1a2","block_type":"box","text":"the average value of its portfolio.","page_number":51,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"cd3d423d-fee2-4966-b3a6-7307a035de72","block_type":"box","text":"Principal Investment Strategies","page_number":51,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"721d34dc-a60e-4a4a-9f3d-541b864031a9","block_type":"box","text":"The Fund seeks to track the investment results of the Morningstar","page_number":51,"box":{"x":82,"y":666,"width":467,"height":11}},{"id":"a0a1a544-560a-4fd0-a7b7-07fcb1f406e7","block_type":"box","text":"®","page_number":51,"box":{"x":550,"y":665,"width":5,"height":3}},{"id":"29c1f2e4-5f84-42ad-8824-7db2ee00da9f","block_type":"box","text":"US Mid Cap Broad Growth Index","page_number":51,"box":{"x":560,"y":666,"width":228,"height":10}},{"id":"1425b32d-9f8b-488f-bb37-363aa52f283e","block_type":"box","text":"SM","page_number":51,"box":{"x":789,"y":664,"width":16,"height":5}},{"id":"c2e9c2b2-e6ca-4b3e-909d-ed1036409d55","block_type":"box","text":"(the “Underlying","page_number":51,"box":{"x":811,"y":666,"width":115,"height":11}},{"id":"210550ec-f30b-4656-bb34-ed6e09e1d1d1","block_type":"box","text":"Index”), which measures the performance of U.S. stocks issued by mid-capitalization companies that have exhibited","page_number":51,"box":{"x":84,"y":680,"width":817,"height":11}},{"id":"3a9fff1a-aaf4-4059-8fa6-50a4d28503fa","block_type":"box","text":"above-average “growth” characteristics as determined by Morningstar, Inc. (“Morningstar” or the “Index Provider”).","page_number":51,"box":{"x":83,"y":694,"width":809,"height":11}},{"id":"086c54f4-ac43-4578-90bb-1b3539000113","block_type":"box","text":"Morningstar defines “mid-capitalization” stocks as those stocks that generally fall between the 70th and 90th percentile of","page_number":51,"box":{"x":84,"y":708,"width":867,"height":11}},{"id":"f9e67da6-fb48-4f73-b2eb-ce1d65c00e4b","block_type":"box","text":"the market capitalization of the stocks eligible to be included in the Morningstar","page_number":51,"box":{"x":82,"y":723,"width":567,"height":10}},{"id":"bdffc006-edde-47fe-bf57-adcf5262156c","block_type":"box","text":"®","page_number":51,"box":{"x":650,"y":722,"width":5,"height":3}},{"id":"08f87e49-27f4-4c38-becf-afba07fe4b40","block_type":"box","text":"US Market Extended Index","page_number":51,"box":{"x":660,"y":723,"width":188,"height":8}},{"id":"fdc296b1-db5b-481a-bb57-9ff3f44cbc12","block_type":"box","text":"SM","page_number":51,"box":{"x":848,"y":721,"width":17,"height":5}},{"id":"f63289fd-ad89-4db4-9742-a98507b09885","block_type":"box","text":"(a diversified","page_number":51,"box":{"x":871,"y":722,"width":89,"height":10}},{"id":"6c02e4a4-96d5-4db8-9576-4b2d67470bd1","block_type":"box","text":"broad market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks and","page_number":51,"box":{"x":84,"y":737,"width":840,"height":11}},{"id":"c2714602-161f-4767-97bc-87bf33af4b3c","block_type":"box","text":"includes only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index","page_number":51,"box":{"x":83,"y":751,"width":853,"height":11}},{"id":"564db77b-d230-4161-87ed-f503e4642914","block_type":"box","text":"Provider). The Index Provider then designates stocks as “blend,” “growth” or “value” based on their style orientations. The","page_number":51,"box":{"x":84,"y":765,"width":848,"height":11}},{"id":"7bcf4cf6-9eb9-40c7-8d75-e637660f2443","block_type":"box","text":"stocks in the Underlying Index are designated as “growth” because they are issued by companies that typically have higher","page_number":51,"box":{"x":83,"y":779,"width":867,"height":11}},{"id":"42d931a3-7c37-4fbf-a018-20d4db11a876","block_type":"box","text":"than average historical and forecasted earnings, sales, book value and cash flow growth. The stocks included in the","page_number":51,"box":{"x":82,"y":793,"width":814,"height":11}},{"id":"1a283078-2e53-4890-b3ce-d57b998c2954","block_type":"box","text":"Underlying Index are weighted according to the total value of shares that are publicly owned and available for investment.","page_number":51,"box":{"x":84,"y":808,"width":859,"height":10}},{"id":"72fc90cf-8ae3-4aff-993e-d2cc403e617e","block_type":"box","text":"As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the","page_number":51,"box":{"x":82,"y":830,"width":816,"height":10}},{"id":"b4365f43-b76f-4870-b959-5be5828f4751","block_type":"box","text":"industrials and technology industries or sectors. The components of the Underlying Index are likely to change over time.","page_number":51,"box":{"x":83,"y":844,"width":847,"height":11}},{"id":"bbe3ad51-e022-4672-92b8-b788c69ed5bd","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":51,"box":{"x":82,"y":867,"width":853,"height":11}},{"id":"10076b92-d33e-4226-99a2-09942243ce1e","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":51,"box":{"x":84,"y":881,"width":838,"height":11}},{"id":"5dbee2f2-8cfd-44cd-97d0-3c51e7581bb9","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":51,"box":{"x":83,"y":895,"width":868,"height":11}},{"id":"c503f357-67f9-45fb-b4a0-0f1fbb58d952","block_type":"box","text":"S-38","page_number":51,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"81637373-24bb-42d0-8ea6-9280847de8c2","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":52,"box":{"x":84,"y":23,"width":850,"height":11}},{"id":"a3e067de-74f1-4d34-9cd1-94c23e1fbbc7","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":52,"box":{"x":83,"y":37,"width":806,"height":11}},{"id":"80afaaa9-c8a4-49f6-b70b-b66c286847f0","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":52,"box":{"x":83,"y":51,"width":885,"height":11}},{"id":"40f40392-ee5f-4afa-92fb-744f668cc3f1","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":52,"box":{"x":82,"y":66,"width":885,"height":11}},{"id":"04d10728-2fc6-4cb7-bf75-74fedf635f30","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":52,"box":{"x":83,"y":80,"width":853,"height":11}},{"id":"7ca302fb-7288-41e7-8704-62147b896d65","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":52,"box":{"x":83,"y":94,"width":867,"height":11}},{"id":"8c0535e0-b0a3-4831-9297-de81f90f5ae3","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":52,"box":{"x":83,"y":108,"width":868,"height":11}},{"id":"1aef5a39-212b-4744-907c-75e6bb6b2832","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":52,"box":{"x":82,"y":122,"width":863,"height":11}},{"id":"20eb30ca-43a7-4529-8c92-3101641f7670","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":52,"box":{"x":84,"y":137,"width":825,"height":10}},{"id":"7dde3a09-e0d9-49e3-a023-83c7e5f42b3a","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":52,"box":{"x":84,"y":151,"width":405,"height":11}},{"id":"48a4df12-fb25-43f7-8fed-a7448f2e3cdd","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":52,"box":{"x":84,"y":174,"width":844,"height":11}},{"id":"807fbe68-c486-4266-ba44-0cf9cb656346","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":52,"box":{"x":83,"y":188,"width":860,"height":11}},{"id":"774eb781-5fc1-4e13-978b-e962c6a4eff1","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":52,"box":{"x":83,"y":202,"width":831,"height":11}},{"id":"c2cb2665-fa0d-4a90-9be7-d8528de9c941","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":52,"box":{"x":83,"y":217,"width":817,"height":10}},{"id":"dd86ee15-d023-4503-bb59-15fd8041d5d5","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":52,"box":{"x":84,"y":231,"width":817,"height":11}},{"id":"0e13b806-e31b-4c72-86d0-17371f9ed977","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":52,"box":{"x":83,"y":245,"width":835,"height":11}},{"id":"44bd4081-329c-4ad0-8c2f-d85b9d88b7a5","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":52,"box":{"x":82,"y":268,"width":873,"height":11}},{"id":"e79a41f6-0169-42c5-b6b0-553a3babf09b","block_type":"box","text":"collateral received).","page_number":52,"box":{"x":83,"y":282,"width":136,"height":10}},{"id":"475580f5-c9ad-4677-92c3-c9d9a2756ea0","block_type":"box","text":"The Underlying Index is sponsored by Morningstar, which is independent of the Fund and BFA. The Index Provider determines","page_number":52,"box":{"x":82,"y":305,"width":889,"height":11}},{"id":"9fdaf4af-47c0-4743-aa2f-99120bb35383","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":52,"box":{"x":82,"y":320,"width":884,"height":10}},{"id":"582f65d2-588d-4342-85ba-6c9dc7154908","block_type":"box","text":"market value of the Underlying Index.","page_number":52,"box":{"x":84,"y":334,"width":262,"height":11}},{"id":"03a308d8-782a-4980-b9c5-0d623d3e5154","block_type":"box","text":"Industry Concentration Policy.","page_number":52,"box":{"x":84,"y":357,"width":223,"height":11}},{"id":"9d8cbb00-0306-474c-a16b-00793d1bcdf4","block_type":"box","text":"The Fund will concentrate its investments (","page_number":52,"box":{"x":312,"y":357,"width":304,"height":9}},{"id":"17ecafb8-3c4d-4731-80bd-69492f973c62","block_type":"box","text":"i.e.","page_number":52,"box":{"x":617,"y":357,"width":17,"height":9}},{"id":"bb1a3091-d688-4d4d-8360-a586b9d96a6b","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":52,"box":{"x":636,"y":357,"width":292,"height":10}},{"id":"0be718a4-52f0-4342-99a7-b5ef6f6508db","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":52,"box":{"x":84,"y":371,"width":858,"height":11}},{"id":"9c6c7054-edef-466f-9017-1f45601a1972","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":52,"box":{"x":84,"y":385,"width":867,"height":11}},{"id":"89d33759-f1c6-4346-b6a3-9b950f3d777b","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":52,"box":{"x":83,"y":400,"width":826,"height":10}},{"id":"aa7e48c4-349d-46c9-9a5e-108fa9b29489","block_type":"box","text":"Summary of Principal Risks","page_number":52,"box":{"x":83,"y":429,"width":248,"height":13}},{"id":"2f50730a-bd37-432a-9c63-70794c992a53","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":52,"box":{"x":82,"y":454,"width":882,"height":11}},{"id":"e61b8e60-96c4-4eaf-b54a-c9aaf7d3c6db","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":52,"box":{"x":83,"y":468,"width":825,"height":11}},{"id":"fb53bc78-2632-42f3-b6c5-a14eb99a7ec6","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":52,"box":{"x":83,"y":482,"width":807,"height":11}},{"id":"5382007c-0e64-43e0-b873-46d5055aa15c","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":52,"box":{"x":83,"y":496,"width":844,"height":11}},{"id":"4f8189a6-ab0b-4e69-b02b-6c811e6cbafe","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":52,"box":{"x":83,"y":510,"width":814,"height":11}},{"id":"a4541c68-117e-4b75-ad99-74a9b3130dd7","block_type":"box","text":"Risk of Investing in the U.S.","page_number":52,"box":{"x":84,"y":534,"width":200,"height":11}},{"id":"b8e15e4d-57a0-4888-973f-afb70b2c80f9","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":52,"box":{"x":289,"y":534,"width":664,"height":10}},{"id":"c923557f-62cf-4329-b4ac-32fbddd80375","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":52,"box":{"x":83,"y":548,"width":878,"height":11}},{"id":"65a0b65d-e86e-464b-b3bb-abc051bcbe9d","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":52,"box":{"x":83,"y":562,"width":470,"height":11}},{"id":"33623c33-f349-49ed-bb19-8eb355377bba","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":52,"box":{"x":84,"y":585,"width":264,"height":11}},{"id":"2a1a802e-2038-4632-82f1-afbbc3d53c70","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":52,"box":{"x":353,"y":585,"width":590,"height":11}},{"id":"b009befa-da70-4ada-bde6-8edc8d07ffc5","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":52,"box":{"x":84,"y":599,"width":846,"height":11}},{"id":"988cebd9-a7c5-493d-b7db-a72a60c16ba2","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":52,"box":{"x":82,"y":614,"width":875,"height":10}},{"id":"aade983f-9027-4c72-b681-b831228ce1f7","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":52,"box":{"x":82,"y":628,"width":529,"height":11}},{"id":"b326490d-54a5-43d2-aa66-88b3093040f5","block_type":"box","text":"Growth Securities Risk.","page_number":52,"box":{"x":83,"y":651,"width":170,"height":8}},{"id":"789fcb90-a30d-4063-87a6-3e67bb50b0e2","block_type":"box","text":"Growth securities are those issued by companies whose earnings growth potential appears to be","page_number":52,"box":{"x":259,"y":651,"width":681,"height":11}},{"id":"eb202800-e8b6-4582-8150-14d2b0dc296a","block_type":"box","text":"greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The","page_number":52,"box":{"x":83,"y":665,"width":855,"height":11}},{"id":"d67640e5-9204-45a1-afd3-dbb419ec0ea0","block_type":"box","text":"prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and","page_number":52,"box":{"x":84,"y":679,"width":824,"height":11}},{"id":"d8ce89b0-a4a3-4c51-b35d-94831cede42b","block_type":"box","text":"significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as","page_number":52,"box":{"x":83,"y":694,"width":873,"height":10}},{"id":"d784a6f3-e3f7-44f7-ba74-e41379d9284b","block_type":"box","text":"well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of","page_number":52,"box":{"x":82,"y":708,"width":888,"height":11}},{"id":"26f6b76c-dd75-4520-aa68-03bae050ef75","block_type":"box","text":"the Fund.","page_number":52,"box":{"x":82,"y":722,"width":67,"height":8}},{"id":"886ebd5f-5a97-4237-bb7d-c4e80bb3ec4d","block_type":"box","text":"Equity Securities Risk.","page_number":52,"box":{"x":84,"y":745,"width":163,"height":11}},{"id":"76450994-c8d7-4946-875f-8227e632fd3a","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":52,"box":{"x":253,"y":745,"width":709,"height":11}},{"id":"7bc51712-5d2a-4eac-9975-1b2ffb689d99","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":52,"box":{"x":83,"y":759,"width":889,"height":11}},{"id":"5c31cc17-2645-472f-81eb-94e2a29b7d00","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":52,"box":{"x":83,"y":773,"width":880,"height":11}},{"id":"cc6b207f-d0ce-40e0-86b4-c6b18dce016c","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":52,"box":{"x":83,"y":788,"width":867,"height":10}},{"id":"9465c432-2abd-483f-b89a-100c88dd17b6","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":52,"box":{"x":84,"y":802,"width":339,"height":11}},{"id":"7f6a6a2b-d37f-4840-864a-ae3a5d174dfe","block_type":"box","text":"Market Risk.","page_number":52,"box":{"x":84,"y":825,"width":90,"height":8}},{"id":"a19d3558-b651-4c92-ab4b-9368dfa1d288","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":52,"box":{"x":179,"y":825,"width":767,"height":11}},{"id":"a5cf016d-bee9-41ee-81e9-abc1000b2e78","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":52,"box":{"x":83,"y":839,"width":882,"height":11}},{"id":"c720e99a-38d6-467f-a679-9d947283f512","block_type":"box","text":"S-39","page_number":52,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"430709ab-7a01-42b0-bdca-dc180f99640b","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":53,"box":{"x":84,"y":23,"width":857,"height":11}},{"id":"02a94edb-1664-4b52-b7c3-7f834427d60c","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":53,"box":{"x":83,"y":37,"width":875,"height":11}},{"id":"16ddf10f-46d5-4f82-b861-a347b1475f30","block_type":"box","text":"Fund’s NAV.","page_number":53,"box":{"x":84,"y":51,"width":81,"height":9}},{"id":"ff136a08-9635-4618-92a7-2d125945e115","block_type":"box","text":"Index-Related Risk.","page_number":53,"box":{"x":84,"y":75,"width":143,"height":8}},{"id":"50f8a8a2-543b-4640-b020-0e49a7fc579e","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":53,"box":{"x":231,"y":75,"width":742,"height":11}},{"id":"85d7f3ae-9f1f-46c3-a482-3bcd36bb3565","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":53,"box":{"x":84,"y":89,"width":855,"height":11}},{"id":"317c18b1-ec99-4dbb-a5a9-5f4d380cbcc9","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":53,"box":{"x":83,"y":103,"width":852,"height":11}},{"id":"fb6fc31d-b5dc-477f-b8e4-0e3ff5a7dfcc","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":53,"box":{"x":83,"y":117,"width":877,"height":11}},{"id":"4d10ab69-162f-49a4-8ab3-87dc83e2a70d","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":53,"box":{"x":82,"y":131,"width":849,"height":11}},{"id":"5626de6b-651f-407b-a6ef-9411f26bd843","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":53,"box":{"x":83,"y":146,"width":849,"height":10}},{"id":"567e660b-ab4b-4bc7-99ab-89e263269a57","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":53,"box":{"x":84,"y":160,"width":890,"height":11}},{"id":"16fbd303-04ee-4f5a-b2e3-6f29301716e0","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":53,"box":{"x":84,"y":174,"width":852,"height":11}},{"id":"ea4995bf-54a8-487c-9432-4a0518d8e101","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":53,"box":{"x":83,"y":188,"width":539,"height":11}},{"id":"6168a24e-6f23-4c0a-a79a-f99ecd1c832b","block_type":"box","text":"Asset Class Risk.","page_number":53,"box":{"x":82,"y":211,"width":123,"height":9}},{"id":"54fd02a5-49e3-410b-8003-b28c0a7c9776","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":53,"box":{"x":209,"y":211,"width":721,"height":11}},{"id":"854b5d10-c54f-402c-b995-acda6b2a6b81","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":53,"box":{"x":83,"y":226,"width":774,"height":10}},{"id":"4a312a8c-325d-437a-b372-dec7a3b895a5","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":53,"box":{"x":82,"y":249,"width":318,"height":10}},{"id":"9903c347-803a-4c6a-9a26-15bfe8fe40bd","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":53,"box":{"x":405,"y":249,"width":531,"height":11}},{"id":"76e6dd23-f7e9-4769-9e83-62f983e08b33","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":53,"box":{"x":84,"y":263,"width":809,"height":11}},{"id":"c7688a10-a032-426f-aa7c-a5fab60eb5fe","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":53,"box":{"x":82,"y":277,"width":816,"height":11}},{"id":"79eb458c-935f-4fe2-81d6-97bda3a88133","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":53,"box":{"x":82,"y":292,"width":885,"height":10}},{"id":"5856d579-7f22-427b-b9cb-3a48dd5608ca","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":53,"box":{"x":83,"y":305,"width":871,"height":11}},{"id":"f4263a89-3adc-40ec-b720-35e4ce46ea38","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":53,"box":{"x":84,"y":320,"width":845,"height":10}},{"id":"7aa53c42-1a47-4782-ab01-c4c7d09426f9","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":53,"box":{"x":82,"y":334,"width":882,"height":10}},{"id":"0e0b9da2-511e-472b-a6ca-6e0b7520d99b","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":53,"box":{"x":84,"y":348,"width":853,"height":11}},{"id":"e2c6c40e-f1c0-4617-8484-ae9035a2c492","block_type":"box","text":"halts or delisting.","page_number":53,"box":{"x":84,"y":362,"width":120,"height":11}},{"id":"fe8f2260-bf79-4f42-92f4-2e01da68ec43","block_type":"box","text":"Concentration Risk.","page_number":53,"box":{"x":83,"y":385,"width":145,"height":9}},{"id":"59966ba6-e853-443c-9fa9-f5d5ebdaace6","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":53,"box":{"x":232,"y":385,"width":712,"height":11}},{"id":"a0c30ecd-87e0-400d-beb5-059f26618694","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":53,"box":{"x":83,"y":400,"width":884,"height":9}},{"id":"92c55fe6-a71b-4549-8c48-e47bb65553e1","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":53,"box":{"x":82,"y":414,"width":887,"height":11}},{"id":"348effca-ac95-447e-8b50-0ba1539fa9d6","block_type":"box","text":"asset classes.","page_number":53,"box":{"x":83,"y":428,"width":95,"height":8}},{"id":"514931a2-2f30-45fb-b395-e3dc3765dc38","block_type":"box","text":"Industrial Companies Risk.","page_number":53,"box":{"x":84,"y":451,"width":196,"height":11}},{"id":"d8ac4574-ffe6-42cb-babb-8835ed581912","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions,","page_number":53,"box":{"x":286,"y":451,"width":684,"height":11}},{"id":"9f52eb1a-d076-46d1-ae70-765aebc41ab2","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability","page_number":53,"box":{"x":84,"y":466,"width":880,"height":10}},{"id":"15cd58d4-9ac5-4832-8c53-d83eb4f5c165","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices","page_number":53,"box":{"x":83,"y":480,"width":868,"height":10}},{"id":"31c09b45-fe4c-49de-adf4-8bc6bb5fbabd","block_type":"box","text":"and currencies. The performance of such companies may also be affected by technological developments, labor relations,","page_number":53,"box":{"x":83,"y":494,"width":860,"height":11}},{"id":"06c33620-6f78-413c-97a4-decba3f0e46c","block_type":"box","text":"legislative and regulatory changes, government spending policies, and changes in domestic and international economies.","page_number":53,"box":{"x":84,"y":508,"width":862,"height":11}},{"id":"e5df0fb8-478e-410d-81a1-52022975045c","block_type":"box","text":"Issuer Risk.","page_number":53,"box":{"x":84,"y":531,"width":82,"height":9}},{"id":"03ac1317-6c9c-4f99-a9cf-3230eaea393a","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":53,"box":{"x":170,"y":531,"width":780,"height":11}},{"id":"a8db4032-3daa-4e44-a8f9-60de98218c3a","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":53,"box":{"x":84,"y":545,"width":885,"height":11}},{"id":"e24e5b94-cc9c-4a99-9661-3bfe99a111be","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":53,"box":{"x":82,"y":559,"width":577,"height":11}},{"id":"e43d1d64-e13f-482b-8b31-f4aa32bb98aa","block_type":"box","text":"Management Risk.","page_number":53,"box":{"x":84,"y":583,"width":136,"height":11}},{"id":"0a54cc5d-49a7-4ec9-8b2d-c493de9202d8","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":53,"box":{"x":225,"y":582,"width":711,"height":11}},{"id":"c0b0da39-5352-4784-82bd-36785a83619b","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":53,"box":{"x":84,"y":597,"width":876,"height":11}},{"id":"321d5004-efdd-48c0-be58-6702f55cf2f4","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":53,"box":{"x":83,"y":611,"width":859,"height":11}},{"id":"f4612ef7-5e3e-47fa-a7b1-a2539686f27a","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":53,"box":{"x":83,"y":625,"width":847,"height":11}},{"id":"bd3dfe4e-35e0-4a16-8115-a4a7722e1b13","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":53,"box":{"x":83,"y":639,"width":756,"height":11}},{"id":"94278c95-315f-419f-9744-764188eca8ad","block_type":"box","text":"Market Trading Risk.","page_number":53,"box":{"x":84,"y":662,"width":151,"height":11}},{"id":"29c72f06-c648-4e7a-a128-58345816e638","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":53,"box":{"x":239,"y":663,"width":695,"height":10}},{"id":"1d3fe8e3-9577-4724-835d-0255962952df","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":53,"box":{"x":84,"y":677,"width":841,"height":11}},{"id":"52e49cf1-fc1f-4210-b4c3-ff2b87a8d14b","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":53,"box":{"x":83,"y":691,"width":887,"height":11}},{"id":"17d7ba3a-ce15-4210-9567-908b4d397158","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":53,"box":{"x":83,"y":705,"width":839,"height":11}},{"id":"eb938e01-8092-4054-b064-80b3b377182a","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":53,"box":{"x":84,"y":719,"width":865,"height":11}},{"id":"f4fd9be3-0518-4ce9-a615-dd3163ff0448","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":53,"box":{"x":82,"y":733,"width":885,"height":11}},{"id":"a1457461-efd7-4601-b484-1fed56417029","block_type":"box","text":"of the Fund shares.","page_number":53,"box":{"x":83,"y":748,"width":135,"height":8}},{"id":"68700f88-be77-4ac5-99f0-34714596f338","block_type":"box","text":"Operational and Technology Risks.","page_number":53,"box":{"x":83,"y":771,"width":255,"height":11}},{"id":"db32b55f-ab7f-4995-b593-06c3b2d70a8c","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":53,"box":{"x":342,"y":771,"width":582,"height":11}},{"id":"99f5bc25-391f-44d1-bdba-a3adef89d0e4","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":53,"box":{"x":83,"y":785,"width":876,"height":11}},{"id":"08ad1e62-17fc-42d4-8ec7-101312013d5f","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":53,"box":{"x":83,"y":799,"width":879,"height":11}},{"id":"443860b1-8c41-4906-be7a-eec53e3311cb","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":53,"box":{"x":83,"y":813,"width":825,"height":11}},{"id":"c182322c-a2e7-48bc-a1cf-f14ec5f6032e","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":53,"box":{"x":83,"y":828,"width":863,"height":10}},{"id":"784ab10f-b228-4378-9cbd-7228b604c89e","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":53,"box":{"x":83,"y":842,"width":872,"height":11}},{"id":"21696ff6-4542-4b67-b937-afa11e3365a1","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":53,"box":{"x":84,"y":856,"width":823,"height":11}},{"id":"5343fdd7-d8dd-42be-af48-4b4af9e3aaf3","block_type":"box","text":"S-40","page_number":53,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"42ed963e-6dda-4338-b766-d0fbc7d0e590","block_type":"box","text":"Securities Lending Risk.","page_number":54,"box":{"x":83,"y":23,"width":177,"height":11}},{"id":"22c3531b-6a08-4985-9e7e-34ee5303ead5","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":54,"box":{"x":264,"y":23,"width":692,"height":11}},{"id":"93367397-76b2-4583-bad1-d8c124f87e87","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":54,"box":{"x":84,"y":37,"width":869,"height":11}},{"id":"a738ed9b-1db9-49f6-be68-23013f116cb8","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":54,"box":{"x":83,"y":52,"width":886,"height":10}},{"id":"cf6055de-8537-4ccc-900c-d96e97584daa","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":54,"box":{"x":83,"y":66,"width":831,"height":11}},{"id":"77093d59-51a6-4962-91c9-45175ddd2ead","block_type":"box","text":"Technology Companies Risk.","page_number":54,"box":{"x":82,"y":89,"width":211,"height":11}},{"id":"7f3bea60-e6f4-4710-b9ad-f5c28ef3e951","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":54,"box":{"x":298,"y":89,"width":656,"height":11}},{"id":"1afe6407-9525-453d-baa6-b67585b9f5fe","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":54,"box":{"x":84,"y":103,"width":848,"height":11}},{"id":"acfbba13-340c-4887-a876-d4a6141c7168","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":54,"box":{"x":83,"y":117,"width":887,"height":11}},{"id":"bc375289-e143-48be-8a8b-f658c471fa9f","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":54,"box":{"x":83,"y":131,"width":884,"height":11}},{"id":"f437f111-5971-4a47-ba71-5080ffba9ba8","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":54,"box":{"x":82,"y":146,"width":839,"height":10}},{"id":"84c55e7b-c476-4852-aa4a-3f42285e45a6","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":54,"box":{"x":83,"y":160,"width":870,"height":11}},{"id":"0d91c2ab-737d-4eeb-b5ec-4ab1056cae8d","block_type":"box","text":"government or legal action.","page_number":54,"box":{"x":83,"y":174,"width":193,"height":11}},{"id":"5ca02237-4d8d-40aa-8565-4ce93a0881fd","block_type":"box","text":"Tracking Error Risk.","page_number":54,"box":{"x":82,"y":197,"width":145,"height":11}},{"id":"ab20f1b1-893d-46d8-acdb-131d6648fb91","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":54,"box":{"x":231,"y":197,"width":741,"height":11}},{"id":"81245d8c-960f-4c63-bafa-a62c2f49ea27","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":54,"box":{"x":83,"y":211,"width":861,"height":11}},{"id":"82a137ce-23f9-4edc-8b10-0f2b777bd468","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":54,"box":{"x":83,"y":225,"width":832,"height":11}},{"id":"e2eaad4a-2906-4ff8-83e0-df11d8c1fd33","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":54,"box":{"x":84,"y":240,"width":880,"height":11}},{"id":"d617240d-7fa9-4ffe-91e1-5f0d8d739652","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":54,"box":{"x":84,"y":254,"width":830,"height":11}},{"id":"52e12df8-f5c3-401b-9bb3-7036e0e25b78","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":54,"box":{"x":82,"y":268,"width":828,"height":11}},{"id":"401e39c9-41c6-4044-aaa5-ebeb00d955d0","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":54,"box":{"x":83,"y":282,"width":874,"height":11}},{"id":"227ffab8-f194-4915-b931-d777065d2dd5","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":54,"box":{"x":84,"y":296,"width":888,"height":11}},{"id":"5278719b-3485-495c-afe6-fbe0948d65f9","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":54,"box":{"x":84,"y":311,"width":851,"height":10}},{"id":"061d5310-5b76-4327-b104-8667a7eb85f0","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":54,"box":{"x":84,"y":325,"width":885,"height":11}},{"id":"1d0e8338-f11f-48b1-9397-d0c0022821e0","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":54,"box":{"x":83,"y":339,"width":874,"height":11}},{"id":"91f479d5-b8d9-43a4-a07a-fee2fbbfa65c","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":54,"box":{"x":84,"y":353,"width":724,"height":11}},{"id":"814e4c8c-e395-4c3e-bdfe-e3d75957f39a","block_type":"box","text":"Performance Information","page_number":54,"box":{"x":84,"y":382,"width":229,"height":11}},{"id":"f78ec16d-4e76-4d68-9122-3d531314b724","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":54,"box":{"x":82,"y":407,"width":864,"height":11}},{"id":"e712d71b-8e40-4495-8e81-517d40577326","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":54,"box":{"x":83,"y":422,"width":871,"height":10}},{"id":"dafa39bd-598d-44f7-b6d2-9b9a913bc3cb","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":54,"box":{"x":83,"y":436,"width":868,"height":11}},{"id":"a1159c82-b1cf-418a-9456-32a1dc783eab","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":54,"box":{"x":84,"y":450,"width":837,"height":11}},{"id":"f1604305-1071-4c9c-adf2-180c70c8670b","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":54,"box":{"x":83,"y":464,"width":869,"height":11}},{"id":"b51e26a0-bdf7-49d0-92c1-c3c9669e6a62","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":54,"box":{"x":84,"y":478,"width":832,"height":11}},{"id":"0bcea80f-52a6-4701-a8b2-8a61596ece4f","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":54,"box":{"x":84,"y":492,"width":841,"height":11}},{"id":"86f5bf88-93e9-475d-8f5c-e221a8fc1a18","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":54,"box":{"x":82,"y":507,"width":531,"height":10}},{"id":"bdc99429-9e82-48c5-ac2a-0e350ed54846","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":54,"box":{"x":165,"y":531,"width":260,"height":11}},{"id":"e08fcf28-8478-43bc-a433-b1821587b2f2","block_type":"box","text":"6.26","page_number":54,"box":{"x":119,"y":619,"width":20,"height":6}},{"id":"e5ee6717-a9ef-49d0-b32d-7528be84ef18","block_type":"box","text":"25.37","page_number":54,"box":{"x":153,"y":598,"width":26,"height":6}},{"id":"3baa274d-1ed0-45dd-8b91-c792c9f54c22","block_type":"box","text":"-3.39","page_number":54,"box":{"x":191,"y":644,"width":23,"height":6}},{"id":"7fc25849-66fe-4b13-9c1b-295da4b5bf18","block_type":"box","text":"35.61","page_number":54,"box":{"x":227,"y":587,"width":25,"height":6}},{"id":"450dea15-9194-41c7-88c0-f93b5be3dccd","block_type":"box","text":"45.65","page_number":54,"box":{"x":264,"y":577,"width":26,"height":6}},{"id":"46a8b203-a8de-4900-ac14-a17bbd199379","block_type":"box","text":"15.39","page_number":54,"box":{"x":302,"y":609,"width":25,"height":6}},{"id":"c62b3394-8208-4d22-b1f4-e4e5531793bf","block_type":"box","text":"-25.85","page_number":54,"box":{"x":336,"y":669,"width":30,"height":5}},{"id":"c4bd997b-8186-4b02-8b40-81c399766351","block_type":"box","text":"20.82","page_number":54,"box":{"x":375,"y":603,"width":26,"height":6}},{"id":"b28334d0-42c9-42e5-9a51-cbbfd4fb1fc4","block_type":"box","text":"17.99","page_number":54,"box":{"x":413,"y":606,"width":25,"height":6}},{"id":"5edccad2-b7e7-46c9-9ec0-0c722c55b9c6","block_type":"box","text":"6.75","page_number":54,"box":{"x":452,"y":618,"width":20,"height":6}},{"id":"024d69b8-dd2d-450c-8d52-5806076ac00c","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":54,"box":{"x":117,"y":685,"width":357,"height":6}},{"id":"7da09964-bdb6-4e47-a697-c9cd0ba020a9","block_type":"box","text":"Return (%) Period Ended","page_number":54,"box":{"x":800,"y":546,"width":171,"height":9}},{"id":"1836aa92-ae92-476e-8fd3-6ecee0ea414d","block_type":"box","text":"Calendar Year-to-Date Return","page_number":54,"box":{"x":550,"y":564,"width":197,"height":8}},{"id":"14172fd4-c14c-45f9-af42-760903911880","block_type":"box","text":"23.26% June 30, 2026","page_number":54,"box":{"x":814,"y":564,"width":158,"height":9}},{"id":"49b0bd20-3c6a-4697-b539-f9d15800757d","block_type":"box","text":"During the periods shown in the chart:","page_number":54,"box":{"x":551,"y":577,"width":250,"height":10}},{"id":"de59a6fd-9226-4807-b211-be3c6f19a214","block_type":"box","text":"Best Quarter 34.59% June 30, 2020","page_number":54,"box":{"x":564,"y":590,"width":408,"height":9}},{"id":"bd37f0ce-31fb-4103-a5d0-610597088abf","block_type":"box","text":"Worst Quarter -19.07% June 30, 2022","page_number":54,"box":{"x":563,"y":603,"width":409,"height":9}},{"id":"537ff1c6-9e55-4d3a-b800-ae576711565e","block_type":"box","text":"Average Annual Total Returns (%)","page_number":54,"box":{"x":403,"y":715,"width":250,"height":11}},{"id":"98b59774-1220-4176-a674-6a17406555c7","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":54,"box":{"x":371,"y":729,"width":315,"height":11}},{"id":"29755f79-83ea-40e8-b4dc-ce0a598e078c","block_type":"box","text":"One Year Five Years Ten Years","page_number":54,"box":{"x":701,"y":746,"width":268,"height":8}},{"id":"2172366e-f429-4831-86f4-32c1483bf081","block_type":"box","text":"Fund Inception: 06/28/2004","page_number":54,"box":{"x":88,"y":761,"width":188,"height":10}},{"id":"03b287dc-adcc-49ed-8b06-96edd86e5780","block_type":"box","text":"Return Before Taxes","page_number":54,"box":{"x":89,"y":773,"width":124,"height":8}},{"id":"cf404567-d7c1-44d3-9b68-8e57e5a12187","block_type":"box","text":"6.75% 5.42% 12.71%","page_number":54,"box":{"x":720,"y":773,"width":249,"height":8}},{"id":"291ccd0d-012e-4327-b11f-fe2da41830a6","block_type":"box","text":"Return After Taxes on Distributions 6.53% 5.21% 12.55%","page_number":54,"box":{"x":89,"y":785,"width":880,"height":7}},{"id":"8d6c9fa1-4324-47cb-a26d-4f9563fc65bc","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.12% 4.18% 10.63%","page_number":54,"box":{"x":89,"y":796,"width":880,"height":8}},{"id":"c1614f32-c05e-4e83-9fdf-6d26703b7ea6","block_type":"box","text":"Morningstar US Market Index","page_number":54,"box":{"x":88,"y":808,"width":194,"height":10}},{"id":"e1cb5b70-44db-4c6f-a6a5-53c21636f346","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.35% 13.29% 14.40%","page_number":54,"box":{"x":286,"y":808,"width":683,"height":9}},{"id":"2df55879-e4be-4c68-9cc8-0b14ae1614ac","block_type":"box","text":"Morningstar US Mid Cap Broad Growth Index (Spliced)","page_number":54,"box":{"x":88,"y":819,"width":357,"height":10}},{"id":"f210acc9-4c40-4d79-8a99-cf2c43076ba6","block_type":"box","text":"1","page_number":54,"box":{"x":447,"y":818,"width":4,"height":5}},{"id":"13878174-860f-48bc-af02-035aea2fb237","block_type":"box","text":"(Returns do not reflect deductions","page_number":54,"box":{"x":456,"y":819,"width":215,"height":9}},{"id":"7eaf63ed-b3d4-4167-8be1-a9a0d5f2b14d","block_type":"box","text":"for fees, expenses or taxes)","page_number":54,"box":{"x":101,"y":832,"width":169,"height":10}},{"id":"32af3600-6f92-484b-b27e-9f8fb3b7d2df","block_type":"box","text":"6.78% 5.46% 12.89%","page_number":54,"box":{"x":720,"y":832,"width":249,"height":8}},{"id":"a012b733-a5d9-4542-814a-f861658783a0","block_type":"box","text":"1","page_number":54,"box":{"x":110,"y":851,"width":5,"height":5}},{"id":"3f281b63-ffb3-4e6e-9b5e-ad7971b97e33","block_type":"box","text":"The Morningstar US Mid Cap Broad Growth Index (Spliced) reflects the performance of the Morningstar US Mid Growth Index through","page_number":54,"box":{"x":123,"y":852,"width":843,"height":10}},{"id":"1808da89-4c36-4f33-a50a-2e528b3ab148","block_type":"box","text":"March 21, 2021 and the Morningstar US Mid Cap Broad Growth Index thereafter, which reflect the times when each index was the","page_number":54,"box":{"x":124,"y":863,"width":815,"height":9}},{"id":"709538a5-6a4b-448e-a2bd-43ee1a904279","block_type":"box","text":"Underlying Index of the Fund.","page_number":54,"box":{"x":124,"y":873,"width":185,"height":10}},{"id":"8369f085-55d1-4f26-bac3-1920d88f9d1f","block_type":"box","text":"S-41","page_number":54,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"d5b1bdc3-1d0d-48bf-b2bf-bbc9452864b5","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":55,"box":{"x":82,"y":23,"width":857,"height":11}},{"id":"247da395-98c5-4022-8251-016ec38bbe1d","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":55,"box":{"x":84,"y":37,"width":864,"height":11}},{"id":"178cedab-1079-458b-90eb-0a8de87f85b0","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":55,"box":{"x":84,"y":52,"width":847,"height":10}},{"id":"091c75be-a4e3-41f9-8fa6-057456f032e0","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":55,"box":{"x":83,"y":66,"width":857,"height":11}},{"id":"64c392ed-ceec-475a-b158-3c5681d2e46c","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":55,"box":{"x":83,"y":80,"width":877,"height":11}},{"id":"1113680f-98de-44a0-85c6-089c23dbd405","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":55,"box":{"x":82,"y":94,"width":837,"height":11}},{"id":"5156eb4f-e66d-42d9-b630-6ce26084304b","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":55,"box":{"x":84,"y":108,"width":885,"height":11}},{"id":"6d17b6f8-bec9-4388-b6ee-552f58761cb6","block_type":"box","text":"on distributions.","page_number":55,"box":{"x":83,"y":123,"width":115,"height":8}},{"id":"62f5698a-f678-4982-ac35-b0d2c1f42e0a","block_type":"box","text":"Management","page_number":55,"box":{"x":84,"y":152,"width":120,"height":13}},{"id":"fa669b02-12c7-4653-a278-d7ded37707f1","block_type":"box","text":"Investment Adviser.","page_number":55,"box":{"x":84,"y":176,"width":144,"height":9}},{"id":"df1cf012-52d6-45e5-a6fc-b33f0a7e4fef","block_type":"box","text":"BlackRock Fund Advisors.","page_number":55,"box":{"x":234,"y":177,"width":180,"height":8}},{"id":"278509e1-b4fb-440d-b490-d105f9c95c13","block_type":"box","text":"Portfolio Managers.","page_number":55,"box":{"x":84,"y":200,"width":145,"height":11}},{"id":"68c36139-e60e-4a5d-9917-e0fc4b319061","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":55,"box":{"x":233,"y":200,"width":679,"height":11}},{"id":"14ef586c-06fb-4d44-846c-44bcb1cce623","block_type":"box","text":"management of the Fund:","page_number":55,"box":{"x":84,"y":214,"width":182,"height":11}},{"id":"0b9c31d5-baae-478f-80ab-4c820f67aef4","block_type":"box","text":"Portfolio Manager","page_number":55,"box":{"x":88,"y":250,"width":120,"height":9}},{"id":"073e5e15-c3ee-4bb6-bbc6-84318815dc89","block_type":"box","text":"Portfolio Manager of the","page_number":55,"box":{"x":441,"y":237,"width":161,"height":9}},{"id":"9278333d-d044-439d-8939-88b7c7aa9e89","block_type":"box","text":"Fund Since","page_number":55,"box":{"x":485,"y":250,"width":72,"height":7}},{"id":"8da36e3d-a633-4b62-a277-91bea72c4cc7","block_type":"box","text":"Title with Investment","page_number":55,"box":{"x":834,"y":237,"width":140,"height":7}},{"id":"bea44702-1da7-4601-bbb8-396ce2c5e627","block_type":"box","text":"Adviser","page_number":55,"box":{"x":880,"y":250,"width":48,"height":7}},{"id":"c29345a7-6117-4c26-9f35-b86e904cf9c8","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":55,"box":{"x":87,"y":265,"width":877,"height":10}},{"id":"c25ce8d9-c028-41c3-ae46-517e51069e61","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":55,"box":{"x":89,"y":281,"width":875,"height":9}},{"id":"8cf77562-f288-45b2-9b37-1dbed5d666d7","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":55,"box":{"x":89,"y":296,"width":875,"height":10}},{"id":"6b00a12d-f254-4731-85b9-2eb5d3b3f1e7","block_type":"box","text":"Steven White 2025 Managing Director","page_number":55,"box":{"x":88,"y":312,"width":876,"height":9}},{"id":"08008024-6a42-4e5e-821d-cbf9cac1d848","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":55,"box":{"x":84,"y":347,"width":304,"height":10}},{"id":"66028a23-42df-4b55-834a-f1ad36ae4852","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":55,"box":{"x":82,"y":372,"width":878,"height":11}},{"id":"810606e1-fec4-4056-8c1b-39bb471ec19c","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":55,"box":{"x":83,"y":386,"width":855,"height":11}},{"id":"b0aba25a-30cb-4bbe-885e-e143f64435a7","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":55,"box":{"x":83,"y":400,"width":817,"height":11}},{"id":"eacd67fb-ac73-4e16-a837-626fe7d08095","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":55,"box":{"x":83,"y":414,"width":878,"height":11}},{"id":"ec11844a-531a-460b-adc0-7cd7bd0a2620","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":55,"box":{"x":84,"y":429,"width":860,"height":10}},{"id":"4cf837f3-10a6-4543-b260-b2c600eeaf86","block_type":"box","text":"(the “bid-ask spread”).","page_number":55,"box":{"x":83,"y":443,"width":157,"height":10}},{"id":"a4d2ae9e-7cae-4cc3-917c-69a290f83c42","block_type":"box","text":"Tax Information","page_number":55,"box":{"x":82,"y":472,"width":144,"height":10}},{"id":"748c2f83-9ee6-4e2b-a91a-0942d62be199","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":55,"box":{"x":82,"y":497,"width":832,"height":11}},{"id":"ce9d0726-9cd1-4ed5-a1c0-924e5394cbc6","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":55,"box":{"x":83,"y":511,"width":883,"height":11}},{"id":"8d0404a1-e53e-4847-afd0-7cac2a9ce235","block_type":"box","text":"be taxed when withdrawn.","page_number":55,"box":{"x":84,"y":525,"width":181,"height":9}},{"id":"0e02a2a2-b2a3-444e-b16d-3d028bbd67e3","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":55,"box":{"x":84,"y":554,"width":575,"height":14}},{"id":"8d40926b-501c-4f76-99f9-d24f39e1f0ae","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":55,"box":{"x":84,"y":579,"width":854,"height":11}},{"id":"fdf1ffda-d836-487c-be1c-368d02626973","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":55,"box":{"x":84,"y":594,"width":842,"height":10}},{"id":"07153d01-8259-4b52-8c3b-57bef65279f3","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":55,"box":{"x":83,"y":608,"width":820,"height":11}},{"id":"68e82c17-21d8-4f84-9054-0386b6a55525","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":55,"box":{"x":84,"y":622,"width":801,"height":11}},{"id":"6d0c73f2-bc68-4415-a462-6f28fdc10f29","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":55,"box":{"x":83,"y":636,"width":841,"height":11}},{"id":"75b5e117-d0a0-48a7-8d77-b673738de36b","block_type":"box","text":"financial intermediary’s website for more information.","page_number":55,"box":{"x":83,"y":650,"width":379,"height":11}},{"id":"7b437d4c-0daa-4970-9efc-021f80eea80f","block_type":"box","text":"S-42","page_number":55,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"d3b29390-1232-48a7-9560-b87b5d68ca72","block_type":"box","text":"iShares Morningstar Mid-Cap Value ETF","page_number":56,"box":{"x":84,"y":23,"width":562,"height":21}},{"id":"4a6acf98-8701-4697-be6a-0c8ceb2da0e7","block_type":"box","text":"IMCV | Nasdaq","page_number":56,"box":{"x":85,"y":47,"width":203,"height":21}},{"id":"c0c8fff7-65bb-4098-b58a-c92e79903738","block_type":"box","text":"Investment Objective","page_number":56,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"d160441e-bce8-44c7-be31-a9bc5a3513c6","block_type":"box","text":"The iShares Morningstar Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":56,"box":{"x":82,"y":117,"width":848,"height":11}},{"id":"5730fff7-0b67-4d91-a10a-d2641b3ee753","block_type":"box","text":"mid-capitalization U.S. equities that exhibit value characteristics.","page_number":56,"box":{"x":84,"y":132,"width":458,"height":10}},{"id":"1843aa8c-11a3-451c-a184-fe48ea78195b","block_type":"box","text":"Fees and Expenses","page_number":56,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"9b015b12-3d6b-4203-b919-043f088d24e9","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":56,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"00c8345e-00f6-400b-85e9-d766d5e1724a","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":56,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"171db15e-3f82-450d-9aa7-72297b2e4b2b","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":56,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"61ee7521-0576-45cd-9759-c013118d5b6f","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":56,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"a66cb7e1-7c54-4573-a91d-987852f7374d","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":56,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"7e5b0328-6463-4efd-bea7-895011361618","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":56,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"72c6e88f-65ac-4dca-b1ab-88fafadbddba","block_type":"box","text":"extraordinary expenses.","page_number":56,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"87b952bb-b1fb-416d-9cbe-515ac9678f1a","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":56,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"205bb1cb-b1df-4cda-972d-d2714bed9922","block_type":"box","text":"reflected in the table and example below.","page_number":56,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"9dce7ce3-905c-4c63-9ecf-68fc8e340a22","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":56,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"49357b88-a1e1-4a26-a4d5-41aeb20d4578","block_type":"box","text":"1","page_number":56,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"df04f329-2030-4331-aa46-0685bad36695","block_type":"box","text":"Management Fee","page_number":56,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"4e811bc7-d2bc-4734-a0be-733b6670fb40","block_type":"box","text":"0.06%","page_number":56,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"681fc8ef-1220-47da-a693-648ae62d2d2e","block_type":"box","text":"Other Expenses","page_number":56,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"2068da0c-bfa9-4d44-903d-93b88dd5bba3","block_type":"box","text":"0.00%","page_number":56,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"ef3b2cef-7c13-4ed6-9a4b-0e6722e2b78a","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":56,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"2835b271-ed09-46f6-b2ae-bf911caffb84","block_type":"box","text":"0.06%","page_number":56,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"4816182d-40aa-4e2f-a987-be8954ecfecf","block_type":"box","text":"1","page_number":56,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"37d51f55-4f70-4da2-a2e5-ca8d97a12e00","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":411,"width":780,"height":9}},{"id":"b681131f-9030-449f-8851-e899ef191407","block_type":"box","text":"Example.","page_number":56,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"6ff1ab6e-4a11-4148-afea-8570aca17c3b","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":56,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"62078f9c-a7a7-4fae-8fb8-b13834136812","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":56,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"ea75d841-0ddd-4d6a-9cad-94bc6a6b7970","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":56,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"c2235faf-4e42-4052-a70a-73aeed735125","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":56,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"7c60bed1-5807-470b-a2de-f187c804bdaa","block_type":"box","text":"your costs would be:","page_number":56,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"ddaee755-2986-46fe-a848-62c51e680208","block_type":"box","text":"Expense Example","page_number":56,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"141a9f8a-0878-429e-9f49-6e28b1716339","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":56,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"8e1a27fe-a130-4899-a313-1216de456b1c","block_type":"box","text":"Example Fund Costs","page_number":56,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"a06fae50-701b-40fe-b404-9f77d5718e53","block_type":"box","text":"$6 $19 $34 $77","page_number":56,"box":{"x":705,"y":525,"width":253,"height":9}},{"id":"5ccafd95-cfb6-4433-9976-e4e2e5196e99","block_type":"box","text":"Portfolio Turnover.","page_number":56,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"221e727a-0f53-418a-8022-f002bbc96ff3","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":56,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"068e882d-bd88-4576-a2c2-bac8b4ad0afe","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":56,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"7426290c-b2fb-41e4-b36c-643dbd41feed","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":56,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"01d1ddb4-28e4-4213-a6f5-4f088cb5b83b","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 40% of","page_number":56,"box":{"x":82,"y":597,"width":887,"height":11}},{"id":"eb6c4f7c-a4d0-4538-91d6-1c4aee299b13","block_type":"box","text":"the average value of its portfolio.","page_number":56,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"308a9341-086b-435b-9ec8-24b41f3881fa","block_type":"box","text":"Principal Investment Strategies","page_number":56,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"43e56964-3395-4819-9e85-b65d2404793c","block_type":"box","text":"The Fund seeks to track the investment results of the Morningstar","page_number":56,"box":{"x":82,"y":666,"width":467,"height":11}},{"id":"c8fe1d76-5e9a-4bc7-9c25-c14fd2956fc2","block_type":"box","text":"®","page_number":56,"box":{"x":550,"y":665,"width":5,"height":3}},{"id":"f3f9646d-e0ec-4fcc-82f7-77a5a5c15d29","block_type":"box","text":"US Mid Cap Broad Value Index","page_number":56,"box":{"x":560,"y":666,"width":216,"height":10}},{"id":"121b5ad9-3b4e-483b-b6a5-bb33f250a346","block_type":"box","text":"SM","page_number":56,"box":{"x":776,"y":664,"width":17,"height":5}},{"id":"c34625e0-8c8e-4a63-8f97-46ef5b7bd39a","block_type":"box","text":"(the “Underlying Index”),","page_number":56,"box":{"x":799,"y":666,"width":172,"height":11}},{"id":"9426e212-d860-4b98-9096-f6a8cf399732","block_type":"box","text":"which measures the performance of U.S. stocks issued by mid-capitalization companies that have exhibited “value”","page_number":56,"box":{"x":82,"y":680,"width":816,"height":11}},{"id":"3bb57243-0bb6-4e04-a96f-3eba06bd27df","block_type":"box","text":"characteristics as determined by Morningstar, Inc. (“Morningstar” or the “Index Provider”). Morningstar defines","page_number":56,"box":{"x":83,"y":694,"width":784,"height":11}},{"id":"d63d0a96-a1d3-4934-a9e4-f347cfab992e","block_type":"box","text":"“mid-capitalization” stocks as those stocks that generally fall between the 70th and 90th percentile of the market","page_number":56,"box":{"x":83,"y":708,"width":800,"height":11}},{"id":"583be81b-c480-4376-90c2-9a99d78fde82","block_type":"box","text":"capitalization of the stocks eligible to be included in the Morningstar","page_number":56,"box":{"x":83,"y":723,"width":486,"height":10}},{"id":"4da74fb8-f467-4f9f-9c6a-5a0d9122482e","block_type":"box","text":"®","page_number":56,"box":{"x":570,"y":722,"width":4,"height":3}},{"id":"9c61a354-066f-410d-bc36-d521d1a3d03c","block_type":"box","text":"US Market Extended Index","page_number":56,"box":{"x":580,"y":723,"width":187,"height":8}},{"id":"28580d4e-3994-4e91-8ccf-88ea86bed743","block_type":"box","text":"SM","page_number":56,"box":{"x":768,"y":721,"width":17,"height":5}},{"id":"7ed25c0e-e129-4e9f-84c2-7c7261874fdf","block_type":"box","text":"(a diversified broad","page_number":56,"box":{"x":790,"y":722,"width":135,"height":10}},{"id":"8e5a1ce6-f0a8-4144-aa28-42971e4ba083","block_type":"box","text":"market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks and includes","page_number":56,"box":{"x":84,"y":737,"width":860,"height":11}},{"id":"6075f12c-8774-4162-a9d7-c84a5cef672a","block_type":"box","text":"only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index Provider). The","page_number":56,"box":{"x":83,"y":751,"width":890,"height":11}},{"id":"045edf56-01f1-400e-a619-24c08305cb88","block_type":"box","text":"Index Provider then designates stocks as “blend,” “growth” or “value” based on their style orientations. The stocks in the","page_number":56,"box":{"x":84,"y":765,"width":840,"height":11}},{"id":"a9f727a1-3e3f-41e5-89f9-4e026331d712","block_type":"box","text":"Underlying Index are designated as “value” because they are issued by companies that typically have relatively low valuations","page_number":56,"box":{"x":84,"y":779,"width":885,"height":11}},{"id":"f5cd2adb-54b7-4e0c-93e2-90f05e86bd38","block_type":"box","text":"based on price-to-earnings, price-to-book value, price-to-sales, price-to-cash flow and dividend yields. The stocks included in","page_number":56,"box":{"x":84,"y":793,"width":888,"height":11}},{"id":"445a4c2d-ea25-4c46-909d-ae7f2973103f","block_type":"box","text":"the Underlying Index are weighted according to the total value of shares that are publicly owned and available for investment.","page_number":56,"box":{"x":82,"y":808,"width":887,"height":10}},{"id":"0e2b5d0a-9f24-4155-9a19-73c8fbe5405e","block_type":"box","text":"As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the financial","page_number":56,"box":{"x":82,"y":830,"width":881,"height":10}},{"id":"bf8cf4d4-cbd0-4266-82a0-38e8f943821f","block_type":"box","text":"services industry or sector. The components of the Underlying Index are likely to change over time.","page_number":56,"box":{"x":83,"y":844,"width":694,"height":11}},{"id":"b618c257-fd92-44ea-938a-12cdf2c1225d","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":56,"box":{"x":82,"y":867,"width":853,"height":11}},{"id":"50602ee9-6ccd-4716-a5a7-f62ab9f7b64a","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":56,"box":{"x":84,"y":881,"width":838,"height":11}},{"id":"0dfdb541-fac0-4df0-8703-cc8ac2aff133","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":56,"box":{"x":83,"y":895,"width":868,"height":11}},{"id":"12d99786-7973-4002-82f5-3e9a602497ce","block_type":"box","text":"S-43","page_number":56,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"ab691551-a8a4-4022-874f-da8497667d2c","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":57,"box":{"x":84,"y":23,"width":850,"height":11}},{"id":"e3b60909-47aa-4a6d-9877-d097afaa8d46","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":57,"box":{"x":83,"y":37,"width":806,"height":11}},{"id":"28dada67-081a-47a4-a33b-c0c45ec6ba91","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":57,"box":{"x":83,"y":51,"width":885,"height":11}},{"id":"92188d8e-1698-4b2a-9d2d-6ad8aeb70cbb","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":57,"box":{"x":82,"y":66,"width":885,"height":11}},{"id":"15aa260c-b269-48c5-91e5-2ee239cbf419","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":57,"box":{"x":83,"y":80,"width":853,"height":11}},{"id":"94fab1a9-5e0f-4860-a8d9-9a3dd2f05f69","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":57,"box":{"x":83,"y":94,"width":867,"height":11}},{"id":"fa818f03-2ee1-4761-a2f5-b3a93e19781f","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":57,"box":{"x":83,"y":108,"width":868,"height":11}},{"id":"f30def51-2b80-492b-aa62-abfa20c402d5","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":57,"box":{"x":82,"y":122,"width":863,"height":11}},{"id":"e99b42f5-25eb-4bf6-b1c6-d8a11edced85","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":57,"box":{"x":84,"y":137,"width":825,"height":10}},{"id":"b5185ded-f441-4bf4-8623-86e91f273e29","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":57,"box":{"x":84,"y":151,"width":405,"height":11}},{"id":"2aec6cbb-088a-4c9e-896a-b030e767874d","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":57,"box":{"x":84,"y":174,"width":844,"height":11}},{"id":"d1c7f537-fba5-4f94-a4d8-e52668fddc1b","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":57,"box":{"x":83,"y":188,"width":860,"height":11}},{"id":"0bdb69ca-9fb9-4990-b127-cb01785fda29","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":57,"box":{"x":83,"y":202,"width":831,"height":11}},{"id":"7450ce49-a1cd-46a9-a97e-15c0e82b41d1","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":57,"box":{"x":83,"y":217,"width":817,"height":10}},{"id":"8725abfb-6425-4846-9e70-8c42bc4207f4","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":57,"box":{"x":84,"y":231,"width":817,"height":11}},{"id":"13b516ef-676e-4d61-a179-d315921964f2","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":57,"box":{"x":83,"y":245,"width":835,"height":11}},{"id":"a07634a5-766d-4482-9dff-50b1473b19bf","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":57,"box":{"x":82,"y":268,"width":873,"height":11}},{"id":"6f14ad50-bd1c-41d5-85ad-d4a49158ee7a","block_type":"box","text":"collateral received).","page_number":57,"box":{"x":83,"y":282,"width":136,"height":10}},{"id":"6d5c1f43-b319-4e7a-96ab-dda1b4246512","block_type":"box","text":"The Underlying Index is sponsored by Morningstar, which is independent of the Fund and BFA. The Index Provider determines","page_number":57,"box":{"x":82,"y":305,"width":889,"height":11}},{"id":"04352b38-d852-46e1-b859-ee9caef57f7b","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":57,"box":{"x":82,"y":320,"width":884,"height":10}},{"id":"e25888b0-f32d-4aa4-906a-d05bd1299223","block_type":"box","text":"market value of the Underlying Index.","page_number":57,"box":{"x":84,"y":334,"width":262,"height":11}},{"id":"71a2c4f5-6b63-4043-92c6-4c977454a81f","block_type":"box","text":"Industry Concentration Policy.","page_number":57,"box":{"x":84,"y":357,"width":223,"height":11}},{"id":"7995847f-6d77-434c-9baf-6656e1c448e1","block_type":"box","text":"The Fund will concentrate its investments (","page_number":57,"box":{"x":312,"y":357,"width":304,"height":9}},{"id":"8d30a2bb-2cbd-4e79-9590-5e220d3a7c21","block_type":"box","text":"i.e.","page_number":57,"box":{"x":617,"y":357,"width":17,"height":9}},{"id":"2157cffb-8913-41be-9a73-f0ab149af576","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":57,"box":{"x":636,"y":357,"width":292,"height":10}},{"id":"7923f56c-5c3f-48c9-97b5-2cfa16086c17","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":57,"box":{"x":84,"y":371,"width":858,"height":11}},{"id":"5a825ce7-5ff0-420d-93cd-d5b133cf2b55","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":57,"box":{"x":84,"y":385,"width":867,"height":11}},{"id":"3fa95784-2aad-40ec-8b9e-5db0d80b406d","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":57,"box":{"x":83,"y":400,"width":826,"height":10}},{"id":"4871722d-9b14-49ff-bb19-71a3a71f2d00","block_type":"box","text":"Summary of Principal Risks","page_number":57,"box":{"x":83,"y":429,"width":248,"height":13}},{"id":"0fc91bb0-bf22-4173-bb46-ca9b3a0e781f","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":57,"box":{"x":82,"y":454,"width":882,"height":11}},{"id":"d54a056a-8f57-4091-a02a-1564d2a5388c","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":57,"box":{"x":83,"y":468,"width":825,"height":11}},{"id":"7dcd045b-8ce4-43fc-9b3f-543d01d1252e","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":57,"box":{"x":83,"y":482,"width":807,"height":11}},{"id":"444669a0-cc0a-42bd-a788-01db58055963","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":57,"box":{"x":83,"y":496,"width":844,"height":11}},{"id":"1a0b5fa3-9262-44fd-be2e-eec0fe183ed9","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":57,"box":{"x":83,"y":510,"width":814,"height":11}},{"id":"c9cc7d3f-39d0-4650-9060-10a0f1476dd5","block_type":"box","text":"Risk of Investing in the U.S.","page_number":57,"box":{"x":84,"y":534,"width":200,"height":11}},{"id":"52588c35-e7c5-43f5-b7b8-9bb14795ce92","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":57,"box":{"x":289,"y":534,"width":664,"height":10}},{"id":"81be08e1-f167-4729-8cd5-e3d7935d2cbc","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":57,"box":{"x":83,"y":548,"width":878,"height":11}},{"id":"d6c51390-8a88-433a-a4ec-027b2c1102a7","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":57,"box":{"x":83,"y":562,"width":470,"height":11}},{"id":"69976b58-62ad-434b-aa7c-58ab2494a253","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":57,"box":{"x":84,"y":585,"width":264,"height":11}},{"id":"f1a750ef-65cd-46a1-a517-8751add94231","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":57,"box":{"x":353,"y":585,"width":590,"height":11}},{"id":"0b3e3a69-6eab-4f00-b923-1b886e57c2d0","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":57,"box":{"x":84,"y":599,"width":846,"height":11}},{"id":"a892f9b9-b22e-47d0-841b-fbfb83c19b15","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":57,"box":{"x":82,"y":614,"width":875,"height":10}},{"id":"be16bab0-b687-4744-a5fc-3823cdca2f80","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":57,"box":{"x":82,"y":628,"width":529,"height":11}},{"id":"c76573a5-a690-40ae-839a-29805eea3212","block_type":"box","text":"Value Securities Risk.","page_number":57,"box":{"x":82,"y":651,"width":158,"height":8}},{"id":"a4f62193-a3a7-46c1-9934-7fd1428a3975","block_type":"box","text":"Value securities are those issued by companies that may be perceived as undervalued. Such securities","page_number":57,"box":{"x":244,"y":651,"width":723,"height":11}},{"id":"af54e4eb-d18e-49dd-85a6-bd032c68f325","block_type":"box","text":"may decline in price or fail to appreciate for long periods of time, and they may never realize their full potential value. Value","page_number":57,"box":{"x":84,"y":665,"width":865,"height":11}},{"id":"77f0fe6a-d615-4172-b959-d7e9ac7a9215","block_type":"box","text":"securities may underperform growth securities and other types of assets as well as the overall stock market. Value securities","page_number":57,"box":{"x":83,"y":679,"width":876,"height":11}},{"id":"f02d5759-90ca-4690-94f9-cf781b3d050f","block_type":"box","text":"may go in and out of favor over time, which could affect the performance of the Fund.","page_number":57,"box":{"x":84,"y":694,"width":601,"height":10}},{"id":"968691cc-1734-4e6b-b9ab-c674dd48926f","block_type":"box","text":"Equity Securities Risk.","page_number":57,"box":{"x":84,"y":717,"width":163,"height":11}},{"id":"a74ff067-5f22-43f6-ae55-5ac5af5628ce","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":57,"box":{"x":253,"y":717,"width":709,"height":11}},{"id":"6304b6db-1bc4-478a-9c24-32f2aad33c0e","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":57,"box":{"x":83,"y":731,"width":889,"height":11}},{"id":"89c247e1-9a06-49cc-9051-4d1c8ecdc177","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":57,"box":{"x":83,"y":745,"width":880,"height":11}},{"id":"07a9c283-ce38-4256-ad51-6a6392e6fbe3","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":57,"box":{"x":83,"y":759,"width":867,"height":11}},{"id":"74233430-822e-4921-8392-48d2aa0b36e4","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":57,"box":{"x":84,"y":773,"width":339,"height":11}},{"id":"d088ebc4-26e1-423d-92b1-7ac66dc7b251","block_type":"box","text":"Market Risk.","page_number":57,"box":{"x":84,"y":797,"width":90,"height":8}},{"id":"f2edd30f-88ac-461e-8a20-8f58fbabc455","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":57,"box":{"x":179,"y":797,"width":767,"height":10}},{"id":"266b3a49-6c8c-4eae-b09c-09acd5b2e3c2","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":57,"box":{"x":83,"y":811,"width":882,"height":11}},{"id":"3e5164d3-90a4-4cdc-b5fe-4b315401feb5","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":57,"box":{"x":84,"y":825,"width":857,"height":11}},{"id":"95b5da54-0aba-4491-a3a6-27163433c917","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":57,"box":{"x":83,"y":839,"width":875,"height":11}},{"id":"b0535362-d87b-4f82-a973-f2bd06169ae7","block_type":"box","text":"Fund’s NAV.","page_number":57,"box":{"x":84,"y":853,"width":81,"height":9}},{"id":"23d47e75-57b2-4484-a7c1-1c2e6acacdcf","block_type":"box","text":"S-44","page_number":57,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"6616fcfa-56f1-4a4c-aa47-81fca710e810","block_type":"box","text":"Index-Related Risk.","page_number":58,"box":{"x":84,"y":23,"width":143,"height":9}},{"id":"65b2ac08-b634-45ba-b20b-64df2c3551f9","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":58,"box":{"x":231,"y":23,"width":742,"height":11}},{"id":"79d87e44-5f3b-45ac-ba82-007cd4516433","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":58,"box":{"x":84,"y":37,"width":855,"height":11}},{"id":"aa9bb4b0-31a6-4e0a-b01b-ac9e1848b7b1","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":58,"box":{"x":83,"y":51,"width":852,"height":11}},{"id":"a7273ab5-4d55-43a7-a6a5-56b22a63d5bd","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":58,"box":{"x":83,"y":66,"width":877,"height":11}},{"id":"d0abebed-acf8-4997-878d-0b96d3ac56ca","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":58,"box":{"x":82,"y":80,"width":849,"height":11}},{"id":"539d60c0-b491-437f-89b1-a96f38579338","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":58,"box":{"x":83,"y":94,"width":849,"height":11}},{"id":"b5855d06-cfd4-4ea6-b6c4-f5b7504e2c0e","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":58,"box":{"x":84,"y":108,"width":890,"height":11}},{"id":"a5e841b7-24e0-4901-8d19-bfd3063dd54d","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":58,"box":{"x":84,"y":123,"width":852,"height":10}},{"id":"6a45db58-c2c6-4ca7-98eb-ec76845c33c5","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":58,"box":{"x":83,"y":137,"width":539,"height":10}},{"id":"09e47163-cb7c-4c99-b55f-584edf3b24ea","block_type":"box","text":"Asset Class Risk.","page_number":58,"box":{"x":82,"y":160,"width":123,"height":8}},{"id":"fb62b6cc-3acd-43e6-b482-5a11178b56ca","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":58,"box":{"x":209,"y":160,"width":721,"height":11}},{"id":"4184e40c-3979-46e1-a873-b03c0d5b54c1","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":58,"box":{"x":83,"y":174,"width":774,"height":11}},{"id":"f86b8bfb-ae14-4aea-ad4f-38a330193c3a","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":58,"box":{"x":82,"y":197,"width":318,"height":11}},{"id":"95e9bff0-0f91-4e8f-9718-526dde019206","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":58,"box":{"x":405,"y":197,"width":531,"height":11}},{"id":"01b35c88-381a-4f12-9bca-d2fa6c96538b","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":58,"box":{"x":84,"y":211,"width":809,"height":11}},{"id":"987e4cba-587b-4675-bdae-6d887f61378f","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":58,"box":{"x":82,"y":225,"width":816,"height":11}},{"id":"2e4c4c52-479a-442b-adfc-906032258d0e","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":58,"box":{"x":82,"y":240,"width":885,"height":11}},{"id":"1a751758-5640-4820-a7a3-84719b384361","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":58,"box":{"x":83,"y":254,"width":871,"height":11}},{"id":"0f846041-5239-4b7a-895c-56bf25fcc526","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":58,"box":{"x":84,"y":268,"width":845,"height":11}},{"id":"f7fbab68-0dde-44ad-940a-768d88dfe573","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":58,"box":{"x":82,"y":282,"width":882,"height":11}},{"id":"cc72ce59-e0b6-4f8d-80e3-58bbbc9d4a47","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":58,"box":{"x":84,"y":296,"width":853,"height":11}},{"id":"b3f2d26b-0673-433c-9b54-e5bdcdfbd10a","block_type":"box","text":"halts or delisting.","page_number":58,"box":{"x":84,"y":311,"width":120,"height":10}},{"id":"ec91e679-1c77-4816-b4f9-6f17f0e7e6d6","block_type":"box","text":"Concentration Risk.","page_number":58,"box":{"x":83,"y":334,"width":145,"height":8}},{"id":"3aad0fad-35fb-480a-aeb2-a6602242f0b6","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":58,"box":{"x":232,"y":334,"width":712,"height":11}},{"id":"9afffb97-e2b8-4960-9f91-462943c53093","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":58,"box":{"x":83,"y":348,"width":884,"height":10}},{"id":"e97f8a3d-71ea-4b61-bc3d-df74f30d8923","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":58,"box":{"x":82,"y":362,"width":887,"height":11}},{"id":"5ef4f9ac-99bd-4f56-8d2a-6fb2297ac324","block_type":"box","text":"asset classes.","page_number":58,"box":{"x":83,"y":377,"width":95,"height":8}},{"id":"267e4d7d-5ace-4c7b-b442-72ecc26eaf32","block_type":"box","text":"Financial Companies Risk.","page_number":58,"box":{"x":84,"y":400,"width":192,"height":10}},{"id":"6341e03a-5ad2-4101-9a39-b56ce6ea7097","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":58,"box":{"x":282,"y":400,"width":683,"height":10}},{"id":"9ea9d2a5-ef08-4cbe-8e3f-e42942c6b656","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":58,"box":{"x":82,"y":414,"width":864,"height":11}},{"id":"40573cb1-b57c-4d54-b7b8-a1a523ae7a0d","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":58,"box":{"x":83,"y":428,"width":813,"height":11}},{"id":"fa5f151b-8a8b-4c2b-a49a-a88550a376be","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":58,"box":{"x":83,"y":442,"width":879,"height":11}},{"id":"aa936148-a479-4f46-93ab-72e2a1ac087f","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":58,"box":{"x":83,"y":457,"width":613,"height":10}},{"id":"48d528bd-ba70-4a35-8a33-4e034d5b2e6a","block_type":"box","text":"Issuer Risk.","page_number":58,"box":{"x":84,"y":479,"width":82,"height":9}},{"id":"d7f5db2d-ac21-49d9-8d95-adc9f0d05615","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":58,"box":{"x":170,"y":480,"width":780,"height":10}},{"id":"9fe93ec6-2551-45c3-a4fa-1f59a6203a90","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":58,"box":{"x":84,"y":494,"width":885,"height":11}},{"id":"27cbe054-d867-45b2-b322-b49724871df9","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":58,"box":{"x":82,"y":508,"width":577,"height":11}},{"id":"ee77632f-c3f6-4b18-ab2a-e406df11fa14","block_type":"box","text":"Management Risk.","page_number":58,"box":{"x":84,"y":531,"width":136,"height":11}},{"id":"f6281960-5d3a-430f-9f17-9a0920706a74","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":58,"box":{"x":225,"y":531,"width":711,"height":11}},{"id":"24f42228-4409-499d-a69b-c6687304688b","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":58,"box":{"x":84,"y":545,"width":876,"height":11}},{"id":"b890e3ff-0f90-4248-b8a2-c62934a6d664","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":58,"box":{"x":83,"y":559,"width":859,"height":11}},{"id":"fee7a6d0-0eb5-4b2c-b6be-63b38af57923","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":58,"box":{"x":83,"y":574,"width":847,"height":10}},{"id":"f5fae372-c553-4dd7-a0b2-55e72988cd6b","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":58,"box":{"x":83,"y":588,"width":756,"height":11}},{"id":"4c233c5a-caa5-4175-80e0-47fe110e1c48","block_type":"box","text":"Market Trading Risk.","page_number":58,"box":{"x":84,"y":611,"width":151,"height":11}},{"id":"7ed44803-1710-47b6-8e2e-c046c677bedb","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":58,"box":{"x":239,"y":611,"width":695,"height":11}},{"id":"d352b021-9c25-44b4-8d5b-922f5adc37f9","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":58,"box":{"x":84,"y":625,"width":841,"height":11}},{"id":"5b9f079d-2910-43e1-98ef-34e7c6e8775d","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":58,"box":{"x":83,"y":639,"width":887,"height":11}},{"id":"48495ac3-a1d2-4cd6-842d-5010ff616475","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":58,"box":{"x":83,"y":653,"width":839,"height":11}},{"id":"73b84c78-90d1-4bf6-be79-af127040f041","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":58,"box":{"x":84,"y":668,"width":865,"height":11}},{"id":"19f96d74-01c0-4371-b5c1-a10beec67468","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":58,"box":{"x":82,"y":682,"width":885,"height":11}},{"id":"3068fc01-18e5-4785-963a-b7cc7cb6554b","block_type":"box","text":"of the Fund shares.","page_number":58,"box":{"x":83,"y":696,"width":135,"height":9}},{"id":"401c1d81-20b9-4ede-8cb1-e818ce6311b7","block_type":"box","text":"Operational and Technology Risks.","page_number":58,"box":{"x":83,"y":719,"width":255,"height":11}},{"id":"34832e0f-6496-4436-b8c9-c3b24115924a","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":58,"box":{"x":342,"y":719,"width":582,"height":11}},{"id":"9b9d8bac-6dad-448b-8f38-64567ee12a2b","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":58,"box":{"x":83,"y":733,"width":876,"height":11}},{"id":"c5747c19-82a7-47fe-9e54-e7caf142748b","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":58,"box":{"x":83,"y":747,"width":879,"height":11}},{"id":"2f8d11c0-8775-4048-be09-7ed531be3df0","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":58,"box":{"x":83,"y":762,"width":825,"height":11}},{"id":"2fc99967-1ba5-4645-8f2a-226951761cca","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":58,"box":{"x":83,"y":776,"width":863,"height":11}},{"id":"57961da6-93d4-49f1-a737-70f9edd309ec","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":58,"box":{"x":83,"y":790,"width":872,"height":11}},{"id":"fe697e40-21f5-44d1-86d6-368ca7b9c5b6","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":58,"box":{"x":84,"y":804,"width":823,"height":11}},{"id":"c1e3292a-3fb5-4770-8619-34426d446c3d","block_type":"box","text":"Securities Lending Risk.","page_number":58,"box":{"x":83,"y":827,"width":177,"height":11}},{"id":"3e3ef1fb-a367-4d6b-9e05-4d0dd26c240a","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":58,"box":{"x":264,"y":828,"width":692,"height":10}},{"id":"c6ed101e-9e8c-410c-ba10-a04daaf68ad9","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":58,"box":{"x":84,"y":842,"width":869,"height":11}},{"id":"fa974f19-530b-4aeb-a70c-c1de6250029e","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":58,"box":{"x":83,"y":856,"width":886,"height":11}},{"id":"8e4c6d01-6218-42d7-8dec-9a1c88064542","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":58,"box":{"x":83,"y":870,"width":831,"height":11}},{"id":"2778098c-e2ca-40a9-b725-2c2cf71e7cc4","block_type":"box","text":"S-45","page_number":58,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"623c68d2-42c0-4a9a-8d38-d15ff9f3b603","block_type":"box","text":"Tracking Error Risk.","page_number":59,"box":{"x":82,"y":23,"width":145,"height":11}},{"id":"b5cbb546-499e-4a7b-a456-965e5f8b60e1","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":59,"box":{"x":231,"y":23,"width":741,"height":11}},{"id":"7521a431-2307-4c77-8198-ed95776f867f","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":59,"box":{"x":83,"y":37,"width":861,"height":11}},{"id":"4e832370-ead5-4ea2-9f29-1e35e70fc990","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":59,"box":{"x":83,"y":51,"width":832,"height":11}},{"id":"0f3d1a55-e27e-4708-9827-ef4a825a5dbe","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":59,"box":{"x":84,"y":66,"width":880,"height":11}},{"id":"d7f9635a-e267-43d6-98ed-4b4c2994819b","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":59,"box":{"x":84,"y":80,"width":830,"height":11}},{"id":"d0f03570-265b-4d17-80fd-db776fb28b2b","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":59,"box":{"x":82,"y":94,"width":828,"height":11}},{"id":"fc692988-541e-4122-9847-ba49f679eb06","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":59,"box":{"x":83,"y":108,"width":874,"height":11}},{"id":"b54e1ce3-953b-4998-938c-7dcda729e2ed","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":59,"box":{"x":84,"y":122,"width":888,"height":11}},{"id":"bd82cb20-68d9-4c82-a699-83f0d8c35b7f","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":59,"box":{"x":84,"y":137,"width":851,"height":10}},{"id":"bf57167c-79bb-4bbe-a97b-0edddecab3dc","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":59,"box":{"x":84,"y":151,"width":885,"height":11}},{"id":"6e81dc69-f6c4-4f91-be48-91cd15764f6b","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":59,"box":{"x":83,"y":165,"width":874,"height":11}},{"id":"7839e6bc-50e4-4a46-bdb9-bde9b71465c2","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":59,"box":{"x":84,"y":179,"width":724,"height":11}},{"id":"78033a92-486c-4d30-be56-2743ed585a11","block_type":"box","text":"Performance Information","page_number":59,"box":{"x":84,"y":208,"width":229,"height":11}},{"id":"bf79fe1a-3903-4c5f-8d77-b5cbe86d3f42","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":59,"box":{"x":82,"y":233,"width":864,"height":11}},{"id":"38a609c4-bdd3-437a-9970-0b7789b27238","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":59,"box":{"x":83,"y":247,"width":871,"height":11}},{"id":"c48ab2b5-e4f4-456e-b5a1-58fde5a1e5c5","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":59,"box":{"x":83,"y":262,"width":868,"height":10}},{"id":"91619a06-68ab-4a0f-a783-9e7cfbf85231","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":59,"box":{"x":84,"y":276,"width":837,"height":11}},{"id":"4a0cd5d5-2be0-42ca-bd9e-ae0775587819","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":59,"box":{"x":83,"y":290,"width":869,"height":11}},{"id":"2e025430-c6c7-4ef5-b333-c49716dbd8c3","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":59,"box":{"x":84,"y":304,"width":832,"height":11}},{"id":"3a931127-e4c1-4381-9bbc-81a73aa3352d","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":59,"box":{"x":84,"y":318,"width":841,"height":11}},{"id":"6a2b9b70-5d53-43ec-a0c9-77acfd8cc2fc","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":59,"box":{"x":82,"y":332,"width":531,"height":11}},{"id":"f4002351-7093-4e1e-9564-a4fa5a73f1b3","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":59,"box":{"x":165,"y":357,"width":260,"height":11}},{"id":"1b80f85c-3c1c-4d2d-a94f-114c2424e65a","block_type":"box","text":"24.77","page_number":59,"box":{"x":116,"y":426,"width":26,"height":6}},{"id":"4e830bc7-0947-427e-b218-5f8b15f395e2","block_type":"box","text":"12.69","page_number":59,"box":{"x":154,"y":444,"width":25,"height":6}},{"id":"c954736a-2fd8-47b2-afe4-280dce40d1e7","block_type":"box","text":"-10.77","page_number":59,"box":{"x":188,"y":496,"width":30,"height":5}},{"id":"0517193f-a5dd-4916-9980-fb337236af4d","block_type":"box","text":"24.40","page_number":59,"box":{"x":227,"y":426,"width":26,"height":6}},{"id":"d10dcdd4-8938-4f31-b3f5-a4b90ed49db1","block_type":"box","text":"-3.96","page_number":59,"box":{"x":265,"y":485,"width":24,"height":6}},{"id":"70351868-2bfe-4e8f-bead-62e40b6b75f7","block_type":"box","text":"32.99","page_number":59,"box":{"x":301,"y":413,"width":26,"height":6}},{"id":"83c6b537-f031-4cff-8059-5f27fdbef2ce","block_type":"box","text":"-6.59","page_number":59,"box":{"x":339,"y":489,"width":24,"height":6}},{"id":"89b740a3-f849-42a5-98cc-293c028828b5","block_type":"box","text":"11.73","page_number":59,"box":{"x":376,"y":446,"width":25,"height":6}},{"id":"f92f5811-f05f-47e1-92f1-b9bbede14707","block_type":"box","text":"12.42","page_number":59,"box":{"x":413,"y":445,"width":25,"height":6}},{"id":"04d5c677-fe77-4b03-99b9-05c7f63b7b92","block_type":"box","text":"13.36","page_number":59,"box":{"x":450,"y":443,"width":25,"height":6}},{"id":"c96c3b0f-3278-4f46-b692-05b16768e8d6","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":59,"box":{"x":117,"y":511,"width":357,"height":6}},{"id":"4a3fa54c-4e5f-4e28-8033-e41032fe9b68","block_type":"box","text":"Return (%) Period Ended","page_number":59,"box":{"x":766,"y":372,"width":188,"height":9}},{"id":"b5cb967d-4f38-48cc-8c4a-17122b993d01","block_type":"box","text":"Calendar Year-to-Date Return","page_number":59,"box":{"x":550,"y":390,"width":197,"height":8}},{"id":"f65c223c-3e4f-4dcf-9cb8-ab93918d776d","block_type":"box","text":"12.07% June 30, 2026","page_number":59,"box":{"x":780,"y":390,"width":192,"height":9}},{"id":"129aed53-ebf1-47d6-b2f8-1be03293245a","block_type":"box","text":"During the periods shown in the chart:","page_number":59,"box":{"x":551,"y":403,"width":250,"height":10}},{"id":"24e17d78-b198-4c09-9c0e-00c0ba4e2579","block_type":"box","text":"Best Quarter 20.23% December 31, 2020","page_number":59,"box":{"x":564,"y":416,"width":408,"height":9}},{"id":"72dae952-8b4a-4a5c-9927-82975bcb3205","block_type":"box","text":"Worst Quarter -35.53% March 31, 2020","page_number":59,"box":{"x":563,"y":429,"width":409,"height":9}},{"id":"92c14fb9-d84f-4fe3-b0ae-26545522a0ec","block_type":"box","text":"Average Annual Total Returns (%)","page_number":59,"box":{"x":403,"y":541,"width":250,"height":11}},{"id":"80c0fccb-0e84-4abd-b88e-24cbb98bfbf7","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":59,"box":{"x":371,"y":555,"width":315,"height":11}},{"id":"386e4f78-2f07-40d7-9ba5-b754a55b9588","block_type":"box","text":"One Year Five Years Ten Years","page_number":59,"box":{"x":701,"y":572,"width":268,"height":8}},{"id":"b8ddba89-bdaa-480b-9045-c0968d40cbf1","block_type":"box","text":"Fund Inception: 6/28/2004","page_number":59,"box":{"x":88,"y":587,"width":180,"height":10}},{"id":"d27d8639-bf13-4b9a-a6a1-c66c0a3b1872","block_type":"box","text":"Return Before Taxes","page_number":59,"box":{"x":89,"y":599,"width":124,"height":8}},{"id":"7a0b6d77-0a3b-45ea-bf7d-13ed7023ddd8","block_type":"box","text":"13.36% 12.08% 10.24%","page_number":59,"box":{"x":712,"y":599,"width":257,"height":8}},{"id":"9e554d42-1f66-4b48-a879-38a030f8aad0","block_type":"box","text":"Return After Taxes on Distributions 12.67% 11.42% 9.58%","page_number":59,"box":{"x":89,"y":611,"width":880,"height":7}},{"id":"4b322ac7-978e-4e5d-ae2c-ca731b285ba5","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 8.25% 9.49% 8.24%","page_number":59,"box":{"x":89,"y":622,"width":880,"height":8}},{"id":"ea4f2216-13cf-4a50-9346-fd2a92dfb423","block_type":"box","text":"Morningstar US Market Index","page_number":59,"box":{"x":88,"y":634,"width":194,"height":10}},{"id":"9bbd8eb4-b741-44da-a150-ed32e72b30a5","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.35% 13.29% 14.40%","page_number":59,"box":{"x":286,"y":634,"width":683,"height":9}},{"id":"88a9ad14-f58f-4a26-b187-a65225889b9f","block_type":"box","text":"Morningstar US Mid Cap Broad Value Index (Spliced)","page_number":59,"box":{"x":88,"y":645,"width":346,"height":10}},{"id":"140f4231-e055-4032-862f-ceec2f6ad4b0","block_type":"box","text":"1","page_number":59,"box":{"x":435,"y":644,"width":5,"height":5}},{"id":"5a7c4092-19b2-4dea-90fe-b53043fc2112","block_type":"box","text":"(Returns do not reflect deductions","page_number":59,"box":{"x":444,"y":645,"width":215,"height":9}},{"id":"67469164-49b7-4ed4-9195-8a6909069946","block_type":"box","text":"for fees, expenses or taxes)","page_number":59,"box":{"x":101,"y":658,"width":169,"height":10}},{"id":"3998b5cd-66c6-4370-9d3b-353feae950e5","block_type":"box","text":"13.39% 12.14% 10.42%","page_number":59,"box":{"x":712,"y":658,"width":257,"height":8}},{"id":"a5d90ba8-cfe9-44b0-86b9-5e7d80079a1f","block_type":"box","text":"1","page_number":59,"box":{"x":110,"y":677,"width":5,"height":5}},{"id":"d341aad0-0cc3-442a-a6e9-8369145b84f2","block_type":"box","text":"The Morningstar US Mid Cap Broad Value Index (Spliced) reflects the performance of the Morningstar US Mid Value Index through","page_number":59,"box":{"x":123,"y":678,"width":822,"height":10}},{"id":"e9a864be-5853-4d17-8b9e-7fdae1b387da","block_type":"box","text":"March 21, 2021 and the Morningstar US Mid Cap Broad Value Index thereafter, which reflect the times when each index was the","page_number":59,"box":{"x":124,"y":689,"width":804,"height":9}},{"id":"25927916-3c72-45e5-a0a0-014b15ef0d1d","block_type":"box","text":"Underlying Index of the Fund.","page_number":59,"box":{"x":124,"y":699,"width":185,"height":10}},{"id":"a121c37c-0de0-4ec8-8c14-f718c16e098f","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":59,"box":{"x":82,"y":719,"width":857,"height":10}},{"id":"12e94fee-5303-4e99-a9e3-2facc3f3987d","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":59,"box":{"x":84,"y":733,"width":864,"height":10}},{"id":"d3ca1f70-4639-4360-a371-95cee5e4d79d","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":59,"box":{"x":84,"y":747,"width":847,"height":11}},{"id":"3d660ffe-7679-4de5-83bd-1e6e4b96b970","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":59,"box":{"x":83,"y":761,"width":857,"height":11}},{"id":"c0752b51-1dc8-4304-9dcf-20d7dedb41c7","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":59,"box":{"x":83,"y":775,"width":877,"height":11}},{"id":"9178cf49-ee6e-4477-8f87-545c034e4eb1","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":59,"box":{"x":82,"y":790,"width":837,"height":10}},{"id":"8f57d5d2-6fb0-46f1-a004-b84ffb3cb971","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":59,"box":{"x":84,"y":804,"width":885,"height":11}},{"id":"f7fe481b-fe04-4bb0-970b-9844a3568c36","block_type":"box","text":"on distributions.","page_number":59,"box":{"x":83,"y":818,"width":115,"height":8}},{"id":"e663c6fe-af58-4102-a380-b2aba58cd45c","block_type":"box","text":"Management","page_number":59,"box":{"x":84,"y":847,"width":120,"height":13}},{"id":"f311a640-a5a7-4b29-b507-56b1db133996","block_type":"box","text":"Investment Adviser.","page_number":59,"box":{"x":84,"y":872,"width":144,"height":9}},{"id":"f47e7d09-d3a8-467e-b91d-2f37bf2b378d","block_type":"box","text":"BlackRock Fund Advisors.","page_number":59,"box":{"x":234,"y":872,"width":180,"height":9}},{"id":"48bd2855-895a-4e05-a6c9-925cd72154ad","block_type":"box","text":"S-46","page_number":59,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"672f53b6-9822-4cb9-9994-9dc70fae341c","block_type":"box","text":"Portfolio Managers.","page_number":60,"box":{"x":84,"y":23,"width":145,"height":11}},{"id":"5cf0ef83-4df6-425f-acc6-39111e9504ef","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":60,"box":{"x":233,"y":23,"width":679,"height":11}},{"id":"c59e0bf2-34b5-4c28-8e3c-7b8ead924261","block_type":"box","text":"management of the Fund:","page_number":60,"box":{"x":84,"y":37,"width":182,"height":11}},{"id":"b3d9e36d-3393-4a42-a12d-3dc8a335a355","block_type":"box","text":"Portfolio Manager","page_number":60,"box":{"x":88,"y":73,"width":120,"height":10}},{"id":"c12c1fbf-85cc-4142-afa7-727a1d3d6715","block_type":"box","text":"Portfolio Manager of the","page_number":60,"box":{"x":441,"y":60,"width":161,"height":10}},{"id":"9ae0494a-a6c7-4ec9-9a05-c8260112692a","block_type":"box","text":"Fund Since","page_number":60,"box":{"x":485,"y":73,"width":72,"height":8}},{"id":"2d2a2fee-f605-427d-9b2a-a90a22261c4c","block_type":"box","text":"Title with Investment","page_number":60,"box":{"x":834,"y":60,"width":140,"height":8}},{"id":"ab7716a8-31c1-446f-8db1-abfc72c3dc4f","block_type":"box","text":"Adviser","page_number":60,"box":{"x":880,"y":73,"width":48,"height":8}},{"id":"8ec52521-34bc-40ba-857b-db1f2afb8311","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":60,"box":{"x":87,"y":89,"width":877,"height":9}},{"id":"40e638e8-e85f-4939-8e1a-42d5e8c8f6bd","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":60,"box":{"x":89,"y":104,"width":875,"height":10}},{"id":"1efd95d5-2ba8-48e8-b21c-80aa8b36f24d","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":60,"box":{"x":89,"y":120,"width":875,"height":9}},{"id":"29b7263e-2d6f-4392-ad09-6c132ba3d7b2","block_type":"box","text":"Steven White 2025 Managing Director","page_number":60,"box":{"x":88,"y":135,"width":876,"height":10}},{"id":"352e2c3e-6544-4c69-9b6c-542595cf9172","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":60,"box":{"x":84,"y":170,"width":304,"height":11}},{"id":"3f83f2cd-3ccb-4457-a2fd-7d68e5f3e05a","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":60,"box":{"x":82,"y":195,"width":878,"height":11}},{"id":"f6ed8124-b958-471f-acf7-bc77469a30ed","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":60,"box":{"x":83,"y":210,"width":855,"height":10}},{"id":"3cf0a23c-5aaf-4783-ab9f-e32f7f176423","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":60,"box":{"x":83,"y":224,"width":817,"height":10}},{"id":"69560809-7e1f-48a4-a65b-4706d5dfc101","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":60,"box":{"x":83,"y":238,"width":878,"height":11}},{"id":"d704ca0f-a545-4c68-9ead-43daed97020f","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":60,"box":{"x":84,"y":252,"width":860,"height":11}},{"id":"dbc314fd-3155-4e7a-88cb-a753dac80efd","block_type":"box","text":"(the “bid-ask spread”).","page_number":60,"box":{"x":83,"y":266,"width":157,"height":11}},{"id":"d030f89e-3731-4b89-840e-716ce8aed009","block_type":"box","text":"Tax Information","page_number":60,"box":{"x":82,"y":295,"width":144,"height":11}},{"id":"66105d6d-6a58-4827-9f09-0bd0215fd329","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":60,"box":{"x":82,"y":321,"width":832,"height":10}},{"id":"c5745f3b-4ddc-45b3-af39-89584d51b334","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":60,"box":{"x":83,"y":334,"width":883,"height":11}},{"id":"f779e99e-2794-4ec9-afef-dfaf44b6e027","block_type":"box","text":"be taxed when withdrawn.","page_number":60,"box":{"x":84,"y":349,"width":181,"height":8}},{"id":"b130be2b-4f6b-4b18-a323-c5204c4464ae","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":60,"box":{"x":84,"y":378,"width":575,"height":13}},{"id":"6b1baa62-22db-491d-8192-df68185086e9","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":60,"box":{"x":84,"y":403,"width":854,"height":11}},{"id":"ca918dcc-92da-4340-bbc0-1c8d0174af5c","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":60,"box":{"x":84,"y":417,"width":842,"height":11}},{"id":"99cd83fa-949d-40cd-ae78-871e5dd29ed7","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":60,"box":{"x":83,"y":431,"width":820,"height":11}},{"id":"b39b429e-26b7-436d-8225-d4f9d32cf184","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":60,"box":{"x":84,"y":445,"width":801,"height":11}},{"id":"d35b1955-5312-4f24-9955-9770812836cd","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":60,"box":{"x":83,"y":460,"width":841,"height":10}},{"id":"021b9b6a-fe7c-40fe-9c27-35b4624df8b0","block_type":"box","text":"financial intermediary’s website for more information.","page_number":60,"box":{"x":83,"y":474,"width":379,"height":11}},{"id":"3eb2f3c2-00fe-4dac-8e43-8e71dff13c85","block_type":"box","text":"S-47","page_number":60,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"30e7a528-31f9-4c90-830f-7dfc2f56249b","block_type":"box","text":"iShares Morningstar Small-Cap ETF","page_number":61,"box":{"x":84,"y":23,"width":500,"height":21}},{"id":"f67d2fc5-528e-4a7f-9435-5846922a9ce5","block_type":"box","text":"ISCB | NYSE Arca","page_number":61,"box":{"x":85,"y":47,"width":237,"height":18}},{"id":"e4c2f9fd-749e-448f-b8ab-72b9185a2f20","block_type":"box","text":"Investment Objective","page_number":61,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"05ba12b1-c728-474c-8cbf-eb8a4f82bc22","block_type":"box","text":"The iShares Morningstar Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":61,"box":{"x":82,"y":117,"width":817,"height":11}},{"id":"23db8076-be69-4469-9611-20b683b353cc","block_type":"box","text":"small-capitalization U.S. equities.","page_number":61,"box":{"x":83,"y":132,"width":235,"height":10}},{"id":"31de382b-bcab-4171-b6ba-bf47a2d9174d","block_type":"box","text":"Fees and Expenses","page_number":61,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"77735a3d-3a66-4aa5-b962-0d516a6dc341","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":61,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"5e559095-273d-4db8-8056-9ebde7f33d87","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":61,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"1f84701f-2c20-4e7d-a13f-9925e5c9e82c","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":61,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"518f771f-d435-4e06-9a8f-4231008827f2","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":61,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"eb12874a-7d64-4b9f-b6b4-1b42b6718eb5","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":61,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"f7c7f762-a928-43d7-932a-c967c1cf6cb5","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":61,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"336c3bf3-4712-4b22-97a6-c88d3c2b942b","block_type":"box","text":"extraordinary expenses.","page_number":61,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"7d4377fa-5c61-4f29-a09a-8d166718af56","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":61,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"472336d9-b020-4971-8309-940e0df7016a","block_type":"box","text":"reflected in the table and example below.","page_number":61,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"f1a8a8d6-ab13-41ac-8477-3f24e4bd1334","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":61,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"59e45c23-67ed-4be7-99d5-f8db04bcd00e","block_type":"box","text":"1","page_number":61,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"6e7c982d-5f71-4758-899e-58d973ace781","block_type":"box","text":"Management Fee","page_number":61,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"08f6824c-8df7-42c1-9118-a4749a1e7448","block_type":"box","text":"0.04%","page_number":61,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"6d1a9474-6cde-4ea0-80ad-ce75688aa3ad","block_type":"box","text":"Other Expenses","page_number":61,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"f99076e9-f1ef-4565-be45-6e47c047140e","block_type":"box","text":"0.00%","page_number":61,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"25a3fb51-8a8d-49b7-a90d-f80513e27787","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":61,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"405d7968-e965-4845-8914-bd122e0d4194","block_type":"box","text":"0.04%","page_number":61,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"9cf2ba58-355b-4fff-9dc0-04b4aba391ca","block_type":"box","text":"1","page_number":61,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"936e6fa7-c26b-4d8c-9601-8edc8c325442","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":61,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"29c9677e-2959-43ed-8487-ce5442c4279d","block_type":"box","text":"Example.","page_number":61,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"19af3332-c9b4-46e8-8f0e-1ba366b7f1d2","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":61,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"506dddc8-8952-49c8-af52-69d47547e2fc","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":61,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"13223b6f-a8d0-4e54-b5cc-84aa2dbb9327","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":61,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"099d9bf2-34cc-4fcc-b73c-cdae1f0e9b3c","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":61,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"75bc1028-f886-4ec3-8b9f-e6d2833363aa","block_type":"box","text":"your costs would be:","page_number":61,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"a6437d0d-7339-4a42-afe6-92c58953e912","block_type":"box","text":"Expense Example","page_number":61,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"c987be7e-332e-4986-b3da-f3e757e43288","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":61,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"29a303dc-7cc3-408c-8035-7685a69ef564","block_type":"box","text":"Example Fund Costs","page_number":61,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"654a8a2b-bb7b-4d23-a6fe-49d21b799a10","block_type":"box","text":"$4 $13 $23 $51","page_number":61,"box":{"x":705,"y":525,"width":252,"height":9}},{"id":"1e3198a4-8e5e-4b67-a63e-5c2e687e415e","block_type":"box","text":"Portfolio Turnover.","page_number":61,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"aff9d2d5-4371-44aa-95f2-274ba148b326","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":61,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"8663ef1e-0e1f-405f-b3ed-1133a9bdfe6a","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":61,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"7b9fab9b-940c-4108-baef-3e3024fa1ced","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":61,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"a0c8df0b-c276-490e-85dd-081809d9e62b","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 30% of","page_number":61,"box":{"x":82,"y":597,"width":887,"height":11}},{"id":"b262f52f-4c2e-41b8-a673-64290317cf15","block_type":"box","text":"the average value of its portfolio.","page_number":61,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"42914165-7a23-4b24-9738-6d95b1be507e","block_type":"box","text":"Principal Investment Strategies","page_number":61,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"4df8fe88-8c64-49d2-ba2d-c6664cd0e209","block_type":"box","text":"The Fund seeks to track the investment results of the Morningstar","page_number":61,"box":{"x":82,"y":666,"width":467,"height":11}},{"id":"1d7f4c44-d6a6-41de-a23c-0fb6aff0d875","block_type":"box","text":"®","page_number":61,"box":{"x":550,"y":665,"width":5,"height":3}},{"id":"81765c76-fa85-4b3f-895b-bd0e67361226","block_type":"box","text":"US Small Cap Extended Market Index","page_number":61,"box":{"x":560,"y":666,"width":264,"height":10}},{"id":"8f94fa16-d123-4244-8c7f-827e8bdce976","block_type":"box","text":"SM","page_number":61,"box":{"x":824,"y":664,"width":17,"height":5}},{"id":"f2d7fdc4-0362-443d-886d-f8f7a5d1dd6e","block_type":"box","text":"(the “Underlying","page_number":61,"box":{"x":847,"y":666,"width":114,"height":11}},{"id":"90f90d18-ee7b-4a7c-ad0d-77577af01d54","block_type":"box","text":"Index”), which measures the performance of U.S. stocks issued by small-capitalization companies. Morningstar, Inc.","page_number":61,"box":{"x":84,"y":680,"width":817,"height":11}},{"id":"ff230037-f4dd-4475-9c0b-87c304802842","block_type":"box","text":"(“Morningstar” or the “Index Provider”) defines “small-capitalization” stocks as those stocks that generally fall between the","page_number":61,"box":{"x":83,"y":694,"width":865,"height":11}},{"id":"53fc5466-e60e-4738-ba2c-214098bbd784","block_type":"box","text":"90th and 99.5th percentile of the market capitalization of the stocks eligible to be included in the Morningstar","page_number":61,"box":{"x":83,"y":708,"width":778,"height":11}},{"id":"15a088cb-e8b0-4da1-8319-f10b97c04d41","block_type":"box","text":"®","page_number":61,"box":{"x":861,"y":708,"width":5,"height":3}},{"id":"a1b11155-d566-498a-9ef1-01cdd2266f68","block_type":"box","text":"US Market","page_number":61,"box":{"x":871,"y":708,"width":74,"height":9}},{"id":"a2b0132f-f6ad-406b-9997-25e33b7ce1a9","block_type":"box","text":"Extended Index","page_number":61,"box":{"x":84,"y":723,"width":109,"height":8}},{"id":"a2084562-230f-4a22-9184-c8756ef242a7","block_type":"box","text":"SM","page_number":61,"box":{"x":193,"y":721,"width":17,"height":5}},{"id":"88ae96da-86a3-4d1d-b38d-ecadc572dc25","block_type":"box","text":"(a diversified broad market index that represents approximately 99.5% of the market capitalization of","page_number":61,"box":{"x":216,"y":722,"width":716,"height":11}},{"id":"9a94ab2c-20e9-4d64-848a-53c9e2041615","block_type":"box","text":"publicly traded U.S. stocks and includes only those stocks of the top 75% of companies in the investable universe based on a","page_number":61,"box":{"x":84,"y":737,"width":881,"height":11}},{"id":"b3c8dd5a-c5c7-401d-a378-1401809406f4","block_type":"box","text":"liquidity score of the Index Provider). The largest company in the Underlying Index of the Fund as of April 30, 2026 had a","page_number":61,"box":{"x":84,"y":751,"width":848,"height":11}},{"id":"506edf26-0dae-436e-bc44-0e243f179e0f","block_type":"box","text":"market capitalization of $64.43 billion. The stocks included in the Underlying Index are weighted according to the total value","page_number":61,"box":{"x":84,"y":765,"width":881,"height":11}},{"id":"344a2e75-4390-4893-8df4-3185cc45d760","block_type":"box","text":"of shares that are publicly owned and available for investment.","page_number":61,"box":{"x":83,"y":779,"width":441,"height":11}},{"id":"95ed5150-1ca6-4c43-879a-56eb8f30f4ab","block_type":"box","text":"As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the financial","page_number":61,"box":{"x":82,"y":801,"width":881,"height":11}},{"id":"993dd0a0-417a-4754-8c8c-3afcf8b8ca87","block_type":"box","text":"services and industrials industries or sectors. The components of the Underlying Index are likely to change over time.","page_number":61,"box":{"x":83,"y":815,"width":826,"height":11}},{"id":"e3e271c0-18b0-4194-b2a8-48dc24c8bb5c","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":61,"box":{"x":82,"y":839,"width":853,"height":10}},{"id":"11039fca-9dad-4b1c-a952-28569a215738","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":61,"box":{"x":84,"y":853,"width":838,"height":11}},{"id":"3f48e135-e026-49a4-81c5-713354b9a0d3","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":61,"box":{"x":83,"y":867,"width":868,"height":11}},{"id":"a30078a3-589c-47c4-a947-e7bf269a574c","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":61,"box":{"x":84,"y":881,"width":850,"height":11}},{"id":"cd9ab5f5-9caf-4122-be8a-fae994a4ffcb","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":61,"box":{"x":83,"y":895,"width":806,"height":11}},{"id":"cb97f7a1-7d39-4828-9404-e64f6b04c410","block_type":"box","text":"S-48","page_number":61,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"e764c281-c19d-4fb8-86b6-c2e7bf1be6c4","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":62,"box":{"x":83,"y":23,"width":885,"height":11}},{"id":"3858e121-43c2-4edd-b4f2-830d3580ad30","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":62,"box":{"x":82,"y":37,"width":885,"height":11}},{"id":"2c7cfe16-bece-443c-9cbe-33c384ddb75b","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":62,"box":{"x":83,"y":52,"width":853,"height":10}},{"id":"6f35e65f-3236-441d-b04b-58ddec9d21d4","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":62,"box":{"x":83,"y":66,"width":867,"height":11}},{"id":"e06709c5-bcdb-42e3-8a01-0e64aa131959","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":62,"box":{"x":83,"y":80,"width":868,"height":11}},{"id":"503b1f31-b5b6-48e8-84fe-1d736c7091ee","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":62,"box":{"x":82,"y":94,"width":863,"height":11}},{"id":"872dbcee-302c-4e27-a4d1-84f7dd2a373a","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":62,"box":{"x":84,"y":108,"width":825,"height":11}},{"id":"9ae9d156-2fe2-4d13-8ba8-93bd9853dad8","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":62,"box":{"x":84,"y":123,"width":405,"height":10}},{"id":"b60e83a2-fced-40ca-8660-01821ba0e1dc","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":62,"box":{"x":84,"y":145,"width":844,"height":11}},{"id":"16ff495c-ebca-496e-9e7d-a0018578dd8d","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":62,"box":{"x":83,"y":160,"width":860,"height":11}},{"id":"e5e05c19-9e7a-45de-aab2-9e670f1f2538","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":62,"box":{"x":83,"y":174,"width":831,"height":11}},{"id":"59755ec7-1c8a-41e2-8f7f-d7801e8a5cf8","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":62,"box":{"x":83,"y":188,"width":817,"height":11}},{"id":"7024374e-bda2-451d-8f7c-633b600aa6fe","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":62,"box":{"x":84,"y":202,"width":817,"height":11}},{"id":"d6e26387-09e6-4d4f-b072-a05adabba70c","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":62,"box":{"x":83,"y":216,"width":835,"height":11}},{"id":"9f73bf5f-0d94-4ecc-95e1-9ee936b69433","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":62,"box":{"x":82,"y":240,"width":873,"height":11}},{"id":"9b80471d-5ac3-45c6-96b2-bc18cf617258","block_type":"box","text":"collateral received).","page_number":62,"box":{"x":83,"y":254,"width":136,"height":9}},{"id":"96c5eca9-0a35-458f-804b-5f7622ccddbb","block_type":"box","text":"The Underlying Index is sponsored by Morningstar, which is independent of the Fund and BFA. The Index Provider determines","page_number":62,"box":{"x":82,"y":277,"width":889,"height":11}},{"id":"f361eb08-8071-4885-be89-ed2635bbc415","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":62,"box":{"x":82,"y":291,"width":884,"height":11}},{"id":"9f292f80-65e4-409a-b043-4f8c92690aeb","block_type":"box","text":"market value of the Underlying Index.","page_number":62,"box":{"x":84,"y":305,"width":262,"height":11}},{"id":"5e3689f5-5d76-4b23-b13c-5d1dbd18da6f","block_type":"box","text":"Industry Concentration Policy.","page_number":62,"box":{"x":84,"y":329,"width":223,"height":11}},{"id":"4f3beb70-5cc6-4d8b-8034-7a00b42348a0","block_type":"box","text":"The Fund will concentrate its investments (","page_number":62,"box":{"x":312,"y":329,"width":304,"height":9}},{"id":"dac78f7a-9358-4217-bdb7-6200432073c6","block_type":"box","text":"i.e.","page_number":62,"box":{"x":617,"y":329,"width":17,"height":8}},{"id":"cf152b95-e9d2-401b-8bb0-449c3e3ecdcd","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":62,"box":{"x":636,"y":329,"width":292,"height":10}},{"id":"d0499398-093a-43f4-95eb-3a043632cf9b","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":62,"box":{"x":84,"y":343,"width":858,"height":11}},{"id":"5eba171b-f8da-4a3f-baa8-6d54e83d107c","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":62,"box":{"x":84,"y":357,"width":867,"height":11}},{"id":"478cbfa1-aadd-4cf2-8de8-b60e2d42db64","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":62,"box":{"x":83,"y":371,"width":826,"height":11}},{"id":"59909510-365b-419d-a74d-409957e74c2c","block_type":"box","text":"Summary of Principal Risks","page_number":62,"box":{"x":83,"y":400,"width":248,"height":14}},{"id":"af6397b0-f34f-4b81-8490-f0986bbf797e","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":62,"box":{"x":82,"y":425,"width":882,"height":11}},{"id":"6b45d025-fb65-4b25-83d1-5c28debd11b2","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":62,"box":{"x":83,"y":440,"width":825,"height":10}},{"id":"f3cf28ed-76a1-4d47-addb-ae0e20893cbc","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":62,"box":{"x":83,"y":454,"width":807,"height":11}},{"id":"2ccd840a-2f7f-491e-846e-b8ca76bcffb6","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":62,"box":{"x":83,"y":468,"width":844,"height":11}},{"id":"b2bb00be-22a0-4bb3-a1aa-c85fedcd299b","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":62,"box":{"x":83,"y":482,"width":814,"height":11}},{"id":"f015a26b-df61-4bee-8331-8322ae4fd8a1","block_type":"box","text":"Risk of Investing in the U.S.","page_number":62,"box":{"x":84,"y":505,"width":200,"height":11}},{"id":"97bd14c4-fdeb-4d15-b956-bcff35d20943","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":62,"box":{"x":289,"y":505,"width":664,"height":11}},{"id":"c6ddbf37-ff11-4c35-9c8c-b624830312d3","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":62,"box":{"x":83,"y":519,"width":878,"height":11}},{"id":"730d5435-467e-44aa-a57d-8d2d003f6b38","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":62,"box":{"x":83,"y":534,"width":470,"height":10}},{"id":"74169d11-4990-4aab-b3d4-03fc96033afe","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":62,"box":{"x":83,"y":557,"width":277,"height":10}},{"id":"afbfdbe9-2c7e-4fc0-9a58-dd5e0b338f03","block_type":"box","text":"Compared to mid- and large-capitalization companies, small-capitalization","page_number":62,"box":{"x":366,"y":557,"width":532,"height":11}},{"id":"34c16cb9-b3b9-49fd-9a1f-8dcbb9c74e97","block_type":"box","text":"companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization","page_number":62,"box":{"x":83,"y":571,"width":817,"height":11}},{"id":"77d75bd2-6bed-41c5-9534-b4103a35b84d","block_type":"box","text":"companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s","page_number":62,"box":{"x":83,"y":585,"width":887,"height":11}},{"id":"c612845b-bc6e-49f9-9d19-b82977709dce","block_type":"box","text":"share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.","page_number":62,"box":{"x":83,"y":599,"width":817,"height":11}},{"id":"ba092934-3153-430b-ae7d-e753d032697f","block_type":"box","text":"Equity Securities Risk.","page_number":62,"box":{"x":84,"y":623,"width":163,"height":10}},{"id":"c841af1f-9ed0-4021-9d91-8252655aa570","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":62,"box":{"x":253,"y":623,"width":709,"height":10}},{"id":"04f5a49d-da92-4013-955e-f5e59c71b1b3","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":62,"box":{"x":83,"y":637,"width":889,"height":11}},{"id":"9fdd7903-df28-47c3-8e95-45bb598351a6","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":62,"box":{"x":83,"y":651,"width":880,"height":11}},{"id":"6b24c653-c351-412f-accd-80c77d546103","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":62,"box":{"x":83,"y":665,"width":867,"height":11}},{"id":"b50e3a94-bc35-4b84-a5ae-1ff10d3bc336","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":62,"box":{"x":84,"y":679,"width":339,"height":11}},{"id":"cd0fac51-c2fc-4b56-aa3e-214dd57b8c41","block_type":"box","text":"Market Risk.","page_number":62,"box":{"x":84,"y":702,"width":90,"height":9}},{"id":"be2c6246-67c5-49cc-bece-ed32136f04c8","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":62,"box":{"x":179,"y":703,"width":767,"height":10}},{"id":"05544501-8577-4240-a2e3-5782e29ca1a8","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":62,"box":{"x":83,"y":717,"width":882,"height":11}},{"id":"e7d79196-4aba-4dc1-9eff-b85e297e3126","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":62,"box":{"x":84,"y":731,"width":857,"height":11}},{"id":"e1881997-8394-485a-9f0e-2de50304be6e","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":62,"box":{"x":83,"y":745,"width":875,"height":11}},{"id":"da9f34e2-7fbe-445f-92c5-92a8839847f0","block_type":"box","text":"Fund’s NAV.","page_number":62,"box":{"x":84,"y":759,"width":81,"height":9}},{"id":"a77719e2-9f2f-421a-abd5-68e72e9294c9","block_type":"box","text":"Index-Related Risk.","page_number":62,"box":{"x":84,"y":782,"width":143,"height":9}},{"id":"6f9e01ee-ba93-436c-9b5c-a814e3e48a64","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":62,"box":{"x":231,"y":782,"width":742,"height":11}},{"id":"e3a6a961-43c9-4ce2-b60b-96b0ca4457eb","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":62,"box":{"x":84,"y":797,"width":855,"height":10}},{"id":"835394fa-beee-444c-9769-74d5fc8be778","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":62,"box":{"x":83,"y":811,"width":852,"height":11}},{"id":"abcb899c-c5ad-4316-acb4-688780b20538","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":62,"box":{"x":83,"y":825,"width":877,"height":11}},{"id":"6ab97c3c-8560-424a-ad1f-bd6172bccca8","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":62,"box":{"x":82,"y":839,"width":849,"height":11}},{"id":"e8ad072d-f882-4fe7-99e9-8b5f0a0abe90","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":62,"box":{"x":83,"y":853,"width":849,"height":11}},{"id":"d24e82bb-48a7-4ac5-a52b-f710b25f8355","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":62,"box":{"x":84,"y":867,"width":890,"height":11}},{"id":"065cbf35-aaeb-403e-bebb-43eaf3ba66b0","block_type":"box","text":"S-49","page_number":62,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"cef90dae-86e5-4ad6-894c-72456f9a0c52","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":63,"box":{"x":84,"y":23,"width":852,"height":11}},{"id":"26cb40ab-6afc-4a29-bcb6-dcbd697170ce","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":63,"box":{"x":83,"y":37,"width":539,"height":11}},{"id":"b2044c0a-bde4-451d-bad2-f92fb5c1cb11","block_type":"box","text":"Asset Class Risk.","page_number":63,"box":{"x":82,"y":60,"width":123,"height":9}},{"id":"6c29b2e6-4894-404d-80d2-11cd8e892edb","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":63,"box":{"x":209,"y":60,"width":721,"height":11}},{"id":"c0da1923-4b18-4f4d-9491-524122292bc5","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":63,"box":{"x":83,"y":75,"width":774,"height":11}},{"id":"0a7acdda-c7a7-47d9-86cc-3628687a32b7","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":63,"box":{"x":82,"y":98,"width":318,"height":10}},{"id":"604c5fb8-db57-4a7c-999d-42dd2c36cb27","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":63,"box":{"x":405,"y":98,"width":531,"height":11}},{"id":"340582fd-4585-4ddc-908b-267e3e593a38","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":63,"box":{"x":84,"y":112,"width":809,"height":11}},{"id":"c06a6e51-a484-4157-a10a-a8b0cf6cb11b","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":63,"box":{"x":82,"y":126,"width":816,"height":11}},{"id":"0fb23516-7a36-416d-bf52-c829caa20a1a","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":63,"box":{"x":82,"y":141,"width":885,"height":10}},{"id":"2d2224c8-f29c-4b1f-bbb3-03e1cce03694","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":63,"box":{"x":83,"y":155,"width":871,"height":10}},{"id":"1a11a962-5aa9-4b61-a868-bbea93e6c845","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":63,"box":{"x":84,"y":169,"width":845,"height":11}},{"id":"70ac4044-987f-4fd2-90a7-3af460eae3a4","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":63,"box":{"x":82,"y":183,"width":882,"height":11}},{"id":"ec5f0645-0180-4227-b2ca-c8733542f881","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":63,"box":{"x":84,"y":197,"width":853,"height":11}},{"id":"a03b6231-cc4d-44e6-830a-2285dc9d49a8","block_type":"box","text":"halts or delisting.","page_number":63,"box":{"x":84,"y":212,"width":120,"height":10}},{"id":"485d2dba-f1b3-44b5-bc65-5bccd6be11a3","block_type":"box","text":"Concentration Risk.","page_number":63,"box":{"x":83,"y":234,"width":145,"height":9}},{"id":"37571676-f3b9-45b6-bafb-50068f5e2739","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":63,"box":{"x":232,"y":235,"width":712,"height":10}},{"id":"25d22423-d373-4696-be46-cdef44151b5c","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":63,"box":{"x":83,"y":249,"width":884,"height":10}},{"id":"dd31b984-c460-4135-a2ea-1598fbb2fb03","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":63,"box":{"x":82,"y":263,"width":887,"height":11}},{"id":"f688cdc1-5e9a-4ef9-a775-95e25a27ece0","block_type":"box","text":"asset classes.","page_number":63,"box":{"x":83,"y":277,"width":95,"height":9}},{"id":"d788bf23-28f6-420e-b6e8-0963b4fc9e65","block_type":"box","text":"Financial Companies Risk.","page_number":63,"box":{"x":84,"y":300,"width":192,"height":11}},{"id":"9417eb29-5c98-4edf-a34b-fba5b91cf938","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":63,"box":{"x":282,"y":301,"width":683,"height":10}},{"id":"77f4d149-fd47-4c81-8374-406bfeb20079","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":63,"box":{"x":82,"y":315,"width":864,"height":10}},{"id":"9c222174-44c0-49b0-a313-0b2bcc0a9b18","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":63,"box":{"x":83,"y":329,"width":813,"height":11}},{"id":"f8c13b56-7781-4479-bd65-06fec9513b9b","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":63,"box":{"x":83,"y":343,"width":879,"height":11}},{"id":"161d00f2-ef4a-4963-a866-e3781035c849","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":63,"box":{"x":83,"y":357,"width":613,"height":11}},{"id":"5785c8d6-499e-44b7-8d19-d20e6b00ccf0","block_type":"box","text":"Growth Securities Risk.","page_number":63,"box":{"x":83,"y":380,"width":170,"height":9}},{"id":"52882ee1-2482-4af5-b27d-f9cae603fde1","block_type":"box","text":"Growth securities are those issued by companies whose earnings growth potential appears to be","page_number":63,"box":{"x":259,"y":380,"width":681,"height":11}},{"id":"1fd20e66-6d7d-4a3f-8c03-b88c034cc018","block_type":"box","text":"greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The","page_number":63,"box":{"x":83,"y":394,"width":855,"height":11}},{"id":"076012ba-0997-43b6-a718-99c04b8947c6","block_type":"box","text":"prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and","page_number":63,"box":{"x":84,"y":409,"width":824,"height":10}},{"id":"0fdb4688-4511-4ebd-8f73-2c9cc89938fb","block_type":"box","text":"significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as","page_number":63,"box":{"x":83,"y":423,"width":873,"height":11}},{"id":"72535914-2678-4710-9cc6-858af7506895","block_type":"box","text":"well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of","page_number":63,"box":{"x":82,"y":437,"width":888,"height":11}},{"id":"8cede1a1-0637-4c6a-98a3-7f9d51a3c706","block_type":"box","text":"the Fund.","page_number":63,"box":{"x":82,"y":451,"width":67,"height":9}},{"id":"cb3eb33b-d19c-4868-aac5-23fc60cbf793","block_type":"box","text":"Industrial Companies Risk.","page_number":63,"box":{"x":84,"y":474,"width":196,"height":11}},{"id":"58661509-9a8e-41c2-99e9-696b578636a8","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions,","page_number":63,"box":{"x":286,"y":474,"width":684,"height":11}},{"id":"0cffe492-4202-48b2-b950-5bc9fd874260","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability","page_number":63,"box":{"x":84,"y":489,"width":880,"height":10}},{"id":"eba74537-e196-46be-9734-9b84a87a2fd3","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices","page_number":63,"box":{"x":83,"y":503,"width":868,"height":11}},{"id":"0bca19eb-f1dd-4aa5-b8b2-7cce559ede8f","block_type":"box","text":"and currencies. The performance of such companies may also be affected by technological developments, labor relations,","page_number":63,"box":{"x":83,"y":517,"width":860,"height":11}},{"id":"b3b8e80d-a662-407a-8d9d-21acc6209726","block_type":"box","text":"legislative and regulatory changes, government spending policies, and changes in domestic and international economies.","page_number":63,"box":{"x":84,"y":531,"width":862,"height":11}},{"id":"147d5835-fda4-48e1-982f-dabd2290d6af","block_type":"box","text":"Issuer Risk.","page_number":63,"box":{"x":84,"y":554,"width":82,"height":9}},{"id":"82a6baa2-3b76-463f-84ff-1ecc95f097ec","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":63,"box":{"x":170,"y":554,"width":780,"height":11}},{"id":"d503403b-3126-46eb-b4cb-a8939f26e8aa","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":63,"box":{"x":84,"y":568,"width":885,"height":11}},{"id":"4d9c3298-31a8-4b1b-b36a-ed07f9bcfcca","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":63,"box":{"x":82,"y":583,"width":577,"height":10}},{"id":"2ae65202-b1ca-4a67-b703-085010a08a63","block_type":"box","text":"Management Risk.","page_number":63,"box":{"x":84,"y":606,"width":136,"height":11}},{"id":"41e6f218-4d2c-4786-8ea9-a058332f4bde","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":63,"box":{"x":225,"y":606,"width":711,"height":11}},{"id":"26af80c3-76a6-43cd-a420-05232afb900c","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":63,"box":{"x":84,"y":620,"width":876,"height":11}},{"id":"7fa5874a-5ebf-4240-82c5-c57f0c090309","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":63,"box":{"x":83,"y":634,"width":859,"height":11}},{"id":"3e81e271-1101-4310-99f7-93334778a474","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":63,"box":{"x":83,"y":648,"width":847,"height":11}},{"id":"aca9add0-9d48-486b-bd51-3a85a9deab2b","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":63,"box":{"x":83,"y":663,"width":756,"height":10}},{"id":"044e6305-ba57-40ee-b3bb-7c5a26dc96ef","block_type":"box","text":"Market Trading Risk.","page_number":63,"box":{"x":84,"y":686,"width":151,"height":11}},{"id":"2aede905-a40f-4b49-8d68-475588f7723c","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":63,"box":{"x":239,"y":686,"width":695,"height":11}},{"id":"cc71b127-a8c2-450e-8557-35c698442642","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":63,"box":{"x":84,"y":700,"width":841,"height":11}},{"id":"0b700b6f-4195-4e7a-8be5-7d76f7d640fc","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":63,"box":{"x":83,"y":714,"width":887,"height":11}},{"id":"37a83a6a-ca62-4d51-acfa-13d48b8b3444","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":63,"box":{"x":83,"y":728,"width":839,"height":11}},{"id":"0be1142e-c745-4585-9152-64121fcdcc71","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":63,"box":{"x":84,"y":742,"width":865,"height":11}},{"id":"7534eb28-abe9-4922-9e95-440a617364c5","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":63,"box":{"x":82,"y":757,"width":885,"height":11}},{"id":"36aab08d-cdfd-48d5-aa9a-5f0ed61179cf","block_type":"box","text":"of the Fund shares.","page_number":63,"box":{"x":83,"y":771,"width":135,"height":8}},{"id":"8e77f7d4-2ca3-476c-83c6-4272cbe446d2","block_type":"box","text":"Operational and Technology Risks.","page_number":63,"box":{"x":83,"y":794,"width":255,"height":11}},{"id":"15168b04-514f-4494-b2ab-59208148af50","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":63,"box":{"x":342,"y":794,"width":582,"height":11}},{"id":"52c1e047-7950-4d67-a85c-c4188fb63985","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":63,"box":{"x":83,"y":808,"width":876,"height":11}},{"id":"6051b3bb-a7a8-4e00-bb7c-f691067a3fec","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":63,"box":{"x":83,"y":822,"width":879,"height":11}},{"id":"96cdfd3a-2ef7-4cfe-ba68-b113c48afd26","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":63,"box":{"x":83,"y":837,"width":825,"height":10}},{"id":"709c82ee-6667-40e5-835c-05c714f4f58b","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":63,"box":{"x":83,"y":851,"width":863,"height":11}},{"id":"2933e17e-3119-4706-b4ec-926ad8ba2bbe","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":63,"box":{"x":83,"y":865,"width":872,"height":11}},{"id":"31fbbffd-0f1e-4716-99ec-f1300352d672","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":63,"box":{"x":84,"y":879,"width":823,"height":11}},{"id":"96c3fec0-8c95-42e9-88ec-1793b9f5d8a6","block_type":"box","text":"S-50","page_number":63,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"8be12421-60a1-46df-b7b7-07063279f7b4","block_type":"box","text":"Securities Lending Risk.","page_number":64,"box":{"x":83,"y":23,"width":177,"height":11}},{"id":"9ec38a32-c797-44ad-829d-7834adbc77d8","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":64,"box":{"x":264,"y":23,"width":692,"height":11}},{"id":"3d875c3f-4a46-4c9c-b6d2-49741a8d0ba4","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":64,"box":{"x":84,"y":37,"width":869,"height":11}},{"id":"50c1bd76-4942-4250-a6ad-6da9a5212d90","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":64,"box":{"x":83,"y":52,"width":886,"height":10}},{"id":"d93d33c4-38c2-484b-8e34-fe95bbf474c8","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":64,"box":{"x":83,"y":66,"width":831,"height":11}},{"id":"23cf3882-ac94-48ce-bb39-6bf6de3211ab","block_type":"box","text":"Tracking Error Risk.","page_number":64,"box":{"x":82,"y":89,"width":145,"height":11}},{"id":"aaa08d40-f005-406f-9f3b-61c2543781f2","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":64,"box":{"x":231,"y":89,"width":741,"height":11}},{"id":"d15dd0b5-ee0b-44af-b5de-82014744f3d9","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":64,"box":{"x":83,"y":103,"width":861,"height":11}},{"id":"e1369599-4e08-433c-ad83-33581c95215a","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":64,"box":{"x":83,"y":117,"width":832,"height":11}},{"id":"afed49e3-3ede-4ff5-92d1-90c5150038d2","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":64,"box":{"x":84,"y":132,"width":880,"height":10}},{"id":"60a97369-cbbf-4dda-b582-722a827db8c2","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":64,"box":{"x":84,"y":146,"width":830,"height":10}},{"id":"e700e001-8bbb-4442-acf3-2a91df294655","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":64,"box":{"x":82,"y":160,"width":828,"height":11}},{"id":"5ef18e52-7b50-48b8-acf3-de0391badadc","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":64,"box":{"x":83,"y":174,"width":874,"height":11}},{"id":"36b0995e-cd51-4e8e-ae66-454158e6d44d","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":64,"box":{"x":84,"y":188,"width":888,"height":11}},{"id":"1394d1ee-57bd-4468-8098-76f047aa9b5f","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":64,"box":{"x":84,"y":202,"width":851,"height":11}},{"id":"508e8efa-09bd-404b-874d-957d83c4f43c","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":64,"box":{"x":84,"y":217,"width":885,"height":10}},{"id":"a023f8c0-df10-4cbd-8664-4ca8ee0f94ee","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":64,"box":{"x":83,"y":231,"width":874,"height":11}},{"id":"370f09b9-0572-41ec-aee8-7986c4d3b36b","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":64,"box":{"x":84,"y":245,"width":724,"height":11}},{"id":"cf209660-5d04-4fb6-94f7-1611e3ef06ea","block_type":"box","text":"Value Securities Risk.","page_number":64,"box":{"x":82,"y":268,"width":158,"height":9}},{"id":"7097a751-58e2-4ae5-9b20-5dbaafa87618","block_type":"box","text":"Value securities are those issued by companies that may be perceived as undervalued. Such securities","page_number":64,"box":{"x":244,"y":268,"width":723,"height":11}},{"id":"ce858b7b-4243-4eee-a086-2f2bb09d51f0","block_type":"box","text":"may decline in price or fail to appreciate for long periods of time, and they may never realize their full potential value. Value","page_number":64,"box":{"x":84,"y":282,"width":865,"height":11}},{"id":"6811808b-26c5-4382-a6ba-9023ee1dd5c2","block_type":"box","text":"securities may underperform growth securities and other types of assets as well as the overall stock market. Value securities","page_number":64,"box":{"x":83,"y":296,"width":876,"height":11}},{"id":"f016d8d4-3c3f-43fb-bc48-80081bee5a85","block_type":"box","text":"may go in and out of favor over time, which could affect the performance of the Fund.","page_number":64,"box":{"x":84,"y":311,"width":601,"height":10}},{"id":"7dabde81-52b6-4e24-aadd-0879263fb794","block_type":"box","text":"Performance Information","page_number":64,"box":{"x":84,"y":340,"width":229,"height":10}},{"id":"0d214eed-4a48-429d-b5ec-e12cc3e41b69","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":64,"box":{"x":82,"y":365,"width":864,"height":10}},{"id":"3508f5fa-0cce-486b-9067-b25cb7252748","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":64,"box":{"x":83,"y":379,"width":871,"height":11}},{"id":"f35d84b8-5f2e-442b-9f40-309b014f2e2d","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":64,"box":{"x":83,"y":393,"width":868,"height":11}},{"id":"84f3732c-4665-49f0-a082-e1c8c49d7c1e","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":64,"box":{"x":84,"y":407,"width":837,"height":11}},{"id":"6a72617e-6ce6-4129-bafe-b6eeac26f1cd","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":64,"box":{"x":83,"y":421,"width":869,"height":11}},{"id":"6c61d6d3-799f-4a14-8a40-a95f44b04b1e","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":64,"box":{"x":84,"y":436,"width":832,"height":11}},{"id":"6b08dc3b-1e48-4ea8-847b-57c880430296","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":64,"box":{"x":84,"y":450,"width":841,"height":11}},{"id":"d0960540-2189-44c5-8822-bc3b5e11a635","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":64,"box":{"x":82,"y":464,"width":531,"height":11}},{"id":"55b6b743-16bf-446a-befc-1771a6459a91","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":64,"box":{"x":165,"y":488,"width":260,"height":11}},{"id":"2902e4ab-c867-43f5-a3f9-514d44377f52","block_type":"box","text":"23.42","page_number":64,"box":{"x":116,"y":544,"width":26,"height":6}},{"id":"1f67be2d-779a-4c4a-83c5-93818fbc79de","block_type":"box","text":"13.01","page_number":64,"box":{"x":154,"y":560,"width":24,"height":6}},{"id":"4c93db13-4df7-4798-b71f-902d50c33f6d","block_type":"box","text":"-13.81","page_number":64,"box":{"x":188,"y":616,"width":28,"height":6}},{"id":"d0de80ab-3522-465f-beb0-f4577d320992","block_type":"box","text":"29.37","page_number":64,"box":{"x":227,"y":535,"width":26,"height":6}},{"id":"07ebd46d-8ec6-43a9-900c-c8ed6992968d","block_type":"box","text":"6.10","page_number":64,"box":{"x":267,"y":571,"width":20,"height":6}},{"id":"9b167751-7a1e-437f-a007-32e0e46a3d3f","block_type":"box","text":"17.59","page_number":64,"box":{"x":302,"y":553,"width":25,"height":6}},{"id":"a0b6bcb6-3a52-4c34-a642-45d2c28e1d0b","block_type":"box","text":"-19.13","page_number":64,"box":{"x":336,"y":625,"width":30,"height":6}},{"id":"246387bf-3b8c-488c-87c5-5dacbf32e0fe","block_type":"box","text":"19.66","page_number":64,"box":{"x":376,"y":550,"width":25,"height":6}},{"id":"f69064c4-815e-447b-b55d-9a88a81e1dac","block_type":"box","text":"11.37","page_number":64,"box":{"x":413,"y":563,"width":25,"height":6}},{"id":"ac6249c0-1719-4353-849e-b7242d3c6da5","block_type":"box","text":"11.93","page_number":64,"box":{"x":450,"y":562,"width":25,"height":6}},{"id":"9deb5a96-8d59-46d2-a1c3-8dd327f96e95","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":64,"box":{"x":117,"y":643,"width":357,"height":6}},{"id":"1e863fee-9df0-49c1-a359-39e9ca83d4e2","block_type":"box","text":"Return (%) Period Ended","page_number":64,"box":{"x":766,"y":504,"width":188,"height":8}},{"id":"c6dd4c94-c231-4ee2-97ca-da7b2699e30f","block_type":"box","text":"Calendar Year-to-Date Return","page_number":64,"box":{"x":550,"y":522,"width":197,"height":7}},{"id":"c180aa91-e1f7-4a85-a940-ae7f00001d5a","block_type":"box","text":"16.81% June 30, 2026","page_number":64,"box":{"x":780,"y":522,"width":192,"height":8}},{"id":"ccc7ee4b-82b8-4ed2-86f2-a59728a95968","block_type":"box","text":"During the periods shown in the chart:","page_number":64,"box":{"x":551,"y":535,"width":250,"height":9}},{"id":"5b866ca0-8461-4e56-b3c7-8d0b728fa8a8","block_type":"box","text":"Best Quarter 26.29% December 31, 2020","page_number":64,"box":{"x":564,"y":548,"width":408,"height":8}},{"id":"d4f6a422-56f1-4b1b-aeef-413b6f3f8fb1","block_type":"box","text":"Worst Quarter -33.15% March 31, 2020","page_number":64,"box":{"x":563,"y":560,"width":409,"height":9}},{"id":"2ea96280-e90a-48e4-8ba6-d11a2428f23b","block_type":"box","text":"Average Annual Total Returns (%)","page_number":64,"box":{"x":403,"y":673,"width":250,"height":11}},{"id":"c7f2eb92-c15c-4b26-a8e6-283929a67e43","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":64,"box":{"x":371,"y":687,"width":315,"height":11}},{"id":"b23c329d-f34b-4513-a5d7-f31798fe3f40","block_type":"box","text":"One Year Five Years Ten Years","page_number":64,"box":{"x":701,"y":703,"width":268,"height":8}},{"id":"bb11e404-387a-47c7-938c-5c5507f69a87","block_type":"box","text":"Fund Inception: 6/28/2004","page_number":64,"box":{"x":88,"y":719,"width":180,"height":9}},{"id":"e60391f2-60b0-41cb-96f9-dae947d0f9e6","block_type":"box","text":"Return Before Taxes","page_number":64,"box":{"x":89,"y":731,"width":124,"height":7}},{"id":"d521a1ae-9678-4b48-9642-113a9e98585b","block_type":"box","text":"11.93% 7.24% 8.88%","page_number":64,"box":{"x":712,"y":731,"width":257,"height":7}},{"id":"3c5cb050-fd9e-4f4f-8f72-322d75d73f9d","block_type":"box","text":"Return After Taxes on Distributions 11.49% 6.81% 8.43%","page_number":64,"box":{"x":89,"y":742,"width":880,"height":8}},{"id":"d68fe441-dfd6-445a-955f-4eb76a8ab5a3","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 7.26% 5.57% 7.12%","page_number":64,"box":{"x":89,"y":754,"width":880,"height":7}},{"id":"d483a682-c2b5-44cb-9798-fd5ef28415e6","block_type":"box","text":"Morningstar US Market Index","page_number":64,"box":{"x":88,"y":765,"width":194,"height":10}},{"id":"9d8819e2-da9d-4474-85cd-8da9ae8039eb","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.35% 13.29% 14.40%","page_number":64,"box":{"x":286,"y":765,"width":683,"height":10}},{"id":"66d736e6-a44e-49d8-a054-388b8099d4c1","block_type":"box","text":"Morningstar US Small Cap Extended Market Index (Spliced)","page_number":64,"box":{"x":88,"y":777,"width":391,"height":10}},{"id":"d11eca98-aeb2-49f7-9871-aa7369051793","block_type":"box","text":"1","page_number":64,"box":{"x":480,"y":776,"width":5,"height":4}},{"id":"a2b20fbc-6d2b-47d2-9f8a-edd513760a28","block_type":"box","text":"(Returns do not reflect","page_number":64,"box":{"x":490,"y":777,"width":141,"height":8}},{"id":"ff4d2a50-766f-4bb6-ae32-0935361cdccf","block_type":"box","text":"deductions for fees, expenses or taxes) 11.86% 7.14% 8.91%","page_number":64,"box":{"x":101,"y":790,"width":868,"height":9}},{"id":"4cab63c0-dd13-4619-abd3-b8fe90fd3d52","block_type":"box","text":"1","page_number":64,"box":{"x":110,"y":809,"width":5,"height":4}},{"id":"1a5dcc9a-a118-493e-8a49-6e0fa98a7905","block_type":"box","text":"The Morningstar US Small Cap Extended Market Index (Spliced) reflects the performance of the Morningstar US Small Core Index","page_number":64,"box":{"x":123,"y":810,"width":816,"height":9}},{"id":"7c38af05-5b00-4d19-88d2-cf6a0d49b374","block_type":"box","text":"through March 21, 2021 and the Morningstar US Small Cap Extended Market Index thereafter, which reflect the times when each index","page_number":64,"box":{"x":123,"y":820,"width":851,"height":10}},{"id":"58b47867-de91-4032-ac40-0bae2477bd80","block_type":"box","text":"was the Underlying Index of the Fund.","page_number":64,"box":{"x":123,"y":830,"width":237,"height":10}},{"id":"b9b3e781-3937-41eb-8353-0bb2d39fc906","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":64,"box":{"x":82,"y":850,"width":857,"height":11}},{"id":"2076ce6c-8bf6-4c6c-b5b7-f80308bdcf19","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":64,"box":{"x":84,"y":864,"width":864,"height":11}},{"id":"f95487e7-45c9-4cc8-9dc0-4a2914dff797","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":64,"box":{"x":84,"y":879,"width":847,"height":10}},{"id":"5474fb4d-9d14-4f88-8711-f0db786c0eb7","block_type":"box","text":"S-51","page_number":64,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"85d49d21-bb27-4ea1-954a-9e0d378338d3","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":65,"box":{"x":83,"y":23,"width":857,"height":11}},{"id":"514ecb32-56b7-4a16-8f00-23b36722ec7d","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":65,"box":{"x":83,"y":37,"width":877,"height":11}},{"id":"c7c1b31b-875d-4221-92a3-bd60d7a4fe72","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":65,"box":{"x":82,"y":52,"width":837,"height":10}},{"id":"fa2a6538-5482-4356-804b-e15ea02c0e10","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":65,"box":{"x":84,"y":66,"width":885,"height":11}},{"id":"86b13af4-a0d5-48d7-80a7-3fd0b870a1eb","block_type":"box","text":"on distributions.","page_number":65,"box":{"x":83,"y":80,"width":115,"height":8}},{"id":"042040e1-cad0-49e2-99e5-b6d42e9f42e1","block_type":"box","text":"Management","page_number":65,"box":{"x":84,"y":109,"width":120,"height":13}},{"id":"9ee23c3f-6633-400e-a1c1-4cf8f72fba54","block_type":"box","text":"Investment Adviser.","page_number":65,"box":{"x":84,"y":134,"width":144,"height":9}},{"id":"72d53bd1-f6b3-458c-933e-c36ebed2cb24","block_type":"box","text":"BlackRock Fund Advisors.","page_number":65,"box":{"x":234,"y":134,"width":180,"height":8}},{"id":"e6042f25-8cce-4969-98e9-267d473fa118","block_type":"box","text":"Portfolio Managers.","page_number":65,"box":{"x":84,"y":157,"width":145,"height":11}},{"id":"25bc5c73-2ebf-4026-ab01-a8b62ea2b661","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":65,"box":{"x":233,"y":157,"width":679,"height":11}},{"id":"7d5fb98e-6708-4d30-b768-bd489ad282fd","block_type":"box","text":"management of the Fund:","page_number":65,"box":{"x":84,"y":171,"width":182,"height":11}},{"id":"90811adb-2852-41bf-81eb-67e8037eae0c","block_type":"box","text":"Portfolio Manager","page_number":65,"box":{"x":88,"y":207,"width":120,"height":10}},{"id":"b3d244eb-394f-4ace-a397-e6ccea8db3bd","block_type":"box","text":"Portfolio Manager of the","page_number":65,"box":{"x":441,"y":194,"width":161,"height":10}},{"id":"b569610c-9695-450f-9d63-76e21779634d","block_type":"box","text":"Fund Since","page_number":65,"box":{"x":485,"y":207,"width":72,"height":8}},{"id":"06bfec48-6b33-4955-b1f0-8368d942eafc","block_type":"box","text":"Title with Investment","page_number":65,"box":{"x":834,"y":194,"width":140,"height":8}},{"id":"db6e202f-c525-477b-a5b7-9baf61154787","block_type":"box","text":"Adviser","page_number":65,"box":{"x":880,"y":207,"width":48,"height":8}},{"id":"62267c03-26d5-4978-935e-4d22a68270e9","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":65,"box":{"x":87,"y":223,"width":877,"height":9}},{"id":"35604239-1883-41d9-8762-cc5b2f181659","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":65,"box":{"x":89,"y":238,"width":875,"height":10}},{"id":"da7577b7-4a67-4dce-bff2-9035e4004020","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":65,"box":{"x":89,"y":254,"width":875,"height":9}},{"id":"63c6e969-35f6-4da1-9671-a6fa08663690","block_type":"box","text":"Steven White 2025 Managing Director","page_number":65,"box":{"x":88,"y":269,"width":876,"height":10}},{"id":"d502eed1-6f8b-426b-a005-ae2c0ba8ef6d","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":65,"box":{"x":84,"y":304,"width":304,"height":11}},{"id":"1edc91b0-14e7-4820-b0ea-0281ac8df14a","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":65,"box":{"x":82,"y":329,"width":878,"height":11}},{"id":"bfaeccb2-1cc0-4e21-bd1e-9ae35fb7f156","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":65,"box":{"x":83,"y":344,"width":855,"height":10}},{"id":"a03c3b31-3433-401f-87e5-ea6f18d7a70b","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":65,"box":{"x":83,"y":358,"width":817,"height":11}},{"id":"038a24c4-3f83-4cec-a7b8-93bcbd8b43f5","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":65,"box":{"x":83,"y":372,"width":878,"height":11}},{"id":"c6bc3abd-b42f-42b9-a142-1ed5e66fa857","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":65,"box":{"x":84,"y":386,"width":860,"height":11}},{"id":"5175839e-9dda-4607-8b5f-eacfdf7b1ad4","block_type":"box","text":"(the “bid-ask spread”).","page_number":65,"box":{"x":83,"y":400,"width":157,"height":11}},{"id":"7988c8c1-e417-41f6-8575-94d65aebf67d","block_type":"box","text":"Tax Information","page_number":65,"box":{"x":82,"y":429,"width":144,"height":11}},{"id":"24a59569-a745-4072-83ef-c53ebdc3feef","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":65,"box":{"x":82,"y":455,"width":832,"height":10}},{"id":"a3eca8ea-3642-4a27-8708-4ea18452fc56","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":65,"box":{"x":83,"y":468,"width":883,"height":11}},{"id":"cbd6aae7-a2e2-487e-9015-898f7fccf1b3","block_type":"box","text":"be taxed when withdrawn.","page_number":65,"box":{"x":84,"y":483,"width":181,"height":8}},{"id":"b4119fca-2570-4e1d-9d5c-21b1d6a087d6","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":65,"box":{"x":84,"y":512,"width":575,"height":13}},{"id":"508e2de1-5b4b-4b46-bb63-e37227075b20","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":65,"box":{"x":84,"y":537,"width":854,"height":11}},{"id":"92070c9b-e593-4b71-b6aa-f391017ac509","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":65,"box":{"x":84,"y":551,"width":842,"height":11}},{"id":"d2feacce-1f68-4f04-92ae-25be70877a94","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":65,"box":{"x":83,"y":565,"width":820,"height":11}},{"id":"ff54d0c8-f222-4a37-a291-cf10b3fdc7c4","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":65,"box":{"x":84,"y":579,"width":801,"height":11}},{"id":"470152e0-56a9-4ba6-bd52-c2ce9b2dad6c","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":65,"box":{"x":83,"y":594,"width":841,"height":10}},{"id":"ffbdc829-fcd0-4c74-a65c-8c29f77f0d3d","block_type":"box","text":"financial intermediary’s website for more information.","page_number":65,"box":{"x":83,"y":608,"width":379,"height":11}},{"id":"2261e21d-f3cb-4c0e-94b2-198458d62816","block_type":"box","text":"S-52","page_number":65,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"8d6d87ad-d1ef-472f-b346-0c7587d163c9","block_type":"box","text":"iShares Morningstar Small-Cap Growth ETF","page_number":66,"box":{"x":84,"y":23,"width":611,"height":21}},{"id":"e22cd109-8419-45a1-b928-c6293d66953b","block_type":"box","text":"ISCG | NYSE Arca","page_number":66,"box":{"x":85,"y":47,"width":238,"height":18}},{"id":"42213cec-6496-47f4-822b-145332aef23c","block_type":"box","text":"Investment Objective","page_number":66,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"6977493e-a311-40f7-9839-22ac1a3fbcfa","block_type":"box","text":"The iShares Morningstar Small-Cap Growth ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":66,"box":{"x":82,"y":117,"width":873,"height":11}},{"id":"72bbdd91-bf19-4653-9e29-66baced220a5","block_type":"box","text":"small-capitalization U.S. equities that exhibit growth characteristics.","page_number":66,"box":{"x":83,"y":132,"width":482,"height":10}},{"id":"47cbc642-52dc-4ad6-b950-05eeae45f959","block_type":"box","text":"Fees and Expenses","page_number":66,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"bd988667-31d5-494c-a446-be52382ec3e6","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":66,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"2e883687-7556-4698-8eca-d0129a521bea","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":66,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"e78dc189-3e06-4094-a36a-7c78f955f6f6","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":66,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"5ad53ff7-2d69-4887-8220-2be0ef18cd43","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":66,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"ebf3e35f-5411-425f-a54a-3fb7a282488f","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":66,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"d92b758c-4109-4e31-8184-1ccab5ed2e84","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":66,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"e4893110-48dc-4bcb-aa67-83052aed0cfe","block_type":"box","text":"extraordinary expenses.","page_number":66,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"b6124ef4-a1e7-428b-8ddb-11651fa6d6f4","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":66,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"e0247956-592a-4de7-a3bc-34de52ca97e8","block_type":"box","text":"reflected in the table and example below.","page_number":66,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"e7e356fc-179d-41bc-8610-7131c23644c9","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":66,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"ac615208-c8db-498f-b669-f4d26de37691","block_type":"box","text":"1","page_number":66,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"546e4ebc-0a80-44dd-b84d-ed52b88e3808","block_type":"box","text":"Management Fee","page_number":66,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"cb294f22-c82f-47e8-90b9-c37946666bec","block_type":"box","text":"0.06%","page_number":66,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"93b8856b-13c4-47c1-a677-c81d28507ada","block_type":"box","text":"Other Expenses","page_number":66,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"bddb4d94-54fc-4069-bef8-f656dc5811b6","block_type":"box","text":"0.00%","page_number":66,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"9db362ce-1273-4f97-99f7-5661d933b3fa","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":66,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"eca8871b-49d7-40c9-a006-8f8bb502d053","block_type":"box","text":"0.06%","page_number":66,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"c2cf91f6-7fe9-46ac-babe-a5487facff67","block_type":"box","text":"1","page_number":66,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"6d80ae59-9b54-4199-9455-c7fae93800aa","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":66,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"e4427faa-1871-48ab-b5d9-d5f808c56cbe","block_type":"box","text":"Example.","page_number":66,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"e6111e87-bc8e-441e-9879-1a3dd6e7d7ad","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":66,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"04da855f-9cfa-4a95-a991-351cb11c963d","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":66,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"2bba9a69-cd8d-481a-aad4-c25034d66c3e","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":66,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"878f684b-0b61-4124-ae1f-f569112c291b","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":66,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"7b733f97-5166-43f5-8a1f-19ee49eff219","block_type":"box","text":"your costs would be:","page_number":66,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"b2e9ace8-6a68-4d32-a216-7b475d2cc970","block_type":"box","text":"Expense Example","page_number":66,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"96d3acda-606d-4702-be9e-ca385007f20d","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":66,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"452e638a-d408-42cf-a546-f9bf0914715e","block_type":"box","text":"Example Fund Costs","page_number":66,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"7630660a-4a82-4f61-93da-21df906c1da5","block_type":"box","text":"$6 $19 $34 $77","page_number":66,"box":{"x":705,"y":525,"width":253,"height":9}},{"id":"5fa9eb65-db37-4589-b799-9f5e899f35ea","block_type":"box","text":"Portfolio Turnover.","page_number":66,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"8d0da144-dcf9-450f-b54b-32aae8da829a","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":66,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"dc9c5b5a-2d31-45e3-88b3-0a91dcb25790","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":66,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"e399690d-e8c9-4048-8e28-9c6ec658bf4e","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":66,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"5589b761-07db-4188-9221-080159772012","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43% of","page_number":66,"box":{"x":82,"y":597,"width":887,"height":11}},{"id":"774eafcc-9c07-4f5f-b7d1-128f76b7a3a6","block_type":"box","text":"the average value of its portfolio.","page_number":66,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"bf973670-d640-414c-a927-8d91543c7911","block_type":"box","text":"Principal Investment Strategies","page_number":66,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"fbc7880e-06a2-48bd-a272-d1d27856c950","block_type":"box","text":"The Fund seeks to track the investment results of the Morningstar","page_number":66,"box":{"x":82,"y":666,"width":467,"height":11}},{"id":"a34aee95-e215-4be7-af94-2a46fb60fe90","block_type":"box","text":"®","page_number":66,"box":{"x":550,"y":665,"width":5,"height":3}},{"id":"cf2f89c6-b9d2-497d-9b75-6c6b6c55246b","block_type":"box","text":"US Small Cap Broad Growth Extended Index","page_number":66,"box":{"x":560,"y":666,"width":312,"height":10}},{"id":"54161d4c-8653-4a92-9779-9de1a2f0d167","block_type":"box","text":"SM","page_number":66,"box":{"x":873,"y":664,"width":16,"height":5}},{"id":"581092c0-f19a-43b6-aa78-9c609d4b78fe","block_type":"box","text":"(the","page_number":66,"box":{"x":895,"y":666,"width":27,"height":9}},{"id":"aca7a066-7dea-4af6-9316-bc88e1866905","block_type":"box","text":"“Underlying Index”), which measures the performance of U.S. stocks issued by small-capitalization companies that have","page_number":66,"box":{"x":83,"y":680,"width":848,"height":11}},{"id":"4f38fc8b-24f3-4548-b711-a13d04880343","block_type":"box","text":"exhibited above-average “growth” characteristics as determined by Morningstar, Inc. (“Morningstar” or the “Index Provider”).","page_number":66,"box":{"x":83,"y":694,"width":879,"height":11}},{"id":"f54d9293-7dbd-4e5c-b335-a1a65f7ae1d2","block_type":"box","text":"Morningstar defines “small-capitalization” stocks as those stocks that generally fall between the 90th and 99.5th percentile","page_number":66,"box":{"x":84,"y":708,"width":872,"height":11}},{"id":"fae14400-a91a-440f-8d91-aad75eb3fb71","block_type":"box","text":"of the market capitalization of the stocks eligible to be included in the Morningstar","page_number":66,"box":{"x":83,"y":723,"width":584,"height":10}},{"id":"f9d2c87e-f40d-4c6c-8297-0279cc5a78ec","block_type":"box","text":"®","page_number":66,"box":{"x":668,"y":722,"width":4,"height":3}},{"id":"39389e78-be2a-496c-a385-fa24fe8590f2","block_type":"box","text":"US Market Extended Index","page_number":66,"box":{"x":678,"y":723,"width":187,"height":8}},{"id":"494f61a8-56a2-4e76-9f80-7cc20e92b831","block_type":"box","text":"SM","page_number":66,"box":{"x":866,"y":721,"width":17,"height":5}},{"id":"a305966f-6593-4a34-94c4-9b563ef5b9a4","block_type":"box","text":"(a","page_number":66,"box":{"x":888,"y":722,"width":12,"height":10}},{"id":"eb871447-7114-4ee4-bdc7-4fe43e7ec11e","block_type":"box","text":"diversified broad market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks","page_number":66,"box":{"x":83,"y":737,"width":888,"height":11}},{"id":"2232947e-ae67-43f4-8e9c-a3565d21596b","block_type":"box","text":"and includes only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index","page_number":66,"box":{"x":83,"y":751,"width":884,"height":11}},{"id":"5dc30de3-28b5-43c9-b1ba-2c44ca5a810f","block_type":"box","text":"Provider). The largest company in the Underlying Index of the Fund as of April 30, 2026 had a market capitalization of $64.43","page_number":66,"box":{"x":84,"y":765,"width":882,"height":11}},{"id":"35d4ae27-755c-4ca6-a207-f1e23ea239c0","block_type":"box","text":"billion. The Index Provider then designates stocks as “blend,” “growth” or “value” based on their style orientations. The stocks","page_number":66,"box":{"x":84,"y":779,"width":877,"height":11}},{"id":"7bd69cdc-6d05-4cc4-9c01-a58e6fe1c05d","block_type":"box","text":"in the Underlying Index are designated as “growth” because they are issued by companies that typically have higher than","page_number":66,"box":{"x":83,"y":793,"width":854,"height":11}},{"id":"9dcab2d7-50dd-480c-8f93-9d29ec40a8d8","block_type":"box","text":"average historical and forecasted earnings, sales, book value and cash flow growth. The stocks included in the Underlying","page_number":66,"box":{"x":83,"y":808,"width":858,"height":10}},{"id":"c2916917-a0ce-4c5a-b71f-7fc775efb8fb","block_type":"box","text":"Index are weighted according to the total value of shares that are publicly owned and available for investment.","page_number":66,"box":{"x":84,"y":822,"width":776,"height":11}},{"id":"5344f68d-e060-4bcf-becb-751b6434be22","block_type":"box","text":"As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the","page_number":66,"box":{"x":82,"y":844,"width":816,"height":11}},{"id":"e3847952-17f4-4c6c-992e-0d57794f8a37","block_type":"box","text":"healthcare, industrials, and technology industries or sectors. The components of the Underlying Index are likely to change","page_number":66,"box":{"x":84,"y":858,"width":860,"height":11}},{"id":"f5d843d6-ad1f-48d9-b030-22acba54f0d1","block_type":"box","text":"over time.","page_number":66,"box":{"x":83,"y":872,"width":68,"height":9}},{"id":"cda1dfc2-8d56-44c0-990e-ef522c2eb7fc","block_type":"box","text":"S-53","page_number":66,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"02468183-b482-4b84-845a-4a4d2d45a7da","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":67,"box":{"x":82,"y":23,"width":853,"height":11}},{"id":"af1706ba-d2cf-4ae6-a500-90796f85d0b2","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":67,"box":{"x":84,"y":37,"width":838,"height":11}},{"id":"68404ae7-4d73-4b1c-a0db-91dd5070edba","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":67,"box":{"x":83,"y":52,"width":868,"height":10}},{"id":"f2c103b5-0dc4-453d-bc8a-3a078532ae64","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":67,"box":{"x":84,"y":66,"width":850,"height":11}},{"id":"c54b0ef7-ccc5-4c0f-bd1d-39c7ff71ca37","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":67,"box":{"x":83,"y":80,"width":806,"height":11}},{"id":"4e4d790a-721f-4ed8-8271-3c58407aa6d3","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":67,"box":{"x":83,"y":94,"width":885,"height":11}},{"id":"d42c99b9-44cb-45f0-9c81-85c70bb22860","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":67,"box":{"x":82,"y":108,"width":885,"height":11}},{"id":"f00a09b0-1dbf-47d8-87a4-63ea5a33833c","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":67,"box":{"x":83,"y":122,"width":853,"height":11}},{"id":"68f7117d-c33b-4a8b-98d9-6203f0d78c38","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":67,"box":{"x":83,"y":137,"width":867,"height":10}},{"id":"2fd6899c-2bb8-4e5d-b576-c3fb45f39f96","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":67,"box":{"x":83,"y":151,"width":868,"height":11}},{"id":"c255dbf0-2f8d-404f-808d-46f7a0da6d3f","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":67,"box":{"x":82,"y":165,"width":863,"height":11}},{"id":"f0dd9837-42ad-471a-bf05-f328248336c5","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":67,"box":{"x":84,"y":179,"width":825,"height":11}},{"id":"9598cd99-46bf-437e-8868-ed4f101db1df","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":67,"box":{"x":84,"y":194,"width":405,"height":10}},{"id":"5c4fabe5-a253-43b4-b1a7-ae1582ce55bc","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":67,"box":{"x":84,"y":216,"width":844,"height":11}},{"id":"0d4b41c3-1e7f-4824-9945-363ee5f4236e","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":67,"box":{"x":83,"y":231,"width":860,"height":11}},{"id":"1f2ca0b8-c74e-4569-af37-b51a696e3d09","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":67,"box":{"x":83,"y":245,"width":831,"height":11}},{"id":"799a8f46-13bc-4d52-8c12-c024491fd5bf","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":67,"box":{"x":83,"y":259,"width":817,"height":11}},{"id":"5d205ff0-fe67-45da-92d4-88c133a078b2","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":67,"box":{"x":84,"y":273,"width":817,"height":11}},{"id":"6d2fc36d-1396-49de-bcfa-d8625cb3d89c","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":67,"box":{"x":83,"y":287,"width":835,"height":11}},{"id":"f942b6b8-4d66-4b4f-88b2-15ae6498b41a","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":67,"box":{"x":82,"y":311,"width":873,"height":10}},{"id":"9ed4ca82-47b1-47e4-8463-d7e72f67a806","block_type":"box","text":"collateral received).","page_number":67,"box":{"x":83,"y":325,"width":136,"height":9}},{"id":"9b9dce85-30a3-4884-927f-db129222e5f1","block_type":"box","text":"The Underlying Index is sponsored by Morningstar, which is independent of the Fund and BFA. The Index Provider determines","page_number":67,"box":{"x":82,"y":348,"width":889,"height":11}},{"id":"6cb62d84-c7a0-4572-afe4-73addeb0b21a","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":67,"box":{"x":82,"y":362,"width":884,"height":11}},{"id":"2bc0baf9-60f6-483e-a8f3-e535b44c89ba","block_type":"box","text":"market value of the Underlying Index.","page_number":67,"box":{"x":84,"y":376,"width":262,"height":11}},{"id":"4db677b9-a74b-41eb-9ba9-8aed997eb0ad","block_type":"box","text":"Industry Concentration Policy.","page_number":67,"box":{"x":84,"y":400,"width":223,"height":10}},{"id":"e60bd474-1a4f-4957-bdd0-54145ba06618","block_type":"box","text":"The Fund will concentrate its investments (","page_number":67,"box":{"x":312,"y":400,"width":304,"height":9}},{"id":"a17fab6c-7b57-4b23-93ae-7590f81883ae","block_type":"box","text":"i.e.","page_number":67,"box":{"x":617,"y":400,"width":17,"height":8}},{"id":"27e4f104-d73a-43a7-be6a-2f7617730e2e","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":67,"box":{"x":636,"y":400,"width":292,"height":9}},{"id":"3d634ba4-3bff-4c13-94ea-eacc3596fe2d","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":67,"box":{"x":84,"y":414,"width":858,"height":11}},{"id":"fddcb06f-ea77-40a3-8a90-e290807143f8","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":67,"box":{"x":84,"y":428,"width":867,"height":11}},{"id":"468cdea4-ceef-4805-8fa3-50d148cec859","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":67,"box":{"x":83,"y":442,"width":826,"height":11}},{"id":"c7e580c9-f9be-4d20-952a-ae364e241eb7","block_type":"box","text":"Summary of Principal Risks","page_number":67,"box":{"x":83,"y":471,"width":248,"height":14}},{"id":"7344c0f0-96df-4d10-aa68-cd82a3d672c1","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":67,"box":{"x":82,"y":496,"width":882,"height":11}},{"id":"31a6d926-2d21-45de-8236-02df7ef8f168","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":67,"box":{"x":83,"y":510,"width":825,"height":11}},{"id":"03b8756e-a6ee-4e46-8c90-cf573b2d2804","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":67,"box":{"x":83,"y":524,"width":807,"height":11}},{"id":"579459ad-09c5-48c0-80c6-cb7f7dff4191","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":67,"box":{"x":83,"y":539,"width":844,"height":11}},{"id":"d6268122-7165-42c2-8e82-ea21c0b713b3","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":67,"box":{"x":83,"y":553,"width":814,"height":11}},{"id":"1fe02c75-74f8-49d8-8d46-7769d6e01eee","block_type":"box","text":"Risk of Investing in the U.S.","page_number":67,"box":{"x":84,"y":576,"width":200,"height":11}},{"id":"2ee55597-e63d-443a-b7a3-d6df88a41a70","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":67,"box":{"x":289,"y":576,"width":664,"height":11}},{"id":"a4f96171-b8ce-4afe-8424-7fa0a148a1f1","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":67,"box":{"x":83,"y":590,"width":878,"height":11}},{"id":"368c85d9-4596-4a1c-8c80-0945a350088e","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":67,"box":{"x":83,"y":605,"width":470,"height":10}},{"id":"e79e4469-e5dc-4735-a190-1da950fcc55c","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":67,"box":{"x":83,"y":628,"width":277,"height":10}},{"id":"61672189-4b81-4313-b146-09dac92b4678","block_type":"box","text":"Compared to mid- and large-capitalization companies, small-capitalization","page_number":67,"box":{"x":366,"y":628,"width":532,"height":11}},{"id":"3b2b11e0-736a-4a69-b6e0-55ee3d77adcd","block_type":"box","text":"companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization","page_number":67,"box":{"x":83,"y":642,"width":817,"height":11}},{"id":"a80b3606-a1c7-41b8-96b8-0ef32b95647c","block_type":"box","text":"companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s","page_number":67,"box":{"x":83,"y":656,"width":887,"height":11}},{"id":"bbba806d-c263-490d-a7d1-68135a0498e4","block_type":"box","text":"share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.","page_number":67,"box":{"x":83,"y":670,"width":817,"height":11}},{"id":"9b7db7ae-d5a6-467a-805d-bea776c25384","block_type":"box","text":"Growth Securities Risk.","page_number":67,"box":{"x":83,"y":693,"width":170,"height":9}},{"id":"a31fa10b-49ec-45b1-9aff-8440064f1848","block_type":"box","text":"Growth securities are those issued by companies whose earnings growth potential appears to be","page_number":67,"box":{"x":259,"y":694,"width":681,"height":10}},{"id":"9cc3fa58-16d4-439e-9c2d-b1535bd5c942","block_type":"box","text":"greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The","page_number":67,"box":{"x":83,"y":708,"width":855,"height":11}},{"id":"03febe79-0c57-46ba-949b-ce82c9755ada","block_type":"box","text":"prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and","page_number":67,"box":{"x":84,"y":722,"width":824,"height":11}},{"id":"94bc9b89-07ef-40c9-a105-8ebd941f9dc0","block_type":"box","text":"significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as","page_number":67,"box":{"x":83,"y":736,"width":873,"height":11}},{"id":"af745c95-1edd-4c02-8cae-779a67f3040e","block_type":"box","text":"well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of","page_number":67,"box":{"x":82,"y":750,"width":888,"height":11}},{"id":"a2a7cc74-290b-48e6-800a-818b72f71296","block_type":"box","text":"the Fund.","page_number":67,"box":{"x":82,"y":765,"width":67,"height":8}},{"id":"96cfea5c-4d1e-4533-a31b-e427e2702f39","block_type":"box","text":"Equity Securities Risk.","page_number":67,"box":{"x":84,"y":788,"width":163,"height":10}},{"id":"0b2f8f56-84a7-411e-9050-6cffee6a91bb","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":67,"box":{"x":253,"y":788,"width":709,"height":10}},{"id":"18df2a45-6033-4dd4-8fb1-d6b4988b2c6c","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":67,"box":{"x":83,"y":802,"width":889,"height":11}},{"id":"1eeaaf9a-ad91-46a6-bde5-5c01b2b22254","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":67,"box":{"x":83,"y":816,"width":880,"height":11}},{"id":"81f9fb63-c8ef-4e24-bdd5-5ef51cb352eb","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":67,"box":{"x":83,"y":830,"width":867,"height":11}},{"id":"dd689b37-6ec2-4cb7-a6af-b8cb4f1e422a","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":67,"box":{"x":84,"y":844,"width":339,"height":11}},{"id":"ae50dd27-c157-4542-bfad-9d19185ed3cb","block_type":"box","text":"S-54","page_number":67,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"3a0ad7a9-fde3-45ca-ba88-c30e66ae182f","block_type":"box","text":"Market Risk.","page_number":68,"box":{"x":84,"y":23,"width":90,"height":9}},{"id":"c8075a47-a054-4654-9615-e90937fbf847","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":68,"box":{"x":179,"y":23,"width":767,"height":11}},{"id":"a743b1b3-2397-41b8-9bc5-b68614ac5be1","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":68,"box":{"x":83,"y":37,"width":882,"height":11}},{"id":"fa533d1a-9081-4e88-8a1b-bae104106276","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":68,"box":{"x":84,"y":52,"width":857,"height":10}},{"id":"7a82565d-9ddf-42be-991c-679409107475","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":68,"box":{"x":83,"y":66,"width":875,"height":11}},{"id":"732aaa8d-ed2d-4787-8e15-06db68a438d5","block_type":"box","text":"Fund’s NAV.","page_number":68,"box":{"x":84,"y":80,"width":81,"height":8}},{"id":"ef23229c-a4b7-4451-b0a8-e0b637a1369c","block_type":"box","text":"Index-Related Risk.","page_number":68,"box":{"x":84,"y":103,"width":143,"height":9}},{"id":"c8a5afad-73e3-49bb-8b23-761aa2fba2ad","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":68,"box":{"x":231,"y":103,"width":742,"height":11}},{"id":"84c80d84-2862-498b-b572-5551c163ce80","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":68,"box":{"x":84,"y":117,"width":855,"height":11}},{"id":"e561a718-0ca6-482d-8086-003b66ba59a6","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":68,"box":{"x":83,"y":131,"width":852,"height":11}},{"id":"1ab2c13a-040e-428f-a2a5-88d8107b4329","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":68,"box":{"x":83,"y":146,"width":877,"height":10}},{"id":"09e0cce9-06db-4157-93cc-2854304b771a","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":68,"box":{"x":82,"y":160,"width":849,"height":11}},{"id":"0ad91aad-600c-4451-b48f-61041922e2a0","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":68,"box":{"x":83,"y":174,"width":849,"height":11}},{"id":"c6b9b756-e302-41bd-8479-9810ad83707c","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":68,"box":{"x":84,"y":188,"width":890,"height":11}},{"id":"57b028f3-60cc-48c0-a4b8-17b3edfd8ffb","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":68,"box":{"x":84,"y":203,"width":852,"height":10}},{"id":"a113dfa8-a03f-4f19-919d-b599cc8fabbe","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":68,"box":{"x":83,"y":217,"width":539,"height":10}},{"id":"eaf01091-26e9-4b09-b59d-c4ac1ed30af4","block_type":"box","text":"Asset Class Risk.","page_number":68,"box":{"x":82,"y":240,"width":123,"height":8}},{"id":"e53797e9-01d4-4794-b124-825dfddb0ec5","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":68,"box":{"x":209,"y":240,"width":721,"height":11}},{"id":"dd527e8a-ec5f-4210-829d-d5604c75bb50","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":68,"box":{"x":83,"y":254,"width":774,"height":11}},{"id":"abac42c2-1589-4c03-a458-8bbe3b6b5a48","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":68,"box":{"x":82,"y":277,"width":318,"height":11}},{"id":"a7e4207b-9245-4c9e-9cb4-1bf9dd3d94fd","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":68,"box":{"x":405,"y":277,"width":531,"height":11}},{"id":"38293e76-33fa-454e-9e08-fa98a56acc08","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":68,"box":{"x":84,"y":291,"width":809,"height":11}},{"id":"c073d8f4-f83b-40cf-bbc4-54471687f1ea","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":68,"box":{"x":82,"y":305,"width":816,"height":11}},{"id":"21944606-e22a-47a4-ba79-7f65f3da4dba","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":68,"box":{"x":82,"y":320,"width":885,"height":10}},{"id":"2e0b4856-d0e7-45bc-a3b1-e8c47674acc9","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":68,"box":{"x":83,"y":334,"width":871,"height":11}},{"id":"32c4d62e-4b7a-4f34-a44e-be316b9053c7","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":68,"box":{"x":84,"y":348,"width":845,"height":11}},{"id":"8e2cd932-2f03-455a-952e-a030b97a77cf","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":68,"box":{"x":82,"y":362,"width":882,"height":11}},{"id":"d3ed1a25-8df0-47ae-8867-722c14933065","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":68,"box":{"x":84,"y":376,"width":853,"height":11}},{"id":"2d3d0487-8e1d-434f-b67c-cf7c01cb2c48","block_type":"box","text":"halts or delisting.","page_number":68,"box":{"x":84,"y":391,"width":120,"height":10}},{"id":"f492d6a8-3f1b-4fc7-bde8-b737c24a27b1","block_type":"box","text":"Concentration Risk.","page_number":68,"box":{"x":83,"y":414,"width":145,"height":8}},{"id":"1244f5da-2365-4729-b862-1a4f4fc83126","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":68,"box":{"x":232,"y":414,"width":712,"height":11}},{"id":"3b44805d-eea3-420a-aeea-b872a3687321","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":68,"box":{"x":83,"y":428,"width":884,"height":10}},{"id":"355beb17-dcb2-41f6-bff3-3ad83afc5f28","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":68,"box":{"x":82,"y":442,"width":887,"height":11}},{"id":"121c01db-ba51-42f4-adeb-35e4b1940c19","block_type":"box","text":"asset classes.","page_number":68,"box":{"x":83,"y":457,"width":95,"height":8}},{"id":"667206c2-cc70-4eb4-b04a-838b80ba1996","block_type":"box","text":"Healthcare Companies Risk.","page_number":68,"box":{"x":84,"y":479,"width":206,"height":11}},{"id":"dd98f6f2-2cd4-4380-a25b-de0e87c42558","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by extensive government","page_number":68,"box":{"x":294,"y":480,"width":661,"height":10}},{"id":"dfa763d4-03ca-4a20-bca7-efd11e856361","block_type":"box","text":"regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services,","page_number":68,"box":{"x":84,"y":494,"width":876,"height":11}},{"id":"6683a88d-b987-43d8-9f00-1702db5b561e","block_type":"box","text":"pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and","page_number":68,"box":{"x":84,"y":508,"width":852,"height":11}},{"id":"4a92a14c-046d-4055-8953-7812721a5197","block_type":"box","text":"product liability claims, among other factors.","page_number":68,"box":{"x":84,"y":522,"width":315,"height":11}},{"id":"d4975d7f-4d81-41ea-bd84-c082d2083365","block_type":"box","text":"Industrial Companies Risk.","page_number":68,"box":{"x":84,"y":545,"width":196,"height":11}},{"id":"81aad248-c400-476b-aad8-2ac4d3d4283c","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions,","page_number":68,"box":{"x":286,"y":545,"width":684,"height":11}},{"id":"f07585b0-42bc-4795-a2c4-49217ad40d74","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability","page_number":68,"box":{"x":84,"y":560,"width":880,"height":10}},{"id":"dd6678b4-4420-4c4d-aa1d-50402d54461d","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices","page_number":68,"box":{"x":83,"y":574,"width":868,"height":10}},{"id":"c51249d4-8de3-4296-ac47-26f2af706db4","block_type":"box","text":"and currencies. The performance of such companies may also be affected by technological developments, labor relations,","page_number":68,"box":{"x":83,"y":588,"width":860,"height":11}},{"id":"77dc135c-faf5-4831-8cf5-edc0aae6ae89","block_type":"box","text":"legislative and regulatory changes, government spending policies, and changes in domestic and international economies.","page_number":68,"box":{"x":84,"y":602,"width":862,"height":11}},{"id":"05ea7832-a196-4f2b-91e2-56ae82ab7532","block_type":"box","text":"Issuer Risk.","page_number":68,"box":{"x":84,"y":625,"width":82,"height":9}},{"id":"1ca0692c-8897-4af3-a26a-4a13193f2596","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":68,"box":{"x":170,"y":625,"width":780,"height":11}},{"id":"03ac84a4-b62b-48c9-a8fa-0e0de1a739a2","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":68,"box":{"x":84,"y":639,"width":885,"height":11}},{"id":"0400a008-0f6b-4bc2-9bee-caa6b6b736bb","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":68,"box":{"x":82,"y":654,"width":577,"height":10}},{"id":"afbd4a92-55b3-4a06-8f5b-39beb445c599","block_type":"box","text":"Management Risk.","page_number":68,"box":{"x":84,"y":677,"width":136,"height":11}},{"id":"193b67a4-eff0-49cd-abec-48fc4273154a","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":68,"box":{"x":225,"y":677,"width":711,"height":11}},{"id":"097bb70e-7f97-4c82-86da-474778969aa4","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":68,"box":{"x":84,"y":691,"width":876,"height":11}},{"id":"1a5864d4-c9d8-4969-9002-012e9e62220a","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":68,"box":{"x":83,"y":705,"width":859,"height":11}},{"id":"6d2a0aae-1062-4a4f-8f9b-32601ec343c4","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":68,"box":{"x":83,"y":719,"width":847,"height":11}},{"id":"0a244ce9-c6b0-4f81-97e8-373fb89727db","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":68,"box":{"x":83,"y":733,"width":756,"height":11}},{"id":"890a8006-efe9-46e6-b7f2-2063881f00b0","block_type":"box","text":"Market Trading Risk.","page_number":68,"box":{"x":84,"y":757,"width":151,"height":11}},{"id":"aa7a16a8-cdb1-4594-8ea2-41d509bde876","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":68,"box":{"x":239,"y":757,"width":695,"height":11}},{"id":"8e8c4dae-a2c3-41ee-acde-133ac5e04312","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":68,"box":{"x":84,"y":771,"width":841,"height":11}},{"id":"aceeea1a-f863-4fdf-8c7c-597e04a2e732","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":68,"box":{"x":83,"y":785,"width":887,"height":11}},{"id":"df9e4708-1833-4732-bbde-2158e72ca2c6","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":68,"box":{"x":83,"y":799,"width":839,"height":11}},{"id":"82ad65a8-50b9-4c07-9437-8164496159e4","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":68,"box":{"x":84,"y":813,"width":865,"height":11}},{"id":"3d92c168-bfb3-4c3d-8f79-74dbcbbea734","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":68,"box":{"x":82,"y":828,"width":885,"height":10}},{"id":"9854a43e-bfd9-41e1-80e6-64bfd7f11200","block_type":"box","text":"of the Fund shares.","page_number":68,"box":{"x":83,"y":842,"width":135,"height":8}},{"id":"16b71a21-2e9a-4fb8-a711-071394ad109e","block_type":"box","text":"Operational and Technology Risks.","page_number":68,"box":{"x":83,"y":865,"width":255,"height":11}},{"id":"af49c723-329f-4a50-ab53-3d0271bc96db","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":68,"box":{"x":342,"y":865,"width":582,"height":11}},{"id":"c8486b52-0da0-4764-93b0-3230bda666e3","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":68,"box":{"x":83,"y":879,"width":876,"height":11}},{"id":"71dc7b58-c912-468f-bf03-4375fb39b109","block_type":"box","text":"S-55","page_number":68,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"e85ca174-8ac9-45a1-b466-365261a22f33","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":69,"box":{"x":83,"y":23,"width":879,"height":11}},{"id":"2dca7e1f-eeb9-4106-97c4-6873dfa49fb0","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":69,"box":{"x":83,"y":37,"width":825,"height":11}},{"id":"a9949e5f-26dd-468a-b9f4-cdd01edda157","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":69,"box":{"x":83,"y":52,"width":863,"height":10}},{"id":"d4112916-8397-451a-bf59-51ebb6eb4a01","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":69,"box":{"x":83,"y":66,"width":872,"height":11}},{"id":"212adc86-e945-4892-89f6-8ef53510c0cc","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":69,"box":{"x":84,"y":80,"width":823,"height":11}},{"id":"2a81e412-d6b7-41ad-81aa-8b92c62a6beb","block_type":"box","text":"Securities Lending Risk.","page_number":69,"box":{"x":83,"y":103,"width":177,"height":11}},{"id":"9fca29bf-24c6-40c6-aa8e-07ca9c8feb8a","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":69,"box":{"x":264,"y":103,"width":692,"height":11}},{"id":"3889bf53-210f-4d46-825d-1c915cf0b9b1","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":69,"box":{"x":84,"y":117,"width":869,"height":11}},{"id":"b1f6d4f7-544b-4e34-a2df-d8fd56ebc796","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":69,"box":{"x":83,"y":131,"width":886,"height":11}},{"id":"995587f3-fac0-4327-8a0d-196099fae908","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":69,"box":{"x":83,"y":146,"width":831,"height":10}},{"id":"57ac4a16-f75c-4caa-bcc3-e2dce62a59bc","block_type":"box","text":"Technology Companies Risk.","page_number":69,"box":{"x":82,"y":169,"width":211,"height":11}},{"id":"f235afad-fc0b-450c-9378-a7db35f1fa03","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":69,"box":{"x":298,"y":169,"width":656,"height":11}},{"id":"92563a8e-6fdb-46b0-b93b-5dc0304feb30","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":69,"box":{"x":84,"y":183,"width":848,"height":11}},{"id":"e184a860-aebb-4dd6-9d14-0f2ff591306c","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":69,"box":{"x":83,"y":197,"width":887,"height":11}},{"id":"cab42823-b26f-40a4-86d8-eda321a01b95","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":69,"box":{"x":83,"y":211,"width":884,"height":11}},{"id":"0f7b7ed6-24a9-40e9-8f47-411cbd4bddee","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":69,"box":{"x":82,"y":226,"width":839,"height":10}},{"id":"5d1f39ff-4d05-40ed-98fe-7e5fa6a91f99","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":69,"box":{"x":83,"y":240,"width":870,"height":11}},{"id":"36e2496d-b29d-462a-a367-961463be3d23","block_type":"box","text":"government or legal action.","page_number":69,"box":{"x":83,"y":254,"width":193,"height":11}},{"id":"5f292dbf-09f3-4534-9aa7-30272eb7a096","block_type":"box","text":"Tracking Error Risk.","page_number":69,"box":{"x":82,"y":277,"width":145,"height":11}},{"id":"ca4db07e-763f-4b29-9b1c-dbe5371f9a5b","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":69,"box":{"x":231,"y":277,"width":741,"height":11}},{"id":"23508756-bdff-4d37-a441-dd540a87348c","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":69,"box":{"x":83,"y":291,"width":861,"height":11}},{"id":"c706cae6-069e-4189-b726-5d18935b71ca","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":69,"box":{"x":83,"y":305,"width":832,"height":11}},{"id":"79d4dddb-bd59-4e85-b231-2ed695fba57a","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":69,"box":{"x":84,"y":320,"width":880,"height":10}},{"id":"103af90b-ae5d-4291-832b-c1208341de94","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":69,"box":{"x":84,"y":334,"width":830,"height":11}},{"id":"962dd0c6-e4e3-4ef8-a25f-706ec1144aa7","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":69,"box":{"x":82,"y":348,"width":828,"height":11}},{"id":"87a03c9e-c570-417f-8fae-dbefab5f00cb","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":69,"box":{"x":83,"y":362,"width":874,"height":11}},{"id":"30acbf8f-aad6-4e52-b3ac-85f2a0f8fec2","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":69,"box":{"x":84,"y":376,"width":888,"height":11}},{"id":"5dad80c5-f9b2-48a1-9fda-67d691980060","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":69,"box":{"x":84,"y":391,"width":851,"height":10}},{"id":"06bdb01c-29c2-4dc7-bcb2-2a291ace50f4","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":69,"box":{"x":84,"y":405,"width":885,"height":11}},{"id":"5b949497-be64-4a23-ae3b-f7f45de44976","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":69,"box":{"x":83,"y":419,"width":874,"height":11}},{"id":"50ebc7d5-9a2a-4ae2-ae69-4e48ebf2e49a","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":69,"box":{"x":84,"y":433,"width":724,"height":11}},{"id":"676bc982-a5e5-410b-ba3a-77ef08fab5b1","block_type":"box","text":"Performance Information","page_number":69,"box":{"x":84,"y":462,"width":229,"height":11}},{"id":"f443b93a-d9fe-471f-9ac3-8dc147d0e2fd","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":69,"box":{"x":82,"y":487,"width":864,"height":11}},{"id":"10f30949-3502-498c-ad8a-76e8b95140b5","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":69,"box":{"x":83,"y":501,"width":871,"height":11}},{"id":"f7dd5924-09ae-4a32-93f2-97e95d951873","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":69,"box":{"x":83,"y":516,"width":868,"height":10}},{"id":"df3a0f43-6772-41ea-bac8-7159779f26ff","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":69,"box":{"x":84,"y":530,"width":837,"height":11}},{"id":"f97ffedf-552b-4783-81e5-c83a3cc9405f","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":69,"box":{"x":83,"y":544,"width":869,"height":11}},{"id":"1c5ad4c8-9b3d-4c72-96af-ddbb10077a9a","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":69,"box":{"x":84,"y":558,"width":832,"height":11}},{"id":"c9a4b33e-c7cf-46db-9481-b5e2d89366bb","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":69,"box":{"x":84,"y":572,"width":841,"height":11}},{"id":"ee7bbf03-1939-4b0d-93f5-e79706f12759","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":69,"box":{"x":82,"y":586,"width":531,"height":11}},{"id":"79516262-4253-4cf1-9410-b6328aeb5b6d","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":69,"box":{"x":165,"y":611,"width":260,"height":11}},{"id":"e76936e4-ce8a-4083-83ae-7f999e7506e8","block_type":"box","text":"9.48","page_number":69,"box":{"x":119,"y":695,"width":20,"height":6}},{"id":"0f62aeae-7435-499f-a0f7-c70f07178e89","block_type":"box","text":"23.48","page_number":69,"box":{"x":153,"y":680,"width":26,"height":6}},{"id":"00155949-0cbc-42d4-a9b3-9e0e0378ca58","block_type":"box","text":"-5.79","page_number":69,"box":{"x":191,"y":727,"width":23,"height":6}},{"id":"72810e40-8369-4487-811c-cfd01d32e0e2","block_type":"box","text":"27.41","page_number":69,"box":{"x":227,"y":676,"width":25,"height":6}},{"id":"1cefa77a-6a8d-4ab7-805b-04fb7378196d","block_type":"box","text":"43.28","page_number":69,"box":{"x":264,"y":659,"width":26,"height":6}},{"id":"ca0d4dd7-217b-4116-b7a7-94821af8fcc9","block_type":"box","text":"-1.32","page_number":69,"box":{"x":302,"y":722,"width":23,"height":6}},{"id":"90fdf639-d98d-4a72-9c9e-9f877480b495","block_type":"box","text":"-26.65","page_number":69,"box":{"x":336,"y":749,"width":30,"height":6}},{"id":"e4baf814-a5b9-45c4-9cb8-7e560be6e805","block_type":"box","text":"22.84","page_number":69,"box":{"x":375,"y":681,"width":26,"height":6}},{"id":"550565a8-c910-4341-8238-39e68497e7ca","block_type":"box","text":"13.44","page_number":69,"box":{"x":413,"y":691,"width":26,"height":6}},{"id":"a112aaec-2a7e-4a76-b2f3-3bd4f4f3b2dd","block_type":"box","text":"13.09","page_number":69,"box":{"x":450,"y":691,"width":25,"height":6}},{"id":"3a96f29d-84f1-4d76-af97-2cf1d3b972cc","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":69,"box":{"x":117,"y":765,"width":357,"height":6}},{"id":"1681a793-628a-4f95-becf-a79f2244e007","block_type":"box","text":"Return (%) Period Ended","page_number":69,"box":{"x":790,"y":626,"width":176,"height":9}},{"id":"b529a13a-78d9-46b2-9c88-874533e7b8b3","block_type":"box","text":"Calendar Year-to-Date Return","page_number":69,"box":{"x":550,"y":644,"width":197,"height":8}},{"id":"fa8a1e77-47a6-4f6d-a233-52beb53a0f72","block_type":"box","text":"18.30% June 30, 2026","page_number":69,"box":{"x":804,"y":644,"width":168,"height":9}},{"id":"bb08b885-f79e-400c-94f9-f258086eda4a","block_type":"box","text":"During the periods shown in the chart:","page_number":69,"box":{"x":551,"y":657,"width":250,"height":10}},{"id":"5e54ef76-2a3b-4553-9ea7-73566ef619c5","block_type":"box","text":"Best Quarter 32.85% June 30, 2020","page_number":69,"box":{"x":564,"y":670,"width":408,"height":9}},{"id":"b5c664c8-acb0-48b6-adb1-305908f529aa","block_type":"box","text":"Worst Quarter -21.51% March 31, 2020","page_number":69,"box":{"x":563,"y":683,"width":409,"height":9}},{"id":"85f02fb5-39dc-4080-87bf-61eb76bb1773","block_type":"box","text":"S-56","page_number":69,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"6457c5f4-4b3d-4176-8c10-b5686729d642","block_type":"box","text":"Average Annual Total Returns (%)","page_number":70,"box":{"x":403,"y":31,"width":250,"height":11}},{"id":"92b4a51b-20f4-4d3f-82f2-a4a71c7bb180","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":70,"box":{"x":371,"y":45,"width":315,"height":11}},{"id":"13dbd5c8-73e0-4ee1-87f4-6cb86051d8f1","block_type":"box","text":"One Year Five Years Ten Years","page_number":70,"box":{"x":701,"y":61,"width":268,"height":8}},{"id":"dc208b99-6d32-4793-9a9a-78b192ca3614","block_type":"box","text":"Fund Inception: 06/28/2004","page_number":70,"box":{"x":88,"y":77,"width":188,"height":9}},{"id":"0199c0e0-ee1f-4dde-84c3-2debbc5b11b5","block_type":"box","text":"Return Before Taxes","page_number":70,"box":{"x":89,"y":89,"width":124,"height":7}},{"id":"6e04b7af-b756-48c0-91f3-694adf237e03","block_type":"box","text":"13.09% 2.67% 10.24%","page_number":70,"box":{"x":712,"y":89,"width":257,"height":7}},{"id":"dd5e0bb6-0fb2-4dfe-842d-bfe6f8d8b8ed","block_type":"box","text":"Return After Taxes on Distributions 12.89% 2.43% 10.04%","page_number":70,"box":{"x":89,"y":100,"width":880,"height":8}},{"id":"76879770-f4b9-4499-8d14-8479b7818239","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 7.84% 1.98% 8.40%","page_number":70,"box":{"x":89,"y":112,"width":880,"height":7}},{"id":"8aa095f7-0f5c-47f7-a489-2d59b99e790e","block_type":"box","text":"Morningstar US Market Index","page_number":70,"box":{"x":88,"y":123,"width":194,"height":10}},{"id":"f3ba8331-cb2b-47da-b4b6-19a6aa01bf96","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.35% 13.29% 14.40%","page_number":70,"box":{"x":286,"y":123,"width":683,"height":10}},{"id":"11c9b7d2-673e-4dac-871a-8cf2183106eb","block_type":"box","text":"Morningstar US Small Cap Broad Growth Extended Index (Spliced)","page_number":70,"box":{"x":88,"y":135,"width":435,"height":10}},{"id":"458f9b34-6113-402b-a070-46caf949c06b","block_type":"box","text":"1","page_number":70,"box":{"x":524,"y":134,"width":5,"height":4}},{"id":"14ec9507-2bfc-411d-ae40-1c4431295b94","block_type":"box","text":"(Returns do not reflect","page_number":70,"box":{"x":534,"y":135,"width":141,"height":8}},{"id":"50abb342-f626-4218-a8ba-3f4e1b897b0c","block_type":"box","text":"deductions for fees, expenses or taxes) 13.12% 2.61% 10.30%","page_number":70,"box":{"x":101,"y":148,"width":868,"height":9}},{"id":"c574eaf4-157e-42bf-abbe-956075e41d3e","block_type":"box","text":"1","page_number":70,"box":{"x":110,"y":167,"width":5,"height":4}},{"id":"946f6c07-3e32-4212-9356-3661111b2b5c","block_type":"box","text":"The Morningstar US Small Cap Broad Growth Extended Index (Spliced) reflects the performance of the Morningstar US Small Growth","page_number":70,"box":{"x":123,"y":168,"width":837,"height":9}},{"id":"8311a658-c32f-46b1-acaa-0e5c33093f08","block_type":"box","text":"Index through March 21, 2021 and the Morningstar US Small Cap Broad Growth Extended Index thereafter, which reflect the times","page_number":70,"box":{"x":124,"y":178,"width":822,"height":10}},{"id":"5c60dda4-8414-4aa8-8b34-11fbaedcda76","block_type":"box","text":"when each index was the Underlying Index of the Fund.","page_number":70,"box":{"x":123,"y":188,"width":346,"height":10}},{"id":"7d1be9f0-7c6d-4756-a9eb-d8261a4271f8","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":70,"box":{"x":82,"y":208,"width":857,"height":11}},{"id":"b3f783b2-efb1-4536-b066-1e2a0f2cca03","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":70,"box":{"x":84,"y":222,"width":864,"height":11}},{"id":"dadcfb9c-7dbc-4e1a-a17a-4030b27c2b9e","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":70,"box":{"x":84,"y":237,"width":847,"height":10}},{"id":"e977234d-50d6-4d22-b94e-acb48b2c7d64","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":70,"box":{"x":83,"y":250,"width":857,"height":12}},{"id":"a9c6c428-414b-40c9-9920-545ffadeaa76","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":70,"box":{"x":83,"y":265,"width":877,"height":11}},{"id":"e737c45f-13a7-4981-8749-1b876f9880c6","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":70,"box":{"x":82,"y":279,"width":837,"height":11}},{"id":"d90becee-44bb-4828-a123-dca91d18083f","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":70,"box":{"x":84,"y":293,"width":885,"height":11}},{"id":"c83ebe0e-0ec6-4eb0-bcb6-38bfd679c0cf","block_type":"box","text":"on distributions.","page_number":70,"box":{"x":83,"y":308,"width":115,"height":8}},{"id":"5064b88b-41b8-42cd-98a7-e83e2d984d9e","block_type":"box","text":"Management","page_number":70,"box":{"x":84,"y":337,"width":120,"height":13}},{"id":"b461cd0a-6914-43be-b8c5-ea32a738a14a","block_type":"box","text":"Investment Adviser.","page_number":70,"box":{"x":84,"y":361,"width":144,"height":9}},{"id":"055447fe-cec3-46f3-8212-f9e439a865b0","block_type":"box","text":"BlackRock Fund Advisors.","page_number":70,"box":{"x":234,"y":362,"width":180,"height":8}},{"id":"db692a4e-9da2-4b7f-ade2-1ff65e67c7b5","block_type":"box","text":"Portfolio Managers.","page_number":70,"box":{"x":84,"y":385,"width":145,"height":11}},{"id":"3cfdd0ea-d1ff-46d1-9bb2-f5069bf6d289","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":70,"box":{"x":233,"y":385,"width":679,"height":11}},{"id":"115ae56d-223d-4b7d-a093-20979242beb8","block_type":"box","text":"management of the Fund:","page_number":70,"box":{"x":84,"y":399,"width":182,"height":11}},{"id":"44ade039-5076-4999-b634-163952c5681c","block_type":"box","text":"Portfolio Manager","page_number":70,"box":{"x":88,"y":435,"width":120,"height":9}},{"id":"7f188eb1-6a4c-47db-b034-816a9740e32c","block_type":"box","text":"Portfolio Manager of the","page_number":70,"box":{"x":441,"y":422,"width":161,"height":9}},{"id":"1f8a422b-db2e-45da-921d-7a47f320bc1c","block_type":"box","text":"Fund Since","page_number":70,"box":{"x":485,"y":435,"width":72,"height":7}},{"id":"c4f7d342-8faa-45ce-822c-d6999e74b5dd","block_type":"box","text":"Title with Investment","page_number":70,"box":{"x":834,"y":422,"width":140,"height":7}},{"id":"4379b6a3-c600-4e9d-8df1-a3a900f6cd34","block_type":"box","text":"Adviser","page_number":70,"box":{"x":880,"y":435,"width":48,"height":7}},{"id":"3783fb20-a6f0-45b3-a999-9273845f9650","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":70,"box":{"x":87,"y":450,"width":877,"height":10}},{"id":"8c64471f-b68c-4a52-a68c-f88aa9ff6d88","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":70,"box":{"x":89,"y":466,"width":875,"height":9}},{"id":"0174c6bd-b835-4581-bf3c-2cc4846ddf9a","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":70,"box":{"x":89,"y":481,"width":875,"height":10}},{"id":"56fe19c1-1d6d-400e-aa5e-9f2f136aa948","block_type":"box","text":"Steven White 2025 Managing Director","page_number":70,"box":{"x":88,"y":497,"width":876,"height":9}},{"id":"121b6558-7646-4e80-a114-1519e1909bf5","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":70,"box":{"x":84,"y":532,"width":304,"height":10}},{"id":"5bb31954-f0d5-493e-9793-116d6039bf2f","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":70,"box":{"x":82,"y":557,"width":878,"height":11}},{"id":"8832926f-85c3-46c7-bc4c-e0dae4bafc70","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":70,"box":{"x":83,"y":571,"width":855,"height":11}},{"id":"d629cd5c-9cb7-4984-949a-a9fb1bbf7be3","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":70,"box":{"x":83,"y":585,"width":817,"height":11}},{"id":"ef8d691b-db90-4acc-b057-a767fd9fff5b","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":70,"box":{"x":83,"y":599,"width":878,"height":11}},{"id":"c6ae3213-ee10-47a1-9905-66b877ffa8db","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":70,"box":{"x":84,"y":614,"width":860,"height":10}},{"id":"0a4be842-fbf1-4f51-9ca8-616cf5e25077","block_type":"box","text":"(the “bid-ask spread”).","page_number":70,"box":{"x":83,"y":628,"width":157,"height":10}},{"id":"6858dcf0-00e3-42de-9e67-91a0cdec0482","block_type":"box","text":"Tax Information","page_number":70,"box":{"x":82,"y":657,"width":144,"height":10}},{"id":"9626a52c-f3b9-4f24-94e0-ffde86fbc680","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":70,"box":{"x":82,"y":682,"width":832,"height":11}},{"id":"0d99ddb3-ce6e-4d03-843c-053dae0852cc","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":70,"box":{"x":83,"y":696,"width":883,"height":11}},{"id":"dff1891b-4c3f-406b-bafe-9c53dc4651f2","block_type":"box","text":"be taxed when withdrawn.","page_number":70,"box":{"x":84,"y":710,"width":181,"height":9}},{"id":"5207c8e4-4d5c-411f-99c8-c9bc31184408","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":70,"box":{"x":84,"y":739,"width":575,"height":14}},{"id":"bbc9aea8-8ca9-4536-ba50-18df8848ff18","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":70,"box":{"x":84,"y":764,"width":854,"height":11}},{"id":"ae1655f5-dc4c-4a36-bc8a-ad193bb86979","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":70,"box":{"x":84,"y":779,"width":842,"height":10}},{"id":"10c728eb-8f7e-432f-a56d-e4efac26ce22","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":70,"box":{"x":83,"y":793,"width":820,"height":11}},{"id":"3fb21023-72ec-45b8-b42c-c2d93c5c60f2","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":70,"box":{"x":84,"y":807,"width":801,"height":11}},{"id":"c13d5370-778c-4c4e-ab73-09a540cc4479","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":70,"box":{"x":83,"y":821,"width":841,"height":11}},{"id":"a7c2a258-6799-4482-9e1e-aa0f5a09ad51","block_type":"box","text":"financial intermediary’s website for more information.","page_number":70,"box":{"x":83,"y":835,"width":379,"height":11}},{"id":"29536de7-3225-49c4-bb1c-e8c6d2e80d2f","block_type":"box","text":"S-57","page_number":70,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"299d4143-306f-45e7-b23f-bc4297780707","block_type":"box","text":"iShares Morningstar Small-Cap Value ETF","page_number":71,"box":{"x":84,"y":23,"width":586,"height":21}},{"id":"694c53f5-e456-4673-be78-942ceeff134f","block_type":"box","text":"ISCV | NYSE Arca","page_number":71,"box":{"x":85,"y":47,"width":236,"height":18}},{"id":"9d523be2-a3bc-4589-b060-ba8893c2ffa5","block_type":"box","text":"Investment Objective","page_number":71,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"24f5776c-16f4-4c2e-b2ef-433d18990875","block_type":"box","text":"The iShares Morningstar Small-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":71,"box":{"x":82,"y":117,"width":861,"height":11}},{"id":"46cf5590-9517-4fce-a3ee-04f07d8452e4","block_type":"box","text":"small-capitalization U.S. equities that exhibit value characteristics.","page_number":71,"box":{"x":83,"y":132,"width":470,"height":10}},{"id":"0a6d8e7b-e475-4ffa-9506-6014194ba4e2","block_type":"box","text":"Fees and Expenses","page_number":71,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"71a14afe-4d67-4f77-b0c4-888f713eaac7","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":71,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"3c63a7db-7909-43a9-8545-e4ac47acd2fb","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":71,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"05a0c7a7-5803-4718-b1e7-ee4f6906d5d8","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":71,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"f19c41be-442e-4e3e-b9b9-079f49a94e6d","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":71,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"ecf06090-4ded-431a-b879-ecd0c99efe82","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":71,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"7ab736ef-a887-49f2-ab8c-b9595cc585e2","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":71,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"2f6c9e01-0dba-4b6b-bc98-b65ea931f938","block_type":"box","text":"extraordinary expenses.","page_number":71,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"d9fd0ae2-ac98-444b-9d77-3f8e49dfc405","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":71,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"d35e6ab8-8988-45b4-9fc5-bb40215bfc6b","block_type":"box","text":"reflected in the table and example below.","page_number":71,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"6496f186-cb77-45de-8123-8c4e894d9951","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":71,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"076186e5-9114-4cd7-af46-a9b13d313cc0","block_type":"box","text":"1","page_number":71,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"d5666fad-b8e0-44c3-b00a-02a7962d739a","block_type":"box","text":"Management Fee","page_number":71,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"4d132a6f-673b-469b-93a8-a54b5e23e62a","block_type":"box","text":"0.06%","page_number":71,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"929f186a-74e2-4d3f-8056-13b49469e0f1","block_type":"box","text":"Other Expenses","page_number":71,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"78653e56-a845-4b58-92e8-47d814a667cd","block_type":"box","text":"0.00%","page_number":71,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"561e02a3-8ccb-4cc7-a5a6-4376c8e30272","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":71,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"79c1cf4b-3548-417f-af8b-512c6e2b54ab","block_type":"box","text":"0.06%","page_number":71,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"ccd036e4-fd84-4dc3-8668-760ca3144a2b","block_type":"box","text":"1","page_number":71,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"716c4229-488f-4939-9201-947a734f2278","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":71,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"8094f468-569b-4df9-b3da-e2377bc1d7be","block_type":"box","text":"Example.","page_number":71,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"fd07df93-fae5-4358-8db7-e7acfe61e6f6","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":71,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"79098ecb-f010-485f-9c8b-3d31837ca909","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":71,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"1d2c0241-fe79-4ed0-a991-c717bf1ccae4","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":71,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"56f0c030-9bc2-47bb-a77d-37ed0ebaec96","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":71,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"e26694dd-7dd1-4cbf-a13f-059a57d99db8","block_type":"box","text":"your costs would be:","page_number":71,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"cb938578-ee10-44ea-a1c1-63b468bec897","block_type":"box","text":"Expense Example","page_number":71,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"47277d3b-a1f4-47e0-b7c5-49c710a19709","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":71,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"8da4e069-7100-43f5-a1c4-43b8cdb069e7","block_type":"box","text":"Example Fund Costs","page_number":71,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"ee5ba091-3b59-4bfa-b0a1-307f3ef6db72","block_type":"box","text":"$6 $19 $34 $77","page_number":71,"box":{"x":705,"y":525,"width":253,"height":9}},{"id":"9b162dad-cac7-44e3-bd20-34f293f9f1dc","block_type":"box","text":"Portfolio Turnover.","page_number":71,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"6f7f8706-3fd7-4f08-84e1-3aa831483af1","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":71,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"19b3533f-e8af-4527-9da9-1e82fd3a3183","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":71,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"4869363e-9c57-4acc-b1c3-a8dc9c9b6fc5","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":71,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"99b6e814-6602-439b-a1d5-860333257122","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43% of","page_number":71,"box":{"x":82,"y":597,"width":887,"height":11}},{"id":"70681e0e-6c30-4084-b1ca-148b029a2dfa","block_type":"box","text":"the average value of its portfolio.","page_number":71,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"28ca4092-1179-425d-b7e4-19c942c37f56","block_type":"box","text":"Principal Investment Strategies","page_number":71,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"212e511b-690d-4344-ad57-e9535b0bfe36","block_type":"box","text":"The Fund seeks to track the investment results of the Morningstar","page_number":71,"box":{"x":82,"y":666,"width":467,"height":11}},{"id":"107e2cad-40d3-4cbb-94dc-0501ed510758","block_type":"box","text":"®","page_number":71,"box":{"x":550,"y":665,"width":5,"height":3}},{"id":"ddcdf577-66af-4870-b4e1-f18d16782fd7","block_type":"box","text":"US Small Cap Broad Value Extended Index","page_number":71,"box":{"x":560,"y":666,"width":300,"height":10}},{"id":"85456417-56bd-4238-a22b-52424d698f1b","block_type":"box","text":"SM","page_number":71,"box":{"x":860,"y":664,"width":17,"height":5}},{"id":"5242cb45-abd9-4379-8988-60f1b47e68c0","block_type":"box","text":"(the","page_number":71,"box":{"x":883,"y":666,"width":27,"height":9}},{"id":"b6623016-f5a1-40e4-b5d7-fc888f630a61","block_type":"box","text":"“Underlying Index”), which measures the performance of U.S. stocks issued by small-capitalization companies that have","page_number":71,"box":{"x":83,"y":680,"width":848,"height":11}},{"id":"6e3639f8-64c0-424e-8548-ec9e005dcb82","block_type":"box","text":"exhibited above-average “value” characteristics as determined by Morningstar, Inc. (“Morningstar” or the “Index Provider”).","page_number":71,"box":{"x":83,"y":694,"width":868,"height":11}},{"id":"f47b67f7-fd67-464a-b983-7de84fa472ee","block_type":"box","text":"Morningstar defines “small capitalization” stocks as those stocks that generally fall between the 90th and 99.5th percentile of","page_number":71,"box":{"x":84,"y":708,"width":888,"height":11}},{"id":"81daeae0-e3af-460d-8de6-0a5d185d9eea","block_type":"box","text":"the market capitalization of the stocks eligible to be included in the Morningstar","page_number":71,"box":{"x":82,"y":723,"width":567,"height":10}},{"id":"e88bf3b2-2823-42fe-88d0-d1aa264cf6e7","block_type":"box","text":"®","page_number":71,"box":{"x":650,"y":722,"width":5,"height":3}},{"id":"f45522e6-1fd1-4864-9eec-f8f425d5c76b","block_type":"box","text":"US Market Extended Index","page_number":71,"box":{"x":660,"y":723,"width":188,"height":8}},{"id":"1ce55a6d-3fbd-4f42-96db-efe55eec77c2","block_type":"box","text":"SM","page_number":71,"box":{"x":848,"y":721,"width":17,"height":5}},{"id":"5565f3ce-0538-4741-a776-2e407797a27f","block_type":"box","text":"(a diversified","page_number":71,"box":{"x":871,"y":722,"width":89,"height":10}},{"id":"a864a4e0-a25a-49ad-8d7b-5641befac008","block_type":"box","text":"broad market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks and","page_number":71,"box":{"x":84,"y":737,"width":840,"height":11}},{"id":"594ccb88-0fef-4747-9fed-01442c9b3c4e","block_type":"box","text":"includes only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index","page_number":71,"box":{"x":83,"y":751,"width":853,"height":11}},{"id":"32c524e1-a9ec-483f-baf0-977258b42ced","block_type":"box","text":"Provider). The largest company in the Underlying Index of the Fund as of April 30, 2026 had a market capitalization of $29.91","page_number":71,"box":{"x":84,"y":765,"width":882,"height":11}},{"id":"312cb00e-097a-4da1-883f-8156e1d01406","block_type":"box","text":"billion. The Index Provider then designates stocks as “blend,” “growth” or “value” based on their style orientations. The stocks","page_number":71,"box":{"x":84,"y":779,"width":877,"height":11}},{"id":"8ecb5a0e-e223-49f1-8fb5-90cc3d2c6eae","block_type":"box","text":"in the Underlying Index are designated as “value” because they are issued by companies that typically have relatively low","page_number":71,"box":{"x":83,"y":793,"width":853,"height":11}},{"id":"9b84fb0d-d29d-4ec8-8ee3-abb1bfe26267","block_type":"box","text":"valuations based on price-to earnings, price-to-book value, price-to sales, price-to-cash flow and dividend yields. The stocks","page_number":71,"box":{"x":82,"y":808,"width":879,"height":10}},{"id":"0696c722-20d2-400d-849c-3fae8d886cb3","block_type":"box","text":"included in the Underlying Index are weighted according to the total value of shares that are publicly owned and available for","page_number":71,"box":{"x":83,"y":822,"width":883,"height":11}},{"id":"c2eab327-5f7c-4d04-897a-9ad6542701d3","block_type":"box","text":"investment.","page_number":71,"box":{"x":83,"y":836,"width":82,"height":8}},{"id":"589daec3-0e23-4dc4-9855-db5c741dabdd","block_type":"box","text":"As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the consumer","page_number":71,"box":{"x":82,"y":858,"width":892,"height":11}},{"id":"2e9c55fa-2038-4f73-a5ee-868f08fbf73d","block_type":"box","text":"goods and services and financial services industries or sectors. The components of the Underlying Index are likely to change","page_number":71,"box":{"x":83,"y":872,"width":879,"height":11}},{"id":"549ac659-5952-4426-af46-1bc25fa4c9d1","block_type":"box","text":"over time.","page_number":71,"box":{"x":83,"y":887,"width":68,"height":8}},{"id":"4e387e83-f42d-47fe-a88c-7be472373edc","block_type":"box","text":"S-58","page_number":71,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"f35e9762-fa65-46c4-aac7-a037b4c13729","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":72,"box":{"x":82,"y":23,"width":853,"height":11}},{"id":"261b993e-9ffd-437f-9883-919891441190","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":72,"box":{"x":84,"y":37,"width":838,"height":11}},{"id":"471384b3-326d-43ce-8022-d5e3a40cbcbb","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":72,"box":{"x":83,"y":52,"width":868,"height":10}},{"id":"8fc6bbf6-b6bc-4cfb-94f5-237aaa4b2fbd","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":72,"box":{"x":84,"y":66,"width":850,"height":11}},{"id":"68bc86be-398a-4521-9bdc-fd9609cb9e52","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":72,"box":{"x":83,"y":80,"width":806,"height":11}},{"id":"2abeb71c-230e-4e19-96cc-3ab3c3069a72","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":72,"box":{"x":83,"y":94,"width":885,"height":11}},{"id":"e0a2fbfc-1091-4a34-ba77-0d075884586c","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":72,"box":{"x":82,"y":108,"width":885,"height":11}},{"id":"833ba0d0-ee51-4060-9325-5c942d4b5d84","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":72,"box":{"x":83,"y":122,"width":853,"height":11}},{"id":"befcf092-294c-4b55-a096-1486f2f1837c","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":72,"box":{"x":83,"y":137,"width":867,"height":10}},{"id":"78068ad4-0ce5-4bb0-811b-a6defe86a4c3","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":72,"box":{"x":83,"y":151,"width":868,"height":11}},{"id":"613809bf-3114-4d80-bd43-d87bf7552d47","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":72,"box":{"x":82,"y":165,"width":863,"height":11}},{"id":"2edb1a01-ddb5-4ac3-8f96-adcf06fe6b5c","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":72,"box":{"x":84,"y":179,"width":825,"height":11}},{"id":"0eca8b47-c9bf-4879-99a6-a8bc9012b211","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":72,"box":{"x":84,"y":194,"width":405,"height":10}},{"id":"90ebe429-cb0c-4530-ad8f-51b86768e8e7","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":72,"box":{"x":84,"y":216,"width":844,"height":11}},{"id":"77205e1a-2aef-42d1-afa8-a26610ac4b7f","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":72,"box":{"x":83,"y":231,"width":860,"height":11}},{"id":"dccf4111-f6f8-4760-bdaa-c56ea54a401c","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":72,"box":{"x":83,"y":245,"width":831,"height":11}},{"id":"7f0ee24e-305d-42fa-804e-42ba90cea474","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":72,"box":{"x":83,"y":259,"width":817,"height":11}},{"id":"e63b7610-7a77-4fa6-a670-5645c45ca44d","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":72,"box":{"x":84,"y":273,"width":817,"height":11}},{"id":"93fddd81-425c-4de7-aa4e-7d283a82676a","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":72,"box":{"x":83,"y":287,"width":835,"height":11}},{"id":"44c25923-daaa-40e0-ba55-0c49d8fcb70d","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":72,"box":{"x":82,"y":311,"width":873,"height":10}},{"id":"225c5e74-7f10-4877-b32d-6e06c6876551","block_type":"box","text":"collateral received).","page_number":72,"box":{"x":83,"y":325,"width":136,"height":9}},{"id":"ef172490-b266-44dd-80f4-4cfaffedf295","block_type":"box","text":"The Underlying Index is sponsored by Morningstar, which is independent of the Fund and BFA. The Index Provider determines","page_number":72,"box":{"x":82,"y":348,"width":889,"height":11}},{"id":"a6034405-91ea-4c5e-abc6-6e98bfe0988c","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":72,"box":{"x":82,"y":362,"width":884,"height":11}},{"id":"76c959dd-e7e1-44a9-8312-44ef8f53adbe","block_type":"box","text":"market value of the Underlying Index.","page_number":72,"box":{"x":84,"y":376,"width":262,"height":11}},{"id":"424bee5a-586e-40bd-9a36-fa551c6b6e23","block_type":"box","text":"Industry Concentration Policy.","page_number":72,"box":{"x":84,"y":400,"width":223,"height":10}},{"id":"51b698ec-3246-4087-87b1-302a8c878127","block_type":"box","text":"The Fund will concentrate its investments (","page_number":72,"box":{"x":312,"y":400,"width":304,"height":9}},{"id":"2a9abb90-82c8-4122-89af-fce0df5bb697","block_type":"box","text":"i.e.","page_number":72,"box":{"x":617,"y":400,"width":17,"height":8}},{"id":"524d19b5-d5e4-4b99-94b2-eb5e9a3648c8","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":72,"box":{"x":636,"y":400,"width":292,"height":9}},{"id":"4d46978f-9fe3-40f4-8ad1-e30429f5d6e0","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":72,"box":{"x":84,"y":414,"width":858,"height":11}},{"id":"f1133981-0ff0-4d60-9e20-ca54a080a44b","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":72,"box":{"x":84,"y":428,"width":867,"height":11}},{"id":"eb5b0aa7-2649-4c52-b832-db0e79e1f416","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":72,"box":{"x":83,"y":442,"width":826,"height":11}},{"id":"22bb539a-5e65-4a78-b287-16e03c0d9368","block_type":"box","text":"Summary of Principal Risks","page_number":72,"box":{"x":83,"y":471,"width":248,"height":14}},{"id":"3931b8e5-5445-4643-97b1-22e3abe922b0","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":72,"box":{"x":82,"y":496,"width":882,"height":11}},{"id":"177a60e5-4db2-41af-a285-0999dd8db53c","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":72,"box":{"x":83,"y":510,"width":825,"height":11}},{"id":"f6f38377-95b1-4fe5-afba-dcb478e99693","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":72,"box":{"x":83,"y":524,"width":807,"height":11}},{"id":"2da1e9ba-2f5d-4f8c-80d2-1bf0c1641cb8","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":72,"box":{"x":83,"y":539,"width":844,"height":11}},{"id":"6f2f8f47-3877-48e0-b3bd-4cfb9d7a1b54","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":72,"box":{"x":83,"y":553,"width":814,"height":11}},{"id":"af54cbaa-a132-4d6f-8d34-d450ba694a86","block_type":"box","text":"Risk of Investing in the U.S.","page_number":72,"box":{"x":84,"y":576,"width":200,"height":11}},{"id":"7ac29bcb-7290-453f-808c-e6f4f3d96b51","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":72,"box":{"x":289,"y":576,"width":664,"height":11}},{"id":"5028ce26-870e-4768-a8d1-899608bd7057","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":72,"box":{"x":83,"y":590,"width":878,"height":11}},{"id":"c833d2c5-181e-4cfc-89b9-85664267b20b","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":72,"box":{"x":83,"y":605,"width":470,"height":10}},{"id":"e225faa7-d49e-4c03-8784-df8acd4198f8","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":72,"box":{"x":83,"y":628,"width":277,"height":10}},{"id":"8e0ae910-07f1-41a9-a5c1-82bf19ddce9f","block_type":"box","text":"Compared to mid- and large-capitalization companies, small-capitalization","page_number":72,"box":{"x":366,"y":628,"width":532,"height":11}},{"id":"a85c9897-07f3-461e-870f-1553d81eb87e","block_type":"box","text":"companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization","page_number":72,"box":{"x":83,"y":642,"width":817,"height":11}},{"id":"e6bb45ce-ea9c-4fa2-9642-43bbe0e62a14","block_type":"box","text":"companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s","page_number":72,"box":{"x":83,"y":656,"width":887,"height":11}},{"id":"c1ea2fef-786d-48d7-bf8e-9e2ab410cc32","block_type":"box","text":"share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.","page_number":72,"box":{"x":83,"y":670,"width":817,"height":11}},{"id":"b92c3310-9227-46b7-ba88-969aeb0f2b80","block_type":"box","text":"Value Securities Risk.","page_number":72,"box":{"x":82,"y":693,"width":158,"height":9}},{"id":"37e6f4ed-1061-4da1-8f87-8c5e1a300929","block_type":"box","text":"Value securities are those issued by companies that may be perceived as undervalued. Such securities","page_number":72,"box":{"x":244,"y":694,"width":723,"height":10}},{"id":"2b55e395-2332-41e7-90c3-79131d48b8ea","block_type":"box","text":"may decline in price or fail to appreciate for long periods of time, and they may never realize their full potential value. Value","page_number":72,"box":{"x":84,"y":708,"width":865,"height":11}},{"id":"fa6ecb53-fe72-4869-b47f-9ef19fab9205","block_type":"box","text":"securities may underperform growth securities and other types of assets as well as the overall stock market. Value securities","page_number":72,"box":{"x":83,"y":722,"width":876,"height":11}},{"id":"ff04d002-4017-4799-886f-6bd99fb40212","block_type":"box","text":"may go in and out of favor over time, which could affect the performance of the Fund.","page_number":72,"box":{"x":84,"y":736,"width":601,"height":11}},{"id":"41e03809-b97d-4b25-beee-9f6b6cfb66b1","block_type":"box","text":"Equity Securities Risk.","page_number":72,"box":{"x":84,"y":759,"width":163,"height":11}},{"id":"8f4be7e8-5867-4069-ad1e-c63548519c7e","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":72,"box":{"x":253,"y":759,"width":709,"height":11}},{"id":"978fc093-6db5-4991-852d-d8ad2747517c","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":72,"box":{"x":83,"y":773,"width":889,"height":11}},{"id":"1250fae7-ddf0-44d1-8195-5bee69e24a59","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":72,"box":{"x":83,"y":788,"width":880,"height":10}},{"id":"743c509d-ee58-4eed-989c-ed3bc508a6c7","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":72,"box":{"x":83,"y":802,"width":867,"height":11}},{"id":"a8cbcddb-5bbc-492e-b5ed-3469a6a1ff7e","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":72,"box":{"x":84,"y":816,"width":339,"height":11}},{"id":"7f1e3e32-1a71-4fcc-b7a5-d77f87171ab3","block_type":"box","text":"Market Risk.","page_number":72,"box":{"x":84,"y":839,"width":90,"height":9}},{"id":"e69410ec-1f67-493a-91a4-8b6a66baf5f0","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":72,"box":{"x":179,"y":839,"width":767,"height":11}},{"id":"41485236-e101-4fe4-ab4f-17a4bb02cbea","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":72,"box":{"x":83,"y":853,"width":882,"height":11}},{"id":"350a98d8-1e0d-48aa-b63c-3dd41cccca3d","block_type":"box","text":"S-59","page_number":72,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"f873584b-560f-49bb-8f36-ca8d62eb99f4","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":73,"box":{"x":84,"y":23,"width":857,"height":11}},{"id":"e7eeced5-61b0-4b57-9e7d-e8aee1caeaae","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":73,"box":{"x":83,"y":37,"width":875,"height":11}},{"id":"c7421bf6-3d48-486d-b486-713bcac43144","block_type":"box","text":"Fund’s NAV.","page_number":73,"box":{"x":84,"y":51,"width":81,"height":9}},{"id":"34ff2808-bea1-4b0c-bbe4-403d94a2a67e","block_type":"box","text":"Index-Related Risk.","page_number":73,"box":{"x":84,"y":75,"width":143,"height":8}},{"id":"432dde7a-cbb4-4d87-b294-4209bef29b72","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":73,"box":{"x":231,"y":75,"width":742,"height":11}},{"id":"8138a3f7-2457-4e4f-a0ee-9f1d90272a68","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":73,"box":{"x":84,"y":89,"width":855,"height":11}},{"id":"47c5d126-5503-40ee-ba31-5a5675998a42","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":73,"box":{"x":83,"y":103,"width":852,"height":11}},{"id":"8e945e09-d2a1-453e-b3b8-0520520a5831","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":73,"box":{"x":83,"y":117,"width":877,"height":11}},{"id":"0d687bee-7a0c-481f-9556-1d2f42b0d1ef","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":73,"box":{"x":82,"y":131,"width":849,"height":11}},{"id":"e240ab41-c533-402e-9345-3a91b0348e09","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":73,"box":{"x":83,"y":146,"width":849,"height":10}},{"id":"001ceecf-f5b0-4bda-8aa3-a7acbfc7fbc1","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":73,"box":{"x":84,"y":160,"width":890,"height":11}},{"id":"721dc28a-0fda-4818-adaa-35dc5eb6de24","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":73,"box":{"x":84,"y":174,"width":852,"height":11}},{"id":"51185ae0-0521-4ced-9f9f-4692234e3467","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":73,"box":{"x":83,"y":188,"width":539,"height":11}},{"id":"9472506f-5acb-40c8-9192-fe2991c1dd99","block_type":"box","text":"Asset Class Risk.","page_number":73,"box":{"x":82,"y":211,"width":123,"height":9}},{"id":"64071f89-f6c2-4d3d-8bed-6cb93e4ecf28","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":73,"box":{"x":209,"y":211,"width":721,"height":11}},{"id":"63f1fef0-56ee-4271-b871-8af92fa891f4","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":73,"box":{"x":83,"y":226,"width":774,"height":10}},{"id":"16e3aa04-9d11-42d7-a752-d5aa47c4c976","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":73,"box":{"x":82,"y":249,"width":318,"height":10}},{"id":"50751e02-23ed-48ce-95c5-b83212123065","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":73,"box":{"x":405,"y":249,"width":531,"height":11}},{"id":"2f3cea35-f494-4dfc-8898-4e215a6ab26b","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":73,"box":{"x":84,"y":263,"width":809,"height":11}},{"id":"d0e78622-49db-4a33-8f2f-22739cf5d663","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":73,"box":{"x":82,"y":277,"width":816,"height":11}},{"id":"9c515e77-0b68-4711-b58d-519f91f0b659","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":73,"box":{"x":82,"y":292,"width":885,"height":10}},{"id":"08641fa7-9265-4d22-9f44-f7a2715e1098","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":73,"box":{"x":83,"y":305,"width":871,"height":11}},{"id":"4b73ec35-cbbf-44c1-9171-430362f8e1c6","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":73,"box":{"x":84,"y":320,"width":845,"height":10}},{"id":"72e48bbf-eb9b-44a4-962a-4d834d7ebae4","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":73,"box":{"x":82,"y":334,"width":882,"height":10}},{"id":"af89a6c1-faaf-4aaf-95be-986578055493","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":73,"box":{"x":84,"y":348,"width":853,"height":11}},{"id":"ae052819-deae-4b3a-bf7a-c974accb7222","block_type":"box","text":"halts or delisting.","page_number":73,"box":{"x":84,"y":362,"width":120,"height":11}},{"id":"02d50b30-2e64-4594-8142-ceba73c1d23a","block_type":"box","text":"Concentration Risk.","page_number":73,"box":{"x":83,"y":385,"width":145,"height":9}},{"id":"9985b5ad-a16d-4159-ad94-7078603ec8d6","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":73,"box":{"x":232,"y":385,"width":712,"height":11}},{"id":"0a4ef511-dcf2-4bd9-b867-a748c0da980a","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":73,"box":{"x":83,"y":400,"width":884,"height":9}},{"id":"3d0fda7c-8182-41bc-80a4-631c4293ceee","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":73,"box":{"x":82,"y":414,"width":887,"height":11}},{"id":"c3ad935a-6548-4e61-aa1c-9e8f35ae2260","block_type":"box","text":"asset classes.","page_number":73,"box":{"x":83,"y":428,"width":95,"height":8}},{"id":"4001aee8-c749-4649-ba19-42dea2323ef7","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":73,"box":{"x":83,"y":451,"width":349,"height":11}},{"id":"104b7747-a45a-4897-83fa-05ae552cf280","block_type":"box","text":"Consumer goods and services companies face risks related to changes in","page_number":73,"box":{"x":438,"y":451,"width":517,"height":11}},{"id":"9ab1a638-c85f-44dc-a1b0-16e4d577b4ee","block_type":"box","text":"consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage","page_number":73,"box":{"x":83,"y":465,"width":880,"height":11}},{"id":"05b28dc5-ec96-4697-909f-44b21006c63c","block_type":"box","text":"to brand or reputation, economic slowdown and labor shortages, among other things.","page_number":73,"box":{"x":82,"y":480,"width":605,"height":10}},{"id":"94d86f66-a305-4e8b-bb77-0e81658da17b","block_type":"box","text":"Financial Companies Risk.","page_number":73,"box":{"x":84,"y":503,"width":192,"height":10}},{"id":"0ee0e9b7-b55a-4c33-928a-b1358d1a0e28","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":73,"box":{"x":282,"y":503,"width":683,"height":11}},{"id":"fd796c89-a8f6-4ad0-b841-710b1cea0225","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":73,"box":{"x":82,"y":517,"width":864,"height":11}},{"id":"ab173364-cce4-46e7-9277-6db2bf12aa5c","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":73,"box":{"x":83,"y":531,"width":813,"height":11}},{"id":"fd95b790-ec9b-4799-8627-b13b81f7411a","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":73,"box":{"x":83,"y":545,"width":879,"height":11}},{"id":"dbe8a069-6b37-4436-ae5f-30c4bb5d9982","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":73,"box":{"x":83,"y":560,"width":613,"height":10}},{"id":"ab650b01-916e-4c21-b807-4f281ccae755","block_type":"box","text":"Issuer Risk.","page_number":73,"box":{"x":84,"y":583,"width":82,"height":8}},{"id":"2c8e6780-30d5-4f09-a76a-57f6a384d2c0","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":73,"box":{"x":170,"y":583,"width":780,"height":10}},{"id":"b0cb3225-edf4-40c8-bb9a-56767eefb0c3","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":73,"box":{"x":84,"y":597,"width":885,"height":11}},{"id":"0274a126-7fb5-42c7-84ef-42231bc0f056","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":73,"box":{"x":82,"y":611,"width":577,"height":11}},{"id":"946de2d5-31da-42e8-b2e2-606ad18ce79c","block_type":"box","text":"Management Risk.","page_number":73,"box":{"x":84,"y":634,"width":136,"height":11}},{"id":"b6ac484b-a12e-4470-9a37-e3c26552ea70","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":73,"box":{"x":225,"y":634,"width":711,"height":11}},{"id":"7358ec58-258c-4a8b-bb09-6bf6f22e135d","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":73,"box":{"x":84,"y":648,"width":876,"height":11}},{"id":"b09f649c-34c4-4394-8589-a5c4946447fd","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":73,"box":{"x":83,"y":663,"width":859,"height":10}},{"id":"1d6d64cc-bbeb-42c4-819d-5a0367a3625f","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":73,"box":{"x":83,"y":677,"width":847,"height":11}},{"id":"d91f3625-d94d-45c6-903f-4491292e1f3c","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":73,"box":{"x":83,"y":691,"width":756,"height":11}},{"id":"25c7d643-c074-4c46-8a53-9d70f94b7910","block_type":"box","text":"Market Trading Risk.","page_number":73,"box":{"x":84,"y":714,"width":151,"height":11}},{"id":"3af7f0f3-5180-4a32-8468-7d9c2fd62627","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":73,"box":{"x":239,"y":714,"width":695,"height":11}},{"id":"36d7526d-ba05-4dcb-9715-b84cc43e1354","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":73,"box":{"x":84,"y":728,"width":841,"height":11}},{"id":"b6ddbd95-8b2a-4308-9fc8-bcaa1c99e8be","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":73,"box":{"x":83,"y":742,"width":887,"height":11}},{"id":"f7034d73-8961-427f-abb1-4da94eb7c211","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":73,"box":{"x":83,"y":757,"width":839,"height":11}},{"id":"56789041-ee34-4128-8c90-0ba8e114cf03","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":73,"box":{"x":84,"y":771,"width":865,"height":11}},{"id":"78c9bc56-49b4-4f8d-a701-b481a2c2a177","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":73,"box":{"x":82,"y":785,"width":885,"height":11}},{"id":"610130fa-e9df-4e33-8553-d13b85598424","block_type":"box","text":"of the Fund shares.","page_number":73,"box":{"x":83,"y":799,"width":135,"height":9}},{"id":"3185d3e6-7e80-4ec7-bd8a-fc2b3cdbb386","block_type":"box","text":"Operational and Technology Risks.","page_number":73,"box":{"x":83,"y":822,"width":255,"height":11}},{"id":"e6311d6a-a52d-45a5-8a36-07d12567d9a4","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":73,"box":{"x":342,"y":823,"width":582,"height":10}},{"id":"57919394-ed0f-4bc1-8e49-e8f9ed3dc2f4","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":73,"box":{"x":83,"y":837,"width":876,"height":10}},{"id":"8736838b-b180-4b9b-a99a-58b1518acef7","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":73,"box":{"x":83,"y":851,"width":879,"height":11}},{"id":"bdef61db-ca25-4daf-bfc1-6aec3b9422aa","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":73,"box":{"x":83,"y":865,"width":825,"height":11}},{"id":"befa85af-45d1-4dbd-b185-b3b003a76371","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":73,"box":{"x":83,"y":879,"width":863,"height":11}},{"id":"14570d23-698f-49a3-90a3-2e3edf1d1880","block_type":"box","text":"S-60","page_number":73,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"f77173fe-611a-40dc-af98-3ebd0ad4095c","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":74,"box":{"x":83,"y":23,"width":872,"height":11}},{"id":"4956cb40-3333-4a9e-b448-8ad38a633c83","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":74,"box":{"x":84,"y":37,"width":823,"height":11}},{"id":"96db87cf-49d5-4cd4-97cf-c4d97c0f029c","block_type":"box","text":"Securities Lending Risk.","page_number":74,"box":{"x":83,"y":60,"width":177,"height":11}},{"id":"e8340b92-ff3b-45f7-ad0e-8daf9d8635b1","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":74,"box":{"x":264,"y":61,"width":692,"height":10}},{"id":"f40c3f44-c92a-4c62-8e4a-202fc89e9f08","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":74,"box":{"x":84,"y":75,"width":869,"height":11}},{"id":"b653d9b5-35ab-4117-983a-2cb68466679d","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":74,"box":{"x":83,"y":89,"width":886,"height":11}},{"id":"8dddba5d-4fb3-41d5-9f03-22df79101ba2","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":74,"box":{"x":83,"y":103,"width":831,"height":11}},{"id":"73e395c6-5a51-4df4-8b88-fe69ce5c5224","block_type":"box","text":"Tracking Error Risk.","page_number":74,"box":{"x":82,"y":126,"width":145,"height":11}},{"id":"daa73879-f634-452b-a72b-6de623477c1b","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":74,"box":{"x":231,"y":126,"width":741,"height":11}},{"id":"89058cda-7305-4ef8-8523-a84146342122","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":74,"box":{"x":83,"y":140,"width":861,"height":11}},{"id":"edf55ebe-d43a-4f33-9d9c-6ae871be7c70","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":74,"box":{"x":83,"y":155,"width":832,"height":10}},{"id":"78f181e4-f4a3-4741-bc40-a1a0fb20aacb","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":74,"box":{"x":84,"y":169,"width":880,"height":11}},{"id":"3b01763a-ecea-4fcb-acd3-c8bcdaf5da64","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":74,"box":{"x":84,"y":183,"width":830,"height":11}},{"id":"becad591-353c-402d-8ac6-6b101a4b417b","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":74,"box":{"x":82,"y":197,"width":828,"height":11}},{"id":"9a941c55-574f-4556-a9f5-1524068ffbe9","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":74,"box":{"x":83,"y":211,"width":874,"height":11}},{"id":"0336183c-0c1c-4201-8e51-7119f55c9545","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":74,"box":{"x":84,"y":225,"width":888,"height":11}},{"id":"f8996882-c43b-4f4f-b4db-5fac003cbaa7","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":74,"box":{"x":84,"y":240,"width":851,"height":11}},{"id":"bc7723de-c26d-48f4-aa51-a4bc90250b4f","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":74,"box":{"x":84,"y":254,"width":885,"height":11}},{"id":"01cb5a6e-924e-4d6a-89df-1bbd5901bcab","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":74,"box":{"x":83,"y":268,"width":874,"height":11}},{"id":"d53dc753-a6be-43af-a577-e0fc5e7514cc","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":74,"box":{"x":84,"y":282,"width":724,"height":11}},{"id":"2c97e595-d262-4cf8-bb0e-bfca54064f78","block_type":"box","text":"Performance Information","page_number":74,"box":{"x":84,"y":311,"width":229,"height":11}},{"id":"b0a955f9-17c6-4982-9cac-3552c07f5ca7","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":74,"box":{"x":82,"y":336,"width":864,"height":11}},{"id":"88ffaa0f-a917-4979-b8a2-93777756afd0","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":74,"box":{"x":83,"y":351,"width":871,"height":10}},{"id":"ab1e9b9c-69c6-49d4-b66f-801f72bce1fb","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":74,"box":{"x":83,"y":365,"width":868,"height":11}},{"id":"38ce5952-9426-4fb8-a308-0bad930f35e4","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":74,"box":{"x":84,"y":379,"width":837,"height":11}},{"id":"61865e5c-9072-4a18-800e-a6c45133fec8","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":74,"box":{"x":83,"y":393,"width":869,"height":11}},{"id":"ce88e48c-cf12-4a8e-b187-4bcf1e56e562","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":74,"box":{"x":84,"y":407,"width":832,"height":11}},{"id":"891f388f-6f25-4fe4-98a7-3c8482def032","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":74,"box":{"x":84,"y":421,"width":841,"height":11}},{"id":"4bf59b2d-d0e9-4690-ad49-318c299a0188","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":74,"box":{"x":82,"y":436,"width":531,"height":11}},{"id":"ca14000b-3eae-421f-b7bf-d6d5a8df677b","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":74,"box":{"x":165,"y":460,"width":260,"height":11}},{"id":"2c743c1c-2bc6-44df-a11d-ffffd7f3f12d","block_type":"box","text":"27.83","page_number":74,"box":{"x":116,"y":509,"width":26,"height":6}},{"id":"e63dcdd1-2fbc-43e8-ba50-1ff358916566","block_type":"box","text":"8.08","page_number":74,"box":{"x":156,"y":539,"width":20,"height":6}},{"id":"d05a161d-b957-446b-99f0-69df3feb7d3d","block_type":"box","text":"-16.80","page_number":74,"box":{"x":188,"y":593,"width":30,"height":6}},{"id":"8070db4a-95a2-4b2d-9969-6e0cef929192","block_type":"box","text":"19.48","page_number":74,"box":{"x":228,"y":522,"width":25,"height":6}},{"id":"586310a1-1ce1-46d8-83bd-757a47960872","block_type":"box","text":"0.67","page_number":74,"box":{"x":267,"y":551,"width":20,"height":6}},{"id":"9ab3a3a4-f897-4a46-a453-00167f184601","block_type":"box","text":"29.16","page_number":74,"box":{"x":301,"y":507,"width":26,"height":6}},{"id":"8e94c3a0-b3e5-4c2c-8cde-f227127a249b","block_type":"box","text":"-10.49","page_number":74,"box":{"x":336,"y":583,"width":30,"height":6}},{"id":"209cbdde-66c5-4141-b35b-1efee5eee504","block_type":"box","text":"16.45","page_number":74,"box":{"x":376,"y":526,"width":25,"height":6}},{"id":"454941f6-9cc8-4dcc-8991-864a179d4281","block_type":"box","text":"9.18","page_number":74,"box":{"x":415,"y":538,"width":20,"height":6}},{"id":"5f1c5b18-1651-4655-8e75-9c9d015633ee","block_type":"box","text":"10.51","page_number":74,"box":{"x":450,"y":536,"width":24,"height":5}},{"id":"becd6499-d13d-406e-893d-a556160c5ea7","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":74,"box":{"x":117,"y":614,"width":357,"height":6}},{"id":"62626e86-8d1f-4ff5-90ee-0b2f74b09b6e","block_type":"box","text":"Return (%) Period Ended","page_number":74,"box":{"x":766,"y":475,"width":188,"height":9}},{"id":"fed1e887-ec83-4dff-8528-c44a6f063c2e","block_type":"box","text":"Calendar Year-to-Date Return","page_number":74,"box":{"x":550,"y":493,"width":197,"height":8}},{"id":"1b64a321-a140-40e6-bb9f-19114cf5eca2","block_type":"box","text":"15.37% June 30, 2026","page_number":74,"box":{"x":780,"y":493,"width":192,"height":9}},{"id":"992e4959-6b8d-4b09-a043-24a76979e023","block_type":"box","text":"During the periods shown in the chart:","page_number":74,"box":{"x":551,"y":506,"width":250,"height":10}},{"id":"8869ad38-9def-49b3-8340-8a86eb2d7e57","block_type":"box","text":"Best Quarter 33.33% December 31, 2020","page_number":74,"box":{"x":564,"y":519,"width":408,"height":9}},{"id":"9df5a9be-e5a3-4c19-ab7d-1cfd15e4470c","block_type":"box","text":"Worst Quarter -39.71% March 31, 2020","page_number":74,"box":{"x":563,"y":532,"width":409,"height":9}},{"id":"6c981857-a9dd-44ba-92f2-ed8629c8f430","block_type":"box","text":"Average Annual Total Returns (%)","page_number":74,"box":{"x":403,"y":644,"width":250,"height":11}},{"id":"12bb6cb6-0db6-4194-a6e6-3d14aa410bad","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":74,"box":{"x":371,"y":659,"width":315,"height":10}},{"id":"69d5d8c2-32f3-44e6-b047-ccccae731a30","block_type":"box","text":"One Year Five Years Ten Years","page_number":74,"box":{"x":701,"y":675,"width":268,"height":8}},{"id":"6877dc67-fbbc-4a2f-b215-fadaea047e57","block_type":"box","text":"Fund Inception: 06/28/2004","page_number":74,"box":{"x":88,"y":690,"width":188,"height":10}},{"id":"54b7ff1a-4208-493a-b7f9-d0140f7cc09d","block_type":"box","text":"Return Before Taxes","page_number":74,"box":{"x":89,"y":702,"width":124,"height":8}},{"id":"5ed599a8-8fde-46d7-aba0-3fe0814233cf","block_type":"box","text":"10.51% 10.19% 8.43%","page_number":74,"box":{"x":712,"y":702,"width":257,"height":8}},{"id":"21d85d14-aba8-4be5-90c5-f4d20ed37947","block_type":"box","text":"Return After Taxes on Distributions 9.86% 9.54% 7.75%","page_number":74,"box":{"x":89,"y":714,"width":880,"height":7}},{"id":"a257624e-53df-4505-a3c5-ec67a751d2ff","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 6.50% 7.92% 6.64%","page_number":74,"box":{"x":89,"y":725,"width":880,"height":8}},{"id":"586bf2ef-6582-41e8-8c1d-17ba26a93411","block_type":"box","text":"Morningstar US Market Index","page_number":74,"box":{"x":88,"y":737,"width":194,"height":10}},{"id":"244969df-135a-4023-bb85-f05a8a3d347f","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.35% 13.29% 14.40%","page_number":74,"box":{"x":286,"y":737,"width":683,"height":9}},{"id":"ca735c18-4e1b-4516-bf7b-8fac5368c59e","block_type":"box","text":"Morningstar US Small Cap Broad Value Extended Index (Spliced)","page_number":74,"box":{"x":88,"y":749,"width":423,"height":9}},{"id":"173b88c6-49b3-4c67-ac83-d49dd79f707d","block_type":"box","text":"1","page_number":74,"box":{"x":513,"y":747,"width":5,"height":5}},{"id":"e0e7475a-aa5c-497a-abaa-d7d58b9851a5","block_type":"box","text":"(Returns do not reflect","page_number":74,"box":{"x":522,"y":749,"width":141,"height":8}},{"id":"5bfb2048-6188-4966-b1cb-814355cd46f7","block_type":"box","text":"deductions for fees, expenses or taxes) 10.48% 10.18% 8.57%","page_number":74,"box":{"x":101,"y":761,"width":868,"height":10}},{"id":"3d934429-c729-43ab-91be-bfe739d0b51b","block_type":"box","text":"1","page_number":74,"box":{"x":110,"y":780,"width":5,"height":5}},{"id":"6c048bd5-57cb-478b-b708-ceaee6e5de5d","block_type":"box","text":"The Morningstar US Small Cap Broad Value Extended Index (Spliced) reflects the performance of the Morningstar US Small Value","page_number":74,"box":{"x":123,"y":781,"width":815,"height":10}},{"id":"3e75b703-ec2b-421e-9966-1b80bd99c5e3","block_type":"box","text":"Index through March 21, 2021 and the Morningstar US Small Cap Broad Value Extended Index thereafter, which reflect the times when","page_number":74,"box":{"x":124,"y":792,"width":848,"height":9}},{"id":"a86f38bc-afae-45fd-a0f4-04cf63b719e2","block_type":"box","text":"each index was the Underlying Index of the Fund.","page_number":74,"box":{"x":123,"y":802,"width":309,"height":10}},{"id":"deeeb5f2-daaf-45d4-82be-71b3cb34bb22","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":74,"box":{"x":82,"y":822,"width":857,"height":11}},{"id":"3160d34a-77c3-448e-a181-e02b4da79004","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":74,"box":{"x":84,"y":836,"width":864,"height":10}},{"id":"33beb66b-8bf9-4b20-82fb-93f9de8342a0","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":74,"box":{"x":84,"y":850,"width":847,"height":11}},{"id":"bf33f258-2075-4a66-92e0-7b1f79d554a4","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":74,"box":{"x":83,"y":864,"width":857,"height":11}},{"id":"12f2b926-637a-4bb8-9f36-7b45d45c0c44","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":74,"box":{"x":83,"y":879,"width":877,"height":10}},{"id":"09545361-5635-4f38-8912-e6895d48dfb9","block_type":"box","text":"S-61","page_number":74,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"16cedbb2-9331-4cba-90e0-f7a8c94348f3","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":75,"box":{"x":82,"y":23,"width":837,"height":11}},{"id":"c07a8a83-ae9e-46c8-9a92-b4a35a707a92","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":75,"box":{"x":84,"y":37,"width":885,"height":11}},{"id":"c8f74999-3cf0-4739-9b41-28d29ae1d32a","block_type":"box","text":"on distributions.","page_number":75,"box":{"x":83,"y":52,"width":115,"height":8}},{"id":"0366912d-533f-48b1-8298-c4a7be9b72fb","block_type":"box","text":"Management","page_number":75,"box":{"x":84,"y":81,"width":120,"height":13}},{"id":"9f95165e-e5ed-4041-ae70-2582b23c89f1","block_type":"box","text":"Investment Adviser.","page_number":75,"box":{"x":84,"y":106,"width":144,"height":8}},{"id":"b19d5a09-cecd-4c52-b930-175399c8b068","block_type":"box","text":"BlackRock Fund Advisors.","page_number":75,"box":{"x":234,"y":106,"width":180,"height":8}},{"id":"25cfbe24-2f1c-4f13-8399-a95fbb688669","block_type":"box","text":"Portfolio Managers.","page_number":75,"box":{"x":84,"y":129,"width":145,"height":11}},{"id":"a5e90ded-a457-4754-99c8-f603ffcded33","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":75,"box":{"x":233,"y":129,"width":679,"height":11}},{"id":"6314090c-58de-4839-a5f8-b53e8d61f92d","block_type":"box","text":"management of the Fund:","page_number":75,"box":{"x":84,"y":143,"width":182,"height":11}},{"id":"5745f213-f33d-40b6-8f74-74dad128f43c","block_type":"box","text":"Portfolio Manager","page_number":75,"box":{"x":88,"y":179,"width":120,"height":9}},{"id":"12c635f7-4ed3-4988-aab0-191fd85a4fba","block_type":"box","text":"Portfolio Manager of the","page_number":75,"box":{"x":441,"y":166,"width":161,"height":10}},{"id":"88316a49-b869-4cae-853c-2e4b93151395","block_type":"box","text":"Fund Since","page_number":75,"box":{"x":485,"y":179,"width":72,"height":7}},{"id":"15b25af1-47f4-48c1-88e7-d9b9e00215f4","block_type":"box","text":"Title with Investment","page_number":75,"box":{"x":834,"y":166,"width":140,"height":7}},{"id":"c2ebab6d-3d25-4287-a9ee-de4c81ae912e","block_type":"box","text":"Adviser","page_number":75,"box":{"x":880,"y":179,"width":48,"height":7}},{"id":"a75a32eb-0b03-464b-86e0-4ff03717211a","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":75,"box":{"x":87,"y":194,"width":877,"height":10}},{"id":"79868784-242a-40a7-98d0-71fd6189259c","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":75,"box":{"x":89,"y":210,"width":875,"height":9}},{"id":"6c4100bf-5a62-4492-a432-bd7252675872","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":75,"box":{"x":89,"y":225,"width":875,"height":10}},{"id":"b536a8ee-e56a-4e46-a906-dcac4fa18140","block_type":"box","text":"Steven White 2025 Managing Director","page_number":75,"box":{"x":88,"y":241,"width":876,"height":9}},{"id":"ad28c301-5bdd-4fb7-83cf-dd6724d7cc82","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":75,"box":{"x":84,"y":276,"width":304,"height":10}},{"id":"9f38881e-15f9-49a6-92d4-7ebfbcea2d44","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":75,"box":{"x":82,"y":301,"width":878,"height":11}},{"id":"e6e14fb2-f5fb-4d3e-87e9-289d38688585","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":75,"box":{"x":83,"y":315,"width":855,"height":11}},{"id":"4149d945-c2c2-4e0b-9209-e201d307d66c","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":75,"box":{"x":83,"y":329,"width":817,"height":11}},{"id":"e9437252-b856-4ff3-98fa-2e7adf9abf8b","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":75,"box":{"x":83,"y":343,"width":878,"height":11}},{"id":"75265b9a-4da7-47c8-86cb-ddc3d3625cb7","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":75,"box":{"x":84,"y":358,"width":860,"height":11}},{"id":"ae5d90b6-4ae4-443e-997c-7008fdd2584b","block_type":"box","text":"(the “bid-ask spread”).","page_number":75,"box":{"x":83,"y":372,"width":157,"height":10}},{"id":"6d5802b2-a746-4559-b9f1-922c48087ab0","block_type":"box","text":"Tax Information","page_number":75,"box":{"x":82,"y":401,"width":144,"height":10}},{"id":"5db49127-cf89-442d-965c-281af852bd77","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":75,"box":{"x":82,"y":426,"width":832,"height":11}},{"id":"1fb2035c-7d00-4b95-b4ba-53defbe9a180","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":75,"box":{"x":83,"y":440,"width":883,"height":11}},{"id":"537e9fbf-27aa-4327-bdac-41b86b083824","block_type":"box","text":"be taxed when withdrawn.","page_number":75,"box":{"x":84,"y":455,"width":181,"height":8}},{"id":"df7cb5bf-6064-4c91-bbff-a61f9bb7fc3a","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":75,"box":{"x":84,"y":483,"width":575,"height":14}},{"id":"0daee779-6fab-430c-9a75-1e70acb3e708","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":75,"box":{"x":84,"y":508,"width":854,"height":11}},{"id":"91fde5e9-a973-4dbf-aaf9-775bd91b8274","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":75,"box":{"x":84,"y":523,"width":842,"height":11}},{"id":"4d202fb5-304b-45d9-822e-d94aa13188b9","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":75,"box":{"x":83,"y":537,"width":820,"height":11}},{"id":"cfa5a6ed-f0db-4a2b-97c5-85abcdff1e91","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":75,"box":{"x":84,"y":551,"width":801,"height":11}},{"id":"44e2766c-258e-406b-b8eb-1e332e9b9fbd","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":75,"box":{"x":83,"y":565,"width":841,"height":11}},{"id":"8936bf7d-6fee-4e71-865f-28900d7a6711","block_type":"box","text":"financial intermediary’s website for more information.","page_number":75,"box":{"x":83,"y":579,"width":379,"height":11}},{"id":"d25f41d2-ffc8-4c54-b2c9-4d0eacdfe5e3","block_type":"box","text":"S-62","page_number":75,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"c89a3e75-9cf0-46aa-91d5-01ff6be1abcc","block_type":"box","text":"iShares Morningstar U.S. Equity ETF","page_number":76,"box":{"x":84,"y":23,"width":506,"height":21}},{"id":"01b73053-c626-4644-a2bc-f7812bc4f346","block_type":"box","text":"ILCB | NYSE Arca","page_number":76,"box":{"x":85,"y":47,"width":236,"height":18}},{"id":"f43135f5-187d-4ad7-9246-a17e944341c7","block_type":"box","text":"Investment Objective","page_number":76,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"5e77e06d-ef4b-4fc1-9c27-c6f23af6c43c","block_type":"box","text":"The iShares Morningstar U.S. Equity ETF (the “Fund”) seeks to track the investment results of an index composed of large","page_number":76,"box":{"x":82,"y":117,"width":864,"height":11}},{"id":"911980ca-b5ac-4949-9853-85b973706842","block_type":"box","text":"and mid-capitalization U.S. equities.","page_number":76,"box":{"x":83,"y":132,"width":255,"height":10}},{"id":"7a8ef7c2-0e57-49f4-b032-569031763f78","block_type":"box","text":"Fees and Expenses","page_number":76,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"e48a179e-230f-499a-b991-c08aa251e03b","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":76,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"e1d64f61-d215-4314-a956-f0b0a987a5db","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":76,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"031b0d88-088b-4bed-9375-81fdf6bedf42","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":76,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"7538ee97-b5d9-4c10-90e7-96fae6083a1c","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":76,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"0fe0aab6-3e83-4dba-880e-efb9f58b4655","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":76,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"eab7ce2c-9b85-4876-9be8-71f63ed2e915","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":76,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"3c60c4a7-7057-4052-9f84-a7ddb7620386","block_type":"box","text":"extraordinary expenses.","page_number":76,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"2f473765-c3de-434d-94b3-13c8e84b39d4","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":76,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"a824f60c-2485-435c-a353-f001e206f8cb","block_type":"box","text":"reflected in the table and example below.","page_number":76,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"48e78797-a314-4b47-9fb4-2fea7d049a29","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":76,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"2cda9b9a-4e6a-4733-a5ed-a816d6b630de","block_type":"box","text":"1","page_number":76,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"d97df789-1293-4b21-9ff5-ab541b6f84b9","block_type":"box","text":"Management Fee","page_number":76,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"b9ccd1fc-e0db-4e5e-9fa3-8ec32fde7a73","block_type":"box","text":"0.03%","page_number":76,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"5b7e79a5-781a-49f8-91b6-8baa90c8163e","block_type":"box","text":"Other Expenses","page_number":76,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"015a9ee2-7df0-4ce6-ae3a-554fcb808b7f","block_type":"box","text":"0.00%","page_number":76,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"c70cf005-0b76-4dcd-9543-c1dc1e559cf7","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":76,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"ecf50eab-bbd5-42dc-86dd-719aee7cdc11","block_type":"box","text":"0.03%","page_number":76,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"d6555b9d-9fb6-46bb-8c4e-94e2ed140055","block_type":"box","text":"1","page_number":76,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"2281c947-b4a0-4fb4-bb91-491e5557de78","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":76,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"247dfb9a-3a95-411e-ad1a-ef6e0a883063","block_type":"box","text":"Example.","page_number":76,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"f9923b13-e21e-4671-8bd2-da174091e446","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":76,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"1a9056a0-1b05-4549-a262-f86e814e9db8","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":76,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"a0563bc7-06cc-4531-b466-b1c3ac0e2b2f","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":76,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"add0118d-3084-4ea8-b501-c80e3cebb07f","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":76,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"b8bf30c5-d085-418f-89d2-637891312dd9","block_type":"box","text":"your costs would be:","page_number":76,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"04cccfb7-30cc-4178-8419-c5f17d1088e6","block_type":"box","text":"Expense Example","page_number":76,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"a8f4b496-46f8-44c6-9e99-75bbb982bbf4","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":76,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"37a84349-aed5-4a46-8411-d513a5d44d98","block_type":"box","text":"Example Fund Costs","page_number":76,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"f9587aed-5424-492f-ad79-4407b805a2e3","block_type":"box","text":"$3 $10 $17 $39","page_number":76,"box":{"x":705,"y":525,"width":253,"height":9}},{"id":"ba890019-fb57-44ce-93db-21265c3575ad","block_type":"box","text":"Portfolio Turnover.","page_number":76,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"9f24c72a-4e23-41e6-a477-e88b00ebefd0","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":76,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"6cf82f2d-c8f7-4f4c-8181-12d1e84fb3c0","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":76,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"4b6084b4-3a98-4ec8-b692-0703d0e6ec43","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":76,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"0d7be607-78c5-4b5f-bbf8-99f2371d7e47","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 8% of","page_number":76,"box":{"x":82,"y":597,"width":877,"height":11}},{"id":"3b6dd4d8-fef9-4180-ae9c-9c1e1d84c715","block_type":"box","text":"the average value of its portfolio.","page_number":76,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"d0f553ad-25ab-46cc-9559-d9663acea201","block_type":"box","text":"Principal Investment Strategies","page_number":76,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"90a9a24d-50c2-4a1a-989a-7a318fed4704","block_type":"box","text":"The Fund seeks to track the investment results of the Morningstar","page_number":76,"box":{"x":82,"y":666,"width":467,"height":11}},{"id":"a36c8260-1a69-405b-a723-ace31e935c9c","block_type":"box","text":"®","page_number":76,"box":{"x":550,"y":665,"width":5,"height":3}},{"id":"8405da67-2cea-4256-80ed-3136bafe8e64","block_type":"box","text":"US Large-Mid Cap Market Index","page_number":76,"box":{"x":560,"y":666,"width":228,"height":11}},{"id":"d4bc4bef-e3c9-4373-967f-55d8b8cb1f37","block_type":"box","text":"SM","page_number":76,"box":{"x":788,"y":664,"width":17,"height":5}},{"id":"fe7cb689-576e-48d5-a349-f592b973e890","block_type":"box","text":"(the “Underlying","page_number":76,"box":{"x":811,"y":666,"width":114,"height":11}},{"id":"76ed8c59-b313-423c-8ade-f75e0519b9be","block_type":"box","text":"Index”), which measures the performance of U.S. stocks issued by large-mid capitalization companies. Morningstar, Inc.","page_number":76,"box":{"x":84,"y":680,"width":845,"height":11}},{"id":"6c433ed6-17f9-438c-8fcf-4796bd758e4a","block_type":"box","text":"(“Morningstar” or the “Index Provider”) defines “large-mid capitalization” stocks as those stocks that form approximately the","page_number":76,"box":{"x":83,"y":694,"width":878,"height":11}},{"id":"96a3355f-bd89-4f18-a6f1-9c95a834df16","block_type":"box","text":"top 90% of the market capitalization of the stocks eligible to be included in the Morningstar","page_number":76,"box":{"x":82,"y":708,"width":650,"height":11}},{"id":"a31cdbad-f550-459a-8b3c-a1668345a398","block_type":"box","text":"®","page_number":76,"box":{"x":733,"y":708,"width":5,"height":3}},{"id":"9affa2ea-bd2e-469f-a9cb-61591b16076b","block_type":"box","text":"US Market Extended Index","page_number":76,"box":{"x":743,"y":708,"width":188,"height":9}},{"id":"12fd318f-4c49-468c-ad32-7292f1d902a6","block_type":"box","text":"SM","page_number":76,"box":{"x":931,"y":707,"width":17,"height":5}},{"id":"db1f5ee7-35ec-4f9f-9480-01eda81a13ab","block_type":"box","text":"(a","page_number":76,"box":{"x":954,"y":708,"width":11,"height":10}},{"id":"55b405d5-fb4e-4c97-8779-79b7af1da933","block_type":"box","text":"diversified broad market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks","page_number":76,"box":{"x":83,"y":723,"width":888,"height":10}},{"id":"aaa84373-e22f-41d1-8de7-d4633924c1f8","block_type":"box","text":"and includes only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index","page_number":76,"box":{"x":83,"y":737,"width":884,"height":11}},{"id":"3310058a-0284-4627-ad54-671527840742","block_type":"box","text":"Provider). The stocks included in the Underlying Index are weighted according to the total value of shares that are publicly","page_number":76,"box":{"x":84,"y":751,"width":861,"height":11}},{"id":"1c794f28-e759-4c2d-8934-5daa7db46b14","block_type":"box","text":"owned and available for investment.","page_number":76,"box":{"x":83,"y":765,"width":254,"height":9}},{"id":"4eabb7d0-5a7a-4901-abff-45fa90df38b5","block_type":"box","text":"As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the","page_number":76,"box":{"x":82,"y":787,"width":816,"height":11}},{"id":"dec61909-d96e-4374-8822-498b6bd9707c","block_type":"box","text":"technology industry or sector. The components of the Underlying Index are likely to change over time.","page_number":76,"box":{"x":82,"y":801,"width":717,"height":11}},{"id":"16c76ecf-9732-4eff-b5d1-6669b77477e5","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":76,"box":{"x":82,"y":824,"width":853,"height":11}},{"id":"1e240a1e-fc1b-47df-b907-73d9ae187713","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":76,"box":{"x":84,"y":838,"width":838,"height":11}},{"id":"70e45352-3c78-4adf-bf9d-54d68d5f40de","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":76,"box":{"x":83,"y":853,"width":868,"height":11}},{"id":"cda2bd1b-aafb-403f-b3c5-ae77b8418262","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":76,"box":{"x":84,"y":867,"width":850,"height":11}},{"id":"58be09ec-b58c-4d7c-be75-5f6ddb33b0c4","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":76,"box":{"x":83,"y":881,"width":806,"height":11}},{"id":"a947c381-dd58-452a-b132-51efb6885942","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":76,"box":{"x":83,"y":895,"width":885,"height":11}},{"id":"dd15323d-4ba7-42b1-9d7d-745ab8390331","block_type":"box","text":"S-63","page_number":76,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"ff720f01-4718-4f6d-821f-451e141b9bbd","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":77,"box":{"x":82,"y":23,"width":885,"height":11}},{"id":"67a0c71f-6b5e-44a5-8d5f-ba4672946772","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":77,"box":{"x":83,"y":37,"width":853,"height":11}},{"id":"61bc1bde-6ed7-4677-9218-41ca9edece4c","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":77,"box":{"x":83,"y":52,"width":867,"height":10}},{"id":"55ac8779-95a8-4852-a69a-8f43e8707fbc","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":77,"box":{"x":83,"y":66,"width":868,"height":11}},{"id":"c99b75a4-c675-4598-b106-ac173edfa7f6","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":77,"box":{"x":82,"y":80,"width":863,"height":11}},{"id":"3ce6612d-b5eb-48ea-9671-8e97493e5d52","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":77,"box":{"x":84,"y":94,"width":825,"height":11}},{"id":"a4842a57-b877-490c-bb27-50cc54a31e0c","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":77,"box":{"x":84,"y":108,"width":405,"height":11}},{"id":"20cb6a36-3f91-482f-9ba9-04f4a400c37a","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":77,"box":{"x":84,"y":131,"width":844,"height":11}},{"id":"ccf40a5d-28a7-4757-96b4-01cae898ce84","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":77,"box":{"x":83,"y":146,"width":860,"height":10}},{"id":"33a5abb9-7ea5-4de4-8f6c-3657b3d1c5ae","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":77,"box":{"x":83,"y":160,"width":831,"height":11}},{"id":"c194c135-1d73-41a1-8c62-e5ee9ad6e853","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":77,"box":{"x":83,"y":174,"width":817,"height":11}},{"id":"89e8df1b-df97-4a2a-b0a4-a3e92fd3a78d","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":77,"box":{"x":84,"y":188,"width":817,"height":11}},{"id":"97115455-e687-4cc5-83d6-65c52df5f8ee","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":77,"box":{"x":83,"y":202,"width":835,"height":11}},{"id":"ee399f38-5aa6-4a2c-803f-1e04d19f9404","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":77,"box":{"x":82,"y":225,"width":873,"height":11}},{"id":"489773bd-1ac8-450a-8ef7-8aad57136d77","block_type":"box","text":"collateral received).","page_number":77,"box":{"x":83,"y":240,"width":136,"height":9}},{"id":"aa92943a-5371-4bff-b58e-81724136c0f8","block_type":"box","text":"The Underlying Index is sponsored by Morningstar, which is independent of the Fund and BFA. The Index Provider determines","page_number":77,"box":{"x":82,"y":263,"width":889,"height":11}},{"id":"4c41f9e5-7989-4164-babf-2bc8c907a039","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":77,"box":{"x":82,"y":277,"width":884,"height":11}},{"id":"ddd87a0a-2d2a-4c03-98bd-a28cf41cab16","block_type":"box","text":"market value of the Underlying Index.","page_number":77,"box":{"x":84,"y":291,"width":262,"height":11}},{"id":"71949b80-82d5-4de1-979f-69bcbd1cac7a","block_type":"box","text":"Industry Concentration Policy.","page_number":77,"box":{"x":84,"y":314,"width":223,"height":11}},{"id":"8d06daf9-ba13-4bf3-86a6-cbdf85fd6322","block_type":"box","text":"The Fund will concentrate its investments (","page_number":77,"box":{"x":312,"y":314,"width":304,"height":10}},{"id":"1ffa15f0-ba9f-45d3-8a86-658262433620","block_type":"box","text":"i.e.","page_number":77,"box":{"x":617,"y":315,"width":17,"height":8}},{"id":"0ce73570-8d34-44d3-ad96-4600e30ecdb2","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":77,"box":{"x":636,"y":314,"width":292,"height":10}},{"id":"36b51fcc-6fbb-4eda-9cf6-eeee0e95a773","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":77,"box":{"x":84,"y":329,"width":858,"height":11}},{"id":"de8d2ee7-8c46-4046-bfa9-370bc9775526","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":77,"box":{"x":84,"y":343,"width":867,"height":11}},{"id":"536cbc0e-8aeb-47ad-835d-f865b35f07c9","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":77,"box":{"x":83,"y":357,"width":826,"height":11}},{"id":"cc27d828-a501-4a7c-a412-205c0dca2887","block_type":"box","text":"Diversification Policy.","page_number":77,"box":{"x":84,"y":380,"width":158,"height":11}},{"id":"be623d7b-7ae5-46d3-b312-ed7f505dd2aa","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion as the Underlying Index is","page_number":77,"box":{"x":246,"y":380,"width":699,"height":11}},{"id":"68c07721-baa2-4ae6-a376-2e3d1bcef62e","block_type":"box","text":"diversified and to invest all or substantially all of its assets in components of the Underlying Index in approximately the same","page_number":77,"box":{"x":83,"y":394,"width":882,"height":11}},{"id":"1525233a-0e73-474e-953a-f2d29af1a922","block_type":"box","text":"proportion as each component’s weighting in the Underlying Index. This diversification policy may limit the Fund’s ability to","page_number":77,"box":{"x":84,"y":409,"width":871,"height":10}},{"id":"883dd3f8-f6a9-4bb6-bd2f-3e359152403d","block_type":"box","text":"use representative sampling. The Fund may become “non-diversified,” as defined in the 1940 Act, solely as a result of a","page_number":77,"box":{"x":83,"y":423,"width":838,"height":11}},{"id":"0abc4cfb-4118-4f6d-a1ed-92fa871695c8","block_type":"box","text":"change in relative market capitalization or index weighting of one or more components of the Underlying Index. Shareholder","page_number":77,"box":{"x":83,"y":437,"width":878,"height":11}},{"id":"ef0e97cb-4f15-46d8-bfd1-0c3103562c49","block_type":"box","text":"approval will not be sought if the Fund becomes “non-diversified” due solely to a change in the relative market capitalization","page_number":77,"box":{"x":83,"y":451,"width":877,"height":11}},{"id":"51ea021f-fb2c-484f-81ca-7470cfca494f","block_type":"box","text":"or index weighting of one or more components of the Underlying Index. The Fund discloses its portfolio holdings and","page_number":77,"box":{"x":83,"y":465,"width":825,"height":11}},{"id":"8916c2a5-84b1-44c7-ae42-08d8fcc23aa4","block_type":"box","text":"weightings at www.iShares.com.","page_number":77,"box":{"x":82,"y":480,"width":227,"height":10}},{"id":"15d7a8aa-0572-409b-a3fc-6b285ba2a49a","block_type":"box","text":"Summary of Principal Risks","page_number":77,"box":{"x":83,"y":508,"width":248,"height":14}},{"id":"00ad2ce1-f663-4628-94e3-9eb3f6f2b19c","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":77,"box":{"x":82,"y":534,"width":882,"height":10}},{"id":"efa9b8b8-84eb-4ce4-96c1-5af243219e48","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":77,"box":{"x":83,"y":548,"width":825,"height":11}},{"id":"5044134a-320b-4efd-9204-f5703bb58015","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":77,"box":{"x":83,"y":562,"width":807,"height":11}},{"id":"76802d4d-b5df-42d8-8dec-89cebbd230b8","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":77,"box":{"x":83,"y":576,"width":844,"height":11}},{"id":"d500fbd2-ad54-41ad-a76b-a83bd24ae699","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":77,"box":{"x":83,"y":590,"width":814,"height":11}},{"id":"c90fb558-6b06-4c47-839c-96cd50c63458","block_type":"box","text":"Risk of Investing in the U.S.","page_number":77,"box":{"x":84,"y":613,"width":200,"height":11}},{"id":"17ce6f64-5bb0-4ab1-911c-345ffb046a86","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":77,"box":{"x":289,"y":614,"width":664,"height":10}},{"id":"9c783945-2897-42f3-a713-5f3f5db482a9","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":77,"box":{"x":83,"y":628,"width":878,"height":11}},{"id":"4845ad77-1ed5-47ac-ad9c-28fd636c0737","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":77,"box":{"x":83,"y":642,"width":470,"height":11}},{"id":"1ef72a28-08c5-48d1-a140-dfe88d75959c","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":77,"box":{"x":84,"y":665,"width":278,"height":11}},{"id":"6d792e90-8d9f-4e3d-9412-5d274dfb4090","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":77,"box":{"x":367,"y":665,"width":540,"height":11}},{"id":"2d4bc4d2-ea54-4446-b100-f94cadbeda63","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":77,"box":{"x":83,"y":680,"width":890,"height":10}},{"id":"c79e8ff9-3135-40ce-acac-13c66536f7de","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":77,"box":{"x":84,"y":694,"width":867,"height":10}},{"id":"2dd719b8-ab32-4e00-92f0-752f500fb241","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":77,"box":{"x":84,"y":708,"width":709,"height":11}},{"id":"8f320c26-e2d2-4de7-a9e6-3b8caa77d7d5","block_type":"box","text":"Equity Securities Risk.","page_number":77,"box":{"x":84,"y":731,"width":163,"height":11}},{"id":"2f4115bd-e5c0-4c48-a57e-eecf600da370","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":77,"box":{"x":253,"y":731,"width":709,"height":11}},{"id":"5cee46eb-1bff-4ed0-baf1-544a2c13c4fa","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":77,"box":{"x":83,"y":745,"width":889,"height":11}},{"id":"f49857cb-3527-4c41-bc36-4c21940c8664","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":77,"box":{"x":83,"y":759,"width":880,"height":11}},{"id":"5cbfdbbe-d433-4bed-9670-497062731fcd","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":77,"box":{"x":83,"y":774,"width":867,"height":10}},{"id":"9177d1c1-5424-47c3-910f-ca5b55e2639b","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":77,"box":{"x":84,"y":788,"width":339,"height":10}},{"id":"b2bdeeaa-da2c-4aab-af0d-3a56d5099a4e","block_type":"box","text":"Market Risk.","page_number":77,"box":{"x":84,"y":811,"width":90,"height":8}},{"id":"502e444d-cfbd-4f4f-a3d8-4cbd02da880c","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":77,"box":{"x":179,"y":811,"width":767,"height":11}},{"id":"11d3e56c-30ff-4c75-a0bc-b369aec53eb2","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":77,"box":{"x":83,"y":825,"width":882,"height":11}},{"id":"0b2af1c7-f580-49c3-944a-e478d1db5712","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":77,"box":{"x":84,"y":839,"width":857,"height":11}},{"id":"33afd9ad-c5de-48af-8d81-506acab35e9c","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":77,"box":{"x":83,"y":853,"width":875,"height":11}},{"id":"75999886-c205-4fec-937c-7fbf449dcbe8","block_type":"box","text":"Fund’s NAV.","page_number":77,"box":{"x":84,"y":867,"width":81,"height":9}},{"id":"6907ce5c-2a6e-4002-ab77-2dcbf1b734e0","block_type":"box","text":"S-64","page_number":77,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"3428db25-4c23-467b-83fa-24fcae0ab3f5","block_type":"box","text":"Index-Related Risk.","page_number":78,"box":{"x":84,"y":23,"width":143,"height":9}},{"id":"0e5d716f-4a81-4306-8c08-10486eb22ad5","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":78,"box":{"x":231,"y":23,"width":742,"height":11}},{"id":"68d8b0cd-58d7-4fe1-8b5f-ee03a779e2e3","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":78,"box":{"x":84,"y":37,"width":855,"height":11}},{"id":"615a5b61-1fbe-407b-b34d-e955e8cfb2c4","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":78,"box":{"x":83,"y":51,"width":852,"height":11}},{"id":"5d6d02a6-83c8-4133-a8a2-fe3b55b42c05","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":78,"box":{"x":83,"y":66,"width":877,"height":11}},{"id":"503fbc3e-a864-4041-8618-ed7d74f3e58c","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":78,"box":{"x":82,"y":80,"width":849,"height":11}},{"id":"eb21857a-bfbe-4bca-8a6e-0e32ab93e5ae","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":78,"box":{"x":83,"y":94,"width":849,"height":11}},{"id":"28cb8c90-345a-446e-98a0-0e846e6cfd76","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":78,"box":{"x":84,"y":108,"width":890,"height":11}},{"id":"14af3cd0-4f61-4892-bd74-ea13973d46da","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":78,"box":{"x":84,"y":123,"width":852,"height":10}},{"id":"05c36845-7d54-41b5-8018-7675ecbf9a9a","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":78,"box":{"x":83,"y":137,"width":539,"height":10}},{"id":"9ee34bf9-fd3e-491c-8133-ec1e06c3f73c","block_type":"box","text":"Asset Class Risk.","page_number":78,"box":{"x":82,"y":160,"width":123,"height":8}},{"id":"76a644b0-1046-437f-9f9f-30cea37f7d2d","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":78,"box":{"x":209,"y":160,"width":721,"height":11}},{"id":"7cae4b04-e1a7-4da9-aab7-c0390bdcc91f","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":78,"box":{"x":83,"y":174,"width":774,"height":11}},{"id":"1e54073d-ddb3-4511-bcda-3b4f8aa65e76","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":78,"box":{"x":82,"y":197,"width":318,"height":11}},{"id":"0e282042-7a4a-47de-bf1e-dddc7213ff69","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":78,"box":{"x":405,"y":197,"width":531,"height":11}},{"id":"a28b70b1-a9bc-437b-99b5-afd757c3ec19","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":78,"box":{"x":84,"y":211,"width":809,"height":11}},{"id":"7560055c-775f-417b-8e85-5a58c40d20bc","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":78,"box":{"x":82,"y":225,"width":816,"height":11}},{"id":"59b8c844-61ba-4a5d-a9a8-c4de2686eed0","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":78,"box":{"x":82,"y":240,"width":885,"height":11}},{"id":"6ccd4d2b-f501-49ea-b0db-2c3557d11a45","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":78,"box":{"x":83,"y":254,"width":871,"height":11}},{"id":"21afd3ce-f481-4b6d-b19d-52b40aa3f7a0","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":78,"box":{"x":84,"y":268,"width":845,"height":11}},{"id":"e8a4958e-1a86-4733-94cf-a86cb7dc54cf","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":78,"box":{"x":82,"y":282,"width":882,"height":11}},{"id":"8fc20288-e934-486b-9bc7-09242e8b9465","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":78,"box":{"x":84,"y":296,"width":853,"height":11}},{"id":"218a04ca-2952-4511-b31c-3d8b90cf6c7a","block_type":"box","text":"halts or delisting.","page_number":78,"box":{"x":84,"y":311,"width":120,"height":10}},{"id":"e1e20afb-df6e-4e0a-8273-e5e8b9dfedc9","block_type":"box","text":"Concentration Risk.","page_number":78,"box":{"x":83,"y":334,"width":145,"height":8}},{"id":"b40f714a-74cd-434b-8575-e63c6a464569","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":78,"box":{"x":232,"y":334,"width":712,"height":11}},{"id":"3ed57127-487a-48b9-94ac-b3985771c5f9","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":78,"box":{"x":83,"y":348,"width":884,"height":10}},{"id":"4937c419-64ee-4383-8e11-061cbe4514d0","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":78,"box":{"x":82,"y":362,"width":887,"height":11}},{"id":"cfced912-1cb6-42dc-a1b6-722042b49c71","block_type":"box","text":"asset classes.","page_number":78,"box":{"x":83,"y":377,"width":95,"height":8}},{"id":"86128470-43a1-4808-80d9-e1e1bdd00b89","block_type":"box","text":"Growth Securities Risk.","page_number":78,"box":{"x":83,"y":400,"width":170,"height":8}},{"id":"a6b36bd0-c087-4ad0-8dcc-b4722ec649a8","block_type":"box","text":"Growth securities are those issued by companies whose earnings growth potential appears to be","page_number":78,"box":{"x":259,"y":400,"width":681,"height":10}},{"id":"73ceef49-db7a-4872-a187-a43b12e842f7","block_type":"box","text":"greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The","page_number":78,"box":{"x":83,"y":414,"width":855,"height":11}},{"id":"1230e0a4-f00d-487b-9c1d-8de6c85b12f1","block_type":"box","text":"prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and","page_number":78,"box":{"x":84,"y":428,"width":824,"height":11}},{"id":"92afa1f3-b8b3-4ef9-9620-a2d1f958f00b","block_type":"box","text":"significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as","page_number":78,"box":{"x":83,"y":442,"width":873,"height":11}},{"id":"4f303851-e85d-4e88-968e-ef47d39f9705","block_type":"box","text":"well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of","page_number":78,"box":{"x":82,"y":456,"width":888,"height":11}},{"id":"d421f3ab-14a2-4949-b413-29a684408ad0","block_type":"box","text":"the Fund.","page_number":78,"box":{"x":82,"y":471,"width":67,"height":8}},{"id":"aeafb480-cb38-451e-b610-f0ac53bdede0","block_type":"box","text":"Issuer Risk.","page_number":78,"box":{"x":84,"y":494,"width":82,"height":8}},{"id":"aa1a9a74-14ac-4370-a888-ede6c1490c73","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":78,"box":{"x":170,"y":494,"width":780,"height":10}},{"id":"c6a3d51a-df7c-4174-8b16-f033d094c587","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":78,"box":{"x":84,"y":508,"width":885,"height":11}},{"id":"6499e51e-ea7b-423b-b5e1-7842a1dd0bb4","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":78,"box":{"x":82,"y":522,"width":577,"height":11}},{"id":"c8618234-14be-4304-8c73-43ecc97248fc","block_type":"box","text":"Management Risk.","page_number":78,"box":{"x":84,"y":545,"width":136,"height":11}},{"id":"a953a1aa-4d2c-4f3e-8258-9910cab26f5e","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":78,"box":{"x":225,"y":545,"width":711,"height":11}},{"id":"4f88632e-54d9-429b-ac9b-9161cbbe65f4","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":78,"box":{"x":84,"y":559,"width":876,"height":11}},{"id":"871bb1af-7790-450d-ad34-2eb84a0d52ca","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":78,"box":{"x":83,"y":574,"width":859,"height":10}},{"id":"ed38a648-982a-4141-89e9-82d743e9bd5c","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":78,"box":{"x":83,"y":588,"width":847,"height":11}},{"id":"22d70638-c572-48fa-b293-5906ba272a8f","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":78,"box":{"x":83,"y":602,"width":756,"height":11}},{"id":"1d3dc621-d3ac-4262-84f9-ab02411029a0","block_type":"box","text":"Market Trading Risk.","page_number":78,"box":{"x":84,"y":625,"width":151,"height":11}},{"id":"556000af-34f4-4f1b-b867-017e5f0261ec","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":78,"box":{"x":239,"y":625,"width":695,"height":11}},{"id":"92b75903-542d-40ef-9e85-1ec9785b0d84","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":78,"box":{"x":84,"y":639,"width":841,"height":11}},{"id":"28676122-21c6-4b7f-af7e-d6ddd106b49d","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":78,"box":{"x":83,"y":653,"width":887,"height":11}},{"id":"55d5210c-4cfc-40d2-87dd-5ba1f3006ca1","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":78,"box":{"x":83,"y":668,"width":839,"height":11}},{"id":"1f1c80db-b770-47b5-92d2-76d27e46bfdd","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":78,"box":{"x":84,"y":682,"width":865,"height":11}},{"id":"5ff8909c-d887-4b91-b0d0-0315a4c7fb30","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":78,"box":{"x":82,"y":696,"width":885,"height":11}},{"id":"43bbcdc5-ac36-480c-85eb-00e7b8afa824","block_type":"box","text":"of the Fund shares.","page_number":78,"box":{"x":83,"y":710,"width":135,"height":9}},{"id":"db16e7f0-d0ef-4c62-85d2-baadb4813fd6","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":78,"box":{"x":84,"y":733,"width":264,"height":11}},{"id":"4e16dc57-52a7-49b8-8186-82eccc5adbb9","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":78,"box":{"x":353,"y":734,"width":590,"height":10}},{"id":"6ba31eca-fed2-409c-832b-03f645670dc5","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":78,"box":{"x":84,"y":748,"width":846,"height":10}},{"id":"a8976517-f8ec-459c-9172-5e9e6d47c65d","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":78,"box":{"x":82,"y":762,"width":875,"height":11}},{"id":"7e27957e-2551-4733-91c5-244d34027bce","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":78,"box":{"x":82,"y":776,"width":529,"height":11}},{"id":"f9246deb-f20e-4431-b4d6-bc30d6d3af72","block_type":"box","text":"Non-Diversification Risk.","page_number":78,"box":{"x":84,"y":799,"width":184,"height":9}},{"id":"0e9cc333-1ee9-45de-949e-fed6d038122f","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large percentage of its assets in","page_number":78,"box":{"x":272,"y":799,"width":681,"height":11}},{"id":"7035b707-8838-4771-9365-0bb832d672b1","block_type":"box","text":"securities or other instruments representing a small number of issuers or counterparties and thus may be more susceptible","page_number":78,"box":{"x":83,"y":813,"width":873,"height":11}},{"id":"3346ec1c-239c-438d-bd83-1132ec756d22","block_type":"box","text":"to the risks associated with these particular issuers or counterparties. As a result, the Fund's performance may depend to a","page_number":78,"box":{"x":82,"y":828,"width":867,"height":10}},{"id":"a019b2a3-5600-4c9b-8301-b40b2f850aac","block_type":"box","text":"greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the","page_number":78,"box":{"x":83,"y":842,"width":857,"height":11}},{"id":"0511c543-5a95-45be-b273-e6083c2f55e3","block_type":"box","text":"Fund’s NAV.","page_number":78,"box":{"x":84,"y":856,"width":81,"height":8}},{"id":"39f6988b-a23b-4049-96f5-079947db509c","block_type":"box","text":"S-65","page_number":78,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"7730ea38-dc04-43a2-bf2f-9e1b4fa31511","block_type":"box","text":"Operational and Technology Risks.","page_number":79,"box":{"x":83,"y":23,"width":255,"height":11}},{"id":"164a94eb-5e69-41b2-a2ff-3b25329844d6","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":79,"box":{"x":342,"y":23,"width":582,"height":11}},{"id":"95dfc07b-aa61-4806-b71c-54f974d410af","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":79,"box":{"x":83,"y":37,"width":876,"height":11}},{"id":"eb11e300-5eb0-4a9c-9ad8-3c892a847027","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":79,"box":{"x":83,"y":51,"width":879,"height":11}},{"id":"d3fd82e7-7b93-451e-bd0b-5f359b651792","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":79,"box":{"x":83,"y":66,"width":825,"height":11}},{"id":"ed9bb941-d0c9-40b0-b7c2-e159ba0e99b0","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":79,"box":{"x":83,"y":80,"width":863,"height":11}},{"id":"d73f3de0-fbb1-4dbc-a270-256b738b3725","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":79,"box":{"x":83,"y":94,"width":872,"height":11}},{"id":"3b7d3bd2-540e-4b0c-ade6-0f49074acb2c","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":79,"box":{"x":84,"y":108,"width":823,"height":11}},{"id":"ac7defc6-79a1-44ea-88bb-b069ec86f453","block_type":"box","text":"Securities Lending Risk.","page_number":79,"box":{"x":83,"y":131,"width":177,"height":11}},{"id":"320fe5fc-fe9c-4d59-b49c-441db9bb46ef","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":79,"box":{"x":264,"y":132,"width":692,"height":10}},{"id":"246a714b-6ab2-4715-9ca8-d66d957038e6","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":79,"box":{"x":84,"y":146,"width":869,"height":10}},{"id":"a5189788-04cd-433e-9984-b14ee925b2c0","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":79,"box":{"x":83,"y":160,"width":886,"height":11}},{"id":"9500ef85-241c-4ac7-b973-f21f61e5179a","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":79,"box":{"x":83,"y":174,"width":831,"height":11}},{"id":"5b8b8fee-0524-4184-8d7d-d7c5439f356c","block_type":"box","text":"Technology Companies Risk.","page_number":79,"box":{"x":82,"y":197,"width":211,"height":11}},{"id":"a12c38d9-fc01-4989-af12-9468eb262d57","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":79,"box":{"x":298,"y":197,"width":656,"height":11}},{"id":"617b978c-0f5d-4579-b6e9-994467600610","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":79,"box":{"x":84,"y":211,"width":848,"height":11}},{"id":"5a7f752e-8a96-4320-bb1f-785594d41e48","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":79,"box":{"x":83,"y":226,"width":887,"height":10}},{"id":"ad8cce18-2ff4-4470-8aab-95e05cf65e68","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":79,"box":{"x":83,"y":240,"width":884,"height":11}},{"id":"5a3816a9-5268-4709-af34-62c7c51f5b21","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":79,"box":{"x":82,"y":254,"width":839,"height":11}},{"id":"60c3332e-d69b-41e4-84c3-e4913b0b04ac","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":79,"box":{"x":83,"y":268,"width":870,"height":11}},{"id":"cfd5203e-78a9-4a9f-82ee-7594fde2a3b5","block_type":"box","text":"government or legal action.","page_number":79,"box":{"x":83,"y":282,"width":193,"height":11}},{"id":"964454b2-eb93-4371-b844-f84bca2533a1","block_type":"box","text":"Tracking Error Risk.","page_number":79,"box":{"x":82,"y":305,"width":145,"height":11}},{"id":"13641baa-854d-4069-80ae-92d1bedfdcdb","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":79,"box":{"x":231,"y":305,"width":741,"height":11}},{"id":"8575c515-bbe8-4a83-9cad-34f3f8d353e6","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":79,"box":{"x":83,"y":320,"width":861,"height":10}},{"id":"25975522-f578-45cb-8fbc-26ba6b2afdc8","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":79,"box":{"x":83,"y":334,"width":832,"height":11}},{"id":"907ac113-2086-4f0d-b1dd-83a9a77ce147","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":79,"box":{"x":84,"y":348,"width":880,"height":11}},{"id":"8c3b6608-6181-422a-be80-2efc6c5561c9","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":79,"box":{"x":84,"y":362,"width":830,"height":11}},{"id":"3f892123-0f14-42b5-8c84-082f3350a862","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":79,"box":{"x":82,"y":376,"width":828,"height":11}},{"id":"4ffae044-b0bf-41d5-83f0-af5dc30c5ed8","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":79,"box":{"x":83,"y":391,"width":874,"height":10}},{"id":"d9a0a843-ff7a-47c0-b8db-9b400959de5c","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":79,"box":{"x":84,"y":405,"width":888,"height":11}},{"id":"506d1881-19c3-46ad-8f6a-f8d06a39afb9","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":79,"box":{"x":84,"y":419,"width":851,"height":11}},{"id":"4a232820-d919-4f66-b3d7-49b609aca947","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":79,"box":{"x":84,"y":433,"width":885,"height":11}},{"id":"bdf3313b-8ac5-42c3-bbbe-231fb9b398da","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":79,"box":{"x":83,"y":447,"width":874,"height":11}},{"id":"8e601f10-2435-4a25-b164-3726f1cd62c3","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":79,"box":{"x":84,"y":461,"width":724,"height":11}},{"id":"2503ebca-563a-410e-8a3b-b8f03dccdcf8","block_type":"box","text":"Value Securities Risk.","page_number":79,"box":{"x":82,"y":485,"width":158,"height":8}},{"id":"8667db83-ab95-4c53-a3a2-44270dba7b03","block_type":"box","text":"Value securities are those issued by companies that may be perceived as undervalued. Such securities","page_number":79,"box":{"x":244,"y":485,"width":723,"height":10}},{"id":"3335ba1d-9147-4ada-b901-443f46ab1e3b","block_type":"box","text":"may decline in price or fail to appreciate for long periods of time, and they may never realize their full potential value. Value","page_number":79,"box":{"x":84,"y":499,"width":865,"height":11}},{"id":"f5b860e9-6c45-4a4c-80fb-c125c9a0a21d","block_type":"box","text":"securities may underperform growth securities and other types of assets as well as the overall stock market. Value securities","page_number":79,"box":{"x":83,"y":513,"width":876,"height":11}},{"id":"c1a7acc2-5a0c-4844-8d46-f881494b8622","block_type":"box","text":"may go in and out of favor over time, which could affect the performance of the Fund.","page_number":79,"box":{"x":84,"y":527,"width":601,"height":11}},{"id":"eab1792d-fbe1-4cfd-b7fa-90d90d3a21c4","block_type":"box","text":"Performance Information","page_number":79,"box":{"x":84,"y":556,"width":229,"height":11}},{"id":"b7189e61-0047-4a58-a84a-73e57d5e1159","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":79,"box":{"x":82,"y":581,"width":864,"height":11}},{"id":"34d29c68-aa06-48e3-807b-12558c930290","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":79,"box":{"x":83,"y":596,"width":871,"height":10}},{"id":"038e2890-e6f0-496a-93d7-a8cdfd46d36b","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":79,"box":{"x":83,"y":610,"width":868,"height":11}},{"id":"6cdc646f-864a-40af-bac7-81c60c59a055","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":79,"box":{"x":84,"y":624,"width":837,"height":11}},{"id":"69e7bc23-c246-4f0c-9f8e-d0bd28761c71","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":79,"box":{"x":83,"y":638,"width":869,"height":11}},{"id":"3507fd86-05ae-4446-b015-26a3f083aa77","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":79,"box":{"x":84,"y":652,"width":832,"height":11}},{"id":"89894005-5ad8-4f7a-8c52-7764602a7f88","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":79,"box":{"x":84,"y":666,"width":841,"height":11}},{"id":"57a72035-762e-4182-af92-55cf0e111762","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":79,"box":{"x":82,"y":681,"width":531,"height":10}},{"id":"923bbf94-48aa-4d24-9d63-ce4cccdcec2d","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":79,"box":{"x":165,"y":705,"width":260,"height":11}},{"id":"cbd91d78-1e97-471e-92c6-64cf7b23c4af","block_type":"box","text":"13.58","page_number":79,"box":{"x":117,"y":784,"width":25,"height":6}},{"id":"5d404229-ff05-45da-810a-3cd973044ef1","block_type":"box","text":"22.12","page_number":79,"box":{"x":153,"y":773,"width":26,"height":6}},{"id":"9658f7a0-c747-4c52-b25e-b773f598168c","block_type":"box","text":"-8.40","page_number":79,"box":{"x":191,"y":829,"width":24,"height":6}},{"id":"3e09438f-21a2-4e8a-a0a5-f277f00bfc68","block_type":"box","text":"32.77","page_number":79,"box":{"x":227,"y":758,"width":26,"height":6}},{"id":"3c340dd6-1422-4d5a-92db-6f9a5fab17e0","block_type":"box","text":"19.42","page_number":79,"box":{"x":265,"y":776,"width":25,"height":6}},{"id":"685d4f86-eb82-423f-9afb-1073a92bfc80","block_type":"box","text":"23.95","page_number":79,"box":{"x":301,"y":770,"width":26,"height":6}},{"id":"2585dcfc-5804-4db9-9493-be1482031f0c","block_type":"box","text":"-19.51","page_number":79,"box":{"x":336,"y":844,"width":28,"height":6}},{"id":"a8fee630-ada1-4774-9d1d-9d711d0dfc7c","block_type":"box","text":"26.86","page_number":79,"box":{"x":375,"y":766,"width":26,"height":6}},{"id":"363813d1-c3f2-4f4f-ad7c-1a04855c6f28","block_type":"box","text":"25.03","page_number":79,"box":{"x":412,"y":769,"width":26,"height":6}},{"id":"8c0688d3-1ff1-44cd-8889-c9a35f9d22bc","block_type":"box","text":"17.65","page_number":79,"box":{"x":450,"y":779,"width":25,"height":6}},{"id":"f8706f8a-ea36-43b7-813b-306e7d4ef843","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":79,"box":{"x":117,"y":859,"width":357,"height":6}},{"id":"254f7a6d-e84d-469c-a857-02a1cd928710","block_type":"box","text":"Return (%) Period Ended","page_number":79,"box":{"x":790,"y":720,"width":176,"height":9}},{"id":"d6eda5bb-08c6-4dc3-8217-56422d00bb7c","block_type":"box","text":"Calendar Year-to-Date Return","page_number":79,"box":{"x":550,"y":738,"width":197,"height":8}},{"id":"7646c665-1297-46b5-94b0-8a3b7697faee","block_type":"box","text":"10.43% June 30, 2026","page_number":79,"box":{"x":804,"y":738,"width":168,"height":9}},{"id":"7807afba-fad6-4248-91cc-4fba41754c42","block_type":"box","text":"During the periods shown in the chart:","page_number":79,"box":{"x":551,"y":751,"width":250,"height":10}},{"id":"9d12b6f4-5fe4-4b10-a6eb-efea6fa134c1","block_type":"box","text":"Best Quarter 19.69% June 30, 2020","page_number":79,"box":{"x":564,"y":764,"width":408,"height":9}},{"id":"ebd7b5cf-7644-445a-a1f7-0bc95e21263b","block_type":"box","text":"Worst Quarter -20.24% March 31, 2020","page_number":79,"box":{"x":563,"y":777,"width":409,"height":9}},{"id":"efd8283e-35d9-44d3-9ff6-ca5326e1aca3","block_type":"box","text":"S-66","page_number":79,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"e61c3124-f611-4901-97b1-9be081829f96","block_type":"box","text":"Average Annual Total Returns (%)","page_number":80,"box":{"x":403,"y":31,"width":250,"height":11}},{"id":"24df6f4e-cd76-4a28-bcb4-03d0c1cfc390","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":80,"box":{"x":371,"y":45,"width":315,"height":11}},{"id":"0584f01f-45dc-4cec-874b-e6bd98ab5b29","block_type":"box","text":"One Year Five Years Ten Years","page_number":80,"box":{"x":701,"y":61,"width":268,"height":8}},{"id":"2133dfe0-d982-4e9e-8b06-495473f7f0e8","block_type":"box","text":"Fund Inception: 6/28/2004","page_number":80,"box":{"x":88,"y":77,"width":180,"height":9}},{"id":"2aec3c0d-e1c2-40a6-aea7-fb1c37df891b","block_type":"box","text":"Return Before Taxes","page_number":80,"box":{"x":89,"y":89,"width":124,"height":7}},{"id":"2fcfa691-4607-436b-9f06-175e05dd4870","block_type":"box","text":"17.65% 13.24% 14.13%","page_number":80,"box":{"x":712,"y":89,"width":257,"height":7}},{"id":"42e54293-65d7-4a1a-b72e-a0540ac0ba77","block_type":"box","text":"Return After Taxes on Distributions 17.30% 12.86% 13.67%","page_number":80,"box":{"x":89,"y":100,"width":880,"height":8}},{"id":"3722d075-a0f8-430d-8719-78148254dcea","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 10.64% 10.51% 11.75%","page_number":80,"box":{"x":89,"y":112,"width":880,"height":7}},{"id":"646f1ff5-8a8c-40a7-a011-2a598ba525cf","block_type":"box","text":"Morningstar US Market Index","page_number":80,"box":{"x":88,"y":123,"width":194,"height":10}},{"id":"d27b9615-206f-4f67-82c4-59936fea826d","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.35% 13.29% 14.40%","page_number":80,"box":{"x":286,"y":123,"width":683,"height":10}},{"id":"e387e97d-0a35-456d-a1e3-1ecf8a6525cd","block_type":"box","text":"Morningstar US Large-Mid Cap Market Index (Spliced)","page_number":80,"box":{"x":88,"y":135,"width":358,"height":10}},{"id":"cc537ee8-9054-4465-881d-0d8a41e3f4f7","block_type":"box","text":"1","page_number":80,"box":{"x":447,"y":134,"width":5,"height":4}},{"id":"fa694e83-8b40-49e8-b45c-cb67d586e790","block_type":"box","text":"(Returns do not reflect deductions","page_number":80,"box":{"x":457,"y":135,"width":214,"height":8}},{"id":"c8c01f57-c130-431d-88b1-d3831c5916cd","block_type":"box","text":"for fees, expenses or taxes)","page_number":80,"box":{"x":101,"y":148,"width":169,"height":9}},{"id":"33d5bc94-86bf-4cdf-84b3-487710efe1bb","block_type":"box","text":"17.71% 13.27% 14.27%","page_number":80,"box":{"x":712,"y":148,"width":257,"height":7}},{"id":"139e94ef-7c8b-4653-8335-caa58729dbad","block_type":"box","text":"1","page_number":80,"box":{"x":110,"y":167,"width":5,"height":4}},{"id":"909fab0a-85a8-4447-8d9b-dfba161ba400","block_type":"box","text":"The Morningstar US Large-Mid Cap Market Index (Spliced) reflects the performance of the Morningstar US Large Core Index through","page_number":80,"box":{"x":123,"y":168,"width":839,"height":9}},{"id":"bbc4da65-2c67-4973-9562-59adbf3369ad","block_type":"box","text":"March 21, 2021 and the Morningstar US Large-Mid Cap Market Index thereafter, which reflect the times when each index was the","page_number":80,"box":{"x":124,"y":178,"width":814,"height":10}},{"id":"ff564a53-99c2-436c-b7a1-7464ad0a1f5e","block_type":"box","text":"Underlying Index of the Fund.","page_number":80,"box":{"x":124,"y":188,"width":185,"height":10}},{"id":"d4e766d2-bf06-40ea-8eb7-6f3a3b26cd3c","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":80,"box":{"x":82,"y":208,"width":857,"height":11}},{"id":"289ee483-1a6b-406e-ba09-bf75b611d408","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":80,"box":{"x":84,"y":222,"width":864,"height":11}},{"id":"363436ad-4e42-4ea4-b514-682ec6a5d17d","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":80,"box":{"x":84,"y":237,"width":847,"height":10}},{"id":"fe0c983f-eddd-4d73-bfad-7a92834c91ee","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":80,"box":{"x":83,"y":250,"width":857,"height":12}},{"id":"40dcb3cb-3c04-4341-ad4a-1b18b447380c","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":80,"box":{"x":83,"y":265,"width":877,"height":11}},{"id":"47872bad-a938-4dc2-a327-3a3223e2dddc","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":80,"box":{"x":82,"y":279,"width":837,"height":11}},{"id":"164dde5d-2851-45ff-814f-5d671d78b3c9","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":80,"box":{"x":84,"y":293,"width":885,"height":11}},{"id":"46cb5b56-0e94-4113-a1bd-f2594099c994","block_type":"box","text":"on distributions.","page_number":80,"box":{"x":83,"y":308,"width":115,"height":8}},{"id":"1a0e5cd4-e1dd-4cc5-aed5-0d0045b8a89a","block_type":"box","text":"Management","page_number":80,"box":{"x":84,"y":337,"width":120,"height":13}},{"id":"1dca0fff-6057-42a9-bf29-e77658987148","block_type":"box","text":"Investment Adviser.","page_number":80,"box":{"x":84,"y":361,"width":144,"height":9}},{"id":"6cbdd642-506c-40b6-a8b9-7384c679be75","block_type":"box","text":"BlackRock Fund Advisors.","page_number":80,"box":{"x":234,"y":362,"width":180,"height":8}},{"id":"98f0fee6-1dd4-45cb-b15e-ca2d5a1656bd","block_type":"box","text":"Portfolio Managers.","page_number":80,"box":{"x":84,"y":385,"width":145,"height":11}},{"id":"208f679a-59ba-4097-a026-397fa1015d8e","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":80,"box":{"x":233,"y":385,"width":679,"height":11}},{"id":"384b9692-1b4c-47e3-9034-ab98a9ff9e03","block_type":"box","text":"management of the Fund:","page_number":80,"box":{"x":84,"y":399,"width":182,"height":11}},{"id":"422c4ef9-4ea5-45dd-9893-0e66b52b8d04","block_type":"box","text":"Portfolio Manager","page_number":80,"box":{"x":88,"y":435,"width":120,"height":9}},{"id":"7ecd77f7-53b1-4ae2-bddc-78ea7937204e","block_type":"box","text":"Portfolio Manager of the","page_number":80,"box":{"x":441,"y":422,"width":161,"height":9}},{"id":"3734c296-11ea-43d4-8204-04ebac160464","block_type":"box","text":"Fund Since","page_number":80,"box":{"x":485,"y":435,"width":72,"height":7}},{"id":"f6eb7f63-983b-4257-a977-0c86e3b69efb","block_type":"box","text":"Title with Investment","page_number":80,"box":{"x":834,"y":422,"width":140,"height":7}},{"id":"536a0cdd-06b9-40cb-a43a-6b3c1fb35f0a","block_type":"box","text":"Adviser","page_number":80,"box":{"x":880,"y":435,"width":48,"height":7}},{"id":"a977b377-29a5-4b5b-aec1-0f5b477d553f","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":80,"box":{"x":87,"y":450,"width":877,"height":10}},{"id":"1e40fe2c-8ca5-40c4-ac29-c65197bff163","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":80,"box":{"x":89,"y":466,"width":875,"height":9}},{"id":"1556c035-6318-43e6-89c4-e9d5093aeafc","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":80,"box":{"x":89,"y":481,"width":875,"height":10}},{"id":"e0be1368-0d45-444e-a07b-f1b7a89098aa","block_type":"box","text":"Steven White 2025 Managing Director","page_number":80,"box":{"x":88,"y":497,"width":876,"height":9}},{"id":"b3525955-7c43-499f-8e08-7c455b6be889","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":80,"box":{"x":84,"y":532,"width":304,"height":10}},{"id":"2ce9893d-2e5f-4803-acb0-515a6c0a061a","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":80,"box":{"x":82,"y":557,"width":878,"height":11}},{"id":"e7dc8c66-72bf-4720-bd70-e9596cec134c","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":80,"box":{"x":83,"y":571,"width":855,"height":11}},{"id":"57e8bb6f-b480-474b-92bc-eafbd27b5d00","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":80,"box":{"x":83,"y":585,"width":817,"height":11}},{"id":"88639021-d25d-4172-906d-1601185867b5","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":80,"box":{"x":83,"y":599,"width":878,"height":11}},{"id":"dcfc1cf2-4fd8-4422-9a29-c81571f864e5","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":80,"box":{"x":84,"y":614,"width":860,"height":10}},{"id":"ebe1895c-acef-4abc-b46a-d921779a61d0","block_type":"box","text":"(the “bid-ask spread”).","page_number":80,"box":{"x":83,"y":628,"width":157,"height":10}},{"id":"e3795e7c-e0ed-48ad-8e93-342e15e6215d","block_type":"box","text":"Tax Information","page_number":80,"box":{"x":82,"y":657,"width":144,"height":10}},{"id":"f6fa8d77-f300-4989-a565-d79daeff30c4","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":80,"box":{"x":82,"y":682,"width":832,"height":11}},{"id":"cd0daa08-5f19-432f-aa0b-c8f7bfbb3ffa","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":80,"box":{"x":83,"y":696,"width":883,"height":11}},{"id":"1bd46a7e-ffae-40cf-bb15-0b92b04de468","block_type":"box","text":"be taxed when withdrawn.","page_number":80,"box":{"x":84,"y":710,"width":181,"height":9}},{"id":"fa7286df-8927-4ce3-8192-13f44100190d","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":80,"box":{"x":84,"y":739,"width":575,"height":14}},{"id":"f78103e0-e4fb-434a-a4ce-6caf7fcac414","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":80,"box":{"x":84,"y":764,"width":854,"height":11}},{"id":"7c66aab5-81c2-4d94-a536-694758b35eeb","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":80,"box":{"x":84,"y":779,"width":842,"height":10}},{"id":"81782189-40f9-42ed-8b7a-2f03d4b726b6","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":80,"box":{"x":83,"y":793,"width":820,"height":11}},{"id":"4c02ec74-32cb-4b4d-be7a-45a956aef330","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":80,"box":{"x":84,"y":807,"width":801,"height":11}},{"id":"c73bd5c6-5e40-4956-9f87-c9e95dc5adb1","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":80,"box":{"x":83,"y":821,"width":841,"height":11}},{"id":"bbd8d24a-1991-4c80-b4a6-2b5dcf9abab4","block_type":"box","text":"financial intermediary’s website for more information.","page_number":80,"box":{"x":83,"y":835,"width":379,"height":11}},{"id":"5fcf847a-9dcd-4722-9bc9-9cf2b2203318","block_type":"box","text":"S-67","page_number":80,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"b9d8677c-30eb-41da-9497-151fcfd3757d","block_type":"box","text":"iShares Morningstar Value ETF","page_number":81,"box":{"x":84,"y":23,"width":432,"height":21}},{"id":"f19a107c-6da2-4056-8070-640592f84c47","block_type":"box","text":"ILCV | NYSE Arca","page_number":81,"box":{"x":85,"y":47,"width":235,"height":18}},{"id":"1207c07d-36ba-4575-bb22-504db76c8e6a","block_type":"box","text":"Investment Objective","page_number":81,"box":{"x":84,"y":92,"width":192,"height":14}},{"id":"f6c0dee9-4783-4dfe-8588-cfe02271a2d5","block_type":"box","text":"The iShares Morningstar Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and","page_number":81,"box":{"x":82,"y":117,"width":857,"height":11}},{"id":"07d42223-984a-43a6-a0a3-84e403bbdd43","block_type":"box","text":"mid-capitalization U.S. equities that exhibit value characteristics.","page_number":81,"box":{"x":84,"y":132,"width":458,"height":10}},{"id":"0b968cd8-500d-4659-9928-9bc58e7b2c8f","block_type":"box","text":"Fees and Expenses","page_number":81,"box":{"x":84,"y":161,"width":169,"height":12}},{"id":"2c7a5c2f-3d68-418c-b378-d6f6761e4e5d","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":81,"box":{"x":82,"y":186,"width":874,"height":10}},{"id":"6df6b9b9-6173-473e-86e9-9cb53f4d15c2","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":81,"box":{"x":83,"y":200,"width":871,"height":11}},{"id":"26be5b6a-8b61-41be-a069-549f14ef0ae1","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":81,"box":{"x":84,"y":214,"width":887,"height":11}},{"id":"d4b64ed3-8a69-49f6-9870-edbef4ce28d6","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":81,"box":{"x":84,"y":228,"width":795,"height":11}},{"id":"bc369821-873c-4345-82f2-79aaa28e5439","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":81,"box":{"x":83,"y":242,"width":854,"height":11}},{"id":"eb20a0de-6e51-43ad-b94d-93a2e5ba359a","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":81,"box":{"x":82,"y":256,"width":829,"height":11}},{"id":"69fec93e-2f66-483a-9c72-db3ddc25a06a","block_type":"box","text":"extraordinary expenses.","page_number":81,"box":{"x":83,"y":271,"width":168,"height":10}},{"id":"5320febf-efb2-4bfc-8367-49529d514183","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":81,"box":{"x":82,"y":294,"width":830,"height":11}},{"id":"ddbf6fe8-93c5-45bb-93ca-c33193b9aa45","block_type":"box","text":"reflected in the table and example below.","page_number":81,"box":{"x":83,"y":308,"width":301,"height":11}},{"id":"fb90e4ac-0e98-428e-bad3-7cc8006d2fb4","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":81,"box":{"x":87,"y":331,"width":761,"height":10}},{"id":"d5bb3c84-e523-44fc-aeef-42eef5a0cead","block_type":"box","text":"1","page_number":81,"box":{"x":849,"y":330,"width":5,"height":4}},{"id":"624ea5da-f524-4df1-b935-bdc9ca2913b0","block_type":"box","text":"Management Fee","page_number":81,"box":{"x":89,"y":351,"width":109,"height":10}},{"id":"19b6ed31-0e88-4b82-930f-e61ca128dbdb","block_type":"box","text":"0.04%","page_number":81,"box":{"x":920,"y":351,"width":41,"height":7}},{"id":"23741e5f-20e9-4a7d-97c4-6888ee01a551","block_type":"box","text":"Other Expenses","page_number":81,"box":{"x":88,"y":366,"width":99,"height":10}},{"id":"b1f179b6-a364-484d-b5fc-38899ce60fd4","block_type":"box","text":"0.00%","page_number":81,"box":{"x":920,"y":366,"width":41,"height":8}},{"id":"c2cc0c74-1dfb-4233-80f9-b3b15ea7b1da","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":81,"box":{"x":87,"y":382,"width":246,"height":9}},{"id":"b81f70e7-d86d-4032-8f16-b25a610b2c88","block_type":"box","text":"0.04%","page_number":81,"box":{"x":920,"y":382,"width":41,"height":7}},{"id":"b8532972-10f0-4c81-93f6-2dcfbadba369","block_type":"box","text":"1","page_number":81,"box":{"x":110,"y":410,"width":5,"height":4}},{"id":"97c61eb0-bfd6-4607-bbf8-c8c85dbf3be3","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":81,"box":{"x":123,"y":411,"width":780,"height":9}},{"id":"8c43bcc7-aa6c-4c09-8dbd-ec4ed4425585","block_type":"box","text":"Example.","page_number":81,"box":{"x":84,"y":431,"width":66,"height":10}},{"id":"511c5617-fe9e-4a43-8d80-84215675d998","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":81,"box":{"x":154,"y":431,"width":795,"height":10}},{"id":"769a92d1-7514-432f-ad35-c4bc1895f7be","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":81,"box":{"x":83,"y":444,"width":886,"height":12}},{"id":"cf1adb6c-7247-4033-9440-c50e54f3e513","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":81,"box":{"x":83,"y":459,"width":870,"height":11}},{"id":"cb694879-904e-4ccc-9b0a-3a1f0db63f18","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":81,"box":{"x":84,"y":473,"width":887,"height":11}},{"id":"6c9dc2ad-e431-42d9-b1ad-aa6b750e7ddc","block_type":"box","text":"your costs would be:","page_number":81,"box":{"x":82,"y":487,"width":143,"height":11}},{"id":"75b7a6de-41f6-45a3-991a-bd80929c7e09","block_type":"box","text":"Expense Example","page_number":81,"box":{"x":88,"y":510,"width":115,"height":9}},{"id":"582e1148-b790-4616-9cc6-49c768e91f17","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":81,"box":{"x":693,"y":510,"width":281,"height":8}},{"id":"d9dfbf5c-e3d8-4014-9265-4d46a3449e41","block_type":"box","text":"Example Fund Costs","page_number":81,"box":{"x":89,"y":526,"width":128,"height":9}},{"id":"5f589c0c-f164-45cd-8b83-1456190ee4b0","block_type":"box","text":"$4 $13 $23 $51","page_number":81,"box":{"x":705,"y":525,"width":252,"height":9}},{"id":"0ac3db86-a5af-4a34-abd6-b75bea3a6a13","block_type":"box","text":"Portfolio Turnover.","page_number":81,"box":{"x":84,"y":555,"width":136,"height":8}},{"id":"7f6be431-0cbf-45f8-abdc-686363a7556c","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":81,"box":{"x":225,"y":555,"width":721,"height":11}},{"id":"00d49132-14ef-4cec-9b7a-0a14eda67716","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":81,"box":{"x":83,"y":569,"width":884,"height":11}},{"id":"103786a4-714c-42e3-a092-a407b5f012d5","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":81,"box":{"x":84,"y":583,"width":875,"height":11}},{"id":"3bacb0b1-c718-46c9-bbb6-fce3d5e66494","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 30% of","page_number":81,"box":{"x":82,"y":597,"width":887,"height":11}},{"id":"458a51cb-f171-4e36-bd83-4681f64fe7dd","block_type":"box","text":"the average value of its portfolio.","page_number":81,"box":{"x":82,"y":612,"width":231,"height":10}},{"id":"0e7822f2-175b-4295-be5a-a4cb1418dd2e","block_type":"box","text":"Principal Investment Strategies","page_number":81,"box":{"x":84,"y":641,"width":284,"height":13}},{"id":"0c7e9aa8-d39f-4d27-a816-edcb2e30d733","block_type":"box","text":"The Fund seeks to track the investment results of the Morningstar","page_number":81,"box":{"x":82,"y":666,"width":467,"height":11}},{"id":"57f1ba04-33ba-4e72-bd4a-b9a295154695","block_type":"box","text":"®","page_number":81,"box":{"x":550,"y":665,"width":5,"height":3}},{"id":"5d8e0afc-76de-4bcc-91e6-31674c7acab8","block_type":"box","text":"US Large-Mid Cap Broad Value Index","page_number":81,"box":{"x":560,"y":666,"width":264,"height":11}},{"id":"6f5715b6-ce88-4592-b1d0-7462de1a85e9","block_type":"box","text":"SM","page_number":81,"box":{"x":824,"y":664,"width":17,"height":5}},{"id":"bf13eba1-91a1-4291-b6f0-eec5cf694aad","block_type":"box","text":"(the “Underlying","page_number":81,"box":{"x":847,"y":666,"width":114,"height":11}},{"id":"bb1bddd7-ec89-4e93-a519-eec25925c056","block_type":"box","text":"Index”), which measures the performance of U.S. stocks issued by large-mid capitalization companies that have exhibited","page_number":81,"box":{"x":84,"y":680,"width":856,"height":11}},{"id":"a80e0adf-64f9-4104-a312-3285abc13ea3","block_type":"box","text":"above-average “value” characteristics as determined by Morningstar, Inc. (“Morningstar” or the “Index Provider”).","page_number":81,"box":{"x":83,"y":694,"width":799,"height":11}},{"id":"4d022866-ad71-4fb1-a2c7-7840e9f15d26","block_type":"box","text":"Morningstar defines “large-mid capitalization” stocks as those stocks that form approximately the top 90% of the market","page_number":81,"box":{"x":84,"y":708,"width":856,"height":11}},{"id":"04ddf047-c5a4-4616-ac5d-ae47b5a2a99c","block_type":"box","text":"capitalization of the stocks eligible to be included in the Morningstar","page_number":81,"box":{"x":83,"y":723,"width":486,"height":10}},{"id":"2d65fee9-818f-437f-8802-a114306efbf6","block_type":"box","text":"®","page_number":81,"box":{"x":570,"y":722,"width":4,"height":3}},{"id":"fbdc9958-7ab7-4f14-aa98-79cfec441000","block_type":"box","text":"US Market Extended Index","page_number":81,"box":{"x":580,"y":723,"width":187,"height":8}},{"id":"a4b946d1-f6ce-4c38-9999-530e04134762","block_type":"box","text":"SM","page_number":81,"box":{"x":768,"y":721,"width":17,"height":5}},{"id":"3a378c83-13b7-45aa-bef9-d65273004c57","block_type":"box","text":"(a diversified broad","page_number":81,"box":{"x":790,"y":722,"width":135,"height":10}},{"id":"ac1e9e84-bfbe-41d1-a480-f2dfa53f807c","block_type":"box","text":"market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks and includes","page_number":81,"box":{"x":84,"y":737,"width":860,"height":11}},{"id":"b1efda8a-a63e-4342-bd8f-3be838ec4da3","block_type":"box","text":"only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index Provider). The","page_number":81,"box":{"x":83,"y":751,"width":890,"height":11}},{"id":"45ebef5d-bb04-4ad4-b47c-a49d24f68198","block_type":"box","text":"Index Provider then designates stocks as “blend,” “growth” or “value” based on their style orientations. The stocks in the","page_number":81,"box":{"x":84,"y":765,"width":840,"height":11}},{"id":"ccf9bd77-93db-48d5-900b-7f7d1eab58b9","block_type":"box","text":"Underlying Index are designated as “value” because they are issued by companies that typically have relatively low valuations","page_number":81,"box":{"x":84,"y":779,"width":885,"height":11}},{"id":"995f4349-7804-4297-900f-ffdd8ea77132","block_type":"box","text":"based on price-to-earnings, price-to-book value, price-to-sales, price-to-cash flow and dividend yields. The stocks included in","page_number":81,"box":{"x":84,"y":793,"width":888,"height":11}},{"id":"01c2d393-539a-43db-8c43-6c8d7d389ddd","block_type":"box","text":"the Underlying Index are weighted according to the total value of shares that are publicly owned and available for investment.","page_number":81,"box":{"x":82,"y":808,"width":887,"height":10}},{"id":"c57b05ae-0f5b-43f5-bcd5-05e10e53cbf0","block_type":"box","text":"As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the consumer","page_number":81,"box":{"x":82,"y":830,"width":892,"height":10}},{"id":"93872672-6938-46f4-a876-5c909e5748c7","block_type":"box","text":"goods and services, financial services and technology industries or sectors. The components of the Underlying Index are","page_number":81,"box":{"x":83,"y":844,"width":851,"height":11}},{"id":"2c533907-3a65-454b-80f3-3e4402485a7b","block_type":"box","text":"likely to change over time.","page_number":81,"box":{"x":84,"y":858,"width":181,"height":11}},{"id":"0bb35d79-d992-4f9a-a9e1-0136a57d56b2","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":81,"box":{"x":82,"y":881,"width":853,"height":11}},{"id":"5c312c30-81c2-439e-9213-5268efc3692d","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":81,"box":{"x":84,"y":895,"width":838,"height":11}},{"id":"7e91dc01-b1bf-4a86-b725-ee7c729eb277","block_type":"box","text":"S-68","page_number":81,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"bbfcefc2-1f3d-4608-b5ea-548da431e229","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":82,"box":{"x":83,"y":23,"width":868,"height":11}},{"id":"d97d72c9-56d7-4bf4-b11d-115067eb7227","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":82,"box":{"x":84,"y":37,"width":850,"height":11}},{"id":"7c04b608-3be6-4b1c-8b38-5e3616a17035","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":82,"box":{"x":83,"y":51,"width":806,"height":11}},{"id":"3731e4dc-dda0-4e7a-aeef-9686b2478daf","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":82,"box":{"x":83,"y":66,"width":885,"height":11}},{"id":"fd1d3464-43a0-4d24-ad43-64e71475d621","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":82,"box":{"x":82,"y":80,"width":885,"height":11}},{"id":"81d27bf9-66b8-4da6-beb8-33bc315a7494","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":82,"box":{"x":83,"y":94,"width":853,"height":11}},{"id":"3dddc3fb-b732-47e9-9137-8e2cf475e072","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":82,"box":{"x":83,"y":108,"width":867,"height":11}},{"id":"77dd9fff-82eb-4759-928d-e86a9f1c780a","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":82,"box":{"x":83,"y":122,"width":868,"height":11}},{"id":"0866dc87-026e-4368-852d-eb4ed0906ee8","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":82,"box":{"x":82,"y":137,"width":863,"height":10}},{"id":"6c4b3d9b-cd2a-4b3b-b273-d8910f78a5de","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":82,"box":{"x":84,"y":151,"width":825,"height":11}},{"id":"3e70167f-709b-4cfb-a74c-1166e00548ad","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":82,"box":{"x":84,"y":165,"width":405,"height":11}},{"id":"92305601-ae8e-4d6e-918d-6cda5a953f8f","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":82,"box":{"x":84,"y":188,"width":844,"height":11}},{"id":"0f70e4ef-b5eb-4cf7-8eee-5e2ed1953e50","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":82,"box":{"x":83,"y":202,"width":860,"height":11}},{"id":"66c670ad-3602-4c8f-8b21-f7010d98e6f6","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":82,"box":{"x":83,"y":217,"width":831,"height":10}},{"id":"3b777881-bbd8-4dc7-8312-cc2b5d0780fb","block_type":"box","text":"counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its","page_number":82,"box":{"x":83,"y":231,"width":817,"height":11}},{"id":"c2217385-8038-4718-9261-bf848f89853b","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80%","page_number":82,"box":{"x":84,"y":245,"width":817,"height":11}},{"id":"cd22e2cf-6135-4b01-9b66-d8ee29f934b4","block_type":"box","text":"investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.","page_number":82,"box":{"x":83,"y":259,"width":835,"height":11}},{"id":"cf00bdd7-6d1b-414c-8289-639fc9f3dc26","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":82,"box":{"x":82,"y":282,"width":873,"height":11}},{"id":"fa2181ce-bbc6-44bd-8bd2-8d411adbc4ff","block_type":"box","text":"collateral received).","page_number":82,"box":{"x":83,"y":296,"width":136,"height":10}},{"id":"e55fa949-f2f6-48ff-81cc-e6eb87086015","block_type":"box","text":"The Underlying Index is sponsored by Morningstar, which is independent of the Fund and BFA. The Index Provider determines","page_number":82,"box":{"x":82,"y":320,"width":889,"height":10}},{"id":"b10ddb62-44cd-4b74-891b-57f1e515482f","block_type":"box","text":"the composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":82,"box":{"x":82,"y":334,"width":884,"height":11}},{"id":"b4afe3f0-baaf-4459-a002-23ab6a5404f3","block_type":"box","text":"market value of the Underlying Index.","page_number":82,"box":{"x":84,"y":348,"width":262,"height":11}},{"id":"6b9b83a2-d44f-41a0-97cd-093ea6a168c6","block_type":"box","text":"Industry Concentration Policy.","page_number":82,"box":{"x":84,"y":371,"width":223,"height":11}},{"id":"902ec321-38c5-4f42-a06d-7c6f6f159b47","block_type":"box","text":"The Fund will concentrate its investments (","page_number":82,"box":{"x":312,"y":371,"width":304,"height":9}},{"id":"9a7cc1dd-8178-489c-8747-b83e3ff2eb6e","block_type":"box","text":"i.e.","page_number":82,"box":{"x":617,"y":372,"width":17,"height":8}},{"id":"b4accaf4-e5cc-4ba6-aecb-57626d0aafc9","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":82,"box":{"x":636,"y":371,"width":292,"height":10}},{"id":"7bd0a673-199a-4b4c-998c-80b316d5729c","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":82,"box":{"x":84,"y":385,"width":858,"height":11}},{"id":"17661fb0-e2a0-4dcb-ab01-a9d0f28b4832","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":82,"box":{"x":84,"y":400,"width":867,"height":10}},{"id":"f47316bd-c8a4-49b4-a7e8-55d8704768e6","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":82,"box":{"x":83,"y":414,"width":826,"height":11}},{"id":"6e21a618-2336-42ec-8de1-dac6f3eaa755","block_type":"box","text":"Summary of Principal Risks","page_number":82,"box":{"x":83,"y":443,"width":248,"height":13}},{"id":"d144ef49-4668-405b-bfc7-65663cb7745b","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":82,"box":{"x":82,"y":468,"width":882,"height":11}},{"id":"1bfb272d-f796-42a4-ad84-6ff2bc774111","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":82,"box":{"x":83,"y":482,"width":825,"height":11}},{"id":"a33b9ea3-ca01-4f7f-bc2d-91f602b57d8f","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":82,"box":{"x":83,"y":496,"width":807,"height":11}},{"id":"809349dd-3443-4a11-9506-47c6bfc0bbd1","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":82,"box":{"x":83,"y":510,"width":844,"height":11}},{"id":"89e0eba5-a92f-4805-a448-a0c459f43b1c","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":82,"box":{"x":83,"y":525,"width":814,"height":10}},{"id":"00c0c2a5-2f0a-43eb-a7ad-d2bc0c110fed","block_type":"box","text":"Risk of Investing in the U.S.","page_number":82,"box":{"x":84,"y":548,"width":200,"height":11}},{"id":"639c6bf7-4db0-49de-8db1-4b4a90b3f5f4","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":82,"box":{"x":289,"y":548,"width":664,"height":11}},{"id":"b53f50cb-3493-4767-94be-153e7d8be989","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":82,"box":{"x":83,"y":562,"width":878,"height":11}},{"id":"ae5388be-c440-4d93-9896-32a1eb8d132e","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":82,"box":{"x":83,"y":576,"width":470,"height":11}},{"id":"55e04414-147f-4521-bb1a-5d26b50f7538","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":82,"box":{"x":84,"y":599,"width":278,"height":11}},{"id":"069b7b14-f234-4397-8030-72cb0140eb6d","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":82,"box":{"x":367,"y":600,"width":540,"height":10}},{"id":"e1dd45d3-47c1-4add-8c21-1ddd9bb2e3a8","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":82,"box":{"x":83,"y":614,"width":890,"height":10}},{"id":"bf7038dd-bdca-41f7-9364-de231ad5a38a","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":82,"box":{"x":84,"y":628,"width":867,"height":11}},{"id":"af421310-171c-47f2-b7a5-d93f316944c3","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":82,"box":{"x":84,"y":642,"width":709,"height":11}},{"id":"77142ade-5648-4963-842b-6a0f41cad1ba","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":82,"box":{"x":84,"y":665,"width":264,"height":11}},{"id":"93150517-83be-4afc-89f7-7e0e06d05a2e","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":82,"box":{"x":353,"y":665,"width":590,"height":11}},{"id":"ec725308-02dd-4b6f-992e-11b96d673737","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":82,"box":{"x":84,"y":679,"width":846,"height":11}},{"id":"4a82a74d-bf7e-4fbc-8f6b-32ad37c90512","block_type":"box","text":"volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile","page_number":82,"box":{"x":82,"y":693,"width":875,"height":11}},{"id":"dd0f4a62-d9cf-4aac-8bd2-8c989336e91c","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":82,"box":{"x":82,"y":708,"width":529,"height":11}},{"id":"b7be2ff6-cdfb-4d3b-a0b6-cec6d3328792","block_type":"box","text":"Value Securities Risk.","page_number":82,"box":{"x":82,"y":731,"width":158,"height":8}},{"id":"725f62ca-5c8b-4028-8b8d-677063f0ffa2","block_type":"box","text":"Value securities are those issued by companies that may be perceived as undervalued. Such securities","page_number":82,"box":{"x":244,"y":731,"width":723,"height":11}},{"id":"cb42f700-1c9f-4139-b43f-af43eba82e58","block_type":"box","text":"may decline in price or fail to appreciate for long periods of time, and they may never realize their full potential value. Value","page_number":82,"box":{"x":84,"y":745,"width":865,"height":11}},{"id":"49c9c3f0-e014-4810-bebd-194a82f2c553","block_type":"box","text":"securities may underperform growth securities and other types of assets as well as the overall stock market. Value securities","page_number":82,"box":{"x":83,"y":759,"width":876,"height":11}},{"id":"4807c1bf-ffad-4943-8e93-5c8f037d3b50","block_type":"box","text":"may go in and out of favor over time, which could affect the performance of the Fund.","page_number":82,"box":{"x":84,"y":773,"width":601,"height":11}},{"id":"5dc4b71d-712d-4962-b6b0-1ae5007cb22e","block_type":"box","text":"Equity Securities Risk.","page_number":82,"box":{"x":84,"y":797,"width":163,"height":11}},{"id":"f7833b68-4821-4f3e-a131-28643c04c036","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":82,"box":{"x":253,"y":797,"width":709,"height":10}},{"id":"d65cdbb4-ec58-45ff-831e-7e42292236d3","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":82,"box":{"x":83,"y":811,"width":889,"height":11}},{"id":"bb394f65-615b-4d75-97e7-54d317a4e900","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":82,"box":{"x":83,"y":825,"width":880,"height":11}},{"id":"7320b826-d1ee-450a-b6fc-4fb012dddb0b","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":82,"box":{"x":83,"y":839,"width":867,"height":11}},{"id":"7fcad6f3-188f-4888-ab48-0b15dfa5cded","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":82,"box":{"x":84,"y":853,"width":339,"height":11}},{"id":"6ce8c429-d001-41b2-8446-24b027dc84ff","block_type":"box","text":"S-69","page_number":82,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"557f075a-7c5f-4de7-8920-7f1fd68d5c1f","block_type":"box","text":"Market Risk.","page_number":83,"box":{"x":84,"y":23,"width":90,"height":9}},{"id":"3d6086ee-ef34-420b-90ef-c27094f1ecef","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":83,"box":{"x":179,"y":23,"width":767,"height":11}},{"id":"054ea1f1-1a1d-4245-baf3-8c3221b21e15","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":83,"box":{"x":83,"y":37,"width":882,"height":11}},{"id":"1aed9351-f4eb-46f8-a47c-116a3df9ac5b","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":83,"box":{"x":84,"y":52,"width":857,"height":10}},{"id":"bcc26bfa-5f73-4e83-b904-66bf2a92c0f6","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":83,"box":{"x":83,"y":66,"width":875,"height":11}},{"id":"5dcc5446-fefb-4b89-a99a-128f62dc659c","block_type":"box","text":"Fund’s NAV.","page_number":83,"box":{"x":84,"y":80,"width":81,"height":8}},{"id":"c21a0d8d-79fd-44fd-8cba-b415850510dc","block_type":"box","text":"Index-Related Risk.","page_number":83,"box":{"x":84,"y":103,"width":143,"height":9}},{"id":"d09010ce-e0c4-4eaa-9f36-b99e7516eef7","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":83,"box":{"x":231,"y":103,"width":742,"height":11}},{"id":"e3c69814-9774-47aa-8702-46a834675834","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":83,"box":{"x":84,"y":117,"width":855,"height":11}},{"id":"52ac888d-93e3-44b2-a4c8-7b74e4ac1164","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":83,"box":{"x":83,"y":131,"width":852,"height":11}},{"id":"52368344-b403-467f-b916-9fb9a355b6a1","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":83,"box":{"x":83,"y":146,"width":877,"height":10}},{"id":"ac9ceee8-f286-4c5d-844f-41d45f13f489","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":83,"box":{"x":82,"y":160,"width":849,"height":11}},{"id":"f8f04e56-bbd1-4188-a34c-e52aaa0e327c","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":83,"box":{"x":83,"y":174,"width":849,"height":11}},{"id":"4d2877e1-322f-4b96-b2cc-4603244404c9","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":83,"box":{"x":84,"y":188,"width":890,"height":11}},{"id":"57953255-7bb9-492a-a3dd-3385d2a89e6b","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":83,"box":{"x":84,"y":203,"width":852,"height":10}},{"id":"724808c9-39ff-49b7-90c9-783ebf64e122","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":83,"box":{"x":83,"y":217,"width":539,"height":10}},{"id":"8bec9a0b-4759-459d-bcaa-8612b6a1743b","block_type":"box","text":"Asset Class Risk.","page_number":83,"box":{"x":82,"y":240,"width":123,"height":8}},{"id":"cd42605f-8f09-4b19-849f-6caf9c88ac5e","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":83,"box":{"x":209,"y":240,"width":721,"height":11}},{"id":"3ab13d54-9a07-491c-8ce0-cbcde2b2380a","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":83,"box":{"x":83,"y":254,"width":774,"height":11}},{"id":"043d53cc-5baa-4b3a-90bd-7e8e2151238e","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":83,"box":{"x":82,"y":277,"width":318,"height":11}},{"id":"aff7f310-f138-4e7a-aaae-3bcd15c0f264","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":83,"box":{"x":405,"y":277,"width":531,"height":11}},{"id":"9e8231fb-3d7b-4549-ada7-5d228a9f8b41","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":83,"box":{"x":84,"y":291,"width":809,"height":11}},{"id":"2b0f3f32-dbf7-411e-828a-41e5bef5aaab","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":83,"box":{"x":82,"y":305,"width":816,"height":11}},{"id":"df16d63d-6be1-4e04-b9dd-fc804cc17206","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":83,"box":{"x":82,"y":320,"width":885,"height":10}},{"id":"6c844e47-065c-4493-bc6f-8c9092598b71","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":83,"box":{"x":83,"y":334,"width":871,"height":11}},{"id":"31970f02-5a68-4147-8bcd-4d28a385f7fb","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":83,"box":{"x":84,"y":348,"width":845,"height":11}},{"id":"867e0ec3-4e6e-4ca0-b3d6-ff6798f1a886","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":83,"box":{"x":82,"y":362,"width":882,"height":11}},{"id":"1defa7ce-7a12-4849-856c-92fc92de24a1","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":83,"box":{"x":84,"y":376,"width":853,"height":11}},{"id":"29bdae20-a2bb-406f-ab5c-4ed86abd3696","block_type":"box","text":"halts or delisting.","page_number":83,"box":{"x":84,"y":391,"width":120,"height":10}},{"id":"b81d7545-9488-492a-9eaa-107ce75d9737","block_type":"box","text":"Concentration Risk.","page_number":83,"box":{"x":83,"y":414,"width":145,"height":8}},{"id":"a40b361b-f105-4388-b2f9-8ecda30d80c9","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":83,"box":{"x":232,"y":414,"width":712,"height":11}},{"id":"c60a323c-f6dd-40af-8225-3a4876bc78aa","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":83,"box":{"x":83,"y":428,"width":884,"height":10}},{"id":"0915d153-4992-4f0f-88e2-51bd82b198db","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":83,"box":{"x":82,"y":442,"width":887,"height":11}},{"id":"4e044680-fe65-452e-b06f-e284fd0155eb","block_type":"box","text":"asset classes.","page_number":83,"box":{"x":83,"y":457,"width":95,"height":8}},{"id":"191d9c42-6629-45b0-9270-dd4a029a1231","block_type":"box","text":"Consumer Goods and Services Companies Risk.","page_number":83,"box":{"x":83,"y":479,"width":349,"height":11}},{"id":"68508dfc-3b50-4792-9611-df05d00e938d","block_type":"box","text":"Consumer goods and services companies face risks related to changes in","page_number":83,"box":{"x":438,"y":480,"width":517,"height":10}},{"id":"cd779f8c-4775-4185-bb0a-bfc5cd3916eb","block_type":"box","text":"consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage","page_number":83,"box":{"x":83,"y":494,"width":880,"height":11}},{"id":"9ce26b74-2160-4875-9a04-16be4324f209","block_type":"box","text":"to brand or reputation, economic slowdown and labor shortages, among other things.","page_number":83,"box":{"x":82,"y":508,"width":605,"height":11}},{"id":"4fb1b7c3-a152-4e86-98c4-aeff9d27dd17","block_type":"box","text":"Financial Companies Risk.","page_number":83,"box":{"x":84,"y":531,"width":192,"height":11}},{"id":"0b6d8d10-a053-4870-9c59-7364a5277183","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":83,"box":{"x":282,"y":531,"width":683,"height":11}},{"id":"33ec2c45-15da-4756-9b42-9ea612676b05","block_type":"box","text":"which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":83,"box":{"x":82,"y":545,"width":864,"height":11}},{"id":"550b90d1-58a0-469d-9ff9-4df5bf4356ef","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":83,"box":{"x":83,"y":560,"width":813,"height":10}},{"id":"f138506c-2b4e-4acf-89e2-85b1ad3dd095","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":83,"box":{"x":83,"y":574,"width":879,"height":10}},{"id":"d38bcabf-4151-4819-bd38-6f4c0262d077","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":83,"box":{"x":83,"y":588,"width":613,"height":11}},{"id":"255b2231-a8b0-4a1b-9fc3-8cb01adfac46","block_type":"box","text":"Issuer Risk.","page_number":83,"box":{"x":84,"y":611,"width":82,"height":8}},{"id":"a8c5398d-b1ee-4391-89ed-0362b9ff1be2","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":83,"box":{"x":170,"y":611,"width":780,"height":10}},{"id":"94c90fa6-ff5f-4b2a-8b12-9e9e6e9f4257","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":83,"box":{"x":84,"y":625,"width":885,"height":11}},{"id":"32980db8-0d77-40ed-b3b6-6387e0d51ff0","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":83,"box":{"x":82,"y":639,"width":577,"height":11}},{"id":"f061078d-af9e-4a13-a09e-7b74dfd3b678","block_type":"box","text":"Management Risk.","page_number":83,"box":{"x":84,"y":662,"width":136,"height":11}},{"id":"1d3c8603-f79c-429d-9718-54e37f094451","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":83,"box":{"x":225,"y":662,"width":711,"height":11}},{"id":"77aee771-71ca-4498-b088-a652004a6317","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":83,"box":{"x":84,"y":677,"width":876,"height":11}},{"id":"8da4dfc5-3ed4-44b4-a97b-824bc4c6d1a8","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":83,"box":{"x":83,"y":691,"width":859,"height":11}},{"id":"9645ce95-4050-47c5-9006-417a59e4046f","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":83,"box":{"x":83,"y":705,"width":847,"height":11}},{"id":"46e5ff57-6001-4dd9-9898-705c7c9fb903","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":83,"box":{"x":83,"y":719,"width":756,"height":11}},{"id":"c9a222a7-82ff-4760-a7b2-ec066b6cdd4a","block_type":"box","text":"Market Trading Risk.","page_number":83,"box":{"x":84,"y":742,"width":151,"height":11}},{"id":"7f36b2ef-4b52-4ae8-8d2d-3664487cd866","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":83,"box":{"x":239,"y":742,"width":695,"height":11}},{"id":"47d5f91d-68b7-475a-b5e0-4c4016931c49","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":83,"box":{"x":84,"y":757,"width":841,"height":11}},{"id":"680a4fc5-9254-407c-b0bf-453335045eef","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":83,"box":{"x":83,"y":771,"width":887,"height":11}},{"id":"3a6a5f3b-77a2-4007-a6a2-00741953739e","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":83,"box":{"x":83,"y":785,"width":839,"height":11}},{"id":"474da147-59b9-4f7f-977e-b78cf4b16479","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":83,"box":{"x":84,"y":799,"width":865,"height":11}},{"id":"0c9d0382-4d7c-48ce-acb7-d93b6a31feae","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":83,"box":{"x":82,"y":813,"width":885,"height":11}},{"id":"f3ecf0d8-1604-4357-acac-96388b4e3d20","block_type":"box","text":"of the Fund shares.","page_number":83,"box":{"x":83,"y":828,"width":135,"height":8}},{"id":"fdb9840a-c4e2-4b81-bb6c-1ff197a494b4","block_type":"box","text":"Operational and Technology Risks.","page_number":83,"box":{"x":83,"y":851,"width":255,"height":11}},{"id":"3505c9fd-f5c0-463a-b313-3e7574ab6633","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":83,"box":{"x":342,"y":851,"width":582,"height":11}},{"id":"6d2c74b2-9596-4194-9c85-791bf993adb9","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":83,"box":{"x":83,"y":865,"width":876,"height":11}},{"id":"447be5e4-a4e0-429d-af8c-8cbde3063378","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":83,"box":{"x":83,"y":879,"width":879,"height":11}},{"id":"22c6de7b-9d93-48d5-a4f8-e158d429644d","block_type":"box","text":"S-70","page_number":83,"box":{"x":519,"y":920,"width":34,"height":9}},{"id":"ac815bee-dd2a-4b9f-af23-ad02b81093f7","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":84,"box":{"x":83,"y":23,"width":825,"height":11}},{"id":"afbce968-1769-4da2-a3d1-cfc3b287afe4","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":84,"box":{"x":83,"y":37,"width":863,"height":11}},{"id":"8edd6085-20df-42db-b372-893b555cb128","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":84,"box":{"x":83,"y":52,"width":872,"height":10}},{"id":"270ba564-27bf-44aa-81a5-51fe1a301cc7","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":84,"box":{"x":84,"y":66,"width":823,"height":11}},{"id":"9574cdc0-bc20-41f3-ac52-3521e614c981","block_type":"box","text":"Securities Lending Risk.","page_number":84,"box":{"x":83,"y":89,"width":177,"height":11}},{"id":"9dec08f8-7c6e-46aa-87c8-97e440222606","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":84,"box":{"x":264,"y":89,"width":692,"height":11}},{"id":"ed1d7e7f-1ff6-4cbc-89cd-0864269885ac","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":84,"box":{"x":84,"y":103,"width":869,"height":11}},{"id":"83a3ef5d-3cc0-4c4a-8ba2-5bcf19a4889b","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":84,"box":{"x":83,"y":117,"width":886,"height":11}},{"id":"93b64910-8308-4ac8-bb85-403378963d2f","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":84,"box":{"x":83,"y":131,"width":831,"height":11}},{"id":"6825ecb6-43c4-450b-826d-55b7f0cc4b1a","block_type":"box","text":"Technology Companies Risk.","page_number":84,"box":{"x":82,"y":155,"width":211,"height":11}},{"id":"1e4d59c2-ae21-44eb-b5e2-de411432d99e","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":84,"box":{"x":298,"y":155,"width":656,"height":10}},{"id":"aef2e171-436e-4a57-b6cd-6c3a89321952","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":84,"box":{"x":84,"y":169,"width":848,"height":11}},{"id":"14ff62dc-062d-4b90-b5e0-6c4c412b4bfb","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":84,"box":{"x":83,"y":183,"width":887,"height":11}},{"id":"18333487-b57e-4315-aad1-593aaced27b7","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":84,"box":{"x":83,"y":197,"width":884,"height":11}},{"id":"639683bb-1b54-414d-9d43-cad02d6f4132","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":84,"box":{"x":82,"y":211,"width":839,"height":11}},{"id":"b0469238-b665-4c16-833d-93c427690725","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":84,"box":{"x":83,"y":226,"width":870,"height":10}},{"id":"7f0831bd-bc53-4f77-bb61-a60acc418df7","block_type":"box","text":"government or legal action.","page_number":84,"box":{"x":83,"y":240,"width":193,"height":11}},{"id":"e02ac553-9bc2-4ca1-9137-36dfa9c37a57","block_type":"box","text":"Tracking Error Risk.","page_number":84,"box":{"x":82,"y":263,"width":145,"height":11}},{"id":"5630192c-e9aa-4ff6-98c1-b502f827b5ab","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":84,"box":{"x":231,"y":263,"width":741,"height":11}},{"id":"d8ad0aad-edd3-430f-bb65-561b81938903","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":84,"box":{"x":83,"y":277,"width":861,"height":11}},{"id":"2a7a3209-27d2-4c41-9ed7-17e1e7433a97","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":84,"box":{"x":83,"y":291,"width":832,"height":11}},{"id":"71e9c844-8828-4a4c-999c-564e0fd9906e","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":84,"box":{"x":84,"y":306,"width":880,"height":10}},{"id":"1178419e-d05a-4bc4-92c2-80af5598601e","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":84,"box":{"x":84,"y":320,"width":830,"height":10}},{"id":"62298c8e-663e-4241-97f3-d77e99a69180","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":84,"box":{"x":82,"y":334,"width":828,"height":11}},{"id":"c0f2da80-f16b-4250-885c-0c0dadf2024d","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":84,"box":{"x":83,"y":348,"width":874,"height":11}},{"id":"de08e397-58c1-4c02-ba82-dfa75f340136","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":84,"box":{"x":84,"y":362,"width":888,"height":11}},{"id":"47b740fe-678c-40ec-b835-0fdd0554ef89","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":84,"box":{"x":84,"y":376,"width":851,"height":11}},{"id":"6bb1b6fd-75b4-41d5-ac32-35b03efc89f3","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":84,"box":{"x":84,"y":391,"width":885,"height":10}},{"id":"5c4c60ec-bb09-4b5b-8e6f-58fed9e9ce81","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":84,"box":{"x":83,"y":405,"width":874,"height":11}},{"id":"53e7faca-021d-4083-b0b4-55b3d1440087","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":84,"box":{"x":84,"y":419,"width":724,"height":11}},{"id":"702c70fa-dd29-4175-abb2-e627507214c4","block_type":"box","text":"Performance Information","page_number":84,"box":{"x":84,"y":448,"width":229,"height":10}},{"id":"5d5298d5-1577-4914-9208-6c85662b4dc6","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":84,"box":{"x":82,"y":473,"width":864,"height":11}},{"id":"4ea47d75-f251-4213-b64f-c185bffe859b","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":84,"box":{"x":83,"y":487,"width":871,"height":11}},{"id":"2a18d2ca-356b-4a0b-8043-1815914231f2","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":84,"box":{"x":83,"y":501,"width":868,"height":11}},{"id":"da8c548a-d023-4866-af2c-cbc7b1048dd4","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":84,"box":{"x":84,"y":516,"width":837,"height":10}},{"id":"31d363af-8138-4b0e-9a03-54323d7dc777","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":84,"box":{"x":83,"y":530,"width":869,"height":11}},{"id":"f876e5a3-0528-4a12-ad37-105a79692ff7","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":84,"box":{"x":84,"y":544,"width":832,"height":11}},{"id":"a33c9279-18ea-4ac2-a204-cba8fa8624ab","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":84,"box":{"x":84,"y":558,"width":841,"height":11}},{"id":"82c71f24-5555-4d35-b6c0-5bd3b225074b","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":84,"box":{"x":82,"y":572,"width":531,"height":11}},{"id":"26f91fb6-229c-4764-b078-33109173f484","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":84,"box":{"x":165,"y":597,"width":260,"height":11}},{"id":"85a71661-1072-4c80-8ad3-d098a0e2e47c","block_type":"box","text":"18.54","page_number":84,"box":{"x":117,"y":665,"width":25,"height":6}},{"id":"3b158a1f-e51f-45c0-ada3-8b790e46d3d2","block_type":"box","text":"14.82","page_number":84,"box":{"x":154,"y":672,"width":25,"height":6}},{"id":"e78de328-b2b0-4dd2-8466-c27f934839dc","block_type":"box","text":"-6.10","page_number":84,"box":{"x":191,"y":725,"width":24,"height":6}},{"id":"a0d19378-8715-4bc6-8851-e0afb2c92471","block_type":"box","text":"25.33","page_number":84,"box":{"x":227,"y":653,"width":26,"height":6}},{"id":"f78a20c0-30dd-495c-a341-2c0b89d65deb","block_type":"box","text":"-0.84","page_number":84,"box":{"x":265,"y":715,"width":24,"height":6}},{"id":"47082eca-8741-45da-8dcf-9e1dc14073eb","block_type":"box","text":"26.58","page_number":84,"box":{"x":301,"y":651,"width":26,"height":6}},{"id":"0b541468-f57e-401d-862f-30ce2ae0eb00","block_type":"box","text":"-6.96","page_number":84,"box":{"x":339,"y":726,"width":24,"height":6}},{"id":"0be1ddc4-eb71-41bd-880d-5002a3872f4c","block_type":"box","text":"14.36","page_number":84,"box":{"x":376,"y":673,"width":25,"height":6}},{"id":"87e86c65-b9e9-4d6b-81fd-ef341dd0b300","block_type":"box","text":"17.11","page_number":84,"box":{"x":413,"y":668,"width":24,"height":6}},{"id":"42766ba5-3b67-4354-958c-69fe16b69fb2","block_type":"box","text":"18.78","page_number":84,"box":{"x":450,"y":665,"width":25,"height":6}},{"id":"4e801777-825e-46ed-8e6e-175424bd7cd5","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":84,"box":{"x":117,"y":751,"width":357,"height":6}},{"id":"f405e7f4-92d0-4ac1-a11b-c8a44e4eeb8c","block_type":"box","text":"Return (%) Period Ended","page_number":84,"box":{"x":766,"y":612,"width":188,"height":9}},{"id":"e5fcd738-cf31-4a5a-b0a8-00c40b03770a","block_type":"box","text":"Calendar Year-to-Date Return","page_number":84,"box":{"x":550,"y":630,"width":197,"height":8}},{"id":"d95572c7-4c37-48ba-ae5f-5c278cdf5b43","block_type":"box","text":"8.12% June 30, 2026","page_number":84,"box":{"x":788,"y":630,"width":184,"height":9}},{"id":"78ea9758-77ce-4028-aace-4a3371cdcede","block_type":"box","text":"During the periods shown in the chart:","page_number":84,"box":{"x":551,"y":643,"width":250,"height":10}},{"id":"c0481625-9bcb-43bd-8aa1-a52b0012a166","block_type":"box","text":"Best Quarter 14.54% December 31, 2020","page_number":84,"box":{"x":564,"y":656,"width":408,"height":9}},{"id":"768017d0-8bbe-4bf1-a75c-96bc1385f7b6","block_type":"box","text":"Worst Quarter -25.14% March 31, 2020","page_number":84,"box":{"x":563,"y":669,"width":409,"height":8}},{"id":"bd72a353-8ff2-48e8-851b-25ac10019fff","block_type":"box","text":"S-71","page_number":84,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"e247aa3a-8d3f-4b77-8e89-fc71a64e27ed","block_type":"box","text":"Average Annual Total Returns (%)","page_number":85,"box":{"x":403,"y":31,"width":250,"height":11}},{"id":"3943bca5-7f40-49f3-8096-4fde2e36d18a","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":85,"box":{"x":371,"y":45,"width":315,"height":11}},{"id":"06f51279-b54c-4689-a856-2f44565a8b17","block_type":"box","text":"One Year Five Years Ten Years","page_number":85,"box":{"x":701,"y":61,"width":268,"height":8}},{"id":"1132a9d0-d02f-4ed4-9391-38d6d9ca6cc4","block_type":"box","text":"Fund Inception: 6/28/2004","page_number":85,"box":{"x":88,"y":77,"width":180,"height":9}},{"id":"c2a605ab-c753-4879-a56a-40b05c782925","block_type":"box","text":"Return Before Taxes","page_number":85,"box":{"x":89,"y":89,"width":124,"height":7}},{"id":"a595ffbb-2693-4bf4-bd4e-9839f94914a6","block_type":"box","text":"18.78% 13.38% 11.52%","page_number":85,"box":{"x":712,"y":89,"width":257,"height":7}},{"id":"93213862-031e-4037-a2b0-f11320cac3a5","block_type":"box","text":"Return After Taxes on Distributions 18.23% 12.78% 10.84%","page_number":85,"box":{"x":89,"y":100,"width":880,"height":8}},{"id":"cd3b4d3d-f983-4ad7-ac6f-5c95cb77a825","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 11.43% 10.58% 9.35%","page_number":85,"box":{"x":89,"y":112,"width":880,"height":7}},{"id":"629fb99f-7b6c-4db2-8d0a-d5503bc04d1a","block_type":"box","text":"Morningstar US Market Index","page_number":85,"box":{"x":88,"y":123,"width":194,"height":10}},{"id":"f9b292fd-8428-43b1-a122-ce0ba8909fa9","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.35% 13.29% 14.40%","page_number":85,"box":{"x":286,"y":123,"width":683,"height":10}},{"id":"e9b2de2c-9545-4cbf-96a6-3c8d156b0bf7","block_type":"box","text":"Morningstar US Large-Mid Cap Broad Value Index (Spliced)","page_number":85,"box":{"x":88,"y":135,"width":390,"height":10}},{"id":"5fea63c7-945e-4167-a19a-e5be7b29184b","block_type":"box","text":"1","page_number":85,"box":{"x":480,"y":134,"width":4,"height":4}},{"id":"1438c146-e7ac-40cf-9946-8b766cc9db3f","block_type":"box","text":"(Returns do not reflect","page_number":85,"box":{"x":489,"y":135,"width":141,"height":8}},{"id":"f0ebe79b-2e06-4ce6-a2e5-be011cf65f7d","block_type":"box","text":"deductions for fees, expenses or taxes) 18.83% 13.42% 11.69%","page_number":85,"box":{"x":101,"y":148,"width":868,"height":9}},{"id":"f8254ed2-1506-491e-9fb3-c6be9a0cefa9","block_type":"box","text":"1","page_number":85,"box":{"x":110,"y":167,"width":5,"height":4}},{"id":"13ffba07-d281-4707-81c2-fb4564293009","block_type":"box","text":"The Morningstar US Large-Mid Cap Broad Value Index (Spliced) reflects the performance of the Morningstar US Large Value Index","page_number":85,"box":{"x":123,"y":168,"width":823,"height":9}},{"id":"7accbb5b-299f-4513-b9ab-3cd67c096604","block_type":"box","text":"through March 21, 2021 and the Morningstar US Large-Mid Cap Broad Value Index thereafter, which reflect the times when each index","page_number":85,"box":{"x":123,"y":178,"width":851,"height":10}},{"id":"5537357b-0e07-40c6-bed0-4637368885ea","block_type":"box","text":"was the Underlying Index of the Fund.","page_number":85,"box":{"x":123,"y":188,"width":237,"height":10}},{"id":"8db402f2-940b-4abd-8445-867e324696e5","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":85,"box":{"x":82,"y":208,"width":857,"height":11}},{"id":"45cf42c4-a5d2-4766-b79a-e8feafc9bf9a","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":85,"box":{"x":84,"y":222,"width":864,"height":11}},{"id":"c77a9e29-3423-4ce8-ba76-8b25f93e31a2","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":85,"box":{"x":84,"y":237,"width":847,"height":10}},{"id":"7fdd3419-336e-4568-8937-6cc545244ecb","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":85,"box":{"x":83,"y":250,"width":857,"height":12}},{"id":"96bfd2a0-ac08-4e18-9c78-fdc5af0d6e66","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":85,"box":{"x":83,"y":265,"width":877,"height":11}},{"id":"7f3171ee-a68f-4370-9061-7cb171b5e312","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":85,"box":{"x":82,"y":279,"width":837,"height":11}},{"id":"7fdb15c4-b379-46b3-ac29-d76a378516da","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":85,"box":{"x":84,"y":293,"width":885,"height":11}},{"id":"2cd11728-4636-43be-be7a-3491d6bfd5cd","block_type":"box","text":"on distributions.","page_number":85,"box":{"x":83,"y":308,"width":115,"height":8}},{"id":"55566bd2-773d-4b30-8e41-889fb7140a1a","block_type":"box","text":"Management","page_number":85,"box":{"x":84,"y":337,"width":120,"height":13}},{"id":"d432dcda-2b28-4eac-b02e-08c7395c08d2","block_type":"box","text":"Investment Adviser.","page_number":85,"box":{"x":84,"y":361,"width":144,"height":9}},{"id":"90d99c4f-86db-4e5e-9e60-b8857f9fca9e","block_type":"box","text":"BlackRock Fund Advisors.","page_number":85,"box":{"x":234,"y":362,"width":180,"height":8}},{"id":"caa99725-acad-4902-97d0-a684568316e0","block_type":"box","text":"Portfolio Managers.","page_number":85,"box":{"x":84,"y":385,"width":145,"height":11}},{"id":"f701e11f-e361-432b-b9df-15645591a492","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":85,"box":{"x":233,"y":385,"width":679,"height":11}},{"id":"f75da093-9e6e-48da-bb7b-b51a1692d8b7","block_type":"box","text":"management of the Fund:","page_number":85,"box":{"x":84,"y":399,"width":182,"height":11}},{"id":"90c83aa9-a462-4c03-a147-103141697b9f","block_type":"box","text":"Portfolio Manager","page_number":85,"box":{"x":88,"y":435,"width":120,"height":9}},{"id":"91d6c382-eef0-4472-b165-6fc5d1983834","block_type":"box","text":"Portfolio Manager of the","page_number":85,"box":{"x":441,"y":422,"width":161,"height":9}},{"id":"3e3b66cf-47e9-4064-befa-036e48639830","block_type":"box","text":"Fund Since","page_number":85,"box":{"x":485,"y":435,"width":72,"height":7}},{"id":"662f5d6a-8d69-41d8-9f53-4f487f5d2789","block_type":"box","text":"Title with Investment","page_number":85,"box":{"x":834,"y":422,"width":140,"height":7}},{"id":"e37c9a21-28e8-4e46-9395-ac217038dadd","block_type":"box","text":"Adviser","page_number":85,"box":{"x":880,"y":435,"width":48,"height":7}},{"id":"a69b522e-496a-423f-b5b9-2490b9e0c40d","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":85,"box":{"x":87,"y":450,"width":877,"height":10}},{"id":"89d9ea41-234f-4daa-80dd-f7bee773a1f7","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":85,"box":{"x":89,"y":466,"width":875,"height":9}},{"id":"8e509dc2-1725-4c9d-bd8b-71229baa00f5","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":85,"box":{"x":89,"y":481,"width":875,"height":10}},{"id":"a898f6e3-1e46-443f-8e0b-083de8615812","block_type":"box","text":"Steven White 2025 Managing Director","page_number":85,"box":{"x":88,"y":497,"width":876,"height":9}},{"id":"0c4eaf40-5913-4448-9c7d-4156b578840d","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":85,"box":{"x":84,"y":532,"width":304,"height":10}},{"id":"68f65f5a-e198-4f9e-9ab5-d948128807bf","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":85,"box":{"x":82,"y":557,"width":878,"height":11}},{"id":"6d52e773-3362-4cec-a200-624e1c56ab3d","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":85,"box":{"x":83,"y":571,"width":855,"height":11}},{"id":"775e6778-5f6e-4434-8a99-234587694b4e","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":85,"box":{"x":83,"y":585,"width":817,"height":11}},{"id":"b72ce7a9-cc36-435a-a612-0c6d02b9fcc0","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":85,"box":{"x":83,"y":599,"width":878,"height":11}},{"id":"b968549f-66b6-4a51-84d5-1be8117be8a2","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":85,"box":{"x":84,"y":614,"width":860,"height":10}},{"id":"28f81364-e007-46f5-8de1-9bbf2e01d6c0","block_type":"box","text":"(the “bid-ask spread”).","page_number":85,"box":{"x":83,"y":628,"width":157,"height":10}},{"id":"84e11b17-18a7-42e2-8564-f6ea47285de8","block_type":"box","text":"Tax Information","page_number":85,"box":{"x":82,"y":657,"width":144,"height":10}},{"id":"e56a70c8-eea4-4266-9f3b-d842a279e01c","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":85,"box":{"x":82,"y":682,"width":832,"height":11}},{"id":"2c657e09-d850-431f-ac6f-d2a8d90f5929","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":85,"box":{"x":83,"y":696,"width":883,"height":11}},{"id":"4524dd6b-a77c-4fed-8e7a-68dc5a6548a9","block_type":"box","text":"be taxed when withdrawn.","page_number":85,"box":{"x":84,"y":710,"width":181,"height":9}},{"id":"8ea53d1c-930e-4317-b81f-1b92a4cf8565","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":85,"box":{"x":84,"y":739,"width":575,"height":14}},{"id":"b70571b0-639b-4885-aab2-dae2846a95c0","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":85,"box":{"x":84,"y":764,"width":854,"height":11}},{"id":"23b78abe-1ea8-4340-858e-a1d4597902a2","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":85,"box":{"x":84,"y":779,"width":842,"height":10}},{"id":"698633ae-d445-46cf-bd2a-799de4d12b5c","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":85,"box":{"x":83,"y":793,"width":820,"height":11}},{"id":"1e698594-e2a1-4a5e-99bb-263623277dd5","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":85,"box":{"x":84,"y":807,"width":801,"height":11}},{"id":"e17f2ec1-10cb-480d-96e9-c12b2557730e","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":85,"box":{"x":83,"y":821,"width":841,"height":11}},{"id":"7779513b-cd6e-4da1-a0a5-96986b4f76d7","block_type":"box","text":"financial intermediary’s website for more information.","page_number":85,"box":{"x":83,"y":835,"width":379,"height":11}},{"id":"5d2df637-58e2-4069-b1cc-3a8f08c58941","block_type":"box","text":"S-72","page_number":85,"box":{"x":519,"y":920,"width":33,"height":9}},{"id":"42e520dc-bf5d-4fe6-9992-e4819e34323f","block_type":"box","text":"More Information About the Funds","page_number":86,"box":{"x":78,"y":22,"width":340,"height":14}},{"id":"80b8f390-442d-4ac6-b812-6c09a6d0234c","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":86,"box":{"x":76,"y":51,"width":885,"height":11}},{"id":"7fceadbc-7a7e-4075-be6d-66b2d2fc3d50","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":86,"box":{"x":76,"y":66,"width":882,"height":11}},{"id":"edf703ac-35f6-416f-a8ff-25f7b14f1318","block_type":"box","text":"U.S. ETF Trust or iShares, Inc. (each, a “Fund”) is available at www.iShares.com.","page_number":86,"box":{"x":77,"y":80,"width":508,"height":11}},{"id":"5bb8e811-1f5f-41b7-b422-c17c56f7f9c5","block_type":"box","text":"Each Fund’s investment objective and its Underlying Index may be changed without shareholder approval.","page_number":86,"box":{"x":77,"y":103,"width":675,"height":11}},{"id":"0aae760e-9cc6-497f-88f6-4bc7a08bc768","block_type":"box","text":"Fund Underlying Index Investment Objective","page_number":86,"box":{"x":87,"y":134,"width":602,"height":11}},{"id":"980ec16e-5a73-4911-94d6-3c11055509ed","block_type":"box","text":"iShares Core Dividend ETF Morningstar US Dividend and","page_number":86,"box":{"x":87,"y":152,"width":413,"height":11}},{"id":"75ae4b02-6c13-413e-b4be-c2297b22975b","block_type":"box","text":"Buyback Index","page_number":86,"box":{"x":314,"y":167,"width":92,"height":10}},{"id":"f08223bc-9ab5-4e79-ae1c-fb6529cd3010","block_type":"box","text":"The iShares Core Dividend ETF seeks to track the investment","page_number":86,"box":{"x":539,"y":152,"width":390,"height":9}},{"id":"d9b1d177-b14f-42a5-a373-8a40839f1848","block_type":"box","text":"results of an index composed of U.S. stocks with a history of","page_number":86,"box":{"x":540,"y":167,"width":387,"height":10}},{"id":"d9bde4f2-9b05-4651-855d-bd1e62f29241","block_type":"box","text":"dividend payments and/or share buybacks.","page_number":86,"box":{"x":540,"y":181,"width":277,"height":11}},{"id":"a3b89dff-4fbf-4a77-b495-dc69c5b498a0","block_type":"box","text":"iShares Core Dividend Growth","page_number":86,"box":{"x":87,"y":199,"width":191,"height":8}},{"id":"e5b8d910-42e1-4ecb-843d-65db514b4ffa","block_type":"box","text":"ETF","page_number":86,"box":{"x":87,"y":213,"width":22,"height":8}},{"id":"737e153e-f3ab-465a-b7fe-5283e389eace","block_type":"box","text":"Morningstar US Dividend Growth","page_number":86,"box":{"x":314,"y":199,"width":209,"height":11}},{"id":"447bd4bf-b4f6-4263-b002-212a0ee8fd40","block_type":"box","text":"Index","page_number":86,"box":{"x":314,"y":213,"width":33,"height":8}},{"id":"9648a79c-7a71-4174-9e28-a2b1481f453c","block_type":"box","text":"The iShares Core Dividend Growth ETF seeks to track the","page_number":86,"box":{"x":539,"y":199,"width":366,"height":8}},{"id":"c97cc815-e84f-4494-8c55-fb5d622ff109","block_type":"box","text":"investment results of an index composed of U.S. equities with a","page_number":86,"box":{"x":540,"y":213,"width":406,"height":11}},{"id":"4d183fe2-38b6-4f22-b78c-0db315a0a26b","block_type":"box","text":"history of consistently growing dividends.","page_number":86,"box":{"x":540,"y":227,"width":264,"height":11}},{"id":"b16cb1cc-a44e-48d1-af00-f821084db5b2","block_type":"box","text":"iShares Dow Jones U.S. ETF Dow Jones U.S. Index The iShares Dow Jones U.S. ETF seeks to track the investment","page_number":86,"box":{"x":87,"y":245,"width":851,"height":10}},{"id":"77736a19-d695-4afd-a2b0-8e8263b91710","block_type":"box","text":"results of a broad-based index composed of U.S. equities.","page_number":86,"box":{"x":540,"y":259,"width":369,"height":11}},{"id":"fe5031b4-fafe-406f-9841-4eeb0a404222","block_type":"box","text":"iShares ESG MSCI KLD 400 ETF MSCI KLD 400 Social Index The iShares ESG MSCI KLD 400 ETF seeks to track the investment","page_number":86,"box":{"x":87,"y":277,"width":878,"height":9}},{"id":"38981d7b-adc0-459b-9527-4f814f0f37cb","block_type":"box","text":"results of an index composed of U.S. companies that have positive","page_number":86,"box":{"x":540,"y":292,"width":425,"height":10}},{"id":"88292046-adff-4934-9d66-a36c3bbdba4e","block_type":"box","text":"environmental, social and governance characteristics as identified","page_number":86,"box":{"x":540,"y":306,"width":422,"height":11}},{"id":"68fdf4da-8925-4137-b567-28e5eadef450","block_type":"box","text":"by the index provider.","page_number":86,"box":{"x":540,"y":320,"width":136,"height":11}},{"id":"1f8db110-eed5-4339-8bd6-6520db38cdc3","block_type":"box","text":"iShares ESG Optimized MSCI","page_number":86,"box":{"x":87,"y":338,"width":185,"height":11}},{"id":"4a2868d4-8c61-41ff-b901-479f9173d42a","block_type":"box","text":"USA ETF","page_number":86,"box":{"x":87,"y":352,"width":54,"height":9}},{"id":"94d1943a-576d-43fd-90d7-db4693170a4b","block_type":"box","text":"MSCI USA Extended ESG Select","page_number":86,"box":{"x":314,"y":338,"width":204,"height":8}},{"id":"d7b5eeee-2039-4d55-a9ac-e400eb989d75","block_type":"box","text":"Index","page_number":86,"box":{"x":314,"y":352,"width":33,"height":9}},{"id":"f53203d1-7edf-4a2b-ac15-2436b748522f","block_type":"box","text":"The iShares ESG Optimized MSCI USA ETF seeks to track the","page_number":86,"box":{"x":539,"y":338,"width":391,"height":11}},{"id":"5010246f-d575-4e5d-97cd-b7c09abd2f37","block_type":"box","text":"investment results of an index composed of U.S. companies that","page_number":86,"box":{"x":540,"y":352,"width":413,"height":11}},{"id":"4fc355f3-ae14-48c1-80bf-2bf6628e8e36","block_type":"box","text":"have positive environmental, social and governance characteristics","page_number":86,"box":{"x":540,"y":366,"width":428,"height":11}},{"id":"f77c1c70-b3ed-4028-b6ff-53052f4eddde","block_type":"box","text":"as identified by the index provider.","page_number":86,"box":{"x":540,"y":381,"width":219,"height":10}},{"id":"fd56bc07-90d0-40ac-baa2-6dc08df17daf","block_type":"box","text":"iShares Morningstar Growth ETF Morningstar US Large-Mid Cap","page_number":86,"box":{"x":87,"y":399,"width":424,"height":10}},{"id":"958cf6d1-f387-4bd8-b7d3-8a5a30f6198b","block_type":"box","text":"Broad Growth Index","page_number":86,"box":{"x":314,"y":413,"width":126,"height":8}},{"id":"816208dd-e2c1-4008-91fc-286a55fe19e1","block_type":"box","text":"The iShares Morningstar Growth ETF seeks to track the investment","page_number":86,"box":{"x":539,"y":399,"width":429,"height":10}},{"id":"6f42afe3-86a2-4c6d-8450-48b91e039fba","block_type":"box","text":"results of an index composed of large- and mid-capitalization U.S.","page_number":86,"box":{"x":540,"y":413,"width":420,"height":11}},{"id":"79dc5e33-ab12-4dc5-81c0-da4275324b5b","block_type":"box","text":"equities that exhibit growth characteristics.","page_number":86,"box":{"x":540,"y":427,"width":277,"height":11}},{"id":"0cf1b6f1-2c11-4839-a668-41368ff89400","block_type":"box","text":"iShares Morningstar Mid-Cap ETF Morningstar US Mid Cap Market","page_number":86,"box":{"x":87,"y":445,"width":432,"height":11}},{"id":"83a5b7dd-7462-432f-954f-463b9d4496c5","block_type":"box","text":"Index","page_number":86,"box":{"x":314,"y":459,"width":33,"height":9}},{"id":"cf09a821-eda4-4a34-be5d-9d13ef3273a3","block_type":"box","text":"1","page_number":86,"box":{"x":350,"y":458,"width":2,"height":5}},{"id":"94e859ca-9337-4361-ac73-95f79e8bc062","block_type":"box","text":"The iShares Morningstar Mid-Cap ETF seeks to track the","page_number":86,"box":{"x":539,"y":445,"width":361,"height":11}},{"id":"e78c1f2c-e980-49d0-9f57-b241aa7ef520","block_type":"box","text":"investment results of an index composed of mid-capitalization U.S.","page_number":86,"box":{"x":540,"y":459,"width":427,"height":11}},{"id":"8b301370-5376-4512-824c-7cf2e0b2fafb","block_type":"box","text":"equities.","page_number":86,"box":{"x":540,"y":473,"width":53,"height":11}},{"id":"b60670eb-419e-4d4d-bebb-c1eaeb1a9140","block_type":"box","text":"iShares Morningstar Mid-Cap","page_number":86,"box":{"x":87,"y":491,"width":186,"height":11}},{"id":"46a83636-2eab-40f7-b12c-b92864683631","block_type":"box","text":"Growth ETF","page_number":86,"box":{"x":87,"y":506,"width":73,"height":8}},{"id":"44ca8f07-d339-4baf-9890-492496874238","block_type":"box","text":"Morningstar US Mid Cap Broad","page_number":86,"box":{"x":314,"y":491,"width":197,"height":11}},{"id":"0337162f-3737-44df-91be-3f306d4a739c","block_type":"box","text":"Growth Index","page_number":86,"box":{"x":313,"y":506,"width":85,"height":8}},{"id":"77ef7243-1acb-45d7-ad32-9be2c6182afa","block_type":"box","text":"The iShares Morningstar Mid-Cap Growth ETF seeks to track the","page_number":86,"box":{"x":539,"y":491,"width":411,"height":11}},{"id":"c7498b1a-8193-4355-97f7-95f325aad9cb","block_type":"box","text":"investment results of an index composed of mid-capitalization U.S.","page_number":86,"box":{"x":540,"y":506,"width":427,"height":10}},{"id":"081efd0f-cc1e-4c89-aea0-838154552e0b","block_type":"box","text":"equities that exhibit growth characteristics.","page_number":86,"box":{"x":540,"y":520,"width":277,"height":11}},{"id":"589ba405-8e82-43cd-8178-fadd106a61b9","block_type":"box","text":"iShares Morningstar Mid-Cap","page_number":86,"box":{"x":87,"y":538,"width":186,"height":11}},{"id":"da7adfa0-5c7e-40f4-b56b-a606eb8e496c","block_type":"box","text":"Value ETF","page_number":86,"box":{"x":86,"y":552,"width":62,"height":8}},{"id":"32405db5-cd26-4ee0-9e97-e702d3d987ab","block_type":"box","text":"Morningstar US Mid Cap Broad","page_number":86,"box":{"x":314,"y":538,"width":197,"height":11}},{"id":"527cc5e0-70ae-4354-9c60-e6f36e13072f","block_type":"box","text":"Value Index","page_number":86,"box":{"x":313,"y":552,"width":73,"height":8}},{"id":"e89b71ff-25ab-45e7-b20a-706d59f24434","block_type":"box","text":"The iShares Morningstar Mid-Cap Value ETF seeks to track the","page_number":86,"box":{"x":539,"y":538,"width":400,"height":11}},{"id":"9b36f478-a098-4f82-a681-f8e58db056c6","block_type":"box","text":"investment results of an index composed of mid-capitalization U.S.","page_number":86,"box":{"x":540,"y":552,"width":427,"height":11}},{"id":"899ced6f-870b-431c-b455-70e0141b24a5","block_type":"box","text":"equities that exhibit value characteristics.","page_number":86,"box":{"x":540,"y":566,"width":266,"height":11}},{"id":"36376a50-b9d7-4adc-be46-c501aa6d73ed","block_type":"box","text":"iShares Morningstar Small-Cap","page_number":86,"box":{"x":87,"y":584,"width":198,"height":11}},{"id":"c3574396-a083-4d1f-955f-da51a232ce1e","block_type":"box","text":"ETF","page_number":86,"box":{"x":87,"y":599,"width":22,"height":8}},{"id":"68169db8-2e91-44de-acbe-677610198fa3","block_type":"box","text":"Morningstar US Small Cap","page_number":86,"box":{"x":314,"y":584,"width":167,"height":11}},{"id":"2232ae01-d65c-4743-915c-032b92368c7e","block_type":"box","text":"Extended Market Index","page_number":86,"box":{"x":314,"y":599,"width":146,"height":8}},{"id":"f6929baf-d65e-4d45-afd9-ca118f443d06","block_type":"box","text":"2","page_number":86,"box":{"x":462,"y":597,"width":4,"height":5}},{"id":"3628e176-de6d-4b75-b1e5-9931395b81a4","block_type":"box","text":"The iShares Morningstar Small-Cap ETF seeks to track the","page_number":86,"box":{"x":539,"y":584,"width":372,"height":11}},{"id":"07b60bfa-512a-4143-a966-847c2d893c9a","block_type":"box","text":"investment results of an index composed of small-capitalization","page_number":86,"box":{"x":540,"y":598,"width":406,"height":11}},{"id":"537e1305-e9d6-4f13-97c6-614a7f755d54","block_type":"box","text":"U.S. equities.","page_number":86,"box":{"x":540,"y":613,"width":84,"height":10}},{"id":"3ce91674-2f57-4bc0-8fdd-adb374467457","block_type":"box","text":"iShares Morningstar Small-Cap","page_number":86,"box":{"x":87,"y":631,"width":198,"height":10}},{"id":"da6f49b8-e8d1-4b15-8fd4-5e2303105bce","block_type":"box","text":"Growth ETF","page_number":86,"box":{"x":87,"y":645,"width":73,"height":8}},{"id":"26805e91-0731-4aa8-9f1a-c1aa8d6b0d38","block_type":"box","text":"Morningstar US Small Cap Broad","page_number":86,"box":{"x":314,"y":631,"width":209,"height":10}},{"id":"30885607-e603-466e-bacf-72be13b15a19","block_type":"box","text":"Growth Extended Index","page_number":86,"box":{"x":313,"y":645,"width":149,"height":8}},{"id":"492b698b-f39b-49bd-b29a-3f4b712f9425","block_type":"box","text":"The iShares Morningstar Small-Cap Growth ETF seeks to track the","page_number":86,"box":{"x":539,"y":631,"width":423,"height":10}},{"id":"bb4feab0-3e23-46aa-9f03-25c50a966563","block_type":"box","text":"investment results of an index composed of small-capitalization","page_number":86,"box":{"x":540,"y":645,"width":406,"height":11}},{"id":"ecf888e7-fc85-4da4-8510-13e40870572c","block_type":"box","text":"U.S. equities that exhibit growth characteristics.","page_number":86,"box":{"x":540,"y":659,"width":307,"height":11}},{"id":"f6e5655a-c102-4d66-9403-9ddc14c43d22","block_type":"box","text":"iShares Morningstar Small-Cap","page_number":86,"box":{"x":87,"y":677,"width":198,"height":11}},{"id":"72c6561f-3a5a-49f7-9809-a1c4af04c295","block_type":"box","text":"Value ETF","page_number":86,"box":{"x":86,"y":691,"width":62,"height":9}},{"id":"db3d6512-003e-4bde-b63e-eda1d9b28bf1","block_type":"box","text":"Morningstar US Small Cap Broad","page_number":86,"box":{"x":314,"y":677,"width":209,"height":11}},{"id":"d96d658f-931b-454f-a5a2-5cf0b4833f1b","block_type":"box","text":"Value Extended Index","page_number":86,"box":{"x":313,"y":691,"width":137,"height":9}},{"id":"ad510f5d-bbaf-4238-9405-24a2687c49ca","block_type":"box","text":"The iShares Morningstar Small-Cap Value ETF seeks to track the","page_number":86,"box":{"x":539,"y":677,"width":411,"height":11}},{"id":"69099677-62ca-41d3-9f1e-e53f98250557","block_type":"box","text":"investment results of an index composed of small-capitalization","page_number":86,"box":{"x":540,"y":691,"width":406,"height":11}},{"id":"8266d27a-e5ec-48b0-8767-b6d7314fec11","block_type":"box","text":"U.S. equities that exhibit value characteristics.","page_number":86,"box":{"x":540,"y":705,"width":296,"height":11}},{"id":"4c0393ff-e357-4baa-9610-fa94113d3403","block_type":"box","text":"iShares Morningstar U.S. Equity","page_number":86,"box":{"x":87,"y":723,"width":203,"height":11}},{"id":"114c4374-0887-4005-9efa-1f6b6d4d6b34","block_type":"box","text":"ETF","page_number":86,"box":{"x":87,"y":738,"width":22,"height":8}},{"id":"0676a6af-f74f-496e-bd01-7a2fb6aa1499","block_type":"box","text":"Morningstar US Large-Mid Cap","page_number":86,"box":{"x":314,"y":723,"width":197,"height":11}},{"id":"4ef97515-cd86-4645-8336-0628c117606d","block_type":"box","text":"Market Index","page_number":86,"box":{"x":314,"y":738,"width":83,"height":8}},{"id":"0684b9ff-a57a-409f-bf0d-2f23f61e0581","block_type":"box","text":"3","page_number":86,"box":{"x":398,"y":736,"width":5,"height":5}},{"id":"3228a761-e857-42cd-8264-ae648c57c6e2","block_type":"box","text":"The iShares Morningstar U.S. Equity ETF seeks to track the","page_number":86,"box":{"x":539,"y":723,"width":376,"height":11}},{"id":"ea5ba148-16c9-4198-b6ca-3857f7c797d3","block_type":"box","text":"investment results of an index composed of large- and","page_number":86,"box":{"x":540,"y":738,"width":346,"height":10}},{"id":"ec1e737a-9176-4637-8c4d-0565c5897448","block_type":"box","text":"mid-capitalization U.S. equities.","page_number":86,"box":{"x":540,"y":752,"width":201,"height":11}},{"id":"03f196c5-f17d-47db-ac6a-1e54504579bc","block_type":"box","text":"iShares Morningstar Value ETF Morningstar US Large-Mid Cap","page_number":86,"box":{"x":87,"y":770,"width":424,"height":11}},{"id":"c441e1da-a27c-4c0f-8930-e9cb1f51a92e","block_type":"box","text":"Broad Value Index","page_number":86,"box":{"x":314,"y":784,"width":114,"height":9}},{"id":"00bf83e1-d020-4ff8-ba05-a3612d6a8d8e","block_type":"box","text":"The iShares Morningstar Value ETF seeks to track the investment","page_number":86,"box":{"x":539,"y":770,"width":417,"height":11}},{"id":"2b28db7e-bd4a-4879-b75a-33084f1a513b","block_type":"box","text":"results of an index composed of large- and mid-capitalization U.S.","page_number":86,"box":{"x":540,"y":784,"width":420,"height":11}},{"id":"bc12baeb-f75f-4075-8fff-bb7d1970844c","block_type":"box","text":"equities that exhibit value characteristics.","page_number":86,"box":{"x":540,"y":798,"width":266,"height":11}},{"id":"da1fdcec-15a1-4966-8aaa-d29cee4c8116","block_type":"box","text":"1","page_number":86,"box":{"x":77,"y":823,"width":2,"height":4}},{"id":"46981b2d-80af-451a-91a4-fa8b71aa9e94","block_type":"box","text":"On June 1, 2026, the name of the Fund’s Underlying Index changed from the Morningstar US Mid Cap Index to the Morningstar US Mid Cap Market Index.","page_number":86,"box":{"x":91,"y":828,"width":872,"height":9}},{"id":"8e73f768-01de-48bb-99f1-450fdcc74918","block_type":"box","text":"2","page_number":86,"box":{"x":76,"y":845,"width":4,"height":4}},{"id":"0b7fa8f3-8016-44e4-b3a9-7b36a08f3956","block_type":"box","text":"On June 1, 2026, the name of the Fund’s Underlying Index changed from the Morningstar US Small Cap Extended Index to the Morningstar US Small Cap","page_number":86,"box":{"x":91,"y":847,"width":868,"height":10}},{"id":"d92846ac-032f-4bca-b2cd-d7dec7045693","block_type":"box","text":"Extended Market Index.","page_number":86,"box":{"x":92,"y":859,"width":133,"height":7}},{"id":"53808774-0f44-4774-a9b4-0c80992e6cd7","block_type":"box","text":"3","page_number":86,"box":{"x":76,"y":876,"width":4,"height":4}},{"id":"2d2ced13-49a8-4b2b-8a96-c2809003bcc3","block_type":"box","text":"On June 1, 2026, the name of the Fund’s Underlying Index changed from the Morningstar US Large-Mid Cap Index to the Morningstar US Large-Mid Cap\r\nMkId","page_number":86,"box":{"x":91,"y":878,"width":863,"height":10}},{"id":"1792f861-975a-406d-8b5f-61538cc92536","block_type":"box","text":"Market Index.","page_number":86,"box":{"x":92,"y":887,"width":76,"height":8}},{"id":"5e97db4e-a94c-4911-a955-ceed52728396","block_type":"box","text":"1","page_number":86,"box":{"x":527,"y":921,"width":3,"height":8}},{"id":"ff5f4f62-5591-422d-bace-500430a3a127","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":87,"box":{"x":77,"y":23,"width":889,"height":11}},{"id":"82ce8986-abbb-4085-9f1e-4aeb2b7b710d","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":87,"box":{"x":76,"y":37,"width":873,"height":11}},{"id":"4ac24e10-48c8-4d26-918a-6f404adee72e","block_type":"box","text":"Fund’s most recent NAV.","page_number":87,"box":{"x":77,"y":52,"width":155,"height":8}},{"id":"f1d92668-9d1a-4db0-be0f-c491b662f60b","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":87,"box":{"x":77,"y":75,"width":887,"height":11}},{"id":"d2ba1bf0-c0fa-4b26-ae9d-e43516090a94","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":87,"box":{"x":76,"y":89,"width":885,"height":11}},{"id":"0882f91b-0288-4fd7-9ad5-83a6e668f86e","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":87,"box":{"x":76,"y":103,"width":863,"height":11}},{"id":"7efdb04e-7ae0-4450-abfd-f9b7f419c5e0","block_type":"box","text":"government agency, BFA or any of BFA’s affiliates.","page_number":87,"box":{"x":76,"y":117,"width":318,"height":11}},{"id":"b46f8d03-9297-4003-90d9-255460e01ccb","block_type":"box","text":"Index Funds","page_number":87,"box":{"x":77,"y":141,"width":83,"height":8}},{"id":"a189877c-8d24-4bf7-9522-06a1adc5175c","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":87,"box":{"x":76,"y":164,"width":861,"height":10}},{"id":"a23f7c14-96c8-4276-b487-e3b3cbe7b047","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":87,"box":{"x":76,"y":178,"width":894,"height":11}},{"id":"8da44574-5911-478c-8bfe-60cb79da7886","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":87,"box":{"x":76,"y":192,"width":893,"height":11}},{"id":"dfe373bb-5b33-4b76-96f7-59339b8848c7","block_type":"box","text":"for a number of reasons, including transaction costs, asset or currency valuations, corporate actions, timing variances and differences","page_number":87,"box":{"x":76,"y":206,"width":859,"height":11}},{"id":"1ca91c61-a8e4-4c1a-9868-696606c6a843","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":87,"box":{"x":76,"y":220,"width":887,"height":11}},{"id":"5a0b049f-ac42-498f-9b79-584b3495310e","block_type":"box","text":"from legal restrictions (such as diversification requirements) that apply to the Fund but not to its Underlying Index.","page_number":87,"box":{"x":76,"y":235,"width":732,"height":10}},{"id":"10b7a1f1-6a20-4f3d-97e7-e99d0941a542","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":87,"box":{"x":77,"y":258,"width":901,"height":11}},{"id":"8aa5e1f0-1eb0-4bfb-8898-dc9e1a316640","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":87,"box":{"x":76,"y":272,"width":873,"height":11}},{"id":"2e9f275a-b93d-40da-8461-83c6d3c90ee4","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":87,"box":{"x":77,"y":286,"width":881,"height":11}},{"id":"11944bbc-7944-40a3-990d-4fc3344d2b3f","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":87,"box":{"x":76,"y":300,"width":883,"height":11}},{"id":"281fbccb-cc84-4b78-8e5d-3968c1866e7f","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":87,"box":{"x":77,"y":324,"width":890,"height":10}},{"id":"3826d23a-e96f-4d17-a716-23fb31100cc4","block_type":"box","text":"investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an","page_number":87,"box":{"x":76,"y":338,"width":903,"height":11}},{"id":"e38a5a28-7029-4903-bcad-92886bcbcfc2","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":87,"box":{"x":76,"y":352,"width":905,"height":11}},{"id":"9a7d5003-0d0a-49bb-b159-042dfa7ea38d","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":87,"box":{"x":77,"y":366,"width":894,"height":11}},{"id":"5e27d3e6-c53b-48fc-9380-47f18205e87f","block_type":"box","text":"underlying index in approximately the same proportions as in the underlying index.","page_number":87,"box":{"x":77,"y":380,"width":526,"height":11}},{"id":"6d1eddd9-f759-4f2a-a204-b1bd6aa2f910","block_type":"box","text":"2","page_number":87,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"69819ad9-4e60-4858-ae93-f0dedbf53a42","block_type":"box","text":"Additional Information About the Funds’ Risks","page_number":88,"box":{"x":76,"y":22,"width":455,"height":14}},{"id":"e5c2bad8-f65f-4fef-81a9-f9e6bf45b269","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":88,"box":{"x":77,"y":51,"width":888,"height":11}},{"id":"c9bb176b-c073-4f60-8735-98df8120da2d","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":88,"box":{"x":76,"y":66,"width":899,"height":11}},{"id":"ce22a310-28fe-46b8-bb1a-0ff97a01e50f","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":88,"box":{"x":76,"y":80,"width":876,"height":11}},{"id":"f4bff1cb-7601-453c-88fc-32a1d9912aa5","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":88,"box":{"x":76,"y":94,"width":844,"height":11}},{"id":"adf21bb8-730a-4db8-9732-5cd5efdb3da6","block_type":"box","text":"investment. A description of each risk is provided after the table.","page_number":88,"box":{"x":76,"y":108,"width":414,"height":11}},{"id":"8e441c85-3ca8-46b6-ab7f-59499e04d66f","block_type":"box","text":"iShares Core","page_number":88,"box":{"x":313,"y":147,"width":88,"height":8}},{"id":"4e05d979-1e35-47ac-9a3b-1e7abea05b83","block_type":"box","text":"Dividend ETF","page_number":88,"box":{"x":312,"y":158,"width":90,"height":9}},{"id":"fbfe5f31-a12c-4114-820a-0b72fa66fb55","block_type":"box","text":"iShares Core","page_number":88,"box":{"x":426,"y":135,"width":88,"height":9}},{"id":"d9d61e59-e991-465b-886a-b0b1dbe9f578","block_type":"box","text":"Dividend","page_number":88,"box":{"x":440,"y":147,"width":59,"height":8}},{"id":"820b457f-3708-493f-97da-848ef979adf5","block_type":"box","text":"Growth ETF","page_number":88,"box":{"x":430,"y":158,"width":80,"height":9}},{"id":"63f41150-0d41-4c1c-a0e7-0342e532c1cf","block_type":"box","text":"iShares Dow","page_number":88,"box":{"x":540,"y":147,"width":87,"height":8}},{"id":"a8035f78-e1af-42bb-8cca-bb098ad19d21","block_type":"box","text":"Jones U.S. ETF","page_number":88,"box":{"x":533,"y":158,"width":100,"height":10}},{"id":"c2a7688a-a458-4577-b19c-dcda181c6a82","block_type":"box","text":"iShares ESG","page_number":88,"box":{"x":655,"y":135,"width":83,"height":9}},{"id":"fbef35f8-d33b-455a-8c00-6042eda942ed","block_type":"box","text":"MSCI KLD 400","page_number":88,"box":{"x":647,"y":147,"width":100,"height":8}},{"id":"15a15869-8b2e-420f-8cda-410801d384b0","block_type":"box","text":"ETF","page_number":88,"box":{"x":685,"y":159,"width":24,"height":8}},{"id":"2903dc3c-5a6b-43d0-91fe-cb5ed8ed5aa1","block_type":"box","text":"iShares ESG","page_number":88,"box":{"x":768,"y":135,"width":84,"height":9}},{"id":"eb80e189-a8a5-4733-afab-f6a55ec7815a","block_type":"box","text":"Optimized","page_number":88,"box":{"x":775,"y":147,"width":69,"height":11}},{"id":"e1b0af94-c10e-4506-a911-4d62893f6b53","block_type":"box","text":"MSCI USA ETF","page_number":88,"box":{"x":761,"y":158,"width":99,"height":9}},{"id":"b0db7f17-b325-46e8-bad4-4275704b365b","block_type":"box","text":"iShares","page_number":88,"box":{"x":898,"y":135,"width":50,"height":9}},{"id":"e967413c-f779-41b1-b904-5253ed91775b","block_type":"box","text":"Morningstar","page_number":88,"box":{"x":881,"y":147,"width":84,"height":11}},{"id":"f8a07774-9c4d-494a-a8e1-aee0fa310f78","block_type":"box","text":"Growth ETF","page_number":88,"box":{"x":883,"y":158,"width":80,"height":9}},{"id":"3aeda188-cdc1-4e79-b9a4-92bc148c58de","block_type":"box","text":"Principal Risk |","page_number":88,"box":{"x":102,"y":184,"width":101,"height":12}},{"id":"44d63670-749c-4b96-89bf-b809f4994cdb","block_type":"box","text":"•","page_number":88,"box":{"x":209,"y":185,"width":6,"height":5}},{"id":"e2ce633c-5f6d-4bc4-b56a-71245e34833e","block_type":"box","text":"Other Risk","page_number":88,"box":{"x":221,"y":184,"width":74,"height":9}},{"id":"b5197ed1-9b61-494e-9871-e118d30e8c80","block_type":"box","text":"Asset Class Risk","page_number":88,"box":{"x":81,"y":210,"width":105,"height":9}},{"id":"d19fcedd-7c12-4443-92f0-93a518c8a810","block_type":"box","text":"Authorized Participant","page_number":88,"box":{"x":81,"y":228,"width":142,"height":11}},{"id":"f5c2bf5c-cc64-4179-9818-86baf7344908","block_type":"box","text":"Concentration Risk","page_number":88,"box":{"x":82,"y":242,"width":121,"height":9}},{"id":"c123adc4-6f4e-40b1-88fd-005bea09f17b","block_type":"box","text":"Buyback Risk","page_number":88,"box":{"x":82,"y":260,"width":84,"height":11}},{"id":"b910be5c-fe97-44f2-a7ce-54d7ce35ccb0","block_type":"box","text":"Close-Out Risk for Qualified","page_number":88,"box":{"x":82,"y":278,"width":176,"height":9}},{"id":"84b228df-f773-4e8a-95be-5626f3f0aaa3","block_type":"box","text":"Financial Contracts","page_number":88,"box":{"x":82,"y":293,"width":122,"height":8}},{"id":"b6138a13-eadf-4a97-9df3-a6933eef6ef8","block_type":"box","text":"••••••","page_number":88,"box":{"x":354,"y":287,"width":572,"height":4}},{"id":"e678fbed-b190-4a40-a976-eebf576b235a","block_type":"box","text":"Communications Companies Risk","page_number":88,"box":{"x":82,"y":311,"width":214,"height":10}},{"id":"3d0ff672-5923-4b6a-97ca-434bfa911f7d","block_type":"box","text":"•••","page_number":88,"box":{"x":694,"y":312,"width":232,"height":4}},{"id":"c0c5253f-1d40-40a0-82cf-c0049235739b","block_type":"box","text":"Concentration Risk","page_number":88,"box":{"x":82,"y":329,"width":121,"height":8}},{"id":"146bad02-5b9c-440c-a86b-bbf221a28829","block_type":"box","text":"Consumer Goods and Services","page_number":88,"box":{"x":82,"y":347,"width":195,"height":8}},{"id":"84ff41c6-8384-4d15-9d01-454a625b9f14","block_type":"box","text":"Companies Risk","page_number":88,"box":{"x":82,"y":361,"width":101,"height":11}},{"id":"b49166ec-1fa1-49d5-a9de-7441c581f78f","block_type":"box","text":"••••••","page_number":88,"box":{"x":354,"y":355,"width":572,"height":4}},{"id":"679caeed-cc0e-436f-be8e-12cc739f1b30","block_type":"box","text":"Dividend-Paying Stock Risk","page_number":88,"box":{"x":82,"y":379,"width":173,"height":11}},{"id":"a046fcc8-756c-41d3-87b1-8c27c014a6ca","block_type":"box","text":"Energy Companies Risk","page_number":88,"box":{"x":82,"y":397,"width":149,"height":11}},{"id":"1e87c967-c2d7-47a1-aafa-d8d2712cd045","block_type":"box","text":"••","page_number":88,"box":{"x":354,"y":398,"width":119,"height":4}},{"id":"ef74d132-69e8-4554-b1dc-bf6e0b089d76","block_type":"box","text":"Equity Securities Risk","page_number":88,"box":{"x":82,"y":415,"width":137,"height":11}},{"id":"3cc30feb-b729-4f72-bf4c-f5a2272c62aa","block_type":"box","text":"ESG Risk","page_number":88,"box":{"x":82,"y":433,"width":56,"height":9}},{"id":"c179d3c2-f934-4ade-9c27-ce39b77a16ca","block_type":"box","text":"Financial Companies Risk","page_number":88,"box":{"x":82,"y":451,"width":162,"height":11}},{"id":"9adf263b-d5f6-4a74-8606-9726b9f082e5","block_type":"box","text":"•••","page_number":88,"box":{"x":694,"y":452,"width":232,"height":5}},{"id":"4bcde4b4-1bde-4574-bb4c-aa29c80ea063","block_type":"box","text":"Geographic and Security Risks","page_number":88,"box":{"x":82,"y":469,"width":194,"height":11}},{"id":"de13050f-c7be-4661-b9f9-8085c59186e9","block_type":"box","text":"••••••","page_number":88,"box":{"x":354,"y":470,"width":572,"height":5}},{"id":"b0d90016-467c-4b35-9942-64f05a65364d","block_type":"box","text":"Growth Securities Risk","page_number":88,"box":{"x":82,"y":487,"width":144,"height":9}},{"id":"eec671de-b38a-41b8-b2c9-d387d998dafb","block_type":"box","text":"Healthcare Companies Risk","page_number":88,"box":{"x":82,"y":505,"width":176,"height":11}},{"id":"0ca6b777-61a2-4e39-a897-3ea489b1b43e","block_type":"box","text":"•","page_number":88,"box":{"x":354,"y":506,"width":5,"height":5}},{"id":"adf629f2-9701-4293-9a31-95726985d7a9","block_type":"box","text":"••••","page_number":88,"box":{"x":580,"y":506,"width":346,"height":5}},{"id":"a770aa23-0b92-4fac-82f5-64683eed0298","block_type":"box","text":"Illiquid Investments Risk","page_number":88,"box":{"x":82,"y":523,"width":154,"height":11}},{"id":"a51bc954-9a69-4636-8a35-03f7586579e2","block_type":"box","text":"••••••","page_number":88,"box":{"x":354,"y":524,"width":572,"height":5}},{"id":"54ef0897-65c4-416d-9960-06bcc1b03242","block_type":"box","text":"Index-Related Risk","page_number":88,"box":{"x":82,"y":541,"width":118,"height":9}},{"id":"28b03b36-00ca-481b-8596-042ddbd02f73","block_type":"box","text":"Industrial Companies Risk","page_number":88,"box":{"x":82,"y":559,"width":165,"height":11}},{"id":"655e7357-b104-43e7-9d9a-6837c335a75c","block_type":"box","text":"••••••","page_number":88,"box":{"x":354,"y":561,"width":572,"height":4}},{"id":"5c4c9fb6-acb0-4413-a21e-e1beeddaddef","block_type":"box","text":"Issuer Risk","page_number":88,"box":{"x":82,"y":578,"width":68,"height":8}},{"id":"8071e75c-a5cd-4d2f-a38b-79bc3a2e87ff","block_type":"box","text":"Large-Capitalization Companies","page_number":88,"box":{"x":82,"y":596,"width":203,"height":10}},{"id":"bf5c9b82-0002-4ca9-a61b-ebf4cd3314ea","block_type":"box","text":"Risk","page_number":88,"box":{"x":82,"y":610,"width":26,"height":8}},{"id":"9ec75983-5106-45d2-84d8-8b909e802acf","block_type":"box","text":"Large Shareholder and","page_number":88,"box":{"x":82,"y":628,"width":144,"height":11}},{"id":"bbd29b34-ec88-4fb8-bb36-85ca30ac5ec1","block_type":"box","text":"Large-Scale Redemption Risk","page_number":88,"box":{"x":82,"y":642,"width":187,"height":11}},{"id":"ccb457ca-9b27-4b33-8bfd-949b6f6a74e8","block_type":"box","text":"••••••","page_number":88,"box":{"x":354,"y":636,"width":572,"height":4}},{"id":"e44045f2-705c-4032-96ed-d22ccbce0fa0","block_type":"box","text":"Management Risk","page_number":88,"box":{"x":82,"y":660,"width":114,"height":11}},{"id":"b3e9004b-a6f9-4477-8f24-f684eb124248","block_type":"box","text":"Market Risk","page_number":88,"box":{"x":82,"y":678,"width":75,"height":9}},{"id":"43878ae3-02e0-49a3-977f-9f3eef685070","block_type":"box","text":"Market Trading Risk","page_number":88,"box":{"x":82,"y":696,"width":125,"height":11}},{"id":"c1f0d9ac-35a7-48ed-b6d4-fa75c8f764a9","block_type":"box","text":"Materials Companies Risk","page_number":88,"box":{"x":82,"y":714,"width":165,"height":11}},{"id":"acf931b6-7bfe-4893-bec2-1229a96a85cb","block_type":"box","text":"Mid-Capitalization Companies","page_number":88,"box":{"x":82,"y":732,"width":191,"height":11}},{"id":"6fb6bdbd-e46d-4ebb-9732-dd6f1ee1c400","block_type":"box","text":"Risk","page_number":88,"box":{"x":82,"y":746,"width":26,"height":9}},{"id":"2dce1c1d-9e74-473d-bea4-2b8ca0f5a151","block_type":"box","text":"••","page_number":88,"box":{"x":580,"y":740,"width":119,"height":5}},{"id":"6ff9007d-5d0f-4f98-ac47-259b992a106c","block_type":"box","text":"Non-Diversification Risk","page_number":88,"box":{"x":82,"y":764,"width":153,"height":9}},{"id":"1df32d66-ec18-469c-b5b4-ca4297c94ed3","block_type":"box","text":"Operational and Technology Risks","page_number":88,"box":{"x":82,"y":782,"width":214,"height":11}},{"id":"12757759-1839-4643-9f1c-70aa71b25e76","block_type":"box","text":"Ownership Limitations Risk","page_number":88,"box":{"x":82,"y":801,"width":173,"height":10}},{"id":"30292bfc-5356-45d6-b38f-e660ee518112","block_type":"box","text":"••••••","page_number":88,"box":{"x":354,"y":802,"width":572,"height":4}},{"id":"25d8213f-099b-443f-a97c-fba45a70f1f4","block_type":"box","text":"Real Estate Companies Risk","page_number":88,"box":{"x":82,"y":819,"width":177,"height":10}},{"id":"6a998851-a22b-4770-90a0-02e444266b64","block_type":"box","text":"Risk of Investing in the U.S.","page_number":88,"box":{"x":82,"y":837,"width":174,"height":10}},{"id":"dae7f609-e833-43f9-bb95-ea334dde383a","block_type":"box","text":"Securities Lending Risk","page_number":88,"box":{"x":82,"y":855,"width":148,"height":10}},{"id":"b82054c6-828a-49ec-8fac-8e689f505e63","block_type":"box","text":"3","page_number":88,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"f4d4d841-ba7a-4c4a-9d1c-61583bf6b7de","block_type":"box","text":"iShares Core","page_number":89,"box":{"x":313,"y":35,"width":88,"height":8}},{"id":"825131f1-14b1-476f-9661-5c3d0e30ccfb","block_type":"box","text":"Dividend ETF","page_number":89,"box":{"x":312,"y":46,"width":90,"height":9}},{"id":"75257e6c-509d-40e0-81aa-ab00e4dbdd3c","block_type":"box","text":"iShares Core","page_number":89,"box":{"x":426,"y":23,"width":88,"height":9}},{"id":"e753ca15-1197-4e58-8d12-6f23c74de22b","block_type":"box","text":"Dividend","page_number":89,"box":{"x":440,"y":35,"width":59,"height":8}},{"id":"bd7a53cc-6281-4847-ad8f-917c4922c5eb","block_type":"box","text":"Growth ETF","page_number":89,"box":{"x":430,"y":46,"width":80,"height":9}},{"id":"f45d02c4-0fe8-4301-b9f1-aca65db6bd03","block_type":"box","text":"iShares Dow","page_number":89,"box":{"x":540,"y":35,"width":87,"height":8}},{"id":"b859646b-5cc9-4a4c-a9a5-a9b56e38d0b0","block_type":"box","text":"Jones U.S. ETF","page_number":89,"box":{"x":533,"y":46,"width":100,"height":10}},{"id":"ed4d19cf-7315-46b0-b59a-ed51a06f709d","block_type":"box","text":"iShares ESG","page_number":89,"box":{"x":655,"y":23,"width":83,"height":9}},{"id":"06a5bb16-79f1-4945-8462-5bfd7ffe626b","block_type":"box","text":"MSCI KLD 400","page_number":89,"box":{"x":647,"y":35,"width":100,"height":8}},{"id":"89c0bb08-2c03-43df-99bf-284a14a4f987","block_type":"box","text":"ETF","page_number":89,"box":{"x":685,"y":47,"width":24,"height":8}},{"id":"a27fa114-bc0e-41c8-9eec-63cc821a9c5e","block_type":"box","text":"iShares ESG","page_number":89,"box":{"x":768,"y":23,"width":84,"height":9}},{"id":"b1b0ea2c-b205-4135-a7f6-b96022b8ea28","block_type":"box","text":"Optimized","page_number":89,"box":{"x":775,"y":35,"width":69,"height":10}},{"id":"60c70fe4-e122-4426-b14d-90b5bc38c093","block_type":"box","text":"MSCI USA ETF","page_number":89,"box":{"x":761,"y":46,"width":99,"height":9}},{"id":"9c267c41-fdf8-408d-ad2b-c0b5901b87d2","block_type":"box","text":"iShares","page_number":89,"box":{"x":898,"y":23,"width":50,"height":9}},{"id":"d4262b67-6b8d-4538-bc6f-240b5b3f3a98","block_type":"box","text":"Morningstar","page_number":89,"box":{"x":881,"y":35,"width":84,"height":11}},{"id":"1c0dd7b0-35f6-455a-b46b-ab691b0e2a02","block_type":"box","text":"Growth ETF","page_number":89,"box":{"x":883,"y":46,"width":80,"height":9}},{"id":"16334e2f-5ad2-449a-9b22-2e27392706d4","block_type":"box","text":"Principal Risk |","page_number":89,"box":{"x":102,"y":72,"width":101,"height":11}},{"id":"cc77fc0a-435b-4f25-84e7-83fe40fbdea6","block_type":"box","text":"•","page_number":89,"box":{"x":209,"y":73,"width":6,"height":5}},{"id":"d0b10fa5-c4fc-4ab2-a92c-e479b5845771","block_type":"box","text":"Other Risk","page_number":89,"box":{"x":221,"y":72,"width":74,"height":9}},{"id":"fe167aa4-a56f-4415-a2e9-857fc12f396e","block_type":"box","text":"Small-Capitalization Companies","page_number":89,"box":{"x":82,"y":98,"width":202,"height":11}},{"id":"82404193-c41e-4393-982d-1bfd50e50b6b","block_type":"box","text":"Risk","page_number":89,"box":{"x":82,"y":112,"width":26,"height":9}},{"id":"da387485-e505-436b-9e1a-a2f33c991d9f","block_type":"box","text":"•••","page_number":89,"box":{"x":354,"y":106,"width":232,"height":4}},{"id":"61949343-8c23-44e5-b7d9-ecb36584c554","block_type":"box","text":"Technology Companies Risk","page_number":89,"box":{"x":81,"y":130,"width":178,"height":11}},{"id":"23fdbdb5-b772-41c2-83fb-4e0fb567e449","block_type":"box","text":"Threshold/Underinvestment Risk","page_number":89,"box":{"x":81,"y":148,"width":213,"height":10}},{"id":"55b2940e-ba64-47d1-b077-f65e3900b6a7","block_type":"box","text":"••••••","page_number":89,"box":{"x":354,"y":149,"width":572,"height":5}},{"id":"0ef64ffb-6948-4565-9b13-aeca7663ef22","block_type":"box","text":"Tracking Error Risk","page_number":89,"box":{"x":81,"y":166,"width":119,"height":11}},{"id":"8f7d91fe-92ee-4ca0-bfb1-ef08c5097484","block_type":"box","text":"Utility Companies Risk","page_number":89,"box":{"x":82,"y":184,"width":143,"height":11}},{"id":"8f01dbdb-c878-4510-9e75-4c61a67e4d6b","block_type":"box","text":"•","page_number":89,"box":{"x":467,"y":185,"width":6,"height":5}},{"id":"403158c1-e501-485e-934e-b997bc3a0412","block_type":"box","text":"Value Securities Risk","page_number":89,"box":{"x":81,"y":202,"width":133,"height":9}},{"id":"7b41e474-e3dd-46d1-89ad-55abefd69dd7","block_type":"box","text":"iShares","page_number":89,"box":{"x":331,"y":252,"width":51,"height":8}},{"id":"0ef21f0a-4e94-4bbc-864c-5f76acdfb98e","block_type":"box","text":"Morningstar","page_number":89,"box":{"x":315,"y":263,"width":84,"height":11}},{"id":"e683b0a0-9481-4924-83ac-067174e6dfda","block_type":"box","text":"Mid-Cap ETF","page_number":89,"box":{"x":314,"y":275,"width":86,"height":11}},{"id":"fd9fdf2a-7139-4cec-9149-a751cdbf1646","block_type":"box","text":"iShares","page_number":89,"box":{"x":445,"y":240,"width":50,"height":9}},{"id":"1c9ccb1c-e9dd-4f41-b288-56f8b3ab158d","block_type":"box","text":"Morningstar","page_number":89,"box":{"x":428,"y":252,"width":84,"height":10}},{"id":"ce3c8e38-7380-4212-9421-750d9eaac442","block_type":"box","text":"Mid-Cap","page_number":89,"box":{"x":442,"y":263,"width":56,"height":11}},{"id":"c94b470c-3537-4004-8989-a1b5dec1782c","block_type":"box","text":"Growth ETF","page_number":89,"box":{"x":430,"y":275,"width":80,"height":8}},{"id":"218ff68b-5e5a-412a-9ec3-7e2861ae384d","block_type":"box","text":"iShares","page_number":89,"box":{"x":558,"y":240,"width":51,"height":9}},{"id":"be78e988-2438-4839-b187-d06a8ab3b7fc","block_type":"box","text":"Morningstar","page_number":89,"box":{"x":542,"y":252,"width":84,"height":10}},{"id":"67f6acff-bf50-4529-8018-25b4a1aea7b8","block_type":"box","text":"Mid-Cap Value","page_number":89,"box":{"x":534,"y":263,"width":99,"height":11}},{"id":"01fe192e-7d11-4480-9242-8305942f7942","block_type":"box","text":"ETF","page_number":89,"box":{"x":572,"y":275,"width":23,"height":8}},{"id":"7e5459a1-1390-44dc-b702-520ac5114e4d","block_type":"box","text":"iShares","page_number":89,"box":{"x":671,"y":252,"width":51,"height":8}},{"id":"7e71a1d7-0ca6-4f36-9a3f-10fd51e9f121","block_type":"box","text":"Morningstar","page_number":89,"box":{"x":655,"y":263,"width":84,"height":11}},{"id":"0feb2bc7-561e-43f2-9f8b-8ae423f2393c","block_type":"box","text":"Small-Cap ETF","page_number":89,"box":{"x":647,"y":275,"width":99,"height":11}},{"id":"721834b8-c772-478e-a60b-eef8b4938f3c","block_type":"box","text":"iShares","page_number":89,"box":{"x":784,"y":240,"width":51,"height":9}},{"id":"dcd3e6a9-ad42-4a90-beda-95142d020beb","block_type":"box","text":"Morningstar","page_number":89,"box":{"x":768,"y":252,"width":84,"height":10}},{"id":"f0dc3a45-1f22-4bfb-8587-940d3357339b","block_type":"box","text":"Small-Cap","page_number":89,"box":{"x":775,"y":263,"width":69,"height":11}},{"id":"8e538a4d-f64c-41df-a334-771dfe8ceeed","block_type":"box","text":"Growth ETF","page_number":89,"box":{"x":770,"y":275,"width":80,"height":8}},{"id":"001cd79b-ebe6-4670-b018-1015b4e41025","block_type":"box","text":"iShares","page_number":89,"box":{"x":898,"y":240,"width":50,"height":9}},{"id":"417b7c8d-f5f9-4262-a418-0a9e6ac8c1dd","block_type":"box","text":"Morningstar","page_number":89,"box":{"x":881,"y":252,"width":84,"height":10}},{"id":"b5e605c4-b5b5-482a-8171-66a23518ccf3","block_type":"box","text":"Small-Cap","page_number":89,"box":{"x":888,"y":263,"width":70,"height":11}},{"id":"967799e3-f04a-4cfd-bbab-8f0f03972064","block_type":"box","text":"Value ETF","page_number":89,"box":{"x":889,"y":275,"width":68,"height":8}},{"id":"cfadf6fa-9582-4be4-a66f-7145f6489b9b","block_type":"box","text":"Principal Risk |","page_number":89,"box":{"x":102,"y":300,"width":101,"height":12}},{"id":"e6148664-71aa-48fd-8a5a-2ea6112db067","block_type":"box","text":"•","page_number":89,"box":{"x":209,"y":302,"width":6,"height":4}},{"id":"44d744c1-26d6-495c-a92e-5c6d1dfec0e3","block_type":"box","text":"Other Risk","page_number":89,"box":{"x":221,"y":301,"width":74,"height":8}},{"id":"f3ae6f7a-b26e-49f3-9100-3c478e10467c","block_type":"box","text":"Asset Class Risk","page_number":89,"box":{"x":81,"y":326,"width":105,"height":9}},{"id":"a6ee3944-57e1-4a6f-9a09-32627ffc1945","block_type":"box","text":"Authorized Participant","page_number":89,"box":{"x":81,"y":344,"width":142,"height":11}},{"id":"7ac14884-b40c-4634-ad1c-fc22df3aad1f","block_type":"box","text":"Concentration Risk","page_number":89,"box":{"x":82,"y":359,"width":121,"height":8}},{"id":"102a9fc6-fcb3-4b99-9f01-43b17b453467","block_type":"box","text":"Buyback Risk","page_number":89,"box":{"x":82,"y":377,"width":84,"height":10}},{"id":"7593147c-a6b2-49de-acce-e1a36ce76ffc","block_type":"box","text":"Close-Out Risk for Qualified","page_number":89,"box":{"x":82,"y":395,"width":176,"height":8}},{"id":"107a1934-59e6-4dea-aae0-0d84d14fb0a3","block_type":"box","text":"Financial Contracts","page_number":89,"box":{"x":82,"y":409,"width":122,"height":8}},{"id":"3c3f3108-482f-404f-a961-8a12c212e39b","block_type":"box","text":"••••••","page_number":89,"box":{"x":354,"y":403,"width":572,"height":4}},{"id":"27bc5e87-8a81-400d-ad7e-dd84703f2f5c","block_type":"box","text":"Communications Companies Risk","page_number":89,"box":{"x":82,"y":427,"width":214,"height":11}},{"id":"ca716761-237d-475b-9e84-f2482bfe241d","block_type":"box","text":"Concentration Risk","page_number":89,"box":{"x":82,"y":445,"width":121,"height":8}},{"id":"2a123e65-052e-45df-8258-c120610bb202","block_type":"box","text":"Consumer Goods and Services","page_number":89,"box":{"x":82,"y":463,"width":195,"height":9}},{"id":"1fdfc2d0-7415-4420-a1dc-e2b63ae89376","block_type":"box","text":"Companies Risk","page_number":89,"box":{"x":82,"y":477,"width":101,"height":11}},{"id":"fd607865-0863-466a-915e-693660331370","block_type":"box","text":"•••••","page_number":89,"box":{"x":354,"y":471,"width":458,"height":5}},{"id":"5cadda7e-2697-4cc2-b79c-2819d7f84fa9","block_type":"box","text":"Dividend-Paying Stock Risk","page_number":89,"box":{"x":82,"y":495,"width":173,"height":11}},{"id":"432b1edd-32bc-4189-88a4-81e776733b29","block_type":"box","text":"Energy Companies Risk","page_number":89,"box":{"x":82,"y":513,"width":149,"height":11}},{"id":"03a6fae3-458a-48a9-b726-83df1b1a4465","block_type":"box","text":"•• •","page_number":89,"box":{"x":354,"y":514,"width":572,"height":5}},{"id":"b9dcac3a-0f91-4538-9d6e-41b70669cc77","block_type":"box","text":"Equity Securities Risk","page_number":89,"box":{"x":82,"y":531,"width":137,"height":11}},{"id":"7a80f171-ea4b-49a6-9597-9e7388aca233","block_type":"box","text":"ESG Risk","page_number":89,"box":{"x":82,"y":549,"width":56,"height":9}},{"id":"b41e8113-fb27-435e-a466-e397803048d4","block_type":"box","text":"Financial Companies Risk","page_number":89,"box":{"x":82,"y":567,"width":162,"height":11}},{"id":"1bfb8c23-71e1-4f3f-9272-9decf4502a55","block_type":"box","text":"••","page_number":89,"box":{"x":354,"y":569,"width":119,"height":4}},{"id":"7ad7e998-97f2-4108-b2ea-0c99060c6b47","block_type":"box","text":"•","page_number":89,"box":{"x":807,"y":569,"width":5,"height":4}},{"id":"ad597614-c1c8-446f-aa76-5e2f6745b7a4","block_type":"box","text":"Geographic and Security Risks","page_number":89,"box":{"x":82,"y":586,"width":194,"height":10}},{"id":"4c53617c-a4a5-4088-954b-9abf5e849663","block_type":"box","text":"••••••","page_number":89,"box":{"x":354,"y":587,"width":572,"height":4}},{"id":"b438106d-be92-4f01-a165-62b8a8f51b84","block_type":"box","text":"Growth Securities Risk","page_number":89,"box":{"x":82,"y":604,"width":144,"height":8}},{"id":"624df577-e81a-49c3-995e-0c7748d66767","block_type":"box","text":"Healthcare Companies Risk","page_number":89,"box":{"x":82,"y":622,"width":176,"height":10}},{"id":"47033738-618f-42b9-8e08-8ce287785ae1","block_type":"box","text":"••••","page_number":89,"box":{"x":354,"y":623,"width":345,"height":4}},{"id":"a260bf95-4ad5-43a4-8656-2802d7f87ceb","block_type":"box","text":"•","page_number":89,"box":{"x":920,"y":623,"width":6,"height":4}},{"id":"28e3592c-a119-4d58-b649-5664dbcbb380","block_type":"box","text":"Illiquid Investments Risk","page_number":89,"box":{"x":82,"y":640,"width":154,"height":10}},{"id":"f8ae96b5-c156-4af8-944f-2b1e539d6218","block_type":"box","text":"••••••","page_number":89,"box":{"x":354,"y":641,"width":572,"height":4}},{"id":"61b7d419-7dd4-48d1-9bc8-91e8fa2b0e27","block_type":"box","text":"Index-Related Risk","page_number":89,"box":{"x":82,"y":658,"width":118,"height":8}},{"id":"95d2ee92-130d-47ef-88c2-2ea4cbb90404","block_type":"box","text":"Industrial Companies Risk","page_number":89,"box":{"x":82,"y":676,"width":165,"height":11}},{"id":"88ee1201-549f-464c-8539-c93413b7f92c","block_type":"box","text":"•","page_number":89,"box":{"x":580,"y":677,"width":6,"height":4}},{"id":"6644b073-dbba-42e5-8e0a-03530a4a638b","block_type":"box","text":"•","page_number":89,"box":{"x":920,"y":677,"width":6,"height":4}},{"id":"70d0374e-1545-42a2-8c51-4577669da93a","block_type":"box","text":"Issuer Risk","page_number":89,"box":{"x":82,"y":694,"width":68,"height":8}},{"id":"d06c1aa4-b34b-485c-931b-8e27f1f5c2ee","block_type":"box","text":"Large-Capitalization Companies","page_number":89,"box":{"x":82,"y":712,"width":203,"height":11}},{"id":"365fc75a-33c8-4114-8467-be1624fbe658","block_type":"box","text":"Risk","page_number":89,"box":{"x":82,"y":726,"width":26,"height":9}},{"id":"a9e7dd4d-0da0-4ea1-868d-f0b02b2fb156","block_type":"box","text":"Large Shareholder and","page_number":89,"box":{"x":82,"y":744,"width":144,"height":11}},{"id":"aa44235a-15b5-4e31-b220-0227882afd7e","block_type":"box","text":"Large-Scale Redemption Risk","page_number":89,"box":{"x":82,"y":758,"width":187,"height":11}},{"id":"4e6331ba-dad0-464f-8e32-84ffa29aea7b","block_type":"box","text":"••••••","page_number":89,"box":{"x":354,"y":752,"width":572,"height":5}},{"id":"d4ea6b57-f140-4a0e-b4f0-b4c15cc94cec","block_type":"box","text":"Management Risk","page_number":89,"box":{"x":82,"y":776,"width":114,"height":11}},{"id":"ad7e9808-46de-4ec3-841b-c0ac89ab00a5","block_type":"box","text":"Market Risk","page_number":89,"box":{"x":82,"y":794,"width":75,"height":9}},{"id":"68086c62-cce2-4a0b-a032-c6d970babb8e","block_type":"box","text":"Market Trading Risk","page_number":89,"box":{"x":82,"y":812,"width":125,"height":11}},{"id":"49fc57b7-4eba-4ebf-abe0-142741afb710","block_type":"box","text":"Materials Companies Risk","page_number":89,"box":{"x":82,"y":830,"width":165,"height":11}},{"id":"ab6095ef-050e-4ed8-9231-a022cbf0c3ab","block_type":"box","text":"•• •","page_number":89,"box":{"x":354,"y":832,"width":572,"height":4}},{"id":"6f5686c9-a2de-4ca1-b843-b3a1ea27e1a7","block_type":"box","text":"Mid-Capitalization Companies","page_number":89,"box":{"x":82,"y":849,"width":191,"height":10}},{"id":"08bd943c-e8be-4102-95be-ea745c230969","block_type":"box","text":"Risk","page_number":89,"box":{"x":82,"y":863,"width":26,"height":8}},{"id":"75acd41a-b44e-42d5-bc4b-3747af6834b4","block_type":"box","text":"4","page_number":89,"box":{"x":525,"y":921,"width":8,"height":8}},{"id":"af578fa5-1398-4bc5-8990-4680660de454","block_type":"box","text":"iShares","page_number":90,"box":{"x":331,"y":35,"width":51,"height":8}},{"id":"e9946773-1dca-4ae1-a1e6-e66f6c293590","block_type":"box","text":"Morningstar","page_number":90,"box":{"x":315,"y":46,"width":84,"height":11}},{"id":"4d7e200a-1ef1-4384-9100-8bccb03365b6","block_type":"box","text":"Mid-Cap ETF","page_number":90,"box":{"x":314,"y":58,"width":86,"height":11}},{"id":"946c5571-22ce-47d7-a9a0-bb23f03794b5","block_type":"box","text":"iShares","page_number":90,"box":{"x":445,"y":23,"width":50,"height":9}},{"id":"74e024e0-9146-48e7-a752-460b2c0c9a6c","block_type":"box","text":"Morningstar","page_number":90,"box":{"x":428,"y":35,"width":84,"height":11}},{"id":"3850b6a0-97e2-4f10-ac29-991b92470d4a","block_type":"box","text":"Mid-Cap","page_number":90,"box":{"x":442,"y":46,"width":56,"height":11}},{"id":"13eb643f-18a3-4b60-abb0-0829fa8693bb","block_type":"box","text":"Growth ETF","page_number":90,"box":{"x":430,"y":58,"width":80,"height":8}},{"id":"ecb07ebb-021a-4947-8e30-d97e9276280c","block_type":"box","text":"iShares","page_number":90,"box":{"x":558,"y":23,"width":51,"height":9}},{"id":"e76f4efc-a3ef-4b00-a82d-9bd276b7e852","block_type":"box","text":"Morningstar","page_number":90,"box":{"x":542,"y":35,"width":84,"height":11}},{"id":"122446b6-df1e-4884-9e0d-3aabe304adb4","block_type":"box","text":"Mid-Cap Value","page_number":90,"box":{"x":534,"y":46,"width":99,"height":11}},{"id":"2bc2da14-9305-4099-aba2-ea9d9cdf2f58","block_type":"box","text":"ETF","page_number":90,"box":{"x":572,"y":58,"width":23,"height":8}},{"id":"fd381889-7075-4fe9-8c58-cff9a3b1992c","block_type":"box","text":"iShares","page_number":90,"box":{"x":671,"y":35,"width":51,"height":8}},{"id":"e04b84cf-004d-4c75-81b8-bba9465a751c","block_type":"box","text":"Morningstar","page_number":90,"box":{"x":655,"y":46,"width":84,"height":11}},{"id":"66a0de4b-03e5-4823-aac3-74e5b412e36f","block_type":"box","text":"Small-Cap ETF","page_number":90,"box":{"x":647,"y":58,"width":99,"height":11}},{"id":"285769d8-26cc-498d-9465-cf1c53c3021d","block_type":"box","text":"iShares","page_number":90,"box":{"x":784,"y":23,"width":51,"height":9}},{"id":"6543f853-4ce7-421a-9ded-4e1801c90206","block_type":"box","text":"Morningstar","page_number":90,"box":{"x":768,"y":35,"width":84,"height":11}},{"id":"874112cf-284c-4bcf-b3a3-c762b5233a4d","block_type":"box","text":"Small-Cap","page_number":90,"box":{"x":775,"y":46,"width":69,"height":11}},{"id":"3b62aa12-924f-43f6-8983-c88e31caa47e","block_type":"box","text":"Growth ETF","page_number":90,"box":{"x":770,"y":58,"width":80,"height":8}},{"id":"93e6be80-1ce1-4052-91f1-389ce4c26c87","block_type":"box","text":"iShares","page_number":90,"box":{"x":898,"y":23,"width":50,"height":9}},{"id":"e0c3a57c-e03e-4b73-9d88-0894efc3220d","block_type":"box","text":"Morningstar","page_number":90,"box":{"x":881,"y":35,"width":84,"height":11}},{"id":"1842f2ea-823d-40e9-9bb6-82de01a23721","block_type":"box","text":"Small-Cap","page_number":90,"box":{"x":888,"y":46,"width":70,"height":11}},{"id":"5d087882-dfee-4523-a26b-f945c07b8b56","block_type":"box","text":"Value ETF","page_number":90,"box":{"x":889,"y":58,"width":68,"height":8}},{"id":"a41299bb-30d2-43fe-b274-5074271b4f3a","block_type":"box","text":"Principal Risk |","page_number":90,"box":{"x":102,"y":83,"width":101,"height":12}},{"id":"ed6694ef-b10d-4b6b-9560-0057ce4d4101","block_type":"box","text":"•","page_number":90,"box":{"x":209,"y":85,"width":6,"height":4}},{"id":"b98ddf89-e0d6-445f-835c-a1f1d377aeb0","block_type":"box","text":"Other Risk","page_number":90,"box":{"x":221,"y":84,"width":74,"height":8}},{"id":"21da407c-f3fc-471e-8f98-99222fdbd600","block_type":"box","text":"Non-Diversification Risk","page_number":90,"box":{"x":82,"y":109,"width":153,"height":9}},{"id":"f11c0aea-9316-4d42-9d90-a66803a8d8b7","block_type":"box","text":"Operational and Technology Risks","page_number":90,"box":{"x":82,"y":128,"width":214,"height":10}},{"id":"8fd99693-f01a-443e-96f9-0e1bd8da5572","block_type":"box","text":"Ownership Limitations Risk","page_number":90,"box":{"x":82,"y":146,"width":173,"height":10}},{"id":"a5f03603-6f7a-4d84-af99-7e542f74abe4","block_type":"box","text":"••••••","page_number":90,"box":{"x":354,"y":147,"width":572,"height":4}},{"id":"82dbc510-bfaa-4896-9485-b4bd7b77c6c2","block_type":"box","text":"Real Estate Companies Risk","page_number":90,"box":{"x":82,"y":164,"width":177,"height":10}},{"id":"4f99746c-ec80-41a4-b77b-11e752a04051","block_type":"box","text":"••••","page_number":90,"box":{"x":580,"y":165,"width":346,"height":4}},{"id":"6773b65e-50f7-41a3-a30f-2ad0a514f3f2","block_type":"box","text":"Risk of Investing in the U.S.","page_number":90,"box":{"x":82,"y":182,"width":174,"height":11}},{"id":"baa1e598-dbc9-4822-87a8-fb522067f2a0","block_type":"box","text":"Securities Lending Risk","page_number":90,"box":{"x":82,"y":200,"width":148,"height":11}},{"id":"53049ec2-da07-4177-b773-b7aa16d93669","block_type":"box","text":"Small-Capitalization Companies","page_number":90,"box":{"x":82,"y":218,"width":202,"height":11}},{"id":"03634901-5059-44d7-8dde-5be38440a79f","block_type":"box","text":"Risk","page_number":90,"box":{"x":82,"y":232,"width":26,"height":8}},{"id":"bf1d2ffe-9d2f-4bec-b7c1-2400cf2a78ec","block_type":"box","text":"Technology Companies Risk","page_number":90,"box":{"x":81,"y":250,"width":178,"height":11}},{"id":"770cf0be-13c7-48e7-bd9a-b44ac39ba818","block_type":"box","text":"••","page_number":90,"box":{"x":580,"y":251,"width":119,"height":4}},{"id":"421ac474-726b-4fa0-80a4-9296685b9e5a","block_type":"box","text":"•","page_number":90,"box":{"x":920,"y":251,"width":6,"height":4}},{"id":"bcc4f3b1-a85a-4f90-bf06-87fe8d842be4","block_type":"box","text":"Threshold/Underinvestment Risk","page_number":90,"box":{"x":81,"y":268,"width":213,"height":10}},{"id":"f2cc6dea-b38a-4298-8bea-0208aa0f1136","block_type":"box","text":"••••••","page_number":90,"box":{"x":354,"y":269,"width":572,"height":4}},{"id":"5d2fdb97-5c4b-48ac-ad37-39b88b45955d","block_type":"box","text":"Tracking Error Risk","page_number":90,"box":{"x":81,"y":286,"width":119,"height":11}},{"id":"1281f993-49f7-454c-9efd-dcdd2c478e37","block_type":"box","text":"Utility Companies Risk","page_number":90,"box":{"x":82,"y":304,"width":143,"height":11}},{"id":"dd5cefbe-43dc-4166-829b-d56417d6759f","block_type":"box","text":"••","page_number":90,"box":{"x":354,"y":305,"width":232,"height":5}},{"id":"d75501ba-5025-44d2-a12d-146a68dac5a5","block_type":"box","text":"Value Securities Risk","page_number":90,"box":{"x":81,"y":322,"width":133,"height":9}},{"id":"eb539529-1ae1-4e50-87d2-d86aa3eb4a1c","block_type":"box","text":"iShares Morningstar","page_number":90,"box":{"x":680,"y":360,"width":141,"height":11}},{"id":"091a034c-7e1d-4376-9267-b2e1d439971b","block_type":"box","text":"U.S. Equity ETF","page_number":90,"box":{"x":699,"y":372,"width":104,"height":10}},{"id":"51c1a437-7b46-4ec6-a252-da21a9544c10","block_type":"box","text":"iShares Morningstar","page_number":90,"box":{"x":833,"y":360,"width":141,"height":11}},{"id":"db5e359c-17c6-45ee-90e6-a196a13df0fa","block_type":"box","text":"Value ETF","page_number":90,"box":{"x":869,"y":372,"width":68,"height":8}},{"id":"7f5bb518-1c47-4045-ae6c-1c9a53a7b6d8","block_type":"box","text":"Principal Risk |","page_number":90,"box":{"x":102,"y":397,"width":101,"height":12}},{"id":"9b7a061f-5794-4290-8150-a5971ced18db","block_type":"box","text":"•","page_number":90,"box":{"x":209,"y":398,"width":6,"height":5}},{"id":"3f9ed5aa-704a-4ba3-a250-71e2aa77a189","block_type":"box","text":"Other Risk","page_number":90,"box":{"x":221,"y":397,"width":74,"height":9}},{"id":"4b2c13fd-3f69-44b4-9af0-8c436eed0d2e","block_type":"box","text":"Asset Class Risk","page_number":90,"box":{"x":81,"y":423,"width":105,"height":9}},{"id":"f4db7779-e7dd-465c-a371-b3639cdee88d","block_type":"box","text":"Authorized Participant Concentration Risk","page_number":90,"box":{"x":81,"y":441,"width":268,"height":11}},{"id":"33b4dcaa-88a5-4497-97c5-ccaca47122e7","block_type":"box","text":"Buyback Risk","page_number":90,"box":{"x":82,"y":459,"width":84,"height":11}},{"id":"183a5360-d6d9-4b25-8d8c-65af99a42bde","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts","page_number":90,"box":{"x":82,"y":477,"width":304,"height":9}},{"id":"7884830a-f96a-4c64-9f68-87ec852f62fe","block_type":"box","text":"••","page_number":90,"box":{"x":748,"y":478,"width":158,"height":5}},{"id":"4d3b0757-2795-472c-af4b-6525cf36419f","block_type":"box","text":"Communications Companies Risk","page_number":90,"box":{"x":82,"y":495,"width":214,"height":11}},{"id":"96e35bc3-6bce-47f1-bc60-28e41ef14b33","block_type":"box","text":"••","page_number":90,"box":{"x":748,"y":496,"width":158,"height":5}},{"id":"33be8e3f-a93a-4904-8643-b706554c3793","block_type":"box","text":"Concentration Risk","page_number":90,"box":{"x":82,"y":513,"width":121,"height":9}},{"id":"71a95876-4266-4bf5-92e4-13be41c604ea","block_type":"box","text":"Consumer Goods and Services Companies Risk","page_number":90,"box":{"x":82,"y":531,"width":302,"height":11}},{"id":"ac6c6f13-d43d-4be4-a0cf-7dcac8caaad8","block_type":"box","text":"•","page_number":90,"box":{"x":748,"y":533,"width":5,"height":4}},{"id":"11478909-be29-4b7b-b3df-b0462035863a","block_type":"box","text":"Dividend-Paying Stock Risk","page_number":90,"box":{"x":82,"y":549,"width":173,"height":11}},{"id":"a8b49714-0563-4125-ad48-70b30ec40b94","block_type":"box","text":"Energy Companies Risk","page_number":90,"box":{"x":82,"y":567,"width":149,"height":11}},{"id":"084b7c49-52bd-49db-8a32-c6392a5ddacf","block_type":"box","text":"•","page_number":90,"box":{"x":900,"y":569,"width":6,"height":4}},{"id":"2f0bd291-c1fc-47bf-911d-aa2be2cbc0b2","block_type":"box","text":"Equity Securities Risk","page_number":90,"box":{"x":82,"y":586,"width":137,"height":10}},{"id":"04a17f4c-b3c8-45c2-b60b-3df2a27fe13e","block_type":"box","text":"ESG Risk","page_number":90,"box":{"x":82,"y":604,"width":56,"height":8}},{"id":"9ce5c3ee-401b-4804-a495-64102430172f","block_type":"box","text":"Financial Companies Risk","page_number":90,"box":{"x":82,"y":622,"width":162,"height":10}},{"id":"7baad820-62a6-439e-9fca-1c23242f9aa5","block_type":"box","text":"•","page_number":90,"box":{"x":748,"y":623,"width":5,"height":4}},{"id":"e8d07e8d-476a-49c8-8dcf-13b64adf6358","block_type":"box","text":"Geographic and Security Risks","page_number":90,"box":{"x":82,"y":640,"width":194,"height":11}},{"id":"d6fe348e-cb7d-4bf6-9d0f-8d1224e7bb25","block_type":"box","text":"••","page_number":90,"box":{"x":748,"y":641,"width":158,"height":4}},{"id":"b8ef44f2-7c08-4058-a37d-be14479aa0f1","block_type":"box","text":"Growth Securities Risk","page_number":90,"box":{"x":82,"y":658,"width":144,"height":8}},{"id":"c4beedfc-bfd9-44ea-87d8-8e063707b8af","block_type":"box","text":"Healthcare Companies Risk","page_number":90,"box":{"x":82,"y":676,"width":176,"height":11}},{"id":"ee6a8cc2-858c-477f-8935-777041c001bd","block_type":"box","text":"••","page_number":90,"box":{"x":748,"y":677,"width":158,"height":4}},{"id":"301359b0-803f-4fd8-81e6-bf977063b270","block_type":"box","text":"Illiquid Investments Risk","page_number":90,"box":{"x":82,"y":694,"width":154,"height":11}},{"id":"ee56e513-8394-4528-8ec3-8edc5c0da903","block_type":"box","text":"••","page_number":90,"box":{"x":748,"y":695,"width":158,"height":4}},{"id":"e82f8cd0-22aa-43db-9c32-14e42b225271","block_type":"box","text":"Index-Related Risk","page_number":90,"box":{"x":82,"y":712,"width":118,"height":8}},{"id":"10d3f519-5e2a-4289-be19-5484e8460ff3","block_type":"box","text":"Industrial Companies Risk","page_number":90,"box":{"x":82,"y":730,"width":165,"height":11}},{"id":"d158e95c-f6a4-4985-9ebd-a7cceb844f1e","block_type":"box","text":"••","page_number":90,"box":{"x":748,"y":731,"width":158,"height":4}},{"id":"800cb0c4-01ee-41eb-91a1-a5d0bd050edc","block_type":"box","text":"Issuer Risk","page_number":90,"box":{"x":82,"y":748,"width":68,"height":8}},{"id":"235edf2e-baa9-4f3e-9d29-8d5469ae7e70","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":90,"box":{"x":82,"y":766,"width":234,"height":11}},{"id":"82110b08-f3ba-4523-b5a0-9ff30804cf8a","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":90,"box":{"x":82,"y":784,"width":337,"height":11}},{"id":"5147572f-31e0-4ff6-99c6-1731aa456ff3","block_type":"box","text":"••","page_number":90,"box":{"x":748,"y":785,"width":158,"height":4}},{"id":"5e16ccc4-e417-4d63-8971-c0af0599f2bf","block_type":"box","text":"Management Risk","page_number":90,"box":{"x":82,"y":802,"width":114,"height":11}},{"id":"4c196240-05c5-42b9-96aa-210db6667b19","block_type":"box","text":"Market Risk","page_number":90,"box":{"x":82,"y":820,"width":75,"height":9}},{"id":"64b0085f-2b57-47d6-b073-1fcd88471202","block_type":"box","text":"Market Trading Risk","page_number":90,"box":{"x":82,"y":838,"width":125,"height":11}},{"id":"de8ae4c4-ad33-4b2b-815b-d13236468970","block_type":"box","text":"Materials Companies Risk","page_number":90,"box":{"x":82,"y":856,"width":165,"height":11}},{"id":"4589e44b-3f17-49b5-a904-ce3969554662","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":90,"box":{"x":82,"y":874,"width":222,"height":11}},{"id":"02498d45-f7e8-4fb1-9cb5-9ca9b491c72e","block_type":"box","text":"5","page_number":90,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"cc53c736-8f99-4b1f-9dd2-de34c1d08f15","block_type":"box","text":"iShares Morningstar","page_number":91,"box":{"x":680,"y":23,"width":141,"height":11}},{"id":"f94db5f1-40c1-45a2-a16e-bba120b8bf50","block_type":"box","text":"U.S. Equity ETF","page_number":91,"box":{"x":699,"y":35,"width":104,"height":11}},{"id":"1e7c1c94-ed7f-43aa-8b43-509eb76c452c","block_type":"box","text":"iShares Morningstar","page_number":91,"box":{"x":833,"y":23,"width":141,"height":11}},{"id":"869e635b-6c3b-49b9-be5a-d7a57f65b230","block_type":"box","text":"Value ETF","page_number":91,"box":{"x":869,"y":35,"width":68,"height":8}},{"id":"810ddbfd-87e9-4f55-9019-b9c187eb64c9","block_type":"box","text":"Principal Risk |","page_number":91,"box":{"x":102,"y":60,"width":101,"height":12}},{"id":"ecd2b8fa-504d-4b9e-b738-d9065b5714a3","block_type":"box","text":"•","page_number":91,"box":{"x":209,"y":61,"width":6,"height":5}},{"id":"d064baec-52fb-4572-a1fa-2c91e3ede755","block_type":"box","text":"Other Risk","page_number":91,"box":{"x":221,"y":61,"width":74,"height":8}},{"id":"2f336795-cdeb-432e-a6b7-c69c3b303621","block_type":"box","text":"Non-Diversification Risk","page_number":91,"box":{"x":82,"y":86,"width":153,"height":9}},{"id":"54916bad-7bd9-44b7-8e22-87bbadde6118","block_type":"box","text":"Operational and Technology Risks","page_number":91,"box":{"x":82,"y":104,"width":214,"height":11}},{"id":"67c90fd3-9305-4d53-9fb0-bf192c948481","block_type":"box","text":"Ownership Limitations Risk","page_number":91,"box":{"x":82,"y":122,"width":173,"height":11}},{"id":"b273e5f9-a1bf-463f-aafa-49a10bbba750","block_type":"box","text":"••","page_number":91,"box":{"x":748,"y":124,"width":158,"height":4}},{"id":"a0f9e19f-8494-49ee-9a76-c479d973a573","block_type":"box","text":"Real Estate Companies Risk","page_number":91,"box":{"x":82,"y":140,"width":177,"height":11}},{"id":"c0e2a0c0-7777-4f18-ab18-4f43e0b31592","block_type":"box","text":"Risk of Investing in the U.S.","page_number":91,"box":{"x":82,"y":158,"width":174,"height":11}},{"id":"aba63db8-94e1-4da8-baee-46db274d3c2b","block_type":"box","text":"Securities Lending Risk","page_number":91,"box":{"x":82,"y":177,"width":148,"height":10}},{"id":"d402967d-a793-4422-bc58-936113c24b95","block_type":"box","text":"Small-Capitalization Companies Risk","page_number":91,"box":{"x":82,"y":195,"width":233,"height":10}},{"id":"05e534db-a48e-40d3-b8ec-f19df2a90450","block_type":"box","text":"Technology Companies Risk","page_number":91,"box":{"x":81,"y":213,"width":178,"height":10}},{"id":"f9d46be0-a241-4a8a-aa99-19d3d4a5a81c","block_type":"box","text":"Threshold/Underinvestment Risk","page_number":91,"box":{"x":81,"y":231,"width":213,"height":10}},{"id":"3cd2e5fe-53a4-4b24-9d16-ec1b19f86a28","block_type":"box","text":"••","page_number":91,"box":{"x":748,"y":232,"width":158,"height":4}},{"id":"0da4c00d-f745-4fa4-aabd-4a0951656f84","block_type":"box","text":"Tracking Error Risk","page_number":91,"box":{"x":81,"y":249,"width":119,"height":11}},{"id":"1fccc9c1-044b-4ec9-924d-c201709f9202","block_type":"box","text":"Utility Companies Risk","page_number":91,"box":{"x":82,"y":267,"width":143,"height":11}},{"id":"267844f2-3852-461c-a06e-4fdd8ddf1a5f","block_type":"box","text":"Value Securities Risk","page_number":91,"box":{"x":81,"y":285,"width":133,"height":8}},{"id":"0ad859c0-fbe6-4776-b994-ce082a50c10d","block_type":"box","text":"Asset Class Risk.","page_number":91,"box":{"x":76,"y":319,"width":117,"height":8}},{"id":"7eb8e059-d654-411a-b9b7-4ec221117c11","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":91,"box":{"x":198,"y":319,"width":706,"height":11}},{"id":"eb7bcb74-37a6-4125-b48b-70603859b467","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":91,"box":{"x":76,"y":333,"width":878,"height":11}},{"id":"64705279-baf9-4ab2-9299-674639e36ddc","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":91,"box":{"x":76,"y":347,"width":869,"height":11}},{"id":"84aba1da-1f0d-4fd8-b22f-611cd1a3efdf","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":91,"box":{"x":76,"y":361,"width":857,"height":11}},{"id":"c4b4f331-625d-4bf5-babc-be143d8956ba","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":91,"box":{"x":76,"y":375,"width":900,"height":11}},{"id":"a284f3e9-10a8-4467-9555-ba76a70a9e0b","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":91,"box":{"x":76,"y":390,"width":512,"height":10}},{"id":"06b78dd9-eee7-46ab-af39-4cd24590e9c8","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":91,"box":{"x":76,"y":413,"width":296,"height":11}},{"id":"856d7eef-9bc6-47cf-b4a0-90a1dfc63ed9","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":91,"box":{"x":378,"y":413,"width":578,"height":11}},{"id":"6e362508-7f88-4ed6-96ca-1057266a079e","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":91,"box":{"x":76,"y":427,"width":894,"height":11}},{"id":"e4fe5b4e-1a24-4ddb-9e34-d69d7c7f3d7c","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":91,"box":{"x":76,"y":441,"width":882,"height":11}},{"id":"20bf020c-9893-464f-994a-117f506bfa3c","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":91,"box":{"x":76,"y":455,"width":888,"height":11}},{"id":"0737d5d8-cd59-4f5a-b721-ce03fa32aed9","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":91,"box":{"x":76,"y":469,"width":889,"height":11}},{"id":"ff175e02-fbe2-4af0-8fa1-d9cd1796bddd","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":91,"box":{"x":77,"y":484,"width":885,"height":11}},{"id":"6466153b-8b73-4ccf-91b2-9a3ac8232796","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":91,"box":{"x":76,"y":498,"width":893,"height":11}},{"id":"2c667ad6-13e5-4450-828c-b1a00ccb066b","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":91,"box":{"x":76,"y":512,"width":521,"height":11}},{"id":"f0c7439a-9b60-4639-8d95-9aa6a47cb9d5","block_type":"box","text":"Buyback Risk.","page_number":91,"box":{"x":77,"y":535,"width":95,"height":11}},{"id":"3e870959-5f54-4ef1-a5d2-32fd850b17ad","block_type":"box","text":"A company’s announcement of a share buyback strategy may not be an accurate predictor of future share performance. A","page_number":91,"box":{"x":177,"y":535,"width":782,"height":11}},{"id":"977b5da1-8295-4d4a-b5c9-5ee0a6a350ee","block_type":"box","text":"buyback may signal that a company’s management believes the company’s stock price is undervalued, and the company’s stock price may","page_number":91,"box":{"x":76,"y":549,"width":888,"height":11}},{"id":"bb253c80-36d5-4bdd-98eb-5aada5d1b7d9","block_type":"box","text":"rise after a buyback announcement. There is no certainty, however, that management plans to implement a buyback strategy because it","page_number":91,"box":{"x":77,"y":564,"width":869,"height":10}},{"id":"7fbd2ffb-193d-490e-84d1-010a1ee13c03","block_type":"box","text":"believes the stock is undervalued. A company could use buybacks for other purposes, such as to increase its price-to-earnings or other","page_number":91,"box":{"x":76,"y":578,"width":866,"height":11}},{"id":"d258f4bb-8f0a-49df-a028-87f6e9803253","block_type":"box","text":"financial ratios, to alleviate excessive dilution, to serve as a defensive measure, or to cut its own capital expenditures, which could potentially","page_number":91,"box":{"x":76,"y":592,"width":905,"height":11}},{"id":"12e87096-3d0b-4797-9371-83b79f640273","block_type":"box","text":"limit future growth. In addition, there is no certainty that the market will treat the company as undervalued.","page_number":91,"box":{"x":77,"y":606,"width":684,"height":11}},{"id":"4ddfbcbb-feaa-473f-88c4-2521ab54c41b","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":91,"box":{"x":76,"y":629,"width":336,"height":9}},{"id":"e4659d0c-9848-4d81-a65b-85b418e30d21","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":91,"box":{"x":418,"y":629,"width":562,"height":11}},{"id":"4cc0f653-d9c4-43dd-ad36-9b11cfc212ec","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":91,"box":{"x":76,"y":644,"width":880,"height":10}},{"id":"ef5dbab8-1579-4a5b-a464-78ba4bdfede1","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":91,"box":{"x":76,"y":658,"width":881,"height":11}},{"id":"5671dc75-6aa2-414a-8144-a33d2b24839b","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":91,"box":{"x":76,"y":672,"width":896,"height":11}},{"id":"3b5b4915-07d6-4ccc-8402-d05ca925df7e","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":91,"box":{"x":76,"y":686,"width":889,"height":11}},{"id":"84c4741f-449b-4213-aa84-1e61aae049fe","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":91,"box":{"x":76,"y":700,"width":903,"height":11}},{"id":"e74e1526-c7c0-4575-a426-047abbb1711e","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":91,"box":{"x":76,"y":714,"width":231,"height":9}},{"id":"833704d9-ec5c-492a-a264-703b7aa4c02f","block_type":"box","text":"Communications Companies Risk.","page_number":91,"box":{"x":76,"y":738,"width":236,"height":10}},{"id":"efc739c5-8d46-477a-8028-021ba0af41b7","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":91,"box":{"x":317,"y":738,"width":633,"height":10}},{"id":"67d08b44-2a3f-4cff-b089-f5a165d6e551","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":91,"box":{"x":76,"y":752,"width":863,"height":11}},{"id":"55e2d266-7104-434b-95de-ec24d85c952e","block_type":"box","text":"intelligence and machine learning. These companies may need to commit substantial capital to integrate new technologies and develop new","page_number":91,"box":{"x":76,"y":766,"width":897,"height":11}},{"id":"109e6250-8788-4c11-99a3-d0aa563ef139","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":91,"box":{"x":76,"y":780,"width":868,"height":11}},{"id":"c0e8a086-24dd-4aea-b50f-c2cfdfda39b6","block_type":"box","text":"business. Cybersecurity and data privacy risks may be heightened for communications companies, and a theft of proprietary or consumer","page_number":91,"box":{"x":76,"y":794,"width":881,"height":11}},{"id":"bdf107ff-5b8f-4866-a8ce-ab53a3b8c19e","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":91,"box":{"x":76,"y":809,"width":694,"height":10}},{"id":"e8204517-175c-4005-b4bc-38a4e5126a9b","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":91,"box":{"x":76,"y":832,"width":880,"height":11}},{"id":"4478054d-7d57-4109-baec-1672a3825184","block_type":"box","text":"complying with regulations and seeking required approvals, as well as potential delays or denials, may adversely affect their business. These","page_number":91,"box":{"x":76,"y":846,"width":897,"height":11}},{"id":"fe9919d4-1be7-4854-b746-3d447fa371da","block_type":"box","text":"companies may face increased government scrutiny and may be subject to adverse government or legal action. They depend significantly on","page_number":91,"box":{"x":76,"y":860,"width":898,"height":11}},{"id":"6c12c6ae-ace8-44a2-8db1-bafb40d0259f","block_type":"box","text":"patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their profitability.","page_number":91,"box":{"x":76,"y":874,"width":805,"height":11}},{"id":"ef07585c-85a6-443e-bc5f-4109f2574a32","block_type":"box","text":"6","page_number":91,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"6295973d-b2a8-4243-8fb6-bcf2dd486202","block_type":"box","text":"Concentration Risk.","page_number":92,"box":{"x":76,"y":23,"width":136,"height":9}},{"id":"a6839af5-6613-4882-97ec-173a517acc68","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":92,"box":{"x":217,"y":23,"width":744,"height":11}},{"id":"6212b5e1-8fcf-4f5e-9631-5c2cab85fcdb","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":92,"box":{"x":76,"y":37,"width":903,"height":10}},{"id":"79d5153a-2f43-48e1-a06b-4675b8415011","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":92,"box":{"x":76,"y":52,"width":853,"height":10}},{"id":"17adfad0-5e39-44be-88e5-dc91ee25759a","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":92,"box":{"x":76,"y":66,"width":897,"height":11}},{"id":"23f864fd-4c6b-4c7e-bcaa-090c67834310","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":92,"box":{"x":76,"y":80,"width":905,"height":11}},{"id":"97b80249-585a-4b9b-b5fc-20d70fe24d9d","block_type":"box","text":"its investments.","page_number":92,"box":{"x":76,"y":94,"width":100,"height":9}},{"id":"450666ad-21c2-4be4-be32-e22709428578","block_type":"box","text":"Consumer Goods and Services Com","page_number":92,"box":{"x":76,"y":117,"width":247,"height":9}},{"id":"018aa3c8-df15-4a3a-8a04-47f8ff793063","block_type":"box","text":"panies Risk.","page_number":92,"box":{"x":325,"y":117,"width":83,"height":11}},{"id":"147b44e7-ba22-44cd-bc34-64a249db3717","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":92,"box":{"x":414,"y":117,"width":561,"height":11}},{"id":"d202975f-9fbc-46f2-977e-bf4dfd62b94f","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":92,"box":{"x":76,"y":131,"width":897,"height":11}},{"id":"8f548ea4-40c7-454a-9fb7-488009ddc77d","block_type":"box","text":"other factors affecting consumer preferences and demand. In addition, damage to a brand or a reputation crisis can have a substantial","page_number":92,"box":{"x":76,"y":146,"width":860,"height":10}},{"id":"a2febd78-0c28-4771-9bcd-e3aba5a01a50","block_type":"box","text":"adverse impact on consumer companies.","page_number":92,"box":{"x":76,"y":160,"width":262,"height":11}},{"id":"27d5c07f-50c7-4ce2-89f5-5492bc41ed44","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":92,"box":{"x":76,"y":183,"width":849,"height":11}},{"id":"60e40acd-1f8a-4d57-b1de-8e827fb40c5b","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":92,"box":{"x":76,"y":197,"width":883,"height":11}},{"id":"76713a15-c465-4b28-8487-ad537fb30a84","block_type":"box","text":"compliance costs, and consumer companies also face the risk of product liability claims. Consumer companies also may be adversely","page_number":92,"box":{"x":76,"y":211,"width":856,"height":11}},{"id":"15d60f80-5eb4-440d-8602-32dcfe8ceed0","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":92,"box":{"x":76,"y":226,"width":561,"height":10}},{"id":"ea30dd72-7bbe-40b8-a67f-e11c6bdeb359","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":92,"box":{"x":77,"y":249,"width":192,"height":11}},{"id":"a7ec8ba7-d587-4ee0-9612-53522a4165fb","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and","page_number":92,"box":{"x":275,"y":249,"width":692,"height":11}},{"id":"448bf5f1-5c8a-42c9-b71d-14de162e9190","block_type":"box","text":"underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are not required to pay or continue","page_number":92,"box":{"x":77,"y":263,"width":895,"height":11}},{"id":"e3702d2b-93d5-4769-b0af-5c2a3a0c628f","block_type":"box","text":"paying dividends on such stocks. It is possible that issuers of dividend-paying stocks will not declare dividends in the future or will reduce or","page_number":92,"box":{"x":76,"y":277,"width":896,"height":11}},{"id":"d650d1eb-2d64-4a76-b581-6c228c67ea46","block_type":"box","text":"eliminate the payment of dividends (including reducing or eliminating anticipated accelerations or increases in the payment of dividends),","page_number":92,"box":{"x":76,"y":291,"width":879,"height":11}},{"id":"2e6189ac-b9db-458a-9dfc-2b6ab5150509","block_type":"box","text":"which may adversely affect a Fund with such holdings. In addition, the value of dividend-paying stocks can decline when interest rates rise,","page_number":92,"box":{"x":76,"y":305,"width":888,"height":11}},{"id":"13c2549a-3e0b-4e0e-a8ce-8c736c6ecb51","block_type":"box","text":"as fixed-income investments become more attractive to investors.","page_number":92,"box":{"x":76,"y":320,"width":424,"height":8}},{"id":"79995739-0ecf-4324-b367-3f80490bfd75","block_type":"box","text":"Energy Companies Risk.","page_number":92,"box":{"x":77,"y":343,"width":165,"height":11}},{"id":"9468ed4b-a4b2-452a-b834-9828fe8b30a1","block_type":"box","text":"The energy sector tends to be closely tied to the economic cycle and can be significantly affected by","page_number":92,"box":{"x":247,"y":343,"width":644,"height":11}},{"id":"53800bc2-da51-4d71-a38d-bae285d96291","block_type":"box","text":"supply-demand dynamics and volatility in commodity prices. Energy companies also may be adversely affected by exchange rate fluctuations,","page_number":92,"box":{"x":76,"y":357,"width":906,"height":11}},{"id":"0e3d7744-8cd7-4c05-8827-a7244c2f44a3","block_type":"box","text":"war or other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector","page_number":92,"box":{"x":76,"y":371,"width":874,"height":11}},{"id":"29e07fdf-208f-4359-a5a7-9d2d5a1efaa8","block_type":"box","text":"generally is subject to substantial government regulation, and companies may incur significant costs in complying with environmental and","page_number":92,"box":{"x":76,"y":385,"width":882,"height":11}},{"id":"ad771962-6ad1-4f5b-a81d-59196b36850b","block_type":"box","text":"other laws. Policies that promote energy conservation, clean energy or the transition to low carbon alternatives also may affect the","page_number":92,"box":{"x":76,"y":400,"width":838,"height":10}},{"id":"2adb007e-bd3f-46c2-a9be-08f08ee2c230","block_type":"box","text":"performance of energy companies.","page_number":92,"box":{"x":76,"y":414,"width":223,"height":11}},{"id":"db194942-fe6a-41f9-9b85-06178e60bf5f","block_type":"box","text":"Energy companies may depend on a relatively small number of customers, including governmental entities and utilities. The exploration and","page_number":92,"box":{"x":77,"y":437,"width":892,"height":11}},{"id":"e2674402-5723-4682-bea1-155e14dbcf6a","block_type":"box","text":"production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies","page_number":92,"box":{"x":76,"y":451,"width":878,"height":11}},{"id":"fc8afea2-68b8-45be-817e-f1eca63fa60f","block_type":"box","text":"may face high interest costs and difficulty in raising capital. Energy companies also may face challenges from operating in countries with a","page_number":92,"box":{"x":76,"y":465,"width":885,"height":11}},{"id":"dc8f3d1d-804d-4ca4-b2b0-30408b103602","block_type":"box","text":"history of adverse policies or events, such as expropriation, confiscation of assets, corruption, political instability and social unrest. The","page_number":92,"box":{"x":77,"y":479,"width":866,"height":11}},{"id":"d7fd7674-e778-4802-bc9b-14d58d82544f","block_type":"box","text":"operations of energy companies may be disrupted by events that target or damage energy infrastructure, including cyber or other attacks,","page_number":92,"box":{"x":76,"y":494,"width":883,"height":11}},{"id":"766728d9-706e-499c-b000-b6742c8c9a21","block_type":"box","text":"accidents and natural disasters. Energy companies are at risk of liability for environmental harm and other types of damages.","page_number":92,"box":{"x":76,"y":508,"width":800,"height":11}},{"id":"a2064271-2d72-4abf-a7f7-73832902715b","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine in 2022 led to","page_number":92,"box":{"x":76,"y":531,"width":837,"height":11}},{"id":"eefb7572-afca-490b-912e-6b9e683747c9","block_type":"box","text":"disruptions and increased volatility in the energy and commodity futures markets due to actual and potential disruptions in the supply and","page_number":92,"box":{"x":76,"y":545,"width":882,"height":11}},{"id":"55307de3-f3f1-4134-8a13-d6c1eeb65a92","block_type":"box","text":"demand for certain commodities, including oil and natural gas. The U.S. and other actors have imposed various sanctions and restrictions on","page_number":92,"box":{"x":76,"y":559,"width":899,"height":11}},{"id":"c28373c3-5380-47f5-8eff-50ece77d631b","block_type":"box","text":"business dealings with Russia, which include restrictions on imports of oil, natural gas and coal. It is impossible to predict the effect of","page_number":92,"box":{"x":76,"y":574,"width":860,"height":10}},{"id":"f09587d2-3cb9-4665-8878-e469f3df6069","block_type":"box","text":"current or future sanctions and restrictions, the extent and duration of the conflict, and associated disruptions in the energy sector. The","page_number":92,"box":{"x":76,"y":588,"width":868,"height":11}},{"id":"c5c0cf49-3a1b-4b3e-b76c-71d8f4ef0b01","block_type":"box","text":"effect of these events or any related developments could be significant and may have a severe adverse effect on a Fund’s performance.","page_number":92,"box":{"x":76,"y":602,"width":867,"height":11}},{"id":"07784fe3-b81f-45c2-8729-2b4ffa131583","block_type":"box","text":"Equity Securities Risk.","page_number":92,"box":{"x":77,"y":625,"width":154,"height":11}},{"id":"3e1a1736-f021-447d-b553-6e8f166b8a81","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":92,"box":{"x":237,"y":625,"width":732,"height":11}},{"id":"24e54377-fcfc-424a-b2b5-f8a76440528e","block_type":"box","text":"the markets in which issuers participate or a number of factors relating to a specific issuer. Investments in equity securities may be more","page_number":92,"box":{"x":76,"y":639,"width":877,"height":11}},{"id":"9bfb5a6a-78f7-4154-b2d2-6d22a172577f","block_type":"box","text":"volatile than investments in other asset classes. Equity securities (both common and preferred stock) are subordinated to debt securities in a","page_number":92,"box":{"x":76,"y":654,"width":905,"height":10}},{"id":"574623a6-d361-4752-9bb6-1bb99cfa3c46","block_type":"box","text":"company’s capital structure, and so equity holders are generally subject to more risks, particularly in the event of an issuer’s bankruptcy.","page_number":92,"box":{"x":76,"y":668,"width":875,"height":11}},{"id":"78dd48fa-f0e4-48bf-a6de-f3920eec4410","block_type":"box","text":"Common stock has the lowest priority and the greatest risks, including with respect to dividends and any liquidation payments.","page_number":92,"box":{"x":76,"y":682,"width":812,"height":11}},{"id":"daf5efbc-6ca5-4744-ba03-df736f094641","block_type":"box","text":"ESG Risk.","page_number":92,"box":{"x":77,"y":705,"width":64,"height":9}},{"id":"fc0ffb30-fbea-4757-9c3b-7a21775e9992","block_type":"box","text":"To the extent that a Fund’s Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the types and","page_number":92,"box":{"x":146,"y":705,"width":836,"height":11}},{"id":"39fce9e2-d0d3-4c84-b067-256ae0478f35","block_type":"box","text":"number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds whose underlying index","page_number":92,"box":{"x":76,"y":719,"width":888,"height":11}},{"id":"ede6b65f-c02a-4687-8ae2-27d561c11a3d","block_type":"box","text":"does not use ESG criteria. An Underlying Index’s use of ESG criteria may result in a Fund investing in, or allocating greater weight to,","page_number":92,"box":{"x":76,"y":733,"width":846,"height":11}},{"id":"956b1030-bbc8-45f2-994a-8bdb633f319c","block_type":"box","text":"securities or market sectors that underperform the market as a whole or underperform other funds that use ESG criteria. In addition, the use","page_number":92,"box":{"x":76,"y":748,"width":901,"height":10}},{"id":"dc3d89f0-9fb5-407a-870a-70460afa11d3","block_type":"box","text":"of representative sampling may result in the divergence of a Fund’s overall ESG characteristics or ESG risk from those of the Underlying","page_number":92,"box":{"x":76,"y":762,"width":869,"height":11}},{"id":"de89d10e-e0dd-4204-9cc0-3a3834167490","block_type":"box","text":"Index.","page_number":92,"box":{"x":77,"y":776,"width":36,"height":8}},{"id":"0679b900-ceba-484e-95c5-96758c25f516","block_type":"box","text":"An Index Provider evaluates securities for inclusion and/or weighting in such an Underlying Index based on ESG criteria and data provided by","page_number":92,"box":{"x":76,"y":799,"width":903,"height":11}},{"id":"5ff3eb73-ced1-4163-ac12-02dec7e1fbfa","block_type":"box","text":"the Index Provider or third parties. The Index Provider’s evaluation of securities’ ESG characteristics depends on these criteria and data,","page_number":92,"box":{"x":76,"y":813,"width":869,"height":11}},{"id":"b5c357e7-ef9b-4f0d-bfe1-95c3e70cca52","block_type":"box","text":"which may vary by index provider, and no assurance can be given that they will be complete, accurate or current. In addition, an Index","page_number":92,"box":{"x":76,"y":828,"width":857,"height":10}},{"id":"be8c770f-173a-4f87-a45d-9e1664f4a3ef","block_type":"box","text":"Provider may evaluate security-level ESG data (including ratings) and, if applicable, ESG objectives or constraints that are relevant to an","page_number":92,"box":{"x":77,"y":842,"width":867,"height":11}},{"id":"67bfa3c7-9218-4ea3-ae96-6120f174f3c6","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities included in an Underlying Index may cease to meet the relevant ESG criteria","page_number":92,"box":{"x":77,"y":856,"width":898,"height":11}},{"id":"4556f775-41fb-4247-bfc8-641141500e8a","block_type":"box","text":"but may nevertheless remain in the Underlying Index and in the Fund using the Underlying Index until the next review or rebalance by the","page_number":92,"box":{"x":76,"y":870,"width":875,"height":11}},{"id":"faa63e75-c8b3-49af-9517-50005fcf7fb6","block_type":"box","text":"Index Provider. As a result, certain securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG","page_number":92,"box":{"x":77,"y":884,"width":871,"height":11}},{"id":"bc969c3d-0e57-42b7-8086-181299c1e647","block_type":"box","text":"7","page_number":92,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"c95e1bea-4be5-485c-a65a-0563b5ff771b","block_type":"box","text":"objectives or constraints at all times. If the ESG assessment of a security in an Underlying Index or a Fund changes, neither the Fund nor BFA","page_number":93,"box":{"x":76,"y":23,"width":903,"height":11}},{"id":"00d635b9-8463-4fca-8ddf-a1f5997800ed","block_type":"box","text":"accepts any liability in relation to such change. BFA does not monitor securities in an Underlying Index with respect to ESG objectives or","page_number":93,"box":{"x":76,"y":37,"width":872,"height":11}},{"id":"9cfca8c2-1add-42a2-9a1c-7ac57ca9057d","block_type":"box","text":"constraints applied by the Index Provider and is not responsible for changes to the ESG assessment of a security in an Underlying Index","page_number":93,"box":{"x":76,"y":51,"width":868,"height":11}},{"id":"33c9f3d6-d1db-4fdd-bf0f-bc0d563a6101","block_type":"box","text":"between rebalances. In addition, BFA does not assess the validity of an Index Provider’s evaluation of the ESG characteristics of securities or","page_number":93,"box":{"x":76,"y":66,"width":900,"height":10}},{"id":"c5b17230-2b6e-4b6a-a2b1-1a492a3b0a4a","block_type":"box","text":"the criteria and data used in such evaluation.","page_number":93,"box":{"x":76,"y":80,"width":286,"height":8}},{"id":"b2243690-9c36-4ae0-988e-8529081b6691","block_type":"box","text":"The impacts of risks related to ESG investing are likely to change over time, and new ESG risks may be identified as further data and","page_number":93,"box":{"x":76,"y":103,"width":844,"height":11}},{"id":"dd5938d4-4ff2-410f-87bb-8288a48f1975","block_type":"box","text":"information regarding ESG factors and impacts become available. In addition, methodologies for ESG investing continue to develop, and the","page_number":93,"box":{"x":76,"y":117,"width":895,"height":11}},{"id":"6278645d-39b3-4903-8c6d-3257c83d0496","block_type":"box","text":"ESG methodology applied by an Index Provider may change over time.","page_number":93,"box":{"x":77,"y":131,"width":446,"height":11}},{"id":"c2ddda7f-9b2f-406c-8957-cc6a729fba34","block_type":"box","text":"Financial Companies Risk.","page_number":93,"box":{"x":77,"y":155,"width":180,"height":10}},{"id":"86d688aa-4b25-429f-98c3-80100cb09b6e","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":93,"box":{"x":263,"y":155,"width":689,"height":10}},{"id":"2e5750ab-6547-4fad-a593-292160dcd565","block_type":"box","text":"change frequently and may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":93,"box":{"x":76,"y":169,"width":892,"height":11}},{"id":"881000a0-ac1a-415f-bcc9-17fc2e92eaf5","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by,","page_number":93,"box":{"x":76,"y":183,"width":891,"height":11}},{"id":"2c7a6a41-361d-47be-85de-c28eb910733e","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":93,"box":{"x":76,"y":197,"width":888,"height":11}},{"id":"e82f9ef5-3b55-4fb1-8faf-e37be3697c0c","block_type":"box","text":"Increased risk-taking by financial companies may result in greater overall risk in the global financial sector. Certain events may cause an","page_number":93,"box":{"x":77,"y":211,"width":870,"height":11}},{"id":"4fb6e15f-33bd-4ada-9fb4-4ec9dbcca7d0","block_type":"box","text":"unusually high degree of volatility in financial markets and pose the risk of large losses for financial services companies.","page_number":93,"box":{"x":77,"y":226,"width":766,"height":10}},{"id":"d39dc573-5737-4687-ae6c-e2c1865c75ed","block_type":"box","text":"Financial companies frequently operate with substantial financial leverage and are exposed directly to the credit risk of their borrowers and","page_number":93,"box":{"x":77,"y":249,"width":890,"height":11}},{"id":"e9575abb-1913-4e70-a058-b1e4e107f5cb","block_type":"box","text":"counterparties, which also may be leveraged to an unknown degree. Financial companies may have significant exposure to the same","page_number":93,"box":{"x":76,"y":263,"width":848,"height":11}},{"id":"f32bb75f-6a5d-4110-a017-498ea0d92791","block_type":"box","text":"borrowers and counterparties; as a result, a borrower’s or counterparty’s inability to meet its obligations to one company may affect other","page_number":93,"box":{"x":76,"y":277,"width":884,"height":11}},{"id":"7f9686ab-3c76-4469-83e2-5bf8e9ab4309","block_type":"box","text":"financial companies with exposure to the same borrower or counterparty. This interconnectedness of risk may result in significant negative","page_number":93,"box":{"x":76,"y":291,"width":889,"height":11}},{"id":"507be698-e1fc-4721-8581-314fee48f51e","block_type":"box","text":"impacts to companies with direct exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the","page_number":93,"box":{"x":76,"y":305,"width":856,"height":11}},{"id":"e54ec122-3e5c-42f6-8db0-1280dd18ae2e","block_type":"box","text":"financial sector generally.","page_number":93,"box":{"x":76,"y":320,"width":162,"height":10}},{"id":"a480bb14-8ffa-44eb-8260-20e5d3c50d94","block_type":"box","text":"Geographic and Security Risks.","page_number":93,"box":{"x":76,"y":343,"width":216,"height":11}},{"id":"0fb9877a-529f-4182-9ca2-04baf7fcb2b7","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":93,"box":{"x":298,"y":343,"width":668,"height":11}},{"id":"ff9eee26-6977-45a4-a9b6-8f6563c885cc","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":93,"box":{"x":76,"y":357,"width":885,"height":11}},{"id":"01cbcdd0-2a98-432b-a794-c6f1837f70ad","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":93,"box":{"x":76,"y":371,"width":840,"height":11}},{"id":"caa46348-2c34-40c9-acd2-b989d6cfee8f","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":93,"box":{"x":76,"y":385,"width":845,"height":11}},{"id":"5ce9aaf6-9c76-4874-bdbb-797bc4efb359","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":93,"box":{"x":76,"y":400,"width":570,"height":10}},{"id":"001e9fb2-c215-47fc-aa8f-697f77e77e05","block_type":"box","text":"Growth Securities Risk.","page_number":93,"box":{"x":76,"y":423,"width":162,"height":8}},{"id":"b2dbcc2f-cfa1-43ac-9f83-f2813af33d20","block_type":"box","text":"Growth securities are those issued by companies whose earnings growth potential appears to be greater than the","page_number":93,"box":{"x":244,"y":423,"width":727,"height":11}},{"id":"66e16ef0-bab4-45ee-84a8-4c4982ed94f6","block_type":"box","text":"market in general and whose revenue growth is expected to continue for an extended period of time. Growth securities may trade at higher","page_number":93,"box":{"x":76,"y":437,"width":891,"height":11}},{"id":"bf6c7c9c-042b-46a5-b4d7-bee8bc075920","block_type":"box","text":"multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in market","page_number":93,"box":{"x":76,"y":451,"width":876,"height":11}},{"id":"4fdfd3d7-3437-4592-8e58-e1b9e35c76ed","block_type":"box","text":"value. The prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and significantly","page_number":93,"box":{"x":76,"y":465,"width":899,"height":11}},{"id":"094d2e4c-c992-42be-995e-c73ed2768d49","block_type":"box","text":"in reaction to negative news. Growth securities may underperform value securities and other types of assets as well as the overall stock","page_number":93,"box":{"x":76,"y":479,"width":870,"height":11}},{"id":"c36125a6-c388-4f74-a957-c4fc64a179ab","block_type":"box","text":"market. Under certain market conditions, growth securities have performed better during the later stages of economic recovery, although","page_number":93,"box":{"x":76,"y":494,"width":881,"height":11}},{"id":"1cc8088c-0b96-4f68-a1ad-1ec4abd2cfb4","block_type":"box","text":"there is no assurance that they will continue to do so. Growth securities typically do not pay a dividend, which can help cushion stock prices","page_number":93,"box":{"x":76,"y":508,"width":896,"height":11}},{"id":"afb135fc-ec59-4dc3-a63c-a86d01bc34c6","block_type":"box","text":"in market downturns and reduce potential losses. Growth securities may go in and out of favor over time, which could affect the performance","page_number":93,"box":{"x":76,"y":522,"width":904,"height":11}},{"id":"04f3507e-cff4-4053-8f0a-b5746d0d83ab","block_type":"box","text":"of a Fund with such holdings.","page_number":93,"box":{"x":76,"y":536,"width":185,"height":11}},{"id":"7d9fbb76-4261-4176-8c71-133165f5e9b4","block_type":"box","text":"Healthcare Companies Risk.","page_number":93,"box":{"x":77,"y":559,"width":194,"height":11}},{"id":"981a883f-7310-44a4-bedc-f2f8047b0664","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":93,"box":{"x":276,"y":559,"width":688,"height":11}},{"id":"f2f49ad1-9d68-4c99-bc4f-c39dee187af1","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":93,"box":{"x":76,"y":574,"width":879,"height":10}},{"id":"7a8ba190-1ba6-4a93-be67-4b98fee76551","block_type":"box","text":"services, pricing pressure, a limited number of products, labor shortages, supply chain issues and industry innovation. Many new products in","page_number":93,"box":{"x":76,"y":588,"width":899,"height":11}},{"id":"1c6220db-8693-46a6-abce-c9ac1bcb9b73","block_type":"box","text":"the healthcare sector entail significant research and development and require regulatory approval, all of which may be long and costly, and","page_number":93,"box":{"x":76,"y":602,"width":888,"height":11}},{"id":"4b0b3413-6562-4ca6-822f-1ee4e20c9e51","block_type":"box","text":"such efforts ultimately may be unsuccessful. Many healthcare companies depend heavily on obtaining and defending patents, which can be","page_number":93,"box":{"x":76,"y":616,"width":891,"height":11}},{"id":"0ae1a8c5-a698-4156-b353-5cd3f3201118","block_type":"box","text":"costly, and may be adversely affected by the expiration of patents. Healthcare companies also are subject to extensive litigation based on","page_number":93,"box":{"x":76,"y":630,"width":882,"height":11}},{"id":"0e58fba3-3ad1-4c7d-a5b8-736a456e62db","block_type":"box","text":"product liability and similar claims.","page_number":93,"box":{"x":76,"y":645,"width":221,"height":10}},{"id":"e5410592-bdd3-4b98-8b92-6ff004221cf9","block_type":"box","text":"Illiquid Investments Risk.","page_number":93,"box":{"x":77,"y":668,"width":174,"height":10}},{"id":"7887c8d9-ef9a-4988-9953-ff025f9cb22c","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":93,"box":{"x":256,"y":668,"width":719,"height":11}},{"id":"9910f978-6a7d-494c-aba6-57bab1bda133","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":93,"box":{"x":76,"y":682,"width":883,"height":11}},{"id":"4c322c35-f054-4dc5-91af-6f7dbd62f707","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":93,"box":{"x":76,"y":696,"width":885,"height":11}},{"id":"dc4a0a48-555e-4cdb-bd46-ac8a8bdc1cc3","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":93,"box":{"x":76,"y":710,"width":902,"height":11}},{"id":"50539d21-bab7-4075-a719-1d875a3d35cc","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":93,"box":{"x":76,"y":724,"width":890,"height":11}},{"id":"28ca5549-9705-4afe-9f5c-683e910e0199","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":93,"box":{"x":77,"y":739,"width":751,"height":10}},{"id":"c0e5ca6c-ac10-4164-a683-e72749492710","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":93,"box":{"x":77,"y":762,"width":884,"height":11}},{"id":"584530d3-0135-4eb8-a4e2-e34600746ddf","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":93,"box":{"x":76,"y":776,"width":900,"height":11}},{"id":"3669dca1-0065-4390-859e-448cfc2790d5","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":93,"box":{"x":76,"y":790,"width":867,"height":11}},{"id":"553e0fbd-2468-4a6a-993f-d45212ce861b","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":93,"box":{"x":77,"y":813,"width":900,"height":11}},{"id":"253adddc-97c0-4510-a39b-52741be7a486","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":93,"box":{"x":76,"y":828,"width":890,"height":10}},{"id":"b7322ee8-fc40-4170-b5b2-689070cb551e","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":93,"box":{"x":76,"y":842,"width":828,"height":11}},{"id":"02ab02cb-3700-4589-b3a5-aaded96c983c","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":93,"box":{"x":77,"y":856,"width":873,"height":11}},{"id":"35d5cc78-33ff-48dd-b8ba-55fac18f2288","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":93,"box":{"x":77,"y":870,"width":887,"height":11}},{"id":"14f7f18d-59c3-4106-b330-d73d02f6faf5","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":93,"box":{"x":77,"y":884,"width":896,"height":11}},{"id":"2a10637f-346e-40e8-a70d-a7b3a63f4c9c","block_type":"box","text":"8","page_number":93,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"dfbc320d-6890-4bf7-b8bb-d5cea816e201","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":94,"box":{"x":76,"y":23,"width":869,"height":11}},{"id":"2689e7b5-9515-4c88-895b-6d085209fb87","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":94,"box":{"x":77,"y":37,"width":886,"height":11}},{"id":"5f2fd4f6-ed73-4e79-9941-137c2bebd4a5","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":94,"box":{"x":77,"y":51,"width":858,"height":11}},{"id":"07f27694-f57a-4a6a-afd8-fe944312fc78","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":94,"box":{"x":76,"y":66,"width":254,"height":10}},{"id":"391f15f7-c6f9-468e-aea4-292e17aed926","block_type":"box","text":"Index-Related Risk.","page_number":94,"box":{"x":77,"y":89,"width":132,"height":8}},{"id":"6a4de957-a401-4754-a08c-76eafec0dccd","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":94,"box":{"x":214,"y":89,"width":728,"height":11}},{"id":"e86be2be-78da-4bb1-b42e-71158b67f6a4","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":94,"box":{"x":76,"y":103,"width":869,"height":11}},{"id":"d2ec2ff4-54ad-4f97-9a3f-bc242629af0c","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":94,"box":{"x":77,"y":117,"width":872,"height":11}},{"id":"01b68515-7184-4d68-883e-5064f1e03082","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":94,"box":{"x":77,"y":131,"width":862,"height":11}},{"id":"c126c403-59df-4743-bfeb-70a04a058c39","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":94,"box":{"x":76,"y":146,"width":897,"height":10}},{"id":"dc521c4d-5d59-4215-9b45-560875c474ae","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":94,"box":{"x":76,"y":160,"width":881,"height":11}},{"id":"91310397-6c44-4f62-aefc-08c362ce4ec2","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":94,"box":{"x":76,"y":183,"width":852,"height":11}},{"id":"6027cf64-ad30-44fe-818f-a1f108070d69","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":94,"box":{"x":76,"y":197,"width":850,"height":11}},{"id":"73257506-ba4a-485c-8ce9-e71517c2fc80","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":94,"box":{"x":76,"y":211,"width":877,"height":11}},{"id":"3e13204c-eaa6-41f4-a3c0-057b0d64a233","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":94,"box":{"x":76,"y":226,"width":906,"height":10}},{"id":"e791a249-6b3c-4faa-a58e-d657b84c0073","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":94,"box":{"x":76,"y":240,"width":904,"height":11}},{"id":"9c5965c1-1d60-4ff0-a183-eaccc657db26","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":94,"box":{"x":76,"y":254,"width":894,"height":11}},{"id":"20e1282a-3f7f-4b5c-9fb1-ae0bab68d0f3","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":94,"box":{"x":76,"y":268,"width":877,"height":11}},{"id":"22f3bf77-f605-4491-85ed-083e12ef13c9","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":94,"box":{"x":76,"y":282,"width":881,"height":11}},{"id":"2fcfa359-daa3-4b86-a2f8-7964761c6967","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":94,"box":{"x":76,"y":296,"width":844,"height":11}},{"id":"41be86ee-4453-4250-bdce-c0b40477742d","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":94,"box":{"x":77,"y":311,"width":879,"height":10}},{"id":"fc2811dc-9cb7-44e4-9ea0-56e7d65128a8","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":94,"box":{"x":76,"y":325,"width":340,"height":11}},{"id":"6f8b7636-23e7-4f7d-b3aa-9f5e5fc3f32c","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":94,"box":{"x":77,"y":348,"width":857,"height":11}},{"id":"068bfa32-49ec-452d-972c-dc39a78c8efa","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":94,"box":{"x":77,"y":362,"width":880,"height":11}},{"id":"378dbb7f-5837-4eb1-8888-49b88221fe77","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":94,"box":{"x":76,"y":376,"width":902,"height":11}},{"id":"b2f7f850-36e7-4d46-b8d4-bbd045ce0741","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":94,"box":{"x":76,"y":391,"width":905,"height":10}},{"id":"fbe412a4-2165-45ae-8407-eadaedd17d15","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":94,"box":{"x":76,"y":405,"width":889,"height":11}},{"id":"aa08721d-5017-453d-b272-534f32c4aaf7","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":94,"box":{"x":76,"y":419,"width":890,"height":11}},{"id":"2d14512a-3112-44f9-af21-957cafb778bb","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":94,"box":{"x":76,"y":433,"width":723,"height":11}},{"id":"1124b565-f726-4ce8-9122-375144287971","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":94,"box":{"x":77,"y":456,"width":899,"height":11}},{"id":"f6f0698d-36f7-4d56-adfc-a27219063570","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":94,"box":{"x":76,"y":470,"width":876,"height":11}},{"id":"4ca611c1-6837-48d6-bfa3-a819b8a03e43","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":94,"box":{"x":76,"y":485,"width":865,"height":10}},{"id":"9495db1b-ac4a-4e64-a5a4-d3b39847ecf6","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":94,"box":{"x":76,"y":499,"width":897,"height":11}},{"id":"bc8aa765-c4a3-4a74-b4f7-57e27cc21061","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":94,"box":{"x":76,"y":513,"width":213,"height":11}},{"id":"e3725adb-8513-479b-b88f-e2600cbde719","block_type":"box","text":"Industrial Companies Risk.","page_number":94,"box":{"x":77,"y":536,"width":184,"height":11}},{"id":"3220f080-52d6-45dc-9664-7bf2cd74eda0","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":94,"box":{"x":267,"y":536,"width":673,"height":11}},{"id":"9724cf1d-4de5-41ee-830e-8aaf5b6a0792","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":94,"box":{"x":76,"y":550,"width":889,"height":11}},{"id":"7483f2bd-f6bc-46b4-8127-a6e63d6921e3","block_type":"box","text":"materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The products of","page_number":94,"box":{"x":76,"y":565,"width":878,"height":10}},{"id":"4bb76f75-2499-487f-9552-9d8171e47b58","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":94,"box":{"x":76,"y":579,"width":873,"height":11}},{"id":"73cce596-40ab-422a-af96-249ed15ba499","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":94,"box":{"x":76,"y":593,"width":902,"height":11}},{"id":"e8792d78-5687-4caa-860b-8abf89ecaac6","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":94,"box":{"x":76,"y":607,"width":872,"height":11}},{"id":"311794af-ea26-4082-ba8b-6179ee7947de","block_type":"box","text":"Industrial companies may depend on public or private sector financing, which may become difficult to obtain due to government spending","page_number":94,"box":{"x":77,"y":621,"width":881,"height":11}},{"id":"dc39ec4b-2c3b-41fe-b8ee-1e5b05ceb576","block_type":"box","text":"constraints or reduced availability of capital. Such companies may be unable to protect their intellectual property rights or may be liable for","page_number":94,"box":{"x":76,"y":635,"width":892,"height":11}},{"id":"a82d7ad6-33f8-40de-845d-975fbc502573","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":94,"box":{"x":76,"y":650,"width":322,"height":10}},{"id":"89721d8e-64fe-47b4-8f13-a955e11494a1","block_type":"box","text":"Issuer Risk.","page_number":94,"box":{"x":77,"y":673,"width":79,"height":8}},{"id":"38912603-7b16-4e9f-8b55-f37886bf15f9","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":94,"box":{"x":161,"y":673,"width":755,"height":11}},{"id":"87328205-7922-4c7a-a73a-f9ce37adc976","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":94,"box":{"x":76,"y":687,"width":861,"height":11}},{"id":"f7dd9efa-c946-48ba-ba17-d5c761b08082","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":94,"box":{"x":76,"y":701,"width":406,"height":11}},{"id":"715ab1df-7f8b-49f4-bd80-e6160eb9d9dd","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":94,"box":{"x":77,"y":724,"width":256,"height":11}},{"id":"f09dd19e-7b18-4fb6-9c76-8c687df5a39a","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":94,"box":{"x":340,"y":724,"width":630,"height":11}},{"id":"6c6f4727-8fc5-465c-8fbf-a4a9c638638f","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":94,"box":{"x":76,"y":739,"width":881,"height":10}},{"id":"a130b719-dbba-467f-bbbb-b2ed131c70dc","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":94,"box":{"x":76,"y":753,"width":890,"height":11}},{"id":"49ad2931-4c6c-44bb-8be7-b154bc1995e9","block_type":"box","text":"performance of the broader securities markets.","page_number":94,"box":{"x":76,"y":767,"width":303,"height":11}},{"id":"69f713b1-9914-495d-9197-db1f6f1072f0","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":94,"box":{"x":77,"y":790,"width":368,"height":11}},{"id":"edca8736-079d-48d4-9ba5-043b24b4c20f","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":94,"box":{"x":450,"y":790,"width":518,"height":11}},{"id":"d3bea869-1680-45f1-bfa1-8b7961181e22","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":94,"box":{"x":76,"y":804,"width":875,"height":11}},{"id":"fdc14186-e35a-4fb7-af46-60b855fb53ae","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":94,"box":{"x":76,"y":819,"width":899,"height":10}},{"id":"04013cfd-9aed-4b81-9c04-fe8cc43fa93e","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":94,"box":{"x":76,"y":833,"width":901,"height":11}},{"id":"69860b4a-af5b-48a1-93c3-76366b206e32","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":94,"box":{"x":76,"y":847,"width":888,"height":11}},{"id":"fd0bf716-fc1c-4769-b123-ff991ade62df","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":94,"box":{"x":76,"y":861,"width":882,"height":11}},{"id":"e35afd45-6bbd-4faf-8aa2-5ee85798a055","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":94,"box":{"x":76,"y":875,"width":889,"height":11}},{"id":"1e3cc98f-044f-4870-81ec-62a11259c705","block_type":"box","text":"9","page_number":94,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"ecb172ae-3316-4154-a815-0de751c5f9a0","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":95,"box":{"x":76,"y":23,"width":906,"height":11}},{"id":"60aa6ef0-0ed0-4a34-b4a1-37b04dc1486b","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":95,"box":{"x":76,"y":37,"width":904,"height":11}},{"id":"5632c575-feea-49db-a406-2aaa139052b9","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":95,"box":{"x":76,"y":52,"width":855,"height":10}},{"id":"33c7f7da-5b47-49d1-9a44-fc438a758d33","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":95,"box":{"x":77,"y":66,"width":892,"height":11}},{"id":"b8c23998-7ccb-4c71-b216-494a948acf03","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":95,"box":{"x":77,"y":80,"width":901,"height":11}},{"id":"727bd100-28df-459e-924d-996b79006e02","block_type":"box","text":"to price.","page_number":95,"box":{"x":76,"y":94,"width":52,"height":11}},{"id":"2e0895a8-ec71-4ec9-b47e-39d2f37831a3","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":95,"box":{"x":76,"y":117,"width":840,"height":11}},{"id":"6149fc9c-6d58-43c9-ba10-06d4ded2c8d5","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":95,"box":{"x":76,"y":131,"width":898,"height":11}},{"id":"83d5dd38-284c-4c56-91e0-a14a12deaf55","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":95,"box":{"x":76,"y":146,"width":878,"height":10}},{"id":"83d18731-8c8b-407c-aff3-1a48b5771d94","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":95,"box":{"x":76,"y":160,"width":792,"height":11}},{"id":"a1438868-4b34-4870-9763-62d8d90b4b06","block_type":"box","text":"Management Risk.","page_number":95,"box":{"x":77,"y":183,"width":126,"height":11}},{"id":"5405d6f2-2847-4192-a81f-5ac2935a3b27","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":95,"box":{"x":208,"y":183,"width":757,"height":11}},{"id":"24eb16b5-b143-4f6a-9400-af79de7dd2eb","block_type":"box","text":"their investment merits. A Fund does not try to “beat” the Underlying Index it tracks. A Fund may be affected by a general decline in market","page_number":95,"box":{"x":76,"y":197,"width":892,"height":11}},{"id":"9eacd4c2-6930-490e-ba06-0a172b86623d","block_type":"box","text":"segments related to its Underlying Index and does not attempt to take defensive positions under any market conditions, including declining","page_number":95,"box":{"x":76,"y":211,"width":891,"height":11}},{"id":"089ed995-6dfb-4d58-8f76-bf53aaaed7f0","block_type":"box","text":"markets. Market disruptions and regulatory restrictions, among other factors, could have an adverse effect on a Fund’s ability to adjust its","page_number":95,"box":{"x":76,"y":226,"width":884,"height":10}},{"id":"c91702f4-c88b-4c13-8aca-91353bb91e41","block_type":"box","text":"exposure to the levels required to closely track its Underlying Index. Because BFA uses a representative sampling indexing strategy to","page_number":95,"box":{"x":76,"y":240,"width":855,"height":11}},{"id":"d5a6206f-393e-47fc-915d-b1147016a304","block_type":"box","text":"manage index Funds, a Fund will not fully replicate its Underlying Index and may purchase and hold instruments not included in the","page_number":95,"box":{"x":76,"y":254,"width":837,"height":11}},{"id":"ce8b90ee-dc1a-47bb-8537-f744181db2e6","block_type":"box","text":"Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time. As a","page_number":95,"box":{"x":77,"y":268,"width":889,"height":11}},{"id":"3286127a-8a46-4cd1-9f70-30c843c9343a","block_type":"box","text":"result, a Fund is subject to the risk that BFA’s investment strategy, whose implementation is subject to a number of constraints, may not","page_number":95,"box":{"x":77,"y":282,"width":871,"height":11}},{"id":"215924f1-af30-408d-91b6-b7eb7f8cdafd","block_type":"box","text":"produce the intended results. There is no guarantee that a Fund’s investment results will have a high degree of correlation to those of its","page_number":95,"box":{"x":76,"y":296,"width":873,"height":11}},{"id":"035c0321-9fdf-469f-8f0a-de58eab0cd5e","block_type":"box","text":"Underlying Index or that a Fund will achieve its investment objective.","page_number":95,"box":{"x":77,"y":311,"width":438,"height":10}},{"id":"e8e143a7-a3da-48de-b701-f6e2f3c18b5b","block_type":"box","text":"Market Risk.","page_number":95,"box":{"x":77,"y":334,"width":85,"height":8}},{"id":"69e6cb2e-f106-41cc-896a-efd230e5b20b","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":95,"box":{"x":167,"y":334,"width":764,"height":11}},{"id":"eff5b967-9b1d-4225-8712-e55096141f22","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":95,"box":{"x":76,"y":348,"width":879,"height":11}},{"id":"582d2b11-0648-485c-ae88-7059400d8df7","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":95,"box":{"x":76,"y":362,"width":884,"height":11}},{"id":"a51bdff6-e534-4006-a0ed-e1f3a46da8f8","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":95,"box":{"x":76,"y":376,"width":904,"height":11}},{"id":"2f6ce612-6fc3-40be-8d77-50fd1c4cce82","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":95,"box":{"x":76,"y":391,"width":858,"height":10}},{"id":"bf5ecf22-0457-4e96-a133-aa5d60e0f0cd","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":95,"box":{"x":76,"y":405,"width":869,"height":11}},{"id":"b06d931c-7fb4-49c9-9590-5e1c660e064f","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":95,"box":{"x":76,"y":419,"width":885,"height":11}},{"id":"014b0c20-9833-4d11-80a7-fc7f10517779","block_type":"box","text":"and assets.","page_number":95,"box":{"x":76,"y":433,"width":71,"height":9}},{"id":"9b829b8e-66f7-4805-863e-5689821c065e","block_type":"box","text":"Market Trading Risk.","page_number":95,"box":{"x":77,"y":456,"width":140,"height":11}},{"id":"4a33c715-7a92-4868-adbf-5a508a9eb0c5","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":95,"box":{"x":222,"y":456,"width":753,"height":11}},{"id":"90eb2201-cb64-436c-ae04-11c1aa26871f","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":95,"box":{"x":76,"y":470,"width":896,"height":11}},{"id":"d54e7648-9a70-46b1-9fe1-85f5655b2730","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":95,"box":{"x":76,"y":485,"width":877,"height":10}},{"id":"459b7f8d-549e-49b9-ba17-5299789d642f","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":95,"box":{"x":77,"y":499,"width":446,"height":11}},{"id":"1b197f03-9c23-472e-83ff-f62e9d3ee796","block_type":"box","text":"Absence of an Active Primary Market.","page_number":95,"box":{"x":75,"y":522,"width":236,"height":11}},{"id":"88009a82-29f6-40f1-9188-83a7db06ae40","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":95,"box":{"x":317,"y":522,"width":663,"height":11}},{"id":"005900d7-ce3e-43db-8352-0fd74e195fce","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":95,"box":{"x":76,"y":536,"width":826,"height":11}},{"id":"aaf24a5c-fe28-4498-944a-abbacc291c21","block_type":"box","text":"Secondary Listing Risks.","page_number":95,"box":{"x":76,"y":559,"width":151,"height":11}},{"id":"4a6ade20-eea6-456e-9d1a-a95ec05f39d1","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":95,"box":{"x":233,"y":559,"width":732,"height":11}},{"id":"3462cbb2-7c1c-42a8-b1b1-1666a85d2e46","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":95,"box":{"x":76,"y":574,"width":841,"height":10}},{"id":"cfe7225d-f6ac-4189-9d04-16f4e2e01351","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":95,"box":{"x":76,"y":588,"width":890,"height":11}},{"id":"c78f6af0-5be5-4440-afc5-36085bceedf7","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":95,"box":{"x":76,"y":602,"width":880,"height":11}},{"id":"564871b8-a5d9-4f35-8abf-7534107ebced","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":95,"box":{"x":76,"y":616,"width":872,"height":11}},{"id":"de28a249-faff-4684-bb49-3e4f146a17b9","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":95,"box":{"x":76,"y":630,"width":897,"height":11}},{"id":"e98791b1-1ebc-4d19-bc67-541cb810e729","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":95,"box":{"x":76,"y":645,"width":862,"height":10}},{"id":"8a82c8f3-f0d4-45ae-978a-8fb3abe5daf2","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":95,"box":{"x":76,"y":659,"width":579,"height":11}},{"id":"1b504db7-4f09-4c88-a580-b2600242aa5a","block_type":"box","text":"Secondary Market Trading Risk.","page_number":95,"box":{"x":76,"y":682,"width":196,"height":11}},{"id":"968e82cd-a4bf-4563-80fd-459f044fc16f","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":95,"box":{"x":279,"y":682,"width":703,"height":11}},{"id":"2e7dfba6-ea0b-41f6-838f-3e9f277b66b1","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":95,"box":{"x":76,"y":696,"width":896,"height":11}},{"id":"fbeea61d-28e4-4fc9-b6d2-17701de94909","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":95,"box":{"x":76,"y":710,"width":880,"height":11}},{"id":"75b62747-845c-4d14-9d4b-511e4591ae6e","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":95,"box":{"x":76,"y":724,"width":900,"height":11}},{"id":"0e164bc8-4318-4dcf-850d-b0b03c3a6c71","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":95,"box":{"x":76,"y":739,"width":893,"height":10}},{"id":"f08122a8-a93f-4d3a-8dd3-65765e753b6d","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":95,"box":{"x":76,"y":753,"width":581,"height":11}},{"id":"b7eb0056-2f9b-4653-94d9-82e20a7a56b7","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":95,"box":{"x":77,"y":776,"width":900,"height":11}},{"id":"ad19f255-dad6-4354-be42-ac23d80f9ddc","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":95,"box":{"x":76,"y":790,"width":547,"height":11}},{"id":"0556448f-6021-4d11-8f50-fb2b64c34d91","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":95,"box":{"x":76,"y":813,"width":894,"height":11}},{"id":"48096c01-12e1-4eb3-aa0a-718390b2ec8e","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":95,"box":{"x":76,"y":828,"width":905,"height":10}},{"id":"a8047f47-6c86-443a-be6a-c866e6b85aa3","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":95,"box":{"x":77,"y":842,"width":874,"height":11}},{"id":"d921c5bb-3340-460b-a3eb-70a8354fdebc","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":95,"box":{"x":76,"y":856,"width":890,"height":11}},{"id":"b3fe9bd6-9d41-41f4-b075-1aee43fc8784","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":95,"box":{"x":76,"y":870,"width":857,"height":11}},{"id":"846cad9b-780f-4b53-965c-b41a213e7d20","block_type":"box","text":"10","page_number":95,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"5c84aa92-012c-4adc-b3ed-9d395ebbe313","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":96,"box":{"x":76,"y":23,"width":891,"height":11}},{"id":"74059ab2-d9e8-4fbc-acb9-516ffcab8506","block_type":"box","text":"substantial trading losses.","page_number":96,"box":{"x":76,"y":37,"width":166,"height":11}},{"id":"7988a472-f2bf-4e29-b78f-be31c439c821","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":96,"box":{"x":76,"y":61,"width":874,"height":10}},{"id":"0050bed3-eb1b-432e-8015-7a4a88375d14","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":96,"box":{"x":76,"y":75,"width":893,"height":11}},{"id":"68c41769-7291-47de-855f-e92f96111bb1","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":96,"box":{"x":76,"y":89,"width":658,"height":11}},{"id":"78cdfa4f-d59e-4e0f-86e3-82c56d58c063","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":96,"box":{"x":76,"y":112,"width":310,"height":11}},{"id":"8c9f4d2b-a4bd-400f-96b1-8d2a3fce03d9","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":96,"box":{"x":385,"y":112,"width":572,"height":11}},{"id":"9acf47ce-8b96-4f3d-86b6-dd1aea37fb49","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":96,"box":{"x":77,"y":126,"width":852,"height":11}},{"id":"c7b751b3-0bdc-4bc2-92b9-6a61075b074f","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":96,"box":{"x":76,"y":140,"width":892,"height":11}},{"id":"01c46eca-5ee9-4403-86ec-57445c124f19","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":96,"box":{"x":77,"y":155,"width":885,"height":10}},{"id":"237c5382-fcd3-4db9-bec2-89c2edf41c44","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions.","page_number":96,"box":{"x":76,"y":169,"width":796,"height":11}},{"id":"226610ba-430d-4c49-ad06-a6280517284c","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":96,"box":{"x":77,"y":192,"width":886,"height":11}},{"id":"7a356f82-ef4c-4310-b261-4a3b1ad618e3","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":96,"box":{"x":77,"y":206,"width":891,"height":11}},{"id":"e7d49228-0065-4f4e-9906-c1a10f8d7586","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":96,"box":{"x":76,"y":220,"width":899,"height":11}},{"id":"6a863877-b622-42e4-ad3c-32e5e88fc9aa","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":96,"box":{"x":77,"y":235,"width":899,"height":10}},{"id":"e693dcfd-012c-4852-82af-09c1b6b8b679","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":96,"box":{"x":76,"y":249,"width":878,"height":11}},{"id":"fb8ee8d4-8186-4f26-89eb-be793f39c1bf","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":96,"box":{"x":76,"y":263,"width":902,"height":11}},{"id":"84fe3825-d0b2-4e55-b18c-83f4c78c870c","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":96,"box":{"x":76,"y":277,"width":891,"height":11}},{"id":"768cc223-af5d-4aa1-b021-2ef9af1a0a4c","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":96,"box":{"x":76,"y":291,"width":849,"height":11}},{"id":"b4ce2c18-95d3-4e9b-80d6-4eedc59ed4fc","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":96,"box":{"x":76,"y":305,"width":622,"height":11}},{"id":"f3fa8315-2360-401f-b0cc-15fcf50c28ce","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":96,"box":{"x":76,"y":329,"width":245,"height":10}},{"id":"1663b94d-0f28-4ad8-a735-e03d36508a55","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":96,"box":{"x":328,"y":329,"width":636,"height":10}},{"id":"20c48f27-92a7-42fe-9768-492477526eb2","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":96,"box":{"x":76,"y":343,"width":853,"height":11}},{"id":"cda052e5-be16-4507-8bc9-0ce805748be8","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":96,"box":{"x":76,"y":357,"width":895,"height":11}},{"id":"b364c63b-5a28-41e6-97cc-1fe5a9334728","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":96,"box":{"x":76,"y":371,"width":865,"height":11}},{"id":"17e5ed53-d643-4841-86fd-2304656b941d","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":96,"box":{"x":76,"y":385,"width":885,"height":11}},{"id":"7b092133-8a92-4938-97a1-02e372f7acab","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":96,"box":{"x":77,"y":400,"width":891,"height":10}},{"id":"29fb2ecc-a31d-4c2b-acf1-7af3f97f1265","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":96,"box":{"x":76,"y":414,"width":901,"height":11}},{"id":"0eb27805-69e4-457b-b4ef-624ccf00e580","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":96,"box":{"x":76,"y":428,"width":858,"height":11}},{"id":"11529a36-33b5-436c-84eb-e57302cbdc6e","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":96,"box":{"x":77,"y":442,"width":418,"height":11}},{"id":"262a73fe-f31e-40aa-95a6-448f814ad65d","block_type":"box","text":"Materials Companies Risk.","page_number":96,"box":{"x":77,"y":465,"width":182,"height":11}},{"id":"e2e5580d-8b1a-419b-8a1f-84b6b4552d40","block_type":"box","text":"The materials sector tends to be closely tied to the economic cycle and can be significantly affected by","page_number":96,"box":{"x":264,"y":465,"width":660,"height":11}},{"id":"540fbd60-ae00-4e95-9bae-40b1a3604fc0","block_type":"box","text":"supply-demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social","page_number":96,"box":{"x":76,"y":479,"width":886,"height":11}},{"id":"87a1e33b-bd72-4c2c-a6c6-bbd824e8260d","block_type":"box","text":"and political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical","page_number":96,"box":{"x":76,"y":494,"width":856,"height":10}},{"id":"85956998-7eb2-4792-983b-55eb347c8a69","block_type":"box","text":"advances, labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for","page_number":96,"box":{"x":76,"y":508,"width":842,"height":11}},{"id":"2e5b6430-8c01-4abb-94d5-80f7fc5d3f57","block_type":"box","text":"environmental damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":96,"box":{"x":76,"y":522,"width":772,"height":11}},{"id":"421229c8-3d23-416e-aaef-1c4201f24a51","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":96,"box":{"x":77,"y":545,"width":243,"height":11}},{"id":"bab964a4-b9ab-4121-9f6b-fdff90397d56","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":96,"box":{"x":326,"y":545,"width":607,"height":11}},{"id":"72fb9632-7e31-4070-87c5-e3c276aa8039","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":96,"box":{"x":76,"y":559,"width":875,"height":11}},{"id":"e664e672-26a1-4354-b19b-4d0f3d2123c9","block_type":"box","text":"may have more limited product lines, markets, financial resources and management experience. As a result, they generally are more","page_number":96,"box":{"x":76,"y":574,"width":847,"height":10}},{"id":"21c07c6b-5789-483e-8576-ae547db365e0","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":96,"box":{"x":76,"y":588,"width":889,"height":11}},{"id":"00b8d9fb-3bf6-4e93-8381-0c24909f58dd","block_type":"box","text":"shorter business track record, with relatively less information available to investors. The securities of mid-sized companies may trade less","page_number":96,"box":{"x":76,"y":602,"width":882,"height":11}},{"id":"be9aaa71-6052-4d59-8c4c-fee375d4bd39","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":96,"box":{"x":76,"y":616,"width":473,"height":11}},{"id":"afe9b1c7-5a44-4722-8aa1-6416e446ef11","block_type":"box","text":"Non-Diversification Risk.","page_number":96,"box":{"x":77,"y":639,"width":170,"height":9}},{"id":"b813559c-648a-4c16-9a07-5df8afd34729","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater percentage of its assets in securities or other","page_number":96,"box":{"x":252,"y":639,"width":711,"height":11}},{"id":"44dfeecd-65ad-41f0-adee-cf08f59e5d1f","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A","page_number":96,"box":{"x":76,"y":654,"width":822,"height":10}},{"id":"1428a0c3-e140-4634-9f7b-5baa9259e48b","block_type":"box","text":"non-diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and","page_number":96,"box":{"x":76,"y":668,"width":871,"height":11}},{"id":"e2ef4f70-183c-4458-956d-384193e87bda","block_type":"box","text":"losses on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a","page_number":96,"box":{"x":77,"y":682,"width":852,"height":11}},{"id":"a845375b-a2df-4816-b6bd-4c1c358f879c","block_type":"box","text":"diversified Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":96,"box":{"x":76,"y":696,"width":461,"height":11}},{"id":"daa71850-7742-4053-bfcd-1241f8f97e6e","block_type":"box","text":"Operational and Technology Risks.","page_number":96,"box":{"x":76,"y":719,"width":239,"height":11}},{"id":"c2b60004-e80f-439a-8a79-3b1426ccdfa2","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":96,"box":{"x":320,"y":719,"width":648,"height":11}},{"id":"84691c91-4a1e-4b9d-a642-47cc7c95b644","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":96,"box":{"x":76,"y":733,"width":842,"height":11}},{"id":"e0957643-6e9d-4038-bc46-ac557ef9044c","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":96,"box":{"x":76,"y":748,"width":877,"height":10}},{"id":"d92721be-58aa-4a72-b476-56d1b4b10129","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":96,"box":{"x":76,"y":762,"width":844,"height":11}},{"id":"71de609e-e4df-48e9-adcc-f0728ea62c12","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":96,"box":{"x":76,"y":776,"width":866,"height":11}},{"id":"cf3de857-ceff-4d38-9fe8-ccfcb1772af3","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":96,"box":{"x":76,"y":790,"width":892,"height":11}},{"id":"883aa7f4-95de-4268-bcb5-efdd204ea44d","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":96,"box":{"x":76,"y":804,"width":889,"height":11}},{"id":"e8110572-b78c-48ea-b103-d934af0a4f3c","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":96,"box":{"x":76,"y":819,"width":870,"height":10}},{"id":"08b92dac-b39f-498c-a7d1-ee85ab8abf75","block_type":"box","text":"risks.","page_number":96,"box":{"x":77,"y":833,"width":32,"height":8}},{"id":"52aceb82-ec4e-4403-bd76-8575dfb94b29","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":96,"box":{"x":76,"y":856,"width":895,"height":11}},{"id":"a544eedf-8d6c-4999-852b-1063b1c0e256","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":96,"box":{"x":76,"y":870,"width":878,"height":11}},{"id":"1c698571-01e6-4564-a7a1-2e17c7c7139b","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":96,"box":{"x":76,"y":884,"width":905,"height":11}},{"id":"76ea1e6f-fa7c-4e21-98dd-d4a48b747446","block_type":"box","text":"11","page_number":96,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"dfd9b838-2d0d-446b-a6b5-a284c04ec1a0","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":97,"box":{"x":76,"y":23,"width":885,"height":11}},{"id":"f5dcca5a-6df9-4832-9095-5754fd6356b9","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":97,"box":{"x":76,"y":37,"width":828,"height":11}},{"id":"1c7c9d73-e42a-4831-9366-bff6dbe30e0e","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":97,"box":{"x":76,"y":51,"width":898,"height":11}},{"id":"4b23ee29-f44a-48ca-8f6a-9466f7c8c2cb","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":97,"box":{"x":76,"y":66,"width":884,"height":11}},{"id":"342260a4-8465-42da-9acf-b982d81c5068","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":97,"box":{"x":77,"y":80,"width":880,"height":11}},{"id":"1df5cc3d-cb33-487f-bd1d-4fd814568cff","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":97,"box":{"x":77,"y":94,"width":898,"height":11}},{"id":"62e90f71-0552-4ae5-a18d-b58a1bc53521","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":97,"box":{"x":76,"y":108,"width":866,"height":11}},{"id":"971d98dd-54df-4353-8d23-1bfd5fd7ed7e","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":97,"box":{"x":76,"y":122,"width":906,"height":11}},{"id":"dc2f4ca3-12d3-4da7-be63-87e6e358d9c2","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":97,"box":{"x":76,"y":137,"width":904,"height":10}},{"id":"286b5931-6fe7-484e-9e8f-45c78a082dc3","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":97,"box":{"x":76,"y":151,"width":885,"height":11}},{"id":"1cef7c60-4cf5-4749-a9aa-75ac287fca96","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":97,"box":{"x":77,"y":165,"width":872,"height":11}},{"id":"ce4bc109-082c-4949-97f8-87bdb053d199","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":97,"box":{"x":76,"y":179,"width":855,"height":11}},{"id":"97ce7add-2cf6-4ba8-b089-156bbc3b8c4a","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":97,"box":{"x":76,"y":193,"width":857,"height":11}},{"id":"24879214-7fe1-45a9-b4b1-4da82bc810d1","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":97,"box":{"x":76,"y":207,"width":897,"height":11}},{"id":"68a4d3de-c89f-4eb9-9cb8-7a30b07b4a7e","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":97,"box":{"x":76,"y":222,"width":886,"height":10}},{"id":"10dcb5cb-ed16-40a9-8e76-9036440739c3","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":97,"box":{"x":76,"y":236,"width":876,"height":11}},{"id":"ba4eff16-5849-43c5-9fae-8b476c59a146","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":97,"box":{"x":76,"y":250,"width":585,"height":11}},{"id":"e7231abe-32fb-4303-9fb5-358ea117ea8f","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":97,"box":{"x":76,"y":273,"width":864,"height":11}},{"id":"05fc3d51-ac9b-4102-8bda-1966e75e6861","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":97,"box":{"x":76,"y":287,"width":889,"height":11}},{"id":"a2a842fd-957c-4c31-81d3-c306560adaec","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":97,"box":{"x":77,"y":302,"width":839,"height":10}},{"id":"1e9567e9-a779-4579-ac37-944479147d1c","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":97,"box":{"x":76,"y":316,"width":862,"height":11}},{"id":"b9d55120-754a-41e1-a806-75a2c05995a0","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":97,"box":{"x":77,"y":330,"width":863,"height":11}},{"id":"493488d5-092f-45fb-8afb-ce8f153212ea","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":97,"box":{"x":76,"y":344,"width":871,"height":11}},{"id":"d04c9692-99c0-41d2-bee2-313f3fb7d7a7","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":97,"box":{"x":76,"y":358,"width":895,"height":11}},{"id":"4f91dbc4-2eb3-40b4-8434-8e74ab32aa92","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":97,"box":{"x":76,"y":372,"width":882,"height":11}},{"id":"8d97fd78-db79-4ceb-9752-e6fdac14154c","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":97,"box":{"x":76,"y":387,"width":659,"height":10}},{"id":"8b4ab470-cf02-49e1-90aa-af0a685e1791","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":97,"box":{"x":77,"y":410,"width":830,"height":11}},{"id":"103b56c5-c007-4aac-93c8-cbc92d89852e","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":97,"box":{"x":75,"y":424,"width":905,"height":11}},{"id":"bf184593-62d6-49de-870c-2dd1da9c5672","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":97,"box":{"x":77,"y":438,"width":756,"height":11}},{"id":"3cec1996-7e5b-4682-bda2-eeb35154cff7","block_type":"box","text":"Ownership Limitations Risk.","page_number":97,"box":{"x":76,"y":461,"width":195,"height":11}},{"id":"adfac2fa-2912-4cd4-86be-d2b9999c0e42","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":97,"box":{"x":277,"y":461,"width":697,"height":11}},{"id":"efa4e7b8-e915-4718-b6ee-da67c1ff76c6","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":97,"box":{"x":77,"y":476,"width":900,"height":10}},{"id":"c1b6ad0e-9f1f-4aa2-bb9b-99de66833c8f","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":97,"box":{"x":76,"y":490,"width":851,"height":11}},{"id":"c03084fa-38fa-46c8-94d3-0fe8faf2b21e","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":97,"box":{"x":77,"y":504,"width":866,"height":11}},{"id":"16e4e590-be55-43c1-990f-bd65c4089b8d","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":97,"box":{"x":76,"y":518,"width":903,"height":11}},{"id":"f28e4840-7e35-4af5-8109-222b58f88f3f","block_type":"box","text":"holdings.","page_number":97,"box":{"x":77,"y":532,"width":55,"height":11}},{"id":"63df76a0-9d63-4d64-99bf-475e3dedf3b3","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":97,"box":{"x":77,"y":556,"width":851,"height":10}},{"id":"b8be6faa-759f-4264-8d48-fa03137d78b1","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":97,"box":{"x":76,"y":570,"width":890,"height":11}},{"id":"283dcc76-1975-4624-82d3-2c7dc085d5b6","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":97,"box":{"x":76,"y":584,"width":870,"height":11}},{"id":"536b5712-50c4-44f7-afda-53f0e21b3062","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":97,"box":{"x":76,"y":598,"width":884,"height":11}},{"id":"30e16a64-031f-4707-a693-ded78d02f82e","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":97,"box":{"x":76,"y":612,"width":906,"height":11}},{"id":"cb584f63-de2d-4ac6-9484-2411589cbc36","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":97,"box":{"x":76,"y":626,"width":886,"height":11}},{"id":"c988f58a-bfb8-44ee-9e6d-2b40e0cdcbf2","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":97,"box":{"x":76,"y":641,"width":896,"height":10}},{"id":"7eda1399-ce67-4e92-a5b7-7ccfb791adf4","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":97,"box":{"x":76,"y":664,"width":885,"height":11}},{"id":"3af52b46-f236-4835-8384-cdfdc8aa9c9a","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or","page_number":97,"box":{"x":76,"y":678,"width":821,"height":11}},{"id":"82f61b9a-4870-47a3-8475-3601b7cc3624","block_type":"box","text":"non-disapproval that was obtained.","page_number":97,"box":{"x":76,"y":692,"width":224,"height":11}},{"id":"359ba066-f48b-4b1e-8777-9e83f5167acb","block_type":"box","text":"Real Estate Companies Risk.","page_number":97,"box":{"x":77,"y":715,"width":196,"height":11}},{"id":"75ff7c6e-fe84-4b35-970f-fef34081cde1","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":97,"box":{"x":279,"y":715,"width":649,"height":11}},{"id":"c0c96952-7374-4ad4-a2bb-3c1231278053","block_type":"box","text":"companies, and real estate management or development companies, expose investors to the risks of owning real estate directly as well as to","page_number":97,"box":{"x":76,"y":730,"width":903,"height":10}},{"id":"b3b476b9-50af-48af-b2f5-9a71702ecf0a","block_type":"box","text":"the risks from the way that such companies operate. Real estate companies and property values may be adversely affected by regulations","page_number":97,"box":{"x":76,"y":744,"width":883,"height":11}},{"id":"57688ef1-0d0b-479a-acc1-044d9a2b9d3d","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":97,"box":{"x":76,"y":758,"width":897,"height":11}},{"id":"5b7805d3-0503-49e8-9b4c-73a903717d1f","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":97,"box":{"x":77,"y":772,"width":329,"height":10}},{"id":"9cbec5e0-b53c-46bc-837d-98b6168647bb","block_type":"box","text":"Real estate is highly sensitive to general and local economic conditions and can be subject to intense competition and periodic overbuilding.","page_number":97,"box":{"x":77,"y":795,"width":897,"height":11}},{"id":"b9c7c9f5-a546-416b-8e11-784d93fed3fb","block_type":"box","text":"Real estate companies may own a limited number of properties and concentrate their investments in a particular geographic region, industry","page_number":97,"box":{"x":77,"y":809,"width":900,"height":11}},{"id":"4c55b17a-6ac2-4b0a-81db-a440006d24c2","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":97,"box":{"x":76,"y":824,"width":409,"height":10}},{"id":"c0c78c15-93a6-4c13-8177-3e2c2ccc5e15","block_type":"box","text":"e.g.","page_number":97,"box":{"x":487,"y":826,"width":20,"height":9}},{"id":"f857d86d-d3b9-487a-bc86-69e9bcffccbc","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":97,"box":{"x":510,"y":824,"width":446,"height":11}},{"id":"7a93cf78-0e27-4708-8d62-96a7ee7c7e2a","block_type":"box","text":"type may lead to decreases in property values, leasing declines and defaults by borrowers or tenants. In the event of a default, a real estate","page_number":97,"box":{"x":76,"y":838,"width":891,"height":11}},{"id":"cc7e58b1-2a81-403d-850f-b71da1e3634c","block_type":"box","text":"company may experience substantial delays and costs in enforcing its rights with respect to the property and protecting its investment. In","page_number":97,"box":{"x":76,"y":852,"width":882,"height":11}},{"id":"c716948b-2a21-4739-bc6a-d666eabd1e0a","block_type":"box","text":"addition, because real estate is relatively illiquid, a company may be constrained in its ability to diversify or liquidate its investments in","page_number":97,"box":{"x":76,"y":866,"width":858,"height":11}},{"id":"745bff6b-ff62-4b38-ae9c-8aa791d78409","block_type":"box","text":"response to economic conditions or other events.","page_number":97,"box":{"x":77,"y":880,"width":316,"height":11}},{"id":"11140c96-e524-4890-80cb-a88f0f301e8d","block_type":"box","text":"12","page_number":97,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"064b2473-7c99-4bae-8d67-8361b22e02e7","block_type":"box","text":"Real estate companies may depend on the management skills of a few key individuals and may have limited financial resources. They may be","page_number":98,"box":{"x":77,"y":23,"width":900,"height":11}},{"id":"32fe85c1-baf8-4773-829d-42b83da61de0","block_type":"box","text":"highly leveraged, which can magnify losses, and interest rate increases can make it difficult for them, as well as borrowers and tenants, to","page_number":98,"box":{"x":77,"y":37,"width":881,"height":11}},{"id":"949736b3-9ad6-4a73-84dc-9fe367880615","block_type":"box","text":"obtain debt financing and meet payment obligations. Declining interest rates could result in increased prepayment on loans and require","page_number":98,"box":{"x":76,"y":51,"width":867,"height":11}},{"id":"93335943-26ab-4a16-89df-36888bdc9649","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":98,"box":{"x":77,"y":66,"width":343,"height":10}},{"id":"180708d8-ad0d-4014-8135-e73628855ae4","block_type":"box","text":"Certain real estate companies, such as REITs, could fail to qualify for favorable tax or regulatory treatment, which could produce adverse","page_number":98,"box":{"x":76,"y":89,"width":875,"height":11}},{"id":"e15341d4-0a8b-4817-99ff-e44613d11f8b","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":98,"box":{"x":76,"y":103,"width":492,"height":11}},{"id":"7979050c-edeb-4a28-833e-51ec817cf3a1","block_type":"box","text":"Risk of Investing in the U.S.","page_number":98,"box":{"x":77,"y":126,"width":190,"height":11}},{"id":"bd8e024f-0293-455c-9f54-fe213e73937d","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":98,"box":{"x":273,"y":126,"width":683,"height":11}},{"id":"606e04b9-2e21-4efa-8aa9-590d4791b205","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":98,"box":{"x":76,"y":140,"width":897,"height":11}},{"id":"a036d224-f588-47a7-b318-00a57e66e799","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":98,"box":{"x":76,"y":155,"width":902,"height":10}},{"id":"e3ce2ef0-5e7e-47c0-bcbb-cb589ff7b5fe","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":98,"box":{"x":76,"y":169,"width":887,"height":11}},{"id":"a82d1345-716a-4885-aac4-8cfd315e39f2","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":98,"box":{"x":76,"y":183,"width":894,"height":11}},{"id":"83a02b7f-eaf6-4d3f-af50-dd8d85e3309e","block_type":"box","text":"financial markets or issuers.","page_number":98,"box":{"x":76,"y":197,"width":179,"height":9}},{"id":"83c106c2-4048-4262-80d6-bcfa687186a5","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":98,"box":{"x":76,"y":220,"width":868,"height":11}},{"id":"49ed1729-a2b6-4c93-8d55-bf872601d8b9","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":98,"box":{"x":77,"y":235,"width":867,"height":10}},{"id":"72790df0-b03b-4640-85dd-b2f760b10975","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":98,"box":{"x":76,"y":249,"width":868,"height":11}},{"id":"98c327bb-9a83-4023-a822-7465d465a162","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":98,"box":{"x":77,"y":263,"width":899,"height":11}},{"id":"c85c95be-92a7-41bb-8f86-16c1ff919120","block_type":"box","text":"system.","page_number":98,"box":{"x":76,"y":278,"width":49,"height":10}},{"id":"e588b5ba-e500-4731-a313-44029d624a8e","block_type":"box","text":"Securities Lending Risk.","page_number":98,"box":{"x":76,"y":300,"width":166,"height":11}},{"id":"e9611ab4-7bb3-49ea-8e3d-06031ac1e188","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":98,"box":{"x":247,"y":300,"width":730,"height":11}},{"id":"a3736461-655a-4e2a-8a40-cd7f2c1870ac","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":98,"box":{"x":76,"y":314,"width":898,"height":11}},{"id":"9ef354fa-2f8b-4f46-a426-63bdbd3ab8e7","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":98,"box":{"x":76,"y":329,"width":892,"height":10}},{"id":"8c09b959-a363-4d38-8ff5-782bfffb988e","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":98,"box":{"x":76,"y":343,"width":403,"height":11}},{"id":"823828c2-9873-4254-8304-cd6fe3209d0a","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":98,"box":{"x":76,"y":366,"width":257,"height":11}},{"id":"09125666-f2f6-4041-b21a-f80f64ebb2e3","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":98,"box":{"x":339,"y":366,"width":617,"height":11}},{"id":"5346891a-1f1d-479c-a076-25178c7d736a","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":98,"box":{"x":76,"y":380,"width":863,"height":11}},{"id":"2725124f-0189-4dc6-970f-ac5386ce399e","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":98,"box":{"x":76,"y":394,"width":868,"height":11}},{"id":"622ae0c8-3cdb-4202-9a86-4eed0ebe33cf","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":98,"box":{"x":76,"y":409,"width":895,"height":10}},{"id":"ec94c1e6-8780-4aba-add6-9b710698bcd9","block_type":"box","text":"have a short business track record, with relatively less information available to investors. The securities of smaller companies may trade less","page_number":98,"box":{"x":77,"y":423,"width":898,"height":11}},{"id":"6cdd5c55-0596-4173-a2e2-290087446f99","block_type":"box","text":"frequently and in lower volumes than the securities of larger companies. Some securities of smaller issuers may be illiquid or restricted as to","page_number":98,"box":{"x":76,"y":437,"width":900,"height":11}},{"id":"55ecd700-39a2-4edf-8699-869273876824","block_type":"box","text":"resale, and their values may have significant volatility. A Fund may be unable to liquidate its positions in such securities at any time, or at a","page_number":98,"box":{"x":77,"y":451,"width":885,"height":11}},{"id":"b330c304-2db5-48bc-a6a0-a498381de5a2","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":98,"box":{"x":76,"y":465,"width":354,"height":11}},{"id":"c5eb4b89-6ec9-4726-b8a1-3018214a4dea","block_type":"box","text":"Technology Companies Risk.","page_number":98,"box":{"x":76,"y":489,"width":198,"height":10}},{"id":"673e106b-b3c7-4a25-8d8c-131be02b2ebb","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":98,"box":{"x":278,"y":489,"width":693,"height":10}},{"id":"9428baba-7030-4d47-8e8a-0c95444a678b","block_type":"box","text":"lines, markets, financial resources and personnel. These companies may face rapid product obsolescence as well as unexpected risks and","page_number":98,"box":{"x":77,"y":503,"width":882,"height":11}},{"id":"cbb99ded-dfd5-4e52-8030-59fbf2ec5f49","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":98,"box":{"x":76,"y":517,"width":888,"height":11}},{"id":"0c96954f-6ba1-4dee-b65b-87dc6d604884","block_type":"box","text":"companies may be adversely affected by disruptions to supply chains and distribution networks as well as issues at third-party partners. They","page_number":98,"box":{"x":76,"y":531,"width":905,"height":11}},{"id":"dbe3d470-871c-4816-9603-31d24dcf13bb","block_type":"box","text":"are heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their","page_number":98,"box":{"x":76,"y":545,"width":891,"height":11}},{"id":"1f439979-0507-4bb0-818e-d73faaa78159","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":98,"box":{"x":76,"y":559,"width":868,"height":11}},{"id":"f2359e7a-fbda-421c-9a19-bfd8539223ea","block_type":"box","text":"These companies also may be adversely affected by, among other things, actual or perceived security vulnerabilities or other defects in their","page_number":98,"box":{"x":76,"y":574,"width":898,"height":10}},{"id":"1c521ed0-a672-43ec-9fe2-2020b07fd7d0","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":98,"box":{"x":76,"y":588,"width":738,"height":11}},{"id":"c833898d-f612-44c1-8d40-2392809e02b8","block_type":"box","text":"Tracking Error Risk.","page_number":98,"box":{"x":76,"y":611,"width":135,"height":11}},{"id":"fd6e2366-2ea4-470b-a141-5bca995209ae","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":98,"box":{"x":216,"y":611,"width":749,"height":11}},{"id":"e20e3129-1250-403b-8ef1-386b5512f4e3","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":98,"box":{"x":76,"y":625,"width":871,"height":11}},{"id":"fa6f5bab-99b2-47f2-ab18-85b13d1b6ede","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":98,"box":{"x":76,"y":639,"width":897,"height":11}},{"id":"a84f8c73-94a5-4adf-8520-cd4b1c1ec174","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":98,"box":{"x":76,"y":654,"width":868,"height":10}},{"id":"7c27b09f-ff4c-4c55-83fa-36cfcad51a12","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":98,"box":{"x":77,"y":668,"width":823,"height":11}},{"id":"8bd9d3b1-c727-4c24-84d5-035051a6a499","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":98,"box":{"x":76,"y":682,"width":905,"height":11}},{"id":"be8ccc19-8f6c-4d03-8e7b-ad5b241665a2","block_type":"box","text":"reflected in the Underlying Index from a Fund’s obligation, if any, for foreign withholding taxes; the requirements for a Fund to maintain","page_number":98,"box":{"x":77,"y":696,"width":862,"height":11}},{"id":"c24d017b-b569-46f4-9d21-0252e7948797","block_type":"box","text":"pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of","page_number":98,"box":{"x":76,"y":710,"width":904,"height":11}},{"id":"f030cd81-486a-4db8-958a-34b05f463aba","block_type":"box","text":"custom baskets; changes to the Underlying Index, such as during a rebalancing or reconstitution, including the ability and timing of a Fund to","page_number":98,"box":{"x":76,"y":724,"width":901,"height":11}},{"id":"ac2dca38-25bc-4c02-ad02-0e07b1d48d8d","block_type":"box","text":"adjust its portfolio to reflect changes in the Underlying Index; and impacts to a Fund of complying with certain regulatory requirements or","page_number":98,"box":{"x":76,"y":739,"width":880,"height":10}},{"id":"0642feb7-1695-41ef-ad7c-c8d2569cd364","block_type":"box","text":"limits. A Fund that tracks an index composed of a large number of components may experience greater tracking error than a Fund that tracks","page_number":98,"box":{"x":77,"y":753,"width":904,"height":11}},{"id":"e79f7e49-fd9b-4e8d-9ab3-7dc45ae2371f","block_type":"box","text":"a more narrow index. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":98,"box":{"x":76,"y":767,"width":887,"height":11}},{"id":"38a813fd-3cce-45cb-acf1-d3dd6e744e4c","block_type":"box","text":"Utility Companies Risk.","page_number":98,"box":{"x":77,"y":790,"width":160,"height":11}},{"id":"256d8ba4-157a-4abb-9f27-b934bbe6b640","block_type":"box","text":"Utility infrastructure often requires significant capital expenditures, and utility companies may face high interest","page_number":98,"box":{"x":243,"y":790,"width":717,"height":11}},{"id":"4afd3e88-fcec-4538-b1b2-0472c2455473","block_type":"box","text":"costs and difficulty in raising capital. Technological innovations may render existing equipment or products obsolete, and companies may","page_number":98,"box":{"x":76,"y":804,"width":878,"height":11}},{"id":"a07ce1bd-b1d7-4b39-a4ba-cc232dd0927e","block_type":"box","text":"experience difficulty in obtaining regulatory approval of new technologies. Utility operations may be disrupted by events that target or","page_number":98,"box":{"x":76,"y":819,"width":856,"height":10}},{"id":"0ca5a7e3-7444-480a-9b24-8ac4f5970ccd","block_type":"box","text":"damage utility infrastructure, including natural disasters and cyber or other attacks. Utilities companies may be adversely affected by","page_number":98,"box":{"x":76,"y":833,"width":853,"height":11}},{"id":"19ed2575-8f17-47d4-8c44-0f54824c95f9","block_type":"box","text":"volatility in the price of certain energy resources.","page_number":98,"box":{"x":76,"y":847,"width":312,"height":11}},{"id":"b9b3daa9-37ec-48b0-9365-9aac24fae47a","block_type":"box","text":"Utility companies face risks from government regulation and oversight as well as from deregulation (if applicable). Regulators may monitor","page_number":98,"box":{"x":77,"y":870,"width":886,"height":11}},{"id":"01f7112a-d186-41d6-8e6f-3d6e213e0a6c","block_type":"box","text":"and control companies’ revenues and costs. There is no assurance that regulators will grant rate increases or that rate levels will be","page_number":98,"box":{"x":76,"y":884,"width":842,"height":11}},{"id":"ef405374-1d6f-48b2-a9a7-dc0a15e61cba","block_type":"box","text":"13","page_number":98,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"6647ca34-a0c5-4532-8d28-ac159d0e7652","block_type":"box","text":"adequate to permit the payment of stock dividends or bond coupon payments. In addition, there may be regulatory restrictions on the ability","page_number":99,"box":{"x":76,"y":23,"width":899,"height":11}},{"id":"2a67e1b4-8fb0-4e8f-b393-71aca02753ba","block_type":"box","text":"of utility companies to enter new lines of business and geographic areas. Utility companies incur costs in complying with environmental and","page_number":99,"box":{"x":76,"y":37,"width":894,"height":11}},{"id":"669d863d-2274-4001-a907-70af7d363d00","block_type":"box","text":"other regulations and may face significant challenges in obtaining regulatory approval for certain projects, such as nuclear power plants.","page_number":99,"box":{"x":76,"y":51,"width":873,"height":11}},{"id":"5e0766ed-635f-4383-bc36-b83daa81ede1","block_type":"box","text":"Utility companies are at risk of liability for environmental harm and other types of damages. Energy conservation, climate change and other","page_number":99,"box":{"x":77,"y":66,"width":891,"height":11}},{"id":"580a72e0-0163-4f07-a7d3-8659a51b815c","block_type":"box","text":"sustainability policies also may impact utility companies. Deregulation may subject companies to greater competition, may adversely affect","page_number":99,"box":{"x":76,"y":80,"width":893,"height":11}},{"id":"e350677a-dbed-4ba2-977b-938e96012969","block_type":"box","text":"their profitability and may lead them to engage in riskier ventures.","page_number":99,"box":{"x":76,"y":94,"width":421,"height":11}},{"id":"08fe04df-2b59-4c03-8ab0-409777c79ce3","block_type":"box","text":"Value Securities Risk.","page_number":99,"box":{"x":76,"y":117,"width":149,"height":9}},{"id":"a25de15c-7b15-4826-891d-060d81b95c2d","block_type":"box","text":"Value securities are those issued by companies that may be perceived as undervalued. Such securities may decline","page_number":99,"box":{"x":230,"y":117,"width":739,"height":11}},{"id":"fc7d25d0-5c34-4364-82d0-3060a776af9a","block_type":"box","text":"in price or fail to appreciate for long periods of time, and they may never realize their full potential value because the market fails to","page_number":99,"box":{"x":76,"y":131,"width":842,"height":11}},{"id":"777070fc-4a38-47ce-9af3-c5c355f3339f","block_type":"box","text":"recognize the stock’s intrinsic worth. Value securities may underperform growth securities and other types of assets as well as the overall","page_number":99,"box":{"x":77,"y":146,"width":880,"height":10}},{"id":"54ea754f-b5ae-4a0c-a23a-705e7d9c0bc7","block_type":"box","text":"stock market. Although value securities have generally performed better than non-value securities during periods of economic recovery,","page_number":99,"box":{"x":76,"y":160,"width":871,"height":11}},{"id":"43691929-aae0-470e-bad7-d2d61d78d837","block_type":"box","text":"there is no assurance that they will continue to do so. Value securities may go in and out of favor over time, which could affect the","page_number":99,"box":{"x":76,"y":174,"width":832,"height":11}},{"id":"70cb4a6c-861b-4633-8858-5eb786a8473e","block_type":"box","text":"performance of a Fund with such holdings.","page_number":99,"box":{"x":76,"y":188,"width":271,"height":11}},{"id":"880ad7c5-e701-4464-a628-fd08a225bfe0","block_type":"box","text":"Portfolio Holdings Information","page_number":99,"box":{"x":78,"y":217,"width":296,"height":17}},{"id":"c5042fdd-7637-4695-b266-3434f6538312","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":99,"box":{"x":76,"y":246,"width":896,"height":11}},{"id":"78ebb7bb-5c97-4ed4-bdff-249a5293849d","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":99,"box":{"x":76,"y":260,"width":906,"height":11}},{"id":"188e9551-2f43-4c35-bdad-a179d3fc0612","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":99,"box":{"x":77,"y":275,"width":893,"height":10}},{"id":"07a1036c-c428-417e-8651-eae1466bb6fc","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":99,"box":{"x":76,"y":289,"width":256,"height":11}},{"id":"5951bd41-d37d-4e70-87ef-fc88ee3c7d4c","block_type":"box","text":"Management of the Funds","page_number":99,"box":{"x":78,"y":318,"width":258,"height":16}},{"id":"0424557a-52ff-4722-9003-00398e2e0fcf","block_type":"box","text":"Investment Adviser","page_number":99,"box":{"x":77,"y":347,"width":135,"height":8}},{"id":"9b3e2031-1ede-442c-8843-397012e5ec34","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":99,"box":{"x":76,"y":370,"width":839,"height":11}},{"id":"b5f97531-f1c5-4d73-80d8-c0aaaf2eb86b","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":99,"box":{"x":76,"y":384,"width":899,"height":11}},{"id":"16638fd1-cecb-4793-9efa-daf5c8bf0bb2","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":99,"box":{"x":76,"y":398,"width":886,"height":11}},{"id":"1d0a47c9-92e8-4d6f-881e-82f8465a7177","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":99,"box":{"x":77,"y":412,"width":852,"height":11}},{"id":"ef03c010-b204-4b99-9881-2855d84d4a6f","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":99,"box":{"x":77,"y":436,"width":860,"height":10}},{"id":"8bbd1853-4143-4480-a543-0e86deea8607","block_type":"box","text":"June 30, 2026, BFA and its affiliates provided investment advisory services for assets of approximately $15.3 trillion.","page_number":99,"box":{"x":75,"y":449,"width":745,"height":12}},{"id":"ed33316a-5c88-4c46-bad5-e996e3e71403","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":99,"box":{"x":77,"y":473,"width":887,"height":11}},{"id":"95824e5f-0148-4d14-bf9d-be8808cec0ce","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":99,"box":{"x":76,"y":487,"width":885,"height":11}},{"id":"b9c2af6a-c0fe-4e2d-a9ec-643a53ecd71f","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":99,"box":{"x":76,"y":501,"width":892,"height":11}},{"id":"323728ab-532c-4e2f-a720-4313e22d69b5","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":99,"box":{"x":76,"y":516,"width":886,"height":10}},{"id":"d86acee9-faf7-4f1f-a296-cda72bfc9431","block_type":"box","text":"indication of trading intent on behalf of a Fund.","page_number":99,"box":{"x":76,"y":530,"width":299,"height":11}},{"id":"608a71d9-b048-49a6-aec3-c9f47ed68229","block_type":"box","text":"Fees and Expenses","page_number":99,"box":{"x":77,"y":553,"width":131,"height":11}},{"id":"8b4db1ad-1a4b-4a15-9895-812ce4a0228f","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":99,"box":{"x":77,"y":576,"width":867,"height":11}},{"id":"0a47b87a-c17e-4db3-a0b5-49766d69c002","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":99,"box":{"x":76,"y":590,"width":858,"height":11}},{"id":"06b55fd6-3180-4a4b-a3d2-bb49a525f22c","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution","page_number":99,"box":{"x":76,"y":605,"width":891,"height":10}},{"id":"3796611c-f2a8-483e-9bb6-cda491949284","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":99,"box":{"x":76,"y":619,"width":838,"height":11}},{"id":"74732382-c14b-4350-b686-74d37da53042","block_type":"box","text":"“interested persons” of the Trust). Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and","page_number":99,"box":{"x":76,"y":633,"width":906,"height":11}},{"id":"5d3172b4-5dd2-45d8-9ddd-7cfa7a8b886a","block_type":"box","text":"expenses, if any.","page_number":99,"box":{"x":76,"y":647,"width":105,"height":11}},{"id":"4cd8e25f-2016-4d69-8e45-7dd6985b4d86","block_type":"box","text":"A discussion regarding the basis for the approval by the Board of the Investment Advisory Agreement with BFA is available in the Funds’ Form","page_number":99,"box":{"x":76,"y":670,"width":904,"height":11}},{"id":"37dbb0fb-2789-4e35-9b27-54c230c7f894","block_type":"box","text":"N-CSR filed with the SEC for the period ended October 31 and in the applicable financial statements and additional information documents","page_number":99,"box":{"x":77,"y":684,"width":887,"height":11}},{"id":"c375b2c0-1316-4971-a110-74d14ad70879","block_type":"box","text":"posted at www.iShares.com.","page_number":99,"box":{"x":76,"y":699,"width":182,"height":10}},{"id":"e53a4af6-e3be-47f8-a977-d502ce46d66c","block_type":"box","text":"For its investment advisory services to each Fund, for the fiscal year ended April 30, 2026, BFA was paid a management fee from each Fund,","page_number":99,"box":{"x":77,"y":722,"width":898,"height":11}},{"id":"3223cfec-5603-447a-b0cc-7332892d154e","block_type":"box","text":"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 BFA","page_number":99,"box":{"x":76,"y":736,"width":882,"height":11}},{"id":"855fad7d-f5d8-46a7-a1ff-eb41805aef3b","block_type":"box","text":"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":99,"box":{"x":77,"y":750,"width":844,"height":11}},{"id":"baf42bcc-5bb9-422d-ad91-b24f29c8182a","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":99,"box":{"x":76,"y":764,"width":900,"height":11}},{"id":"6a1586d0-302a-4886-94ad-ed51ee410758","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":99,"box":{"x":76,"y":779,"width":869,"height":10}},{"id":"7be1c4b4-e7d2-40ef-a665-f6274979ef99","block_type":"box","text":"voluntary waiver or reimbursement may be eliminated by BFA at any time.","page_number":99,"box":{"x":76,"y":793,"width":471,"height":11}},{"id":"ec16f35c-c173-42a6-9f5a-02fa0b4ccd4e","block_type":"box","text":"Fund Management Fee","page_number":99,"box":{"x":87,"y":824,"width":571,"height":11}},{"id":"6c6e9c74-6c3c-4839-a8d3-20779927abb4","block_type":"box","text":"iShares Core Dividend ETF 0.05%","page_number":99,"box":{"x":87,"y":842,"width":491,"height":9}},{"id":"4e661695-459e-417e-85c8-7c60935630e5","block_type":"box","text":"iShares Core Dividend Growth ETF 0.08%","page_number":99,"box":{"x":87,"y":860,"width":491,"height":9}},{"id":"4489f30e-9d7f-405a-b711-dc51b8724ced","block_type":"box","text":"iShares Dow Jones U.S. ETF 0.20%","page_number":99,"box":{"x":87,"y":878,"width":491,"height":10}},{"id":"a9a5708d-3b46-444d-aa91-0dbf8f5c7e25","block_type":"box","text":"14","page_number":99,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"ba664943-07f0-4ae4-9ad6-fb438e5f4bb2","block_type":"box","text":"Fund Management Fee","page_number":100,"box":{"x":87,"y":31,"width":571,"height":11}},{"id":"64720f3a-adb7-4f4f-a7ec-51c1b46d2ab4","block_type":"box","text":"iShares ESG MSCI KLD 400 ETF 0.25%","page_number":100,"box":{"x":87,"y":49,"width":491,"height":9}},{"id":"d73038b7-efd8-49fa-8db1-e652ec505a13","block_type":"box","text":"iShares ESG Optimized MSCI USA ETF 0.25%","page_number":100,"box":{"x":87,"y":67,"width":491,"height":11}},{"id":"7a159ce4-097f-4236-89f3-c3775c0a1ae7","block_type":"box","text":"iShares Morningstar Growth ETF 0.04%","page_number":100,"box":{"x":87,"y":85,"width":491,"height":11}},{"id":"9b02408d-a4f2-4678-a324-352dce8351b9","block_type":"box","text":"iShares Morningstar Mid-Cap ETF 0.04%","page_number":100,"box":{"x":87,"y":103,"width":491,"height":11}},{"id":"d1456619-a2c2-43cb-86ca-13733816d463","block_type":"box","text":"iShares Morningstar Mid-Cap Growth ETF 0.06%","page_number":100,"box":{"x":87,"y":121,"width":491,"height":11}},{"id":"88e01ae4-e49b-4ce0-8e2a-863a189153f7","block_type":"box","text":"iShares Morningstar Mid-Cap Value ETF 0.06%","page_number":100,"box":{"x":87,"y":139,"width":491,"height":11}},{"id":"80fef407-aefb-47ec-8182-18577cae262f","block_type":"box","text":"iShares Morningstar Small-Cap ETF 0.04%","page_number":100,"box":{"x":87,"y":158,"width":491,"height":10}},{"id":"05e2734d-9368-4edb-a5f0-bed2750b0d1f","block_type":"box","text":"iShares Morningstar Small-Cap Growth ETF 0.06%","page_number":100,"box":{"x":87,"y":176,"width":491,"height":10}},{"id":"ec0ca251-985b-40a2-91b1-30f6b8ccf4f5","block_type":"box","text":"iShares Morningstar Small-Cap Value ETF 0.06%","page_number":100,"box":{"x":87,"y":194,"width":491,"height":10}},{"id":"36363248-cdd2-46fd-ad51-9ef582370b46","block_type":"box","text":"iShares Morningstar U.S. Equity ETF 0.03%","page_number":100,"box":{"x":87,"y":212,"width":491,"height":11}},{"id":"45ea5b74-7ee1-4830-ae53-c251fdc3e496","block_type":"box","text":"iShares Morningstar Value ETF 0.04%","page_number":100,"box":{"x":87,"y":230,"width":491,"height":11}},{"id":"c13dd01c-1e8e-4bd4-b1d6-ab5e11a2c188","block_type":"box","text":"Portfolio Managers","page_number":100,"box":{"x":77,"y":260,"width":131,"height":11}},{"id":"2b21fdb4-b662-4a3f-aa29-b02321081011","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":100,"box":{"x":76,"y":283,"width":877,"height":11}},{"id":"262a130b-a6b1-4cb1-9572-05142cbdf72e","block_type":"box","text":"investing cash inflows, coordinating with members of their respective portfolio management teams to focus on certain asset classes,","page_number":100,"box":{"x":76,"y":297,"width":850,"height":11}},{"id":"62509ad8-3181-41ca-b396-2f84dc0ebc42","block_type":"box","text":"implementing investment strategy, researching and reviewing investment strategy and overseeing members of their respective teams who","page_number":100,"box":{"x":76,"y":311,"width":885,"height":11}},{"id":"d4d8ef37-ddd2-4c2b-b88c-747c8ae24cd1","block_type":"box","text":"have more limited responsibilities.","page_number":100,"box":{"x":77,"y":325,"width":217,"height":11}},{"id":"f6af3b2c-63ab-4912-8c73-ee331cbe7226","block_type":"box","text":"Jennifer Hsui, Matt Waldron, Peter Sietsema and Steven White are primarily responsible for the day-to-day management of the Funds.","page_number":100,"box":{"x":75,"y":349,"width":854,"height":10}},{"id":"08967a46-7c9d-4b36-a8dd-49d3735b04a6","block_type":"box","text":"Jennifer Hsui has been employed by BFA or its affiliates as a senior portfolio manager since 2007. She is a Managing Director of BlackRock,","page_number":100,"box":{"x":75,"y":372,"width":890,"height":11}},{"id":"448243d0-e9df-42f5-bbfa-bae71b6e755f","block_type":"box","text":"Inc.","page_number":100,"box":{"x":77,"y":386,"width":21,"height":9}},{"id":"757f00a5-3565-4489-9404-d369d2f9f307","block_type":"box","text":"Matt Waldron has been employed by BFA or its affiliates as a portfolio manager since 2003. He is a Managing Director of BlackRock, Inc.","page_number":100,"box":{"x":77,"y":409,"width":872,"height":11}},{"id":"04f23fcc-7454-4fe4-90c7-80b2fe5aee13","block_type":"box","text":"Peter Sietsema has been employed by BFA or its affiliates as a portfolio manager since 2007. He is a Managing Director of BlackRock, Inc.","page_number":100,"box":{"x":77,"y":432,"width":880,"height":11}},{"id":"0c9a073d-021c-48b0-940e-ae1135697a51","block_type":"box","text":"Steven White has been employed by BFA or its affiliates as a portfolio manager since 2013. He is a Managing Director of BlackRock, Inc.","page_number":100,"box":{"x":76,"y":456,"width":868,"height":10}},{"id":"15604ce0-b74b-4a38-baa9-70506400040a","block_type":"box","text":"Each Fund’s SAI provides additional information about the Portfolio Managers’ compensation, other accounts managed by the Portfolio","page_number":100,"box":{"x":77,"y":479,"width":863,"height":11}},{"id":"bc1c0269-830f-4b61-8701-ce91e7779e04","block_type":"box","text":"Managers and the Portfolio Managers’ ownership (if any) of shares of the Funds.","page_number":100,"box":{"x":77,"y":493,"width":511,"height":11}},{"id":"60e7926d-bd42-4cfa-b929-31143d7ed02e","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":100,"box":{"x":76,"y":516,"width":314,"height":11}},{"id":"4b9cfc83-e085-44fa-888c-6e3e3625b097","block_type":"box","text":"The administrator, custodian and transfer agent for each Fund is indicated in the table","page_number":100,"box":{"x":395,"y":516,"width":551,"height":11}},{"id":"f90ef552-71a2-444e-ab13-d32ac24b5151","block_type":"box","text":"below.","page_number":100,"box":{"x":76,"y":531,"width":40,"height":8}},{"id":"ba915a33-f725-4133-aea1-01aeceb42329","block_type":"box","text":"Fund","page_number":100,"box":{"x":87,"y":585,"width":33,"height":8}},{"id":"0b7fe46a-16c1-4761-b223-ae1886e58ccc","block_type":"box","text":"The Bank of","page_number":100,"box":{"x":498,"y":562,"width":83,"height":8}},{"id":"2370bcd2-8942-4215-9a11-8200823f75d7","block_type":"box","text":"New York","page_number":100,"box":{"x":500,"y":573,"width":65,"height":9}},{"id":"abbedf49-8dc3-4472-b583-1a4ef29739cb","block_type":"box","text":"Mellon Citibank, N.A.","page_number":100,"box":{"x":500,"y":585,"width":214,"height":11}},{"id":"959cd2a2-b97d-428b-ad33-f52de4854730","block_type":"box","text":"JPMorgan","page_number":100,"box":{"x":740,"y":562,"width":66,"height":10}},{"id":"5c41d7e3-022b-45b1-87d9-d9668dfca91d","block_type":"box","text":"Chase Bank,","page_number":100,"box":{"x":741,"y":573,"width":85,"height":11}},{"id":"2732cf1a-8fa4-43a1-b896-441308bc673b","block_type":"box","text":"N.A.","page_number":100,"box":{"x":741,"y":585,"width":27,"height":8}},{"id":"ddf773dd-c419-49d1-9b5e-452ee07d8f21","block_type":"box","text":"State Street","page_number":100,"box":{"x":862,"y":562,"width":83,"height":8}},{"id":"2e94725a-0b4f-4c09-9b91-f766e7dfc354","block_type":"box","text":"Bank and","page_number":100,"box":{"x":862,"y":573,"width":63,"height":9}},{"id":"8a31fc86-7076-4f67-9f83-1d6466aef16b","block_type":"box","text":"Trust Company","page_number":100,"box":{"x":861,"y":585,"width":105,"height":11}},{"id":"0b97a0c1-e7ac-4b14-a1aa-494398f4e55b","block_type":"box","text":"iShares Core Dividend ETF*","page_number":100,"box":{"x":87,"y":603,"width":175,"height":8}},{"id":"daea96fd-b83a-46d3-830a-f8efd41dfde8","block_type":"box","text":"iShares Core Dividend Growth ETF*","page_number":100,"box":{"x":87,"y":621,"width":226,"height":8}},{"id":"2525e0de-e997-4bd6-bdc5-e851bb391ee9","block_type":"box","text":"iShares Dow Jones U.S. ETF*","page_number":100,"box":{"x":87,"y":639,"width":183,"height":9}},{"id":"bd81f271-b57e-45d6-9591-3e28800b8ef5","block_type":"box","text":"iShares ESG MSCI KLD 400 ETF*","page_number":100,"box":{"x":87,"y":657,"width":211,"height":9}},{"id":"b6cea4d4-5918-4f41-b1b9-4dbd94745d6d","block_type":"box","text":"iShares ESG Optimized MSCI USA ETF*","page_number":100,"box":{"x":87,"y":675,"width":252,"height":11}},{"id":"aaa92f2d-0c95-47c2-af27-e6154b934a40","block_type":"box","text":"iShares Morningstar Growth ETF","page_number":100,"box":{"x":87,"y":693,"width":206,"height":11}},{"id":"777ee73f-6489-4076-a8af-aae0ea1e5f31","block_type":"box","text":"iShares Morningstar Mid-Cap ETF","page_number":100,"box":{"x":87,"y":711,"width":214,"height":11}},{"id":"712ea013-f27e-4870-8d58-673d3e315cfe","block_type":"box","text":"iShares Morningstar Mid-Cap Growth ETF","page_number":100,"box":{"x":87,"y":729,"width":264,"height":11}},{"id":"cd388a10-0ecf-4a48-bc56-6dc031f2baf8","block_type":"box","text":"iShares Morningstar Mid-Cap Value ETF*","page_number":100,"box":{"x":87,"y":747,"width":260,"height":11}},{"id":"e6413ad1-25ce-44b7-8dbe-1b8c79cde49f","block_type":"box","text":"iShares Morningstar Small-Cap ETF*","page_number":100,"box":{"x":87,"y":765,"width":233,"height":11}},{"id":"263e3e51-af19-438b-9275-1e7c18db1898","block_type":"box","text":"iShares Morningstar Small-Cap Growth ETF","page_number":100,"box":{"x":87,"y":783,"width":276,"height":11}},{"id":"8c96c1b8-4d25-40ee-a070-ed6c566d2269","block_type":"box","text":"iShares Morningstar Small-Cap Value ETF","page_number":100,"box":{"x":87,"y":801,"width":264,"height":11}},{"id":"ceab0128-93cc-4ea8-bcaa-0fde3c0e63b4","block_type":"box","text":"iShares Morningstar U.S. Equity ETF*","page_number":100,"box":{"x":87,"y":820,"width":237,"height":10}},{"id":"cd3243ae-2cb8-476a-8e73-5fec60f697dd","block_type":"box","text":"iShares Morningstar Value ETF*","page_number":100,"box":{"x":87,"y":838,"width":201,"height":10}},{"id":"4ef36203-b293-4c7c-9efd-2591afc73d6e","block_type":"box","text":"* JPMorgan Chase Bank, N.A. serves as custodian for the Fund in connection with certain securities lending activities.","page_number":100,"box":{"x":77,"y":863,"width":673,"height":10}},{"id":"2ec70a61-5009-4322-978d-c92357643e78","block_type":"box","text":"Conflicts of Interest","page_number":100,"box":{"x":76,"y":885,"width":139,"height":9}},{"id":"3deae23b-ffd0-4cf3-868e-61c714c42ebe","block_type":"box","text":"15","page_number":100,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"b603c49a-b089-480e-a8b0-7640dbe74b7a","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":101,"box":{"x":76,"y":23,"width":874,"height":11}},{"id":"621980b8-55cf-48e6-9a31-1ec91fb1cfdc","block_type":"box","text":"tive","page_number":101,"box":{"x":951,"y":23,"width":22,"height":9}},{"id":"61d2a3c8-c843-4df8-8574-21bd410ec576","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":101,"box":{"x":76,"y":37,"width":827,"height":11}},{"id":"47818ad4-0b0b-4bd3-b0df-83ae4e1ea209","block_type":"box","text":"disadvantage a Fund and its shareholders.","page_number":101,"box":{"x":76,"y":52,"width":269,"height":10}},{"id":"b1886f0d-d8ca-46ee-a6f4-66397d5dbcf0","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":101,"box":{"x":77,"y":75,"width":899,"height":11}},{"id":"ba384fca-8f87-4362-b400-aa28ca8733e3","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":101,"box":{"x":76,"y":89,"width":879,"height":11}},{"id":"130bbd98-f534-4667-befe-dc31320b4ea2","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":101,"box":{"x":76,"y":103,"width":858,"height":11}},{"id":"3e4f631c-192b-4f5f-b9ec-63831fa50101","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":101,"box":{"x":76,"y":117,"width":903,"height":11}},{"id":"42926ef1-f9ca-4fc7-94ff-17184bfa5e76","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":101,"box":{"x":76,"y":131,"width":856,"height":11}},{"id":"d8696816-6ef8-47fd-97f0-bb8843871e7d","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":101,"box":{"x":77,"y":155,"width":902,"height":10}},{"id":"26232aac-8d55-4b03-9519-9faa6f5ab8ef","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":101,"box":{"x":76,"y":169,"width":890,"height":11}},{"id":"a67a828e-4f3e-413c-ac9a-2daec4011a52","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":101,"box":{"x":77,"y":183,"width":855,"height":11}},{"id":"f530ff70-779a-4204-bea1-1c4ed7464cc2","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":101,"box":{"x":76,"y":197,"width":868,"height":11}},{"id":"a02d03dd-d95e-4f6f-92a8-c95fd2f87093","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":101,"box":{"x":76,"y":211,"width":855,"height":11}},{"id":"b69cd3e0-dbf3-4c07-a90f-a5f72f0b018c","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":101,"box":{"x":76,"y":226,"width":861,"height":10}},{"id":"1d346db9-5a0d-4ed9-aea1-d88050142750","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":101,"box":{"x":76,"y":240,"width":411,"height":11}},{"id":"ab0be5ac-885d-488e-8390-c36e9ce10353","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":101,"box":{"x":76,"y":263,"width":891,"height":11}},{"id":"bd183f02-fe07-490c-85f9-a7c3387b328d","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":101,"box":{"x":76,"y":277,"width":864,"height":11}},{"id":"d3cf112a-3962-4256-8921-00435545bf2b","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":101,"box":{"x":76,"y":291,"width":845,"height":11}},{"id":"6a9ae0a7-f0c9-4216-be0a-94e3624ec65a","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":101,"box":{"x":76,"y":305,"width":695,"height":11}},{"id":"07e8aa33-afb3-4716-b5fa-43ac5bc8d861","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":101,"box":{"x":76,"y":329,"width":871,"height":10}},{"id":"341c4fd9-b117-4087-938a-a40e6a7f0046","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":101,"box":{"x":77,"y":343,"width":347,"height":11}},{"id":"9a72833e-a5b2-469f-ac16-c02f0841db2a","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":101,"box":{"x":77,"y":366,"width":891,"height":11}},{"id":"99606508-aca2-47c4-a542-a1e4fc54f635","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":101,"box":{"x":76,"y":380,"width":873,"height":11}},{"id":"db6a473c-b622-40b8-b48e-6a860bd9f327","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":101,"box":{"x":76,"y":394,"width":903,"height":11}},{"id":"d818e2d3-3ffc-4742-91ea-eb134a25ffc3","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":101,"box":{"x":76,"y":409,"width":897,"height":10}},{"id":"51cfd8e4-6269-4fb4-a17f-47ec5297aefb","block_type":"box","text":"possible.","page_number":101,"box":{"x":76,"y":423,"width":56,"height":11}},{"id":"72312a24-22ca-428e-84f0-8e3c19ea14ba","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":101,"box":{"x":77,"y":446,"width":888,"height":11}},{"id":"c8d01949-9598-4ef4-b6cc-9361ce94c294","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":101,"box":{"x":76,"y":460,"width":857,"height":11}},{"id":"ebe60c5f-501b-4bf0-bb5c-59ed4d25e65b","block_type":"box","text":"employees or clients.","page_number":101,"box":{"x":76,"y":474,"width":135,"height":11}},{"id":"1b6244e7-65f4-4d55-9524-dbbd8894ac84","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":101,"box":{"x":77,"y":498,"width":876,"height":10}},{"id":"18c588ff-c1df-487d-9100-311889952582","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":101,"box":{"x":76,"y":512,"width":851,"height":11}},{"id":"84373c01-7308-48d0-bfe8-de226167a78c","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":101,"box":{"x":76,"y":526,"width":440,"height":11}},{"id":"aa66fa76-00ee-4f07-88c6-ffa3ece9595e","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":101,"box":{"x":76,"y":549,"width":901,"height":11}},{"id":"f8c1d08e-068b-4276-bcae-3e482bc5f174","block_type":"box","text":"such restrictions.","page_number":101,"box":{"x":76,"y":563,"width":110,"height":9}},{"id":"8d6004cc-0df6-4d0d-811c-3899c9b1bf98","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":101,"box":{"x":77,"y":586,"width":863,"height":11}},{"id":"3fa0f973-8e56-4e6f-bb40-ac449dcd5cf6","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":101,"box":{"x":77,"y":601,"width":854,"height":11}},{"id":"d40d8d88-055c-4fed-95f9-51679726ea93","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":101,"box":{"x":77,"y":615,"width":862,"height":11}},{"id":"cdcecfbf-6404-42dd-a5c2-e3ffeaa8a72a","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":101,"box":{"x":77,"y":629,"width":876,"height":11}},{"id":"938a40a9-4b9c-4096-b394-ce6a82e17a67","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":101,"box":{"x":76,"y":643,"width":363,"height":11}},{"id":"8bdcd37a-4424-481a-b311-042dbd0c569b","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":101,"box":{"x":77,"y":666,"width":894,"height":11}},{"id":"4ebcb233-37d9-4d39-9da4-916a8e7ce829","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":101,"box":{"x":76,"y":681,"width":860,"height":10}},{"id":"5708d169-aa69-4439-8ee5-324c0bfad9dc","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":101,"box":{"x":77,"y":695,"width":854,"height":11}},{"id":"8f3bbde6-2988-4c9d-9fb6-ced74104c706","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":101,"box":{"x":76,"y":709,"width":894,"height":11}},{"id":"629801f6-1484-4bff-b5d6-039fbd5e9d5d","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":101,"box":{"x":76,"y":723,"width":871,"height":11}},{"id":"ae0a44e7-79fa-47d7-94c9-3f8d7352661c","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":101,"box":{"x":76,"y":737,"width":848,"height":11}},{"id":"1da8aeea-b15a-4138-8bc8-92d40eec979e","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":101,"box":{"x":77,"y":751,"width":342,"height":11}},{"id":"dd298a29-45fd-4ef6-b276-47298776ecf2","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":101,"box":{"x":77,"y":775,"width":893,"height":11}},{"id":"d832bb1f-20fc-44bf-b518-6f4d3e414755","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":101,"box":{"x":76,"y":789,"width":885,"height":11}},{"id":"1d41cd01-1788-46c1-bec3-dd392b636271","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":101,"box":{"x":76,"y":803,"width":897,"height":11}},{"id":"9a065a59-1f85-48fa-9044-695638033f9c","block_type":"box","text":"licensees.","page_number":101,"box":{"x":77,"y":817,"width":61,"height":9}},{"id":"803b3a25-7c99-49d6-8163-c93e232a3d13","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":101,"box":{"x":76,"y":840,"width":875,"height":11}},{"id":"5bb0c609-f729-43e0-a034-b2ae0cb58024","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":101,"box":{"x":76,"y":855,"width":886,"height":10}},{"id":"408ba055-3929-477f-8823-ddd99623b9aa","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":101,"box":{"x":76,"y":869,"width":326,"height":8}},{"id":"90cc5b68-a43c-46e2-a12d-549385645f44","block_type":"box","text":"16","page_number":101,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"8cd7f784-3980-4158-adc9-5315f62e8f36","block_type":"box","text":"Shareholder Information","page_number":102,"box":{"x":77,"y":22,"width":240,"height":14}},{"id":"7a84762c-fa88-4fb0-94f5-54a67075bb06","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":102,"box":{"x":75,"y":51,"width":821,"height":11}},{"id":"02e57f09-6a85-4d09-9557-e0f8ff9a7832","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":102,"box":{"x":78,"y":66,"width":383,"height":11}},{"id":"976e0381-906f-414e-b6fe-0bf4cf784b3e","block_type":"box","text":"Buying and Selling Shares","page_number":102,"box":{"x":77,"y":89,"width":180,"height":11}},{"id":"08f6fa76-5110-446c-bd4e-488968ac51b9","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":102,"box":{"x":76,"y":112,"width":839,"height":11}},{"id":"1c4376a9-4567-4942-8533-93332fc442c8","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":102,"box":{"x":76,"y":126,"width":584,"height":11}},{"id":"c60252df-1a57-4829-9bdd-62c25565aa9d","block_type":"box","text":"i.e","page_number":102,"box":{"x":661,"y":126,"width":14,"height":9}},{"id":"d09cf9f1-720b-45f2-8f94-6d840edaf446","block_type":"box","text":"., financial institutions that are authorized to","page_number":102,"box":{"x":677,"y":126,"width":282,"height":10}},{"id":"b7acac0b-b685-4444-8f13-2e5fcac74678","block_type":"box","text":"participate in such transactions), as described in the","page_number":102,"box":{"x":76,"y":140,"width":335,"height":11}},{"id":"8cfd8171-1317-4990-8b14-8232e6505e70","block_type":"box","text":"Creations and Redemptions","page_number":102,"box":{"x":417,"y":140,"width":173,"height":11}},{"id":"d9a311e8-4c3e-444b-9915-f336fa8cd714","block_type":"box","text":"section below.","page_number":102,"box":{"x":595,"y":140,"width":90,"height":9}},{"id":"557bbed6-f710-47dc-8901-659c20627bab","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":102,"box":{"x":77,"y":164,"width":904,"height":10}},{"id":"c3cf923b-d572-4c13-ac1e-2a838b07b557","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":102,"box":{"x":77,"y":178,"width":860,"height":11}},{"id":"e5df70bc-ace5-49a9-a75d-a49bbbfdecf9","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":102,"box":{"x":76,"y":192,"width":857,"height":11}},{"id":"a958913d-78fb-42d5-97de-e34602921afa","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":102,"box":{"x":76,"y":206,"width":598,"height":11}},{"id":"fc18771a-297e-4e12-b312-4b8686bf59e0","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":102,"box":{"x":77,"y":229,"width":899,"height":11}},{"id":"95c2e21c-e13f-4fc4-b675-4491437f38a1","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":102,"box":{"x":76,"y":244,"width":869,"height":10}},{"id":"a4da4f74-6fb7-4ebd-8873-ec2aa9814887","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":102,"box":{"x":76,"y":258,"width":888,"height":11}},{"id":"29e8f9b0-8dd0-4027-b46f-e5adb4c3ecec","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":102,"box":{"x":76,"y":272,"width":884,"height":11}},{"id":"2de7624f-bbaa-441d-8e57-e96653171bfc","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":102,"box":{"x":76,"y":286,"width":904,"height":11}},{"id":"44644b5c-a79d-4980-83cd-8c7be8238028","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":102,"box":{"x":76,"y":300,"width":897,"height":11}},{"id":"326a48fa-1d28-48a7-b6e7-f329767f2a2a","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":102,"box":{"x":76,"y":314,"width":887,"height":11}},{"id":"d227ae79-2eeb-42ab-bc94-972653d7f353","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":102,"box":{"x":76,"y":329,"width":713,"height":10}},{"id":"54cfeaa5-2a8b-433c-b810-26d342421d93","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":102,"box":{"x":76,"y":352,"width":902,"height":11}},{"id":"6631f5b6-c780-4ad8-8fd6-cfba6718ffea","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":102,"box":{"x":76,"y":366,"width":856,"height":11}},{"id":"a62cb5cb-120f-42b2-9ccc-8fe6c0ba1ec5","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":102,"box":{"x":77,"y":380,"width":612,"height":11}},{"id":"350e6bed-0058-4326-84da-d9447d594a0c","block_type":"box","text":"Investments in Investment Companies","page_number":102,"box":{"x":77,"y":403,"width":268,"height":11}},{"id":"b5f16a3d-8404-4d4b-bd2f-0425d1aa301c","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":102,"box":{"x":76,"y":427,"width":873,"height":10}},{"id":"64f78d16-0d65-4167-9dc4-23467cdd2f74","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":102,"box":{"x":76,"y":441,"width":889,"height":11}},{"id":"186b3037-3d7b-4416-86e7-117ab2eb5344","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":102,"box":{"x":76,"y":455,"width":847,"height":11}},{"id":"7ae8f546-7f12-48a7-ad29-96880983a1ca","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":102,"box":{"x":76,"y":469,"width":897,"height":11}},{"id":"40d84241-054f-483d-9b9a-7fe9b971a7a8","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":102,"box":{"x":76,"y":483,"width":890,"height":11}},{"id":"84615a33-abff-407d-b160-b9a944c20ee8","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":102,"box":{"x":76,"y":498,"width":904,"height":10}},{"id":"cf600851-f70f-47da-9a38-c306228986c5","block_type":"box","text":"investment companies and companies controlled by them.","page_number":102,"box":{"x":76,"y":512,"width":374,"height":11}},{"id":"25ee0c96-a4ef-4d6f-92c3-8114593187e2","block_type":"box","text":"Notwithstanding the foregoing, registered investment companies are permitted to invest in a Fund beyond the limits set forth in","page_number":102,"box":{"x":77,"y":535,"width":815,"height":11}},{"id":"fe8de8a2-b6f5-4ef6-929d-f0b6187ba030","block_type":"box","text":"Section 12(d)(1), subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act. To make such an investment in an","page_number":102,"box":{"x":76,"y":549,"width":864,"height":11}},{"id":"ef57d5e4-7ba1-4a27-a47b-a225ffbc1fb0","block_type":"box","text":"Acquired Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund","page_number":102,"box":{"x":76,"y":563,"width":868,"height":11}},{"id":"d61f7bd9-c636-44c0-bfe2-9a7d8dc461dd","block_type":"box","text":"invests significantly in other registered investment companies in reliance on Rule 12d1-4, an Acquiring Fund will not be permitted to rely on","page_number":102,"box":{"x":76,"y":577,"width":890,"height":11}},{"id":"8dc4d72a-89d6-49f8-af66-ab561229c5ab","block_type":"box","text":"Rule 12d1-4 and invest in the Fund beyond the Section 12(d)(1) limits. Any investment company interested in purchasing shares of a Fund","page_number":102,"box":{"x":77,"y":592,"width":876,"height":10}},{"id":"a5d99329-75fa-4a25-98f9-6c4274c282b0","block_type":"box","text":"beyond the limits set forth in Section 12(d)(1) should contact BFA.","page_number":102,"box":{"x":76,"y":606,"width":418,"height":11}},{"id":"8edcfa90-9150-4c47-91b0-8c5eb937f834","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":102,"box":{"x":77,"y":629,"width":883,"height":11}},{"id":"b56f84d9-c5f9-4e05-b0d1-a8ca646ccc40","block_type":"box","text":"SEC no-action relief.","page_number":102,"box":{"x":76,"y":643,"width":130,"height":9}},{"id":"5279a628-5dfd-4f8f-8a71-859508310f23","block_type":"box","text":"Book Entry","page_number":102,"box":{"x":77,"y":667,"width":76,"height":10}},{"id":"afb43b38-1acc-449c-b087-23c51d0ea91f","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":102,"box":{"x":76,"y":690,"width":892,"height":10}},{"id":"94eef392-b792-456f-ab86-8e80e9a3a7a5","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":102,"box":{"x":76,"y":704,"width":832,"height":11}},{"id":"332be009-bb32-4339-8db1-a82b729cae6f","block_type":"box","text":"outstanding shares of the Funds.","page_number":102,"box":{"x":76,"y":718,"width":209,"height":11}},{"id":"6e849aea-dcbd-4530-a694-9113c419c09a","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":102,"box":{"x":77,"y":741,"width":885,"height":11}},{"id":"6a70b9b7-d37d-4e66-a71f-28755920e6a6","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":102,"box":{"x":76,"y":755,"width":863,"height":11}},{"id":"7e7e419c-820b-40b8-861c-b3d18a535d8e","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":102,"box":{"x":77,"y":770,"width":888,"height":10}},{"id":"4b8c4d83-0190-4bdf-8a59-052252f5b379","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":102,"box":{"x":76,"y":784,"width":874,"height":11}},{"id":"d0ae59e0-4ba1-448e-9d52-e802aae4ede8","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":102,"box":{"x":77,"y":798,"width":899,"height":11}},{"id":"72875944-e887-402e-bb28-234dfc86c1fb","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":102,"box":{"x":76,"y":812,"width":330,"height":11}},{"id":"bd5f8d1c-73ab-426c-b658-1c556a53caf1","block_type":"box","text":"Share Prices","page_number":102,"box":{"x":76,"y":835,"width":87,"height":9}},{"id":"e22b6483-3420-47df-a9ab-7c9647c777b8","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":102,"box":{"x":76,"y":858,"width":894,"height":11}},{"id":"3260b471-20a1-4070-80d1-131677d443ce","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":102,"box":{"x":76,"y":873,"width":876,"height":10}},{"id":"c180ee7c-c811-41b8-b186-b446d620869e","block_type":"box","text":"conditions.","page_number":102,"box":{"x":76,"y":887,"width":69,"height":8}},{"id":"564ab877-fc2f-4ed5-a5d6-f608333e0df5","block_type":"box","text":"17","page_number":102,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"2221f7a8-32fe-4aca-8f6a-b5cc7df0ad4a","block_type":"box","text":"Determination of Net Asset Value","page_number":103,"box":{"x":77,"y":23,"width":233,"height":9}},{"id":"289afa10-6c46-4ea0-a918-dd002145a959","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":103,"box":{"x":76,"y":46,"width":872,"height":11}},{"id":"b90317c5-ca9d-4be2-b368-1cb5b49a8889","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":103,"box":{"x":76,"y":61,"width":904,"height":10}},{"id":"db3567a5-eaf5-4dbd-a4c7-ead159593985","block_type":"box","text":"on prices at the time of closing.","page_number":103,"box":{"x":76,"y":75,"width":201,"height":11}},{"id":"df4eaa5d-5ac5-4e8b-8177-e01d26088b8a","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":103,"box":{"x":76,"y":98,"width":883,"height":11}},{"id":"1541d9e2-4b15-4625-a722-b5b977a94eee","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":103,"box":{"x":76,"y":112,"width":554,"height":11}},{"id":"bd72f9f1-77c6-4a51-8a15-53c23d49125b","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":103,"box":{"x":76,"y":135,"width":501,"height":11}},{"id":"e4009e77-f3ac-41a9-b16b-e82e1f29fa21","block_type":"box","text":"i.e","page_number":103,"box":{"x":578,"y":135,"width":14,"height":9}},{"id":"7f4716ab-e8cb-41f1-a6dc-af74311a09d3","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":103,"box":{"x":594,"y":135,"width":353,"height":11}},{"id":"bdd933e9-c026-4eaa-9644-a9cd3ffdda34","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":103,"box":{"x":77,"y":149,"width":857,"height":11}},{"id":"ba54cf7e-2cea-4321-af90-e6bfdf4b15e0","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":103,"box":{"x":77,"y":164,"width":883,"height":10}},{"id":"5f8433a7-72be-4586-b54a-c20b6795d5f4","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":103,"box":{"x":77,"y":178,"width":881,"height":11}},{"id":"d8a511cc-7251-4c44-93bb-75eecf4e2d08","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":103,"box":{"x":77,"y":201,"width":867,"height":11}},{"id":"0cad73f0-7f05-4992-bc90-3faddca03649","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":103,"box":{"x":76,"y":215,"width":896,"height":11}},{"id":"1394ac8e-35f4-4415-bb8e-9f8771d9a10b","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":103,"box":{"x":77,"y":229,"width":903,"height":11}},{"id":"57fc140d-85b8-4a2a-876b-b33559c8ac9f","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":103,"box":{"x":76,"y":244,"width":897,"height":10}},{"id":"9798f8d6-3808-4cb3-8911-5e2f7bb1a98e","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":103,"box":{"x":76,"y":258,"width":887,"height":11}},{"id":"d69850af-aa20-4d2c-8ca5-f8e527cd70bf","block_type":"box","text":"price.","page_number":103,"box":{"x":76,"y":272,"width":35,"height":11}},{"id":"0d45976c-91c9-4725-b184-9da2c3ab1824","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":103,"box":{"x":77,"y":295,"width":904,"height":11}},{"id":"b9fe3c94-2232-4e55-ae28-0d40779caf71","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":103,"box":{"x":76,"y":309,"width":891,"height":11}},{"id":"6553ef72-a55f-4ca4-9c5a-b0550ea7b2be","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":103,"box":{"x":76,"y":324,"width":861,"height":10}},{"id":"69fcf649-3528-4614-94d7-771402201745","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":103,"box":{"x":76,"y":338,"width":901,"height":11}},{"id":"4e4457a0-cb9e-4185-aa9a-409f29fed72e","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":103,"box":{"x":77,"y":352,"width":904,"height":11}},{"id":"9b67e5c2-e44d-40af-9c77-7a974be3c3eb","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":103,"box":{"x":77,"y":366,"width":899,"height":11}},{"id":"22ba32e0-1f8d-46bb-95b2-e0fbe0bbd0a6","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":103,"box":{"x":77,"y":380,"width":902,"height":11}},{"id":"af27874e-ef9b-434d-b0b5-6d7bb0f219a1","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":103,"box":{"x":77,"y":394,"width":491,"height":11}},{"id":"9aaf7f6f-f346-4d03-9c1c-0dfd688b0bf1","block_type":"box","text":"Generally, trading in certain instruments (","page_number":103,"box":{"x":76,"y":418,"width":265,"height":10}},{"id":"a1ad93c5-c112-4d60-a936-26755e1b3f71","block_type":"box","text":"e.g","page_number":103,"box":{"x":343,"y":420,"width":19,"height":8}},{"id":"782c993a-1664-42a6-9e95-cc78b6edcdb4","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":103,"box":{"x":362,"y":418,"width":599,"height":10}},{"id":"413fa0e1-26a9-4621-b109-828d5d7c517c","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":103,"box":{"x":76,"y":432,"width":869,"height":11}},{"id":"d6a8eb2c-53a6-4ae8-bfb8-410eef51ff6f","block_type":"box","text":"determined as of such times.","page_number":103,"box":{"x":76,"y":446,"width":185,"height":8}},{"id":"70f23acf-a3a8-4bb8-a21a-5565983f0b76","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":103,"box":{"x":77,"y":469,"width":885,"height":11}},{"id":"324810a3-4df8-4a6d-9a12-d0d3c478ff31","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":103,"box":{"x":76,"y":483,"width":901,"height":11}},{"id":"3901c908-8356-45bb-b45d-2c37e02de3b0","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":103,"box":{"x":76,"y":498,"width":904,"height":10}},{"id":"6af06da6-5973-4a96-a46a-d362e3482544","block_type":"box","text":"a Fund’s pricing time.","page_number":103,"box":{"x":76,"y":512,"width":136,"height":11}},{"id":"48a1b93a-6e0e-46bc-9dc8-d21bd31f277f","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":103,"box":{"x":76,"y":535,"width":877,"height":11}},{"id":"f0e23718-0996-451f-a2ff-c427dcd1954a","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":103,"box":{"x":76,"y":549,"width":392,"height":11}},{"id":"5328136a-93f5-494d-8211-6acb53813131","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":103,"box":{"x":76,"y":572,"width":837,"height":11}},{"id":"5e6a5518-17fa-4f2f-93ce-f2ca2993cf72","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":103,"box":{"x":76,"y":586,"width":874,"height":11}},{"id":"06cff98a-264d-4345-b215-84935cc40578","block_type":"box","text":"amount that the Fund might reasonably expect to receive from the current sale of an asset or the cost to extinguish a liability in an","page_number":103,"box":{"x":76,"y":601,"width":834,"height":11}},{"id":"47237e8b-03fe-4aa8-9eaf-f72b70758393","block_type":"box","text":"arm’s-length transaction.","page_number":103,"box":{"x":76,"y":615,"width":160,"height":11}},{"id":"a9fd11c7-1a21-4e34-8060-e359af62123b","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":103,"box":{"x":77,"y":638,"width":531,"height":11}},{"id":"0f2a8ac1-9ff5-4e7e-b5d0-cc0468cf616e","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":103,"box":{"x":113,"y":656,"width":582,"height":11}},{"id":"c9cdd69a-dcca-45a6-adc8-c23d2401d340","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":103,"box":{"x":113,"y":674,"width":767,"height":11}},{"id":"a9ee037a-7895-43dc-8706-547bb5e3750f","block_type":"box","text":"An asset or liability is thinly traded;","page_number":103,"box":{"x":113,"y":692,"width":223,"height":11}},{"id":"03c191b2-85d4-45f6-a24e-92392fe1d6bc","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":103,"box":{"x":113,"y":710,"width":508,"height":11}},{"id":"33293d81-cd9e-49ae-8ba7-34f0f83fc078","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":103,"box":{"x":113,"y":728,"width":853,"height":11}},{"id":"cabed935-e819-406d-8349-2559e67373ed","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":103,"box":{"x":76,"y":751,"width":874,"height":11}},{"id":"d51cb9fa-94a5-4203-86c4-61342de4a25a","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":103,"box":{"x":76,"y":766,"width":876,"height":11}},{"id":"697559da-2813-4050-8b54-51d1f36adff8","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":103,"box":{"x":76,"y":780,"width":246,"height":8}},{"id":"76a98a2b-cefa-47d3-b1a6-1b5d8cb15b70","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":103,"box":{"x":76,"y":803,"width":890,"height":11}},{"id":"0c8a1744-039e-4d01-ac82-b4df610c8f26","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":103,"box":{"x":76,"y":817,"width":888,"height":11}},{"id":"d37c4137-3b95-42c7-851d-1619144a3e79","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":103,"box":{"x":76,"y":831,"width":896,"height":11}},{"id":"7c068ecf-a385-4cd9-b8d6-2544461b3d06","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":103,"box":{"x":77,"y":846,"width":870,"height":10}},{"id":"f94eaae7-4deb-41ca-adc3-146a5f50f6ca","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":103,"box":{"x":77,"y":860,"width":414,"height":11}},{"id":"357387de-ab63-4752-8744-aa1986bb8c6e","block_type":"box","text":"18","page_number":103,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"41b9213e-38a4-4b90-bd26-2dd13fa51167","block_type":"box","text":"Dividends and Distributions","page_number":104,"box":{"x":77,"y":23,"width":192,"height":9}},{"id":"7a080032-3b79-49a2-bc29-94778ac6869c","block_type":"box","text":"General Policies.","page_number":104,"box":{"x":76,"y":46,"width":103,"height":9}},{"id":"a5ab0202-1d36-4b40-8f02-3ada6c66a0ef","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":104,"box":{"x":185,"y":46,"width":782,"height":11}},{"id":"224cba06-1f4f-4537-840f-7c3ade7e0937","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":104,"box":{"x":77,"y":61,"width":887,"height":10}},{"id":"00785b7f-e05f-42af-8001-5e5ac8123253","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":104,"box":{"x":76,"y":75,"width":904,"height":11}},{"id":"5e4b49d7-6929-458a-9485-609feb3182c9","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":104,"box":{"x":76,"y":89,"width":893,"height":11}},{"id":"1502ab0b-9d0e-4cde-ab14-b312cf337bff","block_type":"box","text":"or realized gains.","page_number":104,"box":{"x":76,"y":103,"width":107,"height":11}},{"id":"a6c411b9-4600-4711-9552-9a74323e417a","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":104,"box":{"x":77,"y":126,"width":885,"height":11}},{"id":"ecccdfdb-3f7b-4aa4-a2f1-4bba99784e60","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":104,"box":{"x":76,"y":140,"width":856,"height":11}},{"id":"3f84008a-b1a8-459d-b764-a98b1b73817f","block_type":"box","text":"received from the Funds.","page_number":104,"box":{"x":77,"y":155,"width":157,"height":8}},{"id":"02f2bddd-5dc6-412e-b19e-599293e45493","block_type":"box","text":"Dividend Reinvestment Service.","page_number":104,"box":{"x":76,"y":178,"width":197,"height":8}},{"id":"d9b32e2e-6aee-412d-adc8-9a9c571b48c7","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":104,"box":{"x":280,"y":178,"width":667,"height":11}},{"id":"ec032ce9-e122-473b-9c68-0934afce6971","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":104,"box":{"x":77,"y":192,"width":899,"height":11}},{"id":"d3fbcf0b-09e4-4506-b642-9dd958715ca2","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":104,"box":{"x":76,"y":206,"width":869,"height":11}},{"id":"8edd309e-c961-4cfe-9715-30e7f405a796","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":104,"box":{"x":76,"y":220,"width":895,"height":11}},{"id":"641d9e7c-3bad-4fee-9105-88a1669adfc2","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":104,"box":{"x":76,"y":235,"width":617,"height":10}},{"id":"8dc37e9a-0e08-4bf0-b77f-597308790410","block_type":"box","text":"Note on Tax Information.","page_number":104,"box":{"x":76,"y":258,"width":167,"height":8}},{"id":"db9cbd84-2190-4b9a-9c5c-f35cbf1d9235","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":104,"box":{"x":249,"y":258,"width":723,"height":11}},{"id":"4480f238-e81d-49ce-8919-f14c23d2042e","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":104,"box":{"x":76,"y":272,"width":905,"height":11}},{"id":"39e495c6-fcbc-4840-b4cc-617dd260894d","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":104,"box":{"x":76,"y":286,"width":893,"height":11}},{"id":"3959e9ab-8e1d-486a-969f-3850cc8b3ba6","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":104,"box":{"x":76,"y":300,"width":893,"height":11}},{"id":"72f22a2f-6235-43c6-9aea-cd9d00c0c346","block_type":"box","text":"laws.","page_number":104,"box":{"x":76,"y":315,"width":30,"height":8}},{"id":"ddd5fca3-43de-4b58-a8a9-8f93023ea690","block_type":"box","text":"Taxes","page_number":104,"box":{"x":76,"y":338,"width":38,"height":8}},{"id":"b769d4b0-48a4-4c57-958d-77743c89aa9a","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":104,"box":{"x":76,"y":361,"width":874,"height":11}},{"id":"4b0cb36f-0c9a-45ed-b507-a270523c794a","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":104,"box":{"x":76,"y":375,"width":877,"height":11}},{"id":"4565aac4-ec35-4d94-98f6-5566848c0b92","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":104,"box":{"x":76,"y":389,"width":895,"height":11}},{"id":"1ecfe1bc-11e5-4518-a7f4-364f2c1e3e83","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":104,"box":{"x":76,"y":403,"width":594,"height":11}},{"id":"e5daa284-933f-403e-8a0e-b907b322e216","block_type":"box","text":"Taxes on Fund Distributions","page_number":104,"box":{"x":76,"y":427,"width":194,"height":8}},{"id":"1741ab44-be4c-4c56-a87e-dd4555d35979","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":104,"box":{"x":76,"y":450,"width":863,"height":11}},{"id":"159f95af-cac4-45bd-a0a3-c59ff0657299","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":104,"box":{"x":76,"y":464,"width":873,"height":11}},{"id":"3aba5324-e60d-4e77-8e57-d611e1231bc7","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":104,"box":{"x":76,"y":478,"width":713,"height":11}},{"id":"c7ded2db-3b06-4404-a8fa-31f048492dde","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":104,"box":{"x":77,"y":501,"width":902,"height":11}},{"id":"750cb7fd-7618-4211-ab44-841aecffd18e","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":104,"box":{"x":76,"y":516,"width":365,"height":10}},{"id":"833f97f7-e921-4b0e-b5ef-c505b228b665","block_type":"box","text":"Capital Gains.","page_number":104,"box":{"x":76,"y":539,"width":86,"height":10}},{"id":"1f9e0d7e-0efc-4680-896d-7e8d8cd34a26","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":104,"box":{"x":169,"y":539,"width":785,"height":11}},{"id":"e02446aa-1d74-44c2-a34c-92c13a5916a0","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":104,"box":{"x":76,"y":553,"width":857,"height":11}},{"id":"bb08f8f8-34fd-4d0d-9d7f-6109c0047baa","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":104,"box":{"x":76,"y":567,"width":878,"height":11}},{"id":"4206c7f9-bc93-43df-8e3c-a5423fb1d317","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":104,"box":{"x":77,"y":581,"width":871,"height":11}},{"id":"8826199a-92c7-464a-9354-1bf72ac0c08e","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":104,"box":{"x":76,"y":596,"width":892,"height":10}},{"id":"900bb3d6-97d3-4d1e-b1e7-b6092da33491","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":104,"box":{"x":76,"y":610,"width":878,"height":11}},{"id":"5553e578-74fe-4561-a228-6110bea27273","block_type":"box","text":"REITs, if any.","page_number":104,"box":{"x":77,"y":624,"width":79,"height":11}},{"id":"28b8f975-f392-40d7-90c3-aac372654e9c","block_type":"box","text":"Return of Capital.","page_number":104,"box":{"x":76,"y":647,"width":108,"height":11}},{"id":"4195ecbd-f607-450a-a387-2363a9eca485","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":104,"box":{"x":191,"y":647,"width":775,"height":11}},{"id":"922975f2-0d33-4c80-bc72-23cd131a9fe6","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":104,"box":{"x":76,"y":661,"width":904,"height":11}},{"id":"8321b1b7-43d9-41a0-ba4d-493acbbc98c0","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":104,"box":{"x":76,"y":675,"width":888,"height":11}},{"id":"c326df72-efb8-456a-985c-cee4ec475e8e","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":104,"box":{"x":76,"y":690,"width":843,"height":10}},{"id":"6c4135f1-f4d8-45d9-a22d-69685b410bde","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":104,"box":{"x":76,"y":704,"width":874,"height":11}},{"id":"9796f178-79fe-4763-94d2-a18b98130e47","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":104,"box":{"x":76,"y":718,"width":803,"height":11}},{"id":"6227178d-d6bd-4a1a-a6f3-91639709c979","block_type":"box","text":"Qualified Dividend Income.","page_number":104,"box":{"x":76,"y":741,"width":167,"height":9}},{"id":"95f62945-8ab2-429d-8f9b-79c202a6bf4a","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":104,"box":{"x":249,"y":741,"width":702,"height":11}},{"id":"8eb5ab82-37a3-4ffc-9810-95f3e71c4d17","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":104,"box":{"x":76,"y":755,"width":848,"height":11}},{"id":"04fabb93-a3e2-46b7-a3c3-3f38e2b86d8b","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":104,"box":{"x":76,"y":770,"width":846,"height":10}},{"id":"03477d2b-3232-4ad0-a2b8-d3d74f6d050d","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":104,"box":{"x":76,"y":784,"width":872,"height":11}},{"id":"7cdf24c4-958e-4be6-acc2-0d8f0197e943","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":104,"box":{"x":76,"y":798,"width":892,"height":11}},{"id":"97b6869d-ee56-4c07-8daf-c13feca3c730","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":104,"box":{"x":76,"y":812,"width":886,"height":11}},{"id":"df93f8fb-b459-4880-a564-95614d8bcba5","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":104,"box":{"x":76,"y":826,"width":854,"height":11}},{"id":"1ee27dae-1554-47a2-8bb0-c47770b5477a","block_type":"box","text":"company.","page_number":104,"box":{"x":76,"y":843,"width":60,"height":8}},{"id":"e46d0ac6-2efa-4c78-8020-46a17fca0fd6","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":104,"box":{"x":77,"y":864,"width":904,"height":10}},{"id":"8b41e5f5-f15e-4d1f-86cf-c22b81cf8690","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":104,"box":{"x":76,"y":878,"width":901,"height":11}},{"id":"a14058c2-35a7-4db2-8ff1-90e36f8994fe","block_type":"box","text":"19","page_number":104,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"0fee5129-253f-41b5-ae1c-ed0f8bd911bb","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":105,"box":{"x":76,"y":23,"width":865,"height":11}},{"id":"d1420d1c-5666-41af-bdb1-eeb0035faac2","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":105,"box":{"x":76,"y":37,"width":895,"height":11}},{"id":"307106a4-11d0-4957-93ef-7df702174970","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":105,"box":{"x":76,"y":51,"width":428,"height":11}},{"id":"25038edf-10bf-414a-b355-f3363c698234","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":105,"box":{"x":77,"y":75,"width":891,"height":11}},{"id":"db1d2f96-ed20-4d7e-ab1b-57d9ddf35851","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":105,"box":{"x":77,"y":89,"width":861,"height":11}},{"id":"cb156f44-fa14-4730-94cc-b23fa0f4ca67","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":105,"box":{"x":76,"y":103,"width":883,"height":11}},{"id":"a27c2792-6925-499b-a98c-349d3d83d1eb","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":105,"box":{"x":76,"y":117,"width":682,"height":11}},{"id":"00f56dab-ff25-475e-8ec0-3a2b6f803d0a","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":105,"box":{"x":77,"y":140,"width":872,"height":11}},{"id":"5b3a3855-2f8b-43d9-b993-dad13420d92a","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":105,"box":{"x":77,"y":155,"width":603,"height":10}},{"id":"67ccffda-e78a-4c9e-9cdf-5abb902e9143","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":105,"box":{"x":76,"y":178,"width":876,"height":11}},{"id":"c78de3f3-641b-47cc-aac6-029128de0f2a","block_type":"box","text":"Medicare Tax.","page_number":105,"box":{"x":76,"y":201,"width":85,"height":9}},{"id":"d0e1c5eb-297d-4b1e-a4b5-2de59efaac8f","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":105,"box":{"x":167,"y":201,"width":791,"height":11}},{"id":"70e9e8b4-203b-47f9-bbfa-8c3940f73b4c","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":105,"box":{"x":76,"y":214,"width":876,"height":12}},{"id":"b9f7bacb-d2c2-4133-b391-1e81a64f7b1f","block_type":"box","text":"trusts.","page_number":105,"box":{"x":76,"y":230,"width":40,"height":8}},{"id":"454a5341-6cca-4f5c-b376-ef017413f222","block_type":"box","text":"Alternative Minimum Tax.","page_number":105,"box":{"x":75,"y":253,"width":157,"height":8}},{"id":"658a0588-4816-4d93-8f68-b6b48c0c223f","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":105,"box":{"x":238,"y":253,"width":738,"height":10}},{"id":"b8792947-1337-4fb1-ba64-2eefe242cded","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":105,"box":{"x":76,"y":267,"width":833,"height":11}},{"id":"197f08a8-c985-4407-ba67-5d60eb6292ae","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":105,"box":{"x":76,"y":281,"width":877,"height":11}},{"id":"8c331ab0-c839-4535-b5d5-20fac287beaf","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":105,"box":{"x":77,"y":295,"width":903,"height":11}},{"id":"375f777f-9311-4a77-b970-c515c7405ac4","block_type":"box","text":"liability and the regular income tax liability.","page_number":105,"box":{"x":77,"y":309,"width":271,"height":11}},{"id":"cc6e7962-c642-4306-a93e-95ae795d65c5","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":105,"box":{"x":76,"y":332,"width":406,"height":11}},{"id":"f95145b1-1a7b-4373-9249-181316fabf4f","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":105,"box":{"x":76,"y":356,"width":892,"height":11}},{"id":"4aed93f9-4f32-4a23-9d34-4dc87c365b4a","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":105,"box":{"x":76,"y":370,"width":874,"height":11}},{"id":"7d73dfbb-19de-4920-9113-8e0130122607","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":105,"box":{"x":76,"y":384,"width":864,"height":11}},{"id":"c8468c9c-4275-4d3f-ab55-9973bff228c7","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":105,"box":{"x":76,"y":398,"width":895,"height":11}},{"id":"53247352-1549-4843-b83b-887e1f7e1d34","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":105,"box":{"x":77,"y":412,"width":896,"height":11}},{"id":"55542c8f-54e6-4b9b-b60e-62bbeea5a1fb","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":105,"box":{"x":76,"y":427,"width":905,"height":10}},{"id":"65fff316-9965-4d9b-98b3-bd3caf5f54bd","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":105,"box":{"x":76,"y":441,"width":707,"height":11}},{"id":"ee26ff03-9163-40a6-b75f-12dd8359a800","block_type":"box","text":"Market Discount Bonds","page_number":105,"box":{"x":77,"y":464,"width":162,"height":9}},{"id":"39bb2074-8fa6-4027-aeb5-dcad420349b4","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":105,"box":{"x":76,"y":487,"width":898,"height":11}},{"id":"d19f2b6f-6333-4d7f-b7b6-732401e59576","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":105,"box":{"x":76,"y":501,"width":903,"height":11}},{"id":"8a928f50-7780-4528-a0ac-6859de63ca0f","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":105,"box":{"x":76,"y":516,"width":898,"height":10}},{"id":"317cb2c8-2b57-477b-908b-f78dff5f59bd","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":105,"box":{"x":76,"y":530,"width":626,"height":11}},{"id":"e786ce0e-0905-4824-84c7-7d53910ee44e","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":105,"box":{"x":77,"y":553,"width":307,"height":11}},{"id":"f1af71b6-163c-4ad8-813b-c27f66f3d708","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":105,"box":{"x":76,"y":576,"width":874,"height":11}},{"id":"c82762e2-b4ee-46b3-87a5-2dd9c1d1a2bc","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":105,"box":{"x":76,"y":590,"width":860,"height":11}},{"id":"cf283949-b4cf-4cfc-9246-c88f413115b5","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":105,"box":{"x":77,"y":605,"width":852,"height":10}},{"id":"0b69229f-521e-4f3c-8643-7cef84a7b794","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":105,"box":{"x":76,"y":619,"width":863,"height":11}},{"id":"0c0dae3a-e11f-4272-a67e-485f78eefeae","block_type":"box","text":"Non-U.S. Income Taxes","page_number":105,"box":{"x":77,"y":642,"width":158,"height":8}},{"id":"5ad4624d-e258-41f4-b1a1-b56002e97a95","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":105,"box":{"x":77,"y":665,"width":837,"height":11}},{"id":"0bca3ee8-c1b8-49ab-b1ae-1cac32892ee1","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":105,"box":{"x":76,"y":679,"width":863,"height":11}},{"id":"f8787072-070c-435d-a8e0-00def46958d0","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":105,"box":{"x":77,"y":693,"width":865,"height":11}},{"id":"8cf62f0f-31be-49a7-a6b6-af56781211f9","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":105,"box":{"x":77,"y":708,"width":875,"height":11}},{"id":"6cf69e29-7b41-42d7-9f5b-2a7a6406a862","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":105,"box":{"x":77,"y":722,"width":895,"height":11}},{"id":"c8b45a86-3d6e-40e2-97d4-bfe91b6c181b","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":105,"box":{"x":76,"y":736,"width":888,"height":11}},{"id":"ab8fc861-82ec-4dea-a861-787fc1336102","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":105,"box":{"x":76,"y":750,"width":875,"height":11}},{"id":"31980b98-05a1-46ad-a55f-a61875a3c7ea","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":105,"box":{"x":76,"y":764,"width":896,"height":11}},{"id":"fc6b83fa-8ec6-452f-82ad-9bfa6f898555","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":105,"box":{"x":76,"y":779,"width":635,"height":10}},{"id":"d3686bdc-c3ae-4947-8d3c-25458153f593","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":105,"box":{"x":77,"y":802,"width":896,"height":11}},{"id":"403492fe-079e-42a6-ae9c-6bd991bdcbc8","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":105,"box":{"x":76,"y":816,"width":903,"height":11}},{"id":"3f4fdd12-19ea-464d-b249-2f3d136fd0cd","block_type":"box","text":"could be reduced.","page_number":105,"box":{"x":76,"y":830,"width":114,"height":9}},{"id":"d8b51fee-3ed0-4cd2-9bf2-03ac151aeea5","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":105,"box":{"x":77,"y":853,"width":853,"height":11}},{"id":"db05457a-a1bc-41cf-b9ba-61b31e443b2a","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":105,"box":{"x":76,"y":868,"width":900,"height":10}},{"id":"559ea16d-058f-4866-a9cf-ed7820a406f6","block_type":"box","text":"20","page_number":105,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"1eb591fb-b46e-4ebe-8cf9-28d54571de20","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":106,"box":{"x":76,"y":23,"width":876,"height":11}},{"id":"59004460-91c8-46e5-a162-667b4ff2168b","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":106,"box":{"x":76,"y":37,"width":509,"height":11}},{"id":"90603a56-11da-4795-80df-a356da9d4688","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":106,"box":{"x":77,"y":61,"width":879,"height":10}},{"id":"2d076e24-20a2-4ea1-963b-76ac29a3c493","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":106,"box":{"x":76,"y":75,"width":407,"height":11}},{"id":"5fb541dc-e101-4852-9815-ff6eb1362740","block_type":"box","text":"Non-U.S. Shareholders","page_number":106,"box":{"x":77,"y":98,"width":156,"height":8}},{"id":"50cee8c0-4e8f-4245-bdf4-4887e2277b7f","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":106,"box":{"x":77,"y":121,"width":888,"height":11}},{"id":"bc04e4da-5726-4f93-9e47-9935242ac8a4","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":106,"box":{"x":77,"y":135,"width":904,"height":11}},{"id":"e4398338-51b2-485f-8dce-966a1d20fc16","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":106,"box":{"x":77,"y":149,"width":868,"height":11}},{"id":"4f09d6c1-d4b3-477d-9262-32dfd8339d2a","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":106,"box":{"x":76,"y":164,"width":903,"height":10}},{"id":"7afd8cbb-88c5-47b1-8373-7abc52509243","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends.","page_number":106,"box":{"x":76,"y":178,"width":468,"height":11}},{"id":"f10c3587-ef53-48bf-82c0-988687afb536","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":106,"box":{"x":76,"y":201,"width":896,"height":11}},{"id":"e935714a-24ab-4bfc-b892-2c76167c46c4","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":106,"box":{"x":76,"y":215,"width":894,"height":11}},{"id":"c78ea47f-5756-4d03-8a62-2b3ff4dfcd0f","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":106,"box":{"x":77,"y":229,"width":262,"height":11}},{"id":"2cb29e3e-dba6-4220-a36b-18290d694a2b","block_type":"box","text":"Backup Withholding","page_number":106,"box":{"x":77,"y":253,"width":139,"height":10}},{"id":"74ff969c-100f-432e-928b-3cbdca5f9e9a","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":106,"box":{"x":77,"y":276,"width":890,"height":11}},{"id":"b8abd417-ded6-41d5-bf84-6a82c2fc8a8b","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":106,"box":{"x":76,"y":290,"width":789,"height":11}},{"id":"ad69afb9-81d4-43b3-99d7-29eeace3c50c","block_type":"box","text":"Securities Lending","page_number":106,"box":{"x":76,"y":313,"width":129,"height":11}},{"id":"5f65e103-f1b6-4b17-bc68-18b61b984a1d","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":106,"box":{"x":77,"y":336,"width":901,"height":11}},{"id":"fd0acb44-40d8-4c04-af73-a1565fbc3551","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":106,"box":{"x":76,"y":351,"width":892,"height":10}},{"id":"0e75530a-f6b0-4217-a279-3367f09aa6ee","block_type":"box","text":"through by the Fund.","page_number":106,"box":{"x":76,"y":365,"width":132,"height":11}},{"id":"a5e8cce0-4b6f-4f9c-8b4a-88c084c340f9","block_type":"box","text":"Fund of Funds","page_number":106,"box":{"x":77,"y":388,"width":98,"height":8}},{"id":"c992a990-6bc0-4feb-bd00-b6d3509979a1","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":106,"box":{"x":77,"y":411,"width":844,"height":11}},{"id":"396d7d5f-7df7-47e8-b6e1-11e8783ec3e4","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":106,"box":{"x":76,"y":425,"width":870,"height":11}},{"id":"96f400ca-efa9-45da-a247-27e118bc4b92","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":106,"box":{"x":77,"y":440,"width":864,"height":10}},{"id":"12274bea-3907-4b50-8295-7894697e07ed","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":106,"box":{"x":76,"y":454,"width":643,"height":11}},{"id":"f71e21d8-430d-4201-ad02-0961e74ec9ac","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":106,"box":{"x":76,"y":477,"width":350,"height":11}},{"id":"1066827f-60af-48e0-a6c8-8440a8ca2766","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":106,"box":{"x":76,"y":500,"width":876,"height":11}},{"id":"c2a41904-5ce6-4fdc-81b9-366bfbc4eb84","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":106,"box":{"x":77,"y":514,"width":896,"height":11}},{"id":"f270880a-e359-45e4-8dd0-ef05e487a746","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":106,"box":{"x":76,"y":528,"width":870,"height":11}},{"id":"126e18d2-d2a3-4404-aeb9-551e2c439bfc","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":106,"box":{"x":77,"y":543,"width":892,"height":10}},{"id":"e01cdc32-0316-437d-8b07-3cd0369c47cb","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":106,"box":{"x":76,"y":557,"width":892,"height":11}},{"id":"27db1d8c-d9e7-4dd8-be73-b46c73e58e16","block_type":"box","text":"contribution tax mentioned above.","page_number":106,"box":{"x":76,"y":571,"width":219,"height":9}},{"id":"400ca9ab-cff6-43ac-b31a-a0f6eb3c8cdf","block_type":"box","text":"Creations and Redemptions","page_number":106,"box":{"x":76,"y":594,"width":193,"height":11}},{"id":"a4917fe8-b6b0-438d-a76b-11383d1b640a","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":106,"box":{"x":77,"y":617,"width":693,"height":11}},{"id":"31f25fbb-1ce5-4673-9372-b9589cf4bee8","block_type":"box","text":"i.e.","page_number":106,"box":{"x":771,"y":617,"width":17,"height":9}},{"id":"470c90c5-8c70-4b97-b0d3-1160c47b2664","block_type":"box","text":", market makers, large","page_number":106,"box":{"x":790,"y":618,"width":143,"height":10}},{"id":"8742e842-2904-4d19-bf27-c7babe07ffff","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":106,"box":{"x":76,"y":632,"width":866,"height":10}},{"id":"095473eb-07d1-42b7-a347-50f4c82f1ccf","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":106,"box":{"x":76,"y":646,"width":650,"height":11}},{"id":"25c0eac6-934f-487d-a7e9-5b958f5e2912","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":106,"box":{"x":77,"y":669,"width":832,"height":11}},{"id":"a3a2a358-21fa-472c-8a03-b5ae8b5af939","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":106,"box":{"x":76,"y":683,"width":891,"height":11}},{"id":"7609a43e-27f9-44f1-b6e7-5093f0cdf302","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":106,"box":{"x":76,"y":697,"width":874,"height":11}},{"id":"367123d1-b4bd-4fb8-b81e-ea929ef6507c","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":106,"box":{"x":76,"y":712,"width":904,"height":10}},{"id":"0cfab47f-b308-4313-a580-9c55470b0c6a","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":106,"box":{"x":76,"y":735,"width":875,"height":11}},{"id":"242b1d25-cfe4-45b0-b90c-ea8a332ef901","block_type":"box","text":"cash.","page_number":106,"box":{"x":76,"y":749,"width":33,"height":8}},{"id":"838a4aa2-72f4-4ebd-ae9c-cb7054c64af9","block_type":"box","text":"In-Kind","page_number":106,"box":{"x":76,"y":772,"width":45,"height":9}},{"id":"0d814e4e-601f-44f1-80e1-e33eb83314d6","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":106,"box":{"x":122,"y":772,"width":860,"height":11}},{"id":"3cd2f835-4d25-4409-ab89-480ba6c03b02","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":106,"box":{"x":76,"y":786,"width":898,"height":11}},{"id":"d749b7cd-eef4-4b8d-9130-93aff75c0089","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":106,"box":{"x":77,"y":800,"width":851,"height":11}},{"id":"8e81f24c-24af-41b5-9766-5065d55434c8","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":106,"box":{"x":76,"y":815,"width":686,"height":11}},{"id":"8354ab06-32d7-4036-8649-c6d4f4283a41","block_type":"box","text":"Partial Cash","page_number":106,"box":{"x":76,"y":838,"width":74,"height":8}},{"id":"4e94e34b-dce6-43eb-b3a4-d64230f61f84","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":106,"box":{"x":152,"y":838,"width":806,"height":11}},{"id":"52b8d03b-0978-45f0-a4c6-5579f571b555","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":106,"box":{"x":76,"y":852,"width":870,"height":11}},{"id":"ab5eecf5-e40c-4ee7-b09c-d2431e83931b","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":106,"box":{"x":77,"y":866,"width":870,"height":11}},{"id":"976fd5ac-59b1-4821-83c3-f8e73334b749","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":106,"box":{"x":77,"y":880,"width":380,"height":11}},{"id":"ee4db4ba-c165-48db-ab5d-d6caf363d58d","block_type":"box","text":"21","page_number":106,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"e3a6bf29-4e22-40df-b5e2-8271e1644454","block_type":"box","text":"All Cash","page_number":107,"box":{"x":75,"y":23,"width":51,"height":9}},{"id":"cdb0f4dd-c412-4d93-9e2a-46cf8f20589b","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":107,"box":{"x":128,"y":23,"width":833,"height":11}},{"id":"736616cf-ae1a-4173-ac64-29acf41cb0ee","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":107,"box":{"x":76,"y":37,"width":869,"height":11}},{"id":"203498cc-5035-478f-b24d-9ea3c81f8e53","block_type":"box","text":"specified amount of cash.","page_number":107,"box":{"x":76,"y":51,"width":164,"height":11}},{"id":"3742b9e4-ac83-4826-b2f4-d0b3caa3ee51","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":107,"box":{"x":76,"y":75,"width":845,"height":11}},{"id":"30dfcddb-2bcc-45eb-b16b-ab9e25abd4b5","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":107,"box":{"x":76,"y":89,"width":408,"height":11}},{"id":"52bf0b16-84f0-4f76-b065-3da559882fbc","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":107,"box":{"x":77,"y":112,"width":855,"height":11}},{"id":"caa55e47-b4cf-46cf-b888-d7e364ea64be","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":107,"box":{"x":76,"y":126,"width":455,"height":11}},{"id":"045611a8-5beb-41ab-901a-534ac36b8430","block_type":"box","text":"e.g.","page_number":107,"box":{"x":532,"y":129,"width":21,"height":8}},{"id":"9494b622-c147-4b88-b37d-028bca17ea9b","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":107,"box":{"x":555,"y":126,"width":354,"height":11}},{"id":"80c3218b-0812-4940-95a9-a1bd4ecc563f","block_type":"box","text":"Fund","page_number":107,"box":{"x":87,"y":158,"width":33,"height":8}},{"id":"81070587-528f-4f3f-b75e-162a561bfe9c","block_type":"box","text":"In-Kind Partial Cash All Cash","page_number":107,"box":{"x":621,"y":158,"width":296,"height":8}},{"id":"10bea6f7-07fc-4172-96b7-d743434bebc2","block_type":"box","text":"iShares Core Dividend ETF","page_number":107,"box":{"x":87,"y":176,"width":168,"height":8}},{"id":"3f250dc6-f9b8-4d9d-b0c3-1e9e4d8fa5c4","block_type":"box","text":"iShares Core Dividend Growth ETF","page_number":107,"box":{"x":87,"y":194,"width":219,"height":8}},{"id":"58138160-e287-485e-a2f6-36280f0b3752","block_type":"box","text":"iShares Dow Jones U.S. ETF","page_number":107,"box":{"x":87,"y":212,"width":176,"height":9}},{"id":"1d747d6f-7575-443f-86aa-602ae7a84f40","block_type":"box","text":"iShares ESG MSCI KLD 400 ETF","page_number":107,"box":{"x":87,"y":230,"width":204,"height":8}},{"id":"5e494f42-6d71-4391-b872-973fc461bf72","block_type":"box","text":"iShares ESG Optimized MSCI USA ETF","page_number":107,"box":{"x":87,"y":248,"width":245,"height":11}},{"id":"09b2ee22-860d-4cfd-b204-6f60b161d889","block_type":"box","text":"iShares Morningstar Growth ETF","page_number":107,"box":{"x":87,"y":266,"width":206,"height":11}},{"id":"0a043131-ff09-4864-b492-e0a9edbeffcc","block_type":"box","text":"iShares Morningstar Mid-Cap ETF","page_number":107,"box":{"x":87,"y":284,"width":214,"height":11}},{"id":"681f94db-284c-48cf-8121-8f9ebc5b70b6","block_type":"box","text":"iShares Morningstar Mid-Cap Growth ETF","page_number":107,"box":{"x":87,"y":302,"width":264,"height":11}},{"id":"d78221a7-e1e1-4e67-ad67-f95062544513","block_type":"box","text":"iShares Morningstar Mid-Cap Value ETF","page_number":107,"box":{"x":87,"y":320,"width":253,"height":11}},{"id":"cbaa0bbf-7166-4e22-9496-24ac16d400fb","block_type":"box","text":"iShares Morningstar Small-Cap ETF","page_number":107,"box":{"x":87,"y":338,"width":226,"height":11}},{"id":"de527e3c-2aee-4e01-b557-62e05fa85937","block_type":"box","text":"iShares Morningstar Small-Cap Growth ETF","page_number":107,"box":{"x":87,"y":356,"width":276,"height":11}},{"id":"c707a1ec-671a-4724-bf96-c946d250ff54","block_type":"box","text":"iShares Morningstar Small-Cap Value ETF","page_number":107,"box":{"x":87,"y":374,"width":264,"height":11}},{"id":"a01cc2cf-2374-4995-b350-48a2c447c586","block_type":"box","text":"iShares Morningstar U.S. Equity ETF","page_number":107,"box":{"x":87,"y":392,"width":230,"height":11}},{"id":"17e24020-46ad-4aea-b1c0-9a4e51a4e03e","block_type":"box","text":"iShares Morningstar Value ETF","page_number":107,"box":{"x":87,"y":410,"width":194,"height":11}},{"id":"9e781796-93e3-4b75-bb68-b2dfdb458394","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":107,"box":{"x":76,"y":440,"width":897,"height":11}},{"id":"a0756851-671d-4f62-81d5-f0ed0f6019cd","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":107,"box":{"x":76,"y":454,"width":905,"height":11}},{"id":"255ec174-0e70-4d20-b087-ec00da13cc56","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":107,"box":{"x":76,"y":469,"width":849,"height":10}},{"id":"92d81fae-cef1-462f-964b-27870778d51b","block_type":"box","text":"instructions or may not be executed at all.","page_number":107,"box":{"x":76,"y":483,"width":269,"height":11}},{"id":"0e9dbc1d-e4df-4318-b6b9-f1b2a344f83c","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":107,"box":{"x":76,"y":506,"width":854,"height":11}},{"id":"44c3db90-190a-4cff-ad85-0a6884625f15","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":107,"box":{"x":77,"y":520,"width":310,"height":11}},{"id":"b39f65d4-2489-494c-a770-7e137e88fb03","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":107,"box":{"x":76,"y":543,"width":848,"height":11}},{"id":"1853b3f7-bd80-4aac-a9f4-425886534279","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":107,"box":{"x":76,"y":557,"width":876,"height":11}},{"id":"3bff9092-23da-4d93-b83c-498f0d004234","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":107,"box":{"x":76,"y":572,"width":894,"height":11}},{"id":"59e18fa2-fe23-4600-8bfb-0894c055983d","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":107,"box":{"x":76,"y":586,"width":898,"height":11}},{"id":"ec4cfb9f-5552-4179-9509-8456d2382204","block_type":"box","text":"taken certain measures (","page_number":107,"box":{"x":76,"y":600,"width":158,"height":11}},{"id":"09a425fe-18cd-4ba1-b197-d27163869ab3","block_type":"box","text":"e.g.","page_number":107,"box":{"x":235,"y":602,"width":21,"height":9}},{"id":"8f299dc4-2fc0-4dcb-abaf-c896b3aadbe3","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":107,"box":{"x":259,"y":600,"width":694,"height":11}},{"id":"10cac74d-5b63-4788-b932-1770557b75b2","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":107,"box":{"x":76,"y":614,"width":835,"height":11}},{"id":"1dff196f-39f4-4445-80a3-fa8671a387df","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":107,"box":{"x":77,"y":628,"width":894,"height":11}},{"id":"d60873db-d78f-484a-8120-1958c023660a","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":107,"box":{"x":76,"y":643,"width":900,"height":10}},{"id":"f85c04c6-7b4c-4d9b-89c5-ce93abe29ddf","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":107,"box":{"x":77,"y":657,"width":892,"height":11}},{"id":"f49c5d79-f5ed-4d4d-b5d2-f592542188ff","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":107,"box":{"x":76,"y":680,"width":898,"height":11}},{"id":"21cbf9c3-632a-44ea-ae6c-734d43860672","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":107,"box":{"x":76,"y":694,"width":896,"height":11}},{"id":"fe55d10c-c2c5-46df-b126-a48ba1910f62","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":107,"box":{"x":76,"y":708,"width":844,"height":11}},{"id":"a99e25da-7f6e-45d1-83ef-dc73b09b4ebf","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":107,"box":{"x":76,"y":722,"width":885,"height":11}},{"id":"af424a96-c8b2-4ead-af95-d7536a40ff44","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":107,"box":{"x":76,"y":737,"width":838,"height":11}},{"id":"37701c27-d08c-4fb4-bb64-2a4db64ca245","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":107,"box":{"x":77,"y":760,"width":886,"height":11}},{"id":"991b8f7e-94c1-4b54-9ecf-59463cb0981c","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":107,"box":{"x":77,"y":774,"width":902,"height":11}},{"id":"f3356afc-db34-4ebb-8b5e-3dd959e7688c","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":107,"box":{"x":76,"y":788,"width":868,"height":11}},{"id":"85493caa-dd5a-40af-967c-4c3e7db2646a","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":107,"box":{"x":76,"y":802,"width":901,"height":11}},{"id":"2c7ed884-1810-48d0-be50-22ddfd52c3d2","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":107,"box":{"x":76,"y":817,"width":464,"height":10}},{"id":"0ba8c214-6530-4776-801b-026eb20d45de","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":107,"box":{"x":77,"y":840,"width":868,"height":11}},{"id":"190cfe19-e206-44cd-94fc-f9c80d2ff533","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":107,"box":{"x":76,"y":854,"width":889,"height":11}},{"id":"de56ea6e-3a4f-4835-9257-607193636c31","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":107,"box":{"x":78,"y":868,"width":892,"height":11}},{"id":"060384ea-16e2-4c52-a95e-371dc4ae4e39","block_type":"box","text":"22","page_number":107,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"851445db-e222-4ff3-be65-8118c2c0486f","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":108,"box":{"x":76,"y":23,"width":892,"height":11}},{"id":"fd480712-6cf5-4f20-9d6b-3a7aca5086e3","block_type":"box","text":"transactions on a national securities exchange.","page_number":108,"box":{"x":76,"y":37,"width":300,"height":11}},{"id":"009658ff-99b7-41d0-a25f-a5aea8d0319d","block_type":"box","text":"Householding","page_number":108,"box":{"x":77,"y":61,"width":95,"height":10}},{"id":"a548f8a7-3c20-467e-a0a7-287881987893","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":108,"box":{"x":77,"y":84,"width":903,"height":11}},{"id":"0af93e16-590a-4471-a3ad-e81ba8c2f46c","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":108,"box":{"x":76,"y":98,"width":880,"height":11}},{"id":"3728d326-c6f2-4323-aa7e-3b9885a718fd","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":108,"box":{"x":76,"y":112,"width":862,"height":11}},{"id":"da6ab8de-557a-42df-a664-bc68a33046d9","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":108,"box":{"x":77,"y":126,"width":855,"height":11}},{"id":"78d4d56f-af29-4d4c-b4d4-2d781aa4b17c","block_type":"box","text":"change your householding status.","page_number":108,"box":{"x":76,"y":140,"width":214,"height":11}},{"id":"71404a66-fa38-4433-8a43-4ac1b4915b81","block_type":"box","text":"Distribution","page_number":108,"box":{"x":78,"y":169,"width":113,"height":14}},{"id":"23a15f16-04cd-41fb-9a1a-4e6e50867ad1","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":108,"box":{"x":76,"y":198,"width":859,"height":11}},{"id":"b190dea0-9e02-426f-a42c-ff62626380ea","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":108,"box":{"x":76,"y":213,"width":857,"height":10}},{"id":"2e003b0b-339a-41b9-893a-83c4cc9e578d","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":108,"box":{"x":76,"y":227,"width":824,"height":11}},{"id":"dafb8534-ba3a-49a4-b93a-9a4072b87bea","block_type":"box","text":"BFA or its affiliates make payments to broker-dealers, registered investment advisers, banks or other intermediaries (together,","page_number":108,"box":{"x":77,"y":250,"width":808,"height":11}},{"id":"9904aa23-5de0-4d4e-bee4-ae5ecc2b5336","block_type":"box","text":"“intermediaries”) related to marketing activities and presentations, educational training programs, conferences, the development of","page_number":108,"box":{"x":76,"y":264,"width":844,"height":11}},{"id":"743864c8-b01c-4e11-b16c-6a476121a5b0","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":108,"box":{"x":76,"y":278,"width":855,"height":11}},{"id":"8e287b54-4c4f-4aea-a7ce-d5ea68c5d69b","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":108,"box":{"x":76,"y":293,"width":871,"height":10}},{"id":"fb7206eb-390b-42bf-84e8-d50fe0f8e68d","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":108,"box":{"x":77,"y":307,"width":894,"height":11}},{"id":"cfcddafa-25bd-4d47-809c-272edf9788fe","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":108,"box":{"x":76,"y":321,"width":867,"height":11}},{"id":"f9d63265-92d6-4a96-86fd-514eeceb140f","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":108,"box":{"x":76,"y":335,"width":905,"height":11}},{"id":"c9ed6c2f-19cc-40c0-8cbc-3126fa910d9b","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":108,"box":{"x":76,"y":349,"width":896,"height":11}},{"id":"ee0fc0eb-df10-4bfb-a382-13dcdfa1c52c","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":108,"box":{"x":76,"y":363,"width":844,"height":11}},{"id":"ad28422e-1685-4bb8-8b3f-c1f140c7c52b","block_type":"box","text":"recommend the Funds over another investment. More information regarding these payments is contained in the applicable SAI.","page_number":108,"box":{"x":77,"y":378,"width":814,"height":10}},{"id":"696c2c3d-8b4e-489b-a594-bc048ba43430","block_type":"box","text":"Please","page_number":108,"box":{"x":897,"y":378,"width":44,"height":8}},{"id":"1325e62c-830d-486e-87e6-5f796f9121ea","block_type":"box","text":"contact your salesperson or other investment professional for more information regarding any such payments that their firm","page_number":108,"box":{"x":76,"y":392,"width":879,"height":11}},{"id":"34315d14-ee95-4961-9cc8-70536a7da389","block_type":"box","text":"may receive from BFA or its affiliates.","page_number":108,"box":{"x":76,"y":406,"width":263,"height":11}},{"id":"248b88aa-1be5-4fcf-b962-440a8d5ee1ef","block_type":"box","text":"Financial Highlights","page_number":108,"box":{"x":78,"y":435,"width":191,"height":17}},{"id":"49a08219-d4f1-4449-b998-b74aa880b092","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":108,"box":{"x":76,"y":464,"width":895,"height":11}},{"id":"7811462c-d033-4308-9113-002053650fb2","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":108,"box":{"x":76,"y":478,"width":870,"height":11}},{"id":"a4be681d-7cc2-4a43-a531-7278e3ec10f6","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":108,"box":{"x":76,"y":492,"width":865,"height":11}},{"id":"68eb4625-630e-480e-8ec8-67b1a720e6ad","block_type":"box","text":"dividends and distributions. This information has been audited by PricewaterhouseCoopers LLP, whose report, along with each Fund’s","page_number":108,"box":{"x":76,"y":507,"width":856,"height":10}},{"id":"ee65dbf0-4e9d-40c9-9379-c6d2b8554af9","block_type":"box","text":"financial statements, is included in each Fund’s Form N-CSR (available upon request).","page_number":108,"box":{"x":76,"y":521,"width":547,"height":11}},{"id":"98be236d-8ee4-47f1-b416-f4655367516f","block_type":"box","text":"23","page_number":108,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"84993398-04f7-4707-91b1-d936564ef76b","block_type":"box","text":"For a share outstanding throughout each period:","page_number":109,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"f12ea3a2-0986-4eac-8971-3bfb30e6c5ab","block_type":"box","text":"iShares Core Dividend ETF","page_number":109,"box":{"x":705,"y":53,"width":123,"height":6}},{"id":"a391869e-7eea-4f2f-9bba-541968930962","block_type":"box","text":"Year Ended","page_number":109,"box":{"x":574,"y":66,"width":52,"height":5}},{"id":"068366d8-e00f-4054-9e76-06f721a6425e","block_type":"box","text":"04/30/26","page_number":109,"box":{"x":576,"y":73,"width":48,"height":7}},{"id":"6067c13b-86ee-4a2e-a3a0-ba8f57fc886c","block_type":"box","text":"Year Ended","page_number":109,"box":{"x":657,"y":66,"width":52,"height":5}},{"id":"3bf9ad7c-c9c9-4f37-b158-e58aeb02a82e","block_type":"box","text":"04/30/25","page_number":109,"box":{"x":659,"y":73,"width":48,"height":7}},{"id":"9a839931-5225-4177-9611-1924f56e5837","block_type":"box","text":"Year Ended","page_number":109,"box":{"x":740,"y":66,"width":52,"height":5}},{"id":"b09fc0ca-0c32-48b5-83b6-497b93f535d2","block_type":"box","text":"04/30/24","page_number":109,"box":{"x":743,"y":73,"width":47,"height":7}},{"id":"23f24ac4-a088-4af2-b872-f69930d5ca74","block_type":"box","text":"Year Ended","page_number":109,"box":{"x":823,"y":66,"width":52,"height":5}},{"id":"58fec05d-f6dd-4d66-ac72-765626801a67","block_type":"box","text":"04/30/23","page_number":109,"box":{"x":826,"y":73,"width":47,"height":7}},{"id":"2ee32d59-6a59-4f7c-8437-61ec57d71fa8","block_type":"box","text":"Year Ended","page_number":109,"box":{"x":906,"y":66,"width":52,"height":5}},{"id":"ba98db23-e01a-487f-a218-dff8e2aee202","block_type":"box","text":"04/30/22","page_number":109,"box":{"x":909,"y":73,"width":47,"height":7}},{"id":"cb3ad152-4e36-4f0d-b973-f68a2ed73c25","block_type":"box","text":"Net asset value, beginning of year","page_number":109,"box":{"x":76,"y":86,"width":164,"height":10}},{"id":"8a72f3c4-4aef-4376-bc7d-d68d8438c858","block_type":"box","text":"$ 46.49 $ 42.58 $ 37.51 $ 39.14 $ 38.39","page_number":109,"box":{"x":576,"y":86,"width":382,"height":9}},{"id":"5ba3e8aa-fa25-4254-9a77-eba61efe04de","block_type":"box","text":"Net investment income","page_number":109,"box":{"x":86,"y":101,"width":102,"height":8}},{"id":"7a1ec0cb-d40b-497a-9748-f2ec798558a8","block_type":"box","text":"(a)","page_number":109,"box":{"x":189,"y":100,"width":7,"height":6}},{"id":"5fd829de-4ad1-4fa7-8672-018a7b9a4506","block_type":"box","text":"1.46 1.38 1.27 0.96 0.77","page_number":109,"box":{"x":609,"y":102,"width":349,"height":7}},{"id":"f7903024-5782-4a59-b947-fd1453b0bebd","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":109,"box":{"x":86,"y":113,"width":167,"height":9}},{"id":"c12d9a5a-f128-48bf-8c71-c64434942fa8","block_type":"box","text":"(b)","page_number":109,"box":{"x":254,"y":111,"width":8,"height":6}},{"id":"01846cbe-b3a0-4c7b-8097-3054228192cb","block_type":"box","text":"11.25 3.83 5.04 (1.68) 0.68","page_number":109,"box":{"x":604,"y":113,"width":354,"height":9}},{"id":"7daddcc5-ef46-4c30-870b-68739d4cb139","block_type":"box","text":"Net increase (decrease) from investment operations 12.71 5.21 6.31 (0.72) 1.45","page_number":109,"box":{"x":76,"y":128,"width":882,"height":9}},{"id":"bfa5d520-e3e3-428f-bc10-b138d09d4806","block_type":"box","text":"Distributions from net investment income","page_number":109,"box":{"x":86,"y":143,"width":183,"height":7}},{"id":"568525c6-b6a7-4423-a047-797c9457b98e","block_type":"box","text":"(c)","page_number":109,"box":{"x":270,"y":142,"width":7,"height":5}},{"id":"d394d631-bf78-498d-a3b7-524eb27d1f44","block_type":"box","text":"(1.36) (1.30) (1.24) (0.91) (0.70)","page_number":109,"box":{"x":606,"y":143,"width":355,"height":9}},{"id":"404bdca0-d347-45c9-a0dd-6a325a8f4ab8","block_type":"box","text":"Net asset value, end of year","page_number":109,"box":{"x":76,"y":158,"width":135,"height":10}},{"id":"34f99353-6c87-4bab-9321-48a055e37b86","block_type":"box","text":"$ 57.84 $ 46.49 $ 42.58 $ 37.51 $ 39.14","page_number":109,"box":{"x":576,"y":157,"width":383,"height":9}},{"id":"3d8e10ef-284b-4d00-9437-1e26f62da068","block_type":"box","text":"Total Return","page_number":109,"box":{"x":76,"y":173,"width":57,"height":7}},{"id":"44df73d8-aeb9-4a35-a2ca-b94b074c1e74","block_type":"box","text":"(d)","page_number":109,"box":{"x":135,"y":172,"width":8,"height":5}},{"id":"1eb72bb5-4f13-4d41-befd-a1b547e77540","block_type":"box","text":"Based on net asset value","page_number":109,"box":{"x":76,"y":184,"width":109,"height":8}},{"id":"45279420-168b-4256-a967-15a4335b14c8","block_type":"box","text":"27.69% 12.25% 17.14% (1.75)% 3.71%","page_number":109,"box":{"x":602,"y":184,"width":363,"height":10}},{"id":"33fd8ea1-17e7-4249-84ae-b5c146eadaf9","block_type":"box","text":"Ratios to Average Net Assets","page_number":109,"box":{"x":76,"y":199,"width":140,"height":10}},{"id":"3ab8b0e1-4ca2-4155-8e47-f90f9cff0c0f","block_type":"box","text":"(e)","page_number":109,"box":{"x":217,"y":198,"width":9,"height":6}},{"id":"74203ec5-03ae-43fa-b982-e76c27091fd5","block_type":"box","text":"Total expenses","page_number":109,"box":{"x":76,"y":211,"width":64,"height":9}},{"id":"935c516a-8758-46aa-b22f-edc08bd2f836","block_type":"box","text":"0.05% 0.05% 0.05% 0.15% 0.25%","page_number":109,"box":{"x":607,"y":211,"width":358,"height":7}},{"id":"eafa67c6-07dd-4ad9-8646-00e1549b3ca8","block_type":"box","text":"Net investment income","page_number":109,"box":{"x":76,"y":226,"width":102,"height":7}},{"id":"120dc85f-00e2-4f06-9836-427b3cac6d01","block_type":"box","text":"2.78% 2.93% 3.21% 2.54% 1.87%","page_number":109,"box":{"x":607,"y":226,"width":358,"height":7}},{"id":"987a424b-ebb0-4764-abe1-1a6c4e06c22e","block_type":"box","text":"Supplemental Data","page_number":109,"box":{"x":76,"y":241,"width":91,"height":9}},{"id":"899a0730-2d20-465d-af5d-49928bfe1f66","block_type":"box","text":"Net assets, end of year (000)","page_number":109,"box":{"x":76,"y":252,"width":127,"height":10}},{"id":"86e400a9-a939-442e-a2b8-ae27f1d343dc","block_type":"box","text":"$1,350,604 $736,861 $332,086 $260,699 $260,263","page_number":109,"box":{"x":576,"y":252,"width":382,"height":9}},{"id":"28442d6d-457f-4f16-92e6-bf0df52dcd19","block_type":"box","text":"Portfolio turnover rate","page_number":109,"box":{"x":76,"y":267,"width":97,"height":8}},{"id":"0f8e4d50-7faf-4232-9113-669a5027889b","block_type":"box","text":"(f)","page_number":109,"box":{"x":174,"y":266,"width":6,"height":6}},{"id":"ae156e02-f4a8-4a0f-98e8-e56f5799e56c","block_type":"box","text":"38% 36% 36% 65% 25%","page_number":109,"box":{"x":615,"y":267,"width":350,"height":8}},{"id":"cce08064-2fa6-46af-ae15-ea2e51bd2604","block_type":"box","text":"(a)","page_number":109,"box":{"x":76,"y":286,"width":7,"height":6}},{"id":"67420029-e621-412c-82ef-77f66f6487e1","block_type":"box","text":"Based on average shares outstanding.","page_number":109,"box":{"x":107,"y":288,"width":166,"height":9}},{"id":"89a297dd-518d-4b1d-b13e-a88f749f1ef6","block_type":"box","text":"(b)","page_number":109,"box":{"x":76,"y":295,"width":8,"height":6}},{"id":"07b7f5b0-1298-4728-83d2-4f58df8bff3a","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":109,"box":{"x":106,"y":299,"width":678,"height":10}},{"id":"c20b12f0-ad83-42be-8d7c-7ec3c1071538","block_type":"box","text":"iming of capital share transactions in","page_number":109,"box":{"x":785,"y":299,"width":161,"height":10}},{"id":"dc7e7509-10cc-4dce-b2ff-4e9e360de8a6","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":109,"box":{"x":106,"y":309,"width":333,"height":10}},{"id":"15562658-6153-46b6-9531-e939687bb69d","block_type":"box","text":"(c)","page_number":109,"box":{"x":76,"y":317,"width":7,"height":5}},{"id":"aad29cc5-5483-45c4-b64c-8803cc2315c7","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":109,"box":{"x":107,"y":321,"width":437,"height":9}},{"id":"38c8f579-60f0-4eff-b313-b2dc74b720d3","block_type":"box","text":"(d)","page_number":109,"box":{"x":76,"y":329,"width":8,"height":5}},{"id":"3b3ca9e8-a564-4be2-bc80-c1550413f2b2","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":109,"box":{"x":106,"y":332,"width":269,"height":10}},{"id":"66b4a7d7-a240-4c8a-858b-57dc3ce3dbf1","block_type":"box","text":"(e)","page_number":109,"box":{"x":76,"y":340,"width":8,"height":5}},{"id":"30620cf9-a7a9-4b86-b84c-f7c5d7b55b03","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":109,"box":{"x":107,"y":344,"width":410,"height":9}},{"id":"72cafaa2-80c9-470e-8237-ba9a64ed2875","block_type":"box","text":"(f)","page_number":109,"box":{"x":76,"y":351,"width":6,"height":6}},{"id":"98425dd8-c67b-4401-b6a1-47abec3b0342","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":109,"box":{"x":107,"y":355,"width":260,"height":10}},{"id":"aa1cb9dd-c3b5-45bd-a021-04ba2db87c4c","block_type":"box","text":"For a share outstanding throughout each period:","page_number":109,"box":{"x":77,"y":379,"width":339,"height":11}},{"id":"197dab2e-6f5b-4bb8-ac71-53e2e56969ad","block_type":"box","text":"iShares Core Dividend Growth ETF","page_number":109,"box":{"x":675,"y":409,"width":160,"height":5}},{"id":"d29c1c5c-9247-4cf2-8108-b3978d5d363f","block_type":"box","text":"Year Ended","page_number":109,"box":{"x":553,"y":421,"width":52,"height":6}},{"id":"f40687ae-9835-4676-8ca0-ee9ddf5b0091","block_type":"box","text":"04/30/26","page_number":109,"box":{"x":555,"y":429,"width":48,"height":7}},{"id":"6ec91e89-b567-4c45-bc85-804f20b7901e","block_type":"box","text":"Year Ended","page_number":109,"box":{"x":641,"y":421,"width":52,"height":6}},{"id":"e89509d8-64ff-4cba-bc2f-46b9e158f233","block_type":"box","text":"04/30/25","page_number":109,"box":{"x":644,"y":429,"width":47,"height":7}},{"id":"59d9cc20-fc26-4286-a8c0-9f716dba066a","block_type":"box","text":"Year Ended","page_number":109,"box":{"x":729,"y":421,"width":53,"height":6}},{"id":"63338b2f-ed40-43b6-9f04-a2fc94d10dd1","block_type":"box","text":"04/30/24","page_number":109,"box":{"x":732,"y":429,"width":48,"height":7}},{"id":"1a11bdbd-bdf9-42a5-8711-5a52fc370a2a","block_type":"box","text":"Year Ended","page_number":109,"box":{"x":817,"y":421,"width":52,"height":6}},{"id":"57734fc4-0b16-405c-85f7-25a53ed12dcc","block_type":"box","text":"04/30/23","page_number":109,"box":{"x":819,"y":429,"width":48,"height":7}},{"id":"e60ea09d-637b-4945-9016-7178bfd4eaf9","block_type":"box","text":"Year Ended","page_number":109,"box":{"x":904,"y":421,"width":52,"height":6}},{"id":"71990b52-a203-462d-835a-ca4cb921a5ce","block_type":"box","text":"04/30/22","page_number":109,"box":{"x":906,"y":429,"width":47,"height":7}},{"id":"d0fbce6e-328f-4618-9861-d139d327755a","block_type":"box","text":"Net asset value, beginning of year","page_number":109,"box":{"x":76,"y":442,"width":164,"height":10}},{"id":"dc4ac1db-fe39-45b9-8827-b0de8de2296b","block_type":"box","text":"$ 60.16 $ 55.95 $ 50.88 $ 50.58 $ 49.87","page_number":109,"box":{"x":550,"y":441,"width":408,"height":9}},{"id":"21ab2e77-3976-4b7f-9630-075d257f1336","block_type":"box","text":"Net investment income","page_number":109,"box":{"x":86,"y":457,"width":102,"height":8}},{"id":"59e147d4-306a-464f-9151-af92bd1d2554","block_type":"box","text":"(a)","page_number":109,"box":{"x":189,"y":456,"width":7,"height":6}},{"id":"533af304-fa67-433b-b0fd-0c76d2873819","block_type":"box","text":"1.48 1.41 1.33 1.22 1.10","page_number":109,"box":{"x":591,"y":457,"width":367,"height":8}},{"id":"7a88ad2a-ca26-41bc-9595-7a273db17b96","block_type":"box","text":"Net realized and unrealized gain","page_number":109,"box":{"x":86,"y":469,"width":140,"height":9}},{"id":"c08807f7-156c-4843-bdfc-6c15f50587ad","block_type":"box","text":"(b)","page_number":109,"box":{"x":227,"y":467,"width":8,"height":6}},{"id":"cbae8f55-afbb-4b72-ab3c-a977a7efdc23","block_type":"box","text":"13.51 4.19 5.07 0.28 0.68","page_number":109,"box":{"x":586,"y":469,"width":372,"height":7}},{"id":"a7ab5865-fe6c-422b-af8e-4e927d1717a4","block_type":"box","text":"Net increase from investment operations 14.99 5.60 6.40 1.50 1.78","page_number":109,"box":{"x":76,"y":484,"width":882,"height":9}},{"id":"db9d319f-6030-4ca4-a1bd-dec4991581fb","block_type":"box","text":"Distributions from net investment income","page_number":109,"box":{"x":86,"y":499,"width":183,"height":7}},{"id":"7d0fa0c0-b31f-4e77-9dc6-d2d0483ec5c8","block_type":"box","text":"(c)","page_number":109,"box":{"x":270,"y":497,"width":7,"height":6}},{"id":"bc839e13-cb57-43e6-8302-3b57d8610b38","block_type":"box","text":"(1.47) (1.39) (1.33) (1.20) (1.07)","page_number":109,"box":{"x":588,"y":499,"width":373,"height":9}},{"id":"b00fe319-fbff-4f9a-bac8-a828eb6c1f01","block_type":"box","text":"Net asset value, end of year","page_number":109,"box":{"x":76,"y":513,"width":135,"height":10}},{"id":"2485eaca-3da7-4659-8d84-57f2f5dd0896","block_type":"box","text":"$ 73.68 $ 60.16 $ 55.95 $ 50.88 $ 50.58","page_number":109,"box":{"x":550,"y":513,"width":408,"height":9}},{"id":"52061922-1247-4c13-aadb-3ab28a6235e4","block_type":"box","text":"Total Return","page_number":109,"box":{"x":76,"y":529,"width":57,"height":7}},{"id":"49a7c71d-974e-46b7-865a-95b5e508fcf8","block_type":"box","text":"(d)","page_number":109,"box":{"x":135,"y":527,"width":8,"height":6}},{"id":"9494c84e-5123-47db-a0b0-706ca181d401","block_type":"box","text":"Based on net asset value","page_number":109,"box":{"x":76,"y":540,"width":109,"height":8}},{"id":"a00480e5-6b8c-4c21-ac1f-a8403977300e","block_type":"box","text":"25.16% 9.99% 12.77% 3.13% 3.51%","page_number":109,"box":{"x":585,"y":540,"width":380,"height":8}},{"id":"c204ac22-4071-4069-bb39-3458983a0a01","block_type":"box","text":"Ratios to Average Net Assets","page_number":109,"box":{"x":76,"y":555,"width":140,"height":10}},{"id":"c83f4207-374e-4624-ab22-7614bfffb8ce","block_type":"box","text":"(e)","page_number":109,"box":{"x":217,"y":554,"width":9,"height":6}},{"id":"1099f1cb-ad7b-436b-92f6-5d893b94359a","block_type":"box","text":"Total expenses","page_number":109,"box":{"x":76,"y":567,"width":64,"height":9}},{"id":"6f529d60-7afd-4303-8fad-e23ef4b8a421","block_type":"box","text":"0.08% 0.08% 0.08% 0.08% 0.08%","page_number":109,"box":{"x":588,"y":567,"width":377,"height":7}},{"id":"2f5710ba-66d4-4ec6-a5e2-57084144c06c","block_type":"box","text":"Net investment income","page_number":109,"box":{"x":76,"y":582,"width":102,"height":7}},{"id":"3f8eddbe-fc0b-454b-b6c2-1cd67099f994","block_type":"box","text":"2.17% 2.32% 2.53% 2.47% 2.10%","page_number":109,"box":{"x":591,"y":582,"width":374,"height":7}},{"id":"a3635401-8c06-4e14-8d7c-a670fb3ad3c3","block_type":"box","text":"Supplemental Data","page_number":109,"box":{"x":76,"y":597,"width":91,"height":9}},{"id":"220d6a24-5dcd-4d2e-b934-56ec4caab03f","block_type":"box","text":"Net assets, end of year (000)","page_number":109,"box":{"x":76,"y":608,"width":127,"height":10}},{"id":"769163da-5129-47ce-876d-3e86cdf7db20","block_type":"box","text":"$39,700,585 $30,052,746 $26,484,039 $23,511,203 $22,742,798","page_number":109,"box":{"x":550,"y":607,"width":408,"height":10}},{"id":"3befb33f-ecff-4949-8c57-76097e11fcdc","block_type":"box","text":"Portfolio turnover rate","page_number":109,"box":{"x":76,"y":623,"width":97,"height":8}},{"id":"cc3f8b5f-b5d1-4f5b-8e3a-ef8d10e08e1f","block_type":"box","text":"(f)","page_number":109,"box":{"x":174,"y":622,"width":6,"height":6}},{"id":"826466f3-a5f2-4157-a1a5-0ef3687e8029","block_type":"box","text":"25% 25% 25% 30% 22%","page_number":109,"box":{"x":597,"y":623,"width":368,"height":8}},{"id":"a80f89d2-7e80-43f9-815a-fe6b24c426bc","block_type":"box","text":"(a)","page_number":109,"box":{"x":76,"y":642,"width":7,"height":6}},{"id":"ed1a60f5-fedf-4a28-83bd-1b64cb97c6d6","block_type":"box","text":"Based on average shares outstanding.","page_number":109,"box":{"x":107,"y":643,"width":166,"height":10}},{"id":"8e5f3550-c977-4555-ad45-1d4bf8599b14","block_type":"box","text":"(b)","page_number":109,"box":{"x":76,"y":651,"width":8,"height":5}},{"id":"bdc96194-282c-48b5-abbd-8f93368248e6","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":109,"box":{"x":106,"y":655,"width":678,"height":9}},{"id":"2533a637-c6db-47dd-b270-8ee5e252c425","block_type":"box","text":"iming of capital share transactions in","page_number":109,"box":{"x":785,"y":655,"width":161,"height":9}},{"id":"f292d759-fb61-4a54-ae40-b2c216a8fe37","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":109,"box":{"x":106,"y":665,"width":333,"height":10}},{"id":"d7557934-4bd8-4e83-bf0e-a1dd59417f78","block_type":"box","text":"(c)","page_number":109,"box":{"x":76,"y":673,"width":7,"height":5}},{"id":"c5610707-85f7-4860-bbfe-483b57b7e500","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":109,"box":{"x":107,"y":677,"width":437,"height":9}},{"id":"81178b6b-64d3-4ab4-addd-7ca96934e1a6","block_type":"box","text":"(d)","page_number":109,"box":{"x":76,"y":684,"width":8,"height":6}},{"id":"5cc7d008-caef-48ca-9cb6-a4d385106fa8","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":109,"box":{"x":106,"y":688,"width":269,"height":10}},{"id":"1fba3724-6ce0-4edb-b97b-cc11ccae348a","block_type":"box","text":"(e)","page_number":109,"box":{"x":76,"y":696,"width":8,"height":5}},{"id":"834f342e-fe17-4b89-bf1a-c37ec3e27644","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":109,"box":{"x":107,"y":699,"width":410,"height":10}},{"id":"882c9b4c-559d-40e2-bf60-033919ca54bc","block_type":"box","text":"(f)","page_number":109,"box":{"x":76,"y":707,"width":6,"height":6}},{"id":"633f08c4-2d8a-4530-8215-b1e3266015b2","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":109,"box":{"x":107,"y":711,"width":260,"height":10}},{"id":"22ad51f7-2197-4cdb-99c4-2f7559b48135","block_type":"box","text":"24","page_number":109,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"403bee01-a30b-42e6-9447-37e1d576d699","block_type":"box","text":"For a share outstanding throughout each period:","page_number":110,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"7693ad81-4d56-4883-997f-b7bc9444ebbe","block_type":"box","text":"iShares Dow Jones U.S. ETF","page_number":110,"box":{"x":703,"y":45,"width":127,"height":7}},{"id":"45ea65ff-6f83-4299-a421-1084da8b4629","block_type":"box","text":"Year Ended","page_number":110,"box":{"x":574,"y":58,"width":52,"height":5}},{"id":"7438c76c-726f-408a-a43d-3be6b4bb4b0e","block_type":"box","text":"04/30/26","page_number":110,"box":{"x":576,"y":66,"width":48,"height":7}},{"id":"fea9953c-e34c-46cb-b57d-97ec49887b16","block_type":"box","text":"Year Ended","page_number":110,"box":{"x":657,"y":58,"width":52,"height":5}},{"id":"1b961163-e7d4-4fe2-9074-516790ffc2f5","block_type":"box","text":"04/30/25","page_number":110,"box":{"x":659,"y":66,"width":48,"height":7}},{"id":"a65f3bfd-ae9e-4c3a-b246-fcf07ca42e6e","block_type":"box","text":"Year Ended","page_number":110,"box":{"x":740,"y":58,"width":52,"height":5}},{"id":"a62c34c9-c5cd-409e-818b-d48801d1ee6a","block_type":"box","text":"04/30/24","page_number":110,"box":{"x":743,"y":66,"width":47,"height":7}},{"id":"54e036d8-db43-4862-b097-421dc641fe0e","block_type":"box","text":"Year Ended","page_number":110,"box":{"x":823,"y":58,"width":52,"height":5}},{"id":"d6b77dd7-74da-4f31-90bb-694d574d6d17","block_type":"box","text":"04/30/23","page_number":110,"box":{"x":826,"y":66,"width":47,"height":7}},{"id":"bb98cbce-9c24-4f7d-a6c0-b3da5e77e895","block_type":"box","text":"Year Ended","page_number":110,"box":{"x":906,"y":58,"width":52,"height":5}},{"id":"352a63ad-b10d-4f96-9e7d-db08ced51f73","block_type":"box","text":"04/30/22","page_number":110,"box":{"x":909,"y":66,"width":47,"height":7}},{"id":"b4be734f-e0b3-4a3c-a944-1a25e52ce57d","block_type":"box","text":"Net asset value, beginning of year","page_number":110,"box":{"x":76,"y":79,"width":164,"height":9}},{"id":"064becda-eec5-4919-8e9b-7fd095f46731","block_type":"box","text":"$ 135.18 $ 122.56 $ 101.24 $ 101.26 $ 105.12","page_number":110,"box":{"x":575,"y":78,"width":383,"height":9}},{"id":"05e5b87f-82f1-403b-90bc-5a89ff6524a9","block_type":"box","text":"Net investment income","page_number":110,"box":{"x":86,"y":94,"width":102,"height":7}},{"id":"7b7792e8-6905-4e10-beb3-1edd57501dd4","block_type":"box","text":"(a)","page_number":110,"box":{"x":189,"y":92,"width":7,"height":6}},{"id":"c6f6804d-a706-4bd2-a947-2e9df933c42d","block_type":"box","text":"1.59 1.54 1.48 1.43 1.23","page_number":110,"box":{"x":609,"y":94,"width":349,"height":7}},{"id":"436de8e5-5c54-4291-9400-2054d8fbc473","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":110,"box":{"x":86,"y":105,"width":167,"height":10}},{"id":"f13fb35e-2e18-40b5-8b45-143c3eecefc2","block_type":"box","text":"(b)","page_number":110,"box":{"x":254,"y":104,"width":8,"height":5}},{"id":"ceada97b-39f7-4716-bbf1-6eb2738d7fbf","block_type":"box","text":"39.63 12.61 21.33 (0.01) (3.87)","page_number":110,"box":{"x":601,"y":105,"width":360,"height":9}},{"id":"26149c3c-beb5-4197-ba29-3437d005cedf","block_type":"box","text":"Net increase (decrease) from investment operations 41.22 14.15 22.81 1.42 (2.64)","page_number":110,"box":{"x":76,"y":120,"width":885,"height":10}},{"id":"772f610a-877e-4d12-a93e-1575934cbe03","block_type":"box","text":"Distributions from net investment income","page_number":110,"box":{"x":76,"y":135,"width":183,"height":7}},{"id":"9751ff54-b51c-4ad0-a0cd-f7a32c76128f","block_type":"box","text":"(c)","page_number":110,"box":{"x":260,"y":134,"width":7,"height":6}},{"id":"81713f64-9967-4d80-b93a-1aecc25eb48d","block_type":"box","text":"(1.59) (1.53) (1.49) (1.44) (1.22)","page_number":110,"box":{"x":606,"y":135,"width":355,"height":10}},{"id":"c75fa8b5-d1a6-4c64-bb1b-dd66560acf30","block_type":"box","text":"Net asset value, end of year","page_number":110,"box":{"x":76,"y":150,"width":135,"height":10}},{"id":"e94e95e5-95c3-48d2-b89e-ccfe05508b79","block_type":"box","text":"$ 174.81 $ 135.18 $ 122.56 $ 101.24 $ 101.26","page_number":110,"box":{"x":575,"y":149,"width":383,"height":9}},{"id":"781a16df-fe7d-436d-b3da-d8f16d057e4e","block_type":"box","text":"Total Return","page_number":110,"box":{"x":76,"y":167,"width":57,"height":7}},{"id":"8718934b-6fba-4a51-a5e4-f7d07049d517","block_type":"box","text":"(d)","page_number":110,"box":{"x":135,"y":166,"width":8,"height":5}},{"id":"14bf7ce3-c2b8-47bc-8db4-5dd6cc6f9db8","block_type":"box","text":"Based on net asset value","page_number":110,"box":{"x":76,"y":182,"width":109,"height":7}},{"id":"d06a8821-afa8-4f02-b421-00a75d0a8a44","block_type":"box","text":"30.62% 11.52% 22.68% 1.50% (2.61)%","page_number":110,"box":{"x":601,"y":182,"width":366,"height":10}},{"id":"705d8380-9521-45ce-a9dc-7bdbc0094fdf","block_type":"box","text":"Ratios to Average Net Assets","page_number":110,"box":{"x":76,"y":199,"width":140,"height":9}},{"id":"3ff72627-1b76-48ca-b5fa-1753e4be1120","block_type":"box","text":"(e)","page_number":110,"box":{"x":217,"y":198,"width":9,"height":5}},{"id":"df9f5c2b-3ce4-4a5c-9f87-7fbd94bcdaf3","block_type":"box","text":"Total expenses","page_number":110,"box":{"x":76,"y":214,"width":64,"height":9}},{"id":"5eb3a76d-1cf6-4de2-9ead-2c56f615dfbc","block_type":"box","text":"0.20% 0.20% 0.20% 0.20% 0.20%","page_number":110,"box":{"x":607,"y":214,"width":358,"height":7}},{"id":"a84df118-221a-4539-ad27-b1b5d3febd0f","block_type":"box","text":"Net investment income","page_number":110,"box":{"x":76,"y":231,"width":102,"height":7}},{"id":"84945265-fae9-4028-899e-b41db3c83249","block_type":"box","text":"1.00% 1.12% 1.31% 1.48% 1.11%","page_number":110,"box":{"x":609,"y":231,"width":356,"height":7}},{"id":"dee1cefa-d9a1-459e-ba2e-9a9d8bd2b185","block_type":"box","text":"Supplemental Data","page_number":110,"box":{"x":76,"y":248,"width":91,"height":9}},{"id":"71888107-b8b4-4c71-a989-10291001bf1b","block_type":"box","text":"Net assets, end of year (000)","page_number":110,"box":{"x":76,"y":263,"width":127,"height":9}},{"id":"cdfbc3d9-d417-4327-9435-b00adae2cf61","block_type":"box","text":"$2,858,066 $2,189,875 $1,826,136 $1,554,020 $1,559,426","page_number":110,"box":{"x":575,"y":262,"width":383,"height":10}},{"id":"5459378e-eb53-4ea4-bbe6-3fb1a42fefde","block_type":"box","text":"Portfolio turnover rate","page_number":110,"box":{"x":76,"y":280,"width":97,"height":7}},{"id":"c653d80f-c448-4263-9b0e-e6de7da91069","block_type":"box","text":"(f)","page_number":110,"box":{"x":174,"y":278,"width":6,"height":6}},{"id":"0e9fdc7a-1897-422c-8245-f706ef2c4f77","block_type":"box","text":"3% 3% 3% 4% 4%","page_number":110,"box":{"x":621,"y":280,"width":344,"height":7}},{"id":"686fb75e-7f06-4aed-938d-6ca43627b315","block_type":"box","text":"(a)","page_number":110,"box":{"x":76,"y":308,"width":10,"height":6}},{"id":"c0659374-ab71-42b8-8a78-a8c8b70bf40f","block_type":"box","text":"Based on average shares outstanding.","page_number":110,"box":{"x":107,"y":310,"width":215,"height":9}},{"id":"17c56b00-b4d2-4e7a-b339-c38cc5bb1019","block_type":"box","text":"(b)","page_number":110,"box":{"x":76,"y":320,"width":10,"height":6}},{"id":"7f732560-259a-4a42-a4e3-55f51884628d","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":110,"box":{"x":106,"y":321,"width":867,"height":10}},{"id":"cd76f226-a104-4eb9-b2f4-e359b93daed3","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":110,"box":{"x":106,"y":333,"width":648,"height":10}},{"id":"5404de3f-7db4-4142-a22f-a59eb443a9c5","block_type":"box","text":"(c)","page_number":110,"box":{"x":76,"y":343,"width":10,"height":6}},{"id":"39f1c652-425e-4045-a1e7-c03ed39a9b35","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":110,"box":{"x":107,"y":345,"width":565,"height":9}},{"id":"c38f027f-6574-49f3-9f03-2dc72917b325","block_type":"box","text":"(d)","page_number":110,"box":{"x":76,"y":355,"width":10,"height":6}},{"id":"5732a060-30db-499d-aadc-346936990122","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":110,"box":{"x":106,"y":356,"width":347,"height":10}},{"id":"fdfc46b6-ea84-4da9-be25-59e28e14d85d","block_type":"box","text":"(e)","page_number":110,"box":{"x":76,"y":366,"width":10,"height":6}},{"id":"0ebb6505-f8b7-42c4-a4ee-d72ec2e0a352","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":110,"box":{"x":107,"y":368,"width":530,"height":9}},{"id":"6f95ffbb-d594-4c88-bc2b-f577124fc916","block_type":"box","text":"(f)","page_number":110,"box":{"x":76,"y":378,"width":8,"height":6}},{"id":"e214fa2b-b8dd-46d6-a1ae-92cdab569b72","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":110,"box":{"x":107,"y":379,"width":335,"height":10}},{"id":"1b9596a7-144f-470f-aae6-8b04e614acc5","block_type":"box","text":"For a share outstanding throughout each period:","page_number":110,"box":{"x":77,"y":399,"width":339,"height":11}},{"id":"709c174a-45de-4d2e-8bea-d531b012d550","block_type":"box","text":"iShares ESG MSCI KLD 400 ETF","page_number":110,"box":{"x":693,"y":421,"width":147,"height":6}},{"id":"645c57e1-b698-4141-bc2c-c056d7e1d138","block_type":"box","text":"Year Ended","page_number":110,"box":{"x":574,"y":434,"width":52,"height":5}},{"id":"2a2e7daf-43b8-41b2-a63b-d0c0ed24666b","block_type":"box","text":"04/30/26","page_number":110,"box":{"x":576,"y":441,"width":48,"height":8}},{"id":"2d4fa6d0-0363-44a4-8c21-89ec53d3c1cc","block_type":"box","text":"Year Ended","page_number":110,"box":{"x":657,"y":434,"width":52,"height":5}},{"id":"0af088e4-de74-4c7c-b96c-21e5127bb08e","block_type":"box","text":"04/30/25","page_number":110,"box":{"x":659,"y":441,"width":48,"height":8}},{"id":"b33fb2b3-ffe8-4a55-b091-6fdf2b0b6041","block_type":"box","text":"Year Ended","page_number":110,"box":{"x":740,"y":434,"width":52,"height":5}},{"id":"1fcc01d1-f3f4-4fdc-8767-5757d2cef03f","block_type":"box","text":"04/30/24","page_number":110,"box":{"x":743,"y":441,"width":47,"height":8}},{"id":"e659e5fc-32da-4738-b9e3-6122230aa4e8","block_type":"box","text":"Year Ended","page_number":110,"box":{"x":823,"y":434,"width":52,"height":5}},{"id":"ea8a70b4-4882-4973-b810-ecdff9a8babf","block_type":"box","text":"04/30/23","page_number":110,"box":{"x":826,"y":441,"width":47,"height":8}},{"id":"3f20b363-5bc8-4ea2-a287-78363df2502d","block_type":"box","text":"Year Ended","page_number":110,"box":{"x":906,"y":434,"width":52,"height":5}},{"id":"66a246ae-9d22-44b3-b40f-61474d70f154","block_type":"box","text":"04/30/22","page_number":110,"box":{"x":909,"y":441,"width":47,"height":8}},{"id":"ea235867-b60e-46f8-986f-17c728561a36","block_type":"box","text":"Net asset value, beginning of year","page_number":110,"box":{"x":76,"y":454,"width":164,"height":10}},{"id":"15ba5b03-9a8c-4887-8020-13b14904556a","block_type":"box","text":"$ 102.01 $ 96.19 $ 78.33 $ 78.64 $ 80.24","page_number":110,"box":{"x":576,"y":454,"width":383,"height":9}},{"id":"08b17713-eab6-41e0-beff-025fd08f7315","block_type":"box","text":"Net investment income","page_number":110,"box":{"x":86,"y":470,"width":102,"height":7}},{"id":"25a4dacc-e1eb-4f71-8b97-604434d4d969","block_type":"box","text":"(a)","page_number":110,"box":{"x":189,"y":468,"width":7,"height":6}},{"id":"324e08eb-f0f4-46a7-b814-9531edd790fa","block_type":"box","text":"1.20 1.17 1.08 1.05 0.92","page_number":110,"box":{"x":609,"y":470,"width":349,"height":7}},{"id":"1d269c2d-c318-41df-82d9-e4fa1334bffc","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":110,"box":{"x":86,"y":481,"width":167,"height":9}},{"id":"c1f513ce-c5d8-42f5-a1b6-bc50540c9efe","block_type":"box","text":"(b)","page_number":110,"box":{"x":254,"y":479,"width":8,"height":6}},{"id":"2c8d2c0a-6301-454f-9d91-855102b64233","block_type":"box","text":"33.87 5.81 17.84 (0.31) (1.61)","page_number":110,"box":{"x":601,"y":481,"width":359,"height":9}},{"id":"1e4dfca2-c47e-4508-b898-707c29d2c5e8","block_type":"box","text":"Net increase (decrease) from investment operations 35.07 6.98 18.92 0.74 (0.69)","page_number":110,"box":{"x":76,"y":496,"width":885,"height":9}},{"id":"b2e31360-aea3-4605-aa80-1f6b5eabcdb2","block_type":"box","text":"Distributions from net investment income","page_number":110,"box":{"x":76,"y":511,"width":183,"height":7}},{"id":"2eb1b995-5cf9-4841-ad3f-91587298f453","block_type":"box","text":"(c)","page_number":110,"box":{"x":260,"y":510,"width":7,"height":5}},{"id":"111bcbaa-d324-42fb-bfef-cc8af02ac700","block_type":"box","text":"(1.21) (1.16) (1.06) (1.05) (0.91)","page_number":110,"box":{"x":607,"y":511,"width":353,"height":9}},{"id":"6984e030-5b42-4d5e-9cdc-2666d3c4a520","block_type":"box","text":"Net asset value, end of year","page_number":110,"box":{"x":76,"y":526,"width":135,"height":10}},{"id":"a1dad04e-c819-4452-9e3f-3013781852fd","block_type":"box","text":"$ 135.87 $ 102.01 $ 96.19 $ 78.33 $ 78.64","page_number":110,"box":{"x":576,"y":525,"width":383,"height":9}},{"id":"6b4a2094-1a0f-4dfd-b009-2fcd7cd929d3","block_type":"box","text":"Total Return","page_number":110,"box":{"x":76,"y":543,"width":57,"height":7}},{"id":"7b38b277-0605-4d6b-8f5f-da034ab1a501","block_type":"box","text":"(d)","page_number":110,"box":{"x":135,"y":541,"width":8,"height":6}},{"id":"7fc14709-4992-4d25-a027-809b56e9b2c1","block_type":"box","text":"Based on net asset value","page_number":110,"box":{"x":76,"y":558,"width":109,"height":7}},{"id":"74bd28ba-e227-42bf-a91e-0774422afa70","block_type":"box","text":"34.51% 7.20% 24.31% 1.03% (0.95)%","page_number":110,"box":{"x":602,"y":558,"width":366,"height":9}},{"id":"a62f7fc5-78b3-4a06-b963-344acde648dc","block_type":"box","text":"Ratios to Average Net Assets","page_number":110,"box":{"x":76,"y":575,"width":140,"height":9}},{"id":"6da05195-f3ac-4baf-bc35-ebd82240cb4c","block_type":"box","text":"(e)","page_number":110,"box":{"x":217,"y":573,"width":9,"height":6}},{"id":"9c851082-c51b-4afc-8f5d-7c10bbccccbb","block_type":"box","text":"Total expenses","page_number":110,"box":{"x":76,"y":590,"width":64,"height":9}},{"id":"7542769c-67c9-47dc-8b5c-4e22d26921c6","block_type":"box","text":"0.25% 0.25% 0.25% 0.25% 0.25%","page_number":110,"box":{"x":607,"y":590,"width":358,"height":7}},{"id":"2205c7bc-a878-45c4-80fe-c4574a137315","block_type":"box","text":"Net investment income","page_number":110,"box":{"x":76,"y":607,"width":102,"height":7}},{"id":"b82e01a5-395d-4d71-9b18-264d62fa9d68","block_type":"box","text":"0.97% 1.09% 1.23% 1.40% 1.07%","page_number":110,"box":{"x":607,"y":607,"width":358,"height":7}},{"id":"e31b5cc0-56b1-4c24-93bd-c4ef7d0c33fd","block_type":"box","text":"Supplemental Data","page_number":110,"box":{"x":76,"y":624,"width":91,"height":9}},{"id":"2cf5201a-a000-437f-9aaf-6e823a7e1e7d","block_type":"box","text":"Net assets, end of year (000)","page_number":110,"box":{"x":76,"y":639,"width":127,"height":9}},{"id":"37267983-0764-4acf-a9f7-5e15bfe7c685","block_type":"box","text":"$5,094,971 $4,218,152 $4,246,773 $3,536,465 $3,613,714","page_number":110,"box":{"x":576,"y":638,"width":383,"height":10}},{"id":"52f8af52-acff-485b-a98c-e895f69c1a33","block_type":"box","text":"Portfolio turnover rate","page_number":110,"box":{"x":76,"y":656,"width":97,"height":7}},{"id":"aa02c9a7-7eba-4114-a494-1031f2e4a7dc","block_type":"box","text":"(f)","page_number":110,"box":{"x":174,"y":654,"width":6,"height":6}},{"id":"99ee2986-2d3a-4f6d-92ac-62ef3e8a02b6","block_type":"box","text":"3% 2% 5% 4% 6%","page_number":110,"box":{"x":621,"y":656,"width":344,"height":7}},{"id":"083ad2d2-5dd0-4c54-b12e-ccf256cdecc3","block_type":"box","text":"(a)","page_number":110,"box":{"x":76,"y":684,"width":10,"height":6}},{"id":"d25139a8-9cea-4e67-bdf7-32b24aeae9f4","block_type":"box","text":"Based on average shares outstanding.","page_number":110,"box":{"x":107,"y":686,"width":215,"height":9}},{"id":"7ebc8b00-115b-422d-a6d4-13c5428af8ea","block_type":"box","text":"(b)","page_number":110,"box":{"x":76,"y":696,"width":10,"height":6}},{"id":"2e477719-7eb0-4a16-93fa-6246994f28d7","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":110,"box":{"x":106,"y":697,"width":867,"height":10}},{"id":"dd04d125-d391-449b-8b33-60abc815217a","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":110,"box":{"x":106,"y":709,"width":648,"height":10}},{"id":"570f5f48-bab6-4bb1-8a7b-252cde22d7a1","block_type":"box","text":"(c)","page_number":110,"box":{"x":76,"y":719,"width":10,"height":6}},{"id":"2148e563-b923-4685-a789-428f2d7335fb","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":110,"box":{"x":107,"y":720,"width":565,"height":10}},{"id":"a038643a-a6fa-496b-9d1f-f2d0231a69ac","block_type":"box","text":"(d)","page_number":110,"box":{"x":76,"y":731,"width":10,"height":6}},{"id":"dfc8e25b-752f-4df8-9620-80b8e2075378","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":110,"box":{"x":106,"y":732,"width":347,"height":10}},{"id":"e86d6ee6-9934-4439-aea4-7e00937ec475","block_type":"box","text":"(e)","page_number":110,"box":{"x":76,"y":742,"width":10,"height":6}},{"id":"e4903642-d98e-41aa-9c47-3040870722ce","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":110,"box":{"x":107,"y":744,"width":530,"height":9}},{"id":"c74e111d-1674-4e83-b233-17d00ac18828","block_type":"box","text":"(f)","page_number":110,"box":{"x":76,"y":754,"width":8,"height":6}},{"id":"d12e37ba-f4ce-4f52-8baf-6f3902d8621a","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":110,"box":{"x":107,"y":755,"width":335,"height":10}},{"id":"7f0e0024-e48b-4bad-8501-4f253949e45a","block_type":"box","text":"25","page_number":110,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"08b37700-5ecb-4f85-93d6-fdb5bff684d7","block_type":"box","text":"For a share outstanding throughout each period:","page_number":111,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"bb4004bb-5760-47ff-80fc-f4b3e0ce2a8b","block_type":"box","text":"iShares ESG Optimized MSCI USA ETF","page_number":111,"box":{"x":678,"y":45,"width":177,"height":7}},{"id":"c975669a-da3e-4639-83e5-9bd598924b28","block_type":"box","text":"Year Ended","page_number":111,"box":{"x":574,"y":58,"width":52,"height":5}},{"id":"9b59552f-8f31-4d51-a768-9545d9cb6f94","block_type":"box","text":"04/30/26","page_number":111,"box":{"x":576,"y":66,"width":48,"height":7}},{"id":"285fe90f-0538-4ff3-924a-d2291a2ee6b9","block_type":"box","text":"Year Ended","page_number":111,"box":{"x":657,"y":58,"width":52,"height":5}},{"id":"cb134445-7814-4808-b265-96211d3ea198","block_type":"box","text":"04/30/25","page_number":111,"box":{"x":659,"y":66,"width":48,"height":7}},{"id":"8f8b0002-b933-4810-9452-8274cf217007","block_type":"box","text":"Year Ended","page_number":111,"box":{"x":740,"y":58,"width":52,"height":5}},{"id":"62acee22-5bd3-4356-bac5-eee576df1bd4","block_type":"box","text":"04/30/24","page_number":111,"box":{"x":743,"y":66,"width":47,"height":7}},{"id":"5e5bcf65-0d8f-41d4-9e71-7d267a47cd10","block_type":"box","text":"Year Ended","page_number":111,"box":{"x":823,"y":58,"width":52,"height":5}},{"id":"75ecb68e-0be2-435f-9908-e9b69b7a6f29","block_type":"box","text":"04/30/23","page_number":111,"box":{"x":826,"y":66,"width":47,"height":7}},{"id":"0bb62a63-0c5c-496b-bece-46204e236e9e","block_type":"box","text":"Year Ended","page_number":111,"box":{"x":906,"y":58,"width":52,"height":5}},{"id":"70d4dec9-8d88-4ff1-8c3c-1578f2565c7e","block_type":"box","text":"04/30/22","page_number":111,"box":{"x":909,"y":66,"width":47,"height":7}},{"id":"128d9f74-75f4-46e7-a042-c225958e3752","block_type":"box","text":"Net asset value, beginning of year","page_number":111,"box":{"x":76,"y":79,"width":164,"height":9}},{"id":"c986f8c6-fc4d-431f-bca5-95629d4a2067","block_type":"box","text":"$ 114.87 $ 104.49 $ 88.35 $ 88.58 $ 92.11","page_number":111,"box":{"x":576,"y":78,"width":381,"height":9}},{"id":"b3cfbe57-8ce6-46eb-b8a9-2ad39d2830b8","block_type":"box","text":"Net investment income","page_number":111,"box":{"x":86,"y":94,"width":102,"height":7}},{"id":"eb2da744-47e3-43b6-b98c-f986f5d2b81a","block_type":"box","text":"(a)","page_number":111,"box":{"x":189,"y":92,"width":7,"height":6}},{"id":"b94e0878-f7cc-47d9-a933-ffa1a4fc331f","block_type":"box","text":"1.28 1.33 1.36 1.32 1.09","page_number":111,"box":{"x":609,"y":94,"width":349,"height":7}},{"id":"93ce63b6-c255-4320-a2b5-6c688bc450d9","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":111,"box":{"x":86,"y":105,"width":167,"height":10}},{"id":"69494b45-106a-4c36-93ef-9caa051d3f09","block_type":"box","text":"(b)","page_number":111,"box":{"x":254,"y":104,"width":8,"height":5}},{"id":"28cc5e4d-cffe-4d0d-8966-d1d9691c9575","block_type":"box","text":"31.11 10.41 16.11 (0.26) (3.54)","page_number":111,"box":{"x":605,"y":105,"width":356,"height":9}},{"id":"11bae693-af69-4e2a-9cba-3f15cb978c22","block_type":"box","text":"Net increase (decrease) from investment operations 32.39 11.74 17.47 1.06 (2.45)","page_number":111,"box":{"x":76,"y":120,"width":885,"height":10}},{"id":"538cb52d-7510-40f8-897c-21cfdcc81b7a","block_type":"box","text":"Distributions from net investment income","page_number":111,"box":{"x":76,"y":135,"width":183,"height":7}},{"id":"9a1df285-bf78-4b50-9a31-8923aac70f80","block_type":"box","text":"(c)","page_number":111,"box":{"x":260,"y":134,"width":7,"height":6}},{"id":"a4e85339-1f29-418f-bcf0-a27dc6142381","block_type":"box","text":"(1.28) (1.36) (1.33) (1.29) (1.08)","page_number":111,"box":{"x":606,"y":135,"width":355,"height":10}},{"id":"3c5f9d02-7533-4894-9977-a077bc8b35f7","block_type":"box","text":"Net asset value, end of year","page_number":111,"box":{"x":76,"y":150,"width":135,"height":10}},{"id":"0fc983ef-39a3-4a65-b7a4-7623dcac97fb","block_type":"box","text":"$ 145.98 $ 114.87 $ 104.49 $ 88.35 $ 88.58","page_number":111,"box":{"x":576,"y":149,"width":382,"height":9}},{"id":"19c25ea2-597b-4b39-a1e8-0343e45aab82","block_type":"box","text":"Total Return","page_number":111,"box":{"x":76,"y":167,"width":57,"height":7}},{"id":"8595d6e3-5bfd-4b01-966c-c8c74ca77b53","block_type":"box","text":"(d)","page_number":111,"box":{"x":135,"y":166,"width":8,"height":5}},{"id":"905b9f56-f599-49e4-9af5-c4afdd196186","block_type":"box","text":"Based on net asset value","page_number":111,"box":{"x":76,"y":182,"width":109,"height":7}},{"id":"0023489d-8ea3-43c3-9e8d-b01c9446a72a","block_type":"box","text":"28.31% 11.21% 19.90% 1.30% (2.77)%","page_number":111,"box":{"x":602,"y":182,"width":366,"height":10}},{"id":"6efa66b9-5a25-422d-88df-5141719038f7","block_type":"box","text":"Ratios to Average Net Assets","page_number":111,"box":{"x":76,"y":199,"width":140,"height":9}},{"id":"9e572710-61d5-4a55-bbf4-719e18f8f524","block_type":"box","text":"(e)","page_number":111,"box":{"x":217,"y":198,"width":9,"height":5}},{"id":"1016f824-5ac1-4d91-b931-0ead4a433df9","block_type":"box","text":"Total expenses","page_number":111,"box":{"x":76,"y":214,"width":64,"height":9}},{"id":"85a629ba-082d-4275-900f-4d05b8c1e394","block_type":"box","text":"0.25% 0.25% 0.25% 0.25% 0.25%","page_number":111,"box":{"x":607,"y":214,"width":358,"height":7}},{"id":"54c8a20e-bf40-4d93-9708-7f3b602d01b9","block_type":"box","text":"Net investment income","page_number":111,"box":{"x":76,"y":231,"width":102,"height":7}},{"id":"05ed24b4-1acf-4887-9f49-e073a92f9559","block_type":"box","text":"0.96% 1.14% 1.41% 1.55% 1.11%","page_number":111,"box":{"x":607,"y":231,"width":358,"height":7}},{"id":"0b860be5-06fb-41f3-9ad6-09e68394557d","block_type":"box","text":"Supplemental Data","page_number":111,"box":{"x":76,"y":248,"width":91,"height":9}},{"id":"a5c11b6b-1968-491e-845f-4c71acba01d8","block_type":"box","text":"Net assets, end of year (000)","page_number":111,"box":{"x":76,"y":263,"width":127,"height":9}},{"id":"0920c581-d8c1-415c-9acb-c678de5be485","block_type":"box","text":"$3,824,761 $3,285,400 $3,333,158 $3,260,028 $3,662,646","page_number":111,"box":{"x":576,"y":262,"width":382,"height":10}},{"id":"205c9d7e-4e91-4b6d-8862-cf75e458d228","block_type":"box","text":"Portfolio turnover rate","page_number":111,"box":{"x":76,"y":280,"width":97,"height":7}},{"id":"57f89b15-baad-447d-95eb-cf4c9e641784","block_type":"box","text":"(f)","page_number":111,"box":{"x":174,"y":278,"width":6,"height":6}},{"id":"23e696d9-af0c-42ea-b68f-26704086627d","block_type":"box","text":"25% 18% 16% 18% 19%","page_number":111,"box":{"x":616,"y":280,"width":349,"height":7}},{"id":"f3139cca-63eb-4e2b-8dc2-95ea1ca93c70","block_type":"box","text":"(a)","page_number":111,"box":{"x":76,"y":308,"width":10,"height":6}},{"id":"f3ef3c73-33f3-4b61-81d6-7ddf36df7deb","block_type":"box","text":"Based on average shares outstanding.","page_number":111,"box":{"x":107,"y":310,"width":215,"height":9}},{"id":"b19b0a76-70a9-4f52-8431-3fdf2d21545a","block_type":"box","text":"(b)","page_number":111,"box":{"x":76,"y":320,"width":10,"height":6}},{"id":"fcbd17e8-1fe6-4516-819d-33f081258b58","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":111,"box":{"x":106,"y":321,"width":867,"height":10}},{"id":"e057f764-3fba-4cc6-ae22-cccc232cfd9e","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":111,"box":{"x":106,"y":333,"width":648,"height":10}},{"id":"f0aeba0e-aa1f-41e1-b5e9-318ddb497b19","block_type":"box","text":"(c)","page_number":111,"box":{"x":76,"y":343,"width":10,"height":6}},{"id":"cb595f56-4b1c-4d44-aa13-5c35061a310f","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":111,"box":{"x":107,"y":345,"width":565,"height":9}},{"id":"83bcc734-0e08-4fc7-95e2-fa3bff422c0e","block_type":"box","text":"(d)","page_number":111,"box":{"x":76,"y":355,"width":10,"height":6}},{"id":"0dc426b9-4978-4e61-9064-bbdc5419a196","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":111,"box":{"x":106,"y":356,"width":347,"height":10}},{"id":"5aee04ed-ce06-4da9-b041-0c890f69c1fb","block_type":"box","text":"(e)","page_number":111,"box":{"x":76,"y":366,"width":10,"height":6}},{"id":"b5686158-20cf-439e-88b0-5c4eae9d58b6","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":111,"box":{"x":107,"y":368,"width":530,"height":9}},{"id":"6eaffbca-268e-4371-8a4e-48e044d54bee","block_type":"box","text":"(f)","page_number":111,"box":{"x":76,"y":378,"width":8,"height":6}},{"id":"f860a94f-ab47-49fe-b21e-fff8c324fe00","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":111,"box":{"x":107,"y":379,"width":335,"height":10}},{"id":"63f73c41-017a-46d3-bbe5-2967dd795bbb","block_type":"box","text":"For a share outstanding throughout each period:","page_number":111,"box":{"x":77,"y":399,"width":339,"height":11}},{"id":"1f249907-c3c2-4563-b473-62a623233f99","block_type":"box","text":"iShares Morningstar Growth ETF","page_number":111,"box":{"x":691,"y":421,"width":151,"height":7}},{"id":"43d1e3d9-7e2a-465b-8934-475788eda352","block_type":"box","text":"Year Ended","page_number":111,"box":{"x":574,"y":434,"width":52,"height":5}},{"id":"4cd668d6-a316-4025-87c2-c13be09d6f4d","block_type":"box","text":"04/30/26","page_number":111,"box":{"x":576,"y":441,"width":48,"height":8}},{"id":"c5b05cfc-874d-47bd-8df0-1fa404094a14","block_type":"box","text":"Year Ended","page_number":111,"box":{"x":657,"y":434,"width":52,"height":5}},{"id":"bcba8355-d865-4df9-b926-903e33cee9a0","block_type":"box","text":"04/30/25","page_number":111,"box":{"x":659,"y":441,"width":48,"height":8}},{"id":"21a0f7cc-cc23-45e7-89c9-09a55cc20f19","block_type":"box","text":"Year Ended","page_number":111,"box":{"x":740,"y":434,"width":52,"height":5}},{"id":"307b7a49-8eab-495a-ba08-4d7aee928349","block_type":"box","text":"04/30/24","page_number":111,"box":{"x":743,"y":441,"width":47,"height":8}},{"id":"2aa2e0ed-7126-4800-b0af-094f7ddbf742","block_type":"box","text":"Year Ended","page_number":111,"box":{"x":823,"y":434,"width":52,"height":5}},{"id":"e7386070-587a-4180-b851-e3e89b6dfa5d","block_type":"box","text":"04/30/23","page_number":111,"box":{"x":826,"y":441,"width":47,"height":8}},{"id":"cd3d7d0b-793b-492d-a154-1a4c3b4f4f12","block_type":"box","text":"Year Ended","page_number":111,"box":{"x":906,"y":434,"width":52,"height":5}},{"id":"28474f21-2bef-41ad-89f4-4edfe7c07682","block_type":"box","text":"04/30/22","page_number":111,"box":{"x":909,"y":441,"width":47,"height":8}},{"id":"9d2de91c-dfc7-4444-a5fe-2b616b0a092a","block_type":"box","text":"Net asset value, beginning of year","page_number":111,"box":{"x":76,"y":454,"width":164,"height":10}},{"id":"3cf8bdbe-67a6-4727-8c86-d7177baaf799","block_type":"box","text":"$ 82.75 $ 72.35 $ 55.89 $ 56.30 $ 61.87","page_number":111,"box":{"x":578,"y":454,"width":380,"height":9}},{"id":"1b4cd6aa-cc47-495a-8846-98700103994f","block_type":"box","text":"Net investment income","page_number":111,"box":{"x":86,"y":470,"width":102,"height":7}},{"id":"2f467a83-aae3-4a5d-9c35-6983ae2e8bb8","block_type":"box","text":"(a)","page_number":111,"box":{"x":189,"y":468,"width":7,"height":6}},{"id":"758bc6aa-1a67-486c-979e-590523c164bb","block_type":"box","text":"0.48 0.45 0.46 0.40 0.29","page_number":111,"box":{"x":607,"y":470,"width":351,"height":7}},{"id":"60aef8d1-972c-498e-8936-d3cc6d105781","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":111,"box":{"x":86,"y":481,"width":167,"height":9}},{"id":"3f13823f-2301-4672-be5d-a0326c58e30a","block_type":"box","text":"(b)","page_number":111,"box":{"x":254,"y":479,"width":8,"height":6}},{"id":"2df0b455-cf89-4ca9-b99b-77ee98cb5f9d","block_type":"box","text":"27.09 10.40 16.45 (0.40) (5.56)","page_number":111,"box":{"x":602,"y":481,"width":359,"height":9}},{"id":"f4d2f2f1-62ea-46fd-a264-289bcb2ad610","block_type":"box","text":"Net increase (decrease) from investment operations 27.57 10.85 16.91 0.00 (5.27)","page_number":111,"box":{"x":76,"y":496,"width":885,"height":9}},{"id":"d83700ba-8853-4062-b2b2-b263f95bc274","block_type":"box","text":"Distributions from net investment income","page_number":111,"box":{"x":76,"y":511,"width":183,"height":7}},{"id":"dea35af6-caab-43c1-9514-166eee8b5fa7","block_type":"box","text":"(c)","page_number":111,"box":{"x":260,"y":510,"width":7,"height":5}},{"id":"98254b79-079e-4363-9958-ec084e65d3fa","block_type":"box","text":"(0.48) (0.45) (0.45) (0.41) (0.30)","page_number":111,"box":{"x":604,"y":511,"width":357,"height":9}},{"id":"2bf6741b-7ed6-4d5a-aac1-51e90b5a8b33","block_type":"box","text":"Net asset value, end of year","page_number":111,"box":{"x":76,"y":526,"width":135,"height":10}},{"id":"d31b74c4-4318-4b8f-8029-21da4ebdda16","block_type":"box","text":"$ 109.84 $ 82.75 $ 72.35 $ 55.89 $ 56.30","page_number":111,"box":{"x":578,"y":525,"width":380,"height":9}},{"id":"2aeafc4a-7a54-47b5-bef4-7a11f4cb9845","block_type":"box","text":"Total Return","page_number":111,"box":{"x":76,"y":541,"width":57,"height":7}},{"id":"7ae20c13-d178-457a-bb24-d01a0659c3d1","block_type":"box","text":"(d)","page_number":111,"box":{"x":135,"y":540,"width":8,"height":5}},{"id":"c5f049a0-c6cd-432e-b5c3-ec09042a40d4","block_type":"box","text":"Based on net asset value","page_number":111,"box":{"x":76,"y":556,"width":109,"height":7}},{"id":"1446bbef-1b3e-4514-89f0-de650b443014","block_type":"box","text":"33.36% 14.99% 30.35% 0.05% (8.59)%","page_number":111,"box":{"x":601,"y":556,"width":367,"height":10}},{"id":"7a23163c-9dff-4cd9-8d45-02acc01e8f6a","block_type":"box","text":"Ratios to Average Net Assets","page_number":111,"box":{"x":76,"y":571,"width":140,"height":10}},{"id":"b1e99a57-7fd6-4deb-a8e8-6bb699201e75","block_type":"box","text":"(e)","page_number":111,"box":{"x":217,"y":570,"width":9,"height":6}},{"id":"2401908c-e728-488e-a2d6-a38e4728f480","block_type":"box","text":"Total expenses","page_number":111,"box":{"x":76,"y":586,"width":64,"height":10}},{"id":"86d43b34-32ba-448d-875a-a7b7e97d8961","block_type":"box","text":"0.04% 0.04% 0.04% 0.04% 0.04%","page_number":111,"box":{"x":607,"y":586,"width":358,"height":7}},{"id":"66471b4a-ce59-4b28-804c-01c67ee2f64d","block_type":"box","text":"Net investment income","page_number":111,"box":{"x":76,"y":601,"width":102,"height":8}},{"id":"a8cacf85-a44e-454b-85f5-11209b59a72d","block_type":"box","text":"0.48% 0.53% 0.70% 0.76% 0.45%","page_number":111,"box":{"x":607,"y":601,"width":358,"height":7}},{"id":"0b06d562-94b8-4cfc-a814-51ad3923cb67","block_type":"box","text":"Supplemental Data","page_number":111,"box":{"x":76,"y":616,"width":91,"height":10}},{"id":"0958b9e7-f38f-4431-a2e4-1b8e82480248","block_type":"box","text":"Net assets, end of year (000)","page_number":111,"box":{"x":76,"y":631,"width":127,"height":10}},{"id":"19cd2e05-77bc-48db-ae6e-2fa7e5a1e759","block_type":"box","text":"$2,921,618 $2,296,450 $2,011,340 $1,609,643 $1,711,617","page_number":111,"box":{"x":578,"y":630,"width":380,"height":10}},{"id":"16dab535-bbd0-4871-981a-ba7cbc850899","block_type":"box","text":"Portfolio turnover rate","page_number":111,"box":{"x":76,"y":646,"width":97,"height":8}},{"id":"b8a13499-7b7c-4870-a7a4-808ff3b2e74d","block_type":"box","text":"(f)","page_number":111,"box":{"x":174,"y":645,"width":6,"height":6}},{"id":"87a29c3e-d90f-4711-9817-6169a5983706","block_type":"box","text":"27% 21% 19% 28% 22%","page_number":111,"box":{"x":616,"y":646,"width":349,"height":8}},{"id":"619efab0-38fd-4ce8-9680-fe878d35d826","block_type":"box","text":"(a)","page_number":111,"box":{"x":76,"y":664,"width":10,"height":6}},{"id":"c702ff6d-2657-4b30-a6a3-b0f8da4840e5","block_type":"box","text":"Based on average shares outstanding.","page_number":111,"box":{"x":107,"y":665,"width":215,"height":10}},{"id":"2643fbb7-c516-4397-a9a6-46e44b6755e2","block_type":"box","text":"(b)","page_number":111,"box":{"x":76,"y":675,"width":10,"height":6}},{"id":"16153668-f6bf-47db-8031-45786aaab4e9","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":111,"box":{"x":106,"y":677,"width":867,"height":9}},{"id":"57b6280e-0496-4559-9a95-fcfcdfa8ee8b","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":111,"box":{"x":106,"y":688,"width":648,"height":10}},{"id":"843331a4-015b-4a8b-aec1-d6ccbcce3861","block_type":"box","text":"(c)","page_number":111,"box":{"x":76,"y":698,"width":10,"height":6}},{"id":"660ae195-f90e-4d6c-a1fa-0785d9709c01","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":111,"box":{"x":107,"y":700,"width":565,"height":9}},{"id":"78c752fb-0a47-4921-9d15-e23dfa5cfd71","block_type":"box","text":"(d)","page_number":111,"box":{"x":76,"y":710,"width":10,"height":6}},{"id":"bfc4fa1c-736e-4b41-b405-ef7afafa4b56","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":111,"box":{"x":106,"y":711,"width":347,"height":10}},{"id":"15a59d47-6119-4918-a62e-ebdd66482533","block_type":"box","text":"(e)","page_number":111,"box":{"x":76,"y":722,"width":10,"height":6}},{"id":"3733876f-cf86-42c1-91dd-e6298df13f91","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":111,"box":{"x":107,"y":723,"width":530,"height":10}},{"id":"9320e7c9-3505-4be6-9b25-76942bb6bb86","block_type":"box","text":"(f)","page_number":111,"box":{"x":76,"y":733,"width":8,"height":6}},{"id":"8de45d5d-31de-4239-b0e8-f24da1ac2e1c","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":111,"box":{"x":107,"y":735,"width":335,"height":9}},{"id":"52d9ad1b-918e-4a54-a4e5-783958103089","block_type":"box","text":"26","page_number":111,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"149f6050-a036-4688-9fa2-15d82f4e07fc","block_type":"box","text":"For a share outstanding throughout each period:","page_number":112,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"9c3be493-b24e-4324-8c2e-d42429bde872","block_type":"box","text":"iShares Morningstar Mid-Cap ETF","page_number":112,"box":{"x":689,"y":45,"width":155,"height":7}},{"id":"7f910027-fbc4-4d85-995d-848db5cf2d19","block_type":"box","text":"Year Ended","page_number":112,"box":{"x":574,"y":58,"width":52,"height":5}},{"id":"1827fc76-f07c-4241-b3ee-b51ff775c5ea","block_type":"box","text":"04/30/26","page_number":112,"box":{"x":576,"y":66,"width":48,"height":7}},{"id":"a605db93-ce8e-44a0-9dfc-e8b927bb9e43","block_type":"box","text":"Year Ended","page_number":112,"box":{"x":657,"y":58,"width":52,"height":5}},{"id":"08165b93-11eb-4aa7-9a66-597a03d00aba","block_type":"box","text":"04/30/25","page_number":112,"box":{"x":659,"y":66,"width":48,"height":7}},{"id":"cde36762-7dba-4381-97b5-c18d5d2ba2c7","block_type":"box","text":"Year Ended","page_number":112,"box":{"x":740,"y":58,"width":52,"height":5}},{"id":"d5810e0e-5917-4cb9-a8a7-284f37a7d680","block_type":"box","text":"04/30/24","page_number":112,"box":{"x":743,"y":66,"width":47,"height":7}},{"id":"1858878e-913c-46c7-9a06-66b49ed4a091","block_type":"box","text":"Year Ended","page_number":112,"box":{"x":823,"y":58,"width":52,"height":5}},{"id":"89967dc4-b7c1-42f0-acec-424e27309f84","block_type":"box","text":"04/30/23","page_number":112,"box":{"x":826,"y":66,"width":47,"height":7}},{"id":"56f534ae-5c4f-4da5-a3e3-701f0897f94b","block_type":"box","text":"Year Ended","page_number":112,"box":{"x":906,"y":58,"width":52,"height":5}},{"id":"2742cbbf-4d0d-4760-b038-5b0a89e7dbf9","block_type":"box","text":"04/30/22","page_number":112,"box":{"x":909,"y":66,"width":47,"height":7}},{"id":"978201c0-b24f-47fa-950d-8f86560505c9","block_type":"box","text":"Net asset value, beginning of year","page_number":112,"box":{"x":76,"y":79,"width":164,"height":9}},{"id":"3d05888f-04e0-4f4d-81c6-9fb7bc101d47","block_type":"box","text":"$ 72.98 $ 69.10 $ 60.14 $ 62.39 $ 65.81","page_number":112,"box":{"x":578,"y":78,"width":379,"height":9}},{"id":"bcbea07d-09ec-4774-a728-1dec76dca36c","block_type":"box","text":"Net investment income","page_number":112,"box":{"x":86,"y":94,"width":102,"height":7}},{"id":"58b90ba1-66cf-4fc8-bcdb-2a31837e1948","block_type":"box","text":"(a)","page_number":112,"box":{"x":189,"y":92,"width":7,"height":6}},{"id":"5dd1a0eb-9c85-4602-8547-e4537762f382","block_type":"box","text":"1.29 1.21 1.10 1.03 0.82","page_number":112,"box":{"x":609,"y":94,"width":349,"height":7}},{"id":"ea738418-3d6f-4121-93e0-c82a8262eec7","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":112,"box":{"x":86,"y":105,"width":167,"height":10}},{"id":"fcb2a15e-dc85-412b-9de2-ab81c65c4e88","block_type":"box","text":"(b)","page_number":112,"box":{"x":254,"y":104,"width":8,"height":5}},{"id":"3632cd60-40d9-456c-86ce-cecc09c8c9bc","block_type":"box","text":"17.36 3.78 8.90 (2.26) (3.38)","page_number":112,"box":{"x":605,"y":105,"width":356,"height":9}},{"id":"c8c07927-cf81-4a02-a171-2a735ea7fda0","block_type":"box","text":"Net increase (decrease) from investment operations 18.65 4.99 10.00 (1.23) (2.56)","page_number":112,"box":{"x":76,"y":120,"width":885,"height":10}},{"id":"d1f00b2b-42c6-4a46-bbb0-3e703525931c","block_type":"box","text":"Distributions from net investment income","page_number":112,"box":{"x":76,"y":135,"width":183,"height":7}},{"id":"70fb21f6-cff2-4258-b018-36f8a32d26b9","block_type":"box","text":"(c)","page_number":112,"box":{"x":260,"y":134,"width":7,"height":6}},{"id":"527e1fc5-d4c4-4903-b40c-286377f9a0a5","block_type":"box","text":"(1.15) (1.11) (1.04) (1.02) (0.86)","page_number":112,"box":{"x":608,"y":135,"width":353,"height":10}},{"id":"5b913268-3957-4def-947c-459386255920","block_type":"box","text":"Net asset value, end of year","page_number":112,"box":{"x":76,"y":150,"width":135,"height":10}},{"id":"98158c43-a9c1-437f-a3c1-436a6cde2281","block_type":"box","text":"$ 90.48 $ 72.98 $ 69.10 $ 60.14 $ 62.39","page_number":112,"box":{"x":578,"y":149,"width":380,"height":9}},{"id":"12856616-cfca-466b-92dd-08419a3d6fad","block_type":"box","text":"Total Return","page_number":112,"box":{"x":76,"y":165,"width":57,"height":8}},{"id":"98dbc0de-4f7a-40ce-bbde-151a37b4a30b","block_type":"box","text":"(d)","page_number":112,"box":{"x":135,"y":164,"width":8,"height":6}},{"id":"e1d0de2d-cf02-462f-b090-c2871599381e","block_type":"box","text":"Based on net asset value","page_number":112,"box":{"x":76,"y":180,"width":109,"height":8}},{"id":"e7ccd9bd-b197-47b3-8ffc-28ba2adbee7f","block_type":"box","text":"25.73% 7.20% 16.78% (1.91)% (3.99)%","page_number":112,"box":{"x":601,"y":180,"width":367,"height":10}},{"id":"e2d58507-80c3-4de5-a2f1-6152c0264a09","block_type":"box","text":"Ratios to Average Net Assets","page_number":112,"box":{"x":76,"y":195,"width":140,"height":10}},{"id":"6fbff225-19db-45ab-81ad-f8fbe829536e","block_type":"box","text":"(e)","page_number":112,"box":{"x":217,"y":194,"width":9,"height":6}},{"id":"71dfa6ba-a3eb-4b4b-b3f7-4b62f363df4a","block_type":"box","text":"Total expenses","page_number":112,"box":{"x":76,"y":210,"width":64,"height":10}},{"id":"fd00e09a-f73a-44b4-8dc6-04316b39c0c7","block_type":"box","text":"0.04% 0.04% 0.04% 0.04% 0.04%","page_number":112,"box":{"x":607,"y":210,"width":358,"height":8}},{"id":"d603a32e-16e4-47a7-9dc0-893a37df97b4","block_type":"box","text":"Net investment income","page_number":112,"box":{"x":76,"y":225,"width":102,"height":8}},{"id":"6cb1cffe-f96a-4f76-9981-837fe8a7b77e","block_type":"box","text":"1.56% 1.63% 1.71% 1.72% 1.22%","page_number":112,"box":{"x":609,"y":225,"width":356,"height":8}},{"id":"b3cd8cd6-e51b-4004-ae2f-de340838eb55","block_type":"box","text":"Supplemental Data","page_number":112,"box":{"x":76,"y":240,"width":91,"height":10}},{"id":"bffda58b-73ac-4509-bd58-d72724a115b2","block_type":"box","text":"Net assets, end of year (000)","page_number":112,"box":{"x":76,"y":255,"width":127,"height":10}},{"id":"d562e681-0e44-472b-9847-7a27eddd5ca0","block_type":"box","text":"$1,551,675 $992,483 $825,688 $724,627 $782,996","page_number":112,"box":{"x":578,"y":254,"width":380,"height":10}},{"id":"dde77416-1801-480a-aa69-29e6c8382de9","block_type":"box","text":"Portfolio turnover rate","page_number":112,"box":{"x":76,"y":270,"width":97,"height":8}},{"id":"f05a0aec-4117-4823-8b1b-318946adfaa2","block_type":"box","text":"(f)","page_number":112,"box":{"x":174,"y":269,"width":6,"height":6}},{"id":"da7e4df3-d4e6-4168-b057-0d556f597d80","block_type":"box","text":"29% 18% 26% 24% 27%","page_number":112,"box":{"x":616,"y":270,"width":349,"height":8}},{"id":"138fc08e-f9e1-457a-bed0-8e1e19159fad","block_type":"box","text":"(a)","page_number":112,"box":{"x":76,"y":288,"width":10,"height":6}},{"id":"0bb0c810-3135-4127-b446-9a7c27aa8ffa","block_type":"box","text":"Based on average shares outstanding.","page_number":112,"box":{"x":107,"y":289,"width":215,"height":10}},{"id":"8c1b7218-fe95-4234-ac76-977b4646c584","block_type":"box","text":"(b)","page_number":112,"box":{"x":76,"y":299,"width":10,"height":6}},{"id":"0151985d-a690-4a36-a040-37cfd583a12e","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":112,"box":{"x":106,"y":301,"width":867,"height":9}},{"id":"640b037c-98bc-4d8c-89ba-6e05abb83b53","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":112,"box":{"x":106,"y":312,"width":648,"height":10}},{"id":"daa0948c-05fc-4b0d-8acf-aba480b6051c","block_type":"box","text":"(c)","page_number":112,"box":{"x":76,"y":323,"width":10,"height":6}},{"id":"453854bd-f83c-4d1a-b0fa-47d45974e215","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":112,"box":{"x":107,"y":324,"width":565,"height":10}},{"id":"2ffd7cf9-9e17-494a-a7bd-54b68c8513b5","block_type":"box","text":"(d)","page_number":112,"box":{"x":76,"y":334,"width":10,"height":6}},{"id":"9250cfba-9cdb-4813-9132-d74a5d892c4a","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":112,"box":{"x":106,"y":336,"width":347,"height":9}},{"id":"95610981-f5b4-49bb-a8d9-3d814a7c87d0","block_type":"box","text":"(e)","page_number":112,"box":{"x":76,"y":346,"width":10,"height":6}},{"id":"721efb14-451f-49dc-a5cd-0941b7650c97","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":112,"box":{"x":107,"y":347,"width":530,"height":10}},{"id":"96c2fdfe-0ee6-4a61-8d77-69689ffd26a8","block_type":"box","text":"(f)","page_number":112,"box":{"x":76,"y":357,"width":8,"height":6}},{"id":"50fcbc67-e93c-4cbe-90b9-9b076e783657","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":112,"box":{"x":107,"y":359,"width":335,"height":9}},{"id":"366d8816-93e3-47db-8ba6-8228cbf5b40e","block_type":"box","text":"For a share outstanding throughout each period:","page_number":112,"box":{"x":77,"y":378,"width":339,"height":11}},{"id":"35126cdf-5956-4ad6-8030-d3849ef20d32","block_type":"box","text":"iShares Morningstar Mid-Cap Growth ETF","page_number":112,"box":{"x":670,"y":401,"width":193,"height":7}},{"id":"de3d0419-2599-4771-92f6-374974e5653b","block_type":"box","text":"Year Ended","page_number":112,"box":{"x":574,"y":413,"width":52,"height":6}},{"id":"336b2a3b-92af-4c1d-ae1a-69b8d3bb51b2","block_type":"box","text":"04/30/26","page_number":112,"box":{"x":576,"y":421,"width":48,"height":7}},{"id":"da47f9f3-bbf3-40a7-921f-e450b60e6f4e","block_type":"box","text":"Year Ended","page_number":112,"box":{"x":657,"y":413,"width":52,"height":6}},{"id":"f69832fc-2d5e-4e58-9391-196f55858b75","block_type":"box","text":"04/30/25","page_number":112,"box":{"x":659,"y":421,"width":48,"height":7}},{"id":"4b137680-b2d4-490e-9256-ade2ab18fea9","block_type":"box","text":"Year Ended","page_number":112,"box":{"x":740,"y":413,"width":52,"height":6}},{"id":"de4c164b-dad5-408d-9dc1-16af282ab4be","block_type":"box","text":"04/30/24","page_number":112,"box":{"x":743,"y":421,"width":47,"height":7}},{"id":"fbf8bcbc-ff9d-4289-8293-71da6963e622","block_type":"box","text":"Year Ended","page_number":112,"box":{"x":823,"y":413,"width":52,"height":6}},{"id":"338c622c-3117-4f2c-b7bd-54305670a000","block_type":"box","text":"04/30/23","page_number":112,"box":{"x":826,"y":421,"width":47,"height":7}},{"id":"ed8709f7-32a6-4a5f-b9be-ae12ebe3e4de","block_type":"box","text":"Year Ended","page_number":112,"box":{"x":906,"y":413,"width":52,"height":6}},{"id":"a82d6be0-69c6-492d-8a62-1124d4e44f97","block_type":"box","text":"04/30/22","page_number":112,"box":{"x":909,"y":421,"width":47,"height":7}},{"id":"a0d162a3-e61f-4d21-bffb-50c1124992cf","block_type":"box","text":"Net asset value, beginning of year","page_number":112,"box":{"x":76,"y":434,"width":164,"height":10}},{"id":"8bee5f90-3df7-4bcd-9186-7aafdcaa4c2f","block_type":"box","text":"$ 71.89 $ 66.47 $ 56.43 $ 57.83 $ 66.52","page_number":112,"box":{"x":575,"y":433,"width":383,"height":9}},{"id":"225c5558-5312-479f-bdc6-e8a2aa7cec66","block_type":"box","text":"Net investment income","page_number":112,"box":{"x":86,"y":449,"width":102,"height":7}},{"id":"d59ae103-c12f-491a-97bd-a6ab72e9b1f9","block_type":"box","text":"(a)","page_number":112,"box":{"x":189,"y":448,"width":7,"height":6}},{"id":"0a85c164-5349-4b2f-a398-cbf80d6f02ba","block_type":"box","text":"0.63 0.58 0.56 0.52 0.35","page_number":112,"box":{"x":607,"y":449,"width":351,"height":7}},{"id":"cd816c68-c24c-47c6-b7c3-0ac8a2dc79b8","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":112,"box":{"x":86,"y":460,"width":167,"height":10}},{"id":"cf28131c-3dd8-4d01-af7b-af40cc9c3f1e","block_type":"box","text":"(b)","page_number":112,"box":{"x":254,"y":459,"width":8,"height":6}},{"id":"634866e7-d6bb-4211-a1e2-5855b78f5812","block_type":"box","text":"16.10 5.42 10.03 (1.40) (8.65)","page_number":112,"box":{"x":605,"y":460,"width":356,"height":10}},{"id":"f9e51e88-89b4-4d21-b8e0-722277f98623","block_type":"box","text":"Net increase (decrease) from investment operations 16.73 6.00 10.59 (0.88) (8.30)","page_number":112,"box":{"x":76,"y":475,"width":885,"height":10}},{"id":"3b07e7f6-dfdc-4f8c-882d-a432a6a245ab","block_type":"box","text":"Distributions from net investment income","page_number":112,"box":{"x":76,"y":490,"width":183,"height":8}},{"id":"53609dd5-3c1d-4822-ac81-95f98fc21104","block_type":"box","text":"(c)","page_number":112,"box":{"x":260,"y":489,"width":7,"height":6}},{"id":"3842fdb2-d6c7-4f98-9e4c-4703cce5dee2","block_type":"box","text":"(0.63) (0.58) (0.55) (0.52) (0.39)","page_number":112,"box":{"x":604,"y":490,"width":357,"height":10}},{"id":"f335f73a-cd55-4680-a489-5abc32b70c7a","block_type":"box","text":"Net asset value, end of year","page_number":112,"box":{"x":76,"y":505,"width":135,"height":10}},{"id":"8f2c2d14-10de-46b7-b064-0a5282412694","block_type":"box","text":"$ 87.99 $ 71.89 $ 66.47 $ 56.43 $ 57.83","page_number":112,"box":{"x":575,"y":505,"width":383,"height":9}},{"id":"1c406ac4-5837-4c1b-ad1e-f9abcd1a967d","block_type":"box","text":"Total Return","page_number":112,"box":{"x":76,"y":520,"width":57,"height":8}},{"id":"4c195009-fe58-4650-91e0-c31e64a6c11b","block_type":"box","text":"(d)","page_number":112,"box":{"x":135,"y":519,"width":8,"height":6}},{"id":"033e41a1-f9e6-4db9-9bb7-ed3b596b9c9b","block_type":"box","text":"Based on net asset value","page_number":112,"box":{"x":76,"y":535,"width":109,"height":8}},{"id":"d91bd2b9-6cb9-4454-8f72-3b41b8167a62","block_type":"box","text":"23.35% 9.02% 18.84% (1.49)% (12.56)%","page_number":112,"box":{"x":601,"y":535,"width":367,"height":10}},{"id":"ed54477a-581d-4997-9700-262e15c23f72","block_type":"box","text":"Ratios to Average Net Assets","page_number":112,"box":{"x":76,"y":550,"width":140,"height":10}},{"id":"1765c408-f1b3-40aa-be4a-fe27839a546d","block_type":"box","text":"(e)","page_number":112,"box":{"x":217,"y":549,"width":9,"height":6}},{"id":"1545a7fe-13ac-436d-8e73-1d4778c7890b","block_type":"box","text":"Total expenses","page_number":112,"box":{"x":76,"y":565,"width":64,"height":10}},{"id":"4a199e7a-a389-441e-bcb6-3e6edf07b657","block_type":"box","text":"0.06% 0.06% 0.06% 0.06% 0.06%","page_number":112,"box":{"x":607,"y":565,"width":358,"height":8}},{"id":"63562f36-27f5-4bbc-9102-d7c136a428e7","block_type":"box","text":"Net investment income","page_number":112,"box":{"x":76,"y":580,"width":102,"height":8}},{"id":"980f0e63-a9d4-41cd-8f2e-64ba0b7beb67","block_type":"box","text":"0.78% 0.80% 0.91% 0.93% 0.51%","page_number":112,"box":{"x":607,"y":580,"width":358,"height":8}},{"id":"e56a7011-66fa-458f-becc-1bc14c876264","block_type":"box","text":"Supplemental Data","page_number":112,"box":{"x":76,"y":595,"width":91,"height":10}},{"id":"d44613b1-c4a2-4876-8813-9dd3b8c37fee","block_type":"box","text":"Net assets, end of year (000)","page_number":112,"box":{"x":76,"y":610,"width":127,"height":10}},{"id":"a2809451-1b0a-45c8-943a-cfa6936e4a1a","block_type":"box","text":"$3,488,745 $2,498,286 $1,910,932 $1,399,472 $1,087,281","page_number":112,"box":{"x":575,"y":610,"width":382,"height":9}},{"id":"a93f5bdc-124f-433f-9423-9d58794e93eb","block_type":"box","text":"Portfolio turnover rate","page_number":112,"box":{"x":76,"y":625,"width":97,"height":8}},{"id":"db760d19-a0b9-43e4-ac63-b16cefc3ba96","block_type":"box","text":"(f)","page_number":112,"box":{"x":174,"y":624,"width":6,"height":6}},{"id":"2f028a7d-66d9-492f-bd28-9d4da2aa7874","block_type":"box","text":"45% 35% 34% 43% 43%","page_number":112,"box":{"x":615,"y":625,"width":350,"height":8}},{"id":"e56b5533-aa5a-40d8-8961-1c8bf6c8467c","block_type":"box","text":"(a)","page_number":112,"box":{"x":76,"y":643,"width":10,"height":6}},{"id":"62bd616c-5d3f-4d0f-810a-3b5d5a56a367","block_type":"box","text":"Based on average shares outstanding.","page_number":112,"box":{"x":107,"y":644,"width":215,"height":10}},{"id":"c172de09-1904-45d3-9350-f13c3e75b64a","block_type":"box","text":"(b)","page_number":112,"box":{"x":76,"y":655,"width":10,"height":6}},{"id":"c733b860-b9f3-42c7-8d40-1e7892ebdfa7","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":112,"box":{"x":106,"y":656,"width":867,"height":10}},{"id":"17593a0a-32b3-47c7-a3f9-aac2ecb2a8d1","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":112,"box":{"x":106,"y":668,"width":648,"height":9}},{"id":"1f46baae-66dd-4fc4-b241-214c83b77ead","block_type":"box","text":"(c)","page_number":112,"box":{"x":76,"y":678,"width":10,"height":6}},{"id":"2a5920d9-1aa2-4b85-9327-e8132c5b83f4","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":112,"box":{"x":107,"y":679,"width":565,"height":10}},{"id":"385134c2-cae3-4ab7-bebc-9fd3977d171e","block_type":"box","text":"(d)","page_number":112,"box":{"x":76,"y":689,"width":10,"height":6}},{"id":"6ed31a82-e17b-46f7-8d6e-58fcda132b1e","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":112,"box":{"x":106,"y":691,"width":347,"height":9}},{"id":"32d289f2-d6d6-4099-a856-0c47caf2e1e5","block_type":"box","text":"(e)","page_number":112,"box":{"x":76,"y":701,"width":10,"height":6}},{"id":"68ebd461-27a7-4891-a6c0-ba7627a29eaa","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":112,"box":{"x":107,"y":702,"width":530,"height":10}},{"id":"b7c171fc-3c1f-498c-826e-fa216d1d4cda","block_type":"box","text":"(f)","page_number":112,"box":{"x":76,"y":713,"width":8,"height":6}},{"id":"3f348189-929a-4682-956a-fb2a3c2feafe","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":112,"box":{"x":107,"y":714,"width":335,"height":10}},{"id":"fee7a240-bd5c-431e-a3d2-9454901ce516","block_type":"box","text":"27","page_number":112,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"11ed75b9-828c-4f90-b26b-f305e9cd3948","block_type":"box","text":"For a share outstanding throughout each period:","page_number":113,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"055eca5b-80d3-42b4-85b4-11fbfaf357fb","block_type":"box","text":"iShares Morningstar Mid-Cap Value ETF","page_number":113,"box":{"x":675,"y":53,"width":183,"height":7}},{"id":"550c9171-bac5-4427-826f-22cec966c8d3","block_type":"box","text":"Year Ended","page_number":113,"box":{"x":574,"y":66,"width":52,"height":5}},{"id":"c50b633c-9b0c-4089-a4d6-a98484f77ac9","block_type":"box","text":"04/30/26","page_number":113,"box":{"x":576,"y":73,"width":48,"height":7}},{"id":"fb565720-94e1-4350-a183-8e5562d1ee1d","block_type":"box","text":"Year Ended","page_number":113,"box":{"x":657,"y":66,"width":52,"height":5}},{"id":"bb708070-9256-4cbe-8ef3-2dc5c922b05c","block_type":"box","text":"04/30/25","page_number":113,"box":{"x":659,"y":73,"width":48,"height":7}},{"id":"effa6d2d-42dd-44fb-91cf-3065b588b25f","block_type":"box","text":"Year Ended","page_number":113,"box":{"x":740,"y":66,"width":52,"height":5}},{"id":"315d7cb0-02be-45ef-bed6-0999ac4758dc","block_type":"box","text":"04/30/24","page_number":113,"box":{"x":743,"y":73,"width":47,"height":7}},{"id":"5ebf892a-fd87-4ea4-9fc4-5c8ec3ff659c","block_type":"box","text":"Year Ended","page_number":113,"box":{"x":823,"y":66,"width":52,"height":5}},{"id":"0d03b6a7-5660-4b63-9d70-14756b729394","block_type":"box","text":"04/30/23","page_number":113,"box":{"x":826,"y":73,"width":47,"height":7}},{"id":"d718efa7-889b-48fe-b731-8c3a3bcdd6fd","block_type":"box","text":"Year Ended","page_number":113,"box":{"x":906,"y":66,"width":52,"height":5}},{"id":"59fd661f-7a51-4d40-ab3f-f15cb9cccf9f","block_type":"box","text":"04/30/22","page_number":113,"box":{"x":909,"y":73,"width":47,"height":7}},{"id":"cd65247c-7f60-4205-b3ed-a6f0b27559e3","block_type":"box","text":"Net asset value, beginning of year","page_number":113,"box":{"x":76,"y":86,"width":164,"height":10}},{"id":"9f1f4ee2-754a-40ea-b106-ac7ee7eed1b8","block_type":"box","text":"$ 71.49 $ 69.56 $ 62.19 $ 65.46 $ 64.01","page_number":113,"box":{"x":578,"y":86,"width":379,"height":9}},{"id":"742a4248-a2d3-4eea-9092-e8c10768448c","block_type":"box","text":"Net investment income","page_number":113,"box":{"x":86,"y":101,"width":102,"height":8}},{"id":"b36a1264-04c6-459f-9f93-5f65dbe95de3","block_type":"box","text":"(a)","page_number":113,"box":{"x":189,"y":100,"width":7,"height":6}},{"id":"097c00d8-1d52-46f5-9e91-89a1bf4e2839","block_type":"box","text":"1.87 1.76 1.62 1.53 1.24","page_number":113,"box":{"x":609,"y":102,"width":350,"height":7}},{"id":"9050c8b9-497d-47a2-8bb1-f39735ab3cea","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":113,"box":{"x":86,"y":113,"width":167,"height":9}},{"id":"2fb5dfc3-9383-4757-a21b-41bdd48945a2","block_type":"box","text":"(b)","page_number":113,"box":{"x":254,"y":111,"width":8,"height":6}},{"id":"dadfda80-2588-4329-8c9b-ccb8e670e636","block_type":"box","text":"17.83 2.03 7.26 (3.29) 1.50","page_number":113,"box":{"x":605,"y":113,"width":353,"height":9}},{"id":"d13d4c65-94e7-4e39-bfba-7385054479c5","block_type":"box","text":"Net increase (decrease) from investment operations 19.70 3.79 8.88 (1.76) 2.74","page_number":113,"box":{"x":76,"y":128,"width":883,"height":9}},{"id":"fd71d9c9-a7de-4500-bd47-44ca0a3ac5ac","block_type":"box","text":"Distributions from net investment income","page_number":113,"box":{"x":86,"y":143,"width":183,"height":7}},{"id":"c93dfe40-e532-408a-92ad-b202a7169e55","block_type":"box","text":"(c)","page_number":113,"box":{"x":270,"y":142,"width":7,"height":5}},{"id":"27fcec34-d8ae-4dc5-a17c-ee4ef8a4cb1a","block_type":"box","text":"(1.75) (1.86) (1.51) (1.51) (1.29)","page_number":113,"box":{"x":606,"y":143,"width":355,"height":9}},{"id":"3d78c51f-52e5-4c9b-a8f9-ee380fbde89e","block_type":"box","text":"Net asset value, end of year","page_number":113,"box":{"x":76,"y":158,"width":135,"height":10}},{"id":"d0463f52-5f49-4fd4-b5e9-88da88ddb013","block_type":"box","text":"$ 89.44 $ 71.49 $ 69.56 $ 62.19 $ 65.46","page_number":113,"box":{"x":578,"y":157,"width":380,"height":9}},{"id":"51ad4b33-65b7-4228-be02-06f5e54ff8bd","block_type":"box","text":"Total Return","page_number":113,"box":{"x":76,"y":173,"width":57,"height":7}},{"id":"712252fb-f13f-4776-8444-13a9202810ac","block_type":"box","text":"(d)","page_number":113,"box":{"x":135,"y":172,"width":8,"height":5}},{"id":"0cfc48d1-e11e-4347-b5b9-dd8626ecbb46","block_type":"box","text":"Based on net asset value","page_number":113,"box":{"x":76,"y":184,"width":109,"height":8}},{"id":"2c64a435-8372-4fc7-bac0-7ea1d41e6c72","block_type":"box","text":"27.87% 5.39% 14.49% (2.60)% 4.28%","page_number":113,"box":{"x":603,"y":184,"width":362,"height":10}},{"id":"864b1911-c2d4-4811-b93e-fe4610cd8ea3","block_type":"box","text":"Ratios to Average Net Assets","page_number":113,"box":{"x":76,"y":199,"width":140,"height":10}},{"id":"bb34ff39-45c1-42ca-92e5-c011602274d2","block_type":"box","text":"(e)","page_number":113,"box":{"x":217,"y":198,"width":9,"height":6}},{"id":"d7982b9d-7b28-426d-bd7d-9778716578c5","block_type":"box","text":"Total expenses","page_number":113,"box":{"x":76,"y":211,"width":64,"height":9}},{"id":"d3117467-0ced-419a-9a84-185b17057544","block_type":"box","text":"0.06% 0.06% 0.06% 0.06% 0.06%","page_number":113,"box":{"x":607,"y":211,"width":358,"height":7}},{"id":"bfa5f029-15d4-4614-a35d-20eb3ad88717","block_type":"box","text":"Net investment income","page_number":113,"box":{"x":76,"y":226,"width":102,"height":7}},{"id":"fecba91a-512d-44d0-ab9c-e2d8a94aa9f3","block_type":"box","text":"2.30% 2.38% 2.50% 2.44% 1.88%","page_number":113,"box":{"x":607,"y":226,"width":358,"height":7}},{"id":"42384700-8677-4978-9467-2449798f5760","block_type":"box","text":"Supplemental Data","page_number":113,"box":{"x":76,"y":241,"width":91,"height":9}},{"id":"e300a5f6-ad4b-4a6c-96cd-18fc07d4da1b","block_type":"box","text":"Net assets, end of year (000)","page_number":113,"box":{"x":76,"y":252,"width":127,"height":10}},{"id":"76c2f38c-f529-43d7-8cf9-f36704e45dc2","block_type":"box","text":"$1,033,019 $643,406 $598,230 $516,215 $497,491","page_number":113,"box":{"x":578,"y":252,"width":379,"height":9}},{"id":"a9bfbc7b-a91f-40c7-91ac-6729ad7f03cb","block_type":"box","text":"Portfolio turnover rate","page_number":113,"box":{"x":76,"y":267,"width":97,"height":8}},{"id":"422204e5-6a7b-44d5-b4dc-6cee3ab5acab","block_type":"box","text":"(f)","page_number":113,"box":{"x":174,"y":266,"width":6,"height":6}},{"id":"5336dc21-be0c-489f-8634-e41107973897","block_type":"box","text":"40% 31% 43% 37% 42%","page_number":113,"box":{"x":615,"y":267,"width":350,"height":8}},{"id":"37b52209-dde9-4322-a1e8-d51c41436f90","block_type":"box","text":"(a)","page_number":113,"box":{"x":76,"y":286,"width":7,"height":6}},{"id":"c8d1f947-290a-44aa-aeca-58e5756dbbaf","block_type":"box","text":"Based on average shares outstanding.","page_number":113,"box":{"x":107,"y":288,"width":166,"height":9}},{"id":"88ee0001-6c85-4e36-a48a-2b5937cbcd6b","block_type":"box","text":"(b)","page_number":113,"box":{"x":76,"y":295,"width":8,"height":6}},{"id":"f1d7f79e-2913-449d-988c-b4836e4f993b","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":113,"box":{"x":106,"y":299,"width":678,"height":10}},{"id":"8fd1c488-78a8-4e30-8fbf-782b74e6dd1b","block_type":"box","text":"iming of capital share transactions in","page_number":113,"box":{"x":785,"y":299,"width":161,"height":10}},{"id":"17f8b4e0-e517-46a3-91a2-724e28f4002a","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":113,"box":{"x":106,"y":309,"width":333,"height":10}},{"id":"524f400b-3c23-4d46-b473-5ccd216671bb","block_type":"box","text":"(c)","page_number":113,"box":{"x":76,"y":317,"width":7,"height":5}},{"id":"fb408812-34b8-426d-bdd7-9092900cb1a4","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":113,"box":{"x":107,"y":321,"width":437,"height":9}},{"id":"6f74cb73-8704-42b2-9566-6d0690f72104","block_type":"box","text":"(d)","page_number":113,"box":{"x":76,"y":329,"width":8,"height":5}},{"id":"a54a9b96-611a-45d5-8dd7-300cadea21e9","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":113,"box":{"x":106,"y":332,"width":269,"height":10}},{"id":"67fde3a1-c8d6-491f-a309-dbe4d4575f23","block_type":"box","text":"(e)","page_number":113,"box":{"x":76,"y":340,"width":8,"height":5}},{"id":"8bb67fb6-8d2b-4a85-9e45-e2b0bfabf311","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":113,"box":{"x":107,"y":344,"width":410,"height":9}},{"id":"e536baf0-e213-44db-b66e-e70f1fd96c29","block_type":"box","text":"(f)","page_number":113,"box":{"x":76,"y":351,"width":6,"height":6}},{"id":"6324e4fa-0dbc-4fc5-bca9-0565d0f186e1","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":113,"box":{"x":107,"y":355,"width":260,"height":10}},{"id":"9671b748-af6a-4e7f-b726-6c062bfa3fb7","block_type":"box","text":"For a share outstanding throughout each period:","page_number":113,"box":{"x":77,"y":379,"width":339,"height":11}},{"id":"de27570e-9d6f-479a-a977-91e0ab8970a6","block_type":"box","text":"iShares Morningstar Small-Cap ETF","page_number":113,"box":{"x":685,"y":409,"width":164,"height":7}},{"id":"f14f0ed3-699b-49fa-a4f6-594ec2268757","block_type":"box","text":"Year Ended","page_number":113,"box":{"x":574,"y":421,"width":52,"height":6}},{"id":"f4fbbd5a-b3a1-4418-be53-bcd37f388e01","block_type":"box","text":"04/30/26","page_number":113,"box":{"x":576,"y":429,"width":48,"height":7}},{"id":"f390539e-0664-4a8a-affe-aef87980a77f","block_type":"box","text":"Year Ended","page_number":113,"box":{"x":657,"y":421,"width":52,"height":6}},{"id":"60506d9f-1a7f-44a6-86c3-af846b0716ad","block_type":"box","text":"04/30/25","page_number":113,"box":{"x":659,"y":429,"width":48,"height":7}},{"id":"1f173b20-23f1-4853-a7b8-d7dd2b0e599f","block_type":"box","text":"Year Ended","page_number":113,"box":{"x":740,"y":421,"width":52,"height":6}},{"id":"bdd385a9-7dd0-41f8-ae10-7aa2325ff025","block_type":"box","text":"04/30/24","page_number":113,"box":{"x":743,"y":429,"width":47,"height":7}},{"id":"e9bd7824-283a-44c5-90dc-54377b5320dc","block_type":"box","text":"Year Ended","page_number":113,"box":{"x":823,"y":421,"width":52,"height":6}},{"id":"7bd74513-a882-48d1-b679-62d2a05572d9","block_type":"box","text":"04/30/23","page_number":113,"box":{"x":826,"y":429,"width":47,"height":7}},{"id":"a600e977-2867-4cff-b985-7c3587606860","block_type":"box","text":"Year Ended","page_number":113,"box":{"x":906,"y":421,"width":52,"height":6}},{"id":"75d911ea-ad53-4d8e-b0bf-09a703c36b5e","block_type":"box","text":"04/30/22","page_number":113,"box":{"x":909,"y":429,"width":47,"height":7}},{"id":"d703ae30-aaa2-4709-8933-dbb370e0625d","block_type":"box","text":"Net asset value, beginning of year","page_number":113,"box":{"x":76,"y":442,"width":164,"height":10}},{"id":"4c8d271a-fe6c-4cc2-ba31-e4bbff92f95b","block_type":"box","text":"$ 53.03 $ 52.44 $ 46.57 $ 48.77 $ 58.27","page_number":113,"box":{"x":583,"y":441,"width":375,"height":9}},{"id":"3e5437e4-1049-411f-8b04-d87aec643818","block_type":"box","text":"Net investment income","page_number":113,"box":{"x":86,"y":457,"width":102,"height":8}},{"id":"16ab4a46-5f37-4972-bd6b-b391043bb4da","block_type":"box","text":"(a)","page_number":113,"box":{"x":189,"y":456,"width":7,"height":6}},{"id":"26e98eb5-b935-419c-a557-2d847455a26b","block_type":"box","text":"0.90 0.81 0.77 0.79 0.72","page_number":113,"box":{"x":607,"y":457,"width":351,"height":8}},{"id":"701dd6fc-383a-4958-a89f-3cec22daf235","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":113,"box":{"x":86,"y":469,"width":167,"height":9}},{"id":"28b05f20-398d-4eda-bb24-e503b6d073c9","block_type":"box","text":"(b)","page_number":113,"box":{"x":254,"y":467,"width":8,"height":6}},{"id":"82e36172-a71f-4e8c-85cb-c74489253717","block_type":"box","text":"17.72 0.56 5.86 (2.20) (9.50)","page_number":113,"box":{"x":605,"y":469,"width":356,"height":9}},{"id":"6201fc68-7c2d-42d8-af16-1b5413cf6add","block_type":"box","text":"Net increase (decrease) from investment operations 18.62 1.37 6.63 (1.41) (8.78)","page_number":113,"box":{"x":76,"y":484,"width":885,"height":9}},{"id":"5d10eead-cc1d-467b-a910-b4e04aeca973","block_type":"box","text":"Distributions from net investment income","page_number":113,"box":{"x":86,"y":499,"width":183,"height":7}},{"id":"54f02b02-2809-44cc-9d87-ccdac071e351","block_type":"box","text":"(c)","page_number":113,"box":{"x":270,"y":497,"width":7,"height":6}},{"id":"2742bd1b-802e-49ad-8daa-aef76431c6c1","block_type":"box","text":"(0.92) (0.78) (0.76) (0.79) (0.72)","page_number":113,"box":{"x":604,"y":499,"width":357,"height":9}},{"id":"0f348695-a5b0-47f1-bd9b-52690ae8bb22","block_type":"box","text":"Net asset value, end of year","page_number":113,"box":{"x":76,"y":513,"width":135,"height":10}},{"id":"ce9cc7ab-1b6e-4388-a215-264ecdfa7f3a","block_type":"box","text":"$ 70.73 $ 53.03 $ 52.44 $ 46.57 $ 48.77","page_number":113,"box":{"x":583,"y":513,"width":375,"height":9}},{"id":"39141e3e-03b0-49c0-9b29-c020fed797a7","block_type":"box","text":"Total Return","page_number":113,"box":{"x":76,"y":529,"width":57,"height":7}},{"id":"c7ac653e-ab9e-436b-92fb-8dc84df4123d","block_type":"box","text":"(d)","page_number":113,"box":{"x":135,"y":527,"width":8,"height":6}},{"id":"58e280c8-ff71-4540-bb27-781a73ff3d6e","block_type":"box","text":"Based on net asset value","page_number":113,"box":{"x":76,"y":540,"width":109,"height":8}},{"id":"6c6cc53b-0b43-4f07-8bf6-666b7dcbdcbc","block_type":"box","text":"35.32% 2.51% 14.32% (2.85)% (15.22)%","page_number":113,"box":{"x":601,"y":540,"width":367,"height":10}},{"id":"36fddc52-c5b4-4f6e-9f7e-1356fc75affd","block_type":"box","text":"Ratios to Average Net Assets","page_number":113,"box":{"x":76,"y":555,"width":140,"height":10}},{"id":"f996256d-4347-445e-8c98-a7c79b914d67","block_type":"box","text":"(e)","page_number":113,"box":{"x":217,"y":554,"width":9,"height":6}},{"id":"3802df8b-8c43-409a-bab8-74bba9d64729","block_type":"box","text":"Total expenses","page_number":113,"box":{"x":76,"y":567,"width":64,"height":9}},{"id":"434956e3-9413-47b2-ae69-22a31073cecc","block_type":"box","text":"0.04% 0.04% 0.04% 0.04% 0.04%","page_number":113,"box":{"x":607,"y":567,"width":358,"height":7}},{"id":"2fa075f0-8137-4935-a486-df0b88639499","block_type":"box","text":"Net investment income","page_number":113,"box":{"x":76,"y":582,"width":102,"height":7}},{"id":"a9c0257f-2d17-480f-9955-6d5531d438aa","block_type":"box","text":"1.42% 1.41% 1.54% 1.67% 1.28%","page_number":113,"box":{"x":609,"y":582,"width":356,"height":7}},{"id":"6568f9ab-7347-4986-ab68-b9ed581d7848","block_type":"box","text":"Supplemental Data","page_number":113,"box":{"x":76,"y":597,"width":91,"height":9}},{"id":"f6d46e68-f745-4094-9ab2-b502c3585f45","block_type":"box","text":"Net assets, end of year (000)","page_number":113,"box":{"x":76,"y":608,"width":127,"height":10}},{"id":"96f1866b-5a7b-432f-bf9d-f63501f6c919","block_type":"box","text":"$268,768 $214,783 $209,767 $200,259 $199,971","page_number":113,"box":{"x":583,"y":607,"width":374,"height":10}},{"id":"20657b10-27be-44df-addc-dea06e062a8f","block_type":"box","text":"Portfolio turnover rate","page_number":113,"box":{"x":76,"y":623,"width":97,"height":8}},{"id":"0e8804c3-c6b0-4716-8956-7910f8d95adb","block_type":"box","text":"(f)","page_number":113,"box":{"x":174,"y":622,"width":6,"height":6}},{"id":"6f582fe1-3407-45bc-96e2-5f298199b906","block_type":"box","text":"30% 25% 28% 28% 41%","page_number":113,"box":{"x":615,"y":623,"width":350,"height":8}},{"id":"1f8571a7-ca51-49be-968e-282c15c60c38","block_type":"box","text":"(a)","page_number":113,"box":{"x":76,"y":642,"width":7,"height":6}},{"id":"8ebf1bf2-903e-43b6-82cd-5709a8daf780","block_type":"box","text":"Based on average shares outstanding.","page_number":113,"box":{"x":107,"y":643,"width":166,"height":10}},{"id":"662745cb-ec7c-40ec-a68b-7bfc1a2a7aab","block_type":"box","text":"(b)","page_number":113,"box":{"x":76,"y":651,"width":8,"height":5}},{"id":"b5323054-894a-430e-9774-1811b390d02f","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":113,"box":{"x":106,"y":655,"width":678,"height":9}},{"id":"1785c668-5e61-41ff-ab0e-0f826e87509a","block_type":"box","text":"iming of capital share transactions in","page_number":113,"box":{"x":785,"y":655,"width":161,"height":9}},{"id":"9fd47611-4c8e-462d-a320-7fd90694f91d","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":113,"box":{"x":106,"y":665,"width":333,"height":10}},{"id":"4df65f6b-f07d-42ad-9e5b-64505d0e6651","block_type":"box","text":"(c)","page_number":113,"box":{"x":76,"y":673,"width":7,"height":5}},{"id":"6530b947-2338-4579-854b-8d104abb768d","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":113,"box":{"x":107,"y":677,"width":437,"height":9}},{"id":"afc8332d-5513-44b0-8ab5-98b8e3ab4be7","block_type":"box","text":"(d)","page_number":113,"box":{"x":76,"y":684,"width":8,"height":6}},{"id":"a2bd28c3-df26-4e87-ad71-8b366eaec641","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":113,"box":{"x":106,"y":688,"width":269,"height":10}},{"id":"73c29c7d-b4c4-4a8c-9ae7-05177bd8e9cd","block_type":"box","text":"(e)","page_number":113,"box":{"x":76,"y":696,"width":8,"height":5}},{"id":"d4893c5e-f0c6-4c86-b76f-6b8e17623e76","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":113,"box":{"x":107,"y":699,"width":410,"height":10}},{"id":"16a14bad-9d75-452e-afa5-8d82c8843ab9","block_type":"box","text":"(f)","page_number":113,"box":{"x":76,"y":707,"width":6,"height":6}},{"id":"b4b15a40-28c1-4f2b-a861-0508f2c21da2","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":113,"box":{"x":107,"y":711,"width":260,"height":10}},{"id":"bc0f15d1-7f4f-489b-9355-ee4990d61105","block_type":"box","text":"28","page_number":113,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"ed8b83e0-88df-46c4-b9de-2ea09cc12bf2","block_type":"box","text":"For a share outstanding throughout each period:","page_number":114,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"59e39076-d38e-4d77-9f65-22eb61697d9d","block_type":"box","text":"iShares Morningstar Small-Cap Growth ETF","page_number":114,"box":{"x":666,"y":45,"width":201,"height":7}},{"id":"6b6045b8-d4cb-41ee-a92c-eddf649979f7","block_type":"box","text":"Year Ended","page_number":114,"box":{"x":574,"y":58,"width":52,"height":5}},{"id":"491f4874-6235-4fca-baf6-7d150331e7f1","block_type":"box","text":"04/30/26","page_number":114,"box":{"x":576,"y":66,"width":48,"height":7}},{"id":"9d07f76d-9f7d-4778-a8fe-f007dd035e43","block_type":"box","text":"Year Ended","page_number":114,"box":{"x":657,"y":58,"width":52,"height":5}},{"id":"18bb6b08-552d-4b71-bb22-881993992323","block_type":"box","text":"04/30/25","page_number":114,"box":{"x":659,"y":66,"width":48,"height":7}},{"id":"047c6631-2039-4c8a-a902-5ca07e7f0357","block_type":"box","text":"Year Ended","page_number":114,"box":{"x":740,"y":58,"width":52,"height":5}},{"id":"8b6cb3dc-e908-4f6b-b312-4bef90c98c7c","block_type":"box","text":"04/30/24","page_number":114,"box":{"x":743,"y":66,"width":47,"height":7}},{"id":"83d66cea-e694-46bc-8acd-dd3408213863","block_type":"box","text":"Year Ended","page_number":114,"box":{"x":823,"y":58,"width":52,"height":5}},{"id":"f400e9bd-49f6-4997-a315-ab36f3ec7d68","block_type":"box","text":"04/30/23","page_number":114,"box":{"x":826,"y":66,"width":47,"height":7}},{"id":"0deb820a-da8f-47f3-9423-af7f26ab8c9c","block_type":"box","text":"Year Ended","page_number":114,"box":{"x":906,"y":58,"width":52,"height":5}},{"id":"cb8876b8-dce2-4824-88a8-6e1b6b6b4f6b","block_type":"box","text":"04/30/22","page_number":114,"box":{"x":909,"y":66,"width":47,"height":7}},{"id":"a9a6c42f-cecf-4f59-8851-9bce0f11a438","block_type":"box","text":"Net asset value, beginning of year","page_number":114,"box":{"x":76,"y":79,"width":164,"height":9}},{"id":"1bc1b2e9-b8f5-437b-9e01-0e5f517ef772","block_type":"box","text":"$ 44.73 $ 43.56 $ 38.31 $ 39.27 $ 51.60","page_number":114,"box":{"x":583,"y":78,"width":375,"height":9}},{"id":"5e13f5f3-6054-491c-a43c-acfe8458e618","block_type":"box","text":"Net investment income","page_number":114,"box":{"x":86,"y":94,"width":102,"height":7}},{"id":"5c8200bf-0661-4c3e-a0ca-1e4bcae4bb8e","block_type":"box","text":"(a)","page_number":114,"box":{"x":189,"y":92,"width":7,"height":6}},{"id":"e0f50a9a-4009-4128-87c1-900481445d8e","block_type":"box","text":"0.38 0.34 0.32 0.35 0.31","page_number":114,"box":{"x":607,"y":94,"width":350,"height":7}},{"id":"d898d209-2e6d-4e9f-9745-9ba96f383baa","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":114,"box":{"x":86,"y":105,"width":167,"height":10}},{"id":"df5d76ec-0503-4140-b697-6a556f1af1c4","block_type":"box","text":"(b)","page_number":114,"box":{"x":254,"y":104,"width":8,"height":5}},{"id":"d4dcd483-a58c-43c4-9d05-e7cde1bcc1b1","block_type":"box","text":"15.77 1.25 5.25 (0.94) (12.30)","page_number":114,"box":{"x":603,"y":105,"width":358,"height":9}},{"id":"e6d1230a-2631-4615-9538-f8bf6e62ce36","block_type":"box","text":"Net increase (decrease) from investment operations 16.15 1.59 5.57 (0.59) (11.99)","page_number":114,"box":{"x":76,"y":120,"width":885,"height":10}},{"id":"982383a7-9ad2-4c10-ae23-40af622bc780","block_type":"box","text":"Distributions from net investment income","page_number":114,"box":{"x":76,"y":135,"width":183,"height":7}},{"id":"171814f5-46aa-4890-941d-17919358ff6f","block_type":"box","text":"(c)","page_number":114,"box":{"x":260,"y":134,"width":7,"height":6}},{"id":"e2d4eafb-aa40-4e95-9769-f8e4af51ddc2","block_type":"box","text":"(0.35) (0.42) (0.32) (0.37) (0.34)","page_number":114,"box":{"x":604,"y":135,"width":357,"height":10}},{"id":"6f95a2a9-d095-400f-9996-4e3722545c96","block_type":"box","text":"Net asset value, end of year","page_number":114,"box":{"x":76,"y":150,"width":135,"height":10}},{"id":"82f45bec-146d-4c15-9999-c3a3cfb0d7ea","block_type":"box","text":"$ 60.53 $ 44.73 $ 43.56 $ 38.31 $ 39.27","page_number":114,"box":{"x":583,"y":149,"width":375,"height":9}},{"id":"d441c975-0844-49f5-ab37-a75a01100b3c","block_type":"box","text":"Total Return","page_number":114,"box":{"x":76,"y":165,"width":57,"height":8}},{"id":"2500203e-72d9-47c2-9e1e-fa351761f157","block_type":"box","text":"(d)","page_number":114,"box":{"x":135,"y":164,"width":8,"height":6}},{"id":"74cc7709-1222-4a73-8296-922f2af63560","block_type":"box","text":"Based on net asset value","page_number":114,"box":{"x":76,"y":180,"width":109,"height":8}},{"id":"5231b868-6aa7-4723-9445-a974324aceb4","block_type":"box","text":"36.22% 3.57% 14.57% (1.45)% (23.36)%","page_number":114,"box":{"x":601,"y":180,"width":367,"height":10}},{"id":"a4a3dbc0-ab1e-4d31-894d-6b23da0dd9e8","block_type":"box","text":"Ratios to Average Net Assets","page_number":114,"box":{"x":76,"y":195,"width":140,"height":10}},{"id":"a2556b1e-733a-4c78-a5d6-69930eac1644","block_type":"box","text":"(e)","page_number":114,"box":{"x":217,"y":194,"width":9,"height":6}},{"id":"cc0602a3-35b9-48ca-adb8-70c9047808c8","block_type":"box","text":"Total expenses","page_number":114,"box":{"x":76,"y":210,"width":64,"height":10}},{"id":"8871e1a4-4b13-4295-b24d-c23400d87133","block_type":"box","text":"0.06% 0.06% 0.06% 0.06% 0.06%","page_number":114,"box":{"x":607,"y":210,"width":358,"height":8}},{"id":"a7dc7cb7-912c-46bf-9624-b1096c48beac","block_type":"box","text":"Net investment income","page_number":114,"box":{"x":76,"y":225,"width":102,"height":8}},{"id":"2e8be612-d2eb-49c5-ae14-ed57dde13593","block_type":"box","text":"0.70% 0.71% 0.76% 0.94% 0.65%","page_number":114,"box":{"x":607,"y":225,"width":358,"height":8}},{"id":"1117b5a5-1b83-4f14-a234-90dad78a52a2","block_type":"box","text":"Supplemental Data","page_number":114,"box":{"x":76,"y":240,"width":91,"height":10}},{"id":"8e783bf5-54f0-4835-ae3c-e71e918f8e6f","block_type":"box","text":"Net assets, end of year (000)","page_number":114,"box":{"x":76,"y":255,"width":127,"height":10}},{"id":"0db88f9c-cb82-42b5-9dca-d241e107d139","block_type":"box","text":"$947,254 $603,813 $529,244 $402,287 $318,118","page_number":114,"box":{"x":583,"y":254,"width":375,"height":10}},{"id":"823b0e94-99e8-4f91-a54d-9960f081a86d","block_type":"box","text":"Portfolio turnover rate","page_number":114,"box":{"x":76,"y":270,"width":97,"height":8}},{"id":"df0011f7-bb14-46d9-ad36-23c20d5cd2c7","block_type":"box","text":"(f)","page_number":114,"box":{"x":174,"y":269,"width":6,"height":6}},{"id":"4b898f82-ae75-4aa4-aec5-600370f443ce","block_type":"box","text":"43% 42% 44% 52% 58%","page_number":114,"box":{"x":615,"y":270,"width":350,"height":8}},{"id":"5276e4ad-9536-4ec1-9cf8-1d2f33080206","block_type":"box","text":"(a)","page_number":114,"box":{"x":76,"y":288,"width":10,"height":6}},{"id":"54ad2d49-c18f-4379-8d25-44beb9272531","block_type":"box","text":"Based on average shares outstanding.","page_number":114,"box":{"x":107,"y":289,"width":215,"height":10}},{"id":"57f063a0-f4cd-48d5-bc2e-54a818b056a7","block_type":"box","text":"(b)","page_number":114,"box":{"x":76,"y":299,"width":10,"height":6}},{"id":"e427c4d1-1554-4505-a253-763d029b4bc0","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":114,"box":{"x":106,"y":301,"width":867,"height":9}},{"id":"34d5ccbc-321d-4a13-b5fb-96e6f9e40da2","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":114,"box":{"x":106,"y":312,"width":648,"height":10}},{"id":"e6b855b2-4c90-46ca-a1ed-01bc37a588d8","block_type":"box","text":"(c)","page_number":114,"box":{"x":76,"y":323,"width":10,"height":6}},{"id":"8aa40061-95bc-4c46-b306-c207ceecd280","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":114,"box":{"x":107,"y":324,"width":565,"height":10}},{"id":"aaa78838-804f-424b-bf5f-a81a587808bd","block_type":"box","text":"(d)","page_number":114,"box":{"x":76,"y":334,"width":10,"height":6}},{"id":"3f442c58-b715-447a-8abf-20fb35903992","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":114,"box":{"x":106,"y":336,"width":347,"height":9}},{"id":"29a46b96-93d2-4a6f-bbd1-d16eb6311443","block_type":"box","text":"(e)","page_number":114,"box":{"x":76,"y":346,"width":10,"height":6}},{"id":"792d05a0-6475-4947-a810-52f73875fb12","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":114,"box":{"x":107,"y":347,"width":530,"height":10}},{"id":"95e1ff74-43b5-4bbc-90b0-25a69bef449f","block_type":"box","text":"(f)","page_number":114,"box":{"x":76,"y":357,"width":8,"height":6}},{"id":"b66ec6cf-e6c3-4faf-ad50-8a787f1fbda6","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":114,"box":{"x":107,"y":359,"width":335,"height":9}},{"id":"dffc7150-1fa5-4afc-bcca-da7e7e933a99","block_type":"box","text":"For a share outstanding throughout each period:","page_number":114,"box":{"x":77,"y":378,"width":339,"height":11}},{"id":"f5096cba-ba10-4d63-8ccd-b734dceae6f9","block_type":"box","text":"iShares Morningstar Small-Cap Value ETF","page_number":114,"box":{"x":670,"y":401,"width":193,"height":7}},{"id":"f215f100-da94-47c8-84a9-153aa83f6f46","block_type":"box","text":"Year Ended","page_number":114,"box":{"x":574,"y":413,"width":52,"height":6}},{"id":"bf8f3f75-c895-4de2-ab8c-e36c6ff26448","block_type":"box","text":"04/30/26","page_number":114,"box":{"x":576,"y":421,"width":48,"height":7}},{"id":"a9614a47-f308-4a33-93b2-52ee8eeccf09","block_type":"box","text":"Year Ended","page_number":114,"box":{"x":657,"y":413,"width":52,"height":6}},{"id":"b74f21ad-59d7-4400-9001-99061a528f8d","block_type":"box","text":"04/30/25","page_number":114,"box":{"x":659,"y":421,"width":48,"height":7}},{"id":"e6740ab9-5e7b-4e02-9f24-7d431d6e60a8","block_type":"box","text":"Year Ended","page_number":114,"box":{"x":740,"y":413,"width":52,"height":6}},{"id":"513d6aa1-d36c-4533-b847-7d38fd2221ee","block_type":"box","text":"04/30/24","page_number":114,"box":{"x":743,"y":421,"width":47,"height":7}},{"id":"e4d0bf3e-4c2b-4071-9768-008e9a17c006","block_type":"box","text":"Year Ended","page_number":114,"box":{"x":823,"y":413,"width":52,"height":6}},{"id":"1adaaff9-27d4-4078-82f0-35325eace35f","block_type":"box","text":"04/30/23","page_number":114,"box":{"x":826,"y":421,"width":47,"height":7}},{"id":"c5443461-27bb-4265-8267-920aa30438ad","block_type":"box","text":"Year Ended","page_number":114,"box":{"x":906,"y":413,"width":52,"height":6}},{"id":"0a3ca17f-1b33-4bd1-8769-74632983e0f7","block_type":"box","text":"04/30/22","page_number":114,"box":{"x":909,"y":421,"width":47,"height":7}},{"id":"78e7585e-0791-42c8-8e93-9c3857e327f7","block_type":"box","text":"Net asset value, beginning of year","page_number":114,"box":{"x":76,"y":434,"width":164,"height":10}},{"id":"b67d38f8-95d9-4162-b6cf-d107573590e3","block_type":"box","text":"$ 56.67 $ 57.12 $ 51.33 $ 54.82 $ 58.31","page_number":114,"box":{"x":583,"y":433,"width":374,"height":9}},{"id":"12716a15-0f20-4c10-adae-e3d9dc2826f6","block_type":"box","text":"Net investment income","page_number":114,"box":{"x":86,"y":449,"width":102,"height":7}},{"id":"25b6c5fe-0c01-437b-8be8-9770dead6787","block_type":"box","text":"(a)","page_number":114,"box":{"x":189,"y":448,"width":7,"height":6}},{"id":"ff49e4c9-5e73-456a-9949-de0360f56ed6","block_type":"box","text":"1.43 1.28 1.24 1.24 1.03","page_number":114,"box":{"x":609,"y":449,"width":349,"height":7}},{"id":"3e14e1f4-bd83-4186-b1d5-0e17cb90e18f","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":114,"box":{"x":86,"y":460,"width":167,"height":10}},{"id":"95e9f959-fee8-447e-8caa-fa2cbef418e2","block_type":"box","text":"(b)","page_number":114,"box":{"x":254,"y":459,"width":8,"height":6}},{"id":"889e9edd-4f32-4f2b-a0e5-386c976a7cc1","block_type":"box","text":"17.71 (0.46) 5.82 (3.55) (3.43)","page_number":114,"box":{"x":605,"y":460,"width":356,"height":10}},{"id":"4805920c-d6e0-4a6d-bc74-0538982f5bef","block_type":"box","text":"Net increase (decrease) from investment operations 19.14 0.82 7.06 (2.31) (2.40)","page_number":114,"box":{"x":76,"y":475,"width":885,"height":10}},{"id":"a1a90c5f-6604-4390-9749-923d86b600dc","block_type":"box","text":"Distributions from net investment income","page_number":114,"box":{"x":76,"y":490,"width":183,"height":8}},{"id":"32664730-7ea3-460d-87ef-6d0baef6a896","block_type":"box","text":"(c)","page_number":114,"box":{"x":260,"y":489,"width":7,"height":6}},{"id":"f4f0b3ba-722d-4fb0-8335-8fc907d5b112","block_type":"box","text":"(1.41) (1.27) (1.27) (1.18) (1.09)","page_number":114,"box":{"x":607,"y":490,"width":354,"height":10}},{"id":"b79481cf-3845-45d2-8c50-f1d0e2f52dab","block_type":"box","text":"Net asset value, end of year","page_number":114,"box":{"x":76,"y":505,"width":135,"height":10}},{"id":"bd0183d7-de69-4a90-9621-8723488cfdf5","block_type":"box","text":"$ 74.40 $ 56.67 $ 57.12 $ 51.33 $ 54.82","page_number":114,"box":{"x":583,"y":505,"width":375,"height":9}},{"id":"ec3d8b5d-3a17-44f8-99ca-f0708387f8a3","block_type":"box","text":"Total Return","page_number":114,"box":{"x":76,"y":520,"width":57,"height":8}},{"id":"be11e25c-7284-497f-846c-34def2852a0a","block_type":"box","text":"(d)","page_number":114,"box":{"x":135,"y":519,"width":8,"height":6}},{"id":"66ffc73c-47e3-4b84-a4e9-4ee04ba9df69","block_type":"box","text":"Based on net asset value","page_number":114,"box":{"x":76,"y":535,"width":109,"height":8}},{"id":"e79efe3a-9608-4007-8fb6-0875cc98407e","block_type":"box","text":"34.10% 1.28% 13.85% (4.20)% (4.19)%","page_number":114,"box":{"x":603,"y":535,"width":365,"height":10}},{"id":"5050c5ad-2655-4a75-be53-7a60d419d127","block_type":"box","text":"Ratios to Average Net Assets","page_number":114,"box":{"x":76,"y":550,"width":140,"height":10}},{"id":"b8fe3b55-aefe-46da-8cfd-02d294d8c17f","block_type":"box","text":"(e)","page_number":114,"box":{"x":217,"y":549,"width":9,"height":6}},{"id":"bc8cbdbb-9d3d-46ca-91af-593af808e057","block_type":"box","text":"Total expenses","page_number":114,"box":{"x":76,"y":565,"width":64,"height":10}},{"id":"e8968371-6690-462e-9771-84a58819e328","block_type":"box","text":"0.06% 0.06% 0.06% 0.06% 0.06%","page_number":114,"box":{"x":607,"y":565,"width":358,"height":8}},{"id":"44ce1fe8-c2cc-4eb5-ac29-07b170a5aa21","block_type":"box","text":"Net investment income","page_number":114,"box":{"x":76,"y":580,"width":102,"height":8}},{"id":"b9586f69-774c-48de-bdf9-ed1f75d4e187","block_type":"box","text":"2.13% 2.08% 2.26% 2.33% 1.76%","page_number":114,"box":{"x":609,"y":580,"width":356,"height":8}},{"id":"b4f207f7-c1a3-4cd0-8ca7-c7271b92bde9","block_type":"box","text":"Supplemental Data","page_number":114,"box":{"x":76,"y":595,"width":91,"height":10}},{"id":"ea98965e-f65d-449f-8d71-6e5c0ac5994d","block_type":"box","text":"Net assets, end of year (000)","page_number":114,"box":{"x":76,"y":610,"width":127,"height":10}},{"id":"3a2813a8-bc9d-4a0d-9875-920d1847fda7","block_type":"box","text":"$650,957 $419,325 $396,951 $387,526 $367,323","page_number":114,"box":{"x":583,"y":610,"width":375,"height":9}},{"id":"8ccc0237-4fb1-41d0-a51e-1c69c85e0b0c","block_type":"box","text":"Portfolio turnover rate","page_number":114,"box":{"x":76,"y":625,"width":97,"height":8}},{"id":"ebb6297c-4a08-45cf-8d68-d56ba30bcc60","block_type":"box","text":"(f)","page_number":114,"box":{"x":174,"y":624,"width":6,"height":6}},{"id":"94304e48-aa19-4b6b-9c93-b8eee327c2cf","block_type":"box","text":"43% 38% 45% 41% 47%","page_number":114,"box":{"x":615,"y":625,"width":350,"height":8}},{"id":"c0a832f5-f6d1-44e3-a236-08bfc12a6f95","block_type":"box","text":"(a)","page_number":114,"box":{"x":76,"y":643,"width":10,"height":6}},{"id":"eaaa11e8-31c7-4883-808a-3d0e6935b105","block_type":"box","text":"Based on average shares outstanding.","page_number":114,"box":{"x":107,"y":644,"width":215,"height":10}},{"id":"81c7e88a-1dd3-4b79-915f-8e3016695070","block_type":"box","text":"(b)","page_number":114,"box":{"x":76,"y":655,"width":10,"height":6}},{"id":"a5d233b5-c181-4473-97d3-a1ebf9d36976","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":114,"box":{"x":106,"y":656,"width":867,"height":10}},{"id":"bcb6fbb6-06fd-445e-9785-1c84c4dcee93","block_type":"box","text":"timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.","page_number":114,"box":{"x":106,"y":668,"width":648,"height":9}},{"id":"e0c19e5d-8351-4179-b8cb-aac2cf60f594","block_type":"box","text":"(c)","page_number":114,"box":{"x":76,"y":678,"width":10,"height":6}},{"id":"0dfac122-70c1-4fbf-a773-b92f1b04e0e8","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":114,"box":{"x":107,"y":679,"width":565,"height":10}},{"id":"688c6a27-088e-4cdb-8f63-88a0126a513d","block_type":"box","text":"(d)","page_number":114,"box":{"x":76,"y":689,"width":10,"height":6}},{"id":"852abd1e-68fb-4d2c-a62d-8be17211cf60","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":114,"box":{"x":106,"y":691,"width":347,"height":9}},{"id":"b0212d71-5cc0-4f6c-8959-32ae2ce8948c","block_type":"box","text":"(e)","page_number":114,"box":{"x":76,"y":701,"width":10,"height":6}},{"id":"2fd1deea-759f-4224-8b8e-772bf5d72ae2","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":114,"box":{"x":107,"y":702,"width":530,"height":10}},{"id":"7a2b8680-3d0c-4cb4-8d83-42900c34476a","block_type":"box","text":"(f)","page_number":114,"box":{"x":76,"y":713,"width":8,"height":6}},{"id":"e97dd1d8-0e06-4abc-9add-bda5f9cf1d9f","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":114,"box":{"x":107,"y":714,"width":335,"height":10}},{"id":"aca854b3-c8bf-4ebb-bb7b-1e477163f003","block_type":"box","text":"29","page_number":114,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"f06ebfe2-edad-4378-8825-83dabcb07eda","block_type":"box","text":"For a share outstanding throughout each period:","page_number":115,"box":{"x":77,"y":23,"width":339,"height":11}},{"id":"1a59c4d8-3e4b-4262-8856-74578c495bfd","block_type":"box","text":"iShares Morningstar U.S. Equity ETF","page_number":115,"box":{"x":683,"y":53,"width":168,"height":7}},{"id":"aca4d194-88bd-418d-96d0-215f46ece186","block_type":"box","text":"Year Ended","page_number":115,"box":{"x":574,"y":66,"width":52,"height":5}},{"id":"476b5a7b-6ec4-4fea-a5e6-f37bd84839a9","block_type":"box","text":"04/30/26","page_number":115,"box":{"x":576,"y":73,"width":48,"height":7}},{"id":"1c3a2cde-a37e-4a28-b0f0-2c121b04434e","block_type":"box","text":"Year Ended","page_number":115,"box":{"x":657,"y":66,"width":52,"height":5}},{"id":"bd1519c2-60f2-44ce-8cd7-d0de03626e09","block_type":"box","text":"04/30/25","page_number":115,"box":{"x":659,"y":73,"width":48,"height":7}},{"id":"db013621-8773-46a7-a618-1cd3d4ad565c","block_type":"box","text":"Year Ended","page_number":115,"box":{"x":740,"y":66,"width":52,"height":5}},{"id":"ad5fc874-ee7e-41e7-a140-1d68924b196c","block_type":"box","text":"04/30/24","page_number":115,"box":{"x":743,"y":73,"width":47,"height":7}},{"id":"2f4c3d25-1055-4f29-aef3-7a92e4de856f","block_type":"box","text":"Year Ended","page_number":115,"box":{"x":823,"y":66,"width":52,"height":5}},{"id":"1b9ed761-daa7-4a54-a1ae-2480abbdd378","block_type":"box","text":"04/30/23","page_number":115,"box":{"x":826,"y":73,"width":47,"height":7}},{"id":"f782edd9-97f5-4e3a-8a34-edc8b176730e","block_type":"box","text":"Year Ended","page_number":115,"box":{"x":906,"y":66,"width":52,"height":5}},{"id":"958e88cd-d40f-4458-9748-9a892eaa8c7a","block_type":"box","text":"04/30/22","page_number":115,"box":{"x":909,"y":73,"width":47,"height":7}},{"id":"19d754b3-d60c-40fb-a915-68bbca01b31c","block_type":"box","text":"Net asset value, beginning of year","page_number":115,"box":{"x":76,"y":86,"width":164,"height":10}},{"id":"211e0c02-bb1d-4ed1-9391-6d22259d936a","block_type":"box","text":"$ 76.87 $ 69.46 $ 57.11 $ 57.06 $ 59.02","page_number":115,"box":{"x":576,"y":86,"width":382,"height":9}},{"id":"49fa7f1b-f9ff-4dfb-a683-550a906aa825","block_type":"box","text":"Net investment income","page_number":115,"box":{"x":86,"y":101,"width":102,"height":8}},{"id":"c1dbc939-1abb-473a-8b10-50f277a9130e","block_type":"box","text":"(a)","page_number":115,"box":{"x":189,"y":100,"width":7,"height":6}},{"id":"24628f95-325b-49d1-94f6-12fd4598df7f","block_type":"box","text":"1.04 1.00 0.94 0.90 0.79","page_number":115,"box":{"x":609,"y":102,"width":349,"height":7}},{"id":"7f89a91e-3dd2-4e5b-83a9-265234ecdadc","block_type":"box","text":"Net realized and unrealized gain (loss)","page_number":115,"box":{"x":86,"y":113,"width":167,"height":9}},{"id":"fd5c37ce-4ced-4ea3-8720-7b2c794c15ae","block_type":"box","text":"(b)","page_number":115,"box":{"x":254,"y":111,"width":8,"height":6}},{"id":"33bc059e-1b6b-4a52-bcd0-9ef2a54fb429","block_type":"box","text":"22.55 7.41 12.35 0.04 (1.95)","page_number":115,"box":{"x":601,"y":113,"width":360,"height":9}},{"id":"3ec59ed3-80ae-4563-8c32-2cd8af0b1680","block_type":"box","text":"Net increase (decrease) from investment operations 23.59 8.41 13.29 0.94 (1.16)","page_number":115,"box":{"x":76,"y":128,"width":885,"height":9}},{"id":"8c53633c-4313-43ce-b5c6-d141fee2e68a","block_type":"box","text":"Distributions from net investment income","page_number":115,"box":{"x":86,"y":143,"width":183,"height":7}},{"id":"f922183d-5668-4fcc-8134-ccce3c4f29f0","block_type":"box","text":"(c)","page_number":115,"box":{"x":270,"y":142,"width":7,"height":5}},{"id":"a6a6b122-77af-4601-a895-911accade5f7","block_type":"box","text":"(1.01) (1.00) (0.94) (0.89) (0.80)","page_number":115,"box":{"x":607,"y":143,"width":354,"height":9}},{"id":"4a84c8ee-b900-4ec5-8713-fd504a6e06a8","block_type":"box","text":"Net asset value, end of year","page_number":115,"box":{"x":76,"y":158,"width":135,"height":10}},{"id":"be268fb8-861c-427d-9972-5261e4ec37ec","block_type":"box","text":"$ 99.45 $ 76.87 $ 69.46 $ 57.11 $ 57.06","page_number":115,"box":{"x":576,"y":157,"width":382,"height":9}},{"id":"4ac73134-e853-4fbd-a0bb-4372b32a9c04","block_type":"box","text":"Total Return","page_number":115,"box":{"x":76,"y":173,"width":57,"height":7}},{"id":"e70ed310-39cd-4dbd-8b54-7d9dcd1b33c3","block_type":"box","text":"(d)","page_number":115,"box":{"x":135,"y":172,"width":8,"height":5}},{"id":"ab2ea05b-0a3e-447d-8b5b-31abb67e5a5f","block_type":"box","text":"Based on net asset value","page_number":115,"box":{"x":76,"y":184,"width":109,"height":8}},{"id":"d3e0a1f9-f039-4d46-be2c-cc73d282fd8f","block_type":"box","text":"30.83% 12.08% 23.44% 1.77% (2.08)%","page_number":115,"box":{"x":601,"y":184,"width":367,"height":10}},{"id":"b326912b-fed6-466c-ba69-78f735f1bbc5","block_type":"box","text":"Ratios to Average Net Assets","page_number":115,"box":{"x":76,"y":199,"width":140,"height":10}},{"id":"809a870b-6c29-4930-aefd-92381985f235","block_type":"box","text":"(e)","page_number":115,"box":{"x":217,"y":198,"width":9,"height":6}},{"id":"e4e19973-a121-4248-8611-4d4e355ce7db","block_type":"box","text":"Total expenses","page_number":115,"box":{"x":76,"y":211,"width":64,"height":9}},{"id":"68b0c20b-54fd-4ec8-b2dc-58dcb780c203","block_type":"box","text":"0.03% 0.03% 0.03% 0.03% 0.03%","page_number":115,"box":{"x":607,"y":211,"width":358,"height":7}},{"id":"db99af63-b5fd-4ac7-a533-fbb6e0b522ed","block_type":"box","text":"Net investment income","page_number":115,"box":{"x":76,"y":226,"width":102,"height":7}},{"id":"b0b9abde-fb73-4d8b-abbb-ec40f849fb26","block_type":"box","text":"1.15% 1.27% 1.48% 1.65% 1.27%","page_number":115,"box":{"x":611,"y":226,"width":354,"height":7}},{"id":"7e87e486-f9a8-4885-903c-012cf0eac736","block_type":"box","text":"Supplemental Data","page_number":115,"box":{"x":76,"y":241,"width":91,"height":9}},{"id":"299c414c-466c-4a78-8120-fcdedeca56a6","block_type":"box","text":"Net assets, end of year (000)","page_number":115,"box":{"x":76,"y":252,"width":127,"height":10}},{"id":"a5091664-5fd2-4750-b4f1-85329d01252e","block_type":"box","text":"$1,223,224 $937,821 $857,809 $748,145 $790,314","page_number":115,"box":{"x":576,"y":252,"width":383,"height":9}},{"id":"45b89f86-3028-4427-ba83-2ac08c4fbe09","block_type":"box","text":"Portfolio turnover rate","page_number":115,"box":{"x":76,"y":267,"width":97,"height":8}},{"id":"30e547f7-0af8-4dd2-84aa-5314b450e3bc","block_type":"box","text":"(f)","page_number":115,"box":{"x":174,"y":266,"width":6,"height":6}},{"id":"4a4182cd-8fc8-46fa-9419-c13584a45603","block_type":"box","text":"8% 4% 5% 4% 6%","page_number":115,"box":{"x":621,"y":267,"width":344,"height":8}},{"id":"96b63a73-2947-4f9b-a74c-8b9a6729d722","block_type":"box","text":"(a)","page_number":115,"box":{"x":76,"y":286,"width":7,"height":6}},{"id":"3749d85a-03c5-4fb4-9c5b-b01dad90f93d","block_type":"box","text":"Based on average shares outstanding.","page_number":115,"box":{"x":107,"y":288,"width":166,"height":9}},{"id":"d3501899-1239-489d-8f6c-099d6e69ad68","block_type":"box","text":"(b)","page_number":115,"box":{"x":76,"y":295,"width":8,"height":6}},{"id":"9838f337-5734-4cf5-b6e2-a09552650cce","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":115,"box":{"x":106,"y":299,"width":678,"height":10}},{"id":"c7660fe5-c087-4f18-8ad5-6986cc23ad20","block_type":"box","text":"iming of capital share transactions in","page_number":115,"box":{"x":785,"y":299,"width":161,"height":10}},{"id":"33872d63-bf9b-44a2-8c83-274861c92d8f","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":115,"box":{"x":106,"y":309,"width":333,"height":10}},{"id":"86880e03-b2da-4bf3-a48b-cd0fdfc6cc89","block_type":"box","text":"(c)","page_number":115,"box":{"x":76,"y":317,"width":7,"height":5}},{"id":"687ba242-d030-45fd-9581-d784fcbbc5bb","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":115,"box":{"x":107,"y":321,"width":437,"height":9}},{"id":"565ade04-b0dc-43f7-92a4-d5f5903c0490","block_type":"box","text":"(d)","page_number":115,"box":{"x":76,"y":329,"width":8,"height":5}},{"id":"98239e9e-f915-4195-a109-095bccce26f1","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":115,"box":{"x":106,"y":332,"width":269,"height":10}},{"id":"2834621a-b997-43ec-91db-3b99a8597c05","block_type":"box","text":"(e)","page_number":115,"box":{"x":76,"y":340,"width":8,"height":5}},{"id":"309fcfbc-e818-4c08-a46c-a3d072321783","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":115,"box":{"x":107,"y":344,"width":410,"height":9}},{"id":"3cd86e95-da4f-4c76-bedd-ef894e9ccb6b","block_type":"box","text":"(f)","page_number":115,"box":{"x":76,"y":351,"width":6,"height":6}},{"id":"823a6cfe-c384-484f-9618-798fe928c6d8","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":115,"box":{"x":107,"y":355,"width":260,"height":10}},{"id":"a586fa54-a6c4-448a-80ae-4bfc09cba9b7","block_type":"box","text":"For a share outstanding throughout each period:","page_number":115,"box":{"x":77,"y":379,"width":339,"height":11}},{"id":"d8d03e09-940b-45a5-af85-7e0aa6f3d7d0","block_type":"box","text":"iShares Morningstar Value ETF","page_number":115,"box":{"x":695,"y":409,"width":143,"height":7}},{"id":"10cef546-5069-4d87-9327-b3901975c8a3","block_type":"box","text":"Year Ended","page_number":115,"box":{"x":574,"y":421,"width":52,"height":6}},{"id":"e01b0aff-7f8d-42f4-9990-155d2c0e65e4","block_type":"box","text":"04/30/26","page_number":115,"box":{"x":576,"y":429,"width":48,"height":7}},{"id":"4f532974-e023-4258-a4d2-a6ac36dc87e8","block_type":"box","text":"Year Ended","page_number":115,"box":{"x":657,"y":421,"width":52,"height":6}},{"id":"6a8434a1-4c52-42b8-af20-15c941809220","block_type":"box","text":"04/30/25","page_number":115,"box":{"x":659,"y":429,"width":48,"height":7}},{"id":"49a3be28-f207-44f7-a0f7-a681b5c18f37","block_type":"box","text":"Year Ended","page_number":115,"box":{"x":740,"y":421,"width":52,"height":6}},{"id":"750ac1a9-f574-4a95-879e-197a87a5df98","block_type":"box","text":"04/30/24","page_number":115,"box":{"x":743,"y":429,"width":47,"height":7}},{"id":"23132754-a8e2-4781-ab93-85166006a856","block_type":"box","text":"Year Ended","page_number":115,"box":{"x":823,"y":421,"width":52,"height":6}},{"id":"3c3da732-dcc9-4058-b1be-002839de87ba","block_type":"box","text":"04/30/23","page_number":115,"box":{"x":826,"y":429,"width":47,"height":7}},{"id":"4c01a6d5-ebee-47e6-a7ef-17c17acb0e20","block_type":"box","text":"Year Ended","page_number":115,"box":{"x":906,"y":421,"width":52,"height":6}},{"id":"154bab10-06ec-4fb5-a390-6b94ea53816d","block_type":"box","text":"04/30/22","page_number":115,"box":{"x":909,"y":429,"width":47,"height":7}},{"id":"894b0a7e-469c-40f1-b088-a1eb4c1e1fc4","block_type":"box","text":"Net asset value, beginning of year","page_number":115,"box":{"x":76,"y":442,"width":164,"height":10}},{"id":"1fa00340-d41d-4915-aec9-260ca636dd0b","block_type":"box","text":"$ 78.91 $ 73.76 $ 64.93 $ 64.89 $ 63.68","page_number":115,"box":{"x":576,"y":441,"width":382,"height":9}},{"id":"5fdff69e-12c3-4fde-b191-7f56e55e09a4","block_type":"box","text":"Net investment income","page_number":115,"box":{"x":86,"y":457,"width":102,"height":8}},{"id":"8a8f25e1-5a9f-4ef3-b211-096586e82556","block_type":"box","text":"(a)","page_number":115,"box":{"x":189,"y":456,"width":7,"height":6}},{"id":"9f7d00d3-0c35-46a6-ab83-07ad20a66c76","block_type":"box","text":"1.65 1.62 1.61 1.54 1.38","page_number":115,"box":{"x":609,"y":457,"width":349,"height":8}},{"id":"ffac0ecc-95c8-4abb-9228-5f331ae1587f","block_type":"box","text":"Net realized and unrealized gain","page_number":115,"box":{"x":86,"y":469,"width":140,"height":9}},{"id":"d377680e-d4a5-4f9c-acf2-12f7f3f8b083","block_type":"box","text":"(b)","page_number":115,"box":{"x":227,"y":467,"width":8,"height":6}},{"id":"e68e47a5-b841-4539-9e10-3b1e6c64bd46","block_type":"box","text":"20.34 5.18 8.81 0.00","page_number":115,"box":{"x":601,"y":469,"width":268,"height":7}},{"id":"95825ee6-0051-4e18-b515-2b6a6dc7f9d1","block_type":"box","text":"(c)","page_number":115,"box":{"x":870,"y":467,"width":8,"height":6}},{"id":"1c652060-a3d8-42b2-bca8-90bb34967cec","block_type":"box","text":"1.20","page_number":115,"box":{"x":941,"y":469,"width":17,"height":7}},{"id":"615f2cf5-ea26-4406-a553-e38508d11072","block_type":"box","text":"Net increase from investment operations","page_number":115,"box":{"x":76,"y":484,"width":180,"height":9}},{"id":"b6fc6805-8eb1-469e-83e4-a21508c827ca","block_type":"box","text":"21.99 6.80 10.42 1.54 2.58","page_number":115,"box":{"x":603,"y":484,"width":355,"height":7}},{"id":"93181068-6888-48f4-9ace-daa96f482687","block_type":"box","text":"Distributions from net investment income","page_number":115,"box":{"x":86,"y":499,"width":183,"height":7}},{"id":"f922a1c4-7cca-4deb-9fd6-88b38fd3e35e","block_type":"box","text":"(d)","page_number":115,"box":{"x":270,"y":497,"width":8,"height":6}},{"id":"8df49886-723f-4482-96da-4d2aba188ebb","block_type":"box","text":"(1.65) (1.65) (1.59) (1.50) (1.37)","page_number":115,"box":{"x":606,"y":499,"width":355,"height":9}},{"id":"22177616-b82b-48c8-b442-0fdd443fae15","block_type":"box","text":"Net asset value, end of year","page_number":115,"box":{"x":76,"y":513,"width":135,"height":10}},{"id":"f1ba5a0c-4f19-4687-a22d-5418380d048f","block_type":"box","text":"$ 99.25 $ 78.91 $ 73.76 $ 64.93 $ 64.89","page_number":115,"box":{"x":576,"y":513,"width":382,"height":9}},{"id":"9e5836af-e555-4423-9699-817a9493736e","block_type":"box","text":"Total Return","page_number":115,"box":{"x":76,"y":529,"width":57,"height":7}},{"id":"4c912d56-17cc-4b67-81d4-70313d172ea9","block_type":"box","text":"(e)","page_number":115,"box":{"x":135,"y":527,"width":8,"height":6}},{"id":"0bfa8f56-97bf-419b-a133-162dd1b15422","block_type":"box","text":"Based on net asset value","page_number":115,"box":{"x":76,"y":540,"width":109,"height":8}},{"id":"3ac3dc3c-773b-418c-aff0-7c9103bc512c","block_type":"box","text":"28.10% 9.20% 16.27% 2.53% 4.02%","page_number":115,"box":{"x":603,"y":540,"width":362,"height":8}},{"id":"e6684427-0634-4ef3-b342-f9422486cecb","block_type":"box","text":"Ratios to Average Net Assets","page_number":115,"box":{"x":76,"y":555,"width":140,"height":10}},{"id":"4a0cff4c-682c-494c-8c7c-8b4d29da46a2","block_type":"box","text":"(f)","page_number":115,"box":{"x":217,"y":554,"width":7,"height":6}},{"id":"ab5e7dca-b3d8-4841-bacf-be5192bbf632","block_type":"box","text":"Total expenses","page_number":115,"box":{"x":76,"y":567,"width":64,"height":9}},{"id":"6e1db38e-691c-4d56-a5af-9b99b0a8fa29","block_type":"box","text":"0.04% 0.04% 0.04% 0.04% 0.04%","page_number":115,"box":{"x":607,"y":567,"width":358,"height":7}},{"id":"7c29d3ac-216e-4587-812b-343b30f0f280","block_type":"box","text":"Net investment income","page_number":115,"box":{"x":76,"y":582,"width":102,"height":7}},{"id":"f35ad56a-83ae-4adb-9f29-90d539c6d57a","block_type":"box","text":"1.83% 2.02% 2.34% 2.43% 2.08%","page_number":115,"box":{"x":609,"y":582,"width":356,"height":7}},{"id":"82f67025-98ad-440a-a7c6-ca452ab13e19","block_type":"box","text":"Supplemental Data","page_number":115,"box":{"x":76,"y":597,"width":91,"height":9}},{"id":"40bd43a6-c8a1-4c58-bfeb-899ff89f7cbf","block_type":"box","text":"Net assets, end of year (000)","page_number":115,"box":{"x":76,"y":608,"width":127,"height":10}},{"id":"ec4b6013-21af-45e3-a0b6-77123cbdee02","block_type":"box","text":"$1,240,656 $994,321 $896,228 $782,374 $788,443","page_number":115,"box":{"x":576,"y":607,"width":382,"height":10}},{"id":"efd586ad-59f9-4a06-bfd9-15c213fe80ce","block_type":"box","text":"Portfolio turnover rate","page_number":115,"box":{"x":76,"y":623,"width":97,"height":8}},{"id":"71014d9a-361e-4e3d-b958-69ded131f7f8","block_type":"box","text":"(g)","page_number":115,"box":{"x":174,"y":622,"width":8,"height":6}},{"id":"07c28a10-0d39-4fed-95fd-1fd872fdbfe1","block_type":"box","text":"30% 22% 22% 27% 21%","page_number":115,"box":{"x":615,"y":623,"width":350,"height":8}},{"id":"1c219c54-c9b3-4cfb-97df-d327e6db3316","block_type":"box","text":"(a)","page_number":115,"box":{"x":76,"y":642,"width":7,"height":6}},{"id":"905f3a01-6378-46aa-a167-327ecbf7bb9b","block_type":"box","text":"Based on average shares outstanding.","page_number":115,"box":{"x":107,"y":643,"width":166,"height":10}},{"id":"13178aa2-b4b3-46e1-b0bc-f3652adb945a","block_type":"box","text":"(b)","page_number":115,"box":{"x":76,"y":651,"width":8,"height":5}},{"id":"d815101a-ecc9-4724-aa58-106327cb82b4","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":115,"box":{"x":106,"y":655,"width":678,"height":9}},{"id":"7d1e8124-0e87-4f04-9579-ead9bafbe68f","block_type":"box","text":"iming of capital share transactions in","page_number":115,"box":{"x":785,"y":655,"width":161,"height":9}},{"id":"527f70d7-98a6-4c48-bbe9-c272244ee8c3","block_type":"box","text":"relation to the fluctuating market values of the Fund’s underlying securities.","page_number":115,"box":{"x":106,"y":665,"width":333,"height":10}},{"id":"71e90ed4-f0e9-4a3d-89d3-6e68969d15db","block_type":"box","text":"(c)","page_number":115,"box":{"x":76,"y":673,"width":7,"height":5}},{"id":"0eff9015-d753-417f-9058-72b89702410b","block_type":"box","text":"Amount is less than $0.005 per share.","page_number":115,"box":{"x":106,"y":676,"width":168,"height":10}},{"id":"cdf23466-63fa-4c5a-977b-54067d214e3d","block_type":"box","text":"(d)","page_number":115,"box":{"x":76,"y":684,"width":8,"height":6}},{"id":"703397be-1a5c-4c9f-a74e-a9d63660a38d","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":115,"box":{"x":107,"y":688,"width":437,"height":10}},{"id":"f8ce26ca-6378-4c87-833e-329d6d2dab99","block_type":"box","text":"(e)","page_number":115,"box":{"x":76,"y":696,"width":8,"height":5}},{"id":"b21758b8-2c75-4597-8acc-93a01a7bbd3d","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":115,"box":{"x":106,"y":699,"width":269,"height":10}},{"id":"5ef53dce-1399-4416-a81e-f0d1a928f092","block_type":"box","text":"(f)","page_number":115,"box":{"x":76,"y":707,"width":6,"height":6}},{"id":"3fde287b-a786-46cf-9ed9-7d985e7f35c8","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":115,"box":{"x":107,"y":711,"width":410,"height":10}},{"id":"6f14483c-bc18-497f-8853-1e8938e5dd1f","block_type":"box","text":"(g)","page_number":115,"box":{"x":76,"y":719,"width":7,"height":5}},{"id":"477309d4-e278-4816-bef5-205cb6ed8346","block_type":"box","text":"Portfolio turnover rate excludes in-kind transactions, if any.","page_number":115,"box":{"x":107,"y":722,"width":260,"height":10}},{"id":"5fb896a9-15d0-4a1c-a687-14e439ca05d8","block_type":"box","text":"30","page_number":115,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"4da9bd26-81fc-49e5-85a4-d9fe207ebf39","block_type":"box","text":"Index Providers and Disclaimers","page_number":116,"box":{"x":78,"y":22,"width":316,"height":14}},{"id":"035bfa62-e66b-49b1-8492-8783e1221a17","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":116,"box":{"x":76,"y":51,"width":896,"height":11}},{"id":"de2791c6-755c-4ce7-99de-0701acb5a4f2","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":116,"box":{"x":76,"y":66,"width":870,"height":11}},{"id":"7ae58449-b4bd-4e13-91bd-6ef23bc11547","block_type":"box","text":"Underlying Index for use by the applicable Fund at no charge.","page_number":116,"box":{"x":77,"y":80,"width":390,"height":11}},{"id":"2f678b31-6076-4efa-b3b8-815f2afa47c9","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":116,"box":{"x":76,"y":103,"width":902,"height":11}},{"id":"2c276aae-220a-4f7c-8df8-25289e18bd74","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":116,"box":{"x":76,"y":117,"width":903,"height":11}},{"id":"32dca9fd-9127-4bea-9e10-8e9497116a38","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":116,"box":{"x":76,"y":131,"width":900,"height":11}},{"id":"e387e439-df2d-4a96-b5bc-c612ccc0338d","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":116,"box":{"x":76,"y":146,"width":877,"height":10}},{"id":"de3f2b5f-f99a-46b7-a87c-980fda49234e","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":116,"box":{"x":76,"y":160,"width":903,"height":11}},{"id":"b4529460-9976-439d-bb2d-2818ba0f4b7f","block_type":"box","text":"(including lost profits), even if notified of the possibility of such damages.","page_number":116,"box":{"x":77,"y":174,"width":466,"height":11}},{"id":"2ad43208-0edc-47e4-ae5f-456c41fa883f","block_type":"box","text":"Morningstar, Inc.","page_number":116,"box":{"x":77,"y":197,"width":117,"height":11}},{"id":"b2cdaec7-a5db-434a-8572-efe6e87b4ffd","block_type":"box","text":"Morningstar, Inc. (“Morningstar”) is a leading provider of independent investment research in North America, Europe, Australia, and Asia.","page_number":116,"box":{"x":77,"y":220,"width":875,"height":11}},{"id":"6dfa0576-2eff-49b3-ad4c-f70befa565ec","block_type":"box","text":"Morningstar offers an extensive line of products and services for individual investors, financial advisors, asset managers, retirement plan","page_number":116,"box":{"x":77,"y":235,"width":873,"height":10}},{"id":"420d0924-3207-4441-9a05-bcc1c068dd88","block_type":"box","text":"providers and sponsors, and institutional investors in the debt and private capital markets. Morningstar provides data and research insights","page_number":116,"box":{"x":76,"y":249,"width":892,"height":11}},{"id":"d168ac9a-a91d-45bb-a441-36c91b73d60b","block_type":"box","text":"on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt","page_number":116,"box":{"x":76,"y":263,"width":878,"height":11}},{"id":"4d621de7-847b-44ca-9284-00133f92c4c1","block_type":"box","text":"securities, and real-time global market data.","page_number":116,"box":{"x":76,"y":277,"width":282,"height":11}},{"id":"edbfd73d-7a3c-4eda-bf36-40ae3716608b","block_type":"box","text":"The following applies with respect to each Underlying Index provided by Morningstar:","page_number":116,"box":{"x":76,"y":300,"width":543,"height":11}},{"id":"6b3f1114-bcbe-4ab6-ab03-453b97b2ee7f","block_type":"box","text":"The Fund is not sponsored, endorsed, sold or promoted by Morningstar. Morningstar makes no representation or warranty, express or","page_number":116,"box":{"x":76,"y":324,"width":857,"height":10}},{"id":"3eef78c8-c5ef-4807-89eb-c7bbdd7afdbe","block_type":"box","text":"implied, to the owners of shares of the Fund or any member of the public regarding the advisability of investing in securities generally or in","page_number":116,"box":{"x":76,"y":338,"width":884,"height":11}},{"id":"9fe75885-d418-4813-a506-26f81047c87f","block_type":"box","text":"the Fund in particular, or the ability of the Underlying Index to track general market performance. Morningstar’s only relationship to the Trust","page_number":116,"box":{"x":76,"y":352,"width":901,"height":11}},{"id":"a963f834-0462-484b-8c2f-0641fd3deaa4","block_type":"box","text":"and BFA or its affiliates is the licensing of certain trademarks and trade names of Morningstar and of the Underlying Index which is","page_number":116,"box":{"x":76,"y":366,"width":834,"height":11}},{"id":"e6e9ec3f-eb4d-4e8e-bbfd-324a326da5e8","block_type":"box","text":"determined, composed and calculated by Morningstar without regard to the Trust, BFA or its affiliates or the Fund. Morningstar has no","page_number":116,"box":{"x":76,"y":380,"width":857,"height":11}},{"id":"cddb4785-ec4a-4173-9ad7-c5166af4e28e","block_type":"box","text":"obligation to take the needs of BFA or its affiliates or the owners of shares of the Fund into consideration in determining, composing or","page_number":116,"box":{"x":76,"y":394,"width":862,"height":11}},{"id":"407a79f8-2f61-4bbe-bd7c-ca62b892e5f9","block_type":"box","text":"calculating the Underlying Index. Morningstar is not responsible for and has not participated in the determination of the prices and amount of","page_number":116,"box":{"x":76,"y":409,"width":905,"height":10}},{"id":"7bb75657-0900-4eff-9ccd-3b73eefcb224","block_type":"box","text":"shares of the Fund, or the timing of the issuance or sale of such shares or in the determination or calculation of the equation by which shares","page_number":116,"box":{"x":76,"y":423,"width":903,"height":11}},{"id":"90959648-a806-4056-9868-d38dcab1e42f","block_type":"box","text":"of the Fund are to be converted into cash. Morningstar has no obligation or liability in connection with the administration, marketing or","page_number":116,"box":{"x":76,"y":437,"width":862,"height":11}},{"id":"92044319-24a8-4598-8238-2e73065c31dd","block_type":"box","text":"trading of shares of the Fund. Morningstar does not guarantee the accuracy or the completeness of the Underlying Index or any data","page_number":116,"box":{"x":76,"y":451,"width":848,"height":11}},{"id":"55dbff8f-89df-4fc4-825c-a1336f2a0bb1","block_type":"box","text":"included therein and Morningstar shall have no liability for any errors, omissions or interruptions therein.","page_number":116,"box":{"x":76,"y":465,"width":668,"height":11}},{"id":"99a95e82-b2af-4dd5-a974-0df47c0b5026","block_type":"box","text":"Morningstar makes no warranty, express or implied, as to results to be obtained by BFA or its affiliates, owners of shares of the Fund or any","page_number":116,"box":{"x":77,"y":489,"width":892,"height":10}},{"id":"a1c8798c-5c39-4575-84dc-93b02e795e24","block_type":"box","text":"other person or entity from the use of the Underlying Index or any data included therein. Morningstar makes no express or implied warranties","page_number":116,"box":{"x":76,"y":503,"width":905,"height":11}},{"id":"c3a3bf4a-0658-4326-b6dc-4183f1de2612","block_type":"box","text":"and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any","page_number":116,"box":{"x":76,"y":517,"width":903,"height":11}},{"id":"287ef426-a6c4-4943-affa-929ce508a7df","block_type":"box","text":"data included therein. Without limiting any of the foregoing, in no event shall Morningstar have any liability for any special, punitive, direct,","page_number":116,"box":{"x":76,"y":531,"width":883,"height":11}},{"id":"9c43952e-5344-4d4e-b3a3-ec4f723e1d10","block_type":"box","text":"indirect or consequential damages (including lost profits) resulting from the use of the Underlying Index or any data included therein, even if","page_number":116,"box":{"x":76,"y":545,"width":896,"height":11}},{"id":"0f724679-d69d-44f2-b594-ceca6b5e43a7","block_type":"box","text":"notified of the possibility of such damages.","page_number":116,"box":{"x":76,"y":559,"width":273,"height":11}},{"id":"3e9ca144-48f2-4d7b-8558-01440791ed7e","block_type":"box","text":"MSCI Inc.","page_number":116,"box":{"x":77,"y":583,"width":64,"height":8}},{"id":"9af470d9-2abf-4466-9090-216ea977b9fe","block_type":"box","text":"MSCI Inc. (“MSCI”) is a provider of investment decision support tools to investors globally. MSCI products and services include indices,","page_number":116,"box":{"x":77,"y":606,"width":865,"height":11}},{"id":"8155b1ac-a450-463f-a656-998c7026002a","block_type":"box","text":"portfolio risk and performance analytics, and governance tools.","page_number":116,"box":{"x":76,"y":620,"width":404,"height":11}},{"id":"3298152c-1643-4f37-8e57-9890f3f302c4","block_type":"box","text":"The following applies with respect to each Underlying Index provided by MSCI:","page_number":116,"box":{"x":76,"y":643,"width":501,"height":11}},{"id":"9752dd48-804f-4a3b-94a1-982bb9441638","block_type":"box","text":"The Fund is not sponsored, endorsed, sold or promoted by MSCI or any affiliate of MSCI. Neither MSCI nor any other party makes any","page_number":116,"box":{"x":76,"y":666,"width":857,"height":11}},{"id":"41e6f721-8a21-4d23-91b4-28913cccada1","block_type":"box","text":"representation or warranty, express or implied, to the owners of shares of the Fund or any member of the public regarding the advisability of","page_number":116,"box":{"x":77,"y":681,"width":897,"height":10}},{"id":"a8c21fe8-78cc-4c2a-b373-76dcf117eec8","block_type":"box","text":"investing in funds generally or in the Fund particularly or the ability of the Underlying Index to track general market performance. MSCI is the","page_number":116,"box":{"x":76,"y":695,"width":902,"height":11}},{"id":"64ac3da9-091f-47b4-ab5d-19f79e52cd8c","block_type":"box","text":"licensor of certain trademarks, service marks and trade names of MSCI and of the Underlying Index, which is determined, composed and","page_number":116,"box":{"x":77,"y":709,"width":874,"height":11}},{"id":"b6d6dfe4-6834-4e11-b499-e964d74f43ca","block_type":"box","text":"calculated by MSCI without regard to the issuer of the Fund’s securities or the Fund. MSCI has no obligation to take the needs of the issuer","page_number":116,"box":{"x":76,"y":723,"width":892,"height":11}},{"id":"d6e31498-bdc9-495e-9990-6df603644771","block_type":"box","text":"of the Fund’s securities or the owners of shares of the Fund into consideration in determining, composing or calculating the Underlying Index.","page_number":116,"box":{"x":76,"y":737,"width":905,"height":11}},{"id":"d98c20bd-15fa-46f8-8dce-2140b15e5157","block_type":"box","text":"MSCI is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund’s shares to be","page_number":116,"box":{"x":77,"y":751,"width":890,"height":11}},{"id":"5f96ef51-cc4d-4b8c-bb9b-1a8076fabf1b","block_type":"box","text":"issued or in the determination or calculation of the equation by which the Fund’s shares are redeemable for cash. Neither MSCI nor any other","page_number":116,"box":{"x":76,"y":766,"width":906,"height":10}},{"id":"0c46ec58-dc3b-4b39-a2ef-8d753358cae2","block_type":"box","text":"party has any obligation or liability to owners of shares of the Fund in connection with the administration, marketing or trading of the Fund’s","page_number":116,"box":{"x":76,"y":780,"width":894,"height":11}},{"id":"747790a8-bc02-4e34-b0ea-ab96cd950d6b","block_type":"box","text":"shares.","page_number":116,"box":{"x":76,"y":794,"width":45,"height":9}},{"id":"9bb18637-ffbe-4d74-9880-1522663d4c16","block_type":"box","text":"ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE INDEXES FROM SOURCES","page_number":116,"box":{"x":76,"y":817,"width":899,"height":9}},{"id":"31c0dc17-4199-44c9-ab84-0ef8e28be64f","block_type":"box","text":"WHICH MSCI CONSIDERS RELIABLE, NEITHER MSCI NOR ANY OTHER PARTY GUARANTEES THE ACCURACY AND/OR THE","page_number":116,"box":{"x":76,"y":831,"width":795,"height":11}},{"id":"e4715dba-3ea6-471f-9491-1f06164b383d","block_type":"box","text":"COMPLETENESS OF THE INDEXES OR ANY DATA INCLUDED THEREIN. NEITHER MSCI NOR ANY OTHER PARTY MAKES ANY WARRANTY,","page_number":116,"box":{"x":76,"y":846,"width":881,"height":10}},{"id":"38026401-100f-4b63-805e-6c46d0d394ea","block_type":"box","text":"EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE’S CUSTOMERS AND COUNTERPARTIES, OWNERS OF","page_number":116,"box":{"x":77,"y":860,"width":878,"height":10}},{"id":"238d8e73-dc5d-47a8-9bae-ab98c5b8053e","block_type":"box","text":"SHARES OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR ANY DATA INCLUDED THEREIN IN","page_number":116,"box":{"x":76,"y":874,"width":854,"height":10}},{"id":"5b3a9516-db96-4efd-a6bd-8ba6adfa2154","block_type":"box","text":"CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. NEITHER MSCI NOR ANY OTHER PARTY MAKES ANY","page_number":116,"box":{"x":76,"y":888,"width":886,"height":9}},{"id":"6540197c-58ae-409d-aae2-9597041e10d0","block_type":"box","text":"31","page_number":116,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"c15a6000-d1d4-486e-b86a-142ebc292c06","block_type":"box","text":"EXPRESS OR IMPLIED WARRANTIES, AND MSCI HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS","page_number":117,"box":{"x":77,"y":23,"width":880,"height":10}},{"id":"93f7d1a4-bb5d-4815-a1e1-d2a5c150b5a2","block_type":"box","text":"FOR A PARTICULAR PURPOSE WITH RESPECT TO THE INDEXES OR ANY DATA INCLUDED THEREIN. WIT","page_number":117,"box":{"x":77,"y":37,"width":670,"height":9}},{"id":"f8184c1b-5176-44af-8864-ef4391785091","block_type":"box","text":"HOUT LIMITING ANY OF THE","page_number":117,"box":{"x":748,"y":37,"width":185,"height":9}},{"id":"d13e9928-3984-4098-b836-39a060930184","block_type":"box","text":"FOREGOING, IN NO EVENT SHALL MSCI OR ANY OTHER PARTY HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE,","page_number":117,"box":{"x":77,"y":52,"width":868,"height":10}},{"id":"b016ba50-87b8-4583-bb89-70332f75751a","block_type":"box","text":"CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.","page_number":117,"box":{"x":76,"y":66,"width":879,"height":10}},{"id":"0f04dac0-6acd-44af-ae39-b21345960697","block_type":"box","text":"S&P Dow Jones Indices LLC","page_number":117,"box":{"x":76,"y":89,"width":190,"height":10}},{"id":"3682656d-b058-4ff9-847f-4a121c29beab","block_type":"box","text":"The following applies with respect to each Underlying Index provided by SPDJI:","page_number":117,"box":{"x":76,"y":112,"width":502,"height":11}},{"id":"d57ec010-5baf-4a97-9fd7-91b09862a561","block_type":"box","text":"The Underlying Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by BFA or its","page_number":117,"box":{"x":76,"y":135,"width":845,"height":11}},{"id":"2f386bbd-358c-471e-aec6-ee4206367ccc","block_type":"box","text":"affiliates. S&P","page_number":117,"box":{"x":76,"y":149,"width":88,"height":9}},{"id":"b7f9f976-4d69-483f-b552-6f27127686bd","block_type":"box","text":"®","page_number":117,"box":{"x":165,"y":149,"width":9,"height":6}},{"id":"a51453d3-5585-4b9a-8e28-412a618f325f","block_type":"box","text":", S&P 500","page_number":117,"box":{"x":175,"y":149,"width":62,"height":11}},{"id":"a864ac51-61fe-429c-b43a-6d82ce4c7981","block_type":"box","text":"®","page_number":117,"box":{"x":239,"y":149,"width":8,"height":6}},{"id":"33495c97-f370-40ec-b164-10976aeeb0f3","block_type":"box","text":", SPX","page_number":117,"box":{"x":249,"y":149,"width":33,"height":11}},{"id":"de26ac52-5aa1-4e55-9e03-5a2312adf988","block_type":"box","text":"®","page_number":117,"box":{"x":283,"y":149,"width":8,"height":6}},{"id":"5ec2e083-7292-4219-a993-ea8b2b8d0e0f","block_type":"box","text":", SPY","page_number":117,"box":{"x":292,"y":149,"width":33,"height":11}},{"id":"a19b551b-a981-4419-b36c-b7a115d9b5f5","block_type":"box","text":"®","page_number":117,"box":{"x":326,"y":149,"width":8,"height":6}},{"id":"235d61ab-eb0c-4330-a5a3-8478dc3090da","block_type":"box","text":", US 500™, The 500™, iBoxx","page_number":117,"box":{"x":335,"y":149,"width":179,"height":11}},{"id":"bd098386-5763-421f-a878-8d987dc4d3fe","block_type":"box","text":"®","page_number":117,"box":{"x":515,"y":149,"width":8,"height":6}},{"id":"6d06e5cf-f302-4946-b324-86c880271a06","block_type":"box","text":", iTraxx","page_number":117,"box":{"x":525,"y":150,"width":43,"height":10}},{"id":"09e38402-dff8-4934-9e55-16a293899b84","block_type":"box","text":"®","page_number":117,"box":{"x":569,"y":149,"width":8,"height":6}},{"id":"e6eb23f4-b845-400f-b536-5b91beb58316","block_type":"box","text":"and CDX","page_number":117,"box":{"x":583,"y":149,"width":54,"height":9}},{"id":"12a000f1-7f32-4060-9609-326ed7427d0e","block_type":"box","text":"®","page_number":117,"box":{"x":638,"y":149,"width":9,"height":6}},{"id":"24ef7012-7586-4ecb-9664-04b3626e1e22","block_type":"box","text":"are trademarks of S&P Global, Inc. or its affiliates","page_number":117,"box":{"x":652,"y":149,"width":314,"height":11}},{"id":"5bc1b7b7-240e-477d-a32a-0a80f11da969","block_type":"box","text":"(“S&P”); Dow Jones","page_number":117,"box":{"x":77,"y":164,"width":121,"height":10}},{"id":"a18d8914-16ea-4fdb-971e-30932fef3596","block_type":"box","text":"®","page_number":117,"box":{"x":200,"y":163,"width":8,"height":6}},{"id":"4b092133-70a6-41ad-806f-6db5a634c166","block_type":"box","text":"is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been","page_number":117,"box":{"x":214,"y":164,"width":719,"height":10}},{"id":"706d7d1d-1851-49e2-99c9-919a49af64b8","block_type":"box","text":"licensed for use by SPDJI and sublicensed for certain purposes by BFA or its affiliates or the Fund. It is not possible to invest directly in an","page_number":117,"box":{"x":77,"y":178,"width":878,"height":11}},{"id":"5bb68fe3-77d5-4358-aaee-acebe5a4d9db","block_type":"box","text":"index. The Fund is not sponsored or sold by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, “S&P Dow Jones","page_number":117,"box":{"x":76,"y":192,"width":846,"height":11}},{"id":"be552b74-81af-481f-837d-4fb869d662f4","block_type":"box","text":"Indices”). S&P Dow Jones Indices do not make any representation or warranty, express or implied, to the owners of shares of the Fund or any","page_number":117,"box":{"x":77,"y":206,"width":902,"height":11}},{"id":"32e06b2a-b413-4e2f-88d4-ed1bb211217b","block_type":"box","text":"member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Underlying","page_number":117,"box":{"x":76,"y":220,"width":889,"height":11}},{"id":"f578ab4d-7c7a-4777-a4dd-5efc037b7554","block_type":"box","text":"Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones","page_number":117,"box":{"x":77,"y":235,"width":894,"height":10}},{"id":"ee99e944-cad6-4ee1-9386-86d6158a76e3","block_type":"box","text":"Indices’ only relationship to BFA, its affiliates and the Fund with respect to the Underlying Index is the licensing of the index and certain","page_number":117,"box":{"x":77,"y":249,"width":863,"height":11}},{"id":"995b18ec-879d-4cb2-b309-4b4ceea28fb6","block_type":"box","text":"trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Underlying Index is determined,","page_number":117,"box":{"x":76,"y":263,"width":841,"height":11}},{"id":"778a6fd1-536b-4123-b6d8-db6c5664239c","block_type":"box","text":"composed and calculated by S&P Dow Jones Indices without regard to BFA, its affiliates or the Fund. S&P Dow Jones Indices have no","page_number":117,"box":{"x":76,"y":277,"width":847,"height":11}},{"id":"ca8c0d25-2be4-4e0c-9fb9-bb71f0b390f9","block_type":"box","text":"obligation to take the needs of BFA or its affiliates or the owners of shares of the Fund into consideration in determining, composing or","page_number":117,"box":{"x":76,"y":291,"width":862,"height":11}},{"id":"25a54bbc-0909-47d0-9f53-56cdc314ba85","block_type":"box","text":"calculating the Underlying Index. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or","page_number":117,"box":{"x":76,"y":305,"width":881,"height":11}},{"id":"94fb4837-2526-41d1-a2e3-8958a1833435","block_type":"box","text":"trading of the Fund. There is no assurance that investment products based on the Underlying Index will accurately track index performance","page_number":117,"box":{"x":76,"y":320,"width":890,"height":10}},{"id":"a3fe9b6c-2aba-4965-b7e5-d4f5d8c6e47b","block_type":"box","text":"or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisor, commodity pool","page_number":117,"box":{"x":76,"y":334,"width":901,"height":11}},{"id":"1858c112-7e67-4af7-aa15-d3c6ac24e525","block_type":"box","text":"operator, broker dealer, fiduciary, “promoter” (as defined in the Investment Company Act of 1940, as amended), “expert” (as enumerated","page_number":117,"box":{"x":76,"y":348,"width":878,"height":11}},{"id":"9a94f924-e34a-4ea3-96f2-94e384e58aa8","block_type":"box","text":"within 15 U.S.C. § 77k(a)) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a","page_number":117,"box":{"x":76,"y":362,"width":835,"height":11}},{"id":"af7ff315-4f39-42b6-a03e-9a39438eca0c","block_type":"box","text":"recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it","page_number":117,"box":{"x":77,"y":376,"width":831,"height":11}},{"id":"527c347f-8c6d-4a97-924a-99ebf6285f93","block_type":"box","text":"considered to be investment advice or commodity trading advice. SPDJI provides indices that use environmental, social and/or governance","page_number":117,"box":{"x":76,"y":391,"width":892,"height":10}},{"id":"86fe840f-14af-43df-84f5-e263573cc3ad","block_type":"box","text":"(“ESG”) indicators (including, without limit, business involvement screens, conformance to voluntary corporate standards, GHG emissions","page_number":117,"box":{"x":77,"y":405,"width":881,"height":11}},{"id":"b06560e3-d180-4c25-a47a-b9b82dbdfce9","block_type":"box","text":"data, and ESG scores) to select, weight and/or exclude constituents. ESG indicators seek to measure a company’s or an asset’s","page_number":117,"box":{"x":76,"y":419,"width":821,"height":11}},{"id":"f5d2833b-e714-472b-86bd-46a071d18c96","block_type":"box","text":"performance with respect to E, S and/or G criteria. ESG indicators are derived from publicly reported data, modelled data, or a combination","page_number":117,"box":{"x":76,"y":433,"width":894,"height":11}},{"id":"fba6fd0c-1a25-41de-b7e5-6841994ea5ac","block_type":"box","text":"of reported and modelled data. ESG indicators are based on a qualitative assessment due to the absence of well-defined uniform market","page_number":117,"box":{"x":76,"y":447,"width":874,"height":11}},{"id":"992f8ea8-747b-4f02-8595-b1b0a1be02cd","block_type":"box","text":"standards and the use of multiple methodologies to assess ESG factors. No single clear, definitive test or framework (legal, regulatory, or","page_number":117,"box":{"x":76,"y":461,"width":878,"height":11}},{"id":"6738829e-78dd-485b-a04f-f4a26fed2e00","block_type":"box","text":"otherwise) exists to determine labels such as “ESG”, “sustainable”, “good governance”, “no adverse environmental, social and/or other","page_number":117,"box":{"x":76,"y":476,"width":867,"height":10}},{"id":"ddb21a15-0577-4505-bd37-0e72530c09a5","block_type":"box","text":"impacts” or other equivalently labelled objectives. Therefore, the exercise of subjective judgment is necessary. Different persons may","page_number":117,"box":{"x":76,"y":490,"width":855,"height":11}},{"id":"9eba81bf-33a1-479e-85e5-53100ed7c0c9","block_type":"box","text":"classify the same investment, products and/or strategy differently regarding the foregoing labels.","page_number":117,"box":{"x":76,"y":504,"width":624,"height":11}},{"id":"ac45eead-f9c0-4de0-a1ae-f75199c26c87","block_type":"box","text":"S&P DOW JONES INDICES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMP","page_number":117,"box":{"x":76,"y":527,"width":726,"height":10}},{"id":"c7decd60-bd73-41fa-9daf-acdbad757713","block_type":"box","text":"LETENESS OF THE","page_number":117,"box":{"x":805,"y":527,"width":118,"height":9}},{"id":"dcada665-8b14-4f6b-a2c3-916eba529632","block_type":"box","text":"UNDERLYING INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN","page_number":117,"box":{"x":77,"y":541,"width":886,"height":10}},{"id":"a9853ac1-0f74-48ef-9f1e-f663fbfc3c4e","block_type":"box","text":"COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE","page_number":117,"box":{"x":76,"y":556,"width":877,"height":10}},{"id":"f9510f11-905c-4d25-8cb0-aac05ca259f9","block_type":"box","text":"SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO","page_number":117,"box":{"x":76,"y":570,"width":867,"height":10}},{"id":"62686a4e-e758-4aeb-abb6-d01642ff817b","block_type":"box","text":"EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A","page_number":117,"box":{"x":77,"y":584,"width":823,"height":10}},{"id":"e4deff60-2ce9-4ed2-bf10-eea75ec6d076","block_type":"box","text":"PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY BFA OR ITS AFFILIATES, OWNERS OF SHARES OF THE FUND, OR","page_number":117,"box":{"x":77,"y":598,"width":889,"height":10}},{"id":"a597e205-4d0a-41b1-9c1b-5c609a9bfa32","block_type":"box","text":"ANY OTHER PERSON OR ENTITY FROM THE USE OF THE UNDERLYING INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO.","page_number":117,"box":{"x":76,"y":612,"width":849,"height":9}},{"id":"27fd8da1-3839-4aef-a2c0-ef776f8d355c","block_type":"box","text":"WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY","page_number":117,"box":{"x":76,"y":626,"width":838,"height":11}},{"id":"39fc1fc0-4493-4fba-b05f-f4dcce621d18","block_type":"box","text":"INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS,","page_number":117,"box":{"x":77,"y":641,"width":854,"height":10}},{"id":"a885eea1-cd7f-4395-a444-94223eb3864f","block_type":"box","text":"TRADING LOSSES, LOST TIME OR","page_number":117,"box":{"x":76,"y":655,"width":217,"height":10}},{"id":"f091c2c5-cd5d-4ed2-93c6-61b55f4696bf","block_type":"box","text":"GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN","page_number":117,"box":{"x":298,"y":655,"width":679,"height":10}},{"id":"7ea5e5a0-aabc-474b-a0f9-3cd429d94d60","block_type":"box","text":"CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAVE NOT REVIEWED, PREPARED AND/OR CERTIFIED","page_number":117,"box":{"x":76,"y":669,"width":878,"height":10}},{"id":"c98d0425-4216-45e3-92d2-7260db8c23eb","block_type":"box","text":"ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE LICENSEE PRODUCT REGISTRATION STATEMENT,","page_number":117,"box":{"x":76,"y":683,"width":904,"height":10}},{"id":"eb393b6f-8ebf-4bfd-ba18-1bbfe9f8b0de","block_type":"box","text":"PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR","page_number":117,"box":{"x":77,"y":697,"width":789,"height":9}},{"id":"9ba62227-0b69-47d7-bb42-6219c26a3cb4","block_type":"box","text":"ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND BFA OR ITS AFFILIATES, OTHER THAN THE LICENSORS OF S&P DOW JONES","page_number":117,"box":{"x":76,"y":712,"width":882,"height":10}},{"id":"3e381446-58d2-4597-808c-714c2a354db0","block_type":"box","text":"INDICES.","page_number":117,"box":{"x":77,"y":726,"width":57,"height":8}},{"id":"a7ff7dff-622c-4018-bc7b-760fe7533c66","block_type":"box","text":"32","page_number":117,"box":{"x":521,"y":921,"width":15,"height":8}},{"id":"f2c44891-7562-486d-9240-7197cd57dee4","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":118,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"2bf1be5d-17f6-44a2-9765-8a09d678e075","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":119,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"340f9cc8-9e4c-4bce-90af-992657f24977","block_type":"box","text":"Want to know more?","page_number":120,"box":{"x":111,"y":392,"width":272,"height":15}},{"id":"71f5ec77-b4c4-4ceb-bd5a-361fb01e6391","block_type":"box","text":"iShares.com | 1-800-474-2737 (1-800-iShares)","page_number":120,"box":{"x":112,"y":419,"width":407,"height":11}},{"id":"84d387f1-84ab-4ca1-8c22-0052f35bb6fa","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":120,"box":{"x":112,"y":461,"width":757,"height":9}},{"id":"5d97e147-b0bb-4fb4-b176-3c457394878b","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":120,"box":{"x":111,"y":475,"width":785,"height":9}},{"id":"08a1dc4a-1772-4f29-818b-bda9c19a07ea","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":120,"box":{"x":112,"y":488,"width":820,"height":10}},{"id":"4d33b9d9-105b-4288-a46e-94a0b94da06b","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":120,"box":{"x":112,"y":502,"width":823,"height":9}},{"id":"00d85a9d-e54d-4fe4-a411-dd4239c7a576","block_type":"box","text":"for legal purposes, is a part of the Fund’s Prospectus.","page_number":120,"box":{"x":111,"y":515,"width":333,"height":10}},{"id":"dd1d1024-077e-4b63-a683-c0970cd39ad5","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":120,"box":{"x":111,"y":531,"width":797,"height":10}},{"id":"00190f35-2324-4d02-8058-cfb5ca0f32a4","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":120,"box":{"x":111,"y":545,"width":801,"height":10}},{"id":"9086252e-9e86-4bb6-bdbd-661d0de8ef62","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":120,"box":{"x":111,"y":558,"width":796,"height":10}},{"id":"3c3c82e1-c1b8-4991-b936-ee90e5480a72","block_type":"box","text":"annual and semi-annual financial statements.","page_number":120,"box":{"x":112,"y":572,"width":290,"height":7}},{"id":"dc7b5081-3de9-4500-9c7c-3a8dfdc85364","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":120,"box":{"x":112,"y":588,"width":824,"height":10}},{"id":"8ff0e715-de78-4d25-9707-10a5016eb9d1","block_type":"box","text":"of charge, please:","page_number":120,"box":{"x":111,"y":602,"width":109,"height":9}},{"id":"a3430ab3-d37f-4537-8267-847b23fadc8b","block_type":"box","text":"Call: 1-800-iShares or 1-800-474-2737 (toll free)","page_number":120,"box":{"x":314,"y":624,"width":331,"height":8}},{"id":"0cacce32-be63-4bee-834d-dc17fd46c1b9","block_type":"box","text":"Monday through Friday, 8:30 a.m. to 6:30 p.m. (Eastern time)","page_number":120,"box":{"x":365,"y":637,"width":381,"height":10}},{"id":"d48bef27-2c2d-4c1c-96b8-6b17392c3487","block_type":"box","text":"Email: iSharesETFs@blackrock.com","page_number":120,"box":{"x":315,"y":653,"width":229,"height":8}},{"id":"42be4e76-65a5-4de3-b50c-4d59e37fe2ad","block_type":"box","text":"Write: c/o BlackRock Investments, LLC","page_number":120,"box":{"x":314,"y":668,"width":252,"height":9}},{"id":"bb4f4b5e-be3a-48e9-b5a4-be7d75511f17","block_type":"box","text":"1 University Square Drive, Princeton, NJ 08540","page_number":120,"box":{"x":364,"y":681,"width":296,"height":10}},{"id":"0d1d2b6b-73be-4f2d-8c85-76e6107ab27b","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":120,"box":{"x":112,"y":703,"width":801,"height":9}},{"id":"b9b8326d-d639-44a6-b443-d23245fb3c83","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":120,"box":{"x":111,"y":716,"width":795,"height":10}},{"id":"7ac4063f-88d8-4a83-a76c-a08621c24a02","block_type":"box","text":"publicinfo@sec.gov.","page_number":120,"box":{"x":112,"y":730,"width":123,"height":10}},{"id":"7b46a506-bc46-4069-80e0-a965c2124b8a","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":120,"box":{"x":112,"y":746,"width":795,"height":10}},{"id":"be3a6e9d-5b7e-4917-bd82-52dbe3947d93","block_type":"box","text":"Prospectus and you should not rely on any other information. Read and keep this Prospectus for future reference.","page_number":120,"box":{"x":112,"y":760,"width":698,"height":9}},{"id":"475ee153-6e87-4869-9908-4abb62f9a3bd","block_type":"box","text":"©2026 BlackRock, Inc. All rights reserved.","page_number":120,"box":{"x":112,"y":776,"width":261,"height":9}},{"id":"112ee6e6-ebe6-4b53-b44a-57957e3b5f69","block_type":"box","text":"iSHARES","page_number":120,"box":{"x":378,"y":776,"width":59,"height":7}},{"id":"948b184f-b103-404d-96b7-8d957c7fa76d","block_type":"box","text":"®","page_number":120,"box":{"x":438,"y":775,"width":3,"height":3}},{"id":"6cc367fe-d5ab-4936-b80f-faa0c156ef34","block_type":"box","text":"and","page_number":120,"box":{"x":446,"y":776,"width":22,"height":7}},{"id":"b351aeca-1bda-4902-98ed-29f6350f4bb6","block_type":"box","text":"BLACKROCK","page_number":120,"box":{"x":474,"y":776,"width":85,"height":7}},{"id":"21ffba47-45fd-4b19-bf3e-f6768ca9b04e","block_type":"box","text":"®","page_number":120,"box":{"x":560,"y":775,"width":4,"height":3}},{"id":"80789ed4-3172-4c55-bf99-48a84e8ce9c5","block_type":"box","text":"are registered trademarks of BlackRock Fund Advisors and","page_number":120,"box":{"x":568,"y":776,"width":367,"height":9}},{"id":"e4988310-6a8b-4d0e-856b-cdc14508603f","block_type":"box","text":"its affiliates. All other marks are the property of their respective owners.","page_number":120,"box":{"x":112,"y":789,"width":445,"height":10}},{"id":"445a06c0-9c54-4cde-b2ab-e370a54e046e","block_type":"box","text":"IS-P- 430B-0826","page_number":120,"box":{"x":90,"y":748,"width":7,"height":63}},{"id":"6d50edd0-d790-4c00-acc8-7a3cd953a51d","block_type":"box","text":"Investment Company Act File No.: 811-09729","page_number":120,"box":{"x":112,"y":805,"width":287,"height":10}},{"id":"63876169-ebfb-4a3c-9042-8cbfcd45a0ae","block_type":"box","text":"Go paperless. . .","page_number":120,"box":{"x":760,"y":864,"width":132,"height":13}},{"id":"8f8d19e7-991d-41e2-af62-a7a48d8d2d5a","block_type":"box","text":"It’s Easy, Economical and Green!","page_number":120,"box":{"x":760,"y":879,"width":136,"height":7}},{"id":"f28ab0b5-2057-42de-85b8-c76530629b68","block_type":"box","text":"Go to","page_number":120,"box":{"x":760,"y":890,"width":21,"height":5}},{"id":"c48a3e76-e1fb-499c-b974-a277c2fda75d","block_type":"box","text":"www.icsdelivery.com","page_number":120,"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":120}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"e3e6c524-10a7-4b8e-9b69-ec42857c2b2b"},"user_id":1000002,"date_created":"2026-10-05T12:10:39.812000Z","date_modified":"2026-10-05T12:10:39.812000Z","private":false}