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The Index Provider","page_number":7,"box":{"x":52,"y":286,"width":845,"height":11}},{"id":"3ebcd0d4-a417-466f-8680-3b61b0852165","block_type":"box","text":"determines the composition and relative weightings of the components of the Underlying Index and publishes information","page_number":7,"box":{"x":53,"y":300,"width":866,"height":11}},{"id":"bdf5c818-0418-40a9-a89c-94d38c652edd","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":7,"box":{"x":53,"y":315,"width":363,"height":10}},{"id":"605470c0-eccd-4d4f-859d-d5448aaaac72","block_type":"box","text":"Industry Concentration Policy.","page_number":7,"box":{"x":53,"y":338,"width":224,"height":11}},{"id":"b72c41d1-ce9c-46ae-ab6b-41b74ae2308b","block_type":"box","text":"The Fund will concentrate its investments (","page_number":7,"box":{"x":281,"y":338,"width":304,"height":9}},{"id":"83c7b450-90a2-4c8c-8819-4a91ca1c95f5","block_type":"box","text":"i.e.","page_number":7,"box":{"x":587,"y":338,"width":17,"height":8}},{"id":"2ff2b618-7af6-462b-b320-04bca83b4dd1","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":7,"box":{"x":606,"y":338,"width":292,"height":10}},{"id":"29c2541e-7fe4-49d4-8bc2-533d89160535","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":7,"box":{"x":53,"y":352,"width":858,"height":11}},{"id":"618984b3-1715-4d62-acc5-04fe213f3d55","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":7,"box":{"x":53,"y":366,"width":868,"height":11}},{"id":"41fb3550-78b3-4cce-886c-ef250f810e54","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":7,"box":{"x":53,"y":380,"width":826,"height":11}},{"id":"c6356fbd-ee1a-4dc0-8920-1735edaabee9","block_type":"box","text":"Summary of Principal Risks","page_number":7,"box":{"x":52,"y":409,"width":248,"height":14}},{"id":"7afd1f67-a442-4bcb-9d74-2d695be10477","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":7,"box":{"x":52,"y":434,"width":881,"height":11}},{"id":"b185045b-286a-438e-896e-62c8165d4513","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":7,"box":{"x":53,"y":449,"width":824,"height":10}},{"id":"9c56142b-b637-40bc-8922-37c1cba00b69","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":7,"box":{"x":53,"y":463,"width":807,"height":11}},{"id":"d92c650e-ae36-46ee-9c4e-53c90fc69424","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":7,"box":{"x":53,"y":477,"width":844,"height":11}},{"id":"ce52683c-b303-4b94-8594-feff28dc6f28","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":7,"box":{"x":52,"y":491,"width":815,"height":11}},{"id":"8fe14021-7e20-496e-93c5-4e2730bdd946","block_type":"box","text":"Biotechnology Industry Risk.","page_number":7,"box":{"x":53,"y":514,"width":212,"height":11}},{"id":"ddfb2663-90f6-4d58-bc3a-1063ea31b1b9","block_type":"box","text":"Biotechnology companies face intense competition and potentially rapid product","page_number":7,"box":{"x":271,"y":514,"width":574,"height":11}},{"id":"1e7eb668-3c8b-46df-97a8-64f2ef470426","block_type":"box","text":"obsolescence. Biotechnology companies may be adversely affected by the loss or impairment of intellectual property rights or","page_number":7,"box":{"x":53,"y":529,"width":889,"height":10}},{"id":"b4099d67-ffc6-4d2f-8ef7-1704e6e1dbb2","block_type":"box","text":"changes in government regulations.","page_number":7,"box":{"x":53,"y":543,"width":255,"height":11}},{"id":"3d82d4e0-ea13-4aac-b7f4-805bff59b979","block_type":"box","text":"Equity Securities Risk.","page_number":7,"box":{"x":53,"y":566,"width":164,"height":11}},{"id":"642a01c1-36ff-4775-b3f0-583dc9161d9d","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":7,"box":{"x":223,"y":566,"width":709,"height":11}},{"id":"07b10447-fffe-42bb-b497-fff4fc43191a","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":7,"box":{"x":53,"y":580,"width":889,"height":11}},{"id":"7c858c8f-06b0-46b5-be29-548df35fc9d6","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":7,"box":{"x":53,"y":594,"width":880,"height":11}},{"id":"e2c5d4de-68dd-4c99-be38-9f04af8e15ad","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":7,"box":{"x":53,"y":609,"width":867,"height":10}},{"id":"99bb761a-37f2-4a75-b03b-cb7e529d09bf","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":7,"box":{"x":53,"y":623,"width":339,"height":10}},{"id":"c37a041b-fd57-458d-8897-1be655b61d62","block_type":"box","text":"Market Risk.","page_number":7,"box":{"x":53,"y":646,"width":91,"height":8}},{"id":"0bcdccbc-140d-46fd-85f2-9370ee52a7dd","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":7,"box":{"x":148,"y":646,"width":768,"height":11}},{"id":"c2d3d77b-c018-48c3-98ac-c38767995b11","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":7,"box":{"x":53,"y":660,"width":882,"height":11}},{"id":"c49f47dc-658a-4ec7-a400-e053e9e05b6e","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":7,"box":{"x":53,"y":674,"width":858,"height":11}},{"id":"27bcc50d-0a87-47e2-85dc-131ca312629f","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":7,"box":{"x":53,"y":688,"width":875,"height":11}},{"id":"163fc79b-bbb1-4d27-9e3f-ee09d7b0d2d2","block_type":"box","text":"Fund’s NAV.","page_number":7,"box":{"x":53,"y":703,"width":82,"height":8}},{"id":"d96fb5e6-09aa-428c-9971-0b0c89870e90","block_type":"box","text":"Index-Related Risk.","page_number":7,"box":{"x":53,"y":726,"width":143,"height":8}},{"id":"c4a67b3c-5dd5-4e85-8bb2-bee1a7ae4d8e","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":7,"box":{"x":201,"y":726,"width":742,"height":11}},{"id":"10b01cc6-c133-48d7-8904-e2caf967a224","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":7,"box":{"x":53,"y":740,"width":856,"height":11}},{"id":"8fe59d1a-15ac-4c34-8a01-20fe458588bb","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":7,"box":{"x":53,"y":754,"width":852,"height":11}},{"id":"654bc450-842e-4be2-86f9-efa0cc1e8206","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":7,"box":{"x":53,"y":769,"width":876,"height":10}},{"id":"2801c4e8-8ee7-4f6e-a990-4f24eab802cd","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":7,"box":{"x":52,"y":783,"width":849,"height":10}},{"id":"cba742b7-700b-4439-b262-155cf89649c3","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":7,"box":{"x":53,"y":797,"width":849,"height":11}},{"id":"3a417fd7-79c3-4465-8a81-f586aa64c54e","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":7,"box":{"x":53,"y":811,"width":890,"height":11}},{"id":"e998631b-2dfe-4863-8718-740efc57a781","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":7,"box":{"x":53,"y":825,"width":853,"height":11}},{"id":"346c4f31-e4cb-40a7-bcbe-ead9c5b61157","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":7,"box":{"x":53,"y":839,"width":539,"height":11}},{"id":"447998c9-e372-42d5-9447-2b0f7ef10859","block_type":"box","text":"Asset Class Risk.","page_number":7,"box":{"x":52,"y":862,"width":122,"height":9}},{"id":"a56acb85-994a-4cd1-8eb4-29cca01abba7","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":7,"box":{"x":179,"y":862,"width":721,"height":11}},{"id":"f7977192-b628-44a8-a290-42426cccfe29","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":7,"box":{"x":53,"y":877,"width":774,"height":10}},{"id":"43704a7f-f60b-4734-bdcf-5648c0a016e5","block_type":"box","text":"S-2","page_number":7,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"24d0bbdd-5b4e-4e79-a43e-a14b075e7847","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":8,"box":{"x":52,"y":46,"width":318,"height":11}},{"id":"1c12944d-1ebc-40c0-be96-051d0b886622","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":8,"box":{"x":374,"y":46,"width":531,"height":11}},{"id":"e5749054-007c-4a45-8962-55a428da7a01","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":8,"box":{"x":53,"y":61,"width":810,"height":10}},{"id":"90639bd8-d69f-4218-a30c-ae91db5841ad","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":8,"box":{"x":52,"y":75,"width":816,"height":11}},{"id":"d7485ead-5855-442d-8cb1-e6ec9d6e2913","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":8,"box":{"x":52,"y":89,"width":884,"height":11}},{"id":"51c012a7-23a9-425b-8ab4-63ecb984d41b","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":8,"box":{"x":53,"y":103,"width":871,"height":11}},{"id":"b6ddc8ee-a842-4c67-8254-40cd922dacb6","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":8,"box":{"x":53,"y":118,"width":846,"height":10}},{"id":"cc864fad-56ba-40c6-8c36-e93eb2479028","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":8,"box":{"x":52,"y":131,"width":881,"height":11}},{"id":"c04d70dc-f377-42c6-a1db-88c49462780c","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":8,"box":{"x":53,"y":146,"width":853,"height":11}},{"id":"ebb2bdb7-8403-4fde-b3f0-8e87c8b4e4b9","block_type":"box","text":"halts or delisting.","page_number":8,"box":{"x":53,"y":160,"width":121,"height":11}},{"id":"8bee5a4e-af9f-4b2f-8c87-c03452bf1b7d","block_type":"box","text":"Concentration Risk.","page_number":8,"box":{"x":53,"y":183,"width":145,"height":9}},{"id":"cfaa94e3-701d-4685-8234-5e22d8b13fb3","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":8,"box":{"x":202,"y":183,"width":711,"height":11}},{"id":"cb51df85-db2c-468f-a265-751d13364c8b","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":8,"box":{"x":53,"y":197,"width":884,"height":10}},{"id":"59822a51-d310-4ed4-addc-c63c4ceb6f6f","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":8,"box":{"x":52,"y":211,"width":887,"height":11}},{"id":"8d77b88b-f4fa-4c93-805c-a511e2319eed","block_type":"box","text":"asset classes.","page_number":8,"box":{"x":53,"y":226,"width":95,"height":8}},{"id":"2720a70d-8f19-4ca8-94c8-6e9826cb92b8","block_type":"box","text":"Healthcare Companies Risk.","page_number":8,"box":{"x":53,"y":249,"width":206,"height":10}},{"id":"47fe6f69-d05d-4aed-9ff4-d38679f88d65","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by extensive government","page_number":8,"box":{"x":264,"y":249,"width":661,"height":11}},{"id":"4af7100b-aa51-4278-ab7a-d61e457e2158","block_type":"box","text":"regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services,","page_number":8,"box":{"x":53,"y":263,"width":877,"height":11}},{"id":"54694e7d-d65d-41f0-ae52-2ad83f7d81d8","block_type":"box","text":"pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and","page_number":8,"box":{"x":53,"y":277,"width":852,"height":11}},{"id":"9052e90c-c2dc-48e0-a86e-35cab3f98af5","block_type":"box","text":"product liability claims, among other factors.","page_number":8,"box":{"x":53,"y":291,"width":316,"height":11}},{"id":"06387b1a-4e62-4fd6-8a73-2df59bedd305","block_type":"box","text":"Issuer Risk.","page_number":8,"box":{"x":53,"y":314,"width":83,"height":9}},{"id":"ba2582d4-f790-4437-b819-aeab6a368a2d","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":8,"box":{"x":140,"y":315,"width":780,"height":10}},{"id":"5e8f9c20-650a-4898-9b8c-61285279ccc1","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":8,"box":{"x":53,"y":329,"width":886,"height":11}},{"id":"d16487e3-b3a1-4f38-81e7-30670c5ccbd7","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":8,"box":{"x":52,"y":343,"width":576,"height":11}},{"id":"ac2a2921-eb41-4a3c-a260-621154a77337","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":8,"box":{"x":53,"y":366,"width":278,"height":11}},{"id":"ab024c91-4401-403a-a1db-5f0a8fccfad3","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":8,"box":{"x":337,"y":366,"width":540,"height":11}},{"id":"88dee15a-9681-4ae5-b128-97c1bfb8d612","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":8,"box":{"x":53,"y":381,"width":890,"height":10}},{"id":"44dce5ca-f3bc-4a26-aafa-1ad33036942a","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":8,"box":{"x":53,"y":394,"width":868,"height":11}},{"id":"cf1bed29-236c-45f8-9270-82f11ce99904","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":8,"box":{"x":53,"y":409,"width":709,"height":10}},{"id":"520b5fa3-3d43-4d27-9e7d-75f33bc537e2","block_type":"box","text":"Management Risk.","page_number":8,"box":{"x":53,"y":432,"width":137,"height":11}},{"id":"39755fa2-81ab-49c5-8d22-da1aae4b8ab6","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":8,"box":{"x":194,"y":432,"width":711,"height":11}},{"id":"5be5ac9f-07fe-4d44-a923-09189e226e29","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":8,"box":{"x":53,"y":446,"width":877,"height":11}},{"id":"d8bcbfaa-71bb-4d97-af14-e16f47f32c9e","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":8,"box":{"x":53,"y":460,"width":859,"height":11}},{"id":"c7fc86cf-eecf-4df1-bc96-43df21638135","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":8,"box":{"x":52,"y":474,"width":848,"height":11}},{"id":"560a4dfe-f840-4ed8-84a0-f3b9df1b9fd5","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":8,"box":{"x":53,"y":489,"width":756,"height":10}},{"id":"04a0e89a-4327-43b1-9729-59389986132a","block_type":"box","text":"Market Trading Risk.","page_number":8,"box":{"x":53,"y":512,"width":152,"height":11}},{"id":"14158b9a-c564-4090-a285-7c90920d29a6","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":8,"box":{"x":209,"y":512,"width":694,"height":11}},{"id":"3b007fda-4f04-4706-99df-71f2778926ec","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":8,"box":{"x":53,"y":526,"width":841,"height":11}},{"id":"125d0fcb-d08b-4706-ae4f-30fa46ededc2","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":8,"box":{"x":53,"y":540,"width":887,"height":11}},{"id":"033b24b5-2699-4ced-9bf1-bfd982a01dfb","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":8,"box":{"x":52,"y":554,"width":839,"height":11}},{"id":"bb4be3f9-9a6b-4de2-9f7a-08d6afeeaca3","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":8,"box":{"x":53,"y":569,"width":866,"height":10}},{"id":"d09ff0b2-2971-4856-8d97-322afe040e06","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":8,"box":{"x":52,"y":583,"width":885,"height":11}},{"id":"0a037a91-44c2-4535-a260-66ffc96cdaed","block_type":"box","text":"of the Fund shares.","page_number":8,"box":{"x":53,"y":597,"width":134,"height":8}},{"id":"616e12c0-161a-4f39-bc95-9f907cef84a3","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":8,"box":{"x":53,"y":620,"width":264,"height":11}},{"id":"e1efa52d-e10d-47e7-8a12-43bf7987946e","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":8,"box":{"x":323,"y":620,"width":590,"height":11}},{"id":"2f4fbada-3b5d-4053-bf5e-2ad6a7e4efce","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":8,"box":{"x":53,"y":634,"width":846,"height":11}},{"id":"0db5cbf7-a0f8-4c1d-a9b7-9b87487fc54e","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":8,"box":{"x":52,"y":648,"width":875,"height":11}},{"id":"241c4620-900d-4a21-8eff-4bd72d49e223","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":8,"box":{"x":52,"y":663,"width":529,"height":10}},{"id":"44375f1f-bf9c-41ee-9bd2-f11848abcaeb","block_type":"box","text":"Non-Diversification Risk.","page_number":8,"box":{"x":53,"y":686,"width":184,"height":8}},{"id":"57bc3461-fa00-4a7b-b81d-aca7fbfff830","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":8,"box":{"x":242,"y":686,"width":633,"height":10}},{"id":"4844cade-7a41-4b84-af68-e7931b671c51","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":8,"box":{"x":53,"y":700,"width":802,"height":11}},{"id":"2404828a-e7d7-4496-bc1a-3a61850d28f5","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":8,"box":{"x":53,"y":714,"width":888,"height":11}},{"id":"23f74c6b-71e5-434c-afe9-dcbce7b24d97","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":8,"box":{"x":53,"y":728,"width":876,"height":11}},{"id":"5c577926-2b97-4c2f-a829-b7a9232c30bf","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":8,"box":{"x":53,"y":742,"width":696,"height":11}},{"id":"ea5fa59f-56eb-4df4-8964-693112333af5","block_type":"box","text":"Operational and Technology Risks.","page_number":8,"box":{"x":53,"y":766,"width":254,"height":11}},{"id":"77f75d90-4f02-4f5e-84cd-0ed40fa11f57","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":8,"box":{"x":312,"y":766,"width":581,"height":11}},{"id":"c3b447f6-4e0b-4e35-8b54-60b760f52951","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":8,"box":{"x":53,"y":780,"width":876,"height":11}},{"id":"52a5c6f0-1fdf-4d34-aa95-b8f7a05fec94","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":8,"box":{"x":53,"y":794,"width":879,"height":11}},{"id":"bc005531-0a93-4d76-a69e-d8b0a7310949","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":8,"box":{"x":53,"y":808,"width":825,"height":11}},{"id":"9dc307f2-e8fc-463d-9d87-202a67e0a149","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":8,"box":{"x":53,"y":822,"width":862,"height":11}},{"id":"5da5e3d4-6970-438a-9b9c-c96640aeb85d","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":8,"box":{"x":53,"y":837,"width":872,"height":10}},{"id":"68bb1509-a35f-4054-aad1-bbd12fa72d36","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":8,"box":{"x":53,"y":851,"width":824,"height":11}},{"id":"00c62e5d-e000-4a15-b7de-857d7b0557c2","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":8,"box":{"x":53,"y":874,"width":253,"height":11}},{"id":"c0d0639f-fda9-450d-9b92-1307bee7c8fe","block_type":"box","text":"The Fund invests in countries or regions whose economies are heavily dependent upon","page_number":8,"box":{"x":310,"y":874,"width":614,"height":11}},{"id":"baa5a234-5c5b-4795-9668-86dc94912242","block_type":"box","text":"trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments.","page_number":8,"box":{"x":52,"y":888,"width":786,"height":11}},{"id":"013b7a4e-b98d-44ee-bb19-f38e20b89c58","block_type":"box","text":"S-3","page_number":8,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"7621bfc9-04cc-4214-96b1-7f480e493c45","block_type":"box","text":"Risk of Investing in China.","page_number":9,"box":{"x":53,"y":46,"width":191,"height":11}},{"id":"0cb3b610-4308-4984-b67f-fe0f755ff47e","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities,","page_number":9,"box":{"x":250,"y":46,"width":678,"height":11}},{"id":"943c2399-a733-4732-8303-6ada09cc57bb","block_type":"box","text":"are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social","page_number":9,"box":{"x":53,"y":61,"width":819,"height":10}},{"id":"8070cb7a-d0b8-4418-821f-845c7e941152","block_type":"box","text":"instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors","page_number":9,"box":{"x":53,"y":75,"width":866,"height":11}},{"id":"0e165d28-8e86-46f3-b8fd-39aed9036bff","block_type":"box","text":"and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to","page_number":9,"box":{"x":53,"y":89,"width":866,"height":11}},{"id":"e7758b9c-fba7-43a7-a47c-84ddecbb38b3","block_type":"box","text":"the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to","page_number":9,"box":{"x":52,"y":103,"width":841,"height":11}},{"id":"c69c81a9-dedf-4919-85af-da0c8dad3a8a","block_type":"box","text":"experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to","page_number":9,"box":{"x":53,"y":117,"width":864,"height":11}},{"id":"cf7d62a3-9efc-4bd5-b452-4b3c1c17b97e","block_type":"box","text":"volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other","page_number":9,"box":{"x":52,"y":131,"width":861,"height":11}},{"id":"18ea525c-591c-4dc7-8c57-9a94ea4b4f68","block_type":"box","text":"countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a","page_number":9,"box":{"x":53,"y":146,"width":869,"height":11}},{"id":"05de6807-d39a-4a25-9075-ab9822129134","block_type":"box","text":"greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.","page_number":9,"box":{"x":53,"y":160,"width":783,"height":11}},{"id":"927b7338-8b35-4203-a147-ef5ba3a7d971","block_type":"box","text":"China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged","page_number":9,"box":{"x":53,"y":183,"width":887,"height":11}},{"id":"f03a2935-1084-4441-9f8c-d3096b43aa57","block_type":"box","text":"to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and","page_number":9,"box":{"x":52,"y":197,"width":834,"height":11}},{"id":"828f9fd5-e022-4894-8496-ccabf55f897c","block_type":"box","text":"threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions,","page_number":9,"box":{"x":52,"y":212,"width":845,"height":10}},{"id":"d7af77ec-bd53-42a9-85ae-d2c433e20091","block_type":"box","text":"export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and","page_number":9,"box":{"x":53,"y":226,"width":876,"height":10}},{"id":"c2d36d1a-a658-487e-b70c-7b77770f07bc","block_type":"box","text":"Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the","page_number":9,"box":{"x":53,"y":240,"width":834,"height":11}},{"id":"4bcfcc3e-7c0a-4ddc-aabb-f783cb5085d0","block_type":"box","text":"Chinese economy and markets and the Fund’s investments.","page_number":9,"box":{"x":53,"y":254,"width":421,"height":11}},{"id":"034fcaac-38f6-44ec-a645-7e52e6acdc19","block_type":"box","text":"The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain","page_number":9,"box":{"x":52,"y":277,"width":849,"height":11}},{"id":"1aa4f9be-aad8-483d-8082-aca4a177e8a9","block_type":"box","text":"diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or","page_number":9,"box":{"x":53,"y":291,"width":886,"height":11}},{"id":"15b29bdf-1ce0-4754-ad19-a89d889f7be4","block_type":"box","text":"a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":9,"box":{"x":53,"y":305,"width":878,"height":11}},{"id":"f9994dd4-b4cd-49f6-bb96-fa112e96e782","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may","page_number":9,"box":{"x":53,"y":320,"width":874,"height":11}},{"id":"cc8aa231-4ae9-4f3d-a2bd-e2dd3fc25dc5","block_type":"box","text":"include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or","page_number":9,"box":{"x":53,"y":334,"width":878,"height":11}},{"id":"8f54dd52-b574-4f8b-a2b3-69771ca09ed2","block_type":"box","text":"other governments due to national security, human rights or other concerns of such government. So long as these","page_number":9,"box":{"x":53,"y":348,"width":807,"height":11}},{"id":"f205bc58-630d-47fa-96f8-3b93ac9ef5f4","block_type":"box","text":"restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent","page_number":9,"box":{"x":53,"y":362,"width":890,"height":11}},{"id":"5f240774-0748-45e0-8596-05e4b9cb1952","block_type":"box","text":"with its objective to track the performance of the Underlying Index.","page_number":9,"box":{"x":52,"y":376,"width":471,"height":11}},{"id":"a16a6748-1ba8-4a79-929c-9420c088a8d0","block_type":"box","text":"Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements,","page_number":9,"box":{"x":53,"y":400,"width":883,"height":10}},{"id":"3cd4bd5a-fe9b-41a0-9a06-1409aef12612","block_type":"box","text":"accounting standards or auditor oversight as companies in more developed countries. As a result, information about the","page_number":9,"box":{"x":53,"y":414,"width":850,"height":11}},{"id":"599f1b04-1921-4689-b292-3b1bf2c0d7e5","block_type":"box","text":"Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on","page_number":9,"box":{"x":53,"y":428,"width":861,"height":11}},{"id":"e5ac8488-16db-41e1-b7bf-60d94ff20e05","block_type":"box","text":"U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for","page_number":9,"box":{"x":53,"y":442,"width":850,"height":11}},{"id":"98b5258c-9edd-4cd6-a6dd-311b02b52ab3","block_type":"box","text":"other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles","page_number":9,"box":{"x":53,"y":456,"width":883,"height":11}},{"id":"712c6767-683c-49d4-9a41-ddf4d8832845","block_type":"box","text":"to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may","page_number":9,"box":{"x":52,"y":471,"width":860,"height":10}},{"id":"8913f01b-e0be-4612-a58c-c3338b546454","block_type":"box","text":"have limited legal remedies.","page_number":9,"box":{"x":53,"y":485,"width":196,"height":11}},{"id":"2e8dd2e5-cb85-4b39-8ccb-ae9a4a8562cf","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of","page_number":9,"box":{"x":53,"y":508,"width":845,"height":11}},{"id":"74e7635d-2cc8-4482-97c4-761eed306d2d","block_type":"box","text":"foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":9,"box":{"x":52,"y":522,"width":836,"height":11}},{"id":"3fe15785-754d-450c-a917-9be76aa03937","block_type":"box","text":"arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or","page_number":9,"box":{"x":53,"y":536,"width":851,"height":11}},{"id":"7884df1d-c6e0-441a-8d15-3ef8ea71a193","block_type":"box","text":"total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection","page_number":9,"box":{"x":52,"y":550,"width":779,"height":11}},{"id":"37e1184b-4702-459d-98b8-d71e38c0dbfe","block_type":"box","text":"considerations.","page_number":9,"box":{"x":53,"y":565,"width":107,"height":8}},{"id":"85a9cb30-cce2-4e5d-af4c-afc0c002d39f","block_type":"box","text":"Risk of Investing in the U.S.","page_number":9,"box":{"x":53,"y":588,"width":200,"height":11}},{"id":"cfc19e69-a27a-4de2-be2c-818e3463737b","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":9,"box":{"x":259,"y":588,"width":663,"height":11}},{"id":"1fda8506-97ef-43ce-a728-f0cbdd8024cd","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":9,"box":{"x":53,"y":602,"width":877,"height":11}},{"id":"f31475e9-75f8-4f41-8992-54ce8f414a86","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":9,"box":{"x":53,"y":616,"width":470,"height":11}},{"id":"961e1ff2-3715-4de5-9954-6e247f4c8778","block_type":"box","text":"Securities Lending Risk.","page_number":9,"box":{"x":52,"y":639,"width":178,"height":11}},{"id":"db97fc7b-f58e-4fa0-af3b-b8ad4b3ab2ae","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":9,"box":{"x":234,"y":639,"width":692,"height":11}},{"id":"574de37a-cca6-4e09-9d3f-d603e3b74ca9","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":9,"box":{"x":53,"y":654,"width":870,"height":10}},{"id":"f7de02a3-73a9-4671-8d62-90dcc3178074","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":9,"box":{"x":53,"y":668,"width":886,"height":11}},{"id":"7f4909c9-8293-4352-aec8-6bb8ce438cec","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":9,"box":{"x":53,"y":682,"width":831,"height":11}},{"id":"c8dcf5db-e950-432d-9deb-2f2a8c936696","block_type":"box","text":"Tracking Error Risk.","page_number":9,"box":{"x":52,"y":705,"width":145,"height":11}},{"id":"8d636c8a-e24a-40e7-8da8-ee1200c1a485","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":9,"box":{"x":201,"y":705,"width":741,"height":11}},{"id":"71ed2d4b-a04a-4789-82f3-da9b4167accf","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":9,"box":{"x":53,"y":719,"width":861,"height":11}},{"id":"35448b56-abe3-4d72-81e4-42782a9ada99","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":9,"box":{"x":53,"y":733,"width":832,"height":11}},{"id":"2a425b0c-1915-4d3a-945f-61cda70a0ee1","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":9,"box":{"x":53,"y":748,"width":880,"height":11}},{"id":"4aa0c7bb-ffa4-4824-9786-bcf19523ad27","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":9,"box":{"x":53,"y":762,"width":831,"height":11}},{"id":"62c439a7-a2e6-47a1-acba-f15eba001d6e","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":9,"box":{"x":52,"y":776,"width":828,"height":11}},{"id":"f1f59ddc-65ab-493c-becf-cf1651c160eb","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":9,"box":{"x":53,"y":790,"width":873,"height":11}},{"id":"43cac41f-71e3-4252-b572-22c8b7185ec8","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":9,"box":{"x":53,"y":804,"width":889,"height":11}},{"id":"fcadb993-1fe7-409a-a4b0-5f54271d3ca9","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":9,"box":{"x":53,"y":819,"width":852,"height":10}},{"id":"4d2c21e2-9430-400d-ae96-8926f83a9a1e","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":9,"box":{"x":53,"y":833,"width":886,"height":11}},{"id":"3d3e477e-c425-4ec3-ad52-9f236f21deca","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":9,"box":{"x":53,"y":847,"width":873,"height":11}},{"id":"2ebb301f-3aa8-4c9f-ae94-55771bae1e8e","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":9,"box":{"x":53,"y":861,"width":724,"height":11}},{"id":"f31ead4e-1252-48e8-807e-ab961e189bac","block_type":"box","text":"S-4","page_number":9,"box":{"x":493,"y":944,"width":25,"height":8}},{"id":"84d2ad95-09fa-4c7d-b1d0-0813a083bc0e","block_type":"box","text":"Performance Information","page_number":10,"box":{"x":54,"y":46,"width":228,"height":10}},{"id":"f8fd55ba-7e42-4430-ba9d-dd07cd3ddbe1","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":10,"box":{"x":52,"y":71,"width":864,"height":10}},{"id":"fa8bd1e8-83cd-45f2-b17b-858d9136d05e","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":10,"box":{"x":52,"y":85,"width":872,"height":11}},{"id":"22cfcec4-e702-40d7-960c-1047abb6c9ab","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":10,"box":{"x":53,"y":99,"width":868,"height":11}},{"id":"14b35369-7e8a-4e29-8f4e-d11ef95b3663","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":10,"box":{"x":53,"y":113,"width":838,"height":11}},{"id":"bb865a6a-ea00-4595-be41-7c83a2839840","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":10,"box":{"x":53,"y":128,"width":868,"height":10}},{"id":"f5f729a6-f381-4ca3-8832-7148d401810a","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":10,"box":{"x":53,"y":142,"width":832,"height":11}},{"id":"1d344587-bb17-4080-93ea-71ba3e51cd12","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":10,"box":{"x":53,"y":156,"width":842,"height":11}},{"id":"f4d98691-124e-4390-b0aa-857552bc0232","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":10,"box":{"x":52,"y":170,"width":531,"height":11}},{"id":"7203f51b-160c-4a87-ac66-9c06df884315","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":10,"box":{"x":135,"y":195,"width":260,"height":11}},{"id":"c4aa925f-8c03-4f81-a443-0621116e3e44","block_type":"box","text":"-21.53","page_number":10,"box":{"x":83,"y":334,"width":30,"height":6}},{"id":"071d2271-5dd9-48b2-a5f7-4753aef681d7","block_type":"box","text":"21.20","page_number":10,"box":{"x":123,"y":254,"width":26,"height":6}},{"id":"3e51ebea-557e-4d41-be92-3954c8c2fab8","block_type":"box","text":"-9.14","page_number":10,"box":{"x":161,"y":315,"width":23,"height":6}},{"id":"6f7a33b2-cf4b-41f0-a532-901900b4048b","block_type":"box","text":"24.75","page_number":10,"box":{"x":197,"y":248,"width":26,"height":6}},{"id":"b2019fea-3f7f-4fd8-a783-c5f86ec31f20","block_type":"box","text":"25.90","page_number":10,"box":{"x":234,"y":246,"width":26,"height":6}},{"id":"1f63b088-5402-4b27-b79b-d58f3ee37978","block_type":"box","text":"0.99","page_number":10,"box":{"x":274,"y":285,"width":20,"height":6}},{"id":"f8004977-1e35-47d0-80be-d02511dd9287","block_type":"box","text":"-13.59","page_number":10,"box":{"x":306,"y":322,"width":29,"height":6}},{"id":"0cb177ba-7d94-416e-af9c-9538f2ccf150","block_type":"box","text":"3.62","page_number":10,"box":{"x":348,"y":281,"width":20,"height":6}},{"id":"e312e99d-13d1-4e31-9fa8-7e8594a50c30","block_type":"box","text":"-2.40","page_number":10,"box":{"x":383,"y":305,"width":24,"height":6}},{"id":"511e8234-ed19-4749-bfe1-8604537de591","block_type":"box","text":"28.03","page_number":10,"box":{"x":419,"y":243,"width":26,"height":6}},{"id":"de20d4e6-a771-4629-97b6-e16802b1f79c","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":10,"box":{"x":87,"y":349,"width":356,"height":6}},{"id":"d235d5ba-c197-4636-a4ba-2bc6ff212664","block_type":"box","text":"Return (%) Period Ended","page_number":10,"box":{"x":760,"y":210,"width":176,"height":9}},{"id":"d26de104-bdb8-4770-8895-e1b5cb2df748","block_type":"box","text":"Calendar Year-to-Date Return","page_number":10,"box":{"x":520,"y":228,"width":197,"height":7}},{"id":"dfdb71a3-5497-4b05-9984-c7bb5fae30ac","block_type":"box","text":"12.73% June 30, 2026","page_number":10,"box":{"x":774,"y":228,"width":168,"height":9}},{"id":"ca2b4d04-8e64-45eb-b639-03582ff8c4c6","block_type":"box","text":"During the periods shown in the chart:","page_number":10,"box":{"x":520,"y":241,"width":250,"height":9}},{"id":"4fecedac-0919-45af-bc1c-34f3d9abeb36","block_type":"box","text":"Best Quarter 26.81% June 30, 2020","page_number":10,"box":{"x":534,"y":254,"width":408,"height":8}},{"id":"4585746d-8d52-4244-baad-d178977c3e4d","block_type":"box","text":"Worst Quarter -22.92% March 31, 2016","page_number":10,"box":{"x":533,"y":267,"width":409,"height":8}},{"id":"50a0b92f-6f4b-4d23-be96-485ca4b33b69","block_type":"box","text":"Average Annual Total Returns (%)","page_number":10,"box":{"x":372,"y":379,"width":251,"height":11}},{"id":"d2666b6f-f562-414d-90ae-75bc01c4c3d1","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":10,"box":{"x":340,"y":393,"width":315,"height":11}},{"id":"040e1be9-8578-4d28-967d-afe91b563399","block_type":"box","text":"One Year Five Years Ten Years","page_number":10,"box":{"x":670,"y":410,"width":268,"height":7}},{"id":"cb7789c2-f25d-4536-b582-9e61f0ea6411","block_type":"box","text":"Fund Inception: 02/05/2001","page_number":10,"box":{"x":58,"y":425,"width":187,"height":9}},{"id":"442f53ab-fa78-4e27-aa40-f7d65439ac42","block_type":"box","text":"Return Before Taxes","page_number":10,"box":{"x":58,"y":437,"width":125,"height":7}},{"id":"8b482e45-c3e0-418c-902a-775422d36168","block_type":"box","text":"28.03% 2.47% 4.37%","page_number":10,"box":{"x":682,"y":437,"width":257,"height":7}},{"id":"44bfe6db-196f-4692-92ea-af80c219e191","block_type":"box","text":"Return After Taxes on Distributions 27.95% 2.41% 4.31%","page_number":10,"box":{"x":58,"y":448,"width":881,"height":8}},{"id":"f47ce1b8-12c7-4230-b48e-1509a3bf87a5","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 16.64% 1.89% 3.46%","page_number":10,"box":{"x":58,"y":460,"width":881,"height":7}},{"id":"776d86f2-3479-4a94-90d7-016e52f370d0","block_type":"box","text":"MSCI USA Index","page_number":10,"box":{"x":58,"y":472,"width":106,"height":7}},{"id":"77a42e34-4260-40a3-a429-4c9aee1194f4","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.75% 13.87% 14.79%","page_number":10,"box":{"x":168,"y":471,"width":771,"height":10}},{"id":"c74cf407-21ec-4a0b-b169-7004feb8faa6","block_type":"box","text":"NYSE Biotechnology Index (Spliced)","page_number":10,"box":{"x":58,"y":483,"width":237,"height":10}},{"id":"0793f568-a518-4d78-b2dc-2a6b274fef62","block_type":"box","text":"1","page_number":10,"box":{"x":296,"y":482,"width":5,"height":4}},{"id":"c36d6226-ef45-4662-806e-562b9ddaed0c","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":10,"box":{"x":305,"y":483,"width":331,"height":9}},{"id":"80ac490d-d476-4f82-8112-bfd6266b04a6","block_type":"box","text":"or taxes)","page_number":10,"box":{"x":71,"y":496,"width":53,"height":8}},{"id":"c1a2b83b-5b2d-42e5-9048-4e97c333094c","block_type":"box","text":"28.46% 2.83% 4.72%","page_number":10,"box":{"x":682,"y":496,"width":257,"height":7}},{"id":"abe0e9aa-c0c1-45cb-b6b5-99892ae23cfa","block_type":"box","text":"1","page_number":10,"box":{"x":80,"y":515,"width":5,"height":4}},{"id":"f8604cd3-48fb-4657-9302-3865ca99acbb","block_type":"box","text":"The NYSE Biotechnology Index (Spliced) reflects the performance of the Nasdaq Biotechnology Index through June 20, 2021 and then","page_number":10,"box":{"x":92,"y":516,"width":846,"height":10}},{"id":"809d65e1-ad55-49f3-aee7-a59ad632258a","block_type":"box","text":"NYSE Biotechnology Index thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":10,"box":{"x":94,"y":526,"width":732,"height":10}},{"id":"6e079e32-68ce-4e6a-aeea-bc119cf1b23b","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":10,"box":{"x":52,"y":546,"width":857,"height":11}},{"id":"c33011c5-da8d-4330-93a0-99a7bee4c5c5","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":10,"box":{"x":53,"y":560,"width":865,"height":11}},{"id":"fc3e4f02-f435-4a6e-84f6-450c35a2fb80","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":10,"box":{"x":53,"y":574,"width":847,"height":11}},{"id":"59a95846-e22e-4a53-b4b1-40a19183ddeb","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":10,"box":{"x":52,"y":588,"width":857,"height":11}},{"id":"a39cc090-eb18-4698-8f04-0db06758c862","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":10,"box":{"x":53,"y":603,"width":877,"height":11}},{"id":"7862f939-662c-4243-8419-d55ea053c697","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":10,"box":{"x":52,"y":617,"width":836,"height":11}},{"id":"ef010803-0d68-41c7-85a9-5b8a0671368e","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":10,"box":{"x":53,"y":631,"width":886,"height":11}},{"id":"baa9090c-85df-44d2-9506-8e96cb8832e4","block_type":"box","text":"on distributions.","page_number":10,"box":{"x":53,"y":645,"width":114,"height":9}},{"id":"0aff71fe-333f-44f8-bf59-49748e61f075","block_type":"box","text":"Management","page_number":10,"box":{"x":54,"y":675,"width":119,"height":13}},{"id":"114f0d4a-2b33-4af7-abb9-dd95a218483a","block_type":"box","text":"Investment Adviser.","page_number":10,"box":{"x":53,"y":699,"width":145,"height":9}},{"id":"ccbd627e-867c-4fd5-9ac9-d5074dd41c1d","block_type":"box","text":"BlackRock Fund Advisors.","page_number":10,"box":{"x":204,"y":700,"width":180,"height":8}},{"id":"86d3356b-25ea-4633-8ad8-5dc2dfa95676","block_type":"box","text":"Portfolio Managers.","page_number":10,"box":{"x":53,"y":722,"width":146,"height":11}},{"id":"ad20d359-31ba-42c3-bad6-ae0868dc7ea3","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":10,"box":{"x":203,"y":722,"width":679,"height":11}},{"id":"e91c20ca-9a7e-4b61-bc72-1e2f176c4803","block_type":"box","text":"management of the Fund:","page_number":10,"box":{"x":53,"y":737,"width":182,"height":11}},{"id":"26edb320-0b98-4fcb-998a-7ee86c3d5156","block_type":"box","text":"Portfolio Manager","page_number":10,"box":{"x":58,"y":772,"width":119,"height":10}},{"id":"aff7a029-069d-4af8-a893-5b33250c1eb5","block_type":"box","text":"Portfolio Manager of the","page_number":10,"box":{"x":411,"y":759,"width":160,"height":10}},{"id":"5a0e6c0f-9f9f-4b18-abc9-b080f9870ec7","block_type":"box","text":"Fund Since","page_number":10,"box":{"x":455,"y":772,"width":72,"height":8}},{"id":"4b61e17f-cd36-4c0c-b55b-8834d5609f24","block_type":"box","text":"Title with Investment","page_number":10,"box":{"x":804,"y":760,"width":140,"height":7}},{"id":"6164b11f-cd5d-4b08-8a8c-59514f79c9b8","block_type":"box","text":"Adviser","page_number":10,"box":{"x":849,"y":772,"width":49,"height":8}},{"id":"b5997a19-3a58-4fab-831a-64ca179599eb","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":10,"box":{"x":57,"y":788,"width":876,"height":10}},{"id":"08c73daa-7212-4cc3-9599-a24994aa0109","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":10,"box":{"x":58,"y":803,"width":875,"height":10}},{"id":"8faafb20-99c3-4f85-a585-56f645cbe4f3","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":10,"box":{"x":58,"y":819,"width":875,"height":10}},{"id":"2e8092fc-3c19-413c-9a92-c35024dc6e75","block_type":"box","text":"Steven White 2025 Managing Director","page_number":10,"box":{"x":57,"y":834,"width":876,"height":10}},{"id":"89d6cc98-4c60-491f-95c5-0e4a19891318","block_type":"box","text":"S-5","page_number":10,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"b4846ccd-34f0-4fc7-b3fc-68c80732130f","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":11,"box":{"x":54,"y":53,"width":304,"height":11}},{"id":"105e5f61-5cd0-43f6-912c-a5b2d5f5a6f6","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). 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An investor may incur costs","page_number":11,"box":{"x":52,"y":107,"width":817,"height":11}},{"id":"44fba0a1-6e3a-44ba-be9c-aa9d46fac8e7","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":11,"box":{"x":53,"y":121,"width":878,"height":11}},{"id":"b3af3993-00ae-4233-9631-df7c1b236bac","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":11,"box":{"x":53,"y":135,"width":861,"height":11}},{"id":"439a0835-5ad3-432b-8ba4-c57433dfd7d5","block_type":"box","text":"(the “bid-ask spread”).","page_number":11,"box":{"x":53,"y":149,"width":156,"height":11}},{"id":"d42fa444-a17e-4a66-adda-4ccfec516202","block_type":"box","text":"Tax Information","page_number":11,"box":{"x":52,"y":178,"width":144,"height":11}},{"id":"17411c90-6f93-42fc-844f-ac797c69e2d6","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":11,"box":{"x":52,"y":204,"width":831,"height":11}},{"id":"82bc78da-e33d-402c-badf-29be0b014f35","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":11,"box":{"x":53,"y":218,"width":883,"height":11}},{"id":"f82b2dd0-2315-4d66-b7d1-eaf23f3f5e6a","block_type":"box","text":"be taxed when withdrawn.","page_number":11,"box":{"x":53,"y":232,"width":182,"height":9}},{"id":"e1128a00-3418-43d7-ae7d-e0189ac5d893","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":11,"box":{"x":54,"y":261,"width":575,"height":13}},{"id":"a8021d54-4a6d-4799-bb7b-3d6ef9f74d9e","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":11,"box":{"x":53,"y":286,"width":855,"height":11}},{"id":"2fc292be-1896-4512-9821-52cfbee7ee3c","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":11,"box":{"x":53,"y":300,"width":843,"height":11}},{"id":"d408e285-3ef3-4a6d-8e5a-66a55e139727","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":11,"box":{"x":53,"y":315,"width":820,"height":10}},{"id":"37e846eb-b076-4070-97c9-960d164a7884","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":11,"box":{"x":53,"y":329,"width":801,"height":11}},{"id":"e0db955e-f873-4678-bc9b-5019abc95395","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":11,"box":{"x":53,"y":343,"width":841,"height":11}},{"id":"25e61bbc-ed47-4405-bf6a-87f3f61e48bc","block_type":"box","text":"financial intermediary’s website for more information.","page_number":11,"box":{"x":52,"y":357,"width":380,"height":11}},{"id":"be06117f-3284-4480-abc4-dbe766c7ee21","block_type":"box","text":"S-6","page_number":11,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"3025faf3-daa5-45ab-b0ff-f86ed673d717","block_type":"box","text":"iShares Expanded Tech Sector ETF","page_number":12,"box":{"x":53,"y":47,"width":483,"height":20}},{"id":"91e5c410-52cd-4451-9c98-75039a80001a","block_type":"box","text":"IGM | NYSE Arca","page_number":12,"box":{"x":54,"y":70,"width":228,"height":18}},{"id":"c2991d95-e0ee-4710-9e3a-52fe2b038f8e","block_type":"box","text":"Investment Objective","page_number":12,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"a31c86cd-5e95-45d6-8e4d-51b0cf31dba2","block_type":"box","text":"The iShares Expanded Tech Sector ETF (the “Fund”) seeks to track the investment results of an index composed of North","page_number":12,"box":{"x":52,"y":134,"width":851,"height":11}},{"id":"f40b8c22-133b-4098-aab7-3d61bf806267","block_type":"box","text":"American equities in the technology sector and select North American equities from communication services and consumer","page_number":12,"box":{"x":52,"y":148,"width":878,"height":11}},{"id":"ab20125f-dd18-493e-9d2e-0d57289590fd","block_type":"box","text":"discretionary sectors.","page_number":12,"box":{"x":53,"y":163,"width":151,"height":10}},{"id":"a96e6189-beef-4441-ae8f-2deaaa2ab848","block_type":"box","text":"Fees and Expenses","page_number":12,"box":{"x":54,"y":192,"width":168,"height":12}},{"id":"753857e4-177c-4fc3-8a9f-13528f7afcf9","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":12,"box":{"x":53,"y":475,"width":885,"height":12}},{"id":"a63fb70e-c975-4db9-b2ce-ec79b4319315","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":12,"box":{"x":52,"y":490,"width":871,"height":11}},{"id":"1c4481e5-a39c-461c-aa7c-b4c5bda8a385","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":12,"box":{"x":53,"y":504,"width":887,"height":11}},{"id":"408ce56b-c11d-4711-a8e8-bec5e539a93a","block_type":"box","text":"your costs would be:","page_number":12,"box":{"x":52,"y":518,"width":143,"height":11}},{"id":"18d5bcaf-cee7-4293-ab4a-a0520ce7a316","block_type":"box","text":"Expense Example","page_number":12,"box":{"x":58,"y":541,"width":115,"height":9}},{"id":"5160f5ce-b948-4873-a98f-f541df6d93c2","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":12,"box":{"x":663,"y":541,"width":280,"height":8}},{"id":"64bb55fb-eda5-4bb9-99c4-7de3a2bdda48","block_type":"box","text":"Example Fund Costs","page_number":12,"box":{"x":58,"y":557,"width":128,"height":9}},{"id":"f91960ab-c6a9-47cb-84e1-f0c6a94f7b7f","block_type":"box","text":"$38 $119 $208 $468","page_number":12,"box":{"x":671,"y":556,"width":261,"height":9}},{"id":"e86bca7e-09a8-477c-8f10-84eedc0af84f","block_type":"box","text":"Portfolio Turnover.","page_number":12,"box":{"x":53,"y":586,"width":137,"height":8}},{"id":"705d13bf-fd3c-44ba-9eb4-cf3e0450b41d","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":12,"box":{"x":194,"y":586,"width":722,"height":11}},{"id":"20e55d5d-5b08-4eaf-8b1c-8c6ac589077c","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":12,"box":{"x":53,"y":600,"width":883,"height":11}},{"id":"fd0bb3a7-fc3d-434d-880d-af46673b65d1","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":12,"box":{"x":53,"y":614,"width":876,"height":11}},{"id":"4b48b895-58e5-4cf5-ab47-d56c68b4fd3b","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 14% of","page_number":12,"box":{"x":52,"y":628,"width":886,"height":11}},{"id":"4f690255-aa05-4254-8117-f0f8b994372a","block_type":"box","text":"the average value of its portfolio.","page_number":12,"box":{"x":52,"y":643,"width":231,"height":10}},{"id":"55c3405d-c2a3-4e6e-9a66-a6f66f015ad6","block_type":"box","text":"Principal Investment Strategies","page_number":12,"box":{"x":54,"y":672,"width":284,"height":13}},{"id":"584d8a8e-a6d2-4dec-93d5-62999804d1b7","block_type":"box","text":"The Fund seeks to track the investment results of the S&P North American Expanded Technology Sector Index (the","page_number":12,"box":{"x":52,"y":697,"width":810,"height":11}},{"id":"241eb960-819d-42ae-870b-d34052dbe3fe","block_type":"box","text":"“Underlying Index”), which measures the performance of U.S.-traded stocks from the technology sector and select","page_number":12,"box":{"x":53,"y":711,"width":805,"height":11}},{"id":"9e8a2afe-7e45-4ff6-8cb8-191abdad0641","block_type":"box","text":"technology-related companies from the communication services and consumer discretionary sectors in the U.S. and Canada,","page_number":12,"box":{"x":52,"y":725,"width":887,"height":11}},{"id":"174722f3-a2a1-41c9-8084-db745f6c1702","block_type":"box","text":"as determined by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”). The Underlying Index includes companies in","page_number":12,"box":{"x":53,"y":739,"width":876,"height":11}},{"id":"0a076a46-1b3c-4019-8a6c-60149427e478","block_type":"box","text":"the following categories: producers of sophisticated computer-related devices; providers of communications equipment and","page_number":12,"box":{"x":52,"y":754,"width":880,"height":10}},{"id":"6fc6b50a-6524-4c15-80b6-3d4ead2739d0","block_type":"box","text":"internet services; producers of computer and internet software; consultants for information technology; providers of","page_number":12,"box":{"x":53,"y":768,"width":821,"height":11}},{"id":"105e671c-20a0-4fea-922a-e9630a48902e","block_type":"box","text":"computer services; semiconductors and semiconductor equipment manufacturers; and a select company engaging in","page_number":12,"box":{"x":53,"y":782,"width":834,"height":11}},{"id":"52c58a21-091a-4202-bf9a-8ae035e03885","block_type":"box","text":"content and information creation or distribution. The Underlying Index may include large-, mid- or small-capitalization","page_number":12,"box":{"x":53,"y":796,"width":839,"height":11}},{"id":"e6b1f0bf-de56-492c-94d2-8c8d0f1d916b","block_type":"box","text":"companies. As of March 31, 2026, a significant portion of the Underlying Index was represented by securities of companies in","page_number":12,"box":{"x":53,"y":810,"width":887,"height":11}},{"id":"2e5ed072-e8e4-4f8a-a57d-8a049d438b15","block_type":"box","text":"the communication services and technology industries or sectors. The components of the Underlying Index are likely to","page_number":12,"box":{"x":52,"y":824,"width":843,"height":11}},{"id":"4c803f1b-f740-40e2-be88-817b23baef7d","block_type":"box","text":"change over time.","page_number":12,"box":{"x":53,"y":839,"width":124,"height":10}},{"id":"e0d5b804-22a7-4d49-a018-3a1ae54cd6db","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. 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The instruments selected are expected to have, in the aggregate,","page_number":12,"box":{"x":53,"y":904,"width":851,"height":11}},{"id":"6c0cf69d-7777-44c1-9bf2-ef873833bafa","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":12,"box":{"x":53,"y":918,"width":806,"height":11}},{"id":"baf60d67-f201-4d09-b62c-f97944bca4b0","block_type":"box","text":"S-7","page_number":12,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"12557112-3fa6-4a68-bdba-5d516c56e244","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":13,"box":{"x":53,"y":46,"width":884,"height":11}},{"id":"94e11f57-d990-4ec3-9da8-7806a9d81004","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":13,"box":{"x":52,"y":61,"width":884,"height":10}},{"id":"9d425973-2f09-4362-acd2-192c70af2801","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":13,"box":{"x":53,"y":75,"width":852,"height":11}},{"id":"6dd2eea7-d930-4619-ab2b-5703f490088c","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":13,"box":{"x":53,"y":89,"width":867,"height":11}},{"id":"54081173-6ea9-4019-8c40-0e3eea3a00ec","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":13,"box":{"x":52,"y":103,"width":869,"height":11}},{"id":"99c0edfa-d671-4c24-8806-dd1322cb85f8","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":13,"box":{"x":52,"y":117,"width":863,"height":11}},{"id":"7010dddf-6b16-4ad0-9261-c70f1cab26d7","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":13,"box":{"x":53,"y":131,"width":826,"height":11}},{"id":"ab3c38a4-78aa-4c61-9d32-f1cf1cb6f0ed","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":13,"box":{"x":53,"y":146,"width":405,"height":11}},{"id":"8bfbdd0e-27ab-4345-8d07-4a85fb6848ef","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":13,"box":{"x":53,"y":169,"width":844,"height":11}},{"id":"2e8e7b90-7d4b-4a17-95d0-0ed77b5749dc","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":13,"box":{"x":53,"y":183,"width":860,"height":11}},{"id":"b0fcccc7-7be0-422e-835b-2e2cd7b96a15","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":13,"box":{"x":53,"y":197,"width":831,"height":11}},{"id":"006ee03a-f60f-4455-b079-bf40acdad621","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":13,"box":{"x":53,"y":211,"width":817,"height":11}},{"id":"469dbe50-524e-4cd4-a200-8ae5f4015c18","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":13,"box":{"x":53,"y":226,"width":818,"height":10}},{"id":"43ee1dd6-b69f-4c4b-8b87-e0f3f4e6a0da","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":13,"box":{"x":53,"y":240,"width":835,"height":11}},{"id":"db65eee7-7f41-4917-99cc-6f58da92b2e2","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":13,"box":{"x":52,"y":263,"width":873,"height":11}},{"id":"b950c66b-f6c0-416e-93d8-a6e8e2d344e8","block_type":"box","text":"collateral received).","page_number":13,"box":{"x":53,"y":277,"width":136,"height":9}},{"id":"3879dc97-4486-4b82-82b5-ec6b03ff2cf7","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":13,"box":{"x":52,"y":300,"width":861,"height":11}},{"id":"6724d381-c79a-4695-b8e3-eebf8873b601","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":13,"box":{"x":53,"y":315,"width":856,"height":10}},{"id":"b7742f23-9a13-41af-99fb-b925fe760423","block_type":"box","text":"market value of the Underlying Index.","page_number":13,"box":{"x":53,"y":329,"width":263,"height":11}},{"id":"990bd3ac-7ebe-4763-bb43-c85f3eec036c","block_type":"box","text":"Industry Concentration Policy.","page_number":13,"box":{"x":53,"y":352,"width":224,"height":11}},{"id":"09150e9c-0cc6-47e3-a65c-112cf9ee7c31","block_type":"box","text":"The Fund will concentrate its investments (","page_number":13,"box":{"x":281,"y":352,"width":304,"height":9}},{"id":"36febf0e-810f-423a-b4f3-5884c259da82","block_type":"box","text":"i.e.","page_number":13,"box":{"x":587,"y":352,"width":17,"height":8}},{"id":"28e79b38-0426-460e-9dd2-2ade012e3d6f","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":13,"box":{"x":606,"y":352,"width":292,"height":10}},{"id":"d0bdf88e-eb1f-4679-b002-1bee6f1c1938","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":13,"box":{"x":53,"y":366,"width":858,"height":11}},{"id":"7baf2635-161b-46ae-ac5f-632ad6b1c0d4","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":13,"box":{"x":53,"y":380,"width":868,"height":11}},{"id":"83f17b0b-c363-424d-ad58-397f873566bc","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":13,"box":{"x":53,"y":394,"width":826,"height":11}},{"id":"71c202dc-05bf-4fad-852b-8d4b1ec6f08d","block_type":"box","text":"Summary of Principal Risks","page_number":13,"box":{"x":52,"y":423,"width":248,"height":14}},{"id":"4e6bf7eb-79c0-4975-9a71-a2ddb98e55b5","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":13,"box":{"x":52,"y":449,"width":881,"height":10}},{"id":"f1a539b4-8e58-474b-b05d-318ab5aa2c7c","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":13,"box":{"x":53,"y":463,"width":824,"height":11}},{"id":"1f7dcd1f-6c9f-41c1-bbdc-e1f7dc8a268c","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":13,"box":{"x":53,"y":477,"width":807,"height":11}},{"id":"6bed7106-1775-4c35-810e-951b12a1fdf7","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":13,"box":{"x":53,"y":491,"width":844,"height":11}},{"id":"7ae90770-0f57-4c22-a297-8252930808cc","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":13,"box":{"x":52,"y":505,"width":815,"height":11}},{"id":"51c17532-489f-4b57-8e2d-263d8ddbf935","block_type":"box","text":"Technology Companies Risk.","page_number":13,"box":{"x":52,"y":528,"width":211,"height":11}},{"id":"70f16c12-163a-4129-b33a-bfaa45a89370","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":13,"box":{"x":267,"y":529,"width":657,"height":10}},{"id":"cf3c0ff2-01be-4bdc-833c-09039370276a","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":13,"box":{"x":53,"y":543,"width":849,"height":11}},{"id":"6d6e7f96-7d51-4d6e-b700-d60e207aa5d5","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":13,"box":{"x":53,"y":557,"width":887,"height":11}},{"id":"5458ca17-8fd7-4774-bec8-bf53ad02b5e2","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":13,"box":{"x":53,"y":571,"width":883,"height":11}},{"id":"379b8371-c5ad-4209-96b7-ba9c0ecb2f37","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":13,"box":{"x":52,"y":585,"width":839,"height":11}},{"id":"b0d3e495-59b5-47af-abc3-f0237401e3d1","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":13,"box":{"x":53,"y":599,"width":870,"height":11}},{"id":"ef66f89e-e4e7-4ec8-bf83-591b81ec5dfd","block_type":"box","text":"government or legal action.","page_number":13,"box":{"x":53,"y":614,"width":192,"height":10}},{"id":"51591a9d-76ec-4a7f-87ce-f97d36cfe7db","block_type":"box","text":"Equity Securities Risk.","page_number":13,"box":{"x":53,"y":637,"width":164,"height":11}},{"id":"303b74f4-6101-4c66-b56a-3fecbbf103cb","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":13,"box":{"x":223,"y":637,"width":709,"height":11}},{"id":"8fe05a65-efad-4ac3-9893-27664df1324a","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":13,"box":{"x":53,"y":651,"width":889,"height":11}},{"id":"9daa1c8d-832d-4a56-94f2-dddbc3dafd07","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":13,"box":{"x":53,"y":665,"width":880,"height":11}},{"id":"399fae1d-7fe1-45b5-9a09-1cd07b829ac9","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":13,"box":{"x":53,"y":679,"width":867,"height":11}},{"id":"302f0bea-7695-4600-8438-d71af501dc47","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":13,"box":{"x":53,"y":694,"width":339,"height":10}},{"id":"c98488ef-0e7e-4b4b-99d4-e46c26a020ef","block_type":"box","text":"Market Risk.","page_number":13,"box":{"x":53,"y":717,"width":91,"height":8}},{"id":"73d98797-4519-4f44-8a73-7acbf97769be","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":13,"box":{"x":148,"y":717,"width":768,"height":11}},{"id":"b0ca3d81-7c3a-4eb3-9418-330d453e0bfe","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":13,"box":{"x":53,"y":731,"width":882,"height":11}},{"id":"48da17a0-5c78-4913-b853-debb4dbbd008","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":13,"box":{"x":53,"y":745,"width":858,"height":11}},{"id":"430e119d-0439-4080-b1cc-0c3f178499b3","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":13,"box":{"x":53,"y":759,"width":875,"height":11}},{"id":"02d2f441-5b60-455d-9944-1bab062ddff3","block_type":"box","text":"Fund’s NAV.","page_number":13,"box":{"x":53,"y":773,"width":82,"height":9}},{"id":"7452cef9-ebcd-4d7b-802e-d445722796d2","block_type":"box","text":"Index-Related Risk.","page_number":13,"box":{"x":53,"y":797,"width":143,"height":8}},{"id":"783410c7-604c-47df-9a5e-63b65c0be818","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":13,"box":{"x":201,"y":797,"width":742,"height":11}},{"id":"b6249988-96c0-4ca1-bbb9-8a74b321104f","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":13,"box":{"x":53,"y":811,"width":856,"height":11}},{"id":"4ddb58fd-67d4-4a36-a5a8-48627001502a","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":13,"box":{"x":53,"y":825,"width":852,"height":11}},{"id":"28722cac-2df8-4879-bcf6-1afd275552d1","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":13,"box":{"x":53,"y":839,"width":876,"height":11}},{"id":"b63a8c54-7e65-43ff-bf49-8848ab89b34f","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":13,"box":{"x":52,"y":853,"width":849,"height":11}},{"id":"69abb118-bbd4-4b92-92ed-421267e6e7a3","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":13,"box":{"x":53,"y":868,"width":849,"height":10}},{"id":"0de06f27-13e9-402c-8b62-5392741eb57e","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":13,"box":{"x":53,"y":882,"width":890,"height":11}},{"id":"2a212c4d-849c-42bb-9ef1-9920a90083a6","block_type":"box","text":"S-8","page_number":13,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"d961cdc4-855a-419e-9ccc-01875afd49f3","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":14,"box":{"x":53,"y":47,"width":853,"height":10}},{"id":"9fa32559-87fa-4009-bb5e-e04f278fab4f","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":14,"box":{"x":53,"y":61,"width":539,"height":10}},{"id":"e0e0228b-d3f9-460f-96e9-66d833dc891d","block_type":"box","text":"Asset Class Risk.","page_number":14,"box":{"x":52,"y":84,"width":122,"height":8}},{"id":"97ac8e27-8747-4950-9391-80fb6a2fdea5","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":14,"box":{"x":179,"y":84,"width":721,"height":11}},{"id":"ae399875-498d-4b95-a76c-f1c507926779","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":14,"box":{"x":53,"y":98,"width":774,"height":11}},{"id":"14f4c791-58fa-408b-bc63-8f57a7000024","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":14,"box":{"x":52,"y":121,"width":318,"height":11}},{"id":"2fbc1733-447e-4206-b903-3f6cdac65d9f","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":14,"box":{"x":374,"y":121,"width":531,"height":11}},{"id":"498123d3-4def-44a1-bba3-1ec957b3b4b9","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":14,"box":{"x":53,"y":135,"width":810,"height":11}},{"id":"68ba6993-547d-4a15-a785-ca68385e9a96","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":14,"box":{"x":52,"y":149,"width":816,"height":11}},{"id":"08a20335-9954-47f8-a782-b7de44a0704f","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":14,"box":{"x":52,"y":164,"width":884,"height":11}},{"id":"cf2bb4bb-5ed2-403d-97aa-36ff84f797ca","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":14,"box":{"x":53,"y":178,"width":871,"height":11}},{"id":"cf8064c9-a9f3-408e-b802-aaccc292e269","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":14,"box":{"x":53,"y":192,"width":846,"height":11}},{"id":"b04297bc-7e3c-43f7-96cf-3e5f0aa3ec60","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":14,"box":{"x":52,"y":206,"width":881,"height":11}},{"id":"925cc91a-4f69-4fdf-99e1-d53060015901","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":14,"box":{"x":53,"y":220,"width":853,"height":11}},{"id":"53fb51d8-adc9-4fa2-a0ba-c117d1dff3e4","block_type":"box","text":"halts or delisting.","page_number":14,"box":{"x":53,"y":235,"width":121,"height":10}},{"id":"e11f0c17-8d50-4b9d-8519-1f41c8915b02","block_type":"box","text":"Communications Companies Risk.","page_number":14,"box":{"x":53,"y":258,"width":251,"height":10}},{"id":"f1fda769-6c53-402f-bb39-c700e302248e","block_type":"box","text":"Companies in the communications industry (“communications companies”) include","page_number":14,"box":{"x":310,"y":258,"width":594,"height":11}},{"id":"1198579f-4abc-4059-b4cf-e8f52eedb2d9","block_type":"box","text":"telecommunications and media companies. Communications companies face risks related to cybersecurity incidents, data","page_number":14,"box":{"x":52,"y":272,"width":868,"height":11}},{"id":"fced2dc0-3eaa-4b64-bb7e-c330ac9acb86","block_type":"box","text":"breaches, new technologies, substantial capital requirements, government regulation, cyclicality of revenues and earnings,","page_number":14,"box":{"x":53,"y":286,"width":869,"height":11}},{"id":"0df4a789-9e6b-402e-bf78-d0b5e5c652ca","block_type":"box","text":"obsolescence of products and services, and changes in consumer preferences and expectations, among other things.","page_number":14,"box":{"x":53,"y":300,"width":830,"height":11}},{"id":"a4251db2-aba0-4fef-b0b9-5122c71851de","block_type":"box","text":"Concentration Risk.","page_number":14,"box":{"x":53,"y":323,"width":145,"height":9}},{"id":"4ebb82fd-b629-4073-995e-98952626fcd5","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":14,"box":{"x":202,"y":324,"width":711,"height":10}},{"id":"0be84336-0fed-404b-97c8-b7e2dece34ce","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":14,"box":{"x":53,"y":338,"width":884,"height":10}},{"id":"a06b609b-db5f-49cb-83df-90e161504eb4","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":14,"box":{"x":52,"y":352,"width":887,"height":11}},{"id":"cacc6ddd-97b7-462d-9843-6a10e9910319","block_type":"box","text":"asset classes.","page_number":14,"box":{"x":53,"y":366,"width":95,"height":9}},{"id":"c8a4d9c1-c4fa-496e-b122-d2e39435e8f1","block_type":"box","text":"Issuer Risk.","page_number":14,"box":{"x":53,"y":389,"width":83,"height":9}},{"id":"fc3135e6-9cfe-40f6-aa4c-832e659835ff","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":14,"box":{"x":140,"y":389,"width":780,"height":11}},{"id":"1e8487ec-5756-4255-b807-494533e167d7","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":14,"box":{"x":53,"y":404,"width":886,"height":10}},{"id":"84333273-8817-4bf6-939c-7aa47b3161c0","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":14,"box":{"x":52,"y":418,"width":576,"height":11}},{"id":"929a4b97-2ccf-4a73-9ffd-620f92ef7b4e","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":14,"box":{"x":53,"y":441,"width":278,"height":11}},{"id":"2c9925c3-7ac7-4d0d-902f-34cebcea399e","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":14,"box":{"x":337,"y":441,"width":540,"height":11}},{"id":"2c1fb081-143b-4cdc-b34b-9e8f72d171cb","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":14,"box":{"x":53,"y":455,"width":890,"height":11}},{"id":"0424926a-8745-4498-8c6d-54e50c36305e","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":14,"box":{"x":53,"y":469,"width":868,"height":11}},{"id":"c1022acf-93fb-4d94-9a15-0efb9a819420","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":14,"box":{"x":53,"y":483,"width":709,"height":11}},{"id":"2d1e450d-5e36-47f5-b5c3-4042534b2788","block_type":"box","text":"Management Risk.","page_number":14,"box":{"x":53,"y":507,"width":137,"height":11}},{"id":"3ed8450b-6e5c-4e46-a1fa-0a3a47af7cc0","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":14,"box":{"x":194,"y":506,"width":711,"height":11}},{"id":"4bf7c0f9-d65c-48f6-a030-028faf1cda51","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":14,"box":{"x":53,"y":521,"width":877,"height":11}},{"id":"d3730488-ec12-4b29-967d-f861fb7493c5","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":14,"box":{"x":53,"y":535,"width":859,"height":11}},{"id":"3d16124a-0e90-4bd1-9429-71649eaf34f3","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":14,"box":{"x":52,"y":549,"width":848,"height":11}},{"id":"6db9a5a5-fe62-462f-85f1-a1c9667fba2b","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":14,"box":{"x":53,"y":563,"width":756,"height":11}},{"id":"c6be68e6-cb82-44c2-bf16-9b230269dce1","block_type":"box","text":"Market Trading Risk.","page_number":14,"box":{"x":53,"y":586,"width":152,"height":11}},{"id":"257f1409-2993-4da1-a7e7-eb99878c159a","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":14,"box":{"x":209,"y":587,"width":694,"height":10}},{"id":"ab52fe70-c547-4c69-8c2b-99cebfb7bb9d","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":14,"box":{"x":53,"y":601,"width":841,"height":11}},{"id":"7aa967f1-db6a-4049-b4c0-6cfc45c964b7","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":14,"box":{"x":53,"y":615,"width":887,"height":11}},{"id":"32431ea1-935a-4cff-97dc-30281d3db9ce","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":14,"box":{"x":52,"y":629,"width":839,"height":11}},{"id":"4ba81120-c5e2-436a-ae13-6b2e852f3662","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":14,"box":{"x":53,"y":643,"width":866,"height":11}},{"id":"45bcd733-f3c1-40ce-af0f-666e2c39bc40","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":14,"box":{"x":52,"y":657,"width":885,"height":11}},{"id":"b88c79b2-9ef9-4fb6-a537-1391f48b3bcd","block_type":"box","text":"of the Fund shares.","page_number":14,"box":{"x":53,"y":672,"width":134,"height":8}},{"id":"b45bffeb-6a7e-437a-9cfe-8104dee1a974","block_type":"box","text":"Non-Diversification Risk.","page_number":14,"box":{"x":53,"y":695,"width":184,"height":8}},{"id":"5b234a65-d68a-4e0b-aef5-0d3adda6b3e2","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":14,"box":{"x":242,"y":695,"width":633,"height":10}},{"id":"1541ab08-70af-4a6c-a7ac-348cece592e0","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":14,"box":{"x":53,"y":709,"width":802,"height":11}},{"id":"bfa1772e-ce40-483f-858e-03bb8dd18a04","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":14,"box":{"x":53,"y":723,"width":888,"height":11}},{"id":"4c0f2b8a-db99-48c8-84b1-e0694f012704","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":14,"box":{"x":53,"y":737,"width":876,"height":11}},{"id":"751ae0d3-8a1b-4dc6-bd73-5a844dc829fc","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":14,"box":{"x":53,"y":752,"width":696,"height":10}},{"id":"523cdd37-7032-44a1-ad9f-1f91bbb7a98b","block_type":"box","text":"Operational and Technology Risks.","page_number":14,"box":{"x":53,"y":775,"width":254,"height":11}},{"id":"288f1ea6-2c77-4ccf-aded-9aa4ec9ca23b","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":14,"box":{"x":312,"y":775,"width":581,"height":11}},{"id":"3fdc6070-f6de-4e42-8847-cd29cf6a79e8","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":14,"box":{"x":53,"y":789,"width":876,"height":11}},{"id":"cf6d2754-0817-452f-bfd4-cc094f33f29f","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":14,"box":{"x":53,"y":803,"width":879,"height":11}},{"id":"5b52cbd0-7916-4a12-92bc-2fa9a52d18c9","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":14,"box":{"x":53,"y":817,"width":825,"height":11}},{"id":"5bcdf154-f45d-48d6-b5ec-907c76bf9f14","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":14,"box":{"x":53,"y":831,"width":862,"height":11}},{"id":"b74b7923-f98b-4a2b-835a-61fe8f332362","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":14,"box":{"x":53,"y":846,"width":872,"height":11}},{"id":"0d68240a-a277-47b5-a3e0-511e4a74398d","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":14,"box":{"x":53,"y":860,"width":824,"height":11}},{"id":"1281b58c-654a-4acc-8f27-c70be068ef88","block_type":"box","text":"S-9","page_number":14,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"8d1375ec-031d-491a-a645-503079e19158","block_type":"box","text":"Risk of Investing in the U.S.","page_number":15,"box":{"x":53,"y":46,"width":200,"height":11}},{"id":"7149da7a-20ec-4e86-a8a3-f2b2cecaaf6b","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":15,"box":{"x":259,"y":46,"width":663,"height":11}},{"id":"8dfaa19c-6b25-4c56-a5af-2072e3d4daab","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":53,"y":61,"width":877,"height":10}},{"id":"1cd3ebbd-ce92-4894-8548-474bacaa50c4","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":15,"box":{"x":53,"y":75,"width":470,"height":11}},{"id":"52afe09f-3e62-4281-bbb8-e990adc41df8","block_type":"box","text":"Securities Lending Risk.","page_number":15,"box":{"x":52,"y":98,"width":178,"height":11}},{"id":"261b5a15-de51-4dc9-b3b2-bbaaad617075","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":15,"box":{"x":234,"y":98,"width":692,"height":11}},{"id":"97d443bd-6cde-4917-8c0b-b24f87cb309c","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":15,"box":{"x":53,"y":112,"width":870,"height":11}},{"id":"79ae307c-eca3-4490-a3e1-1ea1a0337032","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":15,"box":{"x":53,"y":126,"width":886,"height":11}},{"id":"6cfed865-7ea9-4f9a-811b-6432c5bd0c6e","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":15,"box":{"x":53,"y":141,"width":831,"height":10}},{"id":"d3f2a219-9ac4-4714-b23c-d55683205b8e","block_type":"box","text":"Tracking Error Risk.","page_number":15,"box":{"x":52,"y":164,"width":145,"height":11}},{"id":"304c509a-7d02-4d72-860f-b56ffafa1cc0","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":15,"box":{"x":201,"y":164,"width":741,"height":11}},{"id":"1f2ecd3b-050f-49b7-8c37-b154b6e405b2","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":15,"box":{"x":53,"y":178,"width":861,"height":11}},{"id":"a36fe2aa-cfca-402d-92fd-6cf40faed044","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":15,"box":{"x":53,"y":192,"width":832,"height":11}},{"id":"d390dbab-1973-45f1-82b7-90b7755348fd","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":15,"box":{"x":53,"y":206,"width":880,"height":11}},{"id":"5169b772-f3e1-4805-9bbe-c613c9e3e181","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":15,"box":{"x":53,"y":220,"width":831,"height":11}},{"id":"1aeb84a4-230a-4851-b720-7d2a04ebea32","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":15,"box":{"x":52,"y":235,"width":828,"height":10}},{"id":"d848fa25-35bf-4d18-a9ec-3729cbb7eef7","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":15,"box":{"x":53,"y":249,"width":873,"height":11}},{"id":"e2a2dc10-259f-49aa-8e76-6b75fe416b72","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":15,"box":{"x":53,"y":263,"width":889,"height":11}},{"id":"6bb7ab2d-8108-4e5d-8248-e62810abe9d2","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":15,"box":{"x":53,"y":277,"width":852,"height":11}},{"id":"d62bcec5-3d5a-4929-b38c-c6f8ff2723ce","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":15,"box":{"x":53,"y":291,"width":886,"height":11}},{"id":"33e61748-584b-42b1-a8bc-7a41a5da28e6","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":15,"box":{"x":53,"y":306,"width":873,"height":10}},{"id":"05b78ce3-af20-45e3-b729-1d17cfe044b9","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":15,"box":{"x":53,"y":320,"width":724,"height":11}},{"id":"4ed4f41c-bd8d-446e-9a78-83b7e05100cf","block_type":"box","text":"Performance Information","page_number":15,"box":{"x":54,"y":349,"width":228,"height":10}},{"id":"8dc8a2c3-2311-42ce-87ec-10226a2061d2","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":15,"box":{"x":52,"y":374,"width":864,"height":10}},{"id":"0ad7e2b0-48e2-4126-adbf-ba8ce9a8161c","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":15,"box":{"x":52,"y":388,"width":872,"height":11}},{"id":"1436815e-e754-4c7d-b963-f0bac20e0a8d","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":15,"box":{"x":53,"y":402,"width":868,"height":11}},{"id":"7680076d-d900-445f-9617-694bd24c9280","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":15,"box":{"x":53,"y":416,"width":838,"height":11}},{"id":"b29d30b4-f337-4a28-b938-d1638fee6e34","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":15,"box":{"x":53,"y":431,"width":868,"height":10}},{"id":"4b8e5d2a-f9f6-4606-8f32-0a1408f94869","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":15,"box":{"x":53,"y":445,"width":832,"height":11}},{"id":"50b5cb9f-6fc7-4c8c-a902-c96f59486bfe","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":15,"box":{"x":53,"y":459,"width":842,"height":11}},{"id":"f52e8212-920b-4ba9-94a8-3c2f34d0ce25","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":15,"box":{"x":52,"y":473,"width":531,"height":11}},{"id":"9d5e2b43-6693-4054-8c53-6fe282770ed1","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":15,"box":{"x":135,"y":498,"width":260,"height":10}},{"id":"09178119-113e-4dc9-9574-cd737e3c8cf6","block_type":"box","text":"13.03","page_number":15,"box":{"x":87,"y":586,"width":25,"height":6}},{"id":"bee99ac1-9062-427f-a973-6b476458bfd6","block_type":"box","text":"37.11","page_number":15,"box":{"x":122,"y":570,"width":25,"height":6}},{"id":"3e5f2a39-c62f-4266-88cc-d7bf02f06584","block_type":"box","text":"2.54","page_number":15,"box":{"x":163,"y":593,"width":20,"height":6}},{"id":"ec0e8234-597b-4ab0-819a-5a37612854f9","block_type":"box","text":"41.69","page_number":15,"box":{"x":196,"y":567,"width":27,"height":6}},{"id":"60b24820-83ba-4258-8661-3aea90b3f51d","block_type":"box","text":"44.95","page_number":15,"box":{"x":233,"y":565,"width":27,"height":6}},{"id":"aed4fc7e-3e60-4760-be59-b4086aae772e","block_type":"box","text":"25.69","page_number":15,"box":{"x":271,"y":578,"width":26,"height":6}},{"id":"792d288f-d39d-406f-96b7-60290f5b6120","block_type":"box","text":"-35.86","page_number":15,"box":{"x":306,"y":634,"width":29,"height":6}},{"id":"37a79a2d-cc14-4a07-b8e7-c653312abc47","block_type":"box","text":"60.67","page_number":15,"box":{"x":345,"y":554,"width":26,"height":6}},{"id":"29132f15-1f0e-4f14-bfd4-01d3965465aa","block_type":"box","text":"36.95","page_number":15,"box":{"x":382,"y":570,"width":26,"height":6}},{"id":"13bacf15-6212-4e37-bfad-8b1f9e9bbceb","block_type":"box","text":"26.83","page_number":15,"box":{"x":419,"y":577,"width":26,"height":6}},{"id":"92245039-5537-404e-ae8a-6c422c7d0e03","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":15,"box":{"x":87,"y":652,"width":356,"height":6}},{"id":"489656fe-3e89-45f8-baa4-409345c25f6e","block_type":"box","text":"Return (%) Period Ended","page_number":15,"box":{"x":770,"y":513,"width":171,"height":9}},{"id":"e6f4d326-f607-4d2d-87d4-6a7d7990043e","block_type":"box","text":"Calendar Year-to-Date Return","page_number":15,"box":{"x":520,"y":531,"width":197,"height":7}},{"id":"e47590c6-3822-45e0-880c-1f60639d92d2","block_type":"box","text":"26.78% June 30, 2026","page_number":15,"box":{"x":783,"y":531,"width":159,"height":9}},{"id":"c5bc4e94-ba05-4559-8ffd-117636fbd15b","block_type":"box","text":"During the periods shown in the chart:","page_number":15,"box":{"x":520,"y":544,"width":250,"height":9}},{"id":"ef78a647-656b-4bb5-a1a0-e12f6873e8cf","block_type":"box","text":"Best Quarter 31.84% June 30, 2020","page_number":15,"box":{"x":534,"y":557,"width":408,"height":8}},{"id":"d8db0f44-eb6f-4c4d-8301-c3ba2f67a2ee","block_type":"box","text":"Worst Quarter -24.06% June 30, 2022","page_number":15,"box":{"x":533,"y":570,"width":409,"height":8}},{"id":"ae7f81dc-2b13-48ce-abab-a5a6059774c2","block_type":"box","text":"Average Annual Total Returns (%)","page_number":15,"box":{"x":372,"y":682,"width":251,"height":11}},{"id":"e11906af-935d-4dc2-9b50-ae87931e5255","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":15,"box":{"x":340,"y":696,"width":315,"height":11}},{"id":"1e32e3cb-f30e-4706-8868-584af091d350","block_type":"box","text":"One Year Five Years Ten Years","page_number":15,"box":{"x":670,"y":712,"width":268,"height":8}},{"id":"879f04bb-3049-4ce1-998d-f81425d1dc0f","block_type":"box","text":"Fund Inception: 03/13/2001","page_number":15,"box":{"x":58,"y":728,"width":187,"height":9}},{"id":"a39b8acc-417f-4f7a-ad41-bafec03eec01","block_type":"box","text":"Return Before Taxes","page_number":15,"box":{"x":58,"y":740,"width":125,"height":7}},{"id":"fa14f4c6-09b2-4bb9-8892-a736f8d5785a","block_type":"box","text":"26.83% 17.60% 22.06%","page_number":15,"box":{"x":682,"y":740,"width":257,"height":7}},{"id":"1a9ce1fc-fd38-4bdf-ae1b-b3c5512c46e2","block_type":"box","text":"Return After Taxes on Distributions 26.77% 17.52% 21.93%","page_number":15,"box":{"x":58,"y":751,"width":881,"height":8}},{"id":"f73d6b29-7212-427d-8f90-53127a4e22a8","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 15.91% 14.28% 19.20%","page_number":15,"box":{"x":58,"y":763,"width":881,"height":7}},{"id":"089cc814-fbb0-44cc-9ff2-ae4fe6f7c2d6","block_type":"box","text":"S&P Total Market Index","page_number":15,"box":{"x":57,"y":774,"width":155,"height":8}},{"id":"a2dfc964-4747-4560-bea3-663cf14b7234","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 13.07% 14.22%","page_number":15,"box":{"x":215,"y":774,"width":724,"height":10}},{"id":"f0f67730-f557-44dd-8840-c55229d8c39d","block_type":"box","text":"S&P North American Expanded Technology Sector Index (Spliced)","page_number":15,"box":{"x":57,"y":786,"width":432,"height":10}},{"id":"cc22f310-1e1f-44c0-95d6-ff98ac92d17d","block_type":"box","text":"1","page_number":15,"box":{"x":490,"y":785,"width":5,"height":4}},{"id":"bfbff9f9-404c-4902-bd00-7d15f2b6a29f","block_type":"box","text":"(Returns do not reflect","page_number":15,"box":{"x":499,"y":786,"width":141,"height":8}},{"id":"712831d5-1d4c-4a1f-b478-5225d6ae83dc","block_type":"box","text":"deductions for fees, expenses or taxes) 27.31% 18.05% 22.57%","page_number":15,"box":{"x":71,"y":799,"width":868,"height":9}},{"id":"3c085a01-c6cd-4c2e-a2ac-2e4a57bc0e06","block_type":"box","text":"1","page_number":15,"box":{"x":80,"y":818,"width":5,"height":4}},{"id":"449c3276-3cb8-44f8-a7b9-0f8da89e8f68","block_type":"box","text":"The S&P North American Expanded Technology Sector Index (Spliced) reflects the performance of the S&P North American Technology","page_number":15,"box":{"x":92,"y":819,"width":851,"height":10}},{"id":"8081721f-86ee-4ddd-beed-49b55d5020f7","block_type":"box","text":"Sector Index through December 23, 2018 and the S&P North American Expanded Technology Sector Index thereafter, which reflect the","page_number":15,"box":{"x":93,"y":829,"width":847,"height":10}},{"id":"187b7412-c242-4510-8f8e-589590531fe6","block_type":"box","text":"times when each index was the Underlying Index of the Fund.","page_number":15,"box":{"x":92,"y":840,"width":385,"height":9}},{"id":"641db5f1-f40b-45db-83e4-383572429b46","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":15,"box":{"x":52,"y":859,"width":857,"height":11}},{"id":"1d80a980-eb73-43a5-a290-d00bdc1bf41a","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":15,"box":{"x":53,"y":873,"width":865,"height":11}},{"id":"c0bc2c58-e521-4926-b6a5-d91c5c7bd6c5","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":15,"box":{"x":53,"y":888,"width":847,"height":10}},{"id":"c74d99f7-6014-49ea-819c-ac7ffaa4d455","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":15,"box":{"x":52,"y":902,"width":857,"height":11}},{"id":"572908c7-6caa-4ac1-9e48-11473c091cd0","block_type":"box","text":"S-10","page_number":15,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"a7bb714b-fb46-4618-b667-ff52589d8b51","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":16,"box":{"x":53,"y":46,"width":877,"height":11}},{"id":"76ecb036-129e-467e-b3fd-063282fbd332","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":16,"box":{"x":52,"y":61,"width":836,"height":10}},{"id":"befbf20c-2d81-4c22-82f0-169b0682957b","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":16,"box":{"x":53,"y":75,"width":886,"height":11}},{"id":"1a832766-49b8-48d4-b845-4cc2c62167f1","block_type":"box","text":"on distributions.","page_number":16,"box":{"x":53,"y":89,"width":114,"height":8}},{"id":"e99f311d-5cb0-468e-87a3-41eff10fd79a","block_type":"box","text":"Management","page_number":16,"box":{"x":54,"y":118,"width":119,"height":13}},{"id":"2577e8ba-c175-44e2-a9a6-7e70e1729f4e","block_type":"box","text":"Investment Adviser.","page_number":16,"box":{"x":53,"y":143,"width":145,"height":9}},{"id":"ce0d364e-81ac-4fa1-b105-7f60bdabce1a","block_type":"box","text":"BlackRock Fund Advisors.","page_number":16,"box":{"x":204,"y":143,"width":180,"height":9}},{"id":"d575e42f-e2db-4e4e-9eb6-8fc94af6e40e","block_type":"box","text":"Portfolio Managers.","page_number":16,"box":{"x":53,"y":166,"width":146,"height":11}},{"id":"183da37d-3fe1-48bf-8d14-ad0f27d6a792","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":16,"box":{"x":203,"y":166,"width":679,"height":11}},{"id":"e6201dbd-665b-4281-849c-7fc5f413b8ac","block_type":"box","text":"management of the Fund:","page_number":16,"box":{"x":53,"y":180,"width":182,"height":11}},{"id":"9676030c-213e-4757-9f65-cf1677badb67","block_type":"box","text":"Portfolio Manager","page_number":16,"box":{"x":58,"y":216,"width":119,"height":10}},{"id":"d1297d8f-3dc4-4a2a-a407-31240f9ad043","block_type":"box","text":"Portfolio Manager of the","page_number":16,"box":{"x":411,"y":203,"width":160,"height":10}},{"id":"1728362c-8750-49a2-8fe0-c4d6e817b2fc","block_type":"box","text":"Fund Since","page_number":16,"box":{"x":455,"y":216,"width":72,"height":8}},{"id":"1b8e7044-533a-47e2-ac37-d1edd7dc3429","block_type":"box","text":"Title with Investment","page_number":16,"box":{"x":804,"y":203,"width":140,"height":8}},{"id":"283a6821-e278-436d-b7fd-14b91eda4a66","block_type":"box","text":"Adviser","page_number":16,"box":{"x":849,"y":216,"width":49,"height":8}},{"id":"e49aba1b-694f-4582-8c36-2b4b00db0da6","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":16,"box":{"x":57,"y":232,"width":876,"height":9}},{"id":"e3fe46bb-6f73-4988-bfc3-5aa3d0810cbb","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":16,"box":{"x":58,"y":247,"width":875,"height":10}},{"id":"cf518d30-40ee-46d9-880c-4810306a46bb","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":16,"box":{"x":58,"y":263,"width":875,"height":9}},{"id":"e0b81ebf-91d7-480e-abb7-4be38befa6a0","block_type":"box","text":"Steven White 2025 Managing Director","page_number":16,"box":{"x":57,"y":278,"width":876,"height":10}},{"id":"807317b5-479f-42f2-b84a-a2755da3bcb4","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":16,"box":{"x":54,"y":313,"width":304,"height":11}},{"id":"6033fec3-c572-4508-a485-130b6fae3408","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":16,"box":{"x":52,"y":338,"width":878,"height":11}},{"id":"80e022db-0d1c-4e34-9c88-dbf4a70dca28","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":16,"box":{"x":53,"y":353,"width":855,"height":10}},{"id":"af1bd42a-ef60-416b-8f16-7c5b2a52979a","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":16,"box":{"x":52,"y":367,"width":817,"height":11}},{"id":"48b4c65b-5838-470c-bae1-d95ddcbc215d","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":16,"box":{"x":53,"y":381,"width":878,"height":11}},{"id":"e928cf0f-93b5-4e2e-9416-0953d66fd94b","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":16,"box":{"x":53,"y":395,"width":861,"height":11}},{"id":"add06ac0-1888-4ac2-9242-0296b50bfc30","block_type":"box","text":"(the “bid-ask spread”).","page_number":16,"box":{"x":53,"y":409,"width":156,"height":11}},{"id":"1a702302-788c-41eb-a015-c90afaec94d2","block_type":"box","text":"Tax Information","page_number":16,"box":{"x":52,"y":438,"width":144,"height":11}},{"id":"33fe0414-ae04-42e1-a74e-09849607cb50","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":16,"box":{"x":52,"y":464,"width":831,"height":10}},{"id":"afb2e6e7-27c8-42cb-983b-3ebcae9056b6","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":16,"box":{"x":53,"y":478,"width":883,"height":10}},{"id":"bcb1626f-ba9d-458a-b5bc-92c2109f5f90","block_type":"box","text":"be taxed when withdrawn.","page_number":16,"box":{"x":53,"y":492,"width":182,"height":8}},{"id":"9e28c051-5ee3-4737-942c-ecdc8acb45b3","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":16,"box":{"x":54,"y":521,"width":575,"height":13}},{"id":"d42d5350-be41-48c2-b15b-869592f38525","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":16,"box":{"x":53,"y":546,"width":855,"height":11}},{"id":"c0705612-efd2-422d-af94-2aa5a142ca8f","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":16,"box":{"x":53,"y":560,"width":843,"height":11}},{"id":"9c36e85d-342f-49d0-ae1a-209783e12b74","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":16,"box":{"x":53,"y":574,"width":820,"height":11}},{"id":"5f8a5454-4c1b-452c-9101-a79b550c86e8","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":16,"box":{"x":53,"y":588,"width":801,"height":11}},{"id":"0d3932e7-b850-447d-9eaa-1b9b21f011b8","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":16,"box":{"x":53,"y":603,"width":841,"height":11}},{"id":"a62193bf-ed6b-424e-a8f4-b6cd2f07e4e3","block_type":"box","text":"financial intermediary’s website for more information.","page_number":16,"box":{"x":52,"y":617,"width":380,"height":11}},{"id":"d4985743-7a59-482c-af40-0d875e00590f","block_type":"box","text":"S-11","page_number":16,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"f740624a-ff03-4be6-bd1d-d361fd626bac","block_type":"box","text":"iShares Expanded Tech-Software Sector ETF","page_number":17,"box":{"x":53,"y":46,"width":622,"height":21}},{"id":"e6e474ef-4ea8-48db-8ff6-3adfbf9ce994","block_type":"box","text":"IGV | Cboe BZX","page_number":17,"box":{"x":54,"y":70,"width":208,"height":18}},{"id":"7588f2ce-2bdd-4840-9b05-f84c9975f45f","block_type":"box","text":"Investment Objective","page_number":17,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"8b91114d-52be-4bcc-8936-7b963e214e72","block_type":"box","text":"The iShares Expanded Tech-Software Sector ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":17,"box":{"x":52,"y":134,"width":877,"height":11}},{"id":"93bfb7f5-8851-42e2-bd55-e2e01d40e36f","block_type":"box","text":"North American equities in the software industry and select North American equities from interactive home entertainment","page_number":17,"box":{"x":53,"y":148,"width":865,"height":11}},{"id":"c9be95e6-b0db-415d-9d03-c2f40e0a588e","block_type":"box","text":"and interactive media and services industries.","page_number":17,"box":{"x":53,"y":163,"width":323,"height":8}},{"id":"b4aa53a9-8feb-44dc-b9cd-2c27e5ddd5e5","block_type":"box","text":"Fees and Expenses","page_number":17,"box":{"x":54,"y":192,"width":168,"height":12}},{"id":"15b53b92-96fd-4957-84ab-1b5846646fde","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":17,"box":{"x":52,"y":217,"width":874,"height":10}},{"id":"016bd00a-2cde-4c56-aba1-7ea59768d8e1","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":17,"box":{"x":53,"y":231,"width":871,"height":11}},{"id":"ac5c72c0-878d-4e9f-b449-01ef137c246f","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":17,"box":{"x":53,"y":245,"width":888,"height":11}},{"id":"eda01ba1-c31c-438c-a09c-29f63f24c863","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":17,"box":{"x":53,"y":259,"width":795,"height":11}},{"id":"101a9fd4-b567-429e-9cd8-78db4ab8eadd","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":17,"box":{"x":53,"y":273,"width":854,"height":11}},{"id":"52f44e74-b907-4b42-9aee-5893b891d7e9","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":17,"box":{"x":52,"y":287,"width":829,"height":11}},{"id":"ee40079e-2042-419d-84b9-837792ccc198","block_type":"box","text":"extraordinary expenses.","page_number":17,"box":{"x":53,"y":302,"width":167,"height":10}},{"id":"c90950da-e3f8-4ce3-bf37-d177b3785487","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":17,"box":{"x":52,"y":325,"width":830,"height":11}},{"id":"bc2961a3-274e-4d22-804c-5110f8a685ed","block_type":"box","text":"reflected in the table and example below.","page_number":17,"box":{"x":53,"y":339,"width":300,"height":11}},{"id":"a41964b1-375c-436f-9638-6bbb5ed7ab1e","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":17,"box":{"x":57,"y":362,"width":761,"height":10}},{"id":"cd02cba1-f05e-4753-9888-c1dbc208516d","block_type":"box","text":"1","page_number":17,"box":{"x":819,"y":361,"width":5,"height":4}},{"id":"0d1c67d3-467e-4fdc-96e8-e2ba5d334001","block_type":"box","text":"Management Fee","page_number":17,"box":{"x":58,"y":382,"width":109,"height":9}},{"id":"2ceca5a8-e94f-432c-8c58-08b1d91a5661","block_type":"box","text":"0.38%","page_number":17,"box":{"x":890,"y":382,"width":41,"height":7}},{"id":"7379c852-ff6e-453a-a03a-c70b3afcd494","block_type":"box","text":"Other Expenses","page_number":17,"box":{"x":58,"y":397,"width":98,"height":10}},{"id":"928be94b-10e2-4a25-9fa5-348075b6b3a7","block_type":"box","text":"0.00%","page_number":17,"box":{"x":890,"y":397,"width":41,"height":8}},{"id":"797b0b40-b539-4af6-a856-fa1b28c1c050","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":17,"box":{"x":57,"y":413,"width":246,"height":9}},{"id":"911cb514-ff8a-41ef-bb62-e0f015e2261e","block_type":"box","text":"0.38%","page_number":17,"box":{"x":890,"y":413,"width":41,"height":7}},{"id":"862089f5-4b68-4d39-a7e7-f5c9bddc7de0","block_type":"box","text":"1","page_number":17,"box":{"x":80,"y":441,"width":5,"height":4}},{"id":"2a6ec827-82f7-4dda-997b-f1bf75523178","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":17,"box":{"x":93,"y":442,"width":779,"height":9}},{"id":"c602f21c-a285-49e4-9875-0d1887670f49","block_type":"box","text":"Example.","page_number":17,"box":{"x":53,"y":462,"width":67,"height":10}},{"id":"dea7fb90-defb-4efe-8ab5-c444248c2dba","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":17,"box":{"x":124,"y":462,"width":795,"height":10}},{"id":"bce997f8-cab0-4b95-babc-e356d983407b","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":17,"box":{"x":53,"y":475,"width":885,"height":12}},{"id":"a1158c40-5812-47ba-a44a-f311c44aa26f","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":17,"box":{"x":52,"y":490,"width":871,"height":11}},{"id":"039b097c-7d4d-4890-85b2-f01f4123050d","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":17,"box":{"x":53,"y":504,"width":887,"height":11}},{"id":"29588d48-378c-4683-b264-d19c30247995","block_type":"box","text":"your costs would be:","page_number":17,"box":{"x":52,"y":518,"width":143,"height":11}},{"id":"2830c9d9-f5a4-4b6c-bb5d-26493078b9ba","block_type":"box","text":"Expense Example","page_number":17,"box":{"x":58,"y":541,"width":115,"height":9}},{"id":"8c4c3b74-47b0-4cfe-80b8-d16e4e1eefb7","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":17,"box":{"x":663,"y":541,"width":280,"height":8}},{"id":"0a05035a-41ae-4d76-9e64-1dc79afb7a44","block_type":"box","text":"Example Fund Costs","page_number":17,"box":{"x":58,"y":557,"width":128,"height":9}},{"id":"4b10f184-02fd-4d41-8a0a-44373882ae74","block_type":"box","text":"$39 $122 $213 $480","page_number":17,"box":{"x":671,"y":556,"width":261,"height":9}},{"id":"a48b6596-f102-493b-bcb0-f18227026d80","block_type":"box","text":"Portfolio Turnover.","page_number":17,"box":{"x":53,"y":586,"width":137,"height":8}},{"id":"a6457eb7-5c75-4111-8637-57c44817334f","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":17,"box":{"x":194,"y":586,"width":722,"height":11}},{"id":"e094161f-0fbf-4e25-b2e7-10dc868b6fef","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":17,"box":{"x":53,"y":600,"width":883,"height":11}},{"id":"ce773239-a03e-4d62-ae6c-d0aa216417ae","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":17,"box":{"x":53,"y":614,"width":876,"height":11}},{"id":"60d7be8c-ac71-4013-b17e-d34b568ba1b6","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 19% of","page_number":17,"box":{"x":52,"y":628,"width":886,"height":11}},{"id":"5dd5b4de-3dea-47e0-8141-033d2ce24cf4","block_type":"box","text":"the average value of its portfolio.","page_number":17,"box":{"x":52,"y":643,"width":231,"height":10}},{"id":"c0702dad-21da-4b70-a48e-4a3d507fd9a1","block_type":"box","text":"Principal Investment Strategies","page_number":17,"box":{"x":54,"y":672,"width":284,"height":13}},{"id":"4231fa19-63db-4015-b4df-3eb6238d13ce","block_type":"box","text":"The Fund seeks to track the investment results of the S&P North American Expanded Technology Software Index","page_number":17,"box":{"x":52,"y":697,"width":796,"height":11}},{"id":"df8eb11b-fdc0-4466-95ef-94d735381875","block_type":"box","text":"TM","page_number":17,"box":{"x":848,"y":695,"width":17,"height":5}},{"id":"2a9c20d2-1b5c-4130-86b7-4451c56333e5","block_type":"box","text":"(the","page_number":17,"box":{"x":870,"y":697,"width":27,"height":9}},{"id":"da35b041-dd74-4876-836b-1e70e9c7f311","block_type":"box","text":"“Underlying Index”), which measures the performance of U.S.-traded stocks from the software industry and select companies","page_number":17,"box":{"x":53,"y":711,"width":884,"height":11}},{"id":"1b8c5c8f-b1ce-4883-afb5-a00d0609f42a","block_type":"box","text":"from the interactive home entertainment and interactive media and services sub-industries in the U.S. and Canada, as","page_number":17,"box":{"x":52,"y":725,"width":836,"height":10}},{"id":"424a6c91-6c33-48de-8894-049c9eed3ece","block_type":"box","text":"determined by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”). The Underlying Index includes companies that","page_number":17,"box":{"x":53,"y":739,"width":873,"height":11}},{"id":"cd2957b5-0956-459c-985b-fcd212fb9cb5","block_type":"box","text":"are producers of client/server applications; enterprise software; application software; home entertainment software; and","page_number":17,"box":{"x":53,"y":754,"width":850,"height":10}},{"id":"a9a29464-d0a1-41eb-bb90-97eb4f6a64ba","block_type":"box","text":"media and services software. The Underlying Index may include large-, mid- or small-capitalization companies. As of","page_number":17,"box":{"x":53,"y":768,"width":825,"height":11}},{"id":"b44d9d77-5891-4c5f-94ab-1a174cf22925","block_type":"box","text":"March 31, 2026, a significant portion of the Underlying Index was represented by securities of companies in the technology","page_number":17,"box":{"x":53,"y":782,"width":874,"height":11}},{"id":"7738c117-2c49-4a8b-b95e-86bdcfa940de","block_type":"box","text":"industry or sector. The components of the Underlying Index are likely to change over time.","page_number":17,"box":{"x":53,"y":796,"width":633,"height":11}},{"id":"520dd4d8-373d-47ca-a095-fa5c99048c78","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":17,"box":{"x":52,"y":819,"width":853,"height":11}},{"id":"74a0aa81-5a74-44e1-a4a7-aafcbe62739e","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":17,"box":{"x":53,"y":833,"width":839,"height":11}},{"id":"44b50a5f-c905-439e-8237-b70c0d88746c","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":17,"box":{"x":53,"y":848,"width":868,"height":10}},{"id":"bb93d5dd-d9b2-4a35-a6e6-6f66f1fc8728","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":17,"box":{"x":53,"y":862,"width":851,"height":11}},{"id":"784981c8-e45a-4193-931a-507492a98162","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":17,"box":{"x":53,"y":876,"width":806,"height":11}},{"id":"a5ac801e-60d7-45a3-89ed-a08f3715e461","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":17,"box":{"x":53,"y":890,"width":884,"height":11}},{"id":"0fd0a838-3ed0-44e4-9b3c-1a2b8174c6bc","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":17,"box":{"x":52,"y":904,"width":884,"height":11}},{"id":"1b937c6f-772a-4e02-b315-34eea7672aa2","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":17,"box":{"x":53,"y":919,"width":852,"height":10}},{"id":"2e42d402-1b97-4962-8478-42bfb6f5aeb4","block_type":"box","text":"S-12","page_number":17,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"0e49b5bc-dc11-4e11-b65b-bd34581549d7","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":18,"box":{"x":53,"y":46,"width":867,"height":11}},{"id":"0ba05174-3dd4-40d5-858b-7d7ad943896b","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":18,"box":{"x":52,"y":61,"width":869,"height":10}},{"id":"88e31c99-4bbb-4247-a7a8-1fa4bb9b3e62","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":18,"box":{"x":52,"y":75,"width":863,"height":11}},{"id":"3ffbdb28-da21-4d09-9eb0-2b972a567e41","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":18,"box":{"x":53,"y":89,"width":826,"height":11}},{"id":"bb6cbd10-81aa-4351-9c58-e5fb69fdc270","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":18,"box":{"x":53,"y":103,"width":405,"height":11}},{"id":"c41da8cb-84cf-41fb-b196-56a7d016e81e","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":18,"box":{"x":53,"y":126,"width":844,"height":11}},{"id":"49448d46-d9bf-40bc-a143-941231e75b70","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":18,"box":{"x":53,"y":141,"width":860,"height":10}},{"id":"a0ea047c-55b6-4f98-953a-4efb22d453a9","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":18,"box":{"x":53,"y":155,"width":831,"height":11}},{"id":"9792bfe9-48e3-4190-a5f3-a05fee45aa2a","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":18,"box":{"x":53,"y":169,"width":817,"height":11}},{"id":"9eb42d12-8a76-453f-851d-9415ecb4bd87","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":18,"box":{"x":53,"y":183,"width":818,"height":11}},{"id":"abf6a121-b800-4afa-8e1e-0a5da60037cb","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":18,"box":{"x":53,"y":197,"width":835,"height":11}},{"id":"115c4c38-6071-4bd3-ba8c-4858007fe925","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":18,"box":{"x":52,"y":220,"width":873,"height":11}},{"id":"81d82fa8-ce95-4dd0-a449-ab89998c6454","block_type":"box","text":"collateral received).","page_number":18,"box":{"x":53,"y":235,"width":136,"height":9}},{"id":"a3f883a7-d4d9-4212-89bc-a91f822f518d","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":18,"box":{"x":52,"y":258,"width":861,"height":11}},{"id":"05ee8691-f770-48ae-aa4c-096f84e14f78","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":18,"box":{"x":53,"y":272,"width":856,"height":11}},{"id":"91e5fbe0-6f29-443a-938d-64d37a9e96e4","block_type":"box","text":"market value of the Underlying Index.","page_number":18,"box":{"x":53,"y":286,"width":263,"height":11}},{"id":"b07d5b2d-1bbd-4bd4-8e84-6c49336a1276","block_type":"box","text":"Industry Concentration Policy.","page_number":18,"box":{"x":53,"y":309,"width":224,"height":11}},{"id":"94f7b47b-d7d7-4894-a254-04add1c44566","block_type":"box","text":"The Fund will concentrate its investments (","page_number":18,"box":{"x":281,"y":309,"width":304,"height":10}},{"id":"3641ebc6-d30c-48c1-b681-0a895e287499","block_type":"box","text":"i.e.","page_number":18,"box":{"x":587,"y":310,"width":17,"height":8}},{"id":"000ec8a8-31ff-43f8-8628-cd7fd01ff1dd","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":18,"box":{"x":606,"y":309,"width":292,"height":10}},{"id":"3be95414-9f4e-49a9-8471-a793441ed2d2","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":18,"box":{"x":53,"y":324,"width":858,"height":10}},{"id":"a506b417-3cef-40d7-8e41-1033c1db75b5","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":18,"box":{"x":53,"y":338,"width":868,"height":11}},{"id":"5cefa0cd-88e6-4297-8b19-f565d069eb62","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":18,"box":{"x":53,"y":352,"width":826,"height":11}},{"id":"283ef132-88c8-4f50-9409-361e54a2628e","block_type":"box","text":"Summary of Principal Risks","page_number":18,"box":{"x":52,"y":381,"width":248,"height":13}},{"id":"16ae7815-aba8-43ee-9447-af963ba93710","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":18,"box":{"x":52,"y":406,"width":881,"height":11}},{"id":"fb40db27-44dd-4d84-a289-ad175e1900ef","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":18,"box":{"x":53,"y":420,"width":824,"height":11}},{"id":"dba3128c-0a69-4dec-9477-55039026a8cc","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":18,"box":{"x":53,"y":434,"width":807,"height":11}},{"id":"b532feb5-b812-4ac0-ba51-2f02f405af8c","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":18,"box":{"x":53,"y":449,"width":844,"height":10}},{"id":"6de1e429-fb4e-47ed-8992-9b69b006cc11","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":18,"box":{"x":52,"y":463,"width":815,"height":11}},{"id":"1296ee06-9561-46ad-81cf-e6c508261e49","block_type":"box","text":"Technology Companies Risk.","page_number":18,"box":{"x":52,"y":486,"width":211,"height":11}},{"id":"05664b08-f383-4ef6-a39e-030f290873d7","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":18,"box":{"x":267,"y":486,"width":657,"height":11}},{"id":"d2c82425-db2a-4d0b-b2ab-186f988eaa9c","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":18,"box":{"x":53,"y":500,"width":849,"height":11}},{"id":"a4cefb98-ecac-496a-8b11-d7adc02afcea","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":18,"box":{"x":53,"y":514,"width":887,"height":11}},{"id":"752c5be3-46b0-41bf-88fe-e6980db19d08","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":18,"box":{"x":53,"y":529,"width":883,"height":10}},{"id":"ef7783cf-6bc0-48ed-906d-99446fe5bdbd","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":18,"box":{"x":52,"y":543,"width":839,"height":11}},{"id":"94bd6ae6-268f-41c5-815c-04527e6b2421","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":18,"box":{"x":53,"y":557,"width":870,"height":11}},{"id":"3705958b-8ca2-49ef-8b0e-46bba0a28caf","block_type":"box","text":"government or legal action.","page_number":18,"box":{"x":53,"y":571,"width":192,"height":11}},{"id":"cf7c0526-2730-4f9b-b426-b8c267a856a8","block_type":"box","text":"Equity Securities Risk.","page_number":18,"box":{"x":53,"y":594,"width":164,"height":11}},{"id":"d598f6c2-622d-4a60-870f-5e2b3958647c","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":18,"box":{"x":223,"y":594,"width":709,"height":11}},{"id":"3d9b4ebd-ed32-42ec-8e5b-eebd6d05edf6","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":18,"box":{"x":53,"y":608,"width":889,"height":11}},{"id":"5a632f6b-89f9-4768-bfb1-913f844380d5","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":18,"box":{"x":53,"y":623,"width":880,"height":10}},{"id":"eb4b55b3-e434-469f-ac64-bf4c06754400","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":18,"box":{"x":53,"y":637,"width":867,"height":11}},{"id":"3229faf4-54a4-4a94-8819-399736f8d0ca","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":18,"box":{"x":53,"y":651,"width":339,"height":11}},{"id":"0bae4fbb-c805-47e9-9eab-d388295d63bf","block_type":"box","text":"Market Risk.","page_number":18,"box":{"x":53,"y":674,"width":91,"height":9}},{"id":"e0d4fb04-1d0f-4e11-8161-d333a5a3a6de","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":18,"box":{"x":148,"y":674,"width":768,"height":11}},{"id":"f1055f19-120b-489e-9944-9da10a640eb2","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":18,"box":{"x":53,"y":688,"width":882,"height":11}},{"id":"ef488186-3d49-4f38-91aa-04025f983b3f","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":18,"box":{"x":53,"y":703,"width":858,"height":10}},{"id":"06471603-fb88-44ea-9083-e949bc2ca1f9","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":18,"box":{"x":53,"y":717,"width":875,"height":11}},{"id":"fe0f3814-e7b7-409b-97e7-d5c623136859","block_type":"box","text":"Fund’s NAV.","page_number":18,"box":{"x":53,"y":731,"width":82,"height":8}},{"id":"d6899771-d5ad-44ad-8dde-d8a1d46cf5fc","block_type":"box","text":"Index-Related Risk.","page_number":18,"box":{"x":53,"y":754,"width":143,"height":9}},{"id":"e8b69f00-0938-4597-b14f-88c9920c7dc5","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":18,"box":{"x":201,"y":754,"width":742,"height":11}},{"id":"b3934454-7496-4fab-814c-15a67a0073d2","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":18,"box":{"x":53,"y":768,"width":856,"height":11}},{"id":"ed1d187e-2073-4a27-94be-dbbbd328f1b7","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":18,"box":{"x":53,"y":782,"width":852,"height":11}},{"id":"e95a7c45-f2d3-46be-960c-b8661f43a945","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":18,"box":{"x":53,"y":797,"width":876,"height":11}},{"id":"78e24cc2-8188-481e-a11d-277a2d0660a0","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":18,"box":{"x":52,"y":811,"width":849,"height":11}},{"id":"294dade9-7fc9-4cdc-94b5-ef2a473ab1ed","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":18,"box":{"x":53,"y":825,"width":849,"height":11}},{"id":"b732a6ba-b166-41b5-a122-325b68ce0bf0","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":18,"box":{"x":53,"y":839,"width":890,"height":11}},{"id":"5f4f63da-6c39-49d3-89e0-9cbfb2a7c3be","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":18,"box":{"x":53,"y":854,"width":853,"height":10}},{"id":"7b420248-1f8c-4678-9384-6d66499c9d27","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":18,"box":{"x":53,"y":868,"width":539,"height":10}},{"id":"0b5506dd-f9bd-4a6b-a7f2-711c21fc2270","block_type":"box","text":"S-13","page_number":18,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"ab3eb0fd-985e-4820-9ce1-4d446a3fd7af","block_type":"box","text":"Asset Class Risk.","page_number":19,"box":{"x":52,"y":46,"width":122,"height":9}},{"id":"470a42d5-1765-45a4-a15b-73b8a2dad694","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":19,"box":{"x":179,"y":46,"width":721,"height":11}},{"id":"5527f3cb-c938-4138-88e6-fe24a1cd0def","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":19,"box":{"x":53,"y":61,"width":774,"height":10}},{"id":"14938804-8af4-48b8-ab3e-4f6210b3f541","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":19,"box":{"x":52,"y":84,"width":318,"height":10}},{"id":"a29dac64-60dd-4ca2-9d2d-882632299406","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":19,"box":{"x":374,"y":84,"width":531,"height":11}},{"id":"c711a6e8-8085-473f-b99d-de4c1a7a3cae","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":19,"box":{"x":53,"y":98,"width":810,"height":11}},{"id":"0f2787a0-646f-419e-a8bf-3f168f8d578b","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":19,"box":{"x":52,"y":112,"width":816,"height":11}},{"id":"bd927eda-a45c-4789-94c1-7c11713ead61","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":19,"box":{"x":52,"y":127,"width":884,"height":10}},{"id":"89c30a07-84ba-4ab3-83db-3bfb1ffeddab","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":19,"box":{"x":53,"y":141,"width":871,"height":10}},{"id":"d1ffdba6-d9c7-43f8-adb8-fa8b19ac87d9","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":19,"box":{"x":53,"y":155,"width":846,"height":11}},{"id":"a1e9c405-21dc-4bc5-b775-d1e1912be4da","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":19,"box":{"x":52,"y":169,"width":881,"height":10}},{"id":"6a67c9a0-3460-4c7a-a9cb-7c7a4aa2b352","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":19,"box":{"x":53,"y":183,"width":853,"height":11}},{"id":"42a15976-d942-4b4c-8905-604d7033683c","block_type":"box","text":"halts or delisting.","page_number":19,"box":{"x":53,"y":197,"width":121,"height":11}},{"id":"6a25c216-c38b-465b-9768-a042ed5b4645","block_type":"box","text":"Concentration Risk.","page_number":19,"box":{"x":53,"y":220,"width":145,"height":9}},{"id":"e8d4d3b2-ed28-4761-8335-a219347332e7","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":19,"box":{"x":202,"y":220,"width":711,"height":11}},{"id":"a91e9ae0-abd5-4e09-a26f-3e4b6d06697b","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":19,"box":{"x":53,"y":235,"width":884,"height":9}},{"id":"ef4c4ad2-4719-450d-82d6-2fad459f81b2","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":19,"box":{"x":52,"y":249,"width":887,"height":11}},{"id":"f8c82940-aefd-4339-b083-86ee858235d0","block_type":"box","text":"asset classes.","page_number":19,"box":{"x":53,"y":263,"width":95,"height":8}},{"id":"42970a98-a8ef-4db7-8188-1ae91802cb2a","block_type":"box","text":"Issuer Risk.","page_number":19,"box":{"x":53,"y":286,"width":83,"height":9}},{"id":"a27e2073-598f-41e9-9204-d06ed50d917d","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":19,"box":{"x":140,"y":286,"width":780,"height":11}},{"id":"6d448a4f-b760-41a1-b309-910a2397fb57","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":19,"box":{"x":53,"y":300,"width":886,"height":11}},{"id":"a673073a-9f86-4186-8371-1c034f076ad1","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":19,"box":{"x":52,"y":315,"width":576,"height":10}},{"id":"d92d9c2e-1dcf-4919-bda8-31b7a790c3e8","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":19,"box":{"x":53,"y":338,"width":278,"height":11}},{"id":"b1b9b6d9-6529-4208-b466-cebf9513bfe2","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":19,"box":{"x":337,"y":338,"width":540,"height":11}},{"id":"ef8eece3-52a5-4bc8-a076-42a979b433f3","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":19,"box":{"x":53,"y":352,"width":890,"height":11}},{"id":"3647f402-6fc1-41dc-824a-f4068f43c201","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":19,"box":{"x":53,"y":366,"width":868,"height":11}},{"id":"21b4b4a6-fa4d-4d31-9928-175abd9d4dcb","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":19,"box":{"x":53,"y":380,"width":709,"height":11}},{"id":"aec174e7-b64a-47cc-9911-b859790b398f","block_type":"box","text":"Management Risk.","page_number":19,"box":{"x":53,"y":403,"width":137,"height":11}},{"id":"ca067ad2-8655-45f1-ad34-620face7a8f1","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":19,"box":{"x":194,"y":403,"width":711,"height":11}},{"id":"4f726086-68e1-4b99-8719-a2f2c1583a02","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":19,"box":{"x":53,"y":418,"width":877,"height":11}},{"id":"5cec753d-6357-4159-be21-7c128eba4600","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":19,"box":{"x":53,"y":432,"width":859,"height":11}},{"id":"21198503-b185-4a95-8fc1-4153644fda63","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":19,"box":{"x":52,"y":446,"width":848,"height":11}},{"id":"1860f510-786f-4952-acc3-0c1ee058abc5","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":19,"box":{"x":53,"y":460,"width":756,"height":11}},{"id":"27018f87-0511-45c2-b301-5eba5ee5929d","block_type":"box","text":"Market Trading Risk.","page_number":19,"box":{"x":53,"y":483,"width":152,"height":11}},{"id":"05b77cd0-b95d-4244-a3de-0983ee71d296","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":19,"box":{"x":209,"y":483,"width":694,"height":11}},{"id":"66ba6952-0358-4b3b-b028-de1ebb6ae7fe","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":19,"box":{"x":53,"y":498,"width":841,"height":10}},{"id":"e99fb148-2bbc-447c-b34e-646a273ea63e","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":19,"box":{"x":53,"y":512,"width":887,"height":11}},{"id":"9d526115-7ef2-4b75-ada7-e700251b1b8e","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":19,"box":{"x":52,"y":526,"width":839,"height":11}},{"id":"b7774f63-0d36-4573-9b29-a4d7d722d2c7","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":19,"box":{"x":53,"y":540,"width":866,"height":11}},{"id":"cf134c0e-51b6-4c99-acc9-bf527a8c0420","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":19,"box":{"x":52,"y":554,"width":885,"height":11}},{"id":"2f552c07-992a-410a-bcdb-9302070e15b0","block_type":"box","text":"of the Fund shares.","page_number":19,"box":{"x":53,"y":569,"width":134,"height":8}},{"id":"f84e655a-9ce3-4d6a-8bba-f93b8135b5ed","block_type":"box","text":"Non-Diversification Risk.","page_number":19,"box":{"x":53,"y":592,"width":184,"height":8}},{"id":"0190238b-ea28-4ea4-ad4c-7914113e6fb8","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":19,"box":{"x":242,"y":592,"width":633,"height":10}},{"id":"226d3106-e8af-48c4-9f45-6ef7444f5e91","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":19,"box":{"x":53,"y":606,"width":802,"height":11}},{"id":"8a69be93-02d0-498d-9e32-912470925170","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":19,"box":{"x":53,"y":620,"width":888,"height":11}},{"id":"872853bd-c606-44fc-bbef-4e8134d071f0","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":19,"box":{"x":53,"y":634,"width":876,"height":11}},{"id":"ccbe6810-affa-496c-8197-e479e85eddbe","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":19,"box":{"x":53,"y":648,"width":696,"height":11}},{"id":"d9c3711f-ff4f-4767-b0f1-af6b6cc64c8f","block_type":"box","text":"Operational and Technology Risks.","page_number":19,"box":{"x":53,"y":672,"width":254,"height":11}},{"id":"8fc41a60-b9d7-4865-a899-845acbb840e0","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":19,"box":{"x":312,"y":672,"width":581,"height":10}},{"id":"bdab089c-7b59-4b22-9a64-bc22407287ad","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":19,"box":{"x":53,"y":686,"width":876,"height":11}},{"id":"e361d745-0139-431a-9385-5e97bd5c4f5d","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":19,"box":{"x":53,"y":700,"width":879,"height":11}},{"id":"3ba3a78d-958a-4185-91dc-e7cd8269f3ec","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":19,"box":{"x":53,"y":714,"width":825,"height":11}},{"id":"5d78629f-d27e-4729-8fcb-67b6c3831b93","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":19,"box":{"x":53,"y":728,"width":862,"height":11}},{"id":"1a8aed90-6509-4279-aebd-f326e6cdd502","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":19,"box":{"x":53,"y":743,"width":872,"height":10}},{"id":"2588de53-10bc-41d6-bb81-5ae1a57d0655","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":19,"box":{"x":53,"y":757,"width":824,"height":11}},{"id":"226c9d35-23a0-4885-acdd-979d2cd394c1","block_type":"box","text":"Risk of Investing in the U.S.","page_number":19,"box":{"x":53,"y":780,"width":200,"height":11}},{"id":"0d4156c8-bf75-4a21-ac83-a4ae5c2b6b56","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":19,"box":{"x":259,"y":780,"width":663,"height":11}},{"id":"5317bfb2-3519-4f45-b64a-818c52741f3b","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":19,"box":{"x":53,"y":794,"width":877,"height":11}},{"id":"af68ec62-da55-44f6-9608-32c112e93144","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":19,"box":{"x":53,"y":808,"width":470,"height":11}},{"id":"03f66db2-cdee-46e2-8087-666fbdefe9b8","block_type":"box","text":"Securities Lending Risk.","page_number":19,"box":{"x":52,"y":831,"width":178,"height":11}},{"id":"7119527e-6dd8-4db9-af76-8390261e7296","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":19,"box":{"x":234,"y":832,"width":692,"height":10}},{"id":"ab62ea21-f627-4dac-ad00-061724b7aea8","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":19,"box":{"x":53,"y":846,"width":870,"height":11}},{"id":"76c48ba4-1e0e-4ba3-b52a-de30ae9ca7a7","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":19,"box":{"x":53,"y":860,"width":886,"height":11}},{"id":"32fbff99-467c-4c0e-99fb-e79d9e5831bb","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":19,"box":{"x":53,"y":874,"width":831,"height":11}},{"id":"3fb3fb2d-dcda-4c30-85b2-aee1825188d6","block_type":"box","text":"S-14","page_number":19,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"4dde774f-7f6c-4e34-b154-0bccbd69119b","block_type":"box","text":"Tracking Error Risk.","page_number":20,"box":{"x":52,"y":46,"width":145,"height":11}},{"id":"390c2f5a-0694-4db2-a533-2e6f3cb0889b","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":20,"box":{"x":201,"y":46,"width":741,"height":11}},{"id":"49d04719-2928-4d99-baa1-a221b331ffaf","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":20,"box":{"x":53,"y":61,"width":861,"height":10}},{"id":"b6145bc7-9584-458c-b079-1e37140b29e0","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":20,"box":{"x":53,"y":75,"width":832,"height":11}},{"id":"24e4849e-e3f9-46cb-8bbf-0a06e89b5422","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":20,"box":{"x":53,"y":89,"width":880,"height":11}},{"id":"ac21e9d9-a3a7-4f3b-bca6-1d0c43ba93f4","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":20,"box":{"x":53,"y":103,"width":831,"height":11}},{"id":"e3a651ae-3410-4fb7-aba8-affd0dce270f","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":20,"box":{"x":52,"y":117,"width":828,"height":11}},{"id":"cb81f201-4001-4d2e-839a-ad1bc50c7ddc","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":20,"box":{"x":53,"y":131,"width":873,"height":11}},{"id":"4eb36212-3440-4acb-9967-d9d4d4f7fe88","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":20,"box":{"x":53,"y":146,"width":889,"height":11}},{"id":"1cd0cc71-e330-47e1-aaa1-a6a7786baddb","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":20,"box":{"x":53,"y":160,"width":852,"height":11}},{"id":"21bd7ca5-b34e-4289-b2a9-de423860718d","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":20,"box":{"x":53,"y":174,"width":886,"height":11}},{"id":"127d0356-eca8-4c42-907d-60430373ddce","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":20,"box":{"x":53,"y":188,"width":873,"height":11}},{"id":"a11b775a-9321-4b18-84a5-9fee67c6ff60","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":20,"box":{"x":53,"y":202,"width":724,"height":11}},{"id":"908ba82e-6f49-4584-8738-c1d991809319","block_type":"box","text":"Performance Information","page_number":20,"box":{"x":54,"y":231,"width":228,"height":11}},{"id":"31ca0986-8fd8-4349-9a4a-1a3fb9198cea","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":20,"box":{"x":52,"y":256,"width":864,"height":11}},{"id":"95761e4a-a4b5-4ed1-b48d-7971243a0c83","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":20,"box":{"x":52,"y":271,"width":872,"height":11}},{"id":"18073d3c-69fd-42f7-8b9e-c44b07b7dd95","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":20,"box":{"x":53,"y":285,"width":868,"height":11}},{"id":"7275a8c8-6372-4c7d-be1c-756e23b422be","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":20,"box":{"x":53,"y":299,"width":838,"height":11}},{"id":"d0a551a7-b60e-4ad6-9ea9-acb756b192b9","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":20,"box":{"x":53,"y":313,"width":868,"height":11}},{"id":"7bd7c726-fb9b-43cc-9e5a-6411984f4d8d","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":20,"box":{"x":53,"y":327,"width":832,"height":11}},{"id":"71aba304-08df-4d0e-8d8a-0f452295c3a6","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":20,"box":{"x":53,"y":342,"width":842,"height":10}},{"id":"50b375f4-e2c2-4c06-8985-6ce0483453ab","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":20,"box":{"x":52,"y":356,"width":531,"height":11}},{"id":"76138e0a-5f1c-4cc7-b1f0-b5c022f9fc63","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":20,"box":{"x":135,"y":380,"width":260,"height":11}},{"id":"f1491501-9a74-47bf-8632-39510502b93f","block_type":"box","text":"5.87","page_number":20,"box":{"x":89,"y":467,"width":20,"height":6}},{"id":"9023afd4-8e2b-4e49-a930-849a4aa110a9","block_type":"box","text":"42.16","page_number":20,"box":{"x":122,"y":439,"width":27,"height":6}},{"id":"cfdc8be8-2f14-41e4-9882-029c65eeab74","block_type":"box","text":"12.43","page_number":20,"box":{"x":161,"y":462,"width":25,"height":6}},{"id":"2caf3ccb-96d5-45cc-ae52-ecf55cc629f5","block_type":"box","text":"34.36","page_number":20,"box":{"x":196,"y":445,"width":27,"height":6}},{"id":"9ff093df-4562-46d1-98d0-9e511ba96722","block_type":"box","text":"52.83","page_number":20,"box":{"x":234,"y":431,"width":26,"height":6}},{"id":"02bb452d-5244-420b-9180-e0d4d80ccc88","block_type":"box","text":"12.23","page_number":20,"box":{"x":272,"y":462,"width":25,"height":6}},{"id":"ec9a7394-86fb-4d7c-a50d-9a3c40bc922d","block_type":"box","text":"-35.57","page_number":20,"box":{"x":306,"y":514,"width":29,"height":6}},{"id":"b84b2099-1031-41e7-a0e2-8639af816fbe","block_type":"box","text":"58.47","page_number":20,"box":{"x":345,"y":427,"width":26,"height":6}},{"id":"81834e4b-3cd9-43ea-a5be-4a701ce7dbf7","block_type":"box","text":"23.40","page_number":20,"box":{"x":382,"y":454,"width":26,"height":6}},{"id":"a97a26d3-b9a4-44b7-9eca-0b5d93b67225","block_type":"box","text":"5.62","page_number":20,"box":{"x":422,"y":467,"width":20,"height":6}},{"id":"a3164198-8ff6-419c-b5c1-b5c73ade2ef8","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":20,"box":{"x":87,"y":534,"width":356,"height":6}},{"id":"4ec45ecf-1a11-4aca-b3ff-7a5428d84801","block_type":"box","text":"Return (%) Period Ended","page_number":20,"box":{"x":770,"y":395,"width":171,"height":9}},{"id":"d6b76ba6-9f30-4f64-9004-0d9525dfd85a","block_type":"box","text":"Calendar Year-to-Date Return","page_number":20,"box":{"x":520,"y":413,"width":197,"height":8}},{"id":"d9a0a330-6e6f-4887-97b3-c8dd98154074","block_type":"box","text":"-14.29% June 30, 2026","page_number":20,"box":{"x":778,"y":414,"width":164,"height":8}},{"id":"255deb3c-f2fb-42ce-823d-ff8a8d250e7d","block_type":"box","text":"During the periods shown in the chart:","page_number":20,"box":{"x":520,"y":426,"width":250,"height":10}},{"id":"21eb8495-7606-4dbb-afce-d7701d42bb67","block_type":"box","text":"Best Quarter 35.53% June 30, 2020","page_number":20,"box":{"x":534,"y":439,"width":408,"height":9}},{"id":"0b8cf736-55fd-4558-b00c-c6b09f50b7dc","block_type":"box","text":"Worst Quarter -21.63% June 30, 2022","page_number":20,"box":{"x":533,"y":452,"width":409,"height":9}},{"id":"ba73284f-38ff-4d92-b875-1a7dbf5973f0","block_type":"box","text":"Average Annual Total Returns (%)","page_number":20,"box":{"x":372,"y":565,"width":251,"height":11}},{"id":"3401026b-e975-439f-8a6e-d085e144e19d","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":20,"box":{"x":340,"y":579,"width":315,"height":10}},{"id":"4c8f75f5-df03-4732-b68a-6c447f4f41e5","block_type":"box","text":"One Year Five Years Ten Years","page_number":20,"box":{"x":670,"y":595,"width":268,"height":8}},{"id":"20754f9f-7bc1-47ff-81d4-ac8cb49077a9","block_type":"box","text":"Fund Inception: 07/10/2001","page_number":20,"box":{"x":58,"y":611,"width":187,"height":9}},{"id":"e1a0ada6-2bc3-40cd-882b-491e9945cfbc","block_type":"box","text":"Return Before Taxes","page_number":20,"box":{"x":58,"y":622,"width":125,"height":8}},{"id":"bc7835c8-6fc4-486f-9ee8-620271be3f3b","block_type":"box","text":"5.62% 8.35% 17.90%","page_number":20,"box":{"x":690,"y":622,"width":249,"height":8}},{"id":"aa5d7bfb-a0b7-4a0c-b503-fabcd35a5344","block_type":"box","text":"Return After Taxes on Distributions 5.62% 8.35% 17.85%","page_number":20,"box":{"x":58,"y":634,"width":881,"height":7}},{"id":"53c18fae-689f-4f54-943d-3f60ca49ca31","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 3.32% 6.59% 15.38%","page_number":20,"box":{"x":58,"y":646,"width":881,"height":7}},{"id":"b2f7139c-7cfc-4b08-9815-ddf101512dd8","block_type":"box","text":"S&P Total Market Index","page_number":20,"box":{"x":57,"y":657,"width":155,"height":8}},{"id":"658b4375-7db8-4d57-9390-db6680c769f4","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 13.07% 14.22%","page_number":20,"box":{"x":215,"y":657,"width":724,"height":9}},{"id":"9bf9d507-f2b8-4a39-b75e-af79766a8b10","block_type":"box","text":"S&P North American Expanded Technology Software Index (Spliced)","page_number":20,"box":{"x":57,"y":669,"width":448,"height":9}},{"id":"68d6e879-75cc-40a8-a8a0-7da4a33b69d8","block_type":"box","text":"1","page_number":20,"box":{"x":507,"y":667,"width":4,"height":5}},{"id":"e998a4fc-2da6-4631-8bbd-c66fa16111f1","block_type":"box","text":"(Returns do not","page_number":20,"box":{"x":516,"y":669,"width":97,"height":8}},{"id":"3081102a-ad5c-4c21-829d-8f37ea15ac2f","block_type":"box","text":"reflect deductions for fees, expenses or taxes) 6.00% 8.66% 18.25%","page_number":20,"box":{"x":72,"y":682,"width":867,"height":9}},{"id":"f347e691-7d90-4f61-90af-40cf92bb018e","block_type":"box","text":"1","page_number":20,"box":{"x":80,"y":700,"width":5,"height":5}},{"id":"cfa417a9-fa7d-48b6-8470-05ca9aac6919","block_type":"box","text":"The S&P North American Expanded Technology Software Index (Spliced) reflects the performance of the S&P North American","page_number":20,"box":{"x":92,"y":702,"width":789,"height":9}},{"id":"98e610f1-efa7-484e-a367-c8a57dd13aab","block_type":"box","text":"Technology Software Index through December 23, 2018 and the S&P North American Expanded Technology Software Index thereafer,","page_number":20,"box":{"x":92,"y":712,"width":842,"height":10}},{"id":"31cd2a9a-1f6e-4e05-aaaa-eec222932f2d","block_type":"box","text":"which reflect the times when each index was the Underlying Index of the Fund.","page_number":20,"box":{"x":92,"y":722,"width":493,"height":10}},{"id":"4ba4e1ef-aed6-4514-859f-af5ad98c32ef","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":20,"box":{"x":52,"y":742,"width":857,"height":11}},{"id":"ef68a2d9-86ab-46fe-8091-15541acc0a22","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":20,"box":{"x":53,"y":756,"width":865,"height":11}},{"id":"b8bf8278-a0a5-47b3-a515-ba9ca1f3505a","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":20,"box":{"x":53,"y":770,"width":847,"height":11}},{"id":"1871acb5-b6e4-49cb-b6ef-99fd89b38994","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":20,"box":{"x":52,"y":784,"width":857,"height":11}},{"id":"91755f78-1f77-4ad4-8f52-333142a4c4cc","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":20,"box":{"x":53,"y":799,"width":877,"height":10}},{"id":"846b7c49-b919-4503-8534-0e2eccec549f","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":20,"box":{"x":52,"y":813,"width":836,"height":11}},{"id":"4a451b74-33df-4232-bb99-e163bfd0ac19","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":20,"box":{"x":53,"y":827,"width":886,"height":11}},{"id":"996cd0b1-d0ec-423a-aba7-4ad9d39ca8b5","block_type":"box","text":"on distributions.","page_number":20,"box":{"x":53,"y":841,"width":114,"height":9}},{"id":"3732faa2-2758-4193-8fea-d9138fdf065b","block_type":"box","text":"Management","page_number":20,"box":{"x":54,"y":871,"width":119,"height":13}},{"id":"e56096b7-1818-4f43-a29e-2217994f5c9a","block_type":"box","text":"Investment Adviser.","page_number":20,"box":{"x":53,"y":895,"width":145,"height":9}},{"id":"166a404c-00c0-4014-876d-1512d5c98beb","block_type":"box","text":"BlackRock Fund Advisors.","page_number":20,"box":{"x":204,"y":896,"width":180,"height":8}},{"id":"5637515c-c8aa-4106-a01e-50d1e087c73c","block_type":"box","text":"S-15","page_number":20,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"2d422d46-ef25-44da-b487-0941eae07b74","block_type":"box","text":"Portfolio Managers.","page_number":21,"box":{"x":53,"y":46,"width":146,"height":11}},{"id":"25f47296-6c43-4261-b35f-98ad46e57be2","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":21,"box":{"x":203,"y":46,"width":679,"height":11}},{"id":"3fc9c6a8-5ab0-453e-8a32-ffde65e6559e","block_type":"box","text":"management of the Fund:","page_number":21,"box":{"x":53,"y":61,"width":182,"height":10}},{"id":"8e1d575e-9e94-4e51-802e-290bc665f0cb","block_type":"box","text":"Portfolio Manager","page_number":21,"box":{"x":58,"y":96,"width":119,"height":10}},{"id":"16ccf14a-b70f-423c-81f1-79a299bf3b51","block_type":"box","text":"Portfolio Manager of the","page_number":21,"box":{"x":411,"y":83,"width":160,"height":10}},{"id":"cebaada8-0fef-458f-898a-095170a08c57","block_type":"box","text":"Fund Since","page_number":21,"box":{"x":455,"y":96,"width":72,"height":8}},{"id":"50887704-dda6-4982-84b6-1613815c5cb9","block_type":"box","text":"Title with Investment","page_number":21,"box":{"x":804,"y":83,"width":140,"height":8}},{"id":"a48c5bf0-9386-4341-b169-fb5ae8e3a9b4","block_type":"box","text":"Adviser","page_number":21,"box":{"x":849,"y":96,"width":49,"height":8}},{"id":"c02ced5a-a7a4-4469-9bcf-e7ca99173fdb","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":21,"box":{"x":57,"y":112,"width":876,"height":9}},{"id":"95990a8b-4d67-4fb2-ad28-f3cd7c6de934","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":21,"box":{"x":58,"y":127,"width":875,"height":10}},{"id":"7fa12f4f-adfb-47d7-b219-9ac701116b73","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":21,"box":{"x":58,"y":143,"width":875,"height":9}},{"id":"e375113c-e691-4897-83ed-6e7116ea3128","block_type":"box","text":"Steven White 2025 Managing Director","page_number":21,"box":{"x":57,"y":158,"width":876,"height":10}},{"id":"3a8684de-9944-4e51-a453-7ecdb0398d93","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":21,"box":{"x":54,"y":193,"width":304,"height":11}},{"id":"b06aa519-3b68-40a9-87f3-4eb3dd43781c","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":21,"box":{"x":52,"y":218,"width":878,"height":11}},{"id":"6b23957c-8f05-4565-92a2-bf7dc0669584","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":21,"box":{"x":53,"y":233,"width":855,"height":11}},{"id":"f6626d50-72ce-4196-b91f-82f427c7b1eb","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":21,"box":{"x":52,"y":247,"width":817,"height":11}},{"id":"332f89e0-bb22-4db6-8d4e-1191e86bf5ab","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":21,"box":{"x":53,"y":261,"width":878,"height":11}},{"id":"0096a550-b507-4cb0-a065-1ad4578e5b52","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":21,"box":{"x":53,"y":275,"width":861,"height":11}},{"id":"f14823f4-0f17-44cf-b9b7-e921b31fbfb1","block_type":"box","text":"(the “bid-ask spread”).","page_number":21,"box":{"x":53,"y":289,"width":156,"height":11}},{"id":"b5007199-a158-401b-aafb-a98b4cf4cc47","block_type":"box","text":"Tax Information","page_number":21,"box":{"x":52,"y":318,"width":144,"height":11}},{"id":"1b9247ff-8a08-470a-9345-4169827df534","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":21,"box":{"x":52,"y":344,"width":831,"height":10}},{"id":"0786e206-d970-4555-9620-185413ec3c1c","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":21,"box":{"x":53,"y":358,"width":883,"height":11}},{"id":"3142d1a7-b928-4bd9-ae5f-7b209186534b","block_type":"box","text":"be taxed when withdrawn.","page_number":21,"box":{"x":53,"y":372,"width":182,"height":8}},{"id":"4da18cba-6dd0-4598-a5ae-c82997602dfb","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":21,"box":{"x":54,"y":401,"width":575,"height":13}},{"id":"9976a7b9-5954-4b7e-91a2-832d768bb636","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":21,"box":{"x":53,"y":426,"width":855,"height":11}},{"id":"3bd75a80-573c-4eef-adc6-12337b69451d","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":21,"box":{"x":53,"y":440,"width":843,"height":11}},{"id":"404d0c90-ec90-4df0-a9c7-656a0c4c7fc8","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":21,"box":{"x":53,"y":454,"width":820,"height":11}},{"id":"adfb8d9f-8967-4377-abc2-b79efaa9627c","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":21,"box":{"x":53,"y":469,"width":801,"height":10}},{"id":"ac025ae3-5c99-4d00-b479-0b5055c21087","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":21,"box":{"x":53,"y":483,"width":841,"height":11}},{"id":"2a0bb41b-d200-4d8d-b34f-55d7bf2a2b8f","block_type":"box","text":"financial intermediary’s website for more information.","page_number":21,"box":{"x":52,"y":497,"width":380,"height":11}},{"id":"a47e8381-0232-4a8c-a8c7-e92857348835","block_type":"box","text":"S-16","page_number":21,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"3d1bab16-58c3-4c85-a6de-23125ebea23d","block_type":"box","text":"iShares Mortgage Real Estate ETF","page_number":22,"box":{"x":53,"y":47,"width":476,"height":20}},{"id":"b69a7585-f43b-4a18-9c04-638f8db94c43","block_type":"box","text":"REM | Cboe BZX","page_number":22,"box":{"x":54,"y":70,"width":225,"height":18}},{"id":"0f9fd1de-b951-4360-9dd2-028f80f53679","block_type":"box","text":"Investment Objective","page_number":22,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"a5a70c9c-1c98-42e4-95cf-9a08d2c40632","block_type":"box","text":"The iShares Mortgage Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real","page_number":22,"box":{"x":52,"y":134,"width":863,"height":11}},{"id":"5aec1239-46ea-4632-84ee-be66ee0321d6","block_type":"box","text":"estate investment trusts (“REITs”) that hold U.S. residential and commercial mortgages.","page_number":22,"box":{"x":53,"y":148,"width":617,"height":11}},{"id":"612261bc-8f98-46a0-a6ae-5207f9c01846","block_type":"box","text":"Fees and Expenses","page_number":22,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"f66381c0-e9e3-4533-975c-71ef372636ef","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":22,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"ccf4e175-08d2-4468-8b0f-3d7df26d309e","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":22,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"4d116613-a63f-4d39-8f20-801909550b6b","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":22,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"ae771e49-f942-495f-937b-e56a42f32ed2","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":22,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"f1d3a9a7-7845-4cd7-aad8-247c24bfdf11","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":22,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"ae728068-6226-4b3c-84cf-c19356ae38e6","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":22,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"9737269b-cdd2-4e85-9c09-875f563f912d","block_type":"box","text":"extraordinary expenses.","page_number":22,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"058d44d8-242e-4c81-8c90-1b412bd86f13","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":22,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"925c3aac-26a8-4503-8d88-35f18540b573","block_type":"box","text":"reflected in the table and example below.","page_number":22,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"bc953c87-f6f3-4ab9-9aac-87f34965f999","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":22,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"bc35bb40-db05-4afd-b673-265be5679d19","block_type":"box","text":"1","page_number":22,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"0fbd864a-afa2-4abf-b736-d19deb17df6a","block_type":"box","text":"Management Fee","page_number":22,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"634ce7c7-524d-4b6e-9392-c030da03452f","block_type":"box","text":"0.48%","page_number":22,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"45d5b4f3-610f-42e8-9115-b7a4e3b3cbca","block_type":"box","text":"Other Expenses","page_number":22,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"6765cf23-65f7-4c2d-8d7e-658e21d5fbd3","block_type":"box","text":"0.00%","page_number":22,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"38c5cae9-c20f-4538-a324-0d51c23c6c94","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":22,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"6dbdd64d-4008-4845-9078-53ce363e9123","block_type":"box","text":"0.48%","page_number":22,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"fd3b93d3-3ce2-48ad-ae3d-0df13c09ac07","block_type":"box","text":"1","page_number":22,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"3cc1ecd2-5e6d-44c7-98e4-8969a7ed9ce1","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":22,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"1a13b52b-8f87-4279-b982-b4b3f3692087","block_type":"box","text":"Example.","page_number":22,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"432a3c6f-9bc0-47a2-9e3b-e7f28c1fd26a","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":22,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"1cc027b2-56cc-4dff-a147-f96f22c95ddd","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":22,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"a4e0009f-062d-465e-bc04-4b3454b2535b","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":22,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"38adadca-c052-4098-8431-7ffc70eb2b13","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":22,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"55924c80-13e7-42c1-be5a-20d26c285a7f","block_type":"box","text":"your costs would be:","page_number":22,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"f0ae3108-9bec-4ffc-b1bf-68b1b3b7fe76","block_type":"box","text":"Expense Example","page_number":22,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"5036c64c-8f68-4d93-8a4c-7278c8beb3f5","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":22,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"6acccfff-fa7f-45b4-90b4-3d81bad9a04e","block_type":"box","text":"Example Fund Costs","page_number":22,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"da7e3a22-feba-4e6f-bdc7-21839cfeabb6","block_type":"box","text":"$49 $154 $269 $604","page_number":22,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"0bd546bd-d1c3-4da8-8a2d-a859f44809f4","block_type":"box","text":"Portfolio Turnover.","page_number":22,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"ccab521f-65bf-4560-93c6-4b5720af4f2a","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":22,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"9c1bd37e-d7d8-40d6-b782-757f4e662ba4","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":22,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"77d2c89b-a608-4af0-9ec9-5352c2a81ec6","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":22,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"c9bbdab5-0ec2-4b37-9918-0e04158c9848","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21% of","page_number":22,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"9202276c-6c83-4b6a-8fa5-513e822b0f6c","block_type":"box","text":"the average value of its portfolio.","page_number":22,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"c6a5d370-c425-467d-b907-cdf99029664b","block_type":"box","text":"Principal Investment Strategies","page_number":22,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"0c5caf85-bdc0-4ddd-b441-8e4583b09764","block_type":"box","text":"The Fund seeks to track the investment results of the FTSE Nareit All Mortgage Capped Index (the “Underlying Index”), which","page_number":22,"box":{"x":52,"y":682,"width":883,"height":11}},{"id":"d1b338f0-40f6-49fd-83cf-13b3dcf48035","block_type":"box","text":"measures the performance of the residential and commercial mortgage real estate, mortgage finance and savings","page_number":22,"box":{"x":53,"y":697,"width":807,"height":11}},{"id":"584a5ef9-464b-4a3e-9b72-17df76ffbda7","block_type":"box","text":"associations sectors of the U.S. equity market, as defined by FTSE International Limited (the “Index Provider” or “FTSE”). The","page_number":22,"box":{"x":53,"y":711,"width":881,"height":11}},{"id":"d5e328c9-463a-4e4e-b1ba-ea89238a5def","block_type":"box","text":"Underlying Index generally measures the performance of the residential and commercial mortgage real estate sector and","page_number":22,"box":{"x":53,"y":725,"width":857,"height":11}},{"id":"3ebb2785-8241-45ae-94e0-e6d10abf0119","block_type":"box","text":"generally invests all of its assets in REITs. If the number of constituents in the Underlying Index falls below 20, FTSE will","page_number":22,"box":{"x":53,"y":739,"width":844,"height":11}},{"id":"23e224a9-22fb-4c97-ae26-a8da26086398","block_type":"box","text":"consider companies from the mortgage finance and savings associations sectors for inclusion in the Underlying Index, and","page_number":22,"box":{"x":53,"y":754,"width":870,"height":10}},{"id":"61dea96e-9338-4a0c-8cba-aa6fad2ec84d","block_type":"box","text":"each company in the mortgage finance and savings associations sectors will be capped at 3% of the Underlying Index, and","page_number":22,"box":{"x":53,"y":768,"width":869,"height":11}},{"id":"d9ed20af-a444-45be-9161-943bb0982b02","block_type":"box","text":"these sectors in the aggregate will not exceed 30% of the Underlying Index. As of March 31, 2026, approximately 100% of the","page_number":22,"box":{"x":52,"y":782,"width":890,"height":11}},{"id":"a1697f38-2c5b-4e0d-8002-a627e93f91ef","block_type":"box","text":"market capitalization of the Underlying Index was represented by REITs. As of March 31, 2026, the Underlying Index included","page_number":22,"box":{"x":53,"y":796,"width":883,"height":11}},{"id":"2a59fa3a-59d7-4e7f-b9c9-3bafea7676fc","block_type":"box","text":"32 component securities. The components of the Underlying Index are likely to change over time.","page_number":22,"box":{"x":53,"y":810,"width":685,"height":11}},{"id":"f67df6e9-0da1-46db-b7d6-72aa52c1ecaa","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":22,"box":{"x":52,"y":833,"width":853,"height":11}},{"id":"a90c09b4-827f-4468-b691-2173312879cb","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":22,"box":{"x":53,"y":847,"width":839,"height":11}},{"id":"be013948-9191-405a-bdc2-2fe18c5460b0","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":22,"box":{"x":53,"y":862,"width":868,"height":11}},{"id":"c7002777-e110-4abe-8f5d-dc3dde6346f6","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":22,"box":{"x":53,"y":876,"width":851,"height":11}},{"id":"71fe97e3-c1f7-45b3-b678-a06bb7cc17fe","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":22,"box":{"x":53,"y":890,"width":806,"height":11}},{"id":"61c9480a-ba85-4bf0-b89f-3799b2aa4cdd","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":22,"box":{"x":53,"y":904,"width":884,"height":11}},{"id":"04fcfaff-40c4-4711-8ea0-70084a1652b1","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":22,"box":{"x":52,"y":919,"width":884,"height":10}},{"id":"cc24b338-d72d-4199-9935-ab01e02fa5a8","block_type":"box","text":"S-17","page_number":22,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"d7dd17c5-db16-47fd-9353-c98809baa5bb","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":23,"box":{"x":53,"y":46,"width":852,"height":11}},{"id":"0205d811-1827-4b34-9f40-b41926c1db69","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":23,"box":{"x":53,"y":61,"width":867,"height":10}},{"id":"5da0b39e-89c5-4fc7-97da-bbb29958758c","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":23,"box":{"x":52,"y":75,"width":869,"height":11}},{"id":"a779a40b-1431-433d-8805-530a56b0b148","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":23,"box":{"x":52,"y":89,"width":863,"height":11}},{"id":"4ee31b32-5d4a-449e-967e-ec8ee339dc15","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":23,"box":{"x":53,"y":103,"width":826,"height":11}},{"id":"38267852-da45-449d-84d3-e907ad840056","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":23,"box":{"x":53,"y":118,"width":405,"height":10}},{"id":"64b0112c-0fdf-48a4-a1cb-dc3902cbc7cb","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":23,"box":{"x":53,"y":140,"width":844,"height":11}},{"id":"30c3b313-1d88-4878-bd3a-9fef83fb47f8","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":23,"box":{"x":53,"y":155,"width":860,"height":11}},{"id":"745f48fb-7831-40ae-8835-6c81a1bacd44","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":23,"box":{"x":53,"y":169,"width":831,"height":11}},{"id":"3de827a5-162a-4549-9d5c-0f98030a7ff9","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":23,"box":{"x":53,"y":183,"width":817,"height":11}},{"id":"070a4df6-07c4-4c44-8ef1-be0368b5167a","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":23,"box":{"x":53,"y":197,"width":818,"height":11}},{"id":"59e2423a-a0ed-482f-bf61-9c36f7907f5e","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":23,"box":{"x":53,"y":211,"width":835,"height":11}},{"id":"8b37bc9b-5217-469e-aa9a-6234e0356000","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":23,"box":{"x":52,"y":235,"width":873,"height":10}},{"id":"62cad14b-ccb1-4594-aa0b-673968776f10","block_type":"box","text":"collateral received).","page_number":23,"box":{"x":53,"y":249,"width":136,"height":9}},{"id":"2d7bba91-4dca-4e96-a46f-8429d000615f","block_type":"box","text":"The Underlying Index is sponsored by FTSE, which is independent of the Fund and BFA. The Index Provider determines the","page_number":23,"box":{"x":52,"y":272,"width":866,"height":11}},{"id":"41286590-1b0f-4dde-8e92-be9519a96b4c","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":23,"box":{"x":53,"y":286,"width":856,"height":11}},{"id":"23f1b150-6b7a-46a8-a55b-b046f541bfb2","block_type":"box","text":"market value of the Underlying Index.","page_number":23,"box":{"x":53,"y":300,"width":263,"height":11}},{"id":"428ddbc7-5671-4b61-9669-0766982cc771","block_type":"box","text":"Industry Concentration Policy.","page_number":23,"box":{"x":53,"y":323,"width":224,"height":11}},{"id":"a086d4ba-26a4-4a7e-ada8-5ed647a8b0af","block_type":"box","text":"The Fund will concentrate its investments (","page_number":23,"box":{"x":281,"y":323,"width":304,"height":10}},{"id":"10db5f20-776d-4490-8065-a7f51de6c309","block_type":"box","text":"i.e.","page_number":23,"box":{"x":587,"y":324,"width":17,"height":8}},{"id":"17f1d82a-6875-4306-8a71-5c7a9b771e1d","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":23,"box":{"x":606,"y":323,"width":292,"height":10}},{"id":"2cfe18d3-b9e4-4cc0-a534-9cd3e86d9791","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":23,"box":{"x":53,"y":338,"width":858,"height":11}},{"id":"3e33d6a8-0569-45b0-bd49-d4b8992c38b6","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":23,"box":{"x":53,"y":352,"width":868,"height":11}},{"id":"53fea059-1b1f-47c5-a67f-0227ec3feec8","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":23,"box":{"x":53,"y":366,"width":826,"height":11}},{"id":"5863235d-3c9a-4c51-b032-6a9ee40537d1","block_type":"box","text":"Summary of Principal Risks","page_number":23,"box":{"x":52,"y":395,"width":248,"height":13}},{"id":"2b95fa9c-5679-44c8-9e55-4b08b283d28c","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":23,"box":{"x":52,"y":420,"width":881,"height":11}},{"id":"06d43d64-d576-4276-bba1-54c4808e9835","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":23,"box":{"x":53,"y":434,"width":824,"height":11}},{"id":"81869cd7-1cea-46f8-a178-4a1d2e5e2beb","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":23,"box":{"x":53,"y":448,"width":807,"height":11}},{"id":"cebb42ce-6128-4b75-9c73-b0b63eb849d6","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":23,"box":{"x":53,"y":463,"width":844,"height":11}},{"id":"75bfafe8-9c35-4cc9-bff2-efa36a332d92","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":23,"box":{"x":52,"y":477,"width":815,"height":11}},{"id":"256b526f-1611-4be0-b4b7-00c437346617","block_type":"box","text":"Mortgage REITs Risk.","page_number":23,"box":{"x":53,"y":500,"width":157,"height":11}},{"id":"e95d20b8-6076-43b5-aee3-3dc758659238","block_type":"box","text":"Mortgage REITs are exposed to risks specific to the real estate market, including, among others, credit","page_number":23,"box":{"x":216,"y":500,"width":719,"height":11}},{"id":"81732c0d-7d77-43d7-923e-fdec48ac60df","block_type":"box","text":"risk, interest rate risk and leverage risk.","page_number":23,"box":{"x":53,"y":515,"width":273,"height":10}},{"id":"05f19f74-ddf2-4d62-bcb8-2b49cbf33d0e","block_type":"box","text":"Real Estate Companies Risk.","page_number":23,"box":{"x":53,"y":537,"width":209,"height":11}},{"id":"5b0c4704-26ef-4592-97c1-b63fa833a21d","block_type":"box","text":"Real estate companies, which include REITs, real estate holding and operating companies, and","page_number":23,"box":{"x":267,"y":538,"width":668,"height":10}},{"id":"f82838f9-372f-4d67-bd07-5a68d3b2083c","block_type":"box","text":"real estate management or development companies, expose investors to the risks of owning real estate directly as well as to","page_number":23,"box":{"x":53,"y":552,"width":872,"height":11}},{"id":"99ca8c8b-3298-4773-83de-2100c961273a","block_type":"box","text":"the risks from the way that such companies operate. Real estate is highly sensitive to general and local economic conditions","page_number":23,"box":{"x":52,"y":566,"width":877,"height":11}},{"id":"358ad736-ce91-4d54-b183-61d59f45e9f8","block_type":"box","text":"and can be subject to intense competition and periodic overbuilding. Other real estate risks include decreases in property","page_number":23,"box":{"x":53,"y":580,"width":859,"height":11}},{"id":"e2353a80-5bf6-4100-8db3-28f85a3daf2a","block_type":"box","text":"values, tax increases, zoning changes, casualty or condemnation losses, environmental liabilities, regulatory limitations on","page_number":23,"box":{"x":52,"y":595,"width":867,"height":10}},{"id":"935fec0f-1406-4540-b03b-ac4e6476ea7e","block_type":"box","text":"rent or eviction, and defaults by borrowers or tenants. Real estate companies may be heavily invested in one geographic","page_number":23,"box":{"x":53,"y":608,"width":845,"height":11}},{"id":"a93bf402-475a-4805-ad34-930627e9f046","block_type":"box","text":"region, industry or property type. They also may be highly leveraged, which can magnify losses, and interest rate increases","page_number":23,"box":{"x":53,"y":623,"width":862,"height":10}},{"id":"a49e570c-b684-4d58-a263-8e43917f6eba","block_type":"box","text":"can make it difficult to obtain financing and service debt.","page_number":23,"box":{"x":53,"y":637,"width":402,"height":11}},{"id":"7a5b3fa9-d600-42d2-9fb0-d2ae91a948cd","block_type":"box","text":"Equity Securities Risk.","page_number":23,"box":{"x":53,"y":660,"width":164,"height":11}},{"id":"5f9ee026-03ce-42d6-93d0-635d036e5c3a","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":23,"box":{"x":223,"y":660,"width":709,"height":11}},{"id":"9371a4ca-afc0-403e-9c3c-4f217b869078","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":23,"box":{"x":53,"y":674,"width":889,"height":11}},{"id":"44ab7836-8a72-44ab-9a5c-8415ffcb82d7","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":23,"box":{"x":53,"y":688,"width":880,"height":11}},{"id":"5ccbc6be-a255-42a9-9795-c6b66ff7fa82","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":23,"box":{"x":53,"y":703,"width":867,"height":10}},{"id":"b3f51db7-5d97-4ce9-bf74-541847d28ac1","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":23,"box":{"x":53,"y":717,"width":339,"height":11}},{"id":"92d2fb75-bc9e-4983-a7f7-65d89c8ba8d2","block_type":"box","text":"Market Risk.","page_number":23,"box":{"x":53,"y":740,"width":91,"height":8}},{"id":"9d3e765c-533b-4273-9cc8-72cc27cbcb13","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":23,"box":{"x":148,"y":740,"width":768,"height":11}},{"id":"7bd6a594-7c1e-42b0-914f-1cde757880aa","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":23,"box":{"x":53,"y":754,"width":882,"height":11}},{"id":"f75e242a-a694-4d92-8d81-2ecd94b1faf4","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":23,"box":{"x":53,"y":768,"width":858,"height":11}},{"id":"4c5155fe-7e30-4e68-96ad-8c3af5cc55f3","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":23,"box":{"x":53,"y":783,"width":875,"height":10}},{"id":"d322eb53-0db8-4fdf-987c-db3b3e45494c","block_type":"box","text":"Fund’s NAV.","page_number":23,"box":{"x":53,"y":797,"width":82,"height":8}},{"id":"34f1348d-2dab-4c12-b211-ce22cb5afe98","block_type":"box","text":"Index-Related Risk.","page_number":23,"box":{"x":53,"y":820,"width":143,"height":8}},{"id":"0b0b5b6f-7377-4986-badc-4fe580836521","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":23,"box":{"x":201,"y":820,"width":742,"height":11}},{"id":"ff5a29be-cbd7-45aa-a88b-3b816ae6fb18","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":23,"box":{"x":53,"y":834,"width":856,"height":11}},{"id":"29d9abc0-6276-4923-9f62-47e8a22bacb8","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":23,"box":{"x":53,"y":848,"width":852,"height":11}},{"id":"b71b3cd3-f6b0-4dfe-ab67-27a53ecb246c","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":23,"box":{"x":53,"y":863,"width":876,"height":10}},{"id":"22922ff5-9f9c-44b3-958e-4cc10bf2c160","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":23,"box":{"x":52,"y":877,"width":849,"height":10}},{"id":"cfb268b5-af8e-47ae-b657-dcb6266962f2","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":23,"box":{"x":53,"y":891,"width":849,"height":11}},{"id":"28865d74-43bf-4269-992c-fdaaf5f4c4ec","block_type":"box","text":"S-18","page_number":23,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"4c190e78-ac74-41ac-9f52-32ba5f23fda1","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":24,"box":{"x":53,"y":46,"width":890,"height":11}},{"id":"52315fee-f1a4-4eff-844d-b1094043d740","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":24,"box":{"x":53,"y":61,"width":853,"height":10}},{"id":"a2581e77-6226-4185-a015-f0934118affb","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":24,"box":{"x":53,"y":75,"width":539,"height":11}},{"id":"7693391e-82a2-4f6e-8e1c-c01b2d2996bb","block_type":"box","text":"Asset Class Risk.","page_number":24,"box":{"x":52,"y":98,"width":122,"height":8}},{"id":"9497dff8-3ec3-40e0-8856-80687015d6d3","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":24,"box":{"x":179,"y":98,"width":721,"height":11}},{"id":"17c28074-0ea4-4e7f-a19a-10e574003579","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":24,"box":{"x":53,"y":112,"width":774,"height":11}},{"id":"8a6e82f7-7254-42da-a84a-07fd57024312","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":24,"box":{"x":52,"y":135,"width":318,"height":11}},{"id":"ba1b0531-de1e-4f9a-a40e-5a662de283d9","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":24,"box":{"x":374,"y":135,"width":531,"height":11}},{"id":"084dc161-f1fa-4152-9e07-0b84f7c8382c","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":24,"box":{"x":53,"y":150,"width":810,"height":10}},{"id":"c9cf46c5-e6b0-4c98-98ee-2940cb16ab7f","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":24,"box":{"x":52,"y":164,"width":816,"height":11}},{"id":"8af547ac-4948-4031-941d-52dc38ea1096","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":24,"box":{"x":52,"y":178,"width":884,"height":11}},{"id":"2c6b1524-3b7e-4243-9f22-d8e0ebc4b9c9","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":24,"box":{"x":53,"y":192,"width":871,"height":11}},{"id":"ab6f2280-2e12-44ec-9ced-479be875121a","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":24,"box":{"x":53,"y":206,"width":846,"height":11}},{"id":"0fabd7a5-825e-43c6-908f-bb40b935c2fb","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":24,"box":{"x":52,"y":220,"width":881,"height":11}},{"id":"11a0f56e-0754-4608-9da0-7fe6f29bd3f0","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":24,"box":{"x":53,"y":235,"width":853,"height":10}},{"id":"08274590-090b-4537-a7d1-1b8ee499a4ef","block_type":"box","text":"halts or delisting.","page_number":24,"box":{"x":53,"y":249,"width":121,"height":11}},{"id":"59895ed9-0b65-440a-a258-461f1702d04a","block_type":"box","text":"Concentration Risk.","page_number":24,"box":{"x":53,"y":272,"width":145,"height":8}},{"id":"d8cfd714-25db-4f20-9ec7-cf98e4715c7d","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":24,"box":{"x":202,"y":272,"width":711,"height":11}},{"id":"4a47cf72-98b9-4ee2-9e0f-736b5501f68c","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":24,"box":{"x":53,"y":286,"width":884,"height":10}},{"id":"379a8edf-27a4-4e31-987f-9d1e9108c7ef","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":24,"box":{"x":52,"y":300,"width":887,"height":11}},{"id":"4cadb283-acce-43ba-a1a9-b1c7cd0bf011","block_type":"box","text":"asset classes.","page_number":24,"box":{"x":53,"y":315,"width":95,"height":8}},{"id":"3cc0b3b2-420b-4cab-b250-959c2250f3ce","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":24,"box":{"x":53,"y":338,"width":208,"height":11}},{"id":"0ecc7494-db86-4e83-936d-9137271a219c","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":24,"box":{"x":267,"y":338,"width":666,"height":11}},{"id":"d16b98da-7745-4b0d-bf3b-69c3074a491e","block_type":"box","text":"investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are","page_number":24,"box":{"x":53,"y":352,"width":863,"height":11}},{"id":"3bba683e-cf5a-4143-9c70-da4215f163f6","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":24,"box":{"x":53,"y":366,"width":877,"height":11}},{"id":"42263179-2456-4de1-961a-57608e91e969","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":24,"box":{"x":53,"y":380,"width":858,"height":11}},{"id":"4aff8505-dcd3-4da5-b2b4-559d144dbf2b","block_type":"box","text":"anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.","page_number":24,"box":{"x":53,"y":394,"width":744,"height":11}},{"id":"f771978b-8ca2-4886-a94b-4e90d90a349f","block_type":"box","text":"Issuer Risk.","page_number":24,"box":{"x":53,"y":418,"width":83,"height":8}},{"id":"641f4b50-2cab-4fa1-965a-ddbe801aa57b","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":24,"box":{"x":140,"y":418,"width":780,"height":10}},{"id":"c0e51306-073b-4e80-b4b2-10e686578b0e","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":24,"box":{"x":53,"y":432,"width":886,"height":11}},{"id":"60940c18-09eb-4332-a9b3-2c3d73721dfb","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":24,"box":{"x":52,"y":446,"width":576,"height":11}},{"id":"d1dd447e-4e47-4a00-829e-b3e1ac4a75a8","block_type":"box","text":"Management Risk.","page_number":24,"box":{"x":53,"y":469,"width":137,"height":11}},{"id":"500c69f5-e2c5-49df-92ad-922dce438e8e","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":24,"box":{"x":194,"y":469,"width":711,"height":11}},{"id":"bf9d1d74-23c9-45bd-966f-2b7854731075","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":24,"box":{"x":53,"y":483,"width":877,"height":11}},{"id":"151532c8-e1fd-4757-84bc-041d071e2a6e","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":24,"box":{"x":53,"y":498,"width":859,"height":10}},{"id":"a201bb04-1e3c-4fd9-b0a3-4016f615c87b","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":24,"box":{"x":52,"y":512,"width":848,"height":11}},{"id":"b5ca4d83-3e8b-4864-a97b-530d37b40aac","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":24,"box":{"x":53,"y":526,"width":756,"height":11}},{"id":"4597babb-7038-42a4-bb31-4c377bbe5174","block_type":"box","text":"Market Trading Risk.","page_number":24,"box":{"x":53,"y":549,"width":152,"height":11}},{"id":"79651041-3738-4747-a86d-9a0053581344","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":24,"box":{"x":209,"y":549,"width":694,"height":11}},{"id":"282efc7b-83a1-4312-bc9f-8886ed65cee5","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":24,"box":{"x":53,"y":563,"width":841,"height":11}},{"id":"219ca378-a5b4-420a-a543-f41b58f4730c","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":24,"box":{"x":53,"y":577,"width":887,"height":11}},{"id":"1b7c62a6-2220-4aff-8ce9-ff9b14d798aa","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":24,"box":{"x":52,"y":592,"width":839,"height":11}},{"id":"3884f47b-30ce-46ad-bcb8-e83fdfc71514","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":24,"box":{"x":53,"y":606,"width":866,"height":11}},{"id":"4b0fbef6-d9ef-4f03-b686-04e386a3740e","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":24,"box":{"x":52,"y":620,"width":885,"height":11}},{"id":"b1eaab69-8c70-4aad-8e45-7a723a7b49ac","block_type":"box","text":"of the Fund shares.","page_number":24,"box":{"x":53,"y":634,"width":134,"height":9}},{"id":"7465e8cb-dda4-451a-bc14-00f571bd07f0","block_type":"box","text":"Micro-Capitalization Companies Risk.","page_number":24,"box":{"x":53,"y":657,"width":278,"height":11}},{"id":"6e6d139e-e03e-4de4-a9bc-81e2c94cb820","block_type":"box","text":"Compared to larger companies, micro-capitalization companies are likely to be","page_number":24,"box":{"x":337,"y":658,"width":556,"height":10}},{"id":"d4aeb792-26f5-4491-9e02-fc821ca344e5","block_type":"box","text":"significantly less stable and more susceptible to adverse developments, and their revenues and earnings tend to be less","page_number":24,"box":{"x":52,"y":672,"width":846,"height":10}},{"id":"3bfe1df7-6a92-48d5-9b8a-fd54ffe0c0cd","block_type":"box","text":"predictable. The securities of micro-capitalization companies are more volatile and less liquid than those of larger companies.","page_number":24,"box":{"x":53,"y":686,"width":889,"height":11}},{"id":"79e887a8-6c14-4a7a-b266-1dcfa0aaf43b","block_type":"box","text":"As a result, the Fund’s share price may be more volatile than that of a fund with a greater investment in larger-capitalization","page_number":24,"box":{"x":52,"y":700,"width":873,"height":11}},{"id":"e137c2fc-3993-402b-bb44-0c1dd535e177","block_type":"box","text":"stocks. Micro-capitalization stocks also may be thinly traded, making it difficult for the Fund to buy and sell them.","page_number":24,"box":{"x":52,"y":714,"width":802,"height":11}},{"id":"1943ef3a-49a9-4463-815d-34e23169c5c3","block_type":"box","text":"Mortgage Finance Companies Risk.","page_number":24,"box":{"x":53,"y":737,"width":260,"height":11}},{"id":"356a8fbd-5cf3-4bed-8c50-cafa089ac744","block_type":"box","text":"Mortgage finance companies are subject to the credit risk of their borrowers, the risk","page_number":24,"box":{"x":319,"y":737,"width":597,"height":11}},{"id":"80d11e9b-7b6e-46f8-bf13-4fadfcfc53e9","block_type":"box","text":"that the value of a mortgaged property may be less than the amount owed on the property, and interest rate risk, among other","page_number":24,"box":{"x":52,"y":752,"width":889,"height":10}},{"id":"638e08ad-9eef-4051-8d3c-6ef4bd35499a","block_type":"box","text":"risks.","page_number":24,"box":{"x":53,"y":766,"width":35,"height":8}},{"id":"80a026a7-1db2-4670-8f8d-5b91c5dd94c1","block_type":"box","text":"Non-Diversification Risk.","page_number":24,"box":{"x":53,"y":789,"width":184,"height":8}},{"id":"7678db8a-45ec-40aa-828d-2de1f49fe38a","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":24,"box":{"x":242,"y":789,"width":633,"height":10}},{"id":"bed14f4a-c5a9-4755-9aa3-315f9eff59a9","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":24,"box":{"x":53,"y":803,"width":802,"height":11}},{"id":"67e1d271-e6a7-47d8-8ef6-475260dcac15","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":24,"box":{"x":53,"y":817,"width":888,"height":11}},{"id":"a523dfa6-7f1b-4ab4-9b0a-07e5c0e78fcb","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":24,"box":{"x":53,"y":831,"width":876,"height":11}},{"id":"a924b88d-75fe-4810-8107-57fb745fa85f","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":24,"box":{"x":53,"y":846,"width":696,"height":11}},{"id":"acc7601f-a848-417a-9042-d935c542ff91","block_type":"box","text":"Operational and Technology Risks.","page_number":24,"box":{"x":53,"y":869,"width":254,"height":11}},{"id":"d6b33fe0-9bed-405c-bb3a-51cfdccfb765","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":24,"box":{"x":312,"y":869,"width":581,"height":11}},{"id":"e5032550-d9c6-4f49-bd3e-5d6dcbcbe3d5","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":24,"box":{"x":53,"y":883,"width":876,"height":11}},{"id":"e1ceb8f5-09fe-45cb-ad81-649c525e19c8","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":24,"box":{"x":53,"y":897,"width":879,"height":11}},{"id":"728ec981-d0bc-4372-9aec-2b64a32c45f5","block_type":"box","text":"S-19","page_number":24,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"51f35531-b4f4-49ae-8e13-3f85b494cba4","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":25,"box":{"x":53,"y":46,"width":825,"height":11}},{"id":"13492722-92e5-4f7a-a57f-5a694274c19f","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":25,"box":{"x":53,"y":61,"width":862,"height":10}},{"id":"3ad79564-3f92-4425-8782-e72d9d7526b9","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":25,"box":{"x":53,"y":75,"width":872,"height":11}},{"id":"fc843589-6e47-478d-998f-15a377c16f17","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":25,"box":{"x":53,"y":89,"width":824,"height":11}},{"id":"1d6d9c0d-7fd3-4266-b4cf-bfcdff274c86","block_type":"box","text":"Risk of Investing in the U.S.","page_number":25,"box":{"x":53,"y":112,"width":200,"height":11}},{"id":"3b6c186d-ab75-4190-bfda-ad05f3ff933c","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":25,"box":{"x":259,"y":112,"width":663,"height":11}},{"id":"607b5482-b13d-4d11-ae45-6b3d0fb5ae80","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":25,"box":{"x":53,"y":126,"width":877,"height":11}},{"id":"303b99ee-6510-4909-bfb7-0d3b15c8d717","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":25,"box":{"x":53,"y":141,"width":470,"height":10}},{"id":"7edf3439-4264-4bf3-bad6-5f7417bdebe1","block_type":"box","text":"Securities Lending Risk.","page_number":25,"box":{"x":52,"y":164,"width":178,"height":11}},{"id":"19749a14-65a1-47ba-8216-4680521e84fc","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":25,"box":{"x":234,"y":164,"width":692,"height":11}},{"id":"71417e82-a332-4118-8f24-74fde976df80","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":25,"box":{"x":53,"y":178,"width":870,"height":11}},{"id":"4f5db8ec-490a-4e42-89eb-35862e8d0816","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":25,"box":{"x":53,"y":192,"width":886,"height":11}},{"id":"18f072c8-3efc-4f17-908b-3b41710e89f7","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":25,"box":{"x":53,"y":206,"width":831,"height":11}},{"id":"f0e948cc-348c-493c-bed6-7c0c0e0479b8","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":25,"box":{"x":52,"y":229,"width":278,"height":11}},{"id":"06cb28fe-43d6-4a35-a98b-d88cad14df1a","block_type":"box","text":"Compared to mid- and large-capitalization companies, small-capitalization","page_number":25,"box":{"x":336,"y":230,"width":532,"height":10}},{"id":"9f72ce4f-80ee-4f32-94de-a5ac0cc86f9f","block_type":"box","text":"companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization","page_number":25,"box":{"x":53,"y":244,"width":817,"height":10}},{"id":"9b37dd00-fa1a-4164-b0c9-d0c275aa96a1","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":25,"box":{"x":53,"y":258,"width":887,"height":11}},{"id":"ece6cbb9-a4fa-499d-91a7-f926a5639300","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":25,"box":{"x":52,"y":272,"width":818,"height":11}},{"id":"b57225f0-4706-4a0a-88d8-d4bc2d125a30","block_type":"box","text":"Tracking Error Risk.","page_number":25,"box":{"x":52,"y":295,"width":145,"height":11}},{"id":"afd0b558-2feb-4bfa-b5ca-a4fb0884cbd6","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":25,"box":{"x":201,"y":295,"width":741,"height":11}},{"id":"3c3e7a13-e984-409a-b05d-5558406a5d65","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":25,"box":{"x":53,"y":309,"width":861,"height":11}},{"id":"1bae7dda-f4d6-4675-a73a-c7e2c5cedda9","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":25,"box":{"x":53,"y":324,"width":832,"height":10}},{"id":"26b93d13-839c-44d6-9d0e-794f956b71d1","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":25,"box":{"x":53,"y":338,"width":880,"height":11}},{"id":"e05cfe7b-d957-4d62-a163-6690a122d27c","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":25,"box":{"x":53,"y":352,"width":831,"height":11}},{"id":"6d4f67dd-e42b-4be9-bc8b-719a10de24ef","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":25,"box":{"x":52,"y":366,"width":828,"height":11}},{"id":"eb8dfc9d-ba5f-4791-aa70-aa72804a383b","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":25,"box":{"x":53,"y":380,"width":873,"height":11}},{"id":"8924f60b-dfd7-4aeb-a998-ff60b61612d7","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":25,"box":{"x":53,"y":394,"width":889,"height":11}},{"id":"8815f907-d313-4196-944a-d9806008c999","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":25,"box":{"x":53,"y":409,"width":852,"height":10}},{"id":"34c3cb5c-c53e-4a09-8482-bef93fe2e51d","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":25,"box":{"x":53,"y":423,"width":886,"height":11}},{"id":"1c57db87-4e9a-4a39-8de9-61c5782a6a21","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":25,"box":{"x":53,"y":437,"width":873,"height":11}},{"id":"d49c285f-cb37-4467-93e9-36cabf2e61fe","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":25,"box":{"x":53,"y":451,"width":724,"height":11}},{"id":"025c48e8-4659-4b70-bf7d-c6a3455a76f3","block_type":"box","text":"Performance Information","page_number":25,"box":{"x":54,"y":480,"width":228,"height":11}},{"id":"935bb555-7c6c-461f-90e1-e5331f6099d4","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":25,"box":{"x":52,"y":505,"width":864,"height":11}},{"id":"6d904af2-4181-4544-ba64-a90ebe23f29f","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":25,"box":{"x":52,"y":520,"width":872,"height":10}},{"id":"7eaa6623-68aa-46f4-90b2-4d5cb4b4fb0d","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":25,"box":{"x":53,"y":534,"width":868,"height":11}},{"id":"49d15436-7973-4aeb-8ace-67115c19f4be","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":25,"box":{"x":53,"y":548,"width":838,"height":11}},{"id":"a4889517-8212-4732-8ee3-9a1b9c9c8251","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":25,"box":{"x":53,"y":562,"width":868,"height":11}},{"id":"80770eb9-6d7b-4337-9689-12a9262ea738","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":25,"box":{"x":53,"y":576,"width":832,"height":11}},{"id":"b41b46ba-4fac-4103-8496-a3c4c8182857","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":25,"box":{"x":53,"y":590,"width":842,"height":11}},{"id":"1b53e017-53b9-4fc6-9bcb-7880628e8f6c","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":25,"box":{"x":52,"y":605,"width":531,"height":10}},{"id":"fcd1356b-4b1e-4bb5-86ec-5774f0939e44","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":25,"box":{"x":135,"y":629,"width":260,"height":11}},{"id":"3c30a872-518f-4431-87ed-38c4f72f5969","block_type":"box","text":"21.96","page_number":25,"box":{"x":86,"y":683,"width":26,"height":6}},{"id":"9a23004e-5990-4d0a-997e-714627f29c77","block_type":"box","text":"18.57","page_number":25,"box":{"x":124,"y":688,"width":25,"height":6}},{"id":"34d7088d-16a5-44c5-b9d2-5f5064b40dd3","block_type":"box","text":"-2.95","page_number":25,"box":{"x":161,"y":732,"width":23,"height":6}},{"id":"8ee9d836-b370-42e4-bf3f-d2510662bc9c","block_type":"box","text":"21.35","page_number":25,"box":{"x":197,"y":684,"width":26,"height":6}},{"id":"75f6e140-13c6-405b-9d76-2f5d1698b44a","block_type":"box","text":"-20.75","page_number":25,"box":{"x":231,"y":756,"width":30,"height":6}},{"id":"45773511-ff5a-4751-834f-ec793b3f5c50","block_type":"box","text":"16.35","page_number":25,"box":{"x":272,"y":691,"width":25,"height":6}},{"id":"5dfb27db-1d3f-4224-9ed9-92b995f9a1c1","block_type":"box","text":"-27.45","page_number":25,"box":{"x":306,"y":765,"width":29,"height":6}},{"id":"89156e82-f5aa-4ff8-a57c-6093f7cb5d4f","block_type":"box","text":"14.56","page_number":25,"box":{"x":346,"y":693,"width":25,"height":6}},{"id":"99ed8169-d8e2-4202-b281-6b8179779a57","block_type":"box","text":"-0.83","page_number":25,"box":{"x":383,"y":729,"width":23,"height":6}},{"id":"75d45d74-89cd-48c0-9e97-1a785f3b4d76","block_type":"box","text":"13.24","page_number":25,"box":{"x":420,"y":695,"width":25,"height":6}},{"id":"7c067a8d-3dd6-4964-a8c3-e1d0fdcef154","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":25,"box":{"x":87,"y":783,"width":356,"height":6}},{"id":"8ca50e95-a495-45ee-94f7-3f64ee69813f","block_type":"box","text":"Return (%) Period Ended","page_number":25,"box":{"x":760,"y":644,"width":176,"height":9}},{"id":"dec84e96-43ef-4070-8fb6-eaf2dfdb8043","block_type":"box","text":"Calendar Year-to-Date Return","page_number":25,"box":{"x":520,"y":662,"width":197,"height":8}},{"id":"51bfa32e-6fde-422f-a472-33d0246e27a1","block_type":"box","text":"2.52% June 30, 2026","page_number":25,"box":{"x":782,"y":662,"width":160,"height":9}},{"id":"a2fe4ff3-5c88-478a-a23b-10931ea3975b","block_type":"box","text":"During the periods shown in the chart:","page_number":25,"box":{"x":520,"y":675,"width":250,"height":10}},{"id":"4daa6e0b-3a2d-4516-b33a-c0a919b74fcc","block_type":"box","text":"Best Quarter 35.95% June 30, 2020","page_number":25,"box":{"x":534,"y":688,"width":408,"height":9}},{"id":"c3625051-8f72-4ce8-a504-50e2cc916596","block_type":"box","text":"Worst Quarter -56.21% March 31, 2020","page_number":25,"box":{"x":533,"y":701,"width":409,"height":9}},{"id":"71183278-4256-40c4-b45d-2cf13dd872c4","block_type":"box","text":"S-20","page_number":25,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"485ea969-b256-4913-9fa1-e0ee5904bc77","block_type":"box","text":"Average Annual Total Returns (%)","page_number":26,"box":{"x":372,"y":54,"width":251,"height":11}},{"id":"17330e28-a9ad-4baf-9d42-4ec7f49441ac","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":26,"box":{"x":340,"y":68,"width":315,"height":11}},{"id":"b64eabce-894d-43fa-b8dc-6cfb353c22c1","block_type":"box","text":"One Year Five Years Ten Years","page_number":26,"box":{"x":670,"y":85,"width":268,"height":7}},{"id":"6d9cd5a4-650e-4dbe-8148-2a7afcf42977","block_type":"box","text":"Fund Inception: 5/1/2007","page_number":26,"box":{"x":58,"y":100,"width":171,"height":10}},{"id":"1598bf1a-787f-4998-91bb-199610ba3ec9","block_type":"box","text":"Return Before Taxes","page_number":26,"box":{"x":58,"y":112,"width":125,"height":7}},{"id":"1ca54835-83e5-4b69-8461-e4071ac074e0","block_type":"box","text":"13.24% 1.66% 3.90%","page_number":26,"box":{"x":682,"y":112,"width":257,"height":7}},{"id":"f87e01f3-06b7-42aa-b680-90ad53ec76f6","block_type":"box","text":"Return After Taxes on Distributions 9.98% -1.26% 0.94%","page_number":26,"box":{"x":58,"y":123,"width":881,"height":8}},{"id":"4eb86401-4cb4-432d-a50f-5d820f241bcf","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 8.40% 0.24% 1.91%","page_number":26,"box":{"x":58,"y":135,"width":881,"height":8}},{"id":"e6801222-2ed1-41bc-8bd9-7a82c5671865","block_type":"box","text":"Russell 3000 Index","page_number":26,"box":{"x":58,"y":147,"width":123,"height":7}},{"id":"9a77210a-c2ca-4284-9d35-6dbad46c3f9e","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.15% 13.15% 14.29%","page_number":26,"box":{"x":185,"y":147,"width":754,"height":9}},{"id":"498bb62c-3c65-41d5-bde6-b96c01fe1ec1","block_type":"box","text":"FTSE Nareit All Mortgage Capped Index","page_number":26,"box":{"x":58,"y":158,"width":261,"height":10}},{"id":"a25982d3-bcb0-4eeb-92ff-85e97a269194","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":26,"box":{"x":323,"y":158,"width":268,"height":9}},{"id":"a451b378-31ff-4992-b4c4-65637de5bea0","block_type":"box","text":"expenses or taxes)","page_number":26,"box":{"x":71,"y":171,"width":115,"height":9}},{"id":"1556aa75-07bf-45e9-8183-84b721ef84b8","block_type":"box","text":"13.97% 2.24% 4.53%","page_number":26,"box":{"x":682,"y":171,"width":257,"height":8}},{"id":"9a0b6558-8033-43a5-b8fb-c3f64893783c","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":26,"box":{"x":52,"y":200,"width":857,"height":11}},{"id":"801e71e5-fb50-441b-a0d7-f8357111e518","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":26,"box":{"x":53,"y":215,"width":865,"height":10}},{"id":"1471828b-8bb5-4a7a-bd4c-92638bdbbcd9","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":26,"box":{"x":53,"y":229,"width":847,"height":11}},{"id":"bd062ffc-3661-4c86-81ee-3f5c5a8f5bc1","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":26,"box":{"x":52,"y":243,"width":857,"height":11}},{"id":"6e063f31-199d-4cb0-a8fd-58c20cdf2c11","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":26,"box":{"x":53,"y":257,"width":877,"height":11}},{"id":"d089624d-4a48-4148-a742-c66ed568bf27","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":26,"box":{"x":52,"y":271,"width":836,"height":11}},{"id":"e7aa2a9a-ca18-46d8-a8ca-a1584e12d521","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":26,"box":{"x":53,"y":286,"width":886,"height":10}},{"id":"f7455efe-a401-4f58-8fe2-7b78038893b1","block_type":"box","text":"on distributions.","page_number":26,"box":{"x":53,"y":300,"width":114,"height":8}},{"id":"a96987c2-fc39-418c-b2ab-64c1d00bf147","block_type":"box","text":"Management","page_number":26,"box":{"x":54,"y":329,"width":119,"height":13}},{"id":"17dedbfe-9ada-4ca1-a403-01a276286b06","block_type":"box","text":"Investment Adviser.","page_number":26,"box":{"x":53,"y":354,"width":145,"height":8}},{"id":"e7b1fa31-13d7-425c-bd1f-e86972f0161c","block_type":"box","text":"BlackRock Fund Advisors.","page_number":26,"box":{"x":204,"y":354,"width":180,"height":8}},{"id":"2ab14fcb-7357-432c-88d7-d254cccb390f","block_type":"box","text":"Portfolio Managers.","page_number":26,"box":{"x":53,"y":377,"width":146,"height":11}},{"id":"39a201fc-937b-4e78-9373-f6addc8a13d3","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":26,"box":{"x":203,"y":377,"width":679,"height":11}},{"id":"47ec04ab-a62d-4922-8812-5e7bbbc9b5c6","block_type":"box","text":"management of the Fund:","page_number":26,"box":{"x":53,"y":391,"width":182,"height":11}},{"id":"adc2956b-cebd-47fd-a355-d09e653a2074","block_type":"box","text":"Portfolio Manager","page_number":26,"box":{"x":58,"y":427,"width":119,"height":10}},{"id":"53b143dc-2871-4c7d-b792-a733446b1ec5","block_type":"box","text":"Portfolio Manager of the","page_number":26,"box":{"x":411,"y":414,"width":160,"height":10}},{"id":"a10ed941-69cf-491e-813e-863f75c27c5e","block_type":"box","text":"Fund Since","page_number":26,"box":{"x":455,"y":427,"width":72,"height":8}},{"id":"c5274f36-05db-4bbb-8ecc-2b61e4d3b422","block_type":"box","text":"Title with Investment","page_number":26,"box":{"x":804,"y":414,"width":140,"height":8}},{"id":"c9514867-e2d1-472f-a3b9-e04ebb51b9d5","block_type":"box","text":"Adviser","page_number":26,"box":{"x":849,"y":427,"width":49,"height":8}},{"id":"2ced315e-e31e-469f-8097-abef6a6cc974","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":26,"box":{"x":57,"y":442,"width":876,"height":10}},{"id":"d7cdc424-2dbd-4e52-a78a-8b3a35178071","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":26,"box":{"x":58,"y":458,"width":875,"height":10}},{"id":"fe9f558e-3248-4bb9-89a5-799f30eeeddf","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":26,"box":{"x":58,"y":473,"width":875,"height":10}},{"id":"4302681f-09d0-4ff8-9d93-7de6b7211888","block_type":"box","text":"Steven White 2025 Managing Director","page_number":26,"box":{"x":57,"y":489,"width":876,"height":9}},{"id":"3d8c8110-0805-479e-b4bb-a7243ac18291","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":26,"box":{"x":54,"y":524,"width":304,"height":10}},{"id":"82e79f03-d733-484c-89a8-ff4f019ba939","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":26,"box":{"x":52,"y":549,"width":878,"height":11}},{"id":"baf6db1f-6045-4d43-b0c9-656e147bfba6","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":26,"box":{"x":53,"y":564,"width":855,"height":10}},{"id":"82119b04-1748-487f-8dd2-040de6934c88","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":26,"box":{"x":52,"y":577,"width":817,"height":11}},{"id":"ee68a83d-f80b-4666-a4f4-2782bcefa244","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":26,"box":{"x":53,"y":592,"width":878,"height":11}},{"id":"112252a5-5f70-4191-be86-ea39388f6bc7","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":26,"box":{"x":53,"y":606,"width":861,"height":11}},{"id":"eb25213d-34a8-41cc-94d9-cedf5509b5c5","block_type":"box","text":"(the “bid-ask spread”).","page_number":26,"box":{"x":53,"y":620,"width":156,"height":11}},{"id":"9ed2f6d1-4e46-458c-b432-baa15fa3cfd9","block_type":"box","text":"Tax Information","page_number":26,"box":{"x":52,"y":649,"width":144,"height":11}},{"id":"bbe3f9d3-cfab-411c-bfec-3c4231e5771e","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":26,"box":{"x":52,"y":674,"width":831,"height":11}},{"id":"ba964b3b-94f9-4860-ba7c-050917bbba85","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":26,"box":{"x":53,"y":688,"width":883,"height":11}},{"id":"54ca47df-3755-409e-b3dc-69fa2046d1af","block_type":"box","text":"be taxed when withdrawn.","page_number":26,"box":{"x":53,"y":703,"width":182,"height":8}},{"id":"142349d3-37b0-4c40-b3e8-e93fa67abd98","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":26,"box":{"x":54,"y":732,"width":575,"height":13}},{"id":"ebeab454-02eb-465a-a0cf-b3b52953ec0c","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":26,"box":{"x":53,"y":757,"width":855,"height":11}},{"id":"a9264c71-e49f-4592-83fb-f9079310a4d6","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":26,"box":{"x":53,"y":771,"width":843,"height":11}},{"id":"5db3fb95-54ce-46bc-a040-40573a0d7684","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":26,"box":{"x":53,"y":785,"width":820,"height":11}},{"id":"0e7f3fd8-8b9a-4c69-89c6-8c9f577cf99f","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":26,"box":{"x":53,"y":799,"width":801,"height":11}},{"id":"9448efaf-ac44-4e96-a519-41210869b347","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":26,"box":{"x":53,"y":814,"width":841,"height":10}},{"id":"393997e1-7de5-4d59-80de-58cf8a648bcd","block_type":"box","text":"financial intermediary’s website for more information.","page_number":26,"box":{"x":52,"y":828,"width":380,"height":10}},{"id":"1f51bf0d-a73a-4433-a6d2-58d69f6dc220","block_type":"box","text":"S-21","page_number":26,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"337c3e99-4f57-417a-9353-b43d223e18db","block_type":"box","text":"iShares North American Natural Resources ETF","page_number":27,"box":{"x":53,"y":47,"width":660,"height":16}},{"id":"8225f4fe-ba57-4997-8e89-3ca0f370d0d3","block_type":"box","text":"IGE | Cboe BZX","page_number":27,"box":{"x":54,"y":70,"width":208,"height":18}},{"id":"ef8e4258-49aa-49f0-8035-7551fd362a48","block_type":"box","text":"Investment Objective","page_number":27,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"a26f03f5-e978-4f11-b74a-058f3b961118","block_type":"box","text":"The iShares North American Natural Resources ETF (the “Fund”) seeks to track the investment results of an index composed","page_number":27,"box":{"x":52,"y":134,"width":878,"height":11}},{"id":"6cc5f66c-cc72-4896-b109-d9dcb32856bf","block_type":"box","text":"of North American equities in the natural resources sector.","page_number":27,"box":{"x":53,"y":148,"width":412,"height":11}},{"id":"c61aa675-48f8-4396-bc6b-dc36d0f59b5b","block_type":"box","text":"Fees and Expenses","page_number":27,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"257b97f4-9388-4fce-8db5-e620cc45b86c","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":27,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"629768a7-2594-4dfc-b3ad-8addb936f907","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":27,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"36849d26-8c58-4707-ba48-5db8c41db154","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":27,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"8010971d-5835-4961-9f59-e40a29136c3b","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":27,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"32f9027b-8776-42a6-a31f-08bf95dabc8a","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":27,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"61e056e2-ca5f-4023-bbef-439eae15cc4c","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":27,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"8d6c8ac7-a5a1-4cf5-84ca-6e6efb32a899","block_type":"box","text":"extraordinary expenses.","page_number":27,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"9f963f91-ffc9-441f-bdf9-bfb8fb688df0","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":27,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"83b480d2-6b24-4763-8ff4-542ce9ea36e0","block_type":"box","text":"reflected in the table and example below.","page_number":27,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"53a1f897-5631-47d2-9bc2-3053a1b70a3c","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":27,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"95e6025d-20ef-4be7-a993-d2deffded14a","block_type":"box","text":"1","page_number":27,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"c10a0116-1e17-4eb3-ad32-08eb92d90878","block_type":"box","text":"Management Fee","page_number":27,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"ff09011e-addc-4e04-923f-3e9805bc3e87","block_type":"box","text":"0.37%","page_number":27,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"3f9123ad-827d-4519-bf14-1af2dedd03c5","block_type":"box","text":"Other Expenses","page_number":27,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"e96e0c6e-4c0f-4e3f-81fb-236e296b342c","block_type":"box","text":"0.00%","page_number":27,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"b2503fd5-c4c9-48f2-ac60-23be057682e0","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":27,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"f1a9221d-7769-4555-8439-505f6739d5c8","block_type":"box","text":"0.37%","page_number":27,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"73e9cca3-2b8a-4524-9653-4246dffa52ce","block_type":"box","text":"1","page_number":27,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"b4c19b91-c078-4cd2-8e46-3aa2784aa796","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":27,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"04e67bc8-24ac-44cf-9e1c-523739d75a86","block_type":"box","text":"Example.","page_number":27,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"69ab6372-8d1e-4731-b5d4-d5624ee1d18c","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":27,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"52dc29cf-0441-4ae0-8be3-f14ba8b53ef7","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":27,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"a879cd0b-70f3-434b-998e-92412333d7a0","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":27,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"3d2c97ab-48eb-407f-acc2-8e98f2af1bce","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":27,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"6cfd703c-5fc5-4e69-9216-95cfd16e2768","block_type":"box","text":"your costs would be:","page_number":27,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"0e84d84b-383b-4813-bbe2-1795f5075072","block_type":"box","text":"Expense Example","page_number":27,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"6670402b-780e-4002-8a6e-f763261b85e8","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":27,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"6db848df-25ef-4407-b4b1-9fd7d016668d","block_type":"box","text":"Example Fund Costs","page_number":27,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"11d4b085-6029-4736-ba31-8e9661760fb9","block_type":"box","text":"$38 $119 $208 $468","page_number":27,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"00b0ac8b-8cd2-45fa-818f-318a44f72526","block_type":"box","text":"Portfolio Turnover.","page_number":27,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"b4420e71-2138-4a58-ad7f-ffb0bffbb4ab","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":27,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"b332f399-f557-4539-bd5d-6fa386217bec","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":27,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"d0156f62-55e9-443d-86c0-18b75a18b5e5","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":27,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"671be785-9bd9-45ce-a994-0351925e6140","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 7% of","page_number":27,"box":{"x":52,"y":614,"width":877,"height":11}},{"id":"c702639f-0792-462d-bc25-28a95e288f5c","block_type":"box","text":"the average value of its portfolio.","page_number":27,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"311b6625-21cd-4160-865b-68fa7551dd3c","block_type":"box","text":"Principal Investment Strategies","page_number":27,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"14514167-e159-4c47-9cf6-2796745f47a7","block_type":"box","text":"The Fund seeks to track the investment results of the S&P North American Natural Resources Sector Index (the “Underlying","page_number":27,"box":{"x":52,"y":682,"width":872,"height":11}},{"id":"52e619f0-fb8d-41e3-aec0-82d2e6415524","block_type":"box","text":"Index”), which measures the performance of U.S.-traded stocks of natural resource-related companies in the U.S. and","page_number":27,"box":{"x":53,"y":697,"width":827,"height":10}},{"id":"4e1354e6-cf19-4037-a782-cc33d614ab11","block_type":"box","text":"Canada, as determined by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”). The Underlying Index includes","page_number":27,"box":{"x":53,"y":711,"width":840,"height":11}},{"id":"ec414416-c12f-41e5-b40d-088776298c31","block_type":"box","text":"companies that are classified under the GICS","page_number":27,"box":{"x":53,"y":725,"width":318,"height":11}},{"id":"3a0b6b6f-ca85-4ac5-b2cd-baa3541a2594","block_type":"box","text":"®","page_number":27,"box":{"x":373,"y":724,"width":4,"height":4}},{"id":"ac3380a4-9ec7-4d71-b998-bb49ade58277","block_type":"box","text":"energy and materials sectors, excluding the chemicals industry, and steel","page_number":27,"box":{"x":382,"y":725,"width":517,"height":11}},{"id":"93ec2245-fd78-4158-9d34-29caea49d029","block_type":"box","text":"sub-industry. The Underlying Index may include large-, mid- and small-capitalization companies. As of March 31, 2026, a","page_number":27,"box":{"x":52,"y":739,"width":860,"height":11}},{"id":"796f9126-01f4-41c1-be5a-5f863d895ae8","block_type":"box","text":"significant portion of the Underlying Index was represented by securities of companies in the energy, materials and natural","page_number":27,"box":{"x":52,"y":754,"width":869,"height":10}},{"id":"98c278b2-9d76-4c4f-b064-6a74d2f5ae1f","block_type":"box","text":"resources industries or sectors. The components of the Underlying Index are likely to change over time.","page_number":27,"box":{"x":53,"y":768,"width":727,"height":11}},{"id":"a34d3f85-dc20-4a8c-897b-5e62e2852368","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":27,"box":{"x":52,"y":791,"width":853,"height":11}},{"id":"cfc6f28f-3d5c-4441-a37d-f5e79dd9d150","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":27,"box":{"x":53,"y":805,"width":839,"height":11}},{"id":"a96c6c08-8af9-4388-ad87-f436ab1732fe","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":27,"box":{"x":53,"y":819,"width":868,"height":11}},{"id":"029130cf-e807-41ea-8ff9-b084bb6771e9","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":27,"box":{"x":53,"y":833,"width":851,"height":11}},{"id":"54c2909a-52f5-4671-a269-d562f683d0a1","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":27,"box":{"x":53,"y":848,"width":806,"height":10}},{"id":"b66f1f1a-85c8-4429-8bd3-610d3615379b","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":27,"box":{"x":53,"y":862,"width":884,"height":11}},{"id":"f6271108-d8b2-4359-8b75-2ed7930df6dd","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":27,"box":{"x":52,"y":876,"width":884,"height":11}},{"id":"921dac4c-cd0e-4e8e-9729-1e401f003c1c","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":27,"box":{"x":53,"y":890,"width":852,"height":11}},{"id":"16c6409e-c0af-46d0-a40c-413287b90e01","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":27,"box":{"x":53,"y":904,"width":867,"height":11}},{"id":"b6b2f25e-eb92-4f9d-a32c-d33e82a0804a","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":27,"box":{"x":52,"y":919,"width":869,"height":10}},{"id":"5fc2fe0c-d8c9-45c9-8495-b64f53009479","block_type":"box","text":"S-22","page_number":27,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"ccac6bdc-7a36-4be8-b566-618add466861","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":28,"box":{"x":52,"y":46,"width":863,"height":11}},{"id":"88bbfcd7-9e49-4839-aa36-7655620c8ae6","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":28,"box":{"x":53,"y":61,"width":826,"height":10}},{"id":"9f4c7a82-9275-4bd6-9a55-c1ccef5bdbe1","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":28,"box":{"x":53,"y":75,"width":405,"height":11}},{"id":"2188e997-c821-4de8-989d-8c4dab3d7ff5","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":28,"box":{"x":53,"y":98,"width":844,"height":11}},{"id":"55f26b53-b8b4-43be-ae6e-269d00c6d82c","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":28,"box":{"x":53,"y":112,"width":860,"height":11}},{"id":"2de3cf4d-a6f7-4ed0-9326-a46febe004f8","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":28,"box":{"x":53,"y":126,"width":831,"height":11}},{"id":"d2340807-9c12-4afe-99e8-035106753f08","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":28,"box":{"x":53,"y":140,"width":817,"height":11}},{"id":"be06ad9d-35be-4804-b411-6f5b85904a3b","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":28,"box":{"x":53,"y":155,"width":818,"height":11}},{"id":"e3b80ce1-866e-4283-ab1b-f6bf68dfc27d","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":28,"box":{"x":53,"y":169,"width":835,"height":11}},{"id":"fd8440ba-efe1-4802-8405-66bb01a8638f","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":28,"box":{"x":52,"y":192,"width":873,"height":11}},{"id":"73f7f969-d9ed-4934-99fb-28ef274b388e","block_type":"box","text":"collateral received).","page_number":28,"box":{"x":53,"y":206,"width":136,"height":10}},{"id":"ab99b712-7fe2-4c08-b381-d007b9d5cc4f","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":28,"box":{"x":52,"y":229,"width":861,"height":11}},{"id":"20cad164-1afa-4673-8390-13db786fd444","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":28,"box":{"x":53,"y":244,"width":856,"height":10}},{"id":"80ffaa6a-8e60-4759-954f-d9416e024022","block_type":"box","text":"market value of the Underlying Index.","page_number":28,"box":{"x":53,"y":258,"width":263,"height":11}},{"id":"bc8d5a58-0bc9-448a-8b38-d33455ecff31","block_type":"box","text":"Industry Concentration Policy.","page_number":28,"box":{"x":53,"y":281,"width":224,"height":11}},{"id":"da7a3715-1504-46f7-8761-5de47e992e2f","block_type":"box","text":"The Fund will concentrate its investments (","page_number":28,"box":{"x":281,"y":281,"width":304,"height":9}},{"id":"a8885102-10eb-438e-939d-b7bb2574572f","block_type":"box","text":"i.e.","page_number":28,"box":{"x":587,"y":281,"width":17,"height":8}},{"id":"19f4cbbf-8986-4f15-8e9e-7f9b973e3042","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":28,"box":{"x":606,"y":281,"width":292,"height":10}},{"id":"c8809302-e43b-47cb-95c2-734ebf059685","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":28,"box":{"x":53,"y":295,"width":858,"height":11}},{"id":"6c5f111a-3a83-4f9d-a885-dbe9bec9f48e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":28,"box":{"x":53,"y":309,"width":868,"height":11}},{"id":"72c219d5-f251-4b05-8e27-b37cf504f65a","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":28,"box":{"x":53,"y":324,"width":826,"height":10}},{"id":"f52f87a8-823c-4266-ba8e-e73cd58d0e0c","block_type":"box","text":"Summary of Principal Risks","page_number":28,"box":{"x":52,"y":352,"width":248,"height":14}},{"id":"163ded62-c9e2-4d12-bb58-db3e967c4cd8","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":28,"box":{"x":52,"y":378,"width":881,"height":11}},{"id":"b86cc04b-978b-4404-83bb-327ab32ee9da","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":28,"box":{"x":53,"y":392,"width":824,"height":11}},{"id":"ba3bd1f4-ec6b-42cb-b0de-cc608e9f1ef3","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":28,"box":{"x":53,"y":406,"width":807,"height":11}},{"id":"e50a047b-d1e4-4fd7-b4e4-87e7751bb9f6","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":28,"box":{"x":53,"y":420,"width":844,"height":11}},{"id":"a193f882-53e2-4318-81c0-f41eca04ed63","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":28,"box":{"x":52,"y":434,"width":815,"height":11}},{"id":"3b4a9c76-f1a5-4af8-9c8c-eb09d9fab7b6","block_type":"box","text":"Natural Resources Industry Risk.","page_number":28,"box":{"x":53,"y":458,"width":241,"height":11}},{"id":"7c0dd5c6-9988-4c6d-ab83-b0ce2a1bc74a","block_type":"box","text":"The value of securities issued by companies in the natural resources industry may decline","page_number":28,"box":{"x":299,"y":458,"width":634,"height":10}},{"id":"d97917e6-968d-482b-bf92-8fc6799626f2","block_type":"box","text":"for many reasons, including changes in commodity prices or government regulation, environmental damage claims, changes","page_number":28,"box":{"x":52,"y":472,"width":886,"height":11}},{"id":"51ab920f-1ca6-4cf7-9412-a4a10a4fb4b4","block_type":"box","text":"in exchange rates or depletion of natural resources.","page_number":28,"box":{"x":53,"y":486,"width":363,"height":11}},{"id":"fba2c286-1632-468f-b023-114591bc01ca","block_type":"box","text":"North American Economic Risk.","page_number":28,"box":{"x":53,"y":509,"width":233,"height":9}},{"id":"3d26232a-7cba-4a79-8973-50b7b20594f2","block_type":"box","text":"Economic events in any North American country can have a significant economic effect on","page_number":28,"box":{"x":292,"y":509,"width":639,"height":11}},{"id":"2a3b1fd1-4b7b-4ced-b22e-b05b131b4662","block_type":"box","text":"the entire North American region and on some or all of the North American countries in which the Fund invests. Political","page_number":28,"box":{"x":52,"y":523,"width":848,"height":11}},{"id":"3a50d70b-34a0-4f73-8d84-4522886ffdc3","block_type":"box","text":"developments in the U.S., including possible termination of trade treaties with Canada and imposition of tariffs by the U.S.","page_number":28,"box":{"x":53,"y":538,"width":860,"height":10}},{"id":"398998a7-3c9a-4f39-b27d-366950d03c94","block_type":"box","text":"and Canada on the other’s products, could negatively impact the value of securities held by the Fund.","page_number":28,"box":{"x":53,"y":552,"width":714,"height":11}},{"id":"d4227b6f-0523-4028-8ce6-48f41dc119b1","block_type":"box","text":"Equity Securities Risk.","page_number":28,"box":{"x":53,"y":575,"width":164,"height":11}},{"id":"11636d2f-4345-463b-a015-74bf8cbad8e2","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":28,"box":{"x":223,"y":575,"width":709,"height":11}},{"id":"741edee7-1237-49dd-bbfb-f3680c507bea","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":28,"box":{"x":53,"y":589,"width":889,"height":11}},{"id":"97b10edd-7f35-4352-92c3-690bd0457941","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":28,"box":{"x":53,"y":603,"width":880,"height":11}},{"id":"03e0c60d-e2c1-4aad-bd8e-ef72d8b851e1","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":28,"box":{"x":53,"y":618,"width":867,"height":10}},{"id":"a969ae0f-a4d6-47e8-a3b0-e79d9c6f8c15","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":28,"box":{"x":53,"y":632,"width":339,"height":11}},{"id":"da0d5bea-00fa-4c6c-9829-f6594cd10336","block_type":"box","text":"Market Risk.","page_number":28,"box":{"x":53,"y":655,"width":91,"height":8}},{"id":"9e404c96-79ea-4b2b-a1dd-b817e2222c1b","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":28,"box":{"x":148,"y":655,"width":768,"height":11}},{"id":"1980db77-be80-41b5-a9fb-167767516e92","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":28,"box":{"x":53,"y":669,"width":882,"height":11}},{"id":"f7c2beef-a7c4-4d83-b6ff-c92254201e07","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":28,"box":{"x":53,"y":683,"width":858,"height":11}},{"id":"281e606e-2dee-466e-8df3-e115e1a9e79e","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":28,"box":{"x":53,"y":697,"width":875,"height":11}},{"id":"4d997a8a-f017-4dc0-848b-eb718046bcc0","block_type":"box","text":"Fund’s NAV.","page_number":28,"box":{"x":53,"y":712,"width":82,"height":8}},{"id":"70ef9ae2-6fb5-4937-87a8-84ab00099f75","block_type":"box","text":"Index-Related Risk.","page_number":28,"box":{"x":53,"y":735,"width":143,"height":8}},{"id":"59ab7ea2-594e-4096-ab0e-9758e73b6320","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":28,"box":{"x":201,"y":735,"width":742,"height":11}},{"id":"54919947-c6f7-4956-879c-9ea87aa13103","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":28,"box":{"x":53,"y":749,"width":856,"height":11}},{"id":"a09f97bb-6cfa-481f-9c73-d7af9883d49d","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":28,"box":{"x":53,"y":763,"width":852,"height":11}},{"id":"c7aa5fab-b9c4-4c6b-b794-3db024407e1b","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":28,"box":{"x":53,"y":778,"width":876,"height":10}},{"id":"4bc05be9-c160-44e1-9438-07eb2ab774f2","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":28,"box":{"x":52,"y":792,"width":849,"height":10}},{"id":"06c71d76-f5ad-484f-a559-f74a2818fa3d","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":28,"box":{"x":53,"y":806,"width":849,"height":11}},{"id":"dabd19a1-9e1f-406f-a956-f4e65d274d88","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":28,"box":{"x":53,"y":820,"width":890,"height":11}},{"id":"f8d0926d-835f-44f4-a4a1-205912a9b12f","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":28,"box":{"x":53,"y":834,"width":853,"height":11}},{"id":"b8b2d290-d02d-4cfb-a8b4-d6eb7cbd39d4","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":28,"box":{"x":53,"y":848,"width":539,"height":11}},{"id":"ac5a0b19-2be6-4cd4-b094-74e18d6bae80","block_type":"box","text":"Asset Class Risk.","page_number":28,"box":{"x":52,"y":871,"width":122,"height":9}},{"id":"63766a90-5114-47ac-b7e8-2b06e33def0c","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":28,"box":{"x":179,"y":871,"width":721,"height":11}},{"id":"66551f55-908c-41c3-9703-0a5a4484865b","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":28,"box":{"x":53,"y":886,"width":774,"height":10}},{"id":"ca041e9c-a29a-4040-950c-15c398f2910d","block_type":"box","text":"S-23","page_number":28,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"a21eb68e-f5fc-4554-aa02-924faba2436f","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":29,"box":{"x":52,"y":46,"width":318,"height":11}},{"id":"4220544c-88ad-4424-ad02-b29ccd8d07c1","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":29,"box":{"x":374,"y":46,"width":531,"height":11}},{"id":"9c14695e-6eba-4fef-888b-eeb5c05ae929","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":29,"box":{"x":53,"y":61,"width":810,"height":10}},{"id":"9724c470-00a3-4327-9f21-b68a3444e5cc","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":29,"box":{"x":52,"y":75,"width":816,"height":11}},{"id":"128fb8e2-0456-48ae-9470-dc1d4b8ad7b3","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":29,"box":{"x":52,"y":89,"width":884,"height":11}},{"id":"3c538395-0451-4aaa-8536-ff65f76d9c65","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":29,"box":{"x":53,"y":103,"width":871,"height":11}},{"id":"bcf79983-5a85-4bc8-9b9b-ba85cbddfe21","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":29,"box":{"x":53,"y":118,"width":846,"height":10}},{"id":"5a57941e-4cd4-4ca1-9699-ea44501c21e8","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":29,"box":{"x":52,"y":131,"width":881,"height":11}},{"id":"0887fa59-0931-4b6c-93b5-2db730b29678","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":29,"box":{"x":53,"y":146,"width":853,"height":11}},{"id":"5150ee64-b25e-4a8e-a431-6120f710522e","block_type":"box","text":"halts or delisting.","page_number":29,"box":{"x":53,"y":160,"width":121,"height":11}},{"id":"937925a9-b550-4ae1-8cae-fcb63b43a19a","block_type":"box","text":"Concentration Risk.","page_number":29,"box":{"x":53,"y":183,"width":145,"height":9}},{"id":"ed3da144-a6d3-4fa5-9f35-8a2ba1786b66","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":29,"box":{"x":202,"y":183,"width":711,"height":11}},{"id":"2046dd8b-5332-4c4b-b466-20abdd73f199","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":29,"box":{"x":53,"y":197,"width":884,"height":10}},{"id":"68c4837d-e0b2-4a83-922b-1e6514688a7d","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":29,"box":{"x":52,"y":211,"width":887,"height":11}},{"id":"8119d9c5-d3e8-47cb-a527-5345849cec7f","block_type":"box","text":"asset classes.","page_number":29,"box":{"x":53,"y":226,"width":95,"height":8}},{"id":"397c9f87-b2e3-457d-857a-7cb3af3e97b8","block_type":"box","text":"Energy Companies Risk.","page_number":29,"box":{"x":53,"y":249,"width":177,"height":11}},{"id":"e6494d88-c3fb-4321-9516-e2e38d4c90d0","block_type":"box","text":"Companies in the energy sector may be adversely affected by volatility in energy and commodity","page_number":29,"box":{"x":236,"y":249,"width":681,"height":11}},{"id":"b0ec8fb6-94a1-4481-a604-63f95007b634","block_type":"box","text":"prices, lower demand, overproduction, depletion of resources, social and political unrest, war, trade disputes, government","page_number":29,"box":{"x":53,"y":263,"width":856,"height":11}},{"id":"8ca2ca29-327c-42fe-96be-489872e9161c","block_type":"box","text":"regulations and energy transition efforts, among other factors. The energy sector is cyclical and can be significantly impacted","page_number":29,"box":{"x":53,"y":277,"width":887,"height":11}},{"id":"babba9c9-b04f-4347-a118-146d17f58c47","block_type":"box","text":"by changes in economic conditions. Some energy companies, such as those in the oil and gas sector, face substantial costs","page_number":29,"box":{"x":53,"y":291,"width":870,"height":11}},{"id":"870e9cbf-fdcb-495a-98a1-a471b1ccef5f","block_type":"box","text":"related to exploration and production and significant operational risks. Energy companies are at risk of environmental","page_number":29,"box":{"x":53,"y":306,"width":833,"height":10}},{"id":"7628cd2b-5b0a-47a9-bb28-d6c950bcda84","block_type":"box","text":"damage claims and other litigation.","page_number":29,"box":{"x":53,"y":320,"width":250,"height":11}},{"id":"0731250b-8413-4840-9ac8-3b23c53db8b6","block_type":"box","text":"Issuer Risk.","page_number":29,"box":{"x":53,"y":343,"width":83,"height":8}},{"id":"6aea93d8-8507-49dd-b3ec-5a389fa618c9","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":29,"box":{"x":140,"y":343,"width":780,"height":10}},{"id":"b2bf2bd0-eb54-4dfa-bcd3-218232d4637d","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":29,"box":{"x":53,"y":357,"width":886,"height":11}},{"id":"099c3d93-128f-4420-ac1e-7b2108ef7bc6","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":29,"box":{"x":52,"y":371,"width":576,"height":11}},{"id":"6a8fa1fc-b0ca-4a4f-8b8d-5ab57791ac1c","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":29,"box":{"x":53,"y":394,"width":278,"height":11}},{"id":"11bd7508-49fe-4d9c-9b16-79917bb92fc7","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":29,"box":{"x":337,"y":395,"width":540,"height":10}},{"id":"cc159d99-035c-41f1-93b2-cb5be3aa7686","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":29,"box":{"x":53,"y":409,"width":890,"height":10}},{"id":"68f3be38-83ad-42a6-955f-02d965e4fac8","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":29,"box":{"x":53,"y":423,"width":868,"height":11}},{"id":"389ed0d8-46e1-49f1-b004-4235baf8fc2e","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":29,"box":{"x":53,"y":437,"width":709,"height":11}},{"id":"f1ce22b7-0bed-4199-b500-69541c5cdc23","block_type":"box","text":"Management Risk.","page_number":29,"box":{"x":53,"y":460,"width":137,"height":11}},{"id":"3932a216-3439-44d8-888f-91f0fab1db99","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":29,"box":{"x":194,"y":460,"width":711,"height":11}},{"id":"bcd48b92-a614-4f4a-b7b9-5f46b49e3de2","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":29,"box":{"x":53,"y":474,"width":877,"height":11}},{"id":"439c51a3-7af5-4923-9edf-ec13dd208907","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":29,"box":{"x":53,"y":489,"width":859,"height":10}},{"id":"475d678c-683e-4be2-aca5-dad1423b8eac","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":29,"box":{"x":52,"y":503,"width":848,"height":11}},{"id":"faaac802-bdd1-44d4-a2ca-813c8d656114","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":29,"box":{"x":53,"y":517,"width":756,"height":11}},{"id":"853b49b5-c140-4da7-b1f2-b960d0112fa1","block_type":"box","text":"Market Trading Risk.","page_number":29,"box":{"x":53,"y":540,"width":152,"height":11}},{"id":"88c68403-dc6a-4617-bed4-475a42ff085a","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":29,"box":{"x":209,"y":540,"width":694,"height":11}},{"id":"780a4888-8059-4a11-95d2-9619a594bb16","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":29,"box":{"x":53,"y":554,"width":841,"height":11}},{"id":"77051c34-571b-4bd4-8cf0-2a8bc9f8c939","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":29,"box":{"x":53,"y":568,"width":887,"height":11}},{"id":"406c7a20-3b97-4073-b26d-7ed0d6f95fee","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":29,"box":{"x":52,"y":583,"width":839,"height":11}},{"id":"b3186598-ee82-4931-831c-07306accb883","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":29,"box":{"x":53,"y":597,"width":866,"height":11}},{"id":"b57f8877-2645-4f29-bd2b-4ac3ffa728e3","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":29,"box":{"x":52,"y":611,"width":885,"height":11}},{"id":"7e1ebf84-8e76-41aa-ae24-d32d739c2212","block_type":"box","text":"of the Fund shares.","page_number":29,"box":{"x":53,"y":625,"width":134,"height":9}},{"id":"9195f438-a35d-4d70-a470-fce2e518f07b","block_type":"box","text":"Materials Companies Risk.","page_number":29,"box":{"x":53,"y":648,"width":195,"height":11}},{"id":"561f2b2e-d8d5-4087-869c-1946cdfc69bd","block_type":"box","text":"Materials companies may be adversely affected by volatility in commodity prices, changes in","page_number":29,"box":{"x":253,"y":648,"width":653,"height":11}},{"id":"50696c66-175b-4f91-8613-99f7dfdab19f","block_type":"box","text":"exchange rates, social and political unrest, war, depletion of resources, lower demand, overproduction, litigation and","page_number":29,"box":{"x":53,"y":663,"width":819,"height":10}},{"id":"72a2b187-af92-4ceb-a628-93ea9f2cd656","block_type":"box","text":"government regulations, among other factors.","page_number":29,"box":{"x":53,"y":677,"width":325,"height":11}},{"id":"7414767d-476d-468b-89d4-b51cdebfb8aa","block_type":"box","text":"National Closed Market Trading Risk.","page_number":29,"box":{"x":53,"y":700,"width":273,"height":11}},{"id":"3ab07a4b-9473-4fb4-a543-aa78f1d102d5","block_type":"box","text":"To the extent that securities or other assets held by the Fund trade on foreign","page_number":29,"box":{"x":330,"y":700,"width":544,"height":11}},{"id":"d10cbd7d-ba7c-46a8-a16e-006130fd4538","block_type":"box","text":"exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open,","page_number":29,"box":{"x":53,"y":714,"width":874,"height":11}},{"id":"c5ce9063-183e-4252-8d24-6620e4eed139","block_type":"box","text":"there are likely to be deviations between such asset’s current price and its last quoted price (","page_number":29,"box":{"x":52,"y":728,"width":651,"height":11}},{"id":"9dab4ac3-d148-4ead-a481-1673068f98a0","block_type":"box","text":"i.e","page_number":29,"box":{"x":704,"y":729,"width":15,"height":8}},{"id":"70e849e9-37ae-4908-8a83-a198b310de36","block_type":"box","text":"., the quote from the closed","page_number":29,"box":{"x":720,"y":728,"width":191,"height":11}},{"id":"f1bc4c24-2fbe-4d82-9747-4457b2c32298","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of","page_number":29,"box":{"x":52,"y":742,"width":880,"height":11}},{"id":"ab388d69-8fc8-4ee5-aaa1-a128bbfdfb13","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These","page_number":29,"box":{"x":52,"y":757,"width":849,"height":11}},{"id":"319edda8-36ca-4cbd-aab2-81d6ea823b63","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other","page_number":29,"box":{"x":53,"y":771,"width":850,"height":11}},{"id":"8ba25314-54d7-4c4e-bc6f-964cdd210d0b","block_type":"box","text":"funds.","page_number":29,"box":{"x":52,"y":785,"width":44,"height":9}},{"id":"3240cc90-6ca1-4e7b-a217-fb8ce3579627","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":29,"box":{"x":53,"y":808,"width":182,"height":9}},{"id":"1ff4aa68-5823-4347-a313-2189c8d21949","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,","page_number":29,"box":{"x":240,"y":808,"width":687,"height":11}},{"id":"a7461dee-9269-46f9-9097-5482c2c969a7","block_type":"box","text":"regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market","page_number":29,"box":{"x":53,"y":823,"width":853,"height":10}},{"id":"0e67b32b-ba59-4b52-8692-020cbc7b4db8","block_type":"box","text":"volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign","page_number":29,"box":{"x":52,"y":837,"width":847,"height":10}},{"id":"187cd0cb-4f5b-4899-8bee-ff0683216018","block_type":"box","text":"investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers","page_number":29,"box":{"x":53,"y":851,"width":889,"height":11}},{"id":"b41e24b4-65df-480b-bcd8-3890c22d5507","block_type":"box","text":"may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less","page_number":29,"box":{"x":53,"y":865,"width":842,"height":11}},{"id":"3a1e090f-0545-4367-8661-65c1482ed849","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement","page_number":29,"box":{"x":53,"y":879,"width":831,"height":11}},{"id":"2d86b373-2dbb-4e83-989a-fca22110cfc5","block_type":"box","text":"S-24","page_number":29,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"bbf79013-edb8-4289-8213-1f1738d2a1e4","block_type":"box","text":"procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that","page_number":30,"box":{"x":53,"y":46,"width":821,"height":11}},{"id":"dad6e2e7-3c06-412c-bfbd-0cc872905251","block_type":"box","text":"investments are made in a limited number of countries, events in those countries will have a more significant impact on the","page_number":30,"box":{"x":53,"y":61,"width":871,"height":10}},{"id":"e007a724-27b2-469a-94e4-f17f37962f42","block_type":"box","text":"Fund.","page_number":30,"box":{"x":53,"y":75,"width":39,"height":8}},{"id":"654b7c0b-95b5-455f-8e5c-bc06caf9e49c","block_type":"box","text":"Operational and Technology Risks.","page_number":30,"box":{"x":53,"y":98,"width":254,"height":11}},{"id":"fc43ec07-0af6-4bb1-854c-1acb4e6a3481","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":30,"box":{"x":312,"y":98,"width":581,"height":11}},{"id":"ef223e79-5a7b-46dd-8e3a-b1d1355a01b2","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":30,"box":{"x":53,"y":112,"width":876,"height":11}},{"id":"c3244e58-6c5c-4e11-a733-c0f39a2bcc19","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":30,"box":{"x":53,"y":126,"width":879,"height":11}},{"id":"3feaa5a2-b1c9-474e-8f67-c859fb39c2ee","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":30,"box":{"x":53,"y":140,"width":825,"height":11}},{"id":"95b6f9f8-1bfc-4a0c-90b2-9c2fb36f0b0b","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":30,"box":{"x":53,"y":155,"width":862,"height":11}},{"id":"72038aa7-a9af-4723-b950-a1b446a748b3","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":30,"box":{"x":53,"y":169,"width":872,"height":11}},{"id":"89077395-9c5c-4903-b846-47cd416aa170","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":30,"box":{"x":53,"y":183,"width":824,"height":11}},{"id":"dfeac996-dca8-483b-95d9-7933561866d2","block_type":"box","text":"Risk of Investing in Canada.","page_number":30,"box":{"x":53,"y":206,"width":204,"height":11}},{"id":"b5e9cc14-3eeb-420a-af59-e774b21082c9","block_type":"box","text":"Investing in Canadian issuers subjects the Fund to legal, regulatory, political, economic,","page_number":30,"box":{"x":262,"y":206,"width":620,"height":11}},{"id":"0e291a25-9c2a-4047-860a-477d5619ba89","block_type":"box","text":"currency, geographic and security risks that are specific to Canada. Canada depends heavily on trading with the U.S., China,","page_number":30,"box":{"x":53,"y":220,"width":873,"height":11}},{"id":"f8141a86-be52-4321-9afa-8faeb537c15c","block_type":"box","text":"Mexico, the United Kingdom and Japan. Its economy may be significantly impacted by changes in the economies and trade","page_number":30,"box":{"x":53,"y":235,"width":871,"height":10}},{"id":"3120aea2-6d2c-4063-b8ca-63bd719f80f8","block_type":"box","text":"policies of these key trading partners, particularly the U.S. The Canadian economy is also sensitive to fluctuations in certain","page_number":30,"box":{"x":53,"y":249,"width":871,"height":11}},{"id":"68ebf3a5-5b79-4277-b362-5db2ddf35d9e","block_type":"box","text":"commodity markets, including the energy sector.","page_number":30,"box":{"x":53,"y":263,"width":344,"height":11}},{"id":"cdd0eb04-dc07-4c22-9f1d-4b0c80a8fe1e","block_type":"box","text":"Risk of Investing in the U.S.","page_number":30,"box":{"x":53,"y":286,"width":200,"height":11}},{"id":"ee97dfad-122f-4c77-8c13-0f8dddfd4df5","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":30,"box":{"x":259,"y":286,"width":663,"height":11}},{"id":"85149082-f368-44c0-b7d3-8f56bb491441","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":30,"box":{"x":53,"y":300,"width":877,"height":11}},{"id":"047667cf-149d-40f9-9d78-4195954d013f","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":30,"box":{"x":53,"y":315,"width":470,"height":10}},{"id":"1a370861-b603-4612-b4d1-ad673381dead","block_type":"box","text":"Securities Lending Risk.","page_number":30,"box":{"x":52,"y":338,"width":178,"height":11}},{"id":"8d42e768-7f98-413b-8fa3-22deadfa0d01","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":30,"box":{"x":234,"y":338,"width":692,"height":11}},{"id":"6b2ab625-f635-4091-8fa7-e573a850c9b6","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":30,"box":{"x":53,"y":352,"width":870,"height":11}},{"id":"eb000476-8354-49b2-85dd-15c64c3c938e","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":30,"box":{"x":53,"y":366,"width":886,"height":11}},{"id":"18072fc6-f72f-48fe-a2db-5e11744dc4ce","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":30,"box":{"x":53,"y":380,"width":831,"height":11}},{"id":"4c28f314-fe56-45b6-a224-a32807b98e3b","block_type":"box","text":"Tracking Error Risk.","page_number":30,"box":{"x":52,"y":403,"width":145,"height":11}},{"id":"bba3c977-90c4-44b0-b1ca-0b11b2213f69","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":30,"box":{"x":201,"y":403,"width":741,"height":11}},{"id":"80ac1090-a802-4704-8379-55b35dc7d915","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":30,"box":{"x":53,"y":418,"width":861,"height":11}},{"id":"84132898-cc7a-4d42-b5db-4b1bd96e0aac","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":30,"box":{"x":53,"y":432,"width":832,"height":11}},{"id":"e91dcf74-3ad4-4b77-a0a4-36df3ebe5118","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":30,"box":{"x":53,"y":446,"width":880,"height":11}},{"id":"42c272f3-2676-4f1d-a20f-0fb580fb8764","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":30,"box":{"x":53,"y":460,"width":831,"height":11}},{"id":"65247d56-2b16-44c4-9720-cdec166a9147","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":30,"box":{"x":52,"y":474,"width":828,"height":11}},{"id":"98f74fbe-1cb9-42e6-b39f-a3b0171b045c","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":30,"box":{"x":53,"y":489,"width":873,"height":10}},{"id":"c3129b72-79cf-48f1-996d-16f2ad031c5d","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":30,"box":{"x":53,"y":503,"width":889,"height":11}},{"id":"4fce3813-36ac-43e7-8ccf-4dd5fc663114","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":30,"box":{"x":53,"y":517,"width":852,"height":11}},{"id":"63fc9dab-6f5b-4c2c-a13c-241b6845c7ea","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":30,"box":{"x":53,"y":531,"width":886,"height":11}},{"id":"86e55b79-ab15-483d-8e1c-c121db2c3a12","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":30,"box":{"x":53,"y":545,"width":873,"height":11}},{"id":"f000b503-f782-4e67-a204-35ab14811835","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":30,"box":{"x":53,"y":559,"width":724,"height":11}},{"id":"1c87916d-abc6-4c89-b7bc-3c7627498a61","block_type":"box","text":"Performance Information","page_number":30,"box":{"x":54,"y":588,"width":228,"height":11}},{"id":"e018bfbb-77b7-4015-9aee-7c74820d3cdc","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":30,"box":{"x":52,"y":614,"width":864,"height":10}},{"id":"b3f57ba0-4d80-45ce-9a00-eb03160c1b0f","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":30,"box":{"x":52,"y":628,"width":872,"height":11}},{"id":"eb611ee1-4538-4df2-b18a-e02f12c6ab40","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":30,"box":{"x":53,"y":642,"width":868,"height":11}},{"id":"180da2cd-7db9-4b50-963e-9deac9a8bd13","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":30,"box":{"x":53,"y":656,"width":838,"height":11}},{"id":"47488977-0c97-4016-9f80-e4dd52a0e285","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":30,"box":{"x":53,"y":670,"width":868,"height":11}},{"id":"a671dac5-1d92-4ca8-8cad-edf4d848aace","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":30,"box":{"x":53,"y":684,"width":832,"height":11}},{"id":"87eb5cc1-9fb0-4a00-ab30-1deccc381f5e","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":30,"box":{"x":53,"y":699,"width":842,"height":11}},{"id":"1355fce2-82d2-4ca6-b20a-843a72fa786c","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":30,"box":{"x":52,"y":713,"width":531,"height":11}},{"id":"5d2038b2-434e-4d76-bc2f-92f77f7c6372","block_type":"box","text":"Calendar Year-by-Year Returns 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2020","page_number":30,"box":{"x":534,"y":796,"width":408,"height":9}},{"id":"3655804e-b73c-4998-92c5-06e4ec0781c1","block_type":"box","text":"Worst Quarter -44.01% March 31, 2020","page_number":30,"box":{"x":533,"y":809,"width":409,"height":9}},{"id":"774d0882-288b-42e3-a551-f78bf279dab2","block_type":"box","text":"S-25","page_number":30,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"522b0a83-3dfb-432b-a65e-43feaa5a1f9b","block_type":"box","text":"Average Annual Total Returns (%)","page_number":31,"box":{"x":372,"y":54,"width":251,"height":11}},{"id":"b9140c37-74ca-4b5a-83c7-e644b697b661","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":31,"box":{"x":340,"y":68,"width":315,"height":11}},{"id":"2c0ed9ab-c5b2-4ff9-92a3-5712230d7f5b","block_type":"box","text":"One Year Five Years Ten Years","page_number":31,"box":{"x":670,"y":85,"width":268,"height":7}},{"id":"8e804cfb-a03c-4d11-9bcc-333f25330a73","block_type":"box","text":"Fund Inception: 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(Net)","page_number":31,"box":{"x":57,"y":147,"width":244,"height":8}},{"id":"09760b97-13f3-4b75-9675-7884baf324cb","block_type":"box","text":"1","page_number":31,"box":{"x":302,"y":145,"width":5,"height":5}},{"id":"87bc1ace-73da-4d26-9c92-7b00368f3358","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":31,"box":{"x":312,"y":147,"width":330,"height":9}},{"id":"844448f8-50a6-4aaf-937c-b372df317340","block_type":"box","text":"or taxes except for withholding taxes on reinvested dividends) 21.96% 10.50% 11.28%","page_number":31,"box":{"x":71,"y":159,"width":868,"height":10}},{"id":"0f12c382-e599-4ce2-ae05-a781b1915c0d","block_type":"box","text":"S&P North American Natural Resources Sector Index","page_number":31,"box":{"x":57,"y":171,"width":347,"height":8}},{"id":"d41b9880-6ebb-40c7-bb44-d450cb3322e5","block_type":"box","text":"(Returns do not reflect deductions for","page_number":31,"box":{"x":407,"y":171,"width":237,"height":8}},{"id":"b40f71ec-6691-4c5d-ab39-1ac7d0274124","block_type":"box","text":"fees, expenses or taxes)","page_number":31,"box":{"x":71,"y":184,"width":148,"height":9}},{"id":"bf00d6d5-a77b-43b5-bd24-27fe2d75b717","block_type":"box","text":"21.11% 20.56% 9.76%","page_number":31,"box":{"x":682,"y":184,"width":257,"height":8}},{"id":"1dc0b9fa-6b71-4d92-af44-399181a8c47b","block_type":"box","text":"1","page_number":31,"box":{"x":80,"y":203,"width":5,"height":4}},{"id":"59f5620b-18bd-452c-8e6c-05406c90b057","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each","page_number":31,"box":{"x":94,"y":204,"width":827,"height":10}},{"id":"fd7b0b6e-d495-465d-ac57-923492eed3a5","block_type":"box","text":"country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are","page_number":31,"box":{"x":93,"y":214,"width":847,"height":10}},{"id":"2bc85980-3601-4975-b7f6-b5b7bf5b3d8b","block_type":"box","text":"often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject","page_number":31,"box":{"x":93,"y":225,"width":843,"height":9}},{"id":"088e26aa-ab11-48e6-b561-7082e806f635","block_type":"box","text":"to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding","page_number":31,"box":{"x":92,"y":235,"width":829,"height":10}},{"id":"6940c8d5-551d-4386-a691-63f83a2156cd","block_type":"box","text":"tax rates, if any.","page_number":31,"box":{"x":92,"y":245,"width":97,"height":10}},{"id":"dd3fcf2b-c50d-4940-aaaa-a4df1a785c76","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":31,"box":{"x":52,"y":265,"width":857,"height":11}},{"id":"fe01f892-77c3-4c1c-8f19-3376ddf77051","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":31,"box":{"x":53,"y":279,"width":865,"height":11}},{"id":"a5802de5-186a-4d78-b7cd-73b6e570bced","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":31,"box":{"x":53,"y":293,"width":847,"height":11}},{"id":"e2d8a02f-d91e-4038-95cb-9b0047454b19","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":31,"box":{"x":52,"y":307,"width":857,"height":11}},{"id":"d4dd1354-e21e-413c-b117-97524362bb8e","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":31,"box":{"x":53,"y":322,"width":877,"height":10}},{"id":"47e35c04-4c18-4aa9-9b81-af520466e976","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":31,"box":{"x":52,"y":336,"width":836,"height":11}},{"id":"2e79a3f4-404d-48dc-ba89-d5000517be8c","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":31,"box":{"x":53,"y":350,"width":886,"height":11}},{"id":"7f1eb27c-78ab-4f54-8f75-2f4f442ada72","block_type":"box","text":"on distributions.","page_number":31,"box":{"x":53,"y":364,"width":114,"height":9}},{"id":"78975f48-fa1c-4d0d-b7bd-df760d23abb6","block_type":"box","text":"Management","page_number":31,"box":{"x":54,"y":394,"width":119,"height":13}},{"id":"f999aa2b-f704-4f3f-b67e-5705f212052f","block_type":"box","text":"Investment Adviser.","page_number":31,"box":{"x":53,"y":418,"width":145,"height":9}},{"id":"927d6217-506e-4d39-8995-5c0b129b3a0c","block_type":"box","text":"BlackRock Fund Advisors.","page_number":31,"box":{"x":204,"y":419,"width":180,"height":8}},{"id":"bd981b64-c273-42ad-9b70-5a7ee0ad3730","block_type":"box","text":"Portfolio Managers.","page_number":31,"box":{"x":53,"y":441,"width":146,"height":11}},{"id":"f4dfb9b6-2d28-465c-8ca9-e2dad04d02b5","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":31,"box":{"x":203,"y":441,"width":679,"height":11}},{"id":"2e66e9b6-deba-4681-9620-1945847d594d","block_type":"box","text":"management of the Fund:","page_number":31,"box":{"x":53,"y":456,"width":182,"height":11}},{"id":"d46b9a21-1416-4c82-a6ea-e5638ff88f9f","block_type":"box","text":"Portfolio Manager","page_number":31,"box":{"x":58,"y":491,"width":119,"height":10}},{"id":"2ab616b8-2f10-455d-b51f-e40185521d02","block_type":"box","text":"Portfolio Manager of the","page_number":31,"box":{"x":411,"y":478,"width":160,"height":10}},{"id":"70784144-e663-4044-96ee-9c0b4fd31c74","block_type":"box","text":"Fund Since","page_number":31,"box":{"x":455,"y":491,"width":72,"height":8}},{"id":"5b3c7d8d-9556-4dc1-851e-fbe03ab0b716","block_type":"box","text":"Title with Investment","page_number":31,"box":{"x":804,"y":478,"width":140,"height":8}},{"id":"7cbaf46c-3ec0-4aa3-979a-c5c65da2fd46","block_type":"box","text":"Adviser","page_number":31,"box":{"x":849,"y":491,"width":49,"height":8}},{"id":"9bffcf85-c0a4-49ad-bd11-03ce2e0358aa","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":31,"box":{"x":57,"y":507,"width":876,"height":10}},{"id":"ff1996e0-2877-4e04-9f50-9e204bb961c7","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":31,"box":{"x":58,"y":522,"width":875,"height":10}},{"id":"8d7f5b70-aa8e-4af5-8568-3530d936d881","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":31,"box":{"x":58,"y":538,"width":875,"height":9}},{"id":"45da4a5b-0949-4508-9e67-2f55fa1926bb","block_type":"box","text":"Steven White 2025 Managing Director","page_number":31,"box":{"x":57,"y":553,"width":876,"height":10}},{"id":"ae22e1d2-0964-4226-a8b1-878e6b03b3d3","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":31,"box":{"x":54,"y":588,"width":304,"height":11}},{"id":"4afc049b-6d60-4f0b-95d3-68b0df5ad3c7","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":31,"box":{"x":52,"y":613,"width":878,"height":11}},{"id":"29a0ced9-5cd4-43d9-b305-ab7c06d93b4e","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":31,"box":{"x":53,"y":628,"width":855,"height":11}},{"id":"073d4ce6-3fdb-4693-a968-78bc5a0aa188","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":31,"box":{"x":52,"y":642,"width":817,"height":11}},{"id":"b0a67c74-0438-441a-839e-531cab7a9a6d","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":31,"box":{"x":53,"y":656,"width":878,"height":11}},{"id":"7982b933-eb8a-4cc5-9c1c-552a033fc47a","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":31,"box":{"x":53,"y":670,"width":861,"height":11}},{"id":"fa02fa09-ffb2-49eb-a347-e5f6ba165754","block_type":"box","text":"(the “bid-ask spread”).","page_number":31,"box":{"x":53,"y":684,"width":156,"height":11}},{"id":"fb0d3607-c503-4e32-abda-21955a150ab8","block_type":"box","text":"Tax Information","page_number":31,"box":{"x":52,"y":713,"width":144,"height":11}},{"id":"c0ab151d-2956-452c-ab86-26169532a20f","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":31,"box":{"x":52,"y":739,"width":831,"height":11}},{"id":"9db07a26-f15d-414a-8936-78b12ad1428a","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":31,"box":{"x":53,"y":753,"width":883,"height":11}},{"id":"1bd55020-c8d8-40fc-bcdf-c2d3c191d6a4","block_type":"box","text":"be taxed when withdrawn.","page_number":31,"box":{"x":53,"y":767,"width":182,"height":9}},{"id":"deec1c05-465d-4e32-8af3-d43fa124451d","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":31,"box":{"x":54,"y":796,"width":575,"height":13}},{"id":"6d1c1836-0967-4b96-92c7-574adb0bc027","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":31,"box":{"x":53,"y":821,"width":855,"height":11}},{"id":"5547ec0e-579f-4f56-8262-c5de95f4779b","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":31,"box":{"x":53,"y":835,"width":843,"height":11}},{"id":"d96093dc-9ee7-4683-a516-897f11bf5d29","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":31,"box":{"x":53,"y":850,"width":820,"height":10}},{"id":"17d38dac-60a8-4bb1-9f0f-e730db075cb7","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":31,"box":{"x":53,"y":864,"width":801,"height":11}},{"id":"46e62f5a-2028-45ce-b9e4-72975c394c90","block_type":"box","text":"S-26","page_number":31,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"705869ec-17b9-4481-b691-668df738a007","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":32,"box":{"x":53,"y":47,"width":841,"height":10}},{"id":"9ad1e8bb-0b4a-47a4-9dcb-27c262d78232","block_type":"box","text":"financial intermediary’s website for more information.","page_number":32,"box":{"x":52,"y":61,"width":380,"height":10}},{"id":"37720e12-8534-46db-8a31-92d9c6c72e89","block_type":"box","text":"S-27","page_number":32,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"4f2c0a0c-6171-425e-a43a-12118788cb0a","block_type":"box","text":"iShares Preferred and Income Securities ETF","page_number":33,"box":{"x":53,"y":46,"width":623,"height":17}},{"id":"941853e3-53b5-4d85-8fcc-4607ea69c160","block_type":"box","text":"PFF | Nasdaq","page_number":33,"box":{"x":54,"y":70,"width":181,"height":21}},{"id":"1a42e933-1ee5-46de-978c-4f8efb650860","block_type":"box","text":"Investment Objective","page_number":33,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"c2ca8d06-0b73-4173-8a0a-b38d6ebf6b23","block_type":"box","text":"The iShares Preferred and Income Securities ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":33,"box":{"x":52,"y":134,"width":878,"height":11}},{"id":"3d9acd3a-c0bd-42af-877d-42802931e06f","block_type":"box","text":"U.S. dollar-denominated preferred and hybrid securities.","page_number":33,"box":{"x":53,"y":148,"width":397,"height":11}},{"id":"f4d35ac1-fdf9-4c39-b6f3-81d836848b56","block_type":"box","text":"Fees and Expenses","page_number":33,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"59112db9-1471-4828-83b7-cd2ed512311b","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":33,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"74fbca5e-0947-484b-8bc8-91548b5f6811","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":33,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"e0263fa8-b755-420f-965d-87871d8d0eaa","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":33,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"74db82cf-bc6a-4d70-94c3-89d259151374","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":33,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"65a54e5b-f27e-4414-9b1e-ef86c95635ee","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":33,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"f01f10c4-f9b6-4e46-8937-e75ffbe05e47","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":33,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"51f515c4-45ac-4a27-b27e-1c97563bf4fb","block_type":"box","text":"extraordinary expenses.","page_number":33,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"c5f352ba-eab5-4f11-b21b-acc8f1a88b1b","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":33,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"20f4595e-b296-4042-8955-7760742b6277","block_type":"box","text":"reflected in the table and example below.","page_number":33,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"5531409f-fee1-4a34-bf73-0d7d1aa4287f","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":33,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"2f4e13c1-49d7-4a4a-be24-60a9f00e36a1","block_type":"box","text":"1","page_number":33,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"2aede02f-f502-453c-8331-514cd6cf4a0f","block_type":"box","text":"Management Fee","page_number":33,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"3884bb7e-31f6-4c60-aec2-921bd49788fd","block_type":"box","text":"0.45%","page_number":33,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"253dfb8b-6135-4445-855e-8cf8c6b22725","block_type":"box","text":"Other Expenses","page_number":33,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"6d463165-f1f8-47a5-b280-e624685626f9","block_type":"box","text":"0.00%","page_number":33,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"f34ec080-5f31-45ae-baa6-2df1ee7064e3","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":33,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"04fe99a5-e1d8-4c35-906b-e06559e78896","block_type":"box","text":"0.45%","page_number":33,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"430798c7-c08b-4e10-b5dc-683eccaf1f44","block_type":"box","text":"1","page_number":33,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"950378f7-21c8-434b-bd32-bc660cbd76ae","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":33,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"282acf9a-e806-43b7-ab4f-a983cddc857c","block_type":"box","text":"Example.","page_number":33,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"812b8eda-57eb-45cc-9a73-9cc7c4d97b07","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":33,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"ec6bb17b-1004-4b20-8500-2c612d639dfa","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":33,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"eefaed30-1a39-40d6-b9ce-62fbd4d5a892","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":33,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"a5be54b0-94bd-4aa8-a9d4-62c447bebf3b","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":33,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"e467d8f2-7513-4028-88b3-81606060c2ea","block_type":"box","text":"your costs would be:","page_number":33,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"b916a4c7-67a1-431c-8a01-3cc0d465f0af","block_type":"box","text":"Expense Example","page_number":33,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"9da602f9-b4ca-449e-b927-c3a03c27cfee","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":33,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"3ec1b4b6-d5b1-4335-8dd1-72ab9bdab4cb","block_type":"box","text":"Example Fund Costs","page_number":33,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"e50e8dbd-d7b8-492c-9029-a5bedc8d3f3c","block_type":"box","text":"$46 $144 $252 $567","page_number":33,"box":{"x":671,"y":542,"width":260,"height":8}},{"id":"86ca433d-c256-4788-b6e7-93b4600e6c85","block_type":"box","text":"Portfolio Turnover.","page_number":33,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"c2c12057-1659-4acc-bb99-474d59fcef10","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":33,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"d80552d5-d916-4b0b-8464-7a463511f52c","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":33,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"be4d0831-4eef-42b7-b2ef-9ec1b6dfaa76","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":33,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"7bb90784-06ca-4f6e-9f5a-4dcdb88ab8d7","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of","page_number":33,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"9dfc45d5-ea46-4990-b4e0-1a9669fb42f2","block_type":"box","text":"the average value of its portfolio.","page_number":33,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"52243eb8-445c-411a-b465-e507391a9f8e","block_type":"box","text":"Principal Investment Strategies","page_number":33,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"d2df9a0d-3e5c-497e-b650-a8d85d9a26ff","block_type":"box","text":"The Fund seeks to track the investment results of the ICE Exchange-Listed Preferred & Hybrid Securities Index (the","page_number":33,"box":{"x":52,"y":683,"width":814,"height":10}},{"id":"14e7dd4a-f65e-48d3-b511-34ad6c932e51","block_type":"box","text":"“Underlying Index”), which measures the performance of a select group of exchange-listed, U.S. dollar-denominated preferred","page_number":33,"box":{"x":53,"y":697,"width":889,"height":11}},{"id":"542262f1-eb49-43cd-8179-4c33e887e410","block_type":"box","text":"securities, hybrid securities and convertible preferred securities listed on the New York Stock Exchange (“NYSE”) or the","page_number":33,"box":{"x":52,"y":711,"width":839,"height":11}},{"id":"1d06ae8c-d772-466a-a796-148a180ea163","block_type":"box","text":"Nasdaq Capital Market. The Underlying Index includes issuances of preferred stocks with amounts outstanding over $100","page_number":33,"box":{"x":53,"y":725,"width":863,"height":11}},{"id":"1aa49960-299d-40d5-a959-c8bb06466710","block_type":"box","text":"million, convertible preferred stock with at least $50 million face amount outstanding, and hybrid securities with at least $250","page_number":33,"box":{"x":53,"y":739,"width":889,"height":11}},{"id":"6da82b31-2c84-42f1-94ec-1e148e4f90b7","block_type":"box","text":"million face amount outstanding, that meet minimum maturity and other requirements, as applicable, as determined by ICE","page_number":33,"box":{"x":53,"y":754,"width":876,"height":10}},{"id":"28875995-ac45-4057-8320-b2283945b836","block_type":"box","text":"Data Indices, LLC (the “Index Provider” or “ICE Data”).","page_number":33,"box":{"x":53,"y":767,"width":378,"height":11}},{"id":"afe9924e-e3ea-4931-a969-062c443a9ab3","block_type":"box","text":"In general, preferred stock is a class of equity security that pays a specified dividend that must be paid before any dividends","page_number":33,"box":{"x":53,"y":790,"width":873,"height":10}},{"id":"e22d4f1e-b80e-4820-bf9e-1501888a04f3","block_type":"box","text":"can be paid to common stockholders and takes precedence over common stock in the event of a company’s liquidation. In","page_number":33,"box":{"x":53,"y":804,"width":860,"height":11}},{"id":"23ee170f-b5dc-4a46-ac7a-c377c99f7305","block_type":"box","text":"general, a “hybrid” security refers to a security which combines both debt and equity characteristics. In general, hybrid","page_number":33,"box":{"x":53,"y":818,"width":834,"height":11}},{"id":"0bf3abdf-b13f-4558-bd8c-6de36cd88f2e","block_type":"box","text":"securities included in the Underlying Index, like traditional preferred stock, have preference over the common stock within an","page_number":33,"box":{"x":52,"y":832,"width":883,"height":11}},{"id":"05b31e71-6e2f-4527-94b5-ad8a792c240f","block_type":"box","text":"issuer’s capital structure, and are issued and traded in a similar manner to traditional preferred stock. Like debt securities and","page_number":33,"box":{"x":53,"y":846,"width":888,"height":11}},{"id":"0bbbfc3d-8a57-4ef2-9080-5526d75142f3","block_type":"box","text":"preferred stock (but unlike common stock), issuers of hybrid securities included in the Underlying Index may make fixed,","page_number":33,"box":{"x":53,"y":860,"width":850,"height":11}},{"id":"2310cf06-77d0-46ed-a957-cdef3e99c3a6","block_type":"box","text":"periodic payments to the holders of such securities. Like preferred stock, issuers of hybrid securities included in the","page_number":33,"box":{"x":53,"y":875,"width":815,"height":11}},{"id":"abcfd021-39fa-4d6e-a821-9877e30143e7","block_type":"box","text":"Underlying Index have the ability to defer dividend payments and to extend such securities’ maturity dates.","page_number":33,"box":{"x":53,"y":889,"width":755,"height":11}},{"id":"29c53ba3-120d-47a8-bf5d-5f1abc515c66","block_type":"box","text":"S-28","page_number":33,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"62ba21d5-e71d-406c-97a3-d737ed7ac2eb","block_type":"box","text":"Although preferred stocks represent a partial ownership interest in a company, preferred stocks generally do not carry voting","page_number":34,"box":{"x":52,"y":46,"width":880,"height":11}},{"id":"36fc415d-4745-499f-97e5-23864391bad9","block_type":"box","text":"rights. Preferred stocks have economic characteristics similar to fixed-income securities. Preferred stocks and hybrid","page_number":34,"box":{"x":53,"y":61,"width":825,"height":10}},{"id":"5b5837f6-f434-413a-a11d-b1239e67b5ef","block_type":"box","text":"securities generally are issued with a fixed par value and pay dividends based on a percentage of that par value at a fixed or","page_number":34,"box":{"x":52,"y":75,"width":871,"height":11}},{"id":"4b583176-ed4b-40a8-9254-0cf976ab1b81","block_type":"box","text":"variable rate.","page_number":34,"box":{"x":52,"y":89,"width":91,"height":8}},{"id":"cb4a8dc0-2555-455a-a4ca-bfe413dcb90b","block_type":"box","text":"Additionally, preferred stocks and hybrid securities often have a liquidation value that generally equals the original purchase","page_number":34,"box":{"x":52,"y":111,"width":880,"height":11}},{"id":"f9d76428-610a-4211-9f8c-0d92befc2951","block_type":"box","text":"price of such security at the date of issuance. The Underlying Index may include many different categories of preferred stock","page_number":34,"box":{"x":53,"y":125,"width":879,"height":11}},{"id":"a94822cd-414b-4595-8d61-3460cf54bc21","block_type":"box","text":"and hybrid securities, such as floating and fixed rate preferreds, fixed-to-floating rate securities, callable preferreds,","page_number":34,"box":{"x":53,"y":139,"width":818,"height":11}},{"id":"010d8940-239f-4726-897b-aad1a680c412","block_type":"box","text":"convertible preferreds, cumulative and non-cumulative preferreds, certain capital securities, trust preferreds or various other","page_number":34,"box":{"x":53,"y":153,"width":883,"height":11}},{"id":"12890d2e-1d93-413b-9839-ade3e3daa0fe","block_type":"box","text":"preferred stock and hybrid securities. The total allocation to an individual issuer across the entire Underlying Index is limited","page_number":34,"box":{"x":53,"y":168,"width":877,"height":10}},{"id":"af733dd4-6949-4dce-82fc-fdcc43db4ab4","block_type":"box","text":"to 4.75%. The Underlying Index uses a market capitalization weighted methodology subject to certain constraints and is","page_number":34,"box":{"x":52,"y":182,"width":851,"height":11}},{"id":"c004fba4-f60c-40c6-9d0b-37e0b04b31d5","block_type":"box","text":"rebalanced monthly.","page_number":34,"box":{"x":53,"y":196,"width":143,"height":11}},{"id":"afd631b5-caf6-404f-9eeb-ec7ab5fa8632","block_type":"box","text":"The Underlying Index may include large-, mid- or small-capitalization companies and includes preferred stocks and hybrid","page_number":34,"box":{"x":52,"y":218,"width":868,"height":11}},{"id":"cfc5045f-29af-4558-829a-06fc1065a520","block_type":"box","text":"securities of non-U.S. issuers. As of March 31, 2026, a significant portion of the Underlying Index was represented by","page_number":34,"box":{"x":52,"y":232,"width":827,"height":11}},{"id":"e9335052-8894-42e3-83cb-57db26abe0d7","block_type":"box","text":"securities of companies in the financials industry or sector. The components of the Underlying Index are likely to change over","page_number":34,"box":{"x":52,"y":246,"width":885,"height":11}},{"id":"c04e4801-beec-494c-bb0f-4a3076d52aba","block_type":"box","text":"time.","page_number":34,"box":{"x":52,"y":261,"width":34,"height":8}},{"id":"740f57f5-6edb-47b0-8ab4-7361a219502c","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":34,"box":{"x":52,"y":284,"width":853,"height":10}},{"id":"f2ac208f-bf03-4419-a74b-fde7490025cb","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":34,"box":{"x":53,"y":298,"width":839,"height":11}},{"id":"06a28750-d5a5-4e2d-a467-57a14341e12c","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":34,"box":{"x":53,"y":312,"width":868,"height":11}},{"id":"a80d340d-2c8b-4d48-8593-2488596dacf4","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":34,"box":{"x":53,"y":326,"width":851,"height":11}},{"id":"eafca6c3-81eb-4347-948c-0c53a071470d","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":34,"box":{"x":53,"y":340,"width":806,"height":11}},{"id":"083cad18-4259-4bc7-815a-a84240f28fc0","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":34,"box":{"x":53,"y":354,"width":884,"height":11}},{"id":"05e6e9bf-ca59-427b-bc7a-6da7961b8af1","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":34,"box":{"x":52,"y":369,"width":884,"height":11}},{"id":"7a54832f-49ea-4d4a-a2d6-7f9fe99d6513","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":34,"box":{"x":53,"y":383,"width":852,"height":11}},{"id":"cfbd1289-9da8-453b-9458-3c5a27c7fc0d","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":34,"box":{"x":53,"y":397,"width":867,"height":11}},{"id":"04892793-688b-4b61-93db-4ae590b730ed","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":34,"box":{"x":52,"y":411,"width":869,"height":11}},{"id":"0ea6a2ae-58d9-4676-b36d-713602723fdd","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":34,"box":{"x":52,"y":425,"width":863,"height":11}},{"id":"37c459dd-f10b-40df-aca7-d8e15183e982","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":34,"box":{"x":53,"y":440,"width":826,"height":10}},{"id":"15915eea-529c-4ed3-a505-b3aa493f5861","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":34,"box":{"x":53,"y":454,"width":405,"height":11}},{"id":"32926c2a-3512-4d7d-97a2-5793f0b179de","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":34,"box":{"x":53,"y":477,"width":844,"height":11}},{"id":"58380dea-ca2a-4ba9-8488-e00bdf0ea3eb","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":34,"box":{"x":53,"y":491,"width":860,"height":11}},{"id":"642c54a4-ecc6-4289-bca8-d71763d09ea4","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":34,"box":{"x":53,"y":505,"width":831,"height":11}},{"id":"dc8675cc-42ca-4eec-acac-f009f5ab536c","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":34,"box":{"x":53,"y":519,"width":817,"height":11}},{"id":"fe005785-9067-43b9-8fab-6ddbcbdc9ac1","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":34,"box":{"x":53,"y":534,"width":818,"height":11}},{"id":"3e4fc6d5-b704-4b1b-8aaa-772894ed1198","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":34,"box":{"x":53,"y":548,"width":835,"height":11}},{"id":"d153971d-e97f-40ef-9150-6f29915af089","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":34,"box":{"x":52,"y":571,"width":873,"height":11}},{"id":"7e763898-115f-42ac-843b-2a78e5f7e9d8","block_type":"box","text":"collateral received).","page_number":34,"box":{"x":53,"y":585,"width":136,"height":10}},{"id":"bb4ccfbe-9820-4407-81c0-9f373d6a2d40","block_type":"box","text":"The Underlying Index is owned, maintained and administered by the Index Provider, ICE Data, which is independent of the","page_number":34,"box":{"x":52,"y":608,"width":860,"height":11}},{"id":"a374b94d-572c-451f-9064-3be532addcf6","block_type":"box","text":"Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying","page_number":34,"box":{"x":53,"y":623,"width":875,"height":10}},{"id":"bec4c157-40d8-48fd-9534-8ef1385af0db","block_type":"box","text":"Index and publishes information regarding the market value of the Underlying Index.","page_number":34,"box":{"x":53,"y":637,"width":598,"height":11}},{"id":"43bdadbf-cb76-41d5-83bd-16cba7c7a16e","block_type":"box","text":"Industry Concentration Policy.","page_number":34,"box":{"x":53,"y":660,"width":224,"height":11}},{"id":"fe81073d-f918-4d1b-ba26-df0ab83e4846","block_type":"box","text":"The Fund will concentrate its investments (","page_number":34,"box":{"x":281,"y":660,"width":304,"height":9}},{"id":"9f41984e-4f3c-48c4-a47b-2b68176cb060","block_type":"box","text":"i.e.","page_number":34,"box":{"x":587,"y":660,"width":17,"height":8}},{"id":"079ef23e-fd76-4633-9c06-06916b747e64","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":34,"box":{"x":606,"y":660,"width":292,"height":10}},{"id":"18928d8e-b70c-4547-944f-78e5dc97e055","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":34,"box":{"x":53,"y":674,"width":858,"height":11}},{"id":"f578528f-1713-4e60-841e-ec0111b1133e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":34,"box":{"x":53,"y":688,"width":868,"height":11}},{"id":"b2fdf1a4-944e-4a67-a972-f4643446ef7b","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":34,"box":{"x":53,"y":703,"width":826,"height":10}},{"id":"03e195ee-f887-4b4b-9ab1-6194e2c3dd9a","block_type":"box","text":"Summary of Principal Risks","page_number":34,"box":{"x":52,"y":732,"width":248,"height":13}},{"id":"9d608448-a236-4ebf-8fa9-c08157fc82a5","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":34,"box":{"x":52,"y":757,"width":881,"height":11}},{"id":"d3ace56f-e12c-409d-a0d1-a83fda86702f","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":34,"box":{"x":53,"y":771,"width":824,"height":11}},{"id":"8a0f3b74-5cc9-42bb-93f7-2e035677dca4","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":34,"box":{"x":53,"y":785,"width":807,"height":11}},{"id":"d60ded57-62f1-486a-bd23-dfa5473db4d3","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":34,"box":{"x":53,"y":799,"width":844,"height":11}},{"id":"a0d1842c-8470-4b9f-ab74-8bb575d30783","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":34,"box":{"x":52,"y":813,"width":815,"height":11}},{"id":"b02bfdce-21f6-4a3e-b975-b3c35622e184","block_type":"box","text":"Income Risk.","page_number":34,"box":{"x":53,"y":837,"width":93,"height":8}},{"id":"8a4e65d5-507e-49ba-b214-98a7bbdb9419","block_type":"box","text":"The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund","page_number":34,"box":{"x":150,"y":837,"width":771,"height":10}},{"id":"eb2c2b60-ef4b-4dd1-83b9-5094d5725576","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is","page_number":34,"box":{"x":53,"y":851,"width":882,"height":11}},{"id":"4f21019d-d62e-478e-81ca-a9cc0dda34eb","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional","page_number":34,"box":{"x":53,"y":865,"width":841,"height":11}},{"id":"022dbb27-2271-4372-b998-96580f72ad8b","block_type":"box","text":"bonds. The Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity","page_number":34,"box":{"x":53,"y":879,"width":877,"height":11}},{"id":"a55ba3f4-3e2b-43d8-8522-b6de400e2d48","block_type":"box","text":"for the bond no longer matches the Underlying Index’s stated maturity guidelines.","page_number":34,"box":{"x":52,"y":893,"width":580,"height":11}},{"id":"fa8dae1c-b26d-4ef2-8c34-26214f4a98ed","block_type":"box","text":"S-29","page_number":34,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"02a416bc-d505-405a-9889-03ab95ca371d","block_type":"box","text":"Preferred Stock Risk.","page_number":35,"box":{"x":53,"y":46,"width":154,"height":9}},{"id":"925a55b0-0142-4fba-ba86-15935b848d12","block_type":"box","text":"Preferred stocks are subject not only to issuer-specific and market risks generally applicable to equity","page_number":35,"box":{"x":213,"y":46,"width":717,"height":11}},{"id":"678a025e-9584-45b1-b65c-247d1b3a90df","block_type":"box","text":"securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stock, which","page_number":35,"box":{"x":52,"y":61,"width":891,"height":10}},{"id":"f780896a-c75e-44fe-adbf-c01a5dbf6921","block_type":"box","text":"may pay fixed or variable rates of return, generally pays dividends only after the company makes required payments to","page_number":35,"box":{"x":53,"y":75,"width":834,"height":11}},{"id":"45529900-05b6-460a-a289-698df67b7600","block_type":"box","text":"creditors, including vendors, depositors, counterparties, holders of its bonds and other fixed-income securities. As a result,","page_number":35,"box":{"x":53,"y":89,"width":865,"height":11}},{"id":"a31b0e55-f6a1-4f28-9b8b-0df402d44820","block_type":"box","text":"the value of a company’s preferred stock will react more strongly than bonds and other debt to actual or perceived changes in","page_number":35,"box":{"x":52,"y":103,"width":885,"height":11}},{"id":"4452cc2f-7b8a-4569-bc71-72b2202292ad","block_type":"box","text":"the company’s financial condition or prospects. Preferred stock may be less liquid than many other types of securities, such","page_number":35,"box":{"x":52,"y":117,"width":873,"height":11}},{"id":"0c945359-a63f-4906-8c19-a78e00f048a5","block_type":"box","text":"as common stock, and generally has limited or no voting rights. In addition, preferred stock is subject to the risks that a","page_number":35,"box":{"x":53,"y":131,"width":839,"height":11}},{"id":"669574f7-cc2d-492f-84af-908aaf8d2d29","block_type":"box","text":"company may defer or not pay dividends, and, in certain situations, may call or redeem its preferred stock or convert it to","page_number":35,"box":{"x":53,"y":146,"width":849,"height":11}},{"id":"1ad6948e-2e20-400e-91f8-d31a8a42c936","block_type":"box","text":"common stock. An issuer may decide to call its outstanding preferred stock in various environments based on its assessment","page_number":35,"box":{"x":53,"y":160,"width":883,"height":11}},{"id":"797d914e-f479-4d1e-b91a-76d67917187a","block_type":"box","text":"of the relative cost of capital across the company’s capital structure. A market-wide increase in preferred stock being called","page_number":35,"box":{"x":53,"y":174,"width":868,"height":11}},{"id":"fb23781b-1708-4fc5-9342-3758d3da686e","block_type":"box","text":"may reduce the aggregate size of the preferred stock universe and the number of issuers with preferred stock outstanding.","page_number":35,"box":{"x":53,"y":188,"width":864,"height":11}},{"id":"a001ac4a-b772-4ebe-9e6c-e272bbc44557","block_type":"box","text":"Such reductions may make it more challenging for the Fund to invest in the component securities of the Underlying Index,","page_number":35,"box":{"x":52,"y":202,"width":864,"height":11}},{"id":"88916d4d-fb42-40f3-a0ea-9d0ace54e516","block_type":"box","text":"increasing the risk of the Fund being underinvested in the Underlying Index and thus increasing the risk of tracking error. To","page_number":35,"box":{"x":53,"y":217,"width":876,"height":10}},{"id":"935a658e-4886-426e-ae3f-3e7c935ac684","block_type":"box","text":"the extent that the Fund invests a substantial portion of its assets in convertible preferred stocks, declining common stock","page_number":35,"box":{"x":52,"y":231,"width":866,"height":11}},{"id":"3cfa66b7-0457-48a7-b9c0-050ef54a81b0","block_type":"box","text":"values may also cause the value of the Fund’s investments to decline.","page_number":35,"box":{"x":52,"y":245,"width":490,"height":11}},{"id":"a16c93f3-00c0-4b6a-930e-4590b46738dd","block_type":"box","text":"Hybrid Securities Risk.","page_number":35,"box":{"x":53,"y":268,"width":166,"height":11}},{"id":"ef2cb554-7753-4e54-8f08-24cff7797a87","block_type":"box","text":"Hybrid securities are subject to the risks of equity securities and risks of debt securities. The claims of","page_number":35,"box":{"x":225,"y":268,"width":716,"height":11}},{"id":"f16f2c6d-db1c-462e-9a93-1e32133fa247","block_type":"box","text":"holders of hybrid securities of an issuer are generally subordinated to those of holders of traditional debt securities in","page_number":35,"box":{"x":53,"y":282,"width":828,"height":11}},{"id":"b8de469b-6c98-44b4-bc9a-d8f580176d13","block_type":"box","text":"bankruptcy, and thus hybrid securities may be more volatile and subject to greater risk than traditional debt securities, and","page_number":35,"box":{"x":53,"y":297,"width":866,"height":10}},{"id":"b2f2ef56-4091-4b9d-9cc0-91b1ce4303fd","block_type":"box","text":"may in certain circumstances even be more volatile than traditional equity securities. At the same time, hybrid securities may","page_number":35,"box":{"x":53,"y":311,"width":883,"height":11}},{"id":"93c45ae2-3cd2-4a29-ab5a-013c3c527353","block_type":"box","text":"not fully participate in gains of their issuer and thus potential returns of such securities are generally more limited than","page_number":35,"box":{"x":53,"y":325,"width":842,"height":11}},{"id":"2bd6300d-33fe-4708-a181-368478cfd0e1","block_type":"box","text":"traditional equity securities, which would participate in such gains.","page_number":35,"box":{"x":52,"y":339,"width":473,"height":11}},{"id":"37e2f06e-f79e-46db-b73b-8a6eb887b527","block_type":"box","text":"Equity Securities Risk.","page_number":35,"box":{"x":53,"y":362,"width":164,"height":11}},{"id":"021fe763-00bc-4695-86c7-2662d6638bf0","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":35,"box":{"x":223,"y":362,"width":709,"height":11}},{"id":"f420625a-ff06-4e14-b3b2-a3c0e91f6111","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":35,"box":{"x":53,"y":376,"width":889,"height":11}},{"id":"b953375c-3f0b-4882-9bb7-a6a9122a2402","block_type":"box","text":"due to general industry or market conditions. Preferred stock and hybrid securities are subordinated to debt securities in a","page_number":35,"box":{"x":53,"y":391,"width":863,"height":10}},{"id":"f288a41d-da53-4ebc-b2b7-a86585c32f90","block_type":"box","text":"company’s capital structure and thus are generally subject to greater risks. In the event of an issuer’s bankruptcy, equity","page_number":35,"box":{"x":53,"y":405,"width":847,"height":11}},{"id":"a260b6ff-aa48-4bb7-95b2-149118469f9f","block_type":"box","text":"securities have lower priority than debt securities.","page_number":35,"box":{"x":52,"y":419,"width":351,"height":11}},{"id":"94853cf5-ca07-4701-80bc-ed62e3376b69","block_type":"box","text":"Market Risk.","page_number":35,"box":{"x":53,"y":442,"width":91,"height":9}},{"id":"b39548bd-3996-4aba-bdf4-88745e6a1935","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":35,"box":{"x":148,"y":442,"width":768,"height":11}},{"id":"b504e0aa-c44b-4936-9b2d-51dc11244dfb","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":35,"box":{"x":53,"y":456,"width":882,"height":11}},{"id":"72e3cca4-425c-48f9-80e3-688bc4d13984","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":35,"box":{"x":53,"y":471,"width":858,"height":10}},{"id":"24749fff-de70-4d57-b139-db7a2e7990ed","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":35,"box":{"x":53,"y":485,"width":875,"height":11}},{"id":"e0d7dd3e-2dd7-477e-99cf-06345e7d74a8","block_type":"box","text":"Fund’s NAV.","page_number":35,"box":{"x":53,"y":499,"width":82,"height":8}},{"id":"58437033-5867-49d0-95a8-6b26035005dd","block_type":"box","text":"Index-Related Risk.","page_number":35,"box":{"x":53,"y":522,"width":143,"height":9}},{"id":"c7674da0-93b7-4873-8e40-3d80890c34e2","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":35,"box":{"x":201,"y":522,"width":742,"height":11}},{"id":"8826e264-782b-4de6-9bee-6158187154a2","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":35,"box":{"x":53,"y":536,"width":856,"height":11}},{"id":"a4bf0bc5-55dc-43d0-99c4-ea5d5c99ab51","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":35,"box":{"x":53,"y":550,"width":852,"height":11}},{"id":"97e365fe-b839-4b66-bbea-32db40887e8f","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":35,"box":{"x":53,"y":565,"width":876,"height":10}},{"id":"606b296c-4e71-4118-aa87-679651fd517f","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":35,"box":{"x":52,"y":579,"width":849,"height":11}},{"id":"2bb513e7-f6d1-46e8-bb14-f99e2ca91f49","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":35,"box":{"x":53,"y":593,"width":849,"height":11}},{"id":"f663052a-5588-4e4e-8318-207dbb9c3393","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":35,"box":{"x":53,"y":607,"width":890,"height":11}},{"id":"70a56dbf-7dd1-49a1-9bc3-13f2da2f4c97","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":35,"box":{"x":53,"y":622,"width":853,"height":10}},{"id":"1d43dce6-a3c5-4830-a5f7-28c9f074baf4","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":35,"box":{"x":53,"y":636,"width":539,"height":10}},{"id":"cdd6be20-8be9-45ad-82ef-7a63c9e68d9f","block_type":"box","text":"Asset Class Risk.","page_number":35,"box":{"x":52,"y":659,"width":122,"height":8}},{"id":"5f5237b9-16b5-4668-b0e2-383410692c8b","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":35,"box":{"x":179,"y":659,"width":721,"height":11}},{"id":"ff92c495-cddd-4b81-98a9-8707f5ab11f6","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":35,"box":{"x":53,"y":673,"width":774,"height":11}},{"id":"6bf272ff-57e3-4d7e-a5dd-8e23de75ca3e","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":35,"box":{"x":52,"y":696,"width":318,"height":11}},{"id":"999239bf-7d53-4dc7-b899-a5aefe3e23bd","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":35,"box":{"x":374,"y":696,"width":531,"height":11}},{"id":"dbd2aeb2-a07a-43cd-acd4-423b9fd44135","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":35,"box":{"x":53,"y":710,"width":810,"height":11}},{"id":"9c51d3da-9548-47de-8d11-71aa84f80d67","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":35,"box":{"x":52,"y":724,"width":816,"height":11}},{"id":"442b798c-b316-4e78-add1-ba0f75340668","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":35,"box":{"x":52,"y":739,"width":884,"height":11}},{"id":"b3392229-c1fe-4373-87f8-5bd98df80a55","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":35,"box":{"x":53,"y":753,"width":871,"height":11}},{"id":"14e8f1ec-8a31-4cf2-b0ad-27a2ca175272","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":35,"box":{"x":53,"y":767,"width":846,"height":11}},{"id":"15834600-d568-4967-bbd0-28904518d052","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":35,"box":{"x":52,"y":781,"width":881,"height":11}},{"id":"f8a79d06-b5dd-4167-89a1-ad56486b931c","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":35,"box":{"x":53,"y":795,"width":853,"height":11}},{"id":"3dab2f59-489e-4797-bcf0-dd32f3fc088f","block_type":"box","text":"halts or delisting.","page_number":35,"box":{"x":53,"y":810,"width":121,"height":10}},{"id":"02094e09-df87-4251-a213-e4adbf50a097","block_type":"box","text":"Concentration Risk.","page_number":35,"box":{"x":53,"y":833,"width":145,"height":8}},{"id":"7b4de9bc-bab9-4521-83f1-ad551ead13ab","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":35,"box":{"x":202,"y":833,"width":711,"height":11}},{"id":"d85f9eb2-401f-4ce5-b3f2-9b0447ba1751","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":35,"box":{"x":53,"y":847,"width":884,"height":10}},{"id":"2b655304-945e-44e8-8d4f-8972ab1adee2","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":35,"box":{"x":52,"y":861,"width":887,"height":11}},{"id":"23d523e1-8bff-4df8-97ad-6296d5f7de23","block_type":"box","text":"asset classes.","page_number":35,"box":{"x":53,"y":876,"width":95,"height":8}},{"id":"e6184de2-b736-4379-bf8b-475b9bdb95e6","block_type":"box","text":"S-30","page_number":35,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"f8af4859-3d7c-4f1e-9b69-fa839326fac0","block_type":"box","text":"Credit Risk.","page_number":36,"box":{"x":53,"y":46,"width":83,"height":9}},{"id":"13f61a23-f74c-4dd1-a0e8-b0b56c2506fd","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or","page_number":36,"box":{"x":142,"y":46,"width":777,"height":11}},{"id":"accad63e-a6a2-46eb-9469-8b0c91cff676","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make timely principal and/or interest payments or to otherwise honor","page_number":36,"box":{"x":53,"y":61,"width":890,"height":10}},{"id":"b933bdca-396e-4c12-a26c-43e86a0b579c","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer does not necessarily reflect the issuer’s current financial","page_number":36,"box":{"x":53,"y":75,"width":869,"height":11}},{"id":"34e2cfca-f7d8-446a-b2ae-e7a22a43b01a","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or perceived decline in an issuer’s creditworthiness may result in a","page_number":36,"box":{"x":53,"y":89,"width":890,"height":11}},{"id":"c5d33b5d-c5a7-48cb-873c-ffd6c5960daa","block_type":"box","text":"decrease in the value and liquidity of its securities as well as greater price volatility, which may make it difficult to sell the","page_number":36,"box":{"x":53,"y":103,"width":851,"height":11}},{"id":"464aded7-a17b-4930-b806-33bd7afae352","block_type":"box","text":"securities. The Fund may be adversely affected if an investment that it holds experiences a downgrade or a default.","page_number":36,"box":{"x":52,"y":117,"width":810,"height":11}},{"id":"f32540cd-a223-4ef1-a7f1-2607164bc608","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":36,"box":{"x":53,"y":140,"width":208,"height":11}},{"id":"3ce3e508-fc9e-4e09-91b5-6b4989454555","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":36,"box":{"x":267,"y":141,"width":666,"height":10}},{"id":"c778c8fe-c503-4c8a-b3fd-8065f0426a78","block_type":"box","text":"investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are","page_number":36,"box":{"x":53,"y":155,"width":863,"height":11}},{"id":"1703a3d0-b7bb-4d84-ad85-b734bcc5bc17","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":36,"box":{"x":53,"y":169,"width":877,"height":11}},{"id":"507ff4cc-d964-416c-901b-2b018a3753ed","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":36,"box":{"x":53,"y":183,"width":858,"height":11}},{"id":"4b1eb665-14b6-4d20-a877-29cf4f863db4","block_type":"box","text":"anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.","page_number":36,"box":{"x":53,"y":197,"width":744,"height":11}},{"id":"fe92567c-3b11-48bb-a80e-4ca5ebe33570","block_type":"box","text":"Financial Companies Risk.","page_number":36,"box":{"x":53,"y":220,"width":193,"height":11}},{"id":"e92adebf-7c29-4d5b-bdcf-c32b2403f6c7","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention,","page_number":36,"box":{"x":251,"y":221,"width":683,"height":10}},{"id":"18429fbe-9364-4aeb-b7a2-5e901ac3b3f8","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":36,"box":{"x":52,"y":235,"width":864,"height":10}},{"id":"fe7cb1b2-779e-4494-b399-dd087b6ef7c9","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be","page_number":36,"box":{"x":53,"y":249,"width":812,"height":11}},{"id":"32b337ac-e256-45ec-9ddf-a7e6b4d40afc","block_type":"box","text":"significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating","page_number":36,"box":{"x":52,"y":263,"width":880,"height":11}},{"id":"f485acbd-0f83-4c09-bab9-914f30c49a70","block_type":"box","text":"downgrades, adverse public perception, exposure concentration and counterparty risk.","page_number":36,"box":{"x":53,"y":277,"width":612,"height":11}},{"id":"fceef3db-174c-4b5b-9389-7d8af5770370","block_type":"box","text":"Fixed-to-Floating Rate Securities Risk.","page_number":36,"box":{"x":53,"y":300,"width":285,"height":11}},{"id":"1503c57c-1aa2-4530-a966-c42dfae32a3e","block_type":"box","text":"The Fund invests in fixed-to-floating rate securities, which are securities that have","page_number":36,"box":{"x":343,"y":300,"width":581,"height":11}},{"id":"dd9a064b-60ea-48a8-a5bf-af2df6fb0356","block_type":"box","text":"an initial term with a fixed dividend or coupon rate and following this initial term bear a floating rate. Securities which include","page_number":36,"box":{"x":53,"y":315,"width":884,"height":10}},{"id":"7185c184-2a66-4c5d-9654-69c881b45f8e","block_type":"box","text":"a floating or variable interest rate component can be less sensitive to interest rate changes than securities with fixed interest","page_number":36,"box":{"x":53,"y":329,"width":880,"height":11}},{"id":"4f67eab4-80f9-49a7-9d62-75b9ed2b7511","block_type":"box","text":"rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Although","page_number":36,"box":{"x":53,"y":343,"width":867,"height":11}},{"id":"4e2e269e-bfe3-4db1-95e9-69b66322efeb","block_type":"box","text":"floating rate securities can be less sensitive to interest rate risk than fixed-rate securities, they are subject to the risks","page_number":36,"box":{"x":52,"y":357,"width":827,"height":11}},{"id":"ec577be1-f43e-43f6-9fe6-625b40b6155b","block_type":"box","text":"applicable to hybrid and preferred securities more generally.","page_number":36,"box":{"x":53,"y":371,"width":425,"height":11}},{"id":"82a4861b-f8d4-4f46-8bd9-da244aec3f84","block_type":"box","text":"Floating Rate Securities Risk.","page_number":36,"box":{"x":53,"y":394,"width":215,"height":11}},{"id":"37cd0559-0b06-4593-bca9-eaf074575589","block_type":"box","text":"Securities with floating or variable interest rates can be less sensitive to interest rate changes","page_number":36,"box":{"x":273,"y":394,"width":658,"height":11}},{"id":"675bd9ed-0770-4cbe-8e1c-e3ef8039c65a","block_type":"box","text":"than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as","page_number":36,"box":{"x":52,"y":409,"width":863,"height":10}},{"id":"1ba3165e-641b-4043-b01a-85f26c575b8d","block_type":"box","text":"comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. Although","page_number":36,"box":{"x":53,"y":423,"width":834,"height":11}},{"id":"f2b7a078-4b5b-4336-ae82-3823d182383a","block_type":"box","text":"floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and","page_number":36,"box":{"x":52,"y":437,"width":843,"height":11}},{"id":"59387b11-1a48-45e9-a928-d6ab006df1af","block_type":"box","text":"default risk, which could impair their value.","page_number":36,"box":{"x":53,"y":451,"width":302,"height":11}},{"id":"20531be4-1f36-4c22-a654-90d92f2a2e8e","block_type":"box","text":"Illiquid Investments Risk.","page_number":36,"box":{"x":53,"y":474,"width":186,"height":11}},{"id":"a04d1bad-1432-4443-b900-c31a98d9b35a","block_type":"box","text":"An illiquid investment is any investment that the Fund reasonably expects cannot be sold or","page_number":36,"box":{"x":243,"y":475,"width":650,"height":10}},{"id":"a28819c2-0827-48a0-83af-762f352889c4","block_type":"box","text":"disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the","page_number":36,"box":{"x":53,"y":489,"width":887,"height":10}},{"id":"26bae84c-b59a-4cbb-8207-b57f2e27e03b","block_type":"box","text":"investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce its returns because the","page_number":36,"box":{"x":53,"y":503,"width":858,"height":11}},{"id":"7a6c6417-3f4f-4788-a46e-731f5ed652bb","block_type":"box","text":"Fund may be unable to transact at advantageous times or prices. In addition, if the Fund is limited in its ability to sell illiquid","page_number":36,"box":{"x":53,"y":517,"width":874,"height":11}},{"id":"e2286842-b6c8-49b7-8951-e4341ac2848d","block_type":"box","text":"investments during periods when shareholders are redeeming their shares, it will need to sell liquid securities to meet","page_number":36,"box":{"x":53,"y":531,"width":830,"height":11}},{"id":"dfd600cb-bc6a-4cbe-ae79-7d58eb30ba93","block_type":"box","text":"redemption requests and illiquid securities will become a larger portion of the Fund’s holdings. During periods of market","page_number":36,"box":{"x":53,"y":545,"width":851,"height":11}},{"id":"f6aa6677-df4e-454c-8361-960432916cf0","block_type":"box","text":"volatility, liquidity in the market for Fund shares may be impacted by the liquidity in the market for the underlying securities or","page_number":36,"box":{"x":52,"y":559,"width":891,"height":11}},{"id":"7ec0edee-1091-45d0-a699-225a11610629","block_type":"box","text":"other assets held by the Fund, which could lead to Fund shares trading at a premium or discount to the Fund’s NAV.","page_number":36,"box":{"x":53,"y":574,"width":815,"height":10}},{"id":"ed39089e-492c-45ac-be45-91583a27ae5e","block_type":"box","text":"Interest Rate Risk.","page_number":36,"box":{"x":53,"y":597,"width":134,"height":8}},{"id":"03139576-d3c7-4e2f-9d47-95f1eca28998","block_type":"box","text":"Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in","page_number":36,"box":{"x":193,"y":597,"width":743,"height":11}},{"id":"5abdf83c-a6b7-4fde-8cd5-b3549e8956f0","block_type":"box","text":"the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of","page_number":36,"box":{"x":52,"y":611,"width":879,"height":11}},{"id":"403e1a09-8a63-441a-b030-afbdaf5bbbc3","block_type":"box","text":"factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for","page_number":36,"box":{"x":52,"y":625,"width":883,"height":11}},{"id":"0c60b649-e703-43c2-b15d-bcb5912174d6","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline.","page_number":36,"box":{"x":52,"y":639,"width":846,"height":11}},{"id":"2586f30a-8f2c-450c-85f3-c3ccf616d77e","block_type":"box","text":"Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in","page_number":36,"box":{"x":52,"y":654,"width":871,"height":10}},{"id":"27032a96-4e3d-48f3-996f-67605f00dfd6","block_type":"box","text":"value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility","page_number":36,"box":{"x":52,"y":668,"width":873,"height":11}},{"id":"7e7b4499-7622-4020-88f2-1031b7624315","block_type":"box","text":"and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or","page_number":36,"box":{"x":53,"y":682,"width":865,"height":11}},{"id":"21c40c32-9693-4605-b7ae-c3cdbf01f011","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.","page_number":36,"box":{"x":53,"y":696,"width":760,"height":11}},{"id":"46aa3038-80bb-4fe9-9336-223552c52263","block_type":"box","text":"Issuer Risk.","page_number":36,"box":{"x":53,"y":719,"width":83,"height":9}},{"id":"6b980320-c7a4-4bf8-be2c-c2ef551d1a98","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":36,"box":{"x":140,"y":719,"width":780,"height":11}},{"id":"c6a515ef-5be6-4ad2-b822-7f3a3b1ae628","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":36,"box":{"x":53,"y":734,"width":886,"height":10}},{"id":"312f7e72-bd51-4fc7-b2b1-58c93a88e2a0","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":36,"box":{"x":52,"y":748,"width":576,"height":11}},{"id":"b340d531-b1bd-4915-9b84-542bd4558277","block_type":"box","text":"Management Risk.","page_number":36,"box":{"x":53,"y":771,"width":137,"height":11}},{"id":"8e7e5b32-bf52-4c9c-8b0e-24c09397d929","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":36,"box":{"x":194,"y":771,"width":711,"height":11}},{"id":"ab6989fa-6a3f-4195-ba6d-6ccea3339d99","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":36,"box":{"x":53,"y":785,"width":877,"height":11}},{"id":"54e1ea64-ce56-4ab3-9d58-dd4683b458b2","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":36,"box":{"x":53,"y":799,"width":859,"height":11}},{"id":"429cb6fa-b1dc-4152-9f29-d6a32352131f","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":36,"box":{"x":52,"y":813,"width":848,"height":11}},{"id":"caa84ebe-6935-43a8-8039-b785894c8190","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":36,"box":{"x":53,"y":828,"width":756,"height":10}},{"id":"adafb79e-dcfa-4ae0-b7c9-c74dc0b4b4b9","block_type":"box","text":"Market Trading Risk.","page_number":36,"box":{"x":53,"y":851,"width":152,"height":11}},{"id":"ca8da03d-ec76-4b41-8bcd-cc6bbe069dff","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":36,"box":{"x":209,"y":851,"width":694,"height":11}},{"id":"ffcba06e-9f47-4942-ad73-584402da96c7","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":36,"box":{"x":53,"y":865,"width":841,"height":11}},{"id":"85c29b81-5159-49ec-82db-cfc166b32142","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":36,"box":{"x":53,"y":879,"width":887,"height":11}},{"id":"8406aaae-af7d-4ff5-b9b0-d7417e1de0de","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":36,"box":{"x":52,"y":893,"width":839,"height":11}},{"id":"adb02337-c308-4827-b06b-403b0c5478bb","block_type":"box","text":"S-31","page_number":36,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"e1d831b2-44a3-4894-b390-69b4a97db534","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":37,"box":{"x":53,"y":46,"width":866,"height":11}},{"id":"4933676c-abc5-4d3b-bf14-2c6869d4b1c4","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":37,"box":{"x":52,"y":61,"width":885,"height":10}},{"id":"0b77a183-7d55-447b-abfe-49d1edff0f15","block_type":"box","text":"of the Fund shares.","page_number":37,"box":{"x":53,"y":75,"width":134,"height":8}},{"id":"cb4c451c-7a75-451b-94e5-9dd6d1f71385","block_type":"box","text":"Operational and Technology Risks.","page_number":37,"box":{"x":53,"y":98,"width":254,"height":11}},{"id":"cb773cb6-032c-4afc-baa9-815355f04fcb","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":37,"box":{"x":312,"y":98,"width":581,"height":11}},{"id":"f8563910-6435-4dc8-83a3-16670fbc41f8","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":37,"box":{"x":53,"y":112,"width":876,"height":11}},{"id":"71b02f57-16a2-482b-bac9-e44ca236e50a","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":37,"box":{"x":53,"y":126,"width":879,"height":11}},{"id":"e4f60c5c-1012-4a94-8703-e644b4c19a69","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":37,"box":{"x":53,"y":140,"width":825,"height":11}},{"id":"039e70ca-e3a0-44c8-8fba-c92e435f9594","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":37,"box":{"x":53,"y":155,"width":862,"height":11}},{"id":"85f55ab7-8555-45cf-9a1e-876c79821c70","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":37,"box":{"x":53,"y":169,"width":872,"height":11}},{"id":"a675831b-f3c3-4385-b0e9-29ba7d12e276","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":37,"box":{"x":53,"y":183,"width":824,"height":11}},{"id":"7ca94102-098c-447a-a180-6481af78efef","block_type":"box","text":"Risk of Investing in the U.S.","page_number":37,"box":{"x":53,"y":206,"width":200,"height":11}},{"id":"bb9178e9-b08e-4acb-ab54-1c230ee7f0d9","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":37,"box":{"x":259,"y":206,"width":663,"height":11}},{"id":"addf8d37-63e6-4d13-a514-340e611a828f","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":37,"box":{"x":53,"y":220,"width":877,"height":11}},{"id":"7b026d9e-1634-4809-b3d0-ade00c6f2873","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":37,"box":{"x":53,"y":235,"width":470,"height":10}},{"id":"39efaec7-c1fd-495f-b648-116009a196ac","block_type":"box","text":"Securities Lending Risk.","page_number":37,"box":{"x":52,"y":258,"width":178,"height":11}},{"id":"3c9b8ac7-cdfc-4556-9a35-815b87bfd549","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":37,"box":{"x":234,"y":258,"width":692,"height":11}},{"id":"e7e5f5a6-c9fa-4319-a61d-fc0d31600932","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":37,"box":{"x":53,"y":272,"width":870,"height":11}},{"id":"038531a3-bd31-4fba-afc3-5a4d302ce8c8","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":37,"box":{"x":53,"y":286,"width":886,"height":11}},{"id":"52bd5b20-30a4-4da1-a2ba-cfb4b95f0615","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":37,"box":{"x":53,"y":300,"width":831,"height":11}},{"id":"96cd2e07-3e40-48b8-a2cc-3c99bad9bddc","block_type":"box","text":"Tracking Error Risk.","page_number":37,"box":{"x":52,"y":323,"width":145,"height":11}},{"id":"04185fed-23c9-4cf2-98a5-e34112c0527c","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":37,"box":{"x":201,"y":323,"width":741,"height":11}},{"id":"f40a5729-c7dd-4b3b-adc6-89e004aaf1ca","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":37,"box":{"x":53,"y":338,"width":861,"height":11}},{"id":"dcf52fdb-9164-4425-8000-ab2bfaf06d23","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":37,"box":{"x":53,"y":352,"width":832,"height":11}},{"id":"c97b2c3c-cfce-420e-a7a4-ebb9ada5bd41","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":37,"box":{"x":53,"y":366,"width":880,"height":11}},{"id":"6b005481-d255-4b70-b4a1-de29964e6ad5","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":37,"box":{"x":53,"y":380,"width":831,"height":11}},{"id":"404cd7ba-d9d7-4cc6-bc54-5d98ce2e7d04","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":37,"box":{"x":52,"y":394,"width":828,"height":11}},{"id":"cbbc46ce-d627-4374-a8a1-7063f53f4698","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":37,"box":{"x":53,"y":409,"width":873,"height":10}},{"id":"d1749f56-59e5-41c7-b73d-90727c37e150","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":37,"box":{"x":53,"y":423,"width":889,"height":11}},{"id":"74708aff-c27b-41e2-8cd1-05ebc624a9ae","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":37,"box":{"x":53,"y":437,"width":852,"height":11}},{"id":"20487079-7fd6-47e0-9f67-ef2ca35bedc4","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":37,"box":{"x":53,"y":451,"width":886,"height":11}},{"id":"7557d3ab-0cab-45b8-afe9-8451dd94640f","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":37,"box":{"x":53,"y":465,"width":873,"height":11}},{"id":"ccbc73aa-cc82-44c7-b1d6-b952594e355b","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":37,"box":{"x":53,"y":480,"width":724,"height":10}},{"id":"3320cf23-d0b3-436a-b50f-8695fd3ffccf","block_type":"box","text":"Performance Information","page_number":37,"box":{"x":54,"y":508,"width":228,"height":11}},{"id":"b11ac544-2b3a-4827-a8fa-879d4633eda5","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":37,"box":{"x":52,"y":534,"width":864,"height":10}},{"id":"cd3cc8c1-fe26-4d05-a673-6a606a805860","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":37,"box":{"x":52,"y":548,"width":872,"height":11}},{"id":"cc6a1b61-ffb0-477c-acdc-225a96a1cb81","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":37,"box":{"x":53,"y":562,"width":868,"height":11}},{"id":"a0c42475-3192-42db-83ff-811dca81e9af","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":37,"box":{"x":53,"y":576,"width":838,"height":11}},{"id":"6984ea83-3fbf-47d9-abaa-743214f12306","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":37,"box":{"x":53,"y":590,"width":868,"height":11}},{"id":"0c9f27db-f07d-4e3e-98b7-4b1910ae9e9b","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":37,"box":{"x":53,"y":605,"width":832,"height":10}},{"id":"e148c5a5-8caf-48b8-aa15-832c914d6df4","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":37,"box":{"x":53,"y":619,"width":842,"height":11}},{"id":"3c73226d-b2b8-479f-b0a5-cb7d06187e63","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":37,"box":{"x":52,"y":633,"width":531,"height":11}},{"id":"c4cbd542-e171-4dca-8e8d-70c1af3be78b","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":37,"box":{"x":135,"y":657,"width":260,"height":11}},{"id":"63bfac78-3cb8-4187-a437-6361b42a0848","block_type":"box","text":"1.26","page_number":37,"box":{"x":90,"y":739,"width":18,"height":6}},{"id":"2fafb775-ae48-4734-a11e-5b7388b7e67f","block_type":"box","text":"8.33","page_number":37,"box":{"x":126,"y":726,"width":20,"height":6}},{"id":"0e50bb99-9261-4c7d-a18a-3520206bfd6e","block_type":"box","text":"-4.77","page_number":37,"box":{"x":161,"y":765,"width":23,"height":6}},{"id":"794da1b5-31db-4092-bb98-9fc2e534bafe","block_type":"box","text":"15.62","page_number":37,"box":{"x":198,"y":713,"width":25,"height":6}},{"id":"1e590040-3a44-45f9-a87a-d094fb941df0","block_type":"box","text":"7.94","page_number":37,"box":{"x":237,"y":727,"width":20,"height":6}},{"id":"3cae78cf-24cb-40db-a492-7d4022833ea8","block_type":"box","text":"7.09","page_number":37,"box":{"x":274,"y":729,"width":20,"height":6}},{"id":"ef7725ea-70ee-4db0-ae73-94f30285c8c9","block_type":"box","text":"-18.37","page_number":37,"box":{"x":306,"y":789,"width":29,"height":6}},{"id":"f9d24228-2f7d-4680-8ded-a4548baa6553","block_type":"box","text":"9.32","page_number":37,"box":{"x":348,"y":725,"width":20,"height":6}},{"id":"a6830f0f-42cb-445f-8cf5-47a1322be011","block_type":"box","text":"7.87","page_number":37,"box":{"x":385,"y":727,"width":20,"height":6}},{"id":"6ba1fc37-91a1-4602-91b3-8aa221b3187d","block_type":"box","text":"4.70","page_number":37,"box":{"x":422,"y":733,"width":20,"height":6}},{"id":"a8af4c06-4e9b-4615-823e-545d2e8d095a","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":37,"box":{"x":87,"y":812,"width":356,"height":6}},{"id":"4b4df35e-cacb-4f46-a622-05fdd207a42f","block_type":"box","text":"Return (%) Period Ended","page_number":37,"box":{"x":760,"y":672,"width":176,"height":9}},{"id":"fc92d1ce-f71e-4898-88d2-949b18b6c7b4","block_type":"box","text":"Calendar Year-to-Date Return","page_number":37,"box":{"x":520,"y":691,"width":197,"height":7}},{"id":"8b36aea3-4505-48a2-b384-fca7bf44ef53","block_type":"box","text":"0.43% June 30, 2026","page_number":37,"box":{"x":781,"y":691,"width":161,"height":8}},{"id":"896776b6-a93a-44e4-be26-65c8a4c066bb","block_type":"box","text":"During the periods shown in the chart:","page_number":37,"box":{"x":520,"y":703,"width":250,"height":10}},{"id":"c1fc100c-840e-45dc-bd59-5626d14960fb","block_type":"box","text":"Best Quarter 10.91% June 30, 2020","page_number":37,"box":{"x":534,"y":716,"width":408,"height":9}},{"id":"f5b6c2d5-82c7-4f24-a02a-ca4896d1e307","block_type":"box","text":"Worst Quarter -15.31% March 31, 2020","page_number":37,"box":{"x":533,"y":729,"width":409,"height":9}},{"id":"2a9577e4-d697-4127-b6ee-538a4142291e","block_type":"box","text":"S-32","page_number":37,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"d6b84903-054e-47a5-b466-a314498bb95e","block_type":"box","text":"Average Annual Total Returns (%)","page_number":38,"box":{"x":372,"y":54,"width":251,"height":11}},{"id":"1609b7fa-d4a3-45c8-b879-d1994b19db9d","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":38,"box":{"x":340,"y":68,"width":315,"height":11}},{"id":"ddd39e15-d7a2-4fe4-a438-24c4075ef245","block_type":"box","text":"One Year Five Years Ten Years","page_number":38,"box":{"x":670,"y":85,"width":268,"height":7}},{"id":"9972b4eb-b6e5-43ce-936f-b291191b80fe","block_type":"box","text":"Fund Inception: 3/26/2007","page_number":38,"box":{"x":58,"y":100,"width":179,"height":10}},{"id":"bb28d255-5a60-46ad-9232-288d2fd4c98e","block_type":"box","text":"Return Before Taxes","page_number":38,"box":{"x":58,"y":112,"width":125,"height":7}},{"id":"2a4e367f-86ee-4860-adc7-bcbb0c4eb14c","block_type":"box","text":"4.70% 1.54% 3.47%","page_number":38,"box":{"x":689,"y":112,"width":250,"height":7}},{"id":"34a5da7a-b818-475e-b226-b91d83529f77","block_type":"box","text":"Return After Taxes on Distributions 2.78% -0.20% 1.77%","page_number":38,"box":{"x":58,"y":123,"width":881,"height":8}},{"id":"7f410b05-9f83-4d23-9859-b4febeb30e86","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 3.46% 0.76% 2.26%","page_number":38,"box":{"x":58,"y":135,"width":881,"height":8}},{"id":"2a79bb63-124d-49b4-a054-363fe1d68ede","block_type":"box","text":"MSCI USA Index","page_number":38,"box":{"x":58,"y":147,"width":106,"height":7}},{"id":"8e43ea69-0437-48ff-b022-2028f84e02f8","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.75% 13.87% 14.79%","page_number":38,"box":{"x":168,"y":147,"width":771,"height":9}},{"id":"cb7d6926-8b66-4ed3-ae8e-79690680f7a5","block_type":"box","text":"ICE Exchange-Listed Preferred & Hybrid Securities Index (Spliced)","page_number":38,"box":{"x":58,"y":158,"width":435,"height":10}},{"id":"d851fab7-6f57-449d-b79d-c0340e4558cb","block_type":"box","text":"1","page_number":38,"box":{"x":494,"y":157,"width":5,"height":4}},{"id":"0149b668-c760-4603-bc25-21dccf6793c4","block_type":"box","text":"(Returns do not reflect","page_number":38,"box":{"x":504,"y":158,"width":141,"height":8}},{"id":"3448212e-7134-4e4c-98b4-94c76e388d2a","block_type":"box","text":"deductions for fees, expenses or taxes) 5.08% 1.98% 4.08%","page_number":38,"box":{"x":71,"y":171,"width":868,"height":9}},{"id":"8f8d5ea6-d972-4463-be67-e2ab4e2bccdc","block_type":"box","text":"1","page_number":38,"box":{"x":80,"y":190,"width":5,"height":4}},{"id":"7c10456c-407e-44f3-83e1-4b978f5baeca","block_type":"box","text":"The ICE Exchange-Listed Preferred & Hybrid Securities Index (Spliced) reflects the performance of the S&P U.S. Preferred Stock Index","page_number":38,"box":{"x":92,"y":191,"width":841,"height":10}},{"id":"b5dbe06a-1017-4edc-8568-59b675d24391","block_type":"box","text":"through January 31, 2019, the ICE Exchange-Listed Preferred & Hybrid Securities Transition Index from February 1, 2019 through","page_number":38,"box":{"x":92,"y":201,"width":820,"height":10}},{"id":"a138c90c-c8a9-41e1-a9c6-e5d19eeca471","block_type":"box","text":"October 31, 2019, and the ICE Exchange-Listed Preferred & Hybrid Securities Index thereafter, which reflect the times when each index","page_number":38,"box":{"x":93,"y":212,"width":850,"height":9}},{"id":"8497db80-8c14-4ddb-86bb-f5ee5e65bec4","block_type":"box","text":"was the Underlying Index of the Fund.","page_number":38,"box":{"x":92,"y":222,"width":238,"height":10}},{"id":"9e6d4cae-f141-4dc5-bbbe-9c1680b8fb2d","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":38,"box":{"x":52,"y":242,"width":857,"height":11}},{"id":"63967952-e3ce-4b62-9c68-541192c64bb9","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":38,"box":{"x":53,"y":256,"width":865,"height":10}},{"id":"6beb5efa-2cd1-4473-b1a7-358ad53a7c7b","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":38,"box":{"x":53,"y":270,"width":847,"height":11}},{"id":"1ee0dffb-e06a-4ef7-8680-4c2a878a70ad","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":38,"box":{"x":52,"y":284,"width":857,"height":11}},{"id":"c4831c90-1953-448c-a74d-6eb87c3a5d15","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":38,"box":{"x":53,"y":298,"width":877,"height":11}},{"id":"41fc2c51-334f-4281-9820-8d9077f0b03e","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":38,"box":{"x":52,"y":313,"width":836,"height":10}},{"id":"b143caa2-0289-4cec-9606-a2700c6809e3","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":38,"box":{"x":53,"y":327,"width":886,"height":11}},{"id":"b429fdea-4b48-4cf2-ab56-40238d2afeec","block_type":"box","text":"on distributions.","page_number":38,"box":{"x":53,"y":341,"width":114,"height":8}},{"id":"9d95d023-f262-4528-a257-c98417228abb","block_type":"box","text":"Management","page_number":38,"box":{"x":54,"y":370,"width":119,"height":13}},{"id":"119103ae-9b5f-4d7f-a37f-82971c4c0973","block_type":"box","text":"Investment Adviser.","page_number":38,"box":{"x":53,"y":395,"width":145,"height":9}},{"id":"515c600a-7f94-43cc-a4d5-5fca6fc47b3a","block_type":"box","text":"BlackRock Fund Advisors.","page_number":38,"box":{"x":204,"y":395,"width":180,"height":9}},{"id":"6cd73165-e063-4bf6-8f90-710742785bab","block_type":"box","text":"Portfolio Managers.","page_number":38,"box":{"x":53,"y":418,"width":146,"height":11}},{"id":"b0eb4854-5ce4-4eb5-89e8-cdb5b61016b7","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":38,"box":{"x":203,"y":418,"width":679,"height":11}},{"id":"3467dd3e-3ff2-4266-95bb-7bbf0a388ca1","block_type":"box","text":"management of the Fund:","page_number":38,"box":{"x":53,"y":433,"width":182,"height":10}},{"id":"e6dfdd72-97fa-475e-8702-d4adc3f39d2f","block_type":"box","text":"Portfolio Manager","page_number":38,"box":{"x":58,"y":468,"width":119,"height":10}},{"id":"606ed877-7ece-416c-a5eb-009702ee7e90","block_type":"box","text":"Portfolio Manager of the","page_number":38,"box":{"x":411,"y":455,"width":160,"height":10}},{"id":"2a3cdf83-d5ad-4cb3-98c6-303aa6924780","block_type":"box","text":"Fund Since","page_number":38,"box":{"x":455,"y":468,"width":72,"height":8}},{"id":"ce268f6e-9dea-44f8-8409-28aee114cd5b","block_type":"box","text":"Title with Investment","page_number":38,"box":{"x":804,"y":455,"width":140,"height":8}},{"id":"70ae9548-cf16-430e-bc3c-17ac447db35d","block_type":"box","text":"Adviser","page_number":38,"box":{"x":849,"y":468,"width":49,"height":8}},{"id":"9ba4386c-c53e-4b43-8b3e-769b62a0aaeb","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":38,"box":{"x":57,"y":484,"width":876,"height":9}},{"id":"e1521533-6b10-4841-b6c1-234c1eeeaffd","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":38,"box":{"x":58,"y":499,"width":875,"height":10}},{"id":"df638e18-da4f-4a29-b4a8-7fadbd8a7436","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":38,"box":{"x":58,"y":515,"width":875,"height":9}},{"id":"089970b6-b14d-446b-9fb1-5734f75f07b2","block_type":"box","text":"Steven White 2025 Managing Director","page_number":38,"box":{"x":57,"y":530,"width":876,"height":10}},{"id":"fe22f82b-93d1-44b3-99dd-478e90f9ebe9","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":38,"box":{"x":54,"y":565,"width":304,"height":11}},{"id":"b8a85cbc-36bf-43b6-825b-a8f184448830","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":38,"box":{"x":52,"y":590,"width":878,"height":11}},{"id":"ee445d74-135d-455b-9404-53d5d415146d","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":38,"box":{"x":53,"y":605,"width":855,"height":10}},{"id":"9534e966-714d-45c4-a4ca-523f7bad534a","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":38,"box":{"x":52,"y":619,"width":817,"height":11}},{"id":"b5737162-9003-448f-b205-36f564229472","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":38,"box":{"x":53,"y":633,"width":878,"height":11}},{"id":"535b8926-e2b6-4905-9189-118320e9b6f7","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":38,"box":{"x":53,"y":647,"width":861,"height":11}},{"id":"9e46b0ee-96b7-4698-be9c-4a41dfe50481","block_type":"box","text":"(the “bid-ask spread”).","page_number":38,"box":{"x":53,"y":661,"width":156,"height":11}},{"id":"c860142d-89a9-4a32-8259-b249756e7752","block_type":"box","text":"Tax Information","page_number":38,"box":{"x":52,"y":690,"width":144,"height":11}},{"id":"01a56777-db58-49e8-861c-bcb31f7509a7","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":38,"box":{"x":52,"y":716,"width":831,"height":10}},{"id":"d032e297-da97-4bba-8a4a-b0fd22b956d1","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":38,"box":{"x":53,"y":730,"width":883,"height":10}},{"id":"78f5cffc-5c2f-4f0b-9c60-e58c4876916d","block_type":"box","text":"be taxed when withdrawn.","page_number":38,"box":{"x":53,"y":744,"width":182,"height":8}},{"id":"355c93d8-6edf-4052-955f-7a8b2dd7504e","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":38,"box":{"x":54,"y":773,"width":575,"height":13}},{"id":"a5d9ab81-2979-4e88-97e6-af93ccf77a02","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":38,"box":{"x":53,"y":798,"width":855,"height":11}},{"id":"bb87bd66-41ce-4321-adb8-0f72a65c6a05","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":38,"box":{"x":53,"y":812,"width":843,"height":11}},{"id":"16fff9cd-3a60-4511-b849-da4b751bca9c","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":38,"box":{"x":53,"y":826,"width":820,"height":11}},{"id":"9410e5b1-c78f-4c6f-8d70-b7b14c227901","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":38,"box":{"x":53,"y":841,"width":801,"height":10}},{"id":"0dc22f53-eab2-4265-bb7f-fd4e6384d0e7","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":38,"box":{"x":53,"y":855,"width":841,"height":11}},{"id":"e912a114-1c37-4fc6-9f2c-c4c50973d822","block_type":"box","text":"financial intermediary’s website for more information.","page_number":38,"box":{"x":52,"y":869,"width":380,"height":11}},{"id":"08e699d1-a1c5-406e-b37c-00634985d202","block_type":"box","text":"S-33","page_number":38,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"eeff5973-9306-4c8e-871d-e7e71b036f31","block_type":"box","text":"iShares Residential and Multisector Real Estate","page_number":39,"box":{"x":53,"y":47,"width":662,"height":16}},{"id":"b642d80f-0ec2-45b6-b63a-58f2c7faf3a8","block_type":"box","text":"ETF","page_number":39,"box":{"x":54,"y":70,"width":53,"height":16}},{"id":"b64db679-0858-46e8-adc1-097292ea788c","block_type":"box","text":"REZ | NYSE Arca","page_number":39,"box":{"x":54,"y":93,"width":226,"height":19}},{"id":"8bab0a90-4d24-4f06-af25-ed1b08982c88","block_type":"box","text":"Investment Objective","page_number":39,"box":{"x":54,"y":132,"width":191,"height":14}},{"id":"f22bdb3b-b800-488b-bb47-ea7c5c016c40","block_type":"box","text":"The iShares Residential and Multisector Real Estate ETF (the “Fund”) seeks to track the investment results of an index","page_number":39,"box":{"x":52,"y":157,"width":833,"height":10}},{"id":"79ef0276-b220-4e95-b536-9bbc872c61bc","block_type":"box","text":"composed of U.S. residential, healthcare and self-storage real estate equities.","page_number":39,"box":{"x":53,"y":171,"width":546,"height":11}},{"id":"fe7b7496-4ab9-46c5-8976-fee16d10a95a","block_type":"box","text":"Fees and Expenses","page_number":39,"box":{"x":54,"y":201,"width":168,"height":12}},{"id":"2a60689b-4044-4846-bbeb-7a95a1184226","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":39,"box":{"x":52,"y":226,"width":874,"height":10}},{"id":"c61c9327-617c-4845-b732-b8af195f3ea9","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":39,"box":{"x":53,"y":240,"width":871,"height":11}},{"id":"8b248bb8-2259-4d69-8f57-19349c3d52f6","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":39,"box":{"x":53,"y":254,"width":888,"height":11}},{"id":"f5749a23-ae8b-4a33-9234-fca1c4f60815","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":39,"box":{"x":53,"y":268,"width":795,"height":11}},{"id":"2f87de29-b9d6-48c3-8e61-04d0cb85496d","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":39,"box":{"x":53,"y":282,"width":854,"height":11}},{"id":"d4d17d29-7b26-4213-b609-be027903dc46","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":39,"box":{"x":52,"y":296,"width":829,"height":11}},{"id":"b4c21118-ad46-4e90-960b-20d41d157827","block_type":"box","text":"extraordinary expenses.","page_number":39,"box":{"x":53,"y":311,"width":167,"height":11}},{"id":"2e33ead9-ebbc-405c-975f-c3dab9e884fe","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":39,"box":{"x":52,"y":334,"width":830,"height":11}},{"id":"e0cee45d-656f-4789-b544-ef19d206f34b","block_type":"box","text":"reflected in the table and example below.","page_number":39,"box":{"x":53,"y":348,"width":300,"height":11}},{"id":"6493bb9e-5050-47da-b2c8-4b33f011c987","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":39,"box":{"x":57,"y":371,"width":761,"height":10}},{"id":"c3a03002-4646-40a4-8da1-a02c1509a329","block_type":"box","text":"1","page_number":39,"box":{"x":819,"y":370,"width":5,"height":4}},{"id":"8e9c7a7e-75c1-41fd-9493-a980050eba12","block_type":"box","text":"Management Fee","page_number":39,"box":{"x":58,"y":391,"width":109,"height":10}},{"id":"f0d8ffba-3414-4e75-8640-0b12e44abc67","block_type":"box","text":"0.48%","page_number":39,"box":{"x":890,"y":391,"width":41,"height":7}},{"id":"15ffc62c-7718-4273-bae0-52b517dd7a20","block_type":"box","text":"Other Expenses","page_number":39,"box":{"x":58,"y":406,"width":98,"height":10}},{"id":"02df383c-c482-4929-a5cd-d726a7a0aa01","block_type":"box","text":"0.00%","page_number":39,"box":{"x":890,"y":406,"width":41,"height":8}},{"id":"df7bfa16-2525-4d08-bfc7-ac8d6ff2335e","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":39,"box":{"x":57,"y":422,"width":246,"height":9}},{"id":"ac510b08-3e0d-4eac-ace1-1e3309eabca3","block_type":"box","text":"0.48%","page_number":39,"box":{"x":890,"y":422,"width":41,"height":7}},{"id":"9bcd8567-f236-4b65-aa1f-9055a6b4cf4e","block_type":"box","text":"1","page_number":39,"box":{"x":80,"y":450,"width":5,"height":4}},{"id":"28baa542-f8e9-4d66-9c99-d01f54d02cba","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":39,"box":{"x":93,"y":451,"width":779,"height":9}},{"id":"45444e4f-1e32-4315-9a78-69314d619749","block_type":"box","text":"Example.","page_number":39,"box":{"x":53,"y":471,"width":67,"height":10}},{"id":"1d41751c-ed0a-44a4-af97-1f21e22a3255","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":39,"box":{"x":124,"y":471,"width":795,"height":10}},{"id":"a5ee7c96-81f0-4ba4-8484-5eee9c0328da","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":39,"box":{"x":53,"y":484,"width":885,"height":12}},{"id":"1fc645cc-6c26-4a15-8790-ab3df6dd6001","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":39,"box":{"x":52,"y":499,"width":871,"height":11}},{"id":"73982714-99da-4363-a1b7-e33c35f6bd5f","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":39,"box":{"x":53,"y":513,"width":887,"height":11}},{"id":"c600ff8c-b270-4462-bd5a-3f03db8f4e99","block_type":"box","text":"your costs would be:","page_number":39,"box":{"x":52,"y":527,"width":143,"height":11}},{"id":"0f0dd734-f516-420b-85ab-fb79a2afa1b9","block_type":"box","text":"Expense Example","page_number":39,"box":{"x":58,"y":550,"width":115,"height":9}},{"id":"4e5f7d03-42f7-4223-89dc-c27bf0c96e6f","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":39,"box":{"x":663,"y":550,"width":280,"height":8}},{"id":"efb866da-5fae-40ae-abf1-be2c8e8fc043","block_type":"box","text":"Example Fund Costs","page_number":39,"box":{"x":58,"y":566,"width":128,"height":9}},{"id":"c077922a-fb97-49b9-9838-29f1880707e5","block_type":"box","text":"$49 $154 $269 $604","page_number":39,"box":{"x":671,"y":565,"width":261,"height":9}},{"id":"298eccc3-b33f-49b9-b255-e3fa5f9fd932","block_type":"box","text":"Portfolio Turnover.","page_number":39,"box":{"x":53,"y":595,"width":137,"height":8}},{"id":"fd9ef753-21a1-4508-89e3-5e701b55338b","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":39,"box":{"x":194,"y":595,"width":722,"height":11}},{"id":"a01ce867-5673-4716-b64f-c1735684863d","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":39,"box":{"x":53,"y":609,"width":883,"height":11}},{"id":"76341599-c6c3-4088-9f20-e6105c54960e","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":39,"box":{"x":53,"y":623,"width":876,"height":11}},{"id":"7933f0f4-f7a0-4826-bf61-e49d2af3e5de","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 14% of","page_number":39,"box":{"x":52,"y":637,"width":886,"height":11}},{"id":"f3ec8076-e3d9-4d47-9e17-eb123ec96811","block_type":"box","text":"the average value of its portfolio.","page_number":39,"box":{"x":52,"y":652,"width":231,"height":10}},{"id":"24eb6396-5619-449c-b9a4-ddd0731015d5","block_type":"box","text":"Principal Investment Strategies","page_number":39,"box":{"x":54,"y":681,"width":284,"height":13}},{"id":"5029df62-7597-47b3-986f-9026263a628e","block_type":"box","text":"The Fund seeks to track the investment results of the FTSE Nareit All Residential Capped Index (the “Underlying Index”),","page_number":39,"box":{"x":52,"y":706,"width":847,"height":11}},{"id":"157be17b-0b68-46ba-9682-4a94e5bc08c7","block_type":"box","text":"which measures the performance of the residential apartments, manufactured homes, healthcare and self-storage real estate","page_number":39,"box":{"x":52,"y":720,"width":890,"height":11}},{"id":"7fa18a16-7078-4e87-adf5-395c00788e32","block_type":"box","text":"sectors of the U.S. equity market, as defined by FTSE International Limited (the “Index Provider” or “FTSE”). Only companies","page_number":39,"box":{"x":52,"y":734,"width":875,"height":11}},{"id":"53c83e2a-abf1-44ae-94c3-5c3eae8e628d","block_type":"box","text":"with a full market capitalization greater than US $100 million (on the date at which the data for the review are taken) will be","page_number":39,"box":{"x":52,"y":748,"width":868,"height":11}},{"id":"39db7290-4563-4c26-b79b-b6dacf7ab5c2","block_type":"box","text":"included in the Underlying Index. As of March 31, 2026, a significant portion of the Underlying Index was represented by real","page_number":39,"box":{"x":53,"y":763,"width":880,"height":10}},{"id":"01535ec2-dbe4-4cb8-9c6b-4315f98a8a20","block_type":"box","text":"estate investment trusts (“REITs”). The components of the Underlying Index are likely to change over time.","page_number":39,"box":{"x":53,"y":777,"width":746,"height":11}},{"id":"e2ce65dc-c444-4069-a12c-8d98fe82720a","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":39,"box":{"x":52,"y":800,"width":853,"height":11}},{"id":"97abc83f-2c51-40da-96c7-126ce81a7852","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":39,"box":{"x":53,"y":814,"width":839,"height":11}},{"id":"8754ea5e-d687-4169-b14d-6f018071a805","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":39,"box":{"x":53,"y":828,"width":868,"height":11}},{"id":"beff764e-270f-405b-81b2-6aa8d0f08989","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":39,"box":{"x":53,"y":842,"width":851,"height":11}},{"id":"ba10f084-e3fc-4f37-8fc0-744b9e332dcd","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":39,"box":{"x":53,"y":857,"width":806,"height":10}},{"id":"ab2f7d0a-9520-4b04-82ed-5c8a81c1c0f4","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":39,"box":{"x":53,"y":871,"width":884,"height":11}},{"id":"78b09281-6158-452c-8868-c11e17936bce","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":39,"box":{"x":52,"y":885,"width":884,"height":11}},{"id":"3e429674-1651-4759-a234-ddc138b5133d","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":39,"box":{"x":53,"y":899,"width":852,"height":11}},{"id":"4c4db438-072f-419a-b600-9d94a45d4b54","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":39,"box":{"x":53,"y":913,"width":867,"height":11}},{"id":"3ca050e1-f57d-4a0e-9301-d45cf0b09099","block_type":"box","text":"S-34","page_number":39,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"4cfc5c34-6f76-488c-b3b9-48b48d5ab011","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":40,"box":{"x":52,"y":46,"width":869,"height":11}},{"id":"55addb42-228e-4694-a7d7-6313171ef0a1","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":40,"box":{"x":52,"y":61,"width":863,"height":10}},{"id":"029241d9-153f-49b1-a199-a745686ecd9a","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":40,"box":{"x":53,"y":75,"width":826,"height":11}},{"id":"9ddb7fdb-e547-4282-8f4c-9ba54287e1b4","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":40,"box":{"x":53,"y":89,"width":405,"height":11}},{"id":"65fd338a-14f8-4bf4-85e2-bb68ff1b5c31","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":40,"box":{"x":53,"y":112,"width":844,"height":11}},{"id":"d1d39005-60a9-4732-a1ea-9d0e59818778","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":40,"box":{"x":53,"y":126,"width":860,"height":11}},{"id":"620c5c55-b5b7-4103-8ff1-5b792a1b74b2","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":40,"box":{"x":53,"y":141,"width":831,"height":10}},{"id":"228b500a-8985-44d2-ba13-8186b85661b1","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":40,"box":{"x":53,"y":155,"width":817,"height":11}},{"id":"b5333b7c-fb81-4e38-a4bf-d6d47da4f286","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":40,"box":{"x":53,"y":169,"width":818,"height":11}},{"id":"e20f991d-6916-4369-b092-b788ddce541d","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":40,"box":{"x":53,"y":183,"width":835,"height":11}},{"id":"37c7e4de-0c9b-4e51-87f5-28d5a093dcfc","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":40,"box":{"x":52,"y":206,"width":873,"height":11}},{"id":"97e78b36-0181-492f-9921-ddd8dd2d1010","block_type":"box","text":"collateral received).","page_number":40,"box":{"x":53,"y":220,"width":136,"height":10}},{"id":"b693f43a-9fa3-4e40-84ac-ae4308be6c27","block_type":"box","text":"The Underlying Index is sponsored by FTSE, which is independent of the Fund and BFA. The Index Provider determines the","page_number":40,"box":{"x":52,"y":244,"width":866,"height":10}},{"id":"310dc393-03c3-46e3-9b18-e62969794009","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":40,"box":{"x":53,"y":258,"width":856,"height":11}},{"id":"76f54b7c-aee9-4d8d-8806-81a244dbafc9","block_type":"box","text":"market value of the Underlying Index.","page_number":40,"box":{"x":53,"y":272,"width":263,"height":11}},{"id":"30c17978-59a8-4bb1-b4ce-661fbf240916","block_type":"box","text":"Industry Concentration Policy.","page_number":40,"box":{"x":53,"y":295,"width":224,"height":11}},{"id":"32ae7c38-b210-4aa6-be15-3a740a2dfba5","block_type":"box","text":"The Fund will concentrate its investments (","page_number":40,"box":{"x":281,"y":295,"width":304,"height":9}},{"id":"3badf739-12ea-4058-90b1-43efeefc4774","block_type":"box","text":"i.e.","page_number":40,"box":{"x":587,"y":295,"width":17,"height":9}},{"id":"dd5e5744-abcb-4176-95ab-cd7dc986c2b7","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":40,"box":{"x":606,"y":295,"width":292,"height":10}},{"id":"172c3454-2ecf-485d-a8ff-bcb00aee01bd","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":40,"box":{"x":53,"y":309,"width":858,"height":11}},{"id":"41334fd7-eeea-47bc-ab5c-ac76cfad0427","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":40,"box":{"x":53,"y":323,"width":868,"height":11}},{"id":"7b19d4e6-5e26-4468-99b3-ef6aa4f5acb2","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":40,"box":{"x":53,"y":338,"width":826,"height":11}},{"id":"8dee0aeb-13c1-4384-b5eb-d6562b8a60b8","block_type":"box","text":"Summary of Principal Risks","page_number":40,"box":{"x":52,"y":367,"width":248,"height":13}},{"id":"963fc1f8-ad48-460f-8a73-50aedb5144f7","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":40,"box":{"x":52,"y":392,"width":881,"height":11}},{"id":"2e7ab50d-54b4-4e82-a3c4-e7046561c937","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":40,"box":{"x":53,"y":406,"width":824,"height":11}},{"id":"3925bf25-eaea-4de4-9d8d-7f2de65d2e20","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":40,"box":{"x":53,"y":420,"width":807,"height":11}},{"id":"9fa0f856-7e34-4903-a50a-e9ce1f780e33","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":40,"box":{"x":53,"y":434,"width":844,"height":11}},{"id":"c813290a-78a0-4218-9a5c-fde66f7c31e7","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":40,"box":{"x":52,"y":449,"width":815,"height":10}},{"id":"2d900a1a-b9ca-4559-8b82-c52a9cd53ebb","block_type":"box","text":"Real Estate Companies Risk.","page_number":40,"box":{"x":53,"y":472,"width":209,"height":10}},{"id":"1f5897f3-4073-470b-b745-728456ec06cd","block_type":"box","text":"Real estate companies, which include REITs, real estate holding and operating companies, and","page_number":40,"box":{"x":267,"y":472,"width":668,"height":11}},{"id":"9fb0ed1e-33fb-4a85-b0bd-e29aa4bff6bc","block_type":"box","text":"real estate management or development companies, expose investors to the risks of owning real estate directly as well as to","page_number":40,"box":{"x":53,"y":486,"width":872,"height":11}},{"id":"d8309d39-6659-4928-8351-a89170d00fb7","block_type":"box","text":"the risks from the way that such companies operate. Real estate is highly sensitive to general and local economic conditions","page_number":40,"box":{"x":52,"y":500,"width":877,"height":11}},{"id":"68c86ec5-8081-4f3a-b899-dd96a59d4e41","block_type":"box","text":"and can be subject to intense competition and periodic overbuilding. Other real estate risks include decreases in property","page_number":40,"box":{"x":53,"y":514,"width":859,"height":11}},{"id":"43471b9a-11c0-440d-8795-def72bfd6b3b","block_type":"box","text":"values, tax increases, zoning changes, casualty or condemnation losses, environmental liabilities, regulatory limitations on","page_number":40,"box":{"x":52,"y":529,"width":867,"height":10}},{"id":"4e640436-5858-4f06-a8a1-d73363bf1784","block_type":"box","text":"rent or eviction, and defaults by borrowers or tenants. Real estate companies may be heavily invested in one geographic","page_number":40,"box":{"x":53,"y":543,"width":845,"height":11}},{"id":"6e12801a-6f4c-43a4-9734-cf69081724d4","block_type":"box","text":"region, industry or property type. They also may be highly leveraged, which can magnify losses, and interest rate increases","page_number":40,"box":{"x":53,"y":557,"width":862,"height":11}},{"id":"4a7137e1-6d3f-4163-9f1d-95ef9978a099","block_type":"box","text":"can make it difficult to obtain financing and service debt.","page_number":40,"box":{"x":53,"y":571,"width":402,"height":11}},{"id":"f7e3a6e9-5e79-4560-bf8c-0732bb097ec5","block_type":"box","text":"Equity Securities Risk.","page_number":40,"box":{"x":53,"y":594,"width":164,"height":11}},{"id":"590a2661-1171-4eff-a759-948b31b56898","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":40,"box":{"x":223,"y":594,"width":709,"height":11}},{"id":"7164aef6-007e-404b-910f-03569cfeb711","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":40,"box":{"x":53,"y":608,"width":889,"height":11}},{"id":"5e7ad4df-3dfe-4f17-94ab-9fa314c0bca6","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":40,"box":{"x":53,"y":623,"width":880,"height":10}},{"id":"59c44ff1-8ea9-4597-8134-1d63f4b51066","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":40,"box":{"x":53,"y":637,"width":867,"height":11}},{"id":"115ea732-3c49-4bc4-b90e-9f0d084a0086","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":40,"box":{"x":53,"y":651,"width":339,"height":11}},{"id":"a6c6b4de-8f51-412d-992a-cfb2c0cdcd00","block_type":"box","text":"Market Risk.","page_number":40,"box":{"x":53,"y":674,"width":91,"height":9}},{"id":"f9a74c46-c2e6-4fd7-9daa-4be4a867e511","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":40,"box":{"x":148,"y":674,"width":768,"height":11}},{"id":"568fac21-0ff5-4214-97e3-a60b0da9d9db","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":40,"box":{"x":53,"y":688,"width":882,"height":11}},{"id":"4160df0b-6a04-42c5-a60c-42de3c2fcc34","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":40,"box":{"x":53,"y":703,"width":858,"height":10}},{"id":"d3411895-0b33-41f1-960a-89fa02605add","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":40,"box":{"x":53,"y":717,"width":875,"height":11}},{"id":"a2d95c8e-0054-4a40-9f5c-cc68d3053741","block_type":"box","text":"Fund’s NAV.","page_number":40,"box":{"x":53,"y":731,"width":82,"height":8}},{"id":"65fae67a-1196-458a-86a5-ed27eabcd9f6","block_type":"box","text":"Index-Related Risk.","page_number":40,"box":{"x":53,"y":754,"width":143,"height":9}},{"id":"e8e2addc-b709-4e29-a3b9-03737c9e67ed","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":40,"box":{"x":201,"y":754,"width":742,"height":11}},{"id":"93d3936a-5628-42ce-b97f-44a0d23765b1","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":40,"box":{"x":53,"y":768,"width":856,"height":11}},{"id":"637cd7c4-ba98-4d0c-ac9a-0864b18942a6","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":40,"box":{"x":53,"y":782,"width":852,"height":11}},{"id":"64a91df7-1eb9-427c-9150-88bfc5daf200","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":40,"box":{"x":53,"y":797,"width":876,"height":11}},{"id":"cbd69e0b-f99e-4727-8c3c-9868dc153708","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":40,"box":{"x":52,"y":811,"width":849,"height":11}},{"id":"46622a16-3402-48f4-aa93-bbab1fa29311","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":40,"box":{"x":53,"y":825,"width":849,"height":11}},{"id":"ac4e3fea-3e00-4ea7-8ed6-590102a532ab","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":40,"box":{"x":53,"y":839,"width":890,"height":11}},{"id":"2421a610-bcc3-4351-9e1c-45b52676807e","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":40,"box":{"x":53,"y":854,"width":853,"height":10}},{"id":"e43493c6-55e0-4ea8-a894-ad66be0d9afb","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":40,"box":{"x":53,"y":868,"width":539,"height":10}},{"id":"9d4929a3-593a-49a2-971d-f8b73711f1ed","block_type":"box","text":"S-35","page_number":40,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"afd4bb5d-cd92-4da3-ab96-763e553ec60d","block_type":"box","text":"Asset Class Risk.","page_number":41,"box":{"x":52,"y":46,"width":122,"height":9}},{"id":"6bb3a037-0f70-42da-a21c-25c741da0d1e","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":41,"box":{"x":179,"y":46,"width":721,"height":11}},{"id":"34d7497c-7e3e-47db-9a5a-838f37a58685","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":41,"box":{"x":53,"y":61,"width":774,"height":10}},{"id":"e2259d39-93ef-4953-bbbb-1ae1d8086afd","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":41,"box":{"x":52,"y":84,"width":318,"height":10}},{"id":"34b87bcf-52cd-4026-9c6d-fe6f9f0d8e17","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":41,"box":{"x":374,"y":84,"width":531,"height":11}},{"id":"2066f4b9-71b3-4582-a855-e927fbb75a76","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":41,"box":{"x":53,"y":98,"width":810,"height":11}},{"id":"89bf01a8-e3c4-4d99-8c2e-b1e2594defdb","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":41,"box":{"x":52,"y":112,"width":816,"height":11}},{"id":"e1ba1c89-b28d-4b5f-ab38-cd92d441adc3","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":41,"box":{"x":52,"y":127,"width":884,"height":10}},{"id":"5cf6972e-dc80-49a7-a6c9-0c3c63696789","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":41,"box":{"x":53,"y":141,"width":871,"height":10}},{"id":"7d5fee67-0fd5-4c3c-bebc-d51141de1de5","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":41,"box":{"x":53,"y":155,"width":846,"height":11}},{"id":"9f1f2463-7d2a-4bf2-b681-6b0e33652355","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":41,"box":{"x":52,"y":169,"width":881,"height":10}},{"id":"881d1d01-22b0-4f8b-b660-a72b5d9ef21d","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":41,"box":{"x":53,"y":183,"width":853,"height":11}},{"id":"cce74ca5-c4f6-400a-9eae-bc20374aa57e","block_type":"box","text":"halts or delisting.","page_number":41,"box":{"x":53,"y":197,"width":121,"height":11}},{"id":"2be871eb-d166-42fc-a886-6e41c5e9d9e9","block_type":"box","text":"Concentration Risk.","page_number":41,"box":{"x":53,"y":220,"width":145,"height":9}},{"id":"d5b943c3-1689-4668-8d20-e7eaa792ca2b","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":41,"box":{"x":202,"y":220,"width":711,"height":11}},{"id":"e058f868-2f46-4b5e-ba47-3c38d436181f","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":41,"box":{"x":53,"y":235,"width":884,"height":9}},{"id":"5ed851e5-1b50-4138-92d8-90d829e82e6d","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":41,"box":{"x":52,"y":249,"width":887,"height":11}},{"id":"511747c7-54f2-4078-b0a6-d56f7fff377b","block_type":"box","text":"asset classes.","page_number":41,"box":{"x":53,"y":263,"width":95,"height":8}},{"id":"fd2b2bcf-173f-4d34-bfbf-0c5b19cddf3c","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":41,"box":{"x":53,"y":286,"width":208,"height":11}},{"id":"2faedb20-4d38-44f3-aea7-80e5f5af0207","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":41,"box":{"x":267,"y":286,"width":666,"height":11}},{"id":"a9cb2af9-f9b6-44ce-8b28-adfd635c54f3","block_type":"box","text":"investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are","page_number":41,"box":{"x":53,"y":300,"width":863,"height":11}},{"id":"e724de73-a462-44d4-9973-fafc0ec68ffa","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":41,"box":{"x":53,"y":315,"width":877,"height":10}},{"id":"918f9d98-4581-4272-a6d1-b857fffc677f","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":41,"box":{"x":53,"y":329,"width":858,"height":11}},{"id":"e575a895-882d-4826-8ead-4c64f74c8079","block_type":"box","text":"anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.","page_number":41,"box":{"x":53,"y":343,"width":744,"height":11}},{"id":"dfe7ab61-aed2-4210-aa7b-76325ba323cf","block_type":"box","text":"Issuer Risk.","page_number":41,"box":{"x":53,"y":366,"width":83,"height":9}},{"id":"9218ef75-fbbf-48e8-89d6-2c1cc45c3220","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":41,"box":{"x":140,"y":366,"width":780,"height":11}},{"id":"80d8ec03-5226-462d-a1d7-d61da381a4df","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":41,"box":{"x":53,"y":380,"width":886,"height":11}},{"id":"5d85446b-02cc-406e-ab9d-8188c6bff04c","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":41,"box":{"x":52,"y":394,"width":576,"height":11}},{"id":"1db6dbf1-db23-4c4c-9a1d-d9a9b6b1610f","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":41,"box":{"x":53,"y":418,"width":278,"height":11}},{"id":"eb612050-9108-442c-90ad-82432e9dfd5a","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":41,"box":{"x":337,"y":418,"width":540,"height":11}},{"id":"f6ea84d8-737c-4aba-9755-450ca1122e19","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":41,"box":{"x":53,"y":432,"width":890,"height":11}},{"id":"7cc9ac96-3d08-475f-b1eb-1d3429799cfc","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":41,"box":{"x":53,"y":446,"width":868,"height":11}},{"id":"295c8b60-78a3-4a29-8803-b2707f6046f6","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":41,"box":{"x":53,"y":460,"width":709,"height":11}},{"id":"d17217ea-d561-4be8-bda8-6e432578cf49","block_type":"box","text":"Management Risk.","page_number":41,"box":{"x":53,"y":483,"width":137,"height":11}},{"id":"42d85672-465e-4171-a3e7-171006f4f70e","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":41,"box":{"x":194,"y":483,"width":711,"height":11}},{"id":"29ce4773-c454-45a0-9b79-aa75e41449a7","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":41,"box":{"x":53,"y":498,"width":877,"height":10}},{"id":"b13b877c-65ed-4836-ac6a-c4995c8d914d","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":41,"box":{"x":53,"y":512,"width":859,"height":11}},{"id":"10a192e4-e877-463e-8bbd-95aaf93f1746","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":41,"box":{"x":52,"y":526,"width":848,"height":11}},{"id":"b6d6e007-d1b0-41b1-883d-743c03263907","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":41,"box":{"x":53,"y":540,"width":756,"height":11}},{"id":"15bfbd32-0369-4b4f-80d5-1c738bc80d2e","block_type":"box","text":"Market Trading Risk.","page_number":41,"box":{"x":53,"y":563,"width":152,"height":11}},{"id":"76053e08-a221-482d-a372-e9ce7f8f8db7","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":41,"box":{"x":209,"y":563,"width":694,"height":11}},{"id":"4317ed12-58d3-43fb-b763-70fb673ced90","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":41,"box":{"x":53,"y":577,"width":841,"height":11}},{"id":"ef9002bb-a26e-4a40-8e9c-5f3aa0f6a30b","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":41,"box":{"x":53,"y":592,"width":887,"height":11}},{"id":"00d0bb5d-6c90-4939-9d2a-4db549eaf63e","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":41,"box":{"x":52,"y":606,"width":839,"height":11}},{"id":"e8c64226-4308-470b-b527-7dc5d2f29757","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":41,"box":{"x":53,"y":620,"width":866,"height":11}},{"id":"8da8320d-c8d1-42f6-8910-2197ee4e0826","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":41,"box":{"x":52,"y":634,"width":885,"height":11}},{"id":"7fa7f7c7-ecba-4cca-9af3-7274a4e87e08","block_type":"box","text":"of the Fund shares.","page_number":41,"box":{"x":53,"y":648,"width":134,"height":9}},{"id":"c0e7089f-44b7-4b66-a143-3395c7eb9fb4","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":41,"box":{"x":53,"y":672,"width":264,"height":10}},{"id":"4785f939-2559-41a6-bb75-32d31a6b4548","block_type":"box","text":"Compared to large-capitalization companies, mid-capitalization companies may be","page_number":41,"box":{"x":323,"y":672,"width":590,"height":10}},{"id":"a144e4a9-f27c-4b4f-abe6-8303fe14d030","block_type":"box","text":"less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more","page_number":41,"box":{"x":53,"y":686,"width":846,"height":11}},{"id":"ce08255d-ce7e-4629-8cbd-4e7e79bcee62","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":41,"box":{"x":52,"y":700,"width":875,"height":11}},{"id":"16691441-189d-429d-a747-837fb1458724","block_type":"box","text":"than that of a fund with a greater investment in large-capitalization stocks.","page_number":41,"box":{"x":52,"y":714,"width":529,"height":11}},{"id":"5d4ddc0a-5b7b-438a-bbf0-8d2cb63bfcff","block_type":"box","text":"Non-Diversification Risk.","page_number":41,"box":{"x":53,"y":737,"width":184,"height":9}},{"id":"53837c22-9e1d-4b9e-9cd1-7d0a4a884f52","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":41,"box":{"x":242,"y":737,"width":633,"height":11}},{"id":"250ab2f3-d02f-4f68-a765-ff17b436ba71","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":41,"box":{"x":53,"y":751,"width":802,"height":11}},{"id":"a5a0e314-9254-445e-afaa-183085dd4ad1","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":41,"box":{"x":53,"y":766,"width":888,"height":11}},{"id":"baaf5a75-b7bc-4a6c-a0e8-1d8f205124a6","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":41,"box":{"x":53,"y":780,"width":876,"height":11}},{"id":"0430a2b8-0786-4bd6-8f9f-da65bccfcf45","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":41,"box":{"x":53,"y":794,"width":696,"height":11}},{"id":"2f3bbb84-d1da-4f07-9133-1db6bc258120","block_type":"box","text":"Operational and Technology Risks.","page_number":41,"box":{"x":53,"y":817,"width":254,"height":11}},{"id":"404e2223-bafe-43ff-863b-e5ac42f704af","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":41,"box":{"x":312,"y":818,"width":581,"height":10}},{"id":"90456c0e-6fb1-4de4-bc02-7fe9c6d2b3b4","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":41,"box":{"x":53,"y":831,"width":876,"height":11}},{"id":"5c68d1b2-3d9c-4adc-824c-20c566238841","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":41,"box":{"x":53,"y":845,"width":879,"height":12}},{"id":"c237a25c-0ae3-4dae-8fd3-10f8dd407382","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":41,"box":{"x":53,"y":860,"width":825,"height":11}},{"id":"693f7b3e-2f66-4f33-9bc8-7175c14f6e8a","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":41,"box":{"x":53,"y":874,"width":862,"height":11}},{"id":"500c004b-cc74-4bdd-87bb-f24dc694d810","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":41,"box":{"x":53,"y":888,"width":872,"height":11}},{"id":"991eb03d-bce2-4c6a-987c-26e70df20e24","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":41,"box":{"x":53,"y":902,"width":824,"height":11}},{"id":"45ddf4d4-886b-43d5-8f78-cc258d080a90","block_type":"box","text":"S-36","page_number":41,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"388c2a8f-17e3-4fc4-b1bb-65f491863ac0","block_type":"box","text":"Risk of Investing in the U.S.","page_number":42,"box":{"x":53,"y":46,"width":200,"height":11}},{"id":"632a5135-1431-4994-9d6e-abbc45be3dda","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":42,"box":{"x":259,"y":46,"width":663,"height":11}},{"id":"360505a5-4e3f-4217-9d15-3fe0bb0303cc","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":53,"y":61,"width":877,"height":10}},{"id":"7426c4dc-16ab-4a4d-8d43-a52665fe81a3","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":42,"box":{"x":53,"y":75,"width":470,"height":11}},{"id":"78c5eac1-f0e6-4a17-ab8e-b8141b32aed1","block_type":"box","text":"Securities Lending Risk.","page_number":42,"box":{"x":52,"y":98,"width":178,"height":11}},{"id":"dc66bd09-da01-4fa7-ad6f-18f00ad49fdf","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":42,"box":{"x":234,"y":98,"width":692,"height":11}},{"id":"00e67a6d-52ae-4037-81f2-e2e9559d1470","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":42,"box":{"x":53,"y":112,"width":870,"height":11}},{"id":"af23f4b8-896a-4888-90bc-dd4b672a78fc","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":42,"box":{"x":53,"y":126,"width":886,"height":11}},{"id":"4842d374-02ad-47bd-8542-2e7c495193b0","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":42,"box":{"x":53,"y":141,"width":831,"height":10}},{"id":"4961354e-c60a-4178-8859-7e72e33259d2","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":42,"box":{"x":52,"y":164,"width":278,"height":10}},{"id":"239e3846-9f4e-47d2-98ed-37aa688794b2","block_type":"box","text":"Compared to mid- and large-capitalization companies, small-capitalization","page_number":42,"box":{"x":336,"y":164,"width":532,"height":11}},{"id":"bdff3c47-9c3e-4137-903a-19a60ddd0911","block_type":"box","text":"companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization","page_number":42,"box":{"x":53,"y":178,"width":817,"height":11}},{"id":"c0c6419b-dd3a-4519-99d8-fb2ab8f17f1b","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":42,"box":{"x":53,"y":192,"width":887,"height":11}},{"id":"e347a4a3-acf2-4709-a86d-7b41c5712b81","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":42,"box":{"x":52,"y":206,"width":818,"height":11}},{"id":"287d1288-23c2-4741-9139-b47b3a10c2f3","block_type":"box","text":"Tracking Error Risk.","page_number":42,"box":{"x":52,"y":229,"width":145,"height":11}},{"id":"0dc28d41-ba2d-4719-88ee-a25441ce4642","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":42,"box":{"x":201,"y":229,"width":741,"height":11}},{"id":"f06cf785-8580-41f9-93ea-e0324893547c","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":42,"box":{"x":53,"y":244,"width":861,"height":10}},{"id":"828df98b-bf79-40c8-be87-93e14659ddfe","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":42,"box":{"x":53,"y":258,"width":832,"height":11}},{"id":"58814931-8105-4319-a5d4-6fe5c1d448c6","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":42,"box":{"x":53,"y":272,"width":880,"height":11}},{"id":"25f36475-f308-4c41-8b36-5ff1899ff163","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":42,"box":{"x":53,"y":286,"width":831,"height":11}},{"id":"14d1510f-36be-459f-ad90-8617993f212a","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":42,"box":{"x":52,"y":300,"width":828,"height":11}},{"id":"6e7fa050-353b-4dda-bd9e-a99fca743028","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":42,"box":{"x":53,"y":315,"width":873,"height":10}},{"id":"c73ccb3e-bb9f-4528-a529-8bcf0232e1e3","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":42,"box":{"x":53,"y":329,"width":889,"height":11}},{"id":"ddc54923-6207-47bc-8315-00142d2dcf00","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":42,"box":{"x":53,"y":343,"width":852,"height":11}},{"id":"58a2a791-642b-4221-9a09-81251706d1dd","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":42,"box":{"x":53,"y":357,"width":886,"height":11}},{"id":"d53dcbfd-8acb-4ed0-8a28-2bc230c4f193","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":42,"box":{"x":53,"y":371,"width":873,"height":11}},{"id":"d4693f1b-848f-487f-9349-488bc283627e","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":42,"box":{"x":53,"y":385,"width":724,"height":11}},{"id":"91a3e16f-a723-4efe-b450-495551de1907","block_type":"box","text":"Performance Information","page_number":42,"box":{"x":54,"y":414,"width":228,"height":11}},{"id":"6ecb58bd-b6d5-4c8e-80e7-654cafe7cf17","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":42,"box":{"x":52,"y":440,"width":864,"height":10}},{"id":"e7dbd0d9-5e61-4579-8067-18f23eb1e524","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":42,"box":{"x":52,"y":454,"width":872,"height":11}},{"id":"c5c1e956-6791-409f-9378-bae98a83c1d9","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":42,"box":{"x":53,"y":468,"width":868,"height":11}},{"id":"2809a236-c91d-4d53-9bf6-18c7e47851e3","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":42,"box":{"x":53,"y":482,"width":838,"height":11}},{"id":"121852ed-0c52-425e-a747-5ec8392a4247","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":42,"box":{"x":53,"y":496,"width":868,"height":11}},{"id":"6627cf19-0fd3-45db-9c8e-d810058071e2","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":42,"box":{"x":53,"y":510,"width":832,"height":11}},{"id":"65218921-8f19-4961-a56e-feeedf22fa9d","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":42,"box":{"x":53,"y":525,"width":842,"height":11}},{"id":"0e0ca2d8-67a7-44db-8920-0c3bbfb036e3","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":42,"box":{"x":52,"y":539,"width":531,"height":11}},{"id":"c5c41782-047c-4931-ae09-c0574ff063ca","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":42,"box":{"x":135,"y":563,"width":260,"height":11}},{"id":"7892a226-c97e-4b6d-8b76-ff5543059d78","block_type":"box","text":"3.29","page_number":42,"box":{"x":88,"y":654,"width":21,"height":6}},{"id":"c4975371-fcb8-470c-afff-3c8861f0a1d2","block_type":"box","text":"3.83","page_number":42,"box":{"x":125,"y":654,"width":21,"height":6}},{"id":"c1d0dfb7-05d5-4f8d-90d0-7740ad7dcec4","block_type":"box","text":"4.10","page_number":42,"box":{"x":162,"y":653,"width":21,"height":6}},{"id":"683d89e2-f5e1-4bc1-9eb7-a7218d70e726","block_type":"box","text":"24.49","page_number":42,"box":{"x":197,"y":632,"width":26,"height":6}},{"id":"c6e9b358-e597-4add-81b6-0cc785cbcfce","block_type":"box","text":"-6.69","page_number":42,"box":{"x":235,"y":680,"width":23,"height":6}},{"id":"fc93fcc0-0fcc-4f62-b30b-346d3013576d","block_type":"box","text":"47.68","page_number":42,"box":{"x":270,"y":607,"width":27,"height":6}},{"id":"df1eef76-1304-43c7-aaf2-8157a2cc39fd","block_type":"box","text":"-28.20","page_number":42,"box":{"x":306,"y":703,"width":30,"height":6}},{"id":"5fa9e387-b2be-4b58-9de3-ea49733ca4a6","block_type":"box","text":"10.88","page_number":42,"box":{"x":346,"y":646,"width":25,"height":6}},{"id":"cfb39ace-2fac-44c9-aa8c-2f04acab5fec","block_type":"box","text":"12.86","page_number":42,"box":{"x":383,"y":644,"width":25,"height":6}},{"id":"5c92bf44-032a-436f-aaea-0a4df5e70465","block_type":"box","text":"4.80","page_number":42,"box":{"x":422,"y":653,"width":20,"height":6}},{"id":"2c1ddf84-8696-43c8-af23-1064f4f3a68d","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":42,"box":{"x":87,"y":717,"width":356,"height":7}},{"id":"bf6714ed-7f8b-4856-a3fa-7ce00b6d694e","block_type":"box","text":"Return (%) Period Ended","page_number":42,"box":{"x":731,"y":578,"width":190,"height":9}},{"id":"1a8e49de-acdb-499c-b7ce-a4640ac2fcd9","block_type":"box","text":"Calendar Year-to-Date Return","page_number":42,"box":{"x":520,"y":597,"width":197,"height":7}},{"id":"04cb5aa1-57dc-46bd-a31a-702a8504c3aa","block_type":"box","text":"15.01% June 30, 2026","page_number":42,"box":{"x":745,"y":597,"width":197,"height":8}},{"id":"a4c2bc2c-1daf-4465-8047-06191d88613a","block_type":"box","text":"During the periods shown in the chart:","page_number":42,"box":{"x":520,"y":609,"width":250,"height":10}},{"id":"4ede0e7e-c4ca-452b-aa22-606233d5f8ce","block_type":"box","text":"Best Quarter 15.80% September 30, 2024","page_number":42,"box":{"x":534,"y":622,"width":408,"height":10}},{"id":"cc43ef38-b4ea-4f90-910a-52d368079814","block_type":"box","text":"Worst Quarter -26.00% March 31, 2020","page_number":42,"box":{"x":533,"y":635,"width":409,"height":9}},{"id":"1f072797-d7b0-452b-a49c-77c6ebac04a7","block_type":"box","text":"Average Annual Total Returns (%)","page_number":42,"box":{"x":372,"y":748,"width":251,"height":11}},{"id":"d3d40997-5002-4bca-804e-c42df0909899","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":42,"box":{"x":340,"y":762,"width":315,"height":10}},{"id":"baad3ce7-cf41-494c-a259-a4691e4abfa0","block_type":"box","text":"One Year Five Years Ten Years","page_number":42,"box":{"x":670,"y":778,"width":268,"height":8}},{"id":"fbeffd87-7646-4bbf-9097-7ae716eaa418","block_type":"box","text":"Fund Inception: 5/1/2007","page_number":42,"box":{"x":58,"y":794,"width":171,"height":9}},{"id":"3f14ab17-f225-4697-8e6d-141cdb39f900","block_type":"box","text":"Return Before Taxes","page_number":42,"box":{"x":58,"y":805,"width":125,"height":8}},{"id":"e3849897-c027-4804-a1e7-fd813bcb287f","block_type":"box","text":"4.80% 6.82% 6.07%","page_number":42,"box":{"x":689,"y":805,"width":250,"height":8}},{"id":"53607834-5664-46bf-a840-a4215196e96c","block_type":"box","text":"Return After Taxes on Distributions 3.82% 5.84% 4.81%","page_number":42,"box":{"x":58,"y":817,"width":881,"height":7}},{"id":"6260b04e-c6b8-4e5d-bedb-458fe2bdbbcc","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 3.01% 4.98% 4.26%","page_number":42,"box":{"x":58,"y":829,"width":881,"height":7}},{"id":"891c762b-2c66-4287-97bd-506fd2470114","block_type":"box","text":"Russell 3000 Index","page_number":42,"box":{"x":58,"y":840,"width":123,"height":8}},{"id":"6592c6e1-e2bb-43ca-a800-3278bdb218c0","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.15% 13.15% 14.29%","page_number":42,"box":{"x":185,"y":840,"width":754,"height":9}},{"id":"819615d8-f589-4f8e-ab17-80db8c081e2e","block_type":"box","text":"FTSE Nareit All Residential Capped Index","page_number":42,"box":{"x":58,"y":852,"width":270,"height":9}},{"id":"4898c3df-e7a1-44f4-9848-f59c2fae6446","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":42,"box":{"x":332,"y":852,"width":268,"height":9}},{"id":"9dc646e5-6e01-402a-9aa1-06626eefab76","block_type":"box","text":"expenses or taxes)","page_number":42,"box":{"x":71,"y":865,"width":115,"height":9}},{"id":"4eb00a97-2178-4ca7-81e4-81778653b33f","block_type":"box","text":"5.30% 7.32% 6.49%","page_number":42,"box":{"x":690,"y":865,"width":249,"height":7}},{"id":"f9b966fd-4e90-47c4-9316-842d900f8a40","block_type":"box","text":"S-37","page_number":42,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"dd576d15-c748-4124-8bd7-5bf3d273d508","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":43,"box":{"x":52,"y":54,"width":857,"height":11}},{"id":"c7249541-8577-440b-9c80-90edb9fb964d","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":43,"box":{"x":53,"y":68,"width":865,"height":11}},{"id":"5b5eec90-3288-4a4c-b354-322fd141f6b1","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":43,"box":{"x":53,"y":83,"width":847,"height":10}},{"id":"e059af56-5a7d-4fbc-b728-d8b80fa4f7cd","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":43,"box":{"x":52,"y":96,"width":857,"height":12}},{"id":"b9ad9751-433b-4e33-9056-05fade21f42f","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":43,"box":{"x":53,"y":111,"width":877,"height":11}},{"id":"bbaa8186-2b5e-41b2-9733-9be1e2b1b83c","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":43,"box":{"x":52,"y":125,"width":836,"height":11}},{"id":"298b6ac0-e06f-4355-b344-35a22ae505bb","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":43,"box":{"x":53,"y":139,"width":886,"height":11}},{"id":"3c97067e-2d5c-447c-9c9f-5bf9d658b305","block_type":"box","text":"on distributions.","page_number":43,"box":{"x":53,"y":154,"width":114,"height":8}},{"id":"79b0007a-1450-4de8-9d90-280031e6689c","block_type":"box","text":"Management","page_number":43,"box":{"x":54,"y":183,"width":119,"height":13}},{"id":"983e11f2-8c6a-4997-8c5e-cf515be35545","block_type":"box","text":"Investment Adviser.","page_number":43,"box":{"x":53,"y":207,"width":145,"height":9}},{"id":"27754673-00ab-40dc-8091-13b7038f4584","block_type":"box","text":"BlackRock Fund Advisors.","page_number":43,"box":{"x":204,"y":208,"width":180,"height":8}},{"id":"b4e015e3-c40f-4b5f-92a3-531e9b33317b","block_type":"box","text":"Portfolio Managers.","page_number":43,"box":{"x":53,"y":231,"width":146,"height":11}},{"id":"962e0fcf-fc25-4808-937a-60619e7d22fa","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":43,"box":{"x":203,"y":231,"width":679,"height":11}},{"id":"3a3b117c-14db-4d9f-9a8e-b4f7e05a0ded","block_type":"box","text":"management of the Fund:","page_number":43,"box":{"x":53,"y":245,"width":182,"height":11}},{"id":"a79ead9b-bf54-44d2-b0fa-ae00239552b8","block_type":"box","text":"Portfolio Manager","page_number":43,"box":{"x":58,"y":281,"width":119,"height":9}},{"id":"34302ca5-534e-424e-abe7-f6c2ae09c07c","block_type":"box","text":"Portfolio Manager of the","page_number":43,"box":{"x":411,"y":268,"width":160,"height":9}},{"id":"54ea4914-ad93-48e4-a6f2-0e4b310469e3","block_type":"box","text":"Fund Since","page_number":43,"box":{"x":455,"y":281,"width":72,"height":7}},{"id":"07ced9f6-f593-4cb8-855e-4cf3c5eaa094","block_type":"box","text":"Title with Investment","page_number":43,"box":{"x":804,"y":268,"width":140,"height":7}},{"id":"71150112-1515-4552-9926-5b9fdfd0c526","block_type":"box","text":"Adviser","page_number":43,"box":{"x":849,"y":281,"width":49,"height":7}},{"id":"68d252e4-79f0-43a6-a396-615c2e3086b2","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":43,"box":{"x":57,"y":296,"width":876,"height":10}},{"id":"1ebfcce2-c10d-470e-a641-84cfdd288815","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":43,"box":{"x":58,"y":312,"width":875,"height":9}},{"id":"2512d46b-e256-40da-a4e7-884499a121d2","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":43,"box":{"x":58,"y":327,"width":875,"height":10}},{"id":"f8d55dc5-ca15-4370-bf5b-1ae4d4b60c9f","block_type":"box","text":"Steven White 2025 Managing Director","page_number":43,"box":{"x":57,"y":343,"width":876,"height":9}},{"id":"5a559dad-d3e4-4c56-9d67-fbf1bb4c6a57","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":43,"box":{"x":54,"y":378,"width":304,"height":10}},{"id":"120e514f-76bc-4d38-b62a-e9973b51c1cf","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":43,"box":{"x":52,"y":403,"width":878,"height":11}},{"id":"5de2bd71-1358-4ef6-8ff4-b80c4b29856a","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":43,"box":{"x":53,"y":417,"width":855,"height":11}},{"id":"7bbc48af-d23e-4d64-98c7-64340aa8acdb","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":43,"box":{"x":52,"y":431,"width":817,"height":11}},{"id":"5c1f0547-6501-46c2-aa72-b9504df12bb9","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":43,"box":{"x":53,"y":445,"width":878,"height":11}},{"id":"ab00eb9b-ceba-470f-bace-60aeb2e443e8","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":43,"box":{"x":53,"y":460,"width":861,"height":10}},{"id":"fee4ff74-9dd0-4c94-bb4c-395679f42f21","block_type":"box","text":"(the “bid-ask spread”).","page_number":43,"box":{"x":53,"y":474,"width":156,"height":10}},{"id":"5895bb9e-4042-468e-ad83-1cac380d5936","block_type":"box","text":"Tax Information","page_number":43,"box":{"x":52,"y":503,"width":144,"height":10}},{"id":"266b464a-1e0d-43ca-90e1-1ef8ebc22b2a","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":43,"box":{"x":52,"y":528,"width":831,"height":11}},{"id":"a02bf73b-f432-4e88-a136-09ed6d833c6c","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":43,"box":{"x":53,"y":542,"width":883,"height":11}},{"id":"e78ec50f-5e55-4540-9d79-e3729615cc5e","block_type":"box","text":"be taxed when withdrawn.","page_number":43,"box":{"x":53,"y":556,"width":182,"height":9}},{"id":"4ca30e91-e841-4062-81ac-37b16dee0911","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":43,"box":{"x":54,"y":585,"width":575,"height":14}},{"id":"d10547f2-bd92-429a-a674-bdb4501ce149","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":43,"box":{"x":53,"y":610,"width":855,"height":11}},{"id":"1ec3f219-d58b-4778-ad95-3d19f9a7be79","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":43,"box":{"x":53,"y":625,"width":843,"height":10}},{"id":"341ae176-2298-4688-b18c-b39932276590","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":43,"box":{"x":53,"y":639,"width":820,"height":11}},{"id":"75d06598-e2a9-4750-806f-3fc46e11e490","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":43,"box":{"x":53,"y":653,"width":801,"height":11}},{"id":"8ba3c587-76cb-4943-8ab2-f514848e406f","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":43,"box":{"x":53,"y":667,"width":841,"height":11}},{"id":"d9629877-bbe6-4908-af81-e8a7cc6701c8","block_type":"box","text":"financial intermediary’s website for more information.","page_number":43,"box":{"x":52,"y":681,"width":380,"height":11}},{"id":"009da018-21e2-4a4e-ba66-583eaaff470a","block_type":"box","text":"S-38","page_number":43,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"9a9541be-018a-4f61-bcbd-d2ec95e32e25","block_type":"box","text":"iShares Semiconductor ETF","page_number":44,"box":{"x":53,"y":47,"width":386,"height":16}},{"id":"953d460d-7811-421f-9e94-588d4274747a","block_type":"box","text":"SOXX | Nasdaq","page_number":44,"box":{"x":53,"y":70,"width":207,"height":21}},{"id":"15ad90e9-e3e2-495d-a110-96887b01ebf3","block_type":"box","text":"Investment Objective","page_number":44,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"700c7d4e-c7b5-4300-8fba-4d37280d5e55","block_type":"box","text":"The iShares Semiconductor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.-listed","page_number":44,"box":{"x":52,"y":134,"width":833,"height":11}},{"id":"bf557528-d0f0-402d-a54e-9923d3f65996","block_type":"box","text":"equities in the semiconductor sector.","page_number":44,"box":{"x":53,"y":148,"width":260,"height":11}},{"id":"1fad20bd-de6d-4edc-8800-c420daf681b1","block_type":"box","text":"Fees and Expenses","page_number":44,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"4f7a69f2-1cd3-4535-8a49-875971480464","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":44,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"4bef3185-c510-4bb2-ac81-af4b8f36e4d9","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":44,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"29a1efd7-84d8-48e5-91e3-9fbd29de9bb4","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":44,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"a10c7282-806a-42a4-b2b7-1e6393e8bc5b","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":44,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"5fb07272-0b39-4ab5-9662-b17dee4ca83a","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":44,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"7bdd85c4-54d5-459c-b898-ec8cb5bf5b8b","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":44,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"4875bc5f-d9a0-411b-9772-94053f157763","block_type":"box","text":"extraordinary expenses.","page_number":44,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"44cd9393-3bbb-41b7-a0c5-0be7bdcf8af8","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":44,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"f76cc37e-2463-427a-9f37-8c232c6c9839","block_type":"box","text":"reflected in the table and example below.","page_number":44,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"21239370-8459-4804-be28-47080ed16c5e","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":44,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"4bc1e9cc-f8db-4d2a-becd-2d2f57ced3fc","block_type":"box","text":"1","page_number":44,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"a3ee38c9-7397-4458-a56d-16bafc034f34","block_type":"box","text":"Management Fee","page_number":44,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"fd0b78bb-57e7-44b1-8252-6233778005c9","block_type":"box","text":"0.33%","page_number":44,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"bcc3af5e-a22f-48dc-bb54-cd9ec17f9403","block_type":"box","text":"Other Expenses","page_number":44,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"3f65fa1d-f9b8-4974-b09f-8c94f2a7686f","block_type":"box","text":"0.00%","page_number":44,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"9e4bb3f5-dbca-4bc7-8d96-4d41758eeb13","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":44,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"842fd7ac-23a1-45d1-a9cc-9d258600e3d5","block_type":"box","text":"0.33%","page_number":44,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"56078ad6-204e-4693-b1bc-818bdf8000ad","block_type":"box","text":"1","page_number":44,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"c83b2665-8ca1-4390-979c-fe0e3cb7d06f","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":44,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"66876714-0fa8-4686-926a-134f36a67245","block_type":"box","text":"Example.","page_number":44,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"c13dcdee-c9aa-445e-bd18-706ba4a9ec4c","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":44,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"85257a9e-e43f-4b76-bbea-b4b560cf7ff6","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":44,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"70089f6d-5802-467d-9eca-228d53d51328","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":44,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"99235b76-67dc-4654-8a38-afa924c2c9f2","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":44,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"925b8bc5-46bf-4adc-89ac-aff0b7042c5c","block_type":"box","text":"your costs would be:","page_number":44,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"8a3b97da-df07-4e46-b662-0db018acfc77","block_type":"box","text":"Expense Example","page_number":44,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"73dd5691-5abe-40ac-a0e1-611202de9b56","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":44,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"4f0ab4ba-427d-4c75-b7ec-4a30fe9ba794","block_type":"box","text":"Example Fund Costs","page_number":44,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"b1c11ead-5e30-4ca8-91e9-b12b03405511","block_type":"box","text":"$34 $106 $185 $418","page_number":44,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"5eb0e875-2736-456a-af6a-92bcfc8f0633","block_type":"box","text":"Portfolio Turnover.","page_number":44,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"bcccd98c-995f-4e51-bc95-cc32b34a01c9","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":44,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"1ba708fa-7cc3-4a1e-ab25-16328cb4aad4","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":44,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"9bc08440-4b12-4fe8-9f63-3b561943c56e","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":44,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"00d977ee-8ccf-4003-80ce-49ab2b062c40","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 33% of","page_number":44,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"4951446d-4187-4e83-a0c1-a29f58fcb37e","block_type":"box","text":"the average value of its portfolio.","page_number":44,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"a6c675d3-6dea-493c-94f1-69dbc2b8bb65","block_type":"box","text":"Principal Investment Strategies","page_number":44,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"064acb9e-b1c0-4f59-92e9-63352a8de17f","block_type":"box","text":"The Fund seeks to track the investment results of the NYSE Semiconductor Index (the “Underlying Index”), which measures","page_number":44,"box":{"x":52,"y":682,"width":871,"height":11}},{"id":"dc7e243c-d34b-468b-89a8-166035e54517","block_type":"box","text":"the performance of the equity securities of the 30 largest U.S.-listed companies that are classified according to the ICE","page_number":44,"box":{"x":52,"y":697,"width":840,"height":11}},{"id":"f0263af8-2836-4908-b0a3-7a7813726ad1","block_type":"box","text":"Uniform Sector Classification schema within the semiconductors industry (as determined by ICE Data Indices, LLC or its","page_number":44,"box":{"x":53,"y":711,"width":851,"height":11}},{"id":"b858d52b-2360-4c79-be6e-1f94ad9bed60","block_type":"box","text":"affiliates (collectively “Index Provider” or “IDI”)). Constituents must also meet other eligibility criteria determined by the Index","page_number":44,"box":{"x":53,"y":725,"width":883,"height":11}},{"id":"92687578-648d-4e1c-869a-20868e294930","block_type":"box","text":"Provider, including minimum market capitalization and liquidity requirements. Companies classified within the","page_number":44,"box":{"x":53,"y":739,"width":783,"height":11}},{"id":"e6a5d603-4b2b-4153-8339-201baba1ad89","block_type":"box","text":"semiconductors industry include companies that either manufacture materials that have electrical conductivity","page_number":44,"box":{"x":52,"y":754,"width":791,"height":10}},{"id":"728db79e-ad37-48aa-bf24-fccbc34c8884","block_type":"box","text":"(semiconductors) to be used in electronic applications or utilize LED and OLED technology. The semiconductors industry","page_number":44,"box":{"x":53,"y":768,"width":859,"height":11}},{"id":"3e4efb07-2e03-41f2-ac12-ae674d176096","block_type":"box","text":"also includes companies that provide services or equipment associated with semiconductors such as packaging and testing.","page_number":44,"box":{"x":53,"y":782,"width":881,"height":11}},{"id":"363609a1-937a-4368-acbc-e7d5c850188f","block_type":"box","text":"The Underlying Index may include large- and mid-capitalization companies. As of March 31, 2026, a significant portion of the","page_number":44,"box":{"x":52,"y":796,"width":889,"height":11}},{"id":"86802ed0-b0e3-48b3-8854-a5907fdbd698","block_type":"box","text":"Underlying Index was represented by securities of companies in the semiconductor and technology industries or sectors. The","page_number":44,"box":{"x":53,"y":810,"width":884,"height":11}},{"id":"53c59aba-b978-40a2-901e-3a8f362ae1e0","block_type":"box","text":"components of the Underlying Index are likely to change over time.","page_number":44,"box":{"x":53,"y":824,"width":471,"height":11}},{"id":"6699486f-7359-4148-91b6-07c0f2ddebe8","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":44,"box":{"x":52,"y":848,"width":853,"height":10}},{"id":"7a698e84-b52a-4654-9a8e-689c91486a42","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":44,"box":{"x":53,"y":862,"width":839,"height":11}},{"id":"8203c13f-e577-4c51-beec-d96e8bbca896","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":44,"box":{"x":53,"y":876,"width":868,"height":11}},{"id":"38c39350-1fda-4d3f-84c2-141086777743","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":44,"box":{"x":53,"y":890,"width":851,"height":11}},{"id":"ef1d1444-2a71-4627-91c7-6f91fad72e1a","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":44,"box":{"x":53,"y":904,"width":806,"height":11}},{"id":"7ce4bf55-b5e9-475b-8ae3-c86679771d49","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":44,"box":{"x":53,"y":918,"width":884,"height":11}},{"id":"5698ae6d-5504-47cb-9c69-3b5647fe8f10","block_type":"box","text":"S-39","page_number":44,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"7eee808c-0d0e-4b43-977b-eabcfb259cf2","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. 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Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":45,"box":{"x":53,"y":75,"width":867,"height":11}},{"id":"c9acef14-6f06-4315-81c8-eb063049764c","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":45,"box":{"x":52,"y":89,"width":869,"height":11}},{"id":"75af22e3-afbd-41ef-8a7d-19efe6d115bc","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":45,"box":{"x":52,"y":103,"width":863,"height":11}},{"id":"02a4f9f1-5074-4a62-bdf9-8f37d04c784d","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":45,"box":{"x":53,"y":117,"width":826,"height":11}},{"id":"472a0321-20c3-4405-84ce-572c46c18409","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":45,"box":{"x":53,"y":132,"width":405,"height":10}},{"id":"8dadfcfd-e8e5-47d7-83e1-7ee764426cde","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":45,"box":{"x":53,"y":155,"width":844,"height":11}},{"id":"7aeedc5b-73ff-408a-a506-3d76dc18809a","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":45,"box":{"x":53,"y":169,"width":860,"height":11}},{"id":"bbcaf20b-7a97-43bd-8b2a-c8afbf923fb2","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":45,"box":{"x":53,"y":183,"width":831,"height":11}},{"id":"2b9e1ddd-3e81-4059-8b62-c8d32c88d463","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":45,"box":{"x":53,"y":197,"width":817,"height":11}},{"id":"c0851d80-cf4e-45d2-9280-8dd181b0f9aa","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":45,"box":{"x":53,"y":211,"width":818,"height":11}},{"id":"f7a72695-8d2f-4444-b257-af8d4ff8cfff","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":45,"box":{"x":53,"y":225,"width":835,"height":11}},{"id":"3301f11d-9c93-412a-b41a-5271584c678e","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":45,"box":{"x":52,"y":249,"width":873,"height":11}},{"id":"78a96221-56b4-48fd-ac21-d4068365e2c4","block_type":"box","text":"collateral received).","page_number":45,"box":{"x":53,"y":263,"width":136,"height":9}},{"id":"1327be40-76c8-40d4-be9a-56640da85b34","block_type":"box","text":"The Underlying Index is sponsored by the Index Provider, which is independent of the Fund and BFA. The Index Provider","page_number":45,"box":{"x":52,"y":286,"width":845,"height":11}},{"id":"d62a98e5-01e0-4649-b3a5-47da800602eb","block_type":"box","text":"determines the composition and relative weightings of the components of the Underlying Index and publishes information","page_number":45,"box":{"x":53,"y":300,"width":866,"height":11}},{"id":"43e0aff6-ed9c-4255-a1ea-b1ccf92ed367","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":45,"box":{"x":53,"y":315,"width":363,"height":10}},{"id":"5062960b-c2a6-46ff-9c23-36629ffadd75","block_type":"box","text":"Industry Concentration Policy.","page_number":45,"box":{"x":53,"y":338,"width":224,"height":11}},{"id":"2adfb29f-a7dc-4e76-83f6-7c59dc8c41d9","block_type":"box","text":"The Fund will concentrate its investments (","page_number":45,"box":{"x":281,"y":338,"width":304,"height":9}},{"id":"7c16bd61-cf8b-4ae2-ab80-a66c9b6ff606","block_type":"box","text":"i.e.","page_number":45,"box":{"x":587,"y":338,"width":17,"height":8}},{"id":"f4db6166-0cf9-4516-a5a7-47fe1df2cafe","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":45,"box":{"x":606,"y":338,"width":292,"height":10}},{"id":"a7d37a27-53a7-4191-ab6e-01186d129a8f","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":45,"box":{"x":53,"y":352,"width":858,"height":11}},{"id":"97747c64-bb54-472c-8ce2-2cdda2a3d053","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":45,"box":{"x":53,"y":366,"width":868,"height":11}},{"id":"279cb286-69c0-4d11-ab4e-7cfc666d3e01","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":45,"box":{"x":53,"y":380,"width":826,"height":11}},{"id":"d04f359f-3b3d-4ebc-83c6-9d775ee4ef6b","block_type":"box","text":"Summary of Principal Risks","page_number":45,"box":{"x":52,"y":409,"width":248,"height":14}},{"id":"00b4f56e-aa59-4564-9bf5-b3108dffe96a","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":45,"box":{"x":52,"y":434,"width":881,"height":11}},{"id":"eb779cea-6b29-4e99-8aee-15f132a75b8b","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":45,"box":{"x":53,"y":449,"width":824,"height":10}},{"id":"02fd1de7-bf61-44c2-aceb-0e14f9177162","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":45,"box":{"x":53,"y":463,"width":807,"height":11}},{"id":"5b43dc5f-93d0-4c6d-ad18-c71a7a637219","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":45,"box":{"x":53,"y":477,"width":844,"height":11}},{"id":"cf895a21-8936-4abd-afa8-b2c3e5cc3c5b","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":45,"box":{"x":52,"y":491,"width":815,"height":11}},{"id":"dc3f065c-8b39-4e40-abf9-d4fea03328fc","block_type":"box","text":"Semiconductor Companies Risk.","page_number":45,"box":{"x":52,"y":514,"width":239,"height":11}},{"id":"67356fa5-8377-4153-9d2d-d1cc0c48be4f","block_type":"box","text":"The semiconductor industry is characterized by rapid technological change and product","page_number":45,"box":{"x":295,"y":515,"width":625,"height":10}},{"id":"fbdafede-b0d1-46b2-a502-68a40e05c0ca","block_type":"box","text":"obsolescence, cyclical market patterns, price erosion, periods of over-capacity and production shortages, variations in","page_number":45,"box":{"x":53,"y":529,"width":833,"height":10}},{"id":"7a7e59c9-b2c3-4b50-81c6-82918e353d46","block_type":"box","text":"manufacturing costs and yields, and significant expenditures for capital equipment and product development.","page_number":45,"box":{"x":53,"y":543,"width":781,"height":11}},{"id":"4ee98181-ed7b-4227-9eb2-b1a0a7cd2d12","block_type":"box","text":"Semiconductor companies depend significantly on third-party suppliers and the availability of raw materials and may be","page_number":45,"box":{"x":52,"y":557,"width":854,"height":11}},{"id":"835b522b-39bc-4f7d-9169-3552aad6307a","block_type":"box","text":"adversely affected by supply chain disruptions. They also may be adversely affected by the loss or impairment of intellectual","page_number":45,"box":{"x":53,"y":571,"width":874,"height":11}},{"id":"eefc4cbe-e699-4326-ba66-f0d72660cb79","block_type":"box","text":"property rights. Growing demand related to AI and other emerging technologies may contribute to increased competition,","page_number":45,"box":{"x":53,"y":585,"width":859,"height":11}},{"id":"2c5271dc-7175-4649-8de9-e41ce2200e42","block_type":"box","text":"capacity constraints and customer concentration.","page_number":45,"box":{"x":53,"y":600,"width":352,"height":10}},{"id":"2637da7b-ff38-439b-b92d-8a7de97d889e","block_type":"box","text":"Equity Securities Risk.","page_number":45,"box":{"x":53,"y":623,"width":164,"height":11}},{"id":"43604b47-84e8-48a8-86c5-c877e6f861dd","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":45,"box":{"x":223,"y":623,"width":709,"height":10}},{"id":"4c79ddff-1d22-418d-a198-eb2486422695","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":45,"box":{"x":53,"y":637,"width":889,"height":11}},{"id":"d205fe1a-fa2b-4981-b92b-3422fa79e11e","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":45,"box":{"x":53,"y":651,"width":880,"height":11}},{"id":"36b2ecdc-774e-4f51-978a-cbfe017f4c6d","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":45,"box":{"x":53,"y":665,"width":867,"height":11}},{"id":"435e3990-e357-4abe-a3ca-f1f4c809073c","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":45,"box":{"x":53,"y":679,"width":339,"height":11}},{"id":"15f3599b-c86b-4559-ad25-4ac947a81bae","block_type":"box","text":"Market Risk.","page_number":45,"box":{"x":53,"y":703,"width":91,"height":8}},{"id":"bf31620d-4567-4037-88ab-b3575396a64b","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":45,"box":{"x":148,"y":703,"width":768,"height":10}},{"id":"b93d3782-08d4-4ed4-8286-295d5b8d082b","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":45,"box":{"x":53,"y":717,"width":882,"height":11}},{"id":"f2a69f2d-6ae2-4646-a455-4494e8e84b03","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":45,"box":{"x":53,"y":731,"width":858,"height":11}},{"id":"7590a094-59ef-46ea-9012-01ad668e87f4","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":45,"box":{"x":53,"y":745,"width":875,"height":11}},{"id":"05a74bd1-0af4-47fa-b87b-74a9368bdbfa","block_type":"box","text":"Fund’s NAV.","page_number":45,"box":{"x":53,"y":759,"width":82,"height":9}},{"id":"22a37141-da69-456c-ab5a-16916ee689c1","block_type":"box","text":"Index-Related Risk.","page_number":45,"box":{"x":53,"y":782,"width":143,"height":9}},{"id":"2a15353b-69fc-41d1-84d8-d7187953b825","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":45,"box":{"x":201,"y":783,"width":742,"height":10}},{"id":"1f13b0a6-360f-4f4a-aeb4-d5f7ef50903f","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":45,"box":{"x":53,"y":797,"width":856,"height":11}},{"id":"8e463e59-d3ac-41c0-83dd-135a6ec6f68e","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":45,"box":{"x":53,"y":811,"width":852,"height":11}},{"id":"7404400e-6ea6-460f-b392-85628a86dd81","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":45,"box":{"x":53,"y":825,"width":876,"height":11}},{"id":"3ca1c9bd-e2fe-4b20-9ac2-0b4fc19e2481","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":45,"box":{"x":52,"y":839,"width":849,"height":11}},{"id":"ef990990-077f-4869-ab04-31549057459a","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":45,"box":{"x":53,"y":853,"width":849,"height":11}},{"id":"b5a612ef-6499-43ca-95fe-0fe21af778aa","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":45,"box":{"x":53,"y":868,"width":890,"height":10}},{"id":"9c359886-399c-404f-bbf1-e38c02fcdc0f","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":45,"box":{"x":53,"y":882,"width":853,"height":11}},{"id":"cfce316d-ce73-49a3-b6f2-edd5063fe93d","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":45,"box":{"x":53,"y":896,"width":539,"height":11}},{"id":"a1f7faa5-5256-4f45-8514-d01827f0c171","block_type":"box","text":"S-40","page_number":45,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"b7ebdb74-2749-4a7e-89fc-9b287317f2d2","block_type":"box","text":"Asset Class Risk.","page_number":46,"box":{"x":52,"y":46,"width":122,"height":9}},{"id":"5c32e357-dabe-4490-9cf8-b9e02c0c238a","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":46,"box":{"x":179,"y":46,"width":721,"height":11}},{"id":"2658bcb5-a81b-4df7-ab4a-cfe268cc6822","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":46,"box":{"x":53,"y":61,"width":774,"height":10}},{"id":"a0f581b9-7cf2-456d-b501-0554862e23cd","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":46,"box":{"x":52,"y":84,"width":318,"height":10}},{"id":"6c2e250f-5ee4-4c1e-9230-9144305c32f9","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":46,"box":{"x":374,"y":84,"width":531,"height":11}},{"id":"608e9a07-653d-44d8-ac62-ee51fa46aacf","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":46,"box":{"x":53,"y":98,"width":810,"height":11}},{"id":"efe97c07-7b9e-4be3-b0b3-b247ebe23b8f","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":46,"box":{"x":52,"y":112,"width":816,"height":11}},{"id":"3b199a3e-69fc-4f67-a0f6-1225fcd22a8f","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":46,"box":{"x":52,"y":127,"width":884,"height":10}},{"id":"8fa832bb-922e-4350-bbf6-3707f4c22e89","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":46,"box":{"x":53,"y":141,"width":871,"height":10}},{"id":"16cca2db-4a48-4c76-b92b-50cc862247ab","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":46,"box":{"x":53,"y":155,"width":846,"height":11}},{"id":"1ceaf3e5-a9a8-470c-82b0-984f4fb386c5","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":46,"box":{"x":52,"y":169,"width":881,"height":10}},{"id":"1926aa01-3e11-4724-b600-017c20d1e9dd","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":46,"box":{"x":53,"y":183,"width":853,"height":11}},{"id":"f1f5da58-1d6f-4dc5-9446-4332fae83702","block_type":"box","text":"halts or delisting.","page_number":46,"box":{"x":53,"y":197,"width":121,"height":11}},{"id":"d1a31c1d-84c0-4128-983f-a889e42f56bb","block_type":"box","text":"Concentration Risk.","page_number":46,"box":{"x":53,"y":220,"width":145,"height":9}},{"id":"7e6a26b1-ee21-4ed9-947d-12ea11fadbce","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":46,"box":{"x":202,"y":220,"width":711,"height":11}},{"id":"c953ba56-a079-481c-8249-4a6bbf77603f","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":46,"box":{"x":53,"y":235,"width":884,"height":9}},{"id":"d44a8083-1cfc-42ca-b7b1-a8a1b74820d7","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":46,"box":{"x":52,"y":249,"width":887,"height":11}},{"id":"8245abe8-0042-400b-8961-d39634ce0cf3","block_type":"box","text":"asset classes.","page_number":46,"box":{"x":53,"y":263,"width":95,"height":8}},{"id":"8a3ec9eb-aa45-48ef-92c0-90e93f60321d","block_type":"box","text":"Issuer Risk.","page_number":46,"box":{"x":53,"y":286,"width":83,"height":9}},{"id":"894e732a-6ad1-4d4e-8b7f-03f5f05a13d5","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":46,"box":{"x":140,"y":286,"width":780,"height":11}},{"id":"3b00a7f0-9155-4a0a-b455-c6a4c2a112b6","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":46,"box":{"x":53,"y":300,"width":886,"height":11}},{"id":"e0b90f25-3b1b-4c7b-870e-f8fd8c90319f","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":46,"box":{"x":52,"y":315,"width":576,"height":10}},{"id":"e1bdf47a-9b35-431d-bd28-f9bb7c7bc98d","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":46,"box":{"x":53,"y":338,"width":278,"height":11}},{"id":"55e3c333-17ae-448f-bd9b-e56354a50cb8","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":46,"box":{"x":337,"y":338,"width":540,"height":11}},{"id":"8ac111ac-0404-4b33-be99-ea6322a4fd0a","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":46,"box":{"x":53,"y":352,"width":890,"height":11}},{"id":"fc2c59e2-14fe-466a-8154-9ec1c040b76e","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":46,"box":{"x":53,"y":366,"width":868,"height":11}},{"id":"8a59c7de-8ec6-495a-b424-1de77c8b5d0e","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":46,"box":{"x":53,"y":380,"width":709,"height":11}},{"id":"a9a43fe4-f766-461d-be5b-7c6587d34315","block_type":"box","text":"Management Risk.","page_number":46,"box":{"x":53,"y":403,"width":137,"height":11}},{"id":"58749a83-9a7f-45d5-a181-ac1380290ef2","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":46,"box":{"x":194,"y":403,"width":711,"height":11}},{"id":"ce89c04f-ad5d-4b6a-a246-67707df34cd9","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":46,"box":{"x":53,"y":418,"width":877,"height":11}},{"id":"efec8462-ee47-41f5-b94d-01798e889125","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":46,"box":{"x":53,"y":432,"width":859,"height":11}},{"id":"c30d7a76-eb1a-4b11-b0dd-4a2bb826b1ba","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":46,"box":{"x":52,"y":446,"width":848,"height":11}},{"id":"6cc878e2-f137-40d3-8f72-ad3e916e628e","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":46,"box":{"x":53,"y":460,"width":756,"height":11}},{"id":"5728c11b-2d01-407e-8885-d9be0f2caa3d","block_type":"box","text":"Market Trading Risk.","page_number":46,"box":{"x":53,"y":483,"width":152,"height":11}},{"id":"423ada53-a9ea-47b6-9333-8ca738ab336e","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":46,"box":{"x":209,"y":483,"width":694,"height":11}},{"id":"069628f5-49d3-46bc-bc45-f6ab03ca432f","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":46,"box":{"x":53,"y":498,"width":841,"height":10}},{"id":"061afe74-5a42-47e3-a846-f37ca72701d5","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":46,"box":{"x":53,"y":512,"width":887,"height":11}},{"id":"29986892-120b-466d-8614-11392ac2d450","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":46,"box":{"x":52,"y":526,"width":839,"height":11}},{"id":"9f5269ee-0784-4126-acbf-13b9bb6a2830","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":46,"box":{"x":53,"y":540,"width":866,"height":11}},{"id":"4f406bf4-d7bd-488a-b83a-c566d133331c","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":46,"box":{"x":52,"y":554,"width":885,"height":11}},{"id":"d6ad0bea-e1df-4785-8a58-5a8d9722ff26","block_type":"box","text":"of the Fund shares.","page_number":46,"box":{"x":53,"y":569,"width":134,"height":8}},{"id":"8769f059-448e-49bb-8a62-f5c6373ad5c5","block_type":"box","text":"Non-Diversification Risk.","page_number":46,"box":{"x":53,"y":592,"width":184,"height":8}},{"id":"575d63bd-cacb-4a69-8971-4e485d9b9a8d","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":46,"box":{"x":242,"y":592,"width":633,"height":10}},{"id":"d6b3d7d9-e1b4-4ba7-b29c-25f335ad2f9f","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":46,"box":{"x":53,"y":606,"width":802,"height":11}},{"id":"70a934ef-8e1f-46d7-aa82-140ae9500e74","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":46,"box":{"x":53,"y":620,"width":888,"height":11}},{"id":"fb0532a9-d390-41a4-9eb3-feba6a86e43a","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":46,"box":{"x":53,"y":634,"width":876,"height":11}},{"id":"160fb916-33d8-4686-a9aa-48b75faea4a4","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":46,"box":{"x":53,"y":648,"width":696,"height":11}},{"id":"9ab0dc1e-03fb-47ad-a691-8a8b62fdcd3f","block_type":"box","text":"Operational and Technology Risks.","page_number":46,"box":{"x":53,"y":672,"width":254,"height":11}},{"id":"9d2f8f63-57c3-4d7d-b4c7-16972e106be8","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":46,"box":{"x":312,"y":672,"width":581,"height":10}},{"id":"0a86048d-6277-41ab-9408-63ac12ab1ad5","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":46,"box":{"x":53,"y":686,"width":876,"height":11}},{"id":"c1becf40-a7df-47c1-82dd-138b998243ac","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":46,"box":{"x":53,"y":700,"width":879,"height":11}},{"id":"93ccbec0-33e4-43cf-b23a-ecd7de2e144e","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":46,"box":{"x":53,"y":714,"width":825,"height":11}},{"id":"bc5bc335-93e7-466c-972f-d5bd16556bf9","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":46,"box":{"x":53,"y":728,"width":862,"height":11}},{"id":"b795b246-8bd8-4285-a98f-52fb6088522c","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":46,"box":{"x":53,"y":743,"width":872,"height":10}},{"id":"740317d8-8adf-4a21-aa3c-1ee078550e0d","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":46,"box":{"x":53,"y":757,"width":824,"height":11}},{"id":"e1e50747-e738-4c98-b82b-01643d8d7561","block_type":"box","text":"Risk of Investing in the U.S.","page_number":46,"box":{"x":53,"y":780,"width":200,"height":11}},{"id":"a0efbf70-1adf-41ed-970d-19da267b042b","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":46,"box":{"x":259,"y":780,"width":663,"height":11}},{"id":"e22772bc-54eb-450e-b878-ec4098640641","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":46,"box":{"x":53,"y":794,"width":877,"height":11}},{"id":"afafec50-ac2f-4278-a3ee-51b2a5cb5c3b","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":46,"box":{"x":53,"y":808,"width":470,"height":11}},{"id":"8c439704-6aa9-4bba-893d-8e96989dec98","block_type":"box","text":"Securities Lending Risk.","page_number":46,"box":{"x":52,"y":831,"width":178,"height":11}},{"id":"4d5dbfe9-e6e1-4add-bc55-6a20cf30b5be","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":46,"box":{"x":234,"y":832,"width":692,"height":10}},{"id":"530feb75-bb74-4af4-8b23-585cb5154615","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":46,"box":{"x":53,"y":846,"width":870,"height":11}},{"id":"5e692697-7b10-4c71-9698-3181bb54101a","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":46,"box":{"x":53,"y":860,"width":886,"height":11}},{"id":"2790dcb1-25bb-4eea-bcf0-fd6bbe344114","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":46,"box":{"x":53,"y":874,"width":831,"height":11}},{"id":"97658611-c586-47e1-b51e-4eb690c216bf","block_type":"box","text":"S-41","page_number":46,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"0ebe556c-1636-4416-b9e9-b6b9cb863639","block_type":"box","text":"Technology Companies Risk.","page_number":47,"box":{"x":52,"y":46,"width":211,"height":11}},{"id":"c92da4e6-fdb7-4deb-85e1-7a79bba80652","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":47,"box":{"x":267,"y":47,"width":657,"height":10}},{"id":"7f4a2352-f9a4-4ad1-8fde-e7d5074af3eb","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":47,"box":{"x":53,"y":61,"width":849,"height":10}},{"id":"1085442b-f1c2-4dca-9d78-538c9ad33987","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":47,"box":{"x":53,"y":75,"width":887,"height":11}},{"id":"186003a9-6038-4662-8c2c-2d2a9c66f12b","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":47,"box":{"x":53,"y":89,"width":883,"height":11}},{"id":"95707f28-03eb-42da-b95b-76a86987a673","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":47,"box":{"x":52,"y":103,"width":839,"height":11}},{"id":"2b9f8b87-9dfb-400e-a62e-bf54f3aa6003","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":47,"box":{"x":53,"y":117,"width":870,"height":11}},{"id":"3509423d-017a-42fb-a938-126bccf47e54","block_type":"box","text":"government or legal action.","page_number":47,"box":{"x":53,"y":132,"width":192,"height":10}},{"id":"69f69c6f-b098-41b4-964f-fed94549018b","block_type":"box","text":"Tracking Error Risk.","page_number":47,"box":{"x":52,"y":155,"width":145,"height":11}},{"id":"b1b280f0-ada5-4bce-b754-0a3e8911b416","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":47,"box":{"x":201,"y":155,"width":741,"height":11}},{"id":"abe6ea02-7001-4cfe-808b-c4e8bf4e9a44","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":47,"box":{"x":53,"y":169,"width":861,"height":11}},{"id":"69dfffd4-d755-475a-96fb-14c1ed2c01a2","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":47,"box":{"x":53,"y":183,"width":832,"height":11}},{"id":"ab9b15cd-07d1-4946-898d-d833c1a05667","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":47,"box":{"x":53,"y":197,"width":880,"height":11}},{"id":"7b04281f-ba09-45f8-b7dd-edbcdbd4799e","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":47,"box":{"x":53,"y":211,"width":831,"height":11}},{"id":"a11a6112-3555-450a-bec0-dd0585fe34cc","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":47,"box":{"x":52,"y":226,"width":828,"height":10}},{"id":"fd1a37e9-dcd0-441c-aa3d-43061ce0651b","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":47,"box":{"x":53,"y":240,"width":873,"height":11}},{"id":"542bf45d-ea04-459c-a74d-6e979b84adcf","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":47,"box":{"x":53,"y":254,"width":889,"height":11}},{"id":"f10a7c52-44c0-4aea-a520-62959d607394","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":47,"box":{"x":53,"y":268,"width":852,"height":11}},{"id":"1d360e05-073d-4eb8-9f92-e59511c7d1c0","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":47,"box":{"x":53,"y":282,"width":886,"height":11}},{"id":"b61fa624-0af1-4252-a9d3-667cda97c6d0","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":47,"box":{"x":53,"y":297,"width":873,"height":10}},{"id":"dc075e67-059b-46d3-abdd-5c0cba2856e6","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":47,"box":{"x":53,"y":311,"width":724,"height":11}},{"id":"0a814bf1-a36d-40af-b79d-829be38c6d49","block_type":"box","text":"Performance Information","page_number":47,"box":{"x":54,"y":340,"width":228,"height":10}},{"id":"ed96cca4-4d96-4a6e-9897-659400ab48cb","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":47,"box":{"x":52,"y":365,"width":864,"height":10}},{"id":"7678ea7c-6907-447a-8542-8be59d814932","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":47,"box":{"x":52,"y":379,"width":872,"height":11}},{"id":"ead2ef33-b939-4d0b-9b4b-be39d8116a63","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":47,"box":{"x":53,"y":393,"width":868,"height":11}},{"id":"48461bae-bf6c-4ed3-af23-ad162006aa59","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":47,"box":{"x":53,"y":407,"width":838,"height":11}},{"id":"527e7418-9984-4dce-a133-ba54d1cd0b40","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":47,"box":{"x":53,"y":421,"width":868,"height":11}},{"id":"8feb436b-5f2a-4a9f-8d56-efec98225e05","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":47,"box":{"x":53,"y":436,"width":832,"height":11}},{"id":"8abd0f07-f35f-4128-863e-6489942c9b09","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":47,"box":{"x":53,"y":450,"width":842,"height":11}},{"id":"96d581ef-4590-4111-ae90-2b5f91115001","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":47,"box":{"x":52,"y":464,"width":531,"height":11}},{"id":"52389751-00b2-4d54-80ba-530636c4362b","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":47,"box":{"x":135,"y":488,"width":260,"height":11}},{"id":"5d0597f6-6b0a-44a6-abbe-e81d0b2aecb8","block_type":"box","text":"38.41","page_number":47,"box":{"x":85,"y":560,"width":25,"height":6}},{"id":"8459de7a-73c1-4b69-9d24-b32aa05994ae","block_type":"box","text":"39.83","page_number":47,"box":{"x":122,"y":559,"width":27,"height":6}},{"id":"b1ebf883-274c-492a-8d84-ee269052cd0f","block_type":"box","text":"-6.47","page_number":47,"box":{"x":161,"y":605,"width":23,"height":6}},{"id":"a845e7c3-ea62-4828-a729-6d1de809478c","block_type":"box","text":"62.38","page_number":47,"box":{"x":197,"y":544,"width":26,"height":6}},{"id":"bf7f9291-3a1f-4e27-8cf7-cb5c1d626dc8","block_type":"box","text":"52.93","page_number":47,"box":{"x":234,"y":550,"width":26,"height":6}},{"id":"41a3cbec-3c39-4263-82de-2141130791a0","block_type":"box","text":"44.00","page_number":47,"box":{"x":270,"y":556,"width":27,"height":6}},{"id":"ee793fb6-0146-46f6-970f-6bfe3ab5d595","block_type":"box","text":"-35.03","page_number":47,"box":{"x":306,"y":624,"width":30,"height":6}},{"id":"8e67e723-3c2e-4850-ace2-da56ccb1bf09","block_type":"box","text":"66.90","page_number":47,"box":{"x":345,"y":541,"width":26,"height":6}},{"id":"56b00337-6ba0-4744-98d4-8170ada96f06","block_type":"box","text":"12.97","page_number":47,"box":{"x":383,"y":577,"width":25,"height":6}},{"id":"8ddf2f13-7928-4260-8105-36255b9882eb","block_type":"box","text":"40.71","page_number":47,"box":{"x":418,"y":558,"width":26,"height":6}},{"id":"69e463be-eb2c-4ad3-b56e-a45a00190813","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":47,"box":{"x":87,"y":643,"width":356,"height":6}},{"id":"864e32a5-67b2-4e0f-8555-7e9ab8d8885b","block_type":"box","text":"Return (%) Period Ended","page_number":47,"box":{"x":770,"y":504,"width":171,"height":9}},{"id":"c417c44b-6b87-4ea2-8f25-f81b4c420f35","block_type":"box","text":"Calendar Year-to-Date Return","page_number":47,"box":{"x":520,"y":522,"width":197,"height":7}},{"id":"dcdf264f-8eb4-467d-b498-973c95ed9426","block_type":"box","text":"113.00% June 30, 2026","page_number":47,"box":{"x":777,"y":522,"width":165,"height":8}},{"id":"29f506da-913c-493c-a7d8-5917c9fbee3c","block_type":"box","text":"During the periods shown in the chart:","page_number":47,"box":{"x":520,"y":535,"width":250,"height":9}},{"id":"31db56d2-a3b8-4982-a9dd-d7e95222038b","block_type":"box","text":"Best Quarter 32.60% June 30, 2020","page_number":47,"box":{"x":534,"y":548,"width":408,"height":8}},{"id":"dbd75bee-1f36-480b-9928-ed19394cdc8d","block_type":"box","text":"Worst Quarter -25.81% June 30, 2022","page_number":47,"box":{"x":533,"y":560,"width":409,"height":9}},{"id":"68c0e7d7-69fb-43b5-a7f5-563241ccdd24","block_type":"box","text":"Average Annual Total Returns (%)","page_number":47,"box":{"x":372,"y":673,"width":251,"height":11}},{"id":"c1fea190-c49a-486c-98bd-19f543404301","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":47,"box":{"x":340,"y":687,"width":315,"height":11}},{"id":"486c32dc-3267-4c60-a521-84209f4c2391","block_type":"box","text":"One Year Five Years Ten Years","page_number":47,"box":{"x":670,"y":703,"width":268,"height":8}},{"id":"267f0f9a-425b-4a92-b9e1-69ab6821fc8e","block_type":"box","text":"Fund Inception: 07/10/2001","page_number":47,"box":{"x":58,"y":719,"width":187,"height":9}},{"id":"6fab1bdd-51fc-4ca8-973f-38157fd4c813","block_type":"box","text":"Return Before Taxes","page_number":47,"box":{"x":58,"y":731,"width":125,"height":7}},{"id":"7ef6c899-2913-4161-84f5-6cede97b0f3d","block_type":"box","text":"40.71% 19.94% 27.28%","page_number":47,"box":{"x":681,"y":731,"width":258,"height":7}},{"id":"130247cf-aa3f-42f1-97d4-20a6ac4f1212","block_type":"box","text":"Return After Taxes on Distributions 40.47% 19.70% 26.96%","page_number":47,"box":{"x":58,"y":742,"width":881,"height":8}},{"id":"1717658f-3068-497b-b334-9a34974d2408","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 24.21% 16.23% 24.01%","page_number":47,"box":{"x":58,"y":754,"width":881,"height":7}},{"id":"3ee1237b-92de-4e49-a4ff-434e3ad95f3d","block_type":"box","text":"MSCI USA Index","page_number":47,"box":{"x":58,"y":765,"width":106,"height":8}},{"id":"4cf7d97d-419b-46c7-920d-8ed517a448a5","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.75% 13.87% 14.79%","page_number":47,"box":{"x":168,"y":765,"width":771,"height":10}},{"id":"56762c94-8dbc-44fd-bdb3-d8d8a2d180d2","block_type":"box","text":"NYSE Semiconductor Index (Spliced)","page_number":47,"box":{"x":58,"y":777,"width":242,"height":9}},{"id":"32136d65-e648-4373-82e1-386141362bf3","block_type":"box","text":"1","page_number":47,"box":{"x":301,"y":776,"width":5,"height":4}},{"id":"897c5637-d028-4c97-aa6f-c463a452773b","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":47,"box":{"x":310,"y":777,"width":331,"height":9}},{"id":"7689dde5-e0d7-4ae5-99e4-12227ac2f693","block_type":"box","text":"or taxes)","page_number":47,"box":{"x":71,"y":790,"width":53,"height":8}},{"id":"c114ce7b-e08a-4efe-95fa-40a496503e88","block_type":"box","text":"41.22% 20.44% 27.88%","page_number":47,"box":{"x":681,"y":790,"width":258,"height":7}},{"id":"4a2a2086-f846-4382-a548-0df92ac94dfe","block_type":"box","text":"1","page_number":47,"box":{"x":80,"y":809,"width":5,"height":4}},{"id":"8c2395fa-00bb-4444-84f0-29b38c7e45df","block_type":"box","text":"The NYSE Semiconductor Index (Spliced) reflects the performance of the PHLX Semiconductor Sector Index through June 20, 2021","page_number":47,"box":{"x":92,"y":810,"width":829,"height":9}},{"id":"80001186-62cd-47a3-8ff0-c60575a608b3","block_type":"box","text":"and the NYSE Semiconductor Index thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":47,"box":{"x":93,"y":820,"width":790,"height":10}},{"id":"b6cb929d-71c3-4bcb-8ee6-54504426f243","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":47,"box":{"x":52,"y":840,"width":857,"height":11}},{"id":"f18563e1-25ef-4e2e-9813-afc499a3d9e3","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":47,"box":{"x":53,"y":854,"width":865,"height":11}},{"id":"3ec4e480-8f22-45f6-b2bc-753110d84876","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":47,"box":{"x":53,"y":868,"width":847,"height":11}},{"id":"4d13affc-87f2-4523-9846-683558ee044a","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":47,"box":{"x":52,"y":882,"width":857,"height":11}},{"id":"603fa879-c731-4e71-9eed-6c1e70b164f3","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":47,"box":{"x":53,"y":897,"width":877,"height":10}},{"id":"08e264bd-e442-4e60-b029-93319a710b35","block_type":"box","text":"S-42","page_number":47,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"92a936b3-14b0-4364-9883-b033e83d45f1","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":48,"box":{"x":52,"y":46,"width":836,"height":11}},{"id":"e65c0da0-20d7-4394-8e21-5e5b74d86d55","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":48,"box":{"x":53,"y":61,"width":886,"height":10}},{"id":"6f5f207e-b568-4ac8-81b7-db58bc7af01d","block_type":"box","text":"on distributions.","page_number":48,"box":{"x":53,"y":75,"width":114,"height":8}},{"id":"a2f3054e-4aa3-495c-a63a-ae3dba977659","block_type":"box","text":"Management","page_number":48,"box":{"x":54,"y":104,"width":119,"height":13}},{"id":"1551c948-7ae7-4a27-a5be-860ca4845273","block_type":"box","text":"Investment Adviser.","page_number":48,"box":{"x":53,"y":129,"width":145,"height":8}},{"id":"925461d4-f96a-4599-a740-b4c7a7325425","block_type":"box","text":"BlackRock Fund Advisors.","page_number":48,"box":{"x":204,"y":129,"width":180,"height":8}},{"id":"1bdf1d92-35f9-4d95-bb10-1b6b88237d43","block_type":"box","text":"Portfolio Managers.","page_number":48,"box":{"x":53,"y":152,"width":146,"height":11}},{"id":"48925ae4-6788-4f36-b335-41bd8fcce803","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":48,"box":{"x":203,"y":152,"width":679,"height":11}},{"id":"dcac3b82-6a82-40bf-9c48-22be7a532d5a","block_type":"box","text":"management of the Fund:","page_number":48,"box":{"x":53,"y":166,"width":182,"height":11}},{"id":"82c93021-e7a7-4e1d-be2d-c898f935ad25","block_type":"box","text":"Portfolio Manager","page_number":48,"box":{"x":58,"y":202,"width":119,"height":10}},{"id":"1ff1c503-c420-40fe-aa79-fb1f5cfb7d6f","block_type":"box","text":"Portfolio Manager of the","page_number":48,"box":{"x":411,"y":189,"width":160,"height":10}},{"id":"b96911e0-55c3-4eca-81e2-71c24659052b","block_type":"box","text":"Fund Since","page_number":48,"box":{"x":455,"y":202,"width":72,"height":8}},{"id":"bf48cda5-8a43-4660-aeb3-4c1e1e8605cd","block_type":"box","text":"Title with Investment","page_number":48,"box":{"x":804,"y":189,"width":140,"height":8}},{"id":"62999fac-d642-4dff-afd7-bc382c8e6fb8","block_type":"box","text":"Adviser","page_number":48,"box":{"x":849,"y":202,"width":49,"height":8}},{"id":"c664e674-a9d4-4522-8b64-3b6fa5266c0f","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":48,"box":{"x":57,"y":218,"width":876,"height":9}},{"id":"bdf9537c-9461-4417-83e0-761e5111522d","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":48,"box":{"x":58,"y":233,"width":875,"height":10}},{"id":"82f702c8-7f75-48bf-9fcc-8b53651686f1","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":48,"box":{"x":58,"y":249,"width":875,"height":9}},{"id":"ad238b67-e2f2-4839-92c1-30d3e14d4b49","block_type":"box","text":"Steven White 2025 Managing Director","page_number":48,"box":{"x":57,"y":264,"width":876,"height":10}},{"id":"087ba5ce-d7d8-4e42-943d-fd99bbfbdc44","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":48,"box":{"x":54,"y":299,"width":304,"height":11}},{"id":"f3ad1cf6-6076-4be7-ba20-27857c553dc3","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":48,"box":{"x":52,"y":324,"width":878,"height":11}},{"id":"812db0d1-7e10-49eb-a00c-0d4f967e12c3","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":48,"box":{"x":53,"y":339,"width":855,"height":10}},{"id":"3beb0493-4726-48e2-9eaa-5cee96893f4f","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":48,"box":{"x":52,"y":353,"width":817,"height":10}},{"id":"96d710ea-9ab4-42f6-a022-f3f1b4adedac","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":48,"box":{"x":53,"y":367,"width":878,"height":11}},{"id":"e445316a-3248-494b-99d5-94ac91cfe386","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":48,"box":{"x":53,"y":381,"width":861,"height":11}},{"id":"285b991b-7c03-434f-ad89-e3f5515532e6","block_type":"box","text":"(the “bid-ask spread”).","page_number":48,"box":{"x":53,"y":395,"width":156,"height":11}},{"id":"37d7b925-5c98-44c1-89a2-5f345ed60dcc","block_type":"box","text":"Tax Information","page_number":48,"box":{"x":52,"y":424,"width":144,"height":11}},{"id":"d08fe2e6-532e-4d7e-93ad-f5362a5374a1","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":48,"box":{"x":52,"y":449,"width":831,"height":11}},{"id":"b61fe678-d6a5-42ea-b385-ca6fcc7cc094","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":48,"box":{"x":53,"y":463,"width":883,"height":11}},{"id":"a21768a3-b7e4-4a62-846d-9352fb207893","block_type":"box","text":"be taxed when withdrawn.","page_number":48,"box":{"x":53,"y":478,"width":182,"height":8}},{"id":"b1a22f53-5274-423a-af12-d7be1aada7ab","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":48,"box":{"x":54,"y":507,"width":575,"height":13}},{"id":"465c7ec7-d483-4b79-9d83-25eaa9c822d5","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":48,"box":{"x":53,"y":532,"width":855,"height":11}},{"id":"0920da27-4b5a-47af-8e37-32f82d73fa0f","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":48,"box":{"x":53,"y":546,"width":843,"height":11}},{"id":"3a5466ff-1d85-426b-8846-f79768d357a0","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":48,"box":{"x":53,"y":560,"width":820,"height":11}},{"id":"5659d660-79f8-4eea-9cee-c45fa4a625b4","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":48,"box":{"x":53,"y":574,"width":801,"height":11}},{"id":"ff704717-dfa0-4e41-bc9b-d0960cd86489","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":48,"box":{"x":53,"y":589,"width":841,"height":10}},{"id":"b9387ed9-9f52-4ddb-b329-3d0fcea1a6f5","block_type":"box","text":"financial intermediary’s website for more information.","page_number":48,"box":{"x":52,"y":603,"width":380,"height":11}},{"id":"06382a24-bdf3-4bd9-b80b-899b52291380","block_type":"box","text":"S-43","page_number":48,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"4ae3d3c0-f4b5-40b9-8e94-131a00826a55","block_type":"box","text":"iShares U.S. Digital Infrastructure and Real Estate","page_number":49,"box":{"x":53,"y":46,"width":694,"height":21}},{"id":"99e0b749-fc83-42b2-9a1b-b3c0cf496a3a","block_type":"box","text":"ETF","page_number":49,"box":{"x":54,"y":70,"width":53,"height":16}},{"id":"5b7bedd2-ffe6-4aa2-a522-4c65df1416d7","block_type":"box","text":"IDGT | NYSE Arca","page_number":49,"box":{"x":54,"y":93,"width":240,"height":19}},{"id":"f88680cc-a94f-42e0-8fdd-3df6292f068d","block_type":"box","text":"Investment Objective","page_number":49,"box":{"x":54,"y":132,"width":191,"height":14}},{"id":"6edf16c1-cecb-487e-877f-11a55d3929fd","block_type":"box","text":"The iShares U.S. Digital Infrastructure and Real Estate ETF (the “Fund”) seeks to track the investment results of an index","page_number":49,"box":{"x":52,"y":157,"width":849,"height":11}},{"id":"dec5c390-21b6-4dad-9bf9-f504823abce3","block_type":"box","text":"composed of US-listed companies engaged in the owning, operating, developing, or providing of infrastructure for the","page_number":49,"box":{"x":53,"y":171,"width":834,"height":11}},{"id":"09d5332d-881b-4db6-a716-0c2ee9ae48c3","block_type":"box","text":"storage, processing, transmission and/or access of digital data and services.","page_number":49,"box":{"x":52,"y":186,"width":540,"height":10}},{"id":"864eadb3-4b35-4951-b3f1-58d7b860c168","block_type":"box","text":"Fees and Expenses","page_number":49,"box":{"x":54,"y":215,"width":168,"height":13}},{"id":"03e2def6-12c0-4ae0-85c2-a17eb8d4e9b3","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":49,"box":{"x":52,"y":240,"width":874,"height":11}},{"id":"81fda1fa-887c-46b1-bc98-fc1a3c6dd3c6","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":49,"box":{"x":53,"y":254,"width":871,"height":11}},{"id":"eda570a7-3f8f-4e57-a2aa-0740a3015633","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":49,"box":{"x":53,"y":268,"width":888,"height":11}},{"id":"420a04ff-9c60-4729-896a-8dedd0592461","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":49,"box":{"x":53,"y":282,"width":795,"height":11}},{"id":"ff4066ea-7bd1-41a0-a092-962ee7652bf1","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":49,"box":{"x":53,"y":296,"width":854,"height":11}},{"id":"f5ec0851-2db9-4415-b838-1bfaece0960a","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":49,"box":{"x":52,"y":311,"width":829,"height":11}},{"id":"6961b1d6-79a4-43cc-9c20-88c4bb6ae042","block_type":"box","text":"extraordinary expenses.","page_number":49,"box":{"x":53,"y":325,"width":167,"height":11}},{"id":"c074b184-868e-4ca9-8c3e-2662428af408","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":49,"box":{"x":52,"y":348,"width":830,"height":11}},{"id":"d02f7144-7078-4b52-9d19-801cb03c75bc","block_type":"box","text":"reflected in the table and example below.","page_number":49,"box":{"x":53,"y":362,"width":300,"height":11}},{"id":"de11bb32-5087-422e-bf88-ce64567a9551","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":49,"box":{"x":57,"y":385,"width":761,"height":10}},{"id":"15b058b0-319d-4bb2-af9c-8dc8eca17d7e","block_type":"box","text":"1","page_number":49,"box":{"x":819,"y":384,"width":5,"height":4}},{"id":"2b4d3d9e-c6c2-4651-8a31-da44db404c1f","block_type":"box","text":"Management Fee","page_number":49,"box":{"x":58,"y":405,"width":109,"height":10}},{"id":"dd10a040-908c-4fc2-b5a6-7f151feb4803","block_type":"box","text":"0.37%","page_number":49,"box":{"x":890,"y":405,"width":41,"height":8}},{"id":"2350fbd7-7bd8-4d06-b9a3-3f07c5f16827","block_type":"box","text":"Other Expenses","page_number":49,"box":{"x":58,"y":421,"width":98,"height":9}},{"id":"62b38cb4-6600-426a-bfe2-5b5f2b75377b","block_type":"box","text":"0.00%","page_number":49,"box":{"x":890,"y":421,"width":41,"height":7}},{"id":"860b9c96-fda5-4a8a-90f7-f1086437dfa4","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":49,"box":{"x":57,"y":436,"width":246,"height":10}},{"id":"4ff86265-5810-4de6-954b-80b2e5ca802c","block_type":"box","text":"0.37%","page_number":49,"box":{"x":890,"y":436,"width":41,"height":8}},{"id":"b838cc87-edc0-4654-a4e0-f830f533b54e","block_type":"box","text":"1","page_number":49,"box":{"x":80,"y":464,"width":5,"height":4}},{"id":"7213d57c-3193-4ca9-94d1-aeeb8a6534d3","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":49,"box":{"x":93,"y":465,"width":779,"height":10}},{"id":"7e4ac42d-c48e-4387-aba4-7df3ac589e5c","block_type":"box","text":"Example.","page_number":49,"box":{"x":53,"y":485,"width":67,"height":10}},{"id":"a0f0a75c-6646-437d-91ea-33fd22ba0d40","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":49,"box":{"x":124,"y":485,"width":795,"height":11}},{"id":"58c938da-fd54-4dff-bc1f-d6efe9196d43","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":49,"box":{"x":53,"y":498,"width":885,"height":12}},{"id":"48e4ca7b-1815-4756-b165-6a94f17b9d7f","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":49,"box":{"x":52,"y":513,"width":871,"height":11}},{"id":"2ff3e78d-91e2-4a67-a043-e3f88375bde5","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":49,"box":{"x":53,"y":527,"width":887,"height":11}},{"id":"33bfc09b-a104-4a0d-9926-4d464aacf2c7","block_type":"box","text":"your costs would be:","page_number":49,"box":{"x":52,"y":542,"width":143,"height":10}},{"id":"71e6cf9c-268b-449b-952d-74c3e6a8ee65","block_type":"box","text":"Expense Example","page_number":49,"box":{"x":58,"y":564,"width":115,"height":10}},{"id":"e24df24c-743b-40e9-85e7-855b95d69999","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":49,"box":{"x":663,"y":564,"width":280,"height":8}},{"id":"5777ca55-66c9-431f-95f5-c75a7a4a71c3","block_type":"box","text":"Example Fund Costs","page_number":49,"box":{"x":58,"y":580,"width":128,"height":9}},{"id":"0c28666a-bfb4-4889-a539-bb1b48095d14","block_type":"box","text":"$38 $119 $208 $468","page_number":49,"box":{"x":671,"y":579,"width":261,"height":9}},{"id":"ce5f73b2-b273-4bdf-bd47-a9fd0a83af34","block_type":"box","text":"Portfolio Turnover.","page_number":49,"box":{"x":53,"y":609,"width":137,"height":9}},{"id":"4fb4b2ef-373e-44d6-b279-dc0e1fbb2c14","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":49,"box":{"x":194,"y":609,"width":722,"height":11}},{"id":"10be9ef2-fb4c-4dcf-9d6d-61d97894fd58","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":49,"box":{"x":53,"y":623,"width":883,"height":11}},{"id":"019c4fd6-1ed5-47c8-b194-1c7364700a9e","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":49,"box":{"x":53,"y":637,"width":876,"height":11}},{"id":"cfd9eba9-0ac1-4e23-8c42-e931c4533749","block_type":"box","text":"the Example, affect the Fund’s performance. 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The Underlying Index may include large-, mid- or small-capitalization companies.","page_number":49,"box":{"x":53,"y":827,"width":633,"height":11}},{"id":"76e74080-83ae-4a37-b524-6ba9fafa13d1","block_type":"box","text":"The Index Provider selects index constituents using a tiered approach consisting of Tier 1a, Tier 1b, and Tier 2, based on a","page_number":49,"box":{"x":52,"y":849,"width":858,"height":11}},{"id":"caead2ac-3227-4d25-8d26-4a1d50dc9d78","block_type":"box","text":"company’s FactSet Revere Business Industry Classification System (“RBICS”) Focus Level 6 sub-industry, which defines each","page_number":49,"box":{"x":53,"y":863,"width":883,"height":11}},{"id":"8324e2e5-63d6-48e9-8007-d28dd22094e2","block_type":"box","text":"company’s primary line of business. The Index Provider selects companies which are classified within 17 sub-industries,","page_number":49,"box":{"x":53,"y":877,"width":848,"height":11}},{"id":"1fdd2e47-91fd-489b-9350-aa33f4e81588","block_type":"box","text":"which correspond with the following categories: Telecommunication Towers, Data Centers, Communications Equipment,","page_number":49,"box":{"x":52,"y":891,"width":852,"height":11}},{"id":"b0dfeffd-d036-4354-b2b2-036efedfb929","block_type":"box","text":"Communications Semiconductors, and Data Storage Equipment.","page_number":49,"box":{"x":53,"y":906,"width":460,"height":10}},{"id":"2075b631-0f28-4148-a16f-5bbae00dec84","block_type":"box","text":"S-44","page_number":49,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"3a2adada-e780-4d57-981e-f425d3a86f7a","block_type":"box","text":"SPDJI classifies Tier 1a and Tier 1b companies as those belonging to the sub-industries of the Telecommunication Towers","page_number":50,"box":{"x":52,"y":46,"width":863,"height":11}},{"id":"3b805c21-f7cd-404a-b1ae-583ce959af3a","block_type":"box","text":"and Data Centers categories, respectively. The Index Provider classifies Tier 2 companies as those belonging to the","page_number":50,"box":{"x":53,"y":61,"width":809,"height":10}},{"id":"ee97f5f5-adf1-4396-8a20-ea155ffae1d5","block_type":"box","text":"sub-industries of the Communications Equipment, Communications Semiconductors and Data Storage Equipment","page_number":50,"box":{"x":52,"y":75,"width":820,"height":11}},{"id":"c10823e0-394c-46fa-8f42-c319c7167e54","block_type":"box","text":"categories. If there are 50 or more stocks classified as Tier 1a and Tier 1b, then all of Tier 1a and Tier 1b stocks are selected for","page_number":50,"box":{"x":53,"y":89,"width":890,"height":11}},{"id":"aef08a54-75ae-4347-9040-16d92faf5764","block_type":"box","text":"inclusion in the Underlying Index and the Index Provider does not look to Tier 2 companies. If less than 50 stocks are","page_number":50,"box":{"x":53,"y":103,"width":822,"height":11}},{"id":"dcd6b8f2-99e1-40b6-a259-098f551de7b9","block_type":"box","text":"classified as Tier 1a and Tier 1b, the largest eligible Tier 2 stocks, determined by the Index Provider according to the","page_number":50,"box":{"x":53,"y":117,"width":814,"height":11}},{"id":"182415a4-a5df-4cc2-a57f-442b71eb989f","block_type":"box","text":"company’s FMC, are selected until the total stocks in the Underlying Index are capped at 50.","page_number":50,"box":{"x":53,"y":131,"width":649,"height":11}},{"id":"eb416178-5524-4119-8648-d8e0bae2de23","block_type":"box","text":"The Index Provider requires the Tier 1a companies and Tier 1b companies, in aggregate, to have a minimum of 25% weight","page_number":50,"box":{"x":52,"y":153,"width":869,"height":11}},{"id":"fbbeee4f-990a-4b7b-aaa8-ee97470dc94e","block_type":"box","text":"for each tier. Tier 2 companies may comprise up to 45% of the overall weight of the Underlying Index. Individual Tier 1a and","page_number":50,"box":{"x":52,"y":168,"width":871,"height":10}},{"id":"ffb94db8-0438-45a7-b685-2a6cb20ec82a","block_type":"box","text":"Tier 1b securities are capped at 10%, and individual and Tier 2 securities are capped at 4.5%. Securities with weights greater","page_number":50,"box":{"x":52,"y":182,"width":883,"height":11}},{"id":"f4b17697-1395-4c7d-801f-5e85a66564f6","block_type":"box","text":"than 4.5% will not in aggregate exceed 45% of the Underlying Index weight at rebalance. The Underlying Index is reviewed","page_number":50,"box":{"x":52,"y":196,"width":866,"height":11}},{"id":"b88d6320-4382-45c5-afa6-3aa83cf6be98","block_type":"box","text":"annually in December and rebalanced quarterly in March, June, and September.","page_number":50,"box":{"x":53,"y":210,"width":564,"height":11}},{"id":"1d38dce6-482c-46d5-a8b5-a59fb3ff4a04","block_type":"box","text":"As of March 31, 2026, the Underlying Index had 25 securities and a significant portion of the index constituents were","page_number":50,"box":{"x":52,"y":232,"width":828,"height":11}},{"id":"a3e3b42f-42cf-4808-9f32-dac41105ddf0","block_type":"box","text":"represented by securities of companies in the real estate and technology industries or sectors. 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The instruments selected are expected to have, in the aggregate,","page_number":50,"box":{"x":53,"y":326,"width":851,"height":11}},{"id":"66b95389-7e8b-425e-95c6-21ca19c870a1","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":50,"box":{"x":53,"y":340,"width":806,"height":11}},{"id":"59ce25f2-e28e-496c-8158-3ea5e427a199","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":50,"box":{"x":53,"y":354,"width":884,"height":11}},{"id":"97fd8eea-5a31-4011-b76a-2d4e4ecb02c0","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":50,"box":{"x":52,"y":369,"width":884,"height":11}},{"id":"ce336b1b-6555-484c-b5eb-626ac67a689d","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":50,"box":{"x":53,"y":383,"width":852,"height":11}},{"id":"84dcb0a0-ee4a-4dfa-8189-aa2222f48cb3","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":50,"box":{"x":53,"y":397,"width":867,"height":11}},{"id":"4c1f6eac-64e7-4850-bc4f-9f60ce64409d","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":50,"box":{"x":52,"y":411,"width":869,"height":11}},{"id":"b0ffe25a-0f3c-4255-9e55-fc7bf2392949","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":50,"box":{"x":52,"y":425,"width":863,"height":11}},{"id":"2c6fd640-202f-40fa-8887-f94e6b59cb8e","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":50,"box":{"x":53,"y":440,"width":826,"height":10}},{"id":"29df55d6-bf16-4ce6-99e4-0ea528695a71","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":50,"box":{"x":53,"y":454,"width":405,"height":11}},{"id":"744c1e0f-6ab1-4b8f-a20b-ffb5c21889c6","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":50,"box":{"x":53,"y":477,"width":844,"height":11}},{"id":"7430daae-2e4e-47a9-abce-7f3ee5dcc2e8","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":50,"box":{"x":53,"y":491,"width":860,"height":11}},{"id":"640ce026-02be-4d18-bfd2-05e700cf4fdd","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":50,"box":{"x":53,"y":505,"width":831,"height":11}},{"id":"10421c20-7de8-4164-b9a7-f0286c4701de","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":50,"box":{"x":53,"y":519,"width":817,"height":11}},{"id":"b70d233c-2b84-4ad6-8f1b-dc151774856f","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":50,"box":{"x":53,"y":534,"width":818,"height":11}},{"id":"93131e01-e2c8-4481-8ccf-d608f7d0e9d5","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":50,"box":{"x":53,"y":548,"width":835,"height":11}},{"id":"78e2b3f4-74b5-4351-b162-94d62ee57fc4","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":50,"box":{"x":52,"y":571,"width":873,"height":11}},{"id":"17a437a3-ebeb-4809-9b23-0380f7a7fd44","block_type":"box","text":"collateral received).","page_number":50,"box":{"x":53,"y":585,"width":136,"height":10}},{"id":"5c1b3b7c-3699-4bb6-bffc-56ee5f925623","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":50,"box":{"x":52,"y":608,"width":861,"height":11}},{"id":"b909cf04-d590-4490-81d8-78ddf9b5f5f0","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":50,"box":{"x":53,"y":623,"width":856,"height":10}},{"id":"ceafb5ee-9591-4b90-981f-5ba2c2c36587","block_type":"box","text":"market value of the Underlying Index.","page_number":50,"box":{"x":53,"y":637,"width":263,"height":11}},{"id":"2b8ce3e6-9015-41c1-ba49-46105fc7e6c1","block_type":"box","text":"Industry Concentration Policy.","page_number":50,"box":{"x":53,"y":660,"width":224,"height":11}},{"id":"0733a0f8-14d9-428a-bd9c-43b8dede9fe7","block_type":"box","text":"The Fund will concentrate its investments (","page_number":50,"box":{"x":281,"y":660,"width":304,"height":9}},{"id":"de53681a-9b32-490a-a42a-2b288ff5c705","block_type":"box","text":"i.e.","page_number":50,"box":{"x":587,"y":660,"width":17,"height":8}},{"id":"01c5a3c8-8d43-439e-a5ce-66bd6b29d6a9","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":50,"box":{"x":606,"y":660,"width":292,"height":10}},{"id":"7eb20153-fb04-4985-9e01-330d0f8ba2e1","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":50,"box":{"x":53,"y":674,"width":858,"height":11}},{"id":"706d9961-0648-454d-853a-07e4fbba559a","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":50,"box":{"x":53,"y":688,"width":868,"height":11}},{"id":"bee7d157-46f0-488f-a161-3c92da2a2fa3","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":50,"box":{"x":53,"y":703,"width":826,"height":10}},{"id":"7e465e17-9007-4eaa-b422-4ebbd2e5d22f","block_type":"box","text":"Summary of Principal Risks","page_number":50,"box":{"x":52,"y":732,"width":248,"height":13}},{"id":"5ecb53d2-6146-4608-b000-062b7f87bff5","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":50,"box":{"x":52,"y":757,"width":881,"height":11}},{"id":"f1f41794-fb5f-453e-841e-459e9968bbf2","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":50,"box":{"x":53,"y":771,"width":824,"height":11}},{"id":"93f550a9-f71c-4f40-b9d6-eb89a603766f","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":50,"box":{"x":53,"y":785,"width":807,"height":11}},{"id":"8b8b869d-35b2-43d6-97aa-45cf664ed087","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":50,"box":{"x":53,"y":799,"width":844,"height":11}},{"id":"218b5e86-9f69-42af-9cee-d54feee2e990","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":50,"box":{"x":52,"y":813,"width":815,"height":11}},{"id":"10b9d31a-4cb0-4762-a7f8-e8f2f32a9d22","block_type":"box","text":"Risk of Investing in the U.S.","page_number":50,"box":{"x":53,"y":837,"width":200,"height":11}},{"id":"7fdb1b81-7419-4025-9620-38389ec9e360","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":50,"box":{"x":259,"y":837,"width":663,"height":10}},{"id":"ab5f0dfa-e0ee-4b05-8271-0b09d4bdc25c","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":50,"box":{"x":53,"y":851,"width":877,"height":11}},{"id":"345d43f0-fb1b-4739-b896-a9cf17ea79d1","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":50,"box":{"x":53,"y":865,"width":470,"height":11}},{"id":"03b11c03-0531-4f32-9984-763f9dc1b830","block_type":"box","text":"Technology Companies Risk.","page_number":50,"box":{"x":52,"y":888,"width":211,"height":11}},{"id":"9c2270d9-f217-43fa-a5d8-585bb5ab3d74","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":50,"box":{"x":267,"y":888,"width":657,"height":11}},{"id":"c8139981-60cc-456f-83ae-30041ed1f6db","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":50,"box":{"x":53,"y":902,"width":849,"height":11}},{"id":"ad8942ac-28f5-416a-884b-f96fb3150656","block_type":"box","text":"S-45","page_number":50,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"68227703-3935-46ca-aacb-08e10344ef8b","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":51,"box":{"x":53,"y":46,"width":887,"height":11}},{"id":"f6a446a8-c813-4fb8-80a0-6092ffb25bff","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":51,"box":{"x":53,"y":61,"width":883,"height":10}},{"id":"9faa1b81-a007-4b34-9d29-da98b844211b","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":51,"box":{"x":52,"y":75,"width":839,"height":11}},{"id":"8cbab94c-9e6f-438e-935c-a989962a80bf","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":51,"box":{"x":53,"y":89,"width":870,"height":11}},{"id":"d5c8a5ef-3e94-42ae-a946-4d9797b7b505","block_type":"box","text":"government or legal action.","page_number":51,"box":{"x":53,"y":103,"width":192,"height":11}},{"id":"4fd81a57-174e-405e-839f-e01b77510b22","block_type":"box","text":"Real Estate Companies Risk.","page_number":51,"box":{"x":53,"y":126,"width":209,"height":11}},{"id":"e0a81bd4-a9f5-410e-936d-ba6b83805a03","block_type":"box","text":"Real estate companies, which include , real estate holding and operating companies, and real","page_number":51,"box":{"x":267,"y":127,"width":658,"height":10}},{"id":"24cf404b-a862-4752-b77f-21e54d044311","block_type":"box","text":"estate management or development companies, expose investors to the risks of owning real estate directly as well as to the","page_number":51,"box":{"x":53,"y":141,"width":869,"height":10}},{"id":"1da8c0a3-766c-4851-b217-221130a94a77","block_type":"box","text":"risks from the way that such companies operate. Real estate is highly sensitive to general and local economic conditions and","page_number":51,"box":{"x":53,"y":155,"width":880,"height":11}},{"id":"bb5d5809-95a8-473b-bef4-a613ae307956","block_type":"box","text":"can be subject to intense competition and periodic overbuilding. Other real estate risks include decreases in property values,","page_number":51,"box":{"x":53,"y":169,"width":880,"height":11}},{"id":"d5defdd6-62bf-400c-b2cf-8b1b88dbe40c","block_type":"box","text":"tax increases, zoning changes, casualty or condemnation losses, environmental liabilities, regulatory limitations on rent or","page_number":51,"box":{"x":52,"y":183,"width":866,"height":11}},{"id":"173a36a3-c074-461d-a1a1-457ee0fd3b35","block_type":"box","text":"eviction, and defaults by borrowers or tenants. Real estate companies may be heavily invested in one geographic region,","page_number":51,"box":{"x":53,"y":197,"width":847,"height":11}},{"id":"0f73f244-d924-434c-a486-9c561da39f3c","block_type":"box","text":"industry or property type. They also may be highly leveraged, which can magnify losses, and interest rate increases can make","page_number":51,"box":{"x":53,"y":211,"width":882,"height":11}},{"id":"25103886-cd6c-4b02-a926-98b23017c69b","block_type":"box","text":"it difficult to obtain financing and service debt.","page_number":51,"box":{"x":53,"y":226,"width":330,"height":10}},{"id":"dfc86324-64a5-45fe-bc10-4874f177304a","block_type":"box","text":"Equity Securities Risk.","page_number":51,"box":{"x":53,"y":249,"width":164,"height":11}},{"id":"18cd296a-130c-47b1-a4ed-f1ad9cb32493","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":51,"box":{"x":223,"y":249,"width":709,"height":11}},{"id":"471c5505-878a-47df-b126-9192a65e48b9","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":51,"box":{"x":53,"y":263,"width":889,"height":11}},{"id":"89b2d9bc-1be0-4762-b6c4-518d3343a4c2","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":51,"box":{"x":53,"y":277,"width":880,"height":11}},{"id":"3ad8709e-21ad-46f8-a3e9-ee57e89fd870","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":51,"box":{"x":53,"y":291,"width":867,"height":11}},{"id":"5673935f-9e9e-47b2-9490-03f74c7830a4","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":51,"box":{"x":53,"y":305,"width":339,"height":11}},{"id":"8cc42829-9970-4f20-9ad6-08ae9839f2d3","block_type":"box","text":"Market Risk.","page_number":51,"box":{"x":53,"y":329,"width":91,"height":8}},{"id":"02ea3a74-9a8b-4001-97b2-96e39b49bf61","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":51,"box":{"x":148,"y":329,"width":768,"height":11}},{"id":"18beefb4-8908-402b-a8dc-e73e6bae8de4","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":51,"box":{"x":53,"y":343,"width":882,"height":11}},{"id":"ed5dd84f-1525-4fe0-b8b9-643ab33fa30e","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":51,"box":{"x":53,"y":357,"width":858,"height":11}},{"id":"8ce41d7a-bb61-41be-8f39-3290d7c33224","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":51,"box":{"x":53,"y":371,"width":875,"height":11}},{"id":"ac8d6a62-d99b-4a96-b08b-49abb0d982a3","block_type":"box","text":"Fund’s NAV.","page_number":51,"box":{"x":53,"y":385,"width":82,"height":9}},{"id":"fa9707d5-d20d-4e8c-ae75-a7388fd8e470","block_type":"box","text":"Index-Related Risk.","page_number":51,"box":{"x":53,"y":409,"width":143,"height":8}},{"id":"869e5ea8-7066-422b-b90e-0b0d089f5459","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":51,"box":{"x":201,"y":409,"width":742,"height":10}},{"id":"0f9e81b9-c23d-43f1-8c17-e8b4c7a51cd5","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":51,"box":{"x":53,"y":423,"width":856,"height":11}},{"id":"9996f53f-badc-4f7b-8c8b-f20465b128d7","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":51,"box":{"x":53,"y":437,"width":852,"height":11}},{"id":"162ce3b1-674c-416f-870e-c1bf7a9b4421","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":51,"box":{"x":53,"y":451,"width":876,"height":11}},{"id":"bb053056-5fec-4bae-8a57-afb8b36508b5","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":51,"box":{"x":52,"y":465,"width":849,"height":11}},{"id":"dd980813-c5f1-4d8e-adb2-e563b2886db3","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":51,"box":{"x":53,"y":480,"width":849,"height":10}},{"id":"57c55317-3ce1-4bf1-ad82-2687e417b6b3","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":51,"box":{"x":53,"y":494,"width":890,"height":11}},{"id":"fa514bd4-a08b-41e5-a6d8-2fc8f10932e3","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":51,"box":{"x":53,"y":508,"width":853,"height":11}},{"id":"57a41320-a132-48ad-b913-238f8f911568","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":51,"box":{"x":53,"y":522,"width":539,"height":11}},{"id":"4d7b5690-619d-4798-b2f0-55f879292525","block_type":"box","text":"Asset Class Risk.","page_number":51,"box":{"x":52,"y":545,"width":122,"height":9}},{"id":"a3d4c41a-9b06-437e-9a6e-e3d6d59ad8e3","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":51,"box":{"x":179,"y":545,"width":721,"height":11}},{"id":"d40369c8-e01f-4a01-863d-7a7dee856a14","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":51,"box":{"x":53,"y":559,"width":774,"height":11}},{"id":"718b0a07-9672-4a61-8638-2bd8bc54c976","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":51,"box":{"x":52,"y":583,"width":318,"height":10}},{"id":"5d8ae447-df8b-476c-b87f-c6b84b4b43a2","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":51,"box":{"x":374,"y":582,"width":531,"height":12}},{"id":"ed6d547d-eb5a-47ff-b6be-5a1ebddda24b","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":51,"box":{"x":53,"y":597,"width":810,"height":11}},{"id":"77c6acc8-1fa4-4031-ab83-cfcb6e0edc58","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":51,"box":{"x":52,"y":611,"width":816,"height":11}},{"id":"940e30eb-5789-4799-80e8-717ab46eb9cd","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":51,"box":{"x":52,"y":625,"width":884,"height":11}},{"id":"f9458b38-1a55-49ef-8df1-4cb0faba23f6","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":51,"box":{"x":53,"y":639,"width":871,"height":11}},{"id":"0a5e2bda-49f0-4a50-b749-c96bdca66830","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":51,"box":{"x":53,"y":654,"width":846,"height":10}},{"id":"0a12ed0d-ee19-4ba3-87d4-1cf3574d66c3","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":51,"box":{"x":52,"y":668,"width":881,"height":10}},{"id":"84fae782-2bb8-467c-aaa7-bb4a61ca1fed","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":51,"box":{"x":53,"y":682,"width":853,"height":11}},{"id":"ef678f27-8db4-4eb8-a15e-95cbacbaabe5","block_type":"box","text":"halts or delisting.","page_number":51,"box":{"x":53,"y":696,"width":121,"height":11}},{"id":"d1264e9f-cf58-454a-94f6-1f4a7c8be09f","block_type":"box","text":"Concentration Risk.","page_number":51,"box":{"x":53,"y":719,"width":145,"height":9}},{"id":"6ae62b77-b3f6-43ce-99e7-77493d4b8001","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":51,"box":{"x":202,"y":719,"width":711,"height":11}},{"id":"bea70ddd-e672-4aba-a6d8-14929ebff00e","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":51,"box":{"x":53,"y":733,"width":884,"height":10}},{"id":"982e40e7-1a7c-43b4-8269-43de352eb6f3","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":51,"box":{"x":52,"y":748,"width":887,"height":11}},{"id":"12fcbea2-8a84-409a-8866-2db98ce8c54a","block_type":"box","text":"asset classes.","page_number":51,"box":{"x":53,"y":762,"width":95,"height":8}},{"id":"4029a581-c7a2-4c6d-851e-ed16e15a1e1b","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":51,"box":{"x":53,"y":785,"width":208,"height":11}},{"id":"8e44ad9c-10f0-4458-829b-ea3f0c33b0f7","block_type":"box","text":"Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with","page_number":51,"box":{"x":267,"y":785,"width":666,"height":11}},{"id":"765a7a33-dbc8-4992-9f8b-06ba9549d518","block_type":"box","text":"investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are","page_number":51,"box":{"x":53,"y":799,"width":863,"height":11}},{"id":"84a71acf-76ed-4cc3-9633-107a99f4be45","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":51,"box":{"x":53,"y":813,"width":877,"height":11}},{"id":"bde8ebe4-f0a6-4091-aafd-fd3a044dd5f4","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":51,"box":{"x":53,"y":828,"width":858,"height":10}},{"id":"79a3de79-6bce-4a63-8d2b-20a174b9d1f8","block_type":"box","text":"anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.","page_number":51,"box":{"x":53,"y":842,"width":744,"height":11}},{"id":"7c8e07d6-9d51-47a5-8c62-f38848d1ef14","block_type":"box","text":"Issuer Risk.","page_number":51,"box":{"x":53,"y":865,"width":83,"height":8}},{"id":"57198df5-ffc3-48c7-8403-fcf3d82df019","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":51,"box":{"x":140,"y":865,"width":780,"height":11}},{"id":"216876cd-8958-4eb2-b931-ce5fc9fa475e","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":51,"box":{"x":53,"y":879,"width":886,"height":11}},{"id":"acb7436a-a1ad-4915-9ba8-699cf0ba59c0","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":51,"box":{"x":52,"y":893,"width":576,"height":11}},{"id":"e3632a26-ca76-48e1-b16b-35aae00a0e0e","block_type":"box","text":"S-46","page_number":51,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"e90de6a2-60aa-4a52-9aa2-ed32943bc971","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":52,"box":{"x":53,"y":46,"width":278,"height":11}},{"id":"841bd245-f448-4971-aa9a-593b5ab98d1e","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":52,"box":{"x":337,"y":47,"width":540,"height":10}},{"id":"fcce2d38-32e0-4517-986c-0e5bb0904b09","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":52,"box":{"x":53,"y":61,"width":890,"height":10}},{"id":"5d2ba887-dbf3-4752-8ceb-9a61a6cc41ae","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":52,"box":{"x":53,"y":75,"width":868,"height":11}},{"id":"7ddec4f1-ca43-46b9-a794-a19bf3a56949","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":52,"box":{"x":53,"y":89,"width":709,"height":11}},{"id":"dcdad353-a9f3-4260-be43-5acdd280debc","block_type":"box","text":"Management Risk.","page_number":52,"box":{"x":53,"y":112,"width":137,"height":11}},{"id":"8290c39f-bdc0-4401-bf27-272120f2445c","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":52,"box":{"x":194,"y":112,"width":711,"height":11}},{"id":"9247bcc1-fa9d-4743-a035-c35af632890f","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":52,"box":{"x":53,"y":126,"width":877,"height":11}},{"id":"76ab310b-ab84-49f4-8716-c88322a14a2b","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":52,"box":{"x":53,"y":140,"width":859,"height":11}},{"id":"09222dfe-36bb-4425-bb97-d268e80c57d1","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":52,"box":{"x":52,"y":155,"width":848,"height":11}},{"id":"d3a227a1-0750-4574-a89c-9dabe6c4ab31","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":52,"box":{"x":53,"y":169,"width":756,"height":11}},{"id":"33e7ecf5-ccc4-45a9-abb6-af00ec4d6f5e","block_type":"box","text":"Market Trading Risk.","page_number":52,"box":{"x":53,"y":192,"width":152,"height":11}},{"id":"aba2466a-5242-4b9e-856d-6954ac066b06","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":52,"box":{"x":209,"y":192,"width":694,"height":11}},{"id":"d7922ca0-baad-4d38-bf10-95288d3d6ae4","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":52,"box":{"x":53,"y":206,"width":841,"height":11}},{"id":"52406e44-ad33-4488-bfcf-3bd77ba5bc6c","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":52,"box":{"x":53,"y":220,"width":887,"height":11}},{"id":"4bfe4050-676b-42ed-b7fc-a978f30f9a7d","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":52,"box":{"x":52,"y":235,"width":839,"height":10}},{"id":"a0b6a8c2-c42a-4bff-9eac-f30125815726","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":52,"box":{"x":53,"y":249,"width":866,"height":11}},{"id":"e9a7b5c2-aeda-49f0-9227-6e91f3aa9926","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":52,"box":{"x":52,"y":263,"width":885,"height":11}},{"id":"96da57b5-d77e-4cb2-b09a-e033ad0bdca2","block_type":"box","text":"of the Fund shares.","page_number":52,"box":{"x":53,"y":277,"width":134,"height":9}},{"id":"f3c26947-903c-4618-8de6-bb6638de0583","block_type":"box","text":"Non-Diversification Risk.","page_number":52,"box":{"x":53,"y":300,"width":184,"height":9}},{"id":"8623049f-4c81-40da-be2d-0f591cdbe683","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":52,"box":{"x":242,"y":300,"width":633,"height":11}},{"id":"e9465225-0347-49d7-a9b8-c3e3d9ba47ad","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":52,"box":{"x":53,"y":314,"width":802,"height":11}},{"id":"57ead83c-36f7-42ff-b252-0ed6b7fbc547","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":52,"box":{"x":53,"y":329,"width":888,"height":11}},{"id":"5ec6ab25-abb4-48c8-a4a1-4e88672256e9","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":52,"box":{"x":53,"y":343,"width":876,"height":11}},{"id":"1ef3fcb5-9804-4827-96c1-8bb04dcd6d42","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":52,"box":{"x":53,"y":357,"width":696,"height":11}},{"id":"eaf0f81b-53ce-4170-b570-30cfbbe0a1dd","block_type":"box","text":"Operational and Technology Risks.","page_number":52,"box":{"x":53,"y":380,"width":254,"height":11}},{"id":"c0b3e58d-4673-4587-87c7-e2934481bfc8","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":52,"box":{"x":312,"y":381,"width":581,"height":10}},{"id":"4c5b35e7-253d-4d1c-b359-fc74c85058f8","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":52,"box":{"x":53,"y":394,"width":876,"height":11}},{"id":"03fde6be-db0e-4624-a4af-b21f0751e7c6","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":52,"box":{"x":53,"y":408,"width":879,"height":11}},{"id":"55563d66-372e-4063-a30f-90022e2876c9","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":52,"box":{"x":53,"y":423,"width":825,"height":11}},{"id":"0cebce87-302f-446a-b2d5-6b578d9aa4d9","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":52,"box":{"x":53,"y":437,"width":862,"height":11}},{"id":"8bc71809-ba92-44f6-aca5-58a8847f9972","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":52,"box":{"x":53,"y":451,"width":872,"height":11}},{"id":"f4bcd0cb-2508-4b76-8298-fe20ff3e2325","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":52,"box":{"x":53,"y":465,"width":824,"height":11}},{"id":"a1eb84c7-85c1-4e37-a162-a63f0b74181e","block_type":"box","text":"Securities Lending Risk.","page_number":52,"box":{"x":52,"y":489,"width":178,"height":10}},{"id":"b2b91db6-a529-4343-ae8a-94bf7251fc08","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":52,"box":{"x":234,"y":489,"width":692,"height":10}},{"id":"58570b50-a00c-4445-afc5-953f8314e559","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":52,"box":{"x":53,"y":503,"width":870,"height":11}},{"id":"830733a4-095d-4923-99c0-c56d50542707","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":52,"box":{"x":53,"y":517,"width":886,"height":11}},{"id":"73ff4d09-07aa-449e-b456-7f8f675ff3a3","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":52,"box":{"x":53,"y":531,"width":831,"height":11}},{"id":"c86ef1a2-2fd7-4a32-938c-3c58dc0e6c97","block_type":"box","text":"Tracking Error Risk.","page_number":52,"box":{"x":52,"y":554,"width":145,"height":11}},{"id":"3b770777-30a9-43ed-b4f6-8d5d2a42285d","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":52,"box":{"x":201,"y":554,"width":741,"height":11}},{"id":"9d3c5114-cd0b-41d9-80d5-6e9ed25f8d35","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":52,"box":{"x":53,"y":569,"width":861,"height":10}},{"id":"a956b9f4-bc6b-4d45-900e-14b66c660b16","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":52,"box":{"x":53,"y":583,"width":832,"height":11}},{"id":"a95c0b73-9b7a-429a-9a3a-1fa0bc66c2fe","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":52,"box":{"x":53,"y":597,"width":880,"height":11}},{"id":"307c2035-0c76-4783-a925-97d64e52ba3f","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":52,"box":{"x":53,"y":611,"width":831,"height":11}},{"id":"d8bcf8a0-7c1a-4914-9778-8d58f4867bfa","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":52,"box":{"x":52,"y":625,"width":828,"height":11}},{"id":"d3586f69-5d32-4478-b164-afe21a040948","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":52,"box":{"x":53,"y":639,"width":873,"height":11}},{"id":"2b1f31ac-b336-48d1-988a-b7866e4d1cc6","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":52,"box":{"x":53,"y":654,"width":889,"height":10}},{"id":"d79085be-5dae-4e18-8090-8e9bde069c63","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":52,"box":{"x":53,"y":668,"width":852,"height":11}},{"id":"a14dcf20-39b8-4c44-b15d-1d393d7d6c72","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":52,"box":{"x":53,"y":682,"width":886,"height":11}},{"id":"be449290-e024-43b7-b0ee-fea302887dc1","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":52,"box":{"x":53,"y":696,"width":873,"height":11}},{"id":"5493a586-f800-4daa-be97-b8ce2cfcf946","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an","page_number":52,"box":{"x":53,"y":710,"width":879,"height":11}},{"id":"1c6c9675-9863-4615-8676-fab7050ec5d8","block_type":"box","text":"index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.","page_number":52,"box":{"x":53,"y":725,"width":839,"height":10}},{"id":"783418e3-afbf-470f-8021-370643993a7a","block_type":"box","text":"Performance Information","page_number":52,"box":{"x":54,"y":753,"width":228,"height":11}},{"id":"242af7fd-7fbe-46d7-bae3-5570ee157fdf","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":52,"box":{"x":52,"y":779,"width":864,"height":10}},{"id":"19969576-50b8-42b8-ac83-1e7f68aa6546","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":52,"box":{"x":52,"y":793,"width":872,"height":11}},{"id":"65b2a49b-f140-4565-b65c-1cafef81c3dd","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":52,"box":{"x":53,"y":807,"width":868,"height":11}},{"id":"546d1075-7a94-452e-b54d-1f1188deb6df","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":52,"box":{"x":53,"y":821,"width":838,"height":11}},{"id":"d8914fd3-fdc0-4f3b-a55b-64b863dbe76c","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":52,"box":{"x":53,"y":835,"width":868,"height":11}},{"id":"581d79d2-3a5e-40d5-8090-c6e960157aa3","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":52,"box":{"x":53,"y":849,"width":832,"height":11}},{"id":"ce7f61e9-dc1b-4251-9f89-3429bf26c1ba","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":52,"box":{"x":53,"y":864,"width":842,"height":11}},{"id":"bb6fa000-a622-48ef-ac33-491bc5e694f5","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":52,"box":{"x":52,"y":878,"width":531,"height":11}},{"id":"0658a0d3-b034-471c-b075-282806396172","block_type":"box","text":"S-47","page_number":52,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"b6ccf55a-3eeb-4a13-bc2d-bb70c778b6b2","block_type":"box","text":"Calendar Year-by-Year Returns 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2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":53,"box":{"x":87,"y":201,"width":356,"height":6}},{"id":"ed71ebf7-b788-4144-a278-f3a5ba2f8d7a","block_type":"box","text":"Return (%) Period Ended","page_number":53,"box":{"x":736,"y":61,"width":188,"height":9}},{"id":"55a75297-7873-45c8-97f1-43de2d574aad","block_type":"box","text":"Calendar Year-to-Date Return","page_number":53,"box":{"x":520,"y":80,"width":197,"height":7}},{"id":"93490b9b-6db0-4d33-85b7-dd0226eb8046","block_type":"box","text":"41.26% June 30, 2026","page_number":53,"box":{"x":749,"y":80,"width":193,"height":8}},{"id":"ca2d9afc-c9ca-49d2-bcf6-d49d6f13a530","block_type":"box","text":"During the periods shown in the chart:","page_number":53,"box":{"x":520,"y":92,"width":250,"height":10}},{"id":"f4dc7114-1705-4b9d-9b96-29a52881b649","block_type":"box","text":"Best Quarter 28.09% December 31, 2020","page_number":53,"box":{"x":534,"y":105,"width":408,"height":9}},{"id":"c61e6f18-9f9f-4bf7-a1a9-9b8ace5bae83","block_type":"box","text":"Worst Quarter -21.39% March 31, 2020","page_number":53,"box":{"x":533,"y":118,"width":409,"height":9}},{"id":"5f2ca418-91a6-4bff-8380-d990ac24e7e4","block_type":"box","text":"Average Annual Total Returns (%)","page_number":53,"box":{"x":372,"y":231,"width":251,"height":11}},{"id":"1d771988-dae3-4bc2-a6e2-b42a956ec51a","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":53,"box":{"x":340,"y":245,"width":315,"height":10}},{"id":"ba0d31aa-9c3b-4ab8-b7ed-2b73511fbb56","block_type":"box","text":"One Year Five Years Ten Years","page_number":53,"box":{"x":670,"y":261,"width":268,"height":8}},{"id":"50e427ec-7cc2-402d-bb9c-914c0872a6a7","block_type":"box","text":"Fund Inception: 7/10/2001","page_number":53,"box":{"x":58,"y":277,"width":179,"height":9}},{"id":"d3d0f540-a471-438a-a5c0-fd825d8ae987","block_type":"box","text":"Return Before Taxes","page_number":53,"box":{"x":58,"y":288,"width":125,"height":8}},{"id":"17520599-aa1e-4dbb-966c-7f444d226a5e","block_type":"box","text":"6.80% 8.17% 9.49%","page_number":53,"box":{"x":690,"y":288,"width":249,"height":8}},{"id":"65fd8b53-9c99-45d4-814e-be2373b842c4","block_type":"box","text":"Return After Taxes on Distributions 6.43% 7.94% 9.29%","page_number":53,"box":{"x":58,"y":300,"width":881,"height":8}},{"id":"31732179-ddab-4a9f-9181-8dcb8c4167ec","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 4.16% 6.39% 7.77%","page_number":53,"box":{"x":58,"y":312,"width":881,"height":7}},{"id":"7dc236d2-d9a2-407c-84da-21ed44c1031d","block_type":"box","text":"S&P Total Market Index","page_number":53,"box":{"x":57,"y":323,"width":155,"height":8}},{"id":"59bc05ff-23f6-4bd4-9ce2-8684393cac81","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 13.07% 14.22%","page_number":53,"box":{"x":215,"y":323,"width":724,"height":10}},{"id":"306f9e2c-1269-412a-9fc0-fabb7c2e7efd","block_type":"box","text":"S&P Data Center, Tower REIT and Communications Equipment Index (Spliced)","page_number":53,"box":{"x":57,"y":335,"width":512,"height":9}},{"id":"2b003fd2-0bea-4db2-b9e4-1df9e55a8ce6","block_type":"box","text":"1","page_number":53,"box":{"x":570,"y":333,"width":5,"height":5}},{"id":"cad12a95-900f-4ea4-b75f-c13674ac8e4e","block_type":"box","text":"(Returns","page_number":53,"box":{"x":579,"y":335,"width":54,"height":8}},{"id":"c17b94e2-f4f4-4d2d-9beb-b6d82a5b0a0a","block_type":"box","text":"do not reflect deductions for fees, expenses or taxes) 7.24% 8.64% 9.91%","page_number":53,"box":{"x":71,"y":348,"width":868,"height":9}},{"id":"c59a5f03-4f08-4c56-a4db-77e3f76b9cb5","block_type":"box","text":"1","page_number":53,"box":{"x":80,"y":366,"width":5,"height":5}},{"id":"91184110-cc11-4c9e-9888-378975103bb1","block_type":"box","text":"The S&P Data Center, Tower REIT and Communications Equipment Index (Spliced) reflects the performance of the S&P North","page_number":53,"box":{"x":92,"y":368,"width":788,"height":9}},{"id":"9248f0ce-afe2-4644-b099-1c2accd3c3d1","block_type":"box","text":"American Technology Multimedia Networking Index through December 17, 2023 and the S&P Data Center, Tower REIT and","page_number":53,"box":{"x":92,"y":378,"width":772,"height":10}},{"id":"6be6312f-f831-41aa-83d2-c3d2ba367258","block_type":"box","text":"Communications Equipment Index thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":53,"box":{"x":93,"y":388,"width":785,"height":10}},{"id":"08a89997-221c-4cb5-be6a-d29cb04ec917","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":53,"box":{"x":52,"y":408,"width":857,"height":11}},{"id":"f73e4156-258e-4164-99a5-402025b88547","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":53,"box":{"x":53,"y":422,"width":865,"height":11}},{"id":"8b5570fb-9e6f-4cd2-b133-4b24ca39cecb","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":53,"box":{"x":53,"y":436,"width":847,"height":11}},{"id":"a99e49f5-b864-470e-8ff2-57c1cc12ebb5","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":53,"box":{"x":52,"y":450,"width":857,"height":11}},{"id":"f324dc8c-6d39-4e5c-86c9-6a1a2b72bc83","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":53,"box":{"x":53,"y":465,"width":877,"height":11}},{"id":"a40d510d-af47-4272-bc2e-e81ab071ccc6","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":53,"box":{"x":52,"y":479,"width":836,"height":11}},{"id":"20e8c54c-725e-49a5-971b-18bc5fd2dace","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":53,"box":{"x":53,"y":493,"width":886,"height":11}},{"id":"b968b64f-3a7e-4a32-9c87-d252197114f6","block_type":"box","text":"on distributions.","page_number":53,"box":{"x":53,"y":507,"width":114,"height":9}},{"id":"5d01fcdb-4060-4752-b232-626d359465ba","block_type":"box","text":"Management","page_number":53,"box":{"x":54,"y":537,"width":119,"height":13}},{"id":"6a36d620-fdef-485b-9e6a-6dccd7738e31","block_type":"box","text":"Investment Adviser.","page_number":53,"box":{"x":53,"y":561,"width":145,"height":9}},{"id":"4c71273b-75f5-48e0-a132-8fe822f1973b","block_type":"box","text":"BlackRock Fund Advisors.","page_number":53,"box":{"x":204,"y":562,"width":180,"height":8}},{"id":"10f70e35-1ce7-4881-a1b0-6a91ae4919e0","block_type":"box","text":"Portfolio Managers.","page_number":53,"box":{"x":53,"y":584,"width":146,"height":12}},{"id":"24cfb6d5-0626-4cad-bbd8-023218dbe393","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":53,"box":{"x":203,"y":584,"width":679,"height":11}},{"id":"77e2353a-d45c-4dd6-8432-aa6e3cf8a945","block_type":"box","text":"management of the Fund:","page_number":53,"box":{"x":53,"y":599,"width":182,"height":11}},{"id":"1b85016a-443f-4780-88da-b09148bc95c6","block_type":"box","text":"Portfolio Manager","page_number":53,"box":{"x":58,"y":634,"width":119,"height":10}},{"id":"3ef904fd-7176-4b30-87be-28a05b5af5c2","block_type":"box","text":"Portfolio Manager of the","page_number":53,"box":{"x":411,"y":622,"width":160,"height":9}},{"id":"2da65454-ced9-4a02-8751-a73450317fa4","block_type":"box","text":"Fund Since","page_number":53,"box":{"x":455,"y":634,"width":72,"height":8}},{"id":"7b6efe2b-ae94-4d71-b1ad-2de24efda49c","block_type":"box","text":"Title with Investment","page_number":53,"box":{"x":804,"y":622,"width":140,"height":7}},{"id":"e81266c0-2e1e-4089-99cf-b1a6a42c2462","block_type":"box","text":"Adviser","page_number":53,"box":{"x":849,"y":634,"width":49,"height":8}},{"id":"517ed199-fbab-4397-8ea7-3e50537c7257","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":53,"box":{"x":57,"y":650,"width":876,"height":10}},{"id":"69c627a2-d62d-4c4a-aa35-2a4855120dbc","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":53,"box":{"x":58,"y":666,"width":875,"height":9}},{"id":"3d90b03b-2fa4-40ef-a817-da74aecf701e","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":53,"box":{"x":58,"y":681,"width":875,"height":10}},{"id":"32a518f8-13fa-47dc-b126-b4fb3ba663f5","block_type":"box","text":"Steven White 2025 Managing Director","page_number":53,"box":{"x":57,"y":696,"width":876,"height":10}},{"id":"234ee4c5-2d53-4ace-baa1-6c3d05c5ba8a","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":53,"box":{"x":54,"y":732,"width":304,"height":10}},{"id":"e6f0ccff-f37c-4d90-bcc0-2afe1e89e494","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":53,"box":{"x":52,"y":757,"width":878,"height":11}},{"id":"529b78a3-be47-48db-a82f-3a492c8dae27","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":53,"box":{"x":53,"y":771,"width":855,"height":11}},{"id":"f527004b-2130-4e5d-b374-332d90e1775b","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":53,"box":{"x":52,"y":785,"width":817,"height":11}},{"id":"4a2a2ef3-afef-4044-a4e3-ade37f4513a5","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":53,"box":{"x":53,"y":799,"width":878,"height":11}},{"id":"123b49c8-14ae-4497-8c91-1608e6f0519e","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":53,"box":{"x":53,"y":813,"width":861,"height":11}},{"id":"1c2943e3-142d-4388-9b4f-43473e62cd08","block_type":"box","text":"(the “bid-ask spread”).","page_number":53,"box":{"x":53,"y":827,"width":156,"height":11}},{"id":"f8147327-0c35-4e27-85af-3608db742e34","block_type":"box","text":"S-48","page_number":53,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"6a02c249-6351-4986-b882-0051e4aae0c9","block_type":"box","text":"Tax Information","page_number":54,"box":{"x":52,"y":46,"width":144,"height":10}},{"id":"8824fc87-2343-4e29-9463-54c05ddcad07","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":54,"box":{"x":52,"y":71,"width":831,"height":11}},{"id":"09c28b5b-9b60-42dd-b41e-840b487a5e17","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":54,"box":{"x":53,"y":85,"width":883,"height":11}},{"id":"23ce2c92-c977-42cb-bc82-13def793a1e9","block_type":"box","text":"be taxed when withdrawn.","page_number":54,"box":{"x":53,"y":99,"width":182,"height":9}},{"id":"9f5ab28b-665e-4094-bc6c-414cd705fd88","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":54,"box":{"x":54,"y":128,"width":575,"height":14}},{"id":"e2253e40-608c-402b-bf80-1d3a98fb0366","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":54,"box":{"x":53,"y":153,"width":855,"height":11}},{"id":"6514ae40-1fbb-40f7-8d3a-6adf49d5b384","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":54,"box":{"x":53,"y":168,"width":843,"height":10}},{"id":"71fb4ae7-f046-4e2a-bcf6-5c35b4b7c88f","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":54,"box":{"x":53,"y":182,"width":820,"height":11}},{"id":"ba12d294-5c4c-4fb0-8d96-ca78f20caba5","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":54,"box":{"x":53,"y":196,"width":801,"height":11}},{"id":"7f9a9c6c-420d-450c-a695-d116e44d7c0d","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. 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The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":55,"box":{"x":53,"y":475,"width":885,"height":12}},{"id":"a4359711-4a56-4c64-8047-1fd46cb08e78","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":55,"box":{"x":52,"y":490,"width":871,"height":11}},{"id":"87a76448-72c0-4bbe-a320-3c8e29bef1af","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":55,"box":{"x":53,"y":504,"width":887,"height":11}},{"id":"210b714d-22b4-4680-ad78-5606ac0834c0","block_type":"box","text":"your costs would be:","page_number":55,"box":{"x":52,"y":518,"width":143,"height":11}},{"id":"c29f74c7-7bb4-4508-a09d-c25ae833c7f0","block_type":"box","text":"Expense Example","page_number":55,"box":{"x":58,"y":541,"width":115,"height":9}},{"id":"5b08e11e-e5d5-42fc-b1c9-8d57029507e9","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":55,"box":{"x":663,"y":541,"width":280,"height":8}},{"id":"f5f75023-c7cb-4860-8b0e-5551ed80f800","block_type":"box","text":"Example Fund Costs","page_number":55,"box":{"x":58,"y":557,"width":128,"height":9}},{"id":"94c78dcd-e97a-43b1-bf44-1753cb581afa","block_type":"box","text":"$31 $97 $169 $381","page_number":55,"box":{"x":671,"y":556,"width":260,"height":9}},{"id":"b842b852-8264-4041-ab1a-5445906ded52","block_type":"box","text":"Portfolio Turnover.","page_number":55,"box":{"x":53,"y":586,"width":137,"height":8}},{"id":"3fe50223-248d-4f3e-a81d-621506011bb9","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":55,"box":{"x":194,"y":586,"width":722,"height":11}},{"id":"24acf406-41d4-49f5-b237-21570c65558d","block_type":"box","text":"over” its portfolio). 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During the most recent fiscal year, the Fund's portfolio turnover rate was 68% of","page_number":55,"box":{"x":52,"y":628,"width":886,"height":11}},{"id":"3e4db58a-99dc-4430-8e3e-281e36363696","block_type":"box","text":"the average value of its portfolio.","page_number":55,"box":{"x":52,"y":643,"width":231,"height":10}},{"id":"456dca90-b498-43f1-9e31-740412b57696","block_type":"box","text":"Principal Investment Strategies","page_number":55,"box":{"x":54,"y":672,"width":284,"height":13}},{"id":"e7646849-c60f-4c89-9402-883d891c4f74","block_type":"box","text":"The Fund seeks to track the investment results of the NYSE","page_number":55,"box":{"x":52,"y":697,"width":418,"height":8}},{"id":"41ddc0d7-b394-40d9-bc8b-3821fc704329","block_type":"box","text":"®","page_number":55,"box":{"x":471,"y":696,"width":5,"height":3}},{"id":"285450bd-821a-42a4-b914-a35c4ae3ffe1","block_type":"box","text":"FactSet U.S. Infrastructure Index (the “Underlying Index”), which","page_number":55,"box":{"x":482,"y":697,"width":451,"height":11}},{"id":"07d22619-3306-45b8-849d-33c407291fa5","block_type":"box","text":"is designed to measure the performance of equity securities of U.S. companies involved in U.S.-focused infrastructure","page_number":55,"box":{"x":53,"y":711,"width":836,"height":11}},{"id":"74e2d631-74c2-440f-afee-db77f98ee21b","block_type":"box","text":"activities (as determined by ICE Data Indices, LLC or its affiliates (the “Index Provider” or “IDI”)).","page_number":55,"box":{"x":53,"y":725,"width":673,"height":11}},{"id":"5f75592d-ab83-4742-a1d1-02adf033315c","block_type":"box","text":"The Underlying Index is composed of equity securities primarily listed on the New York Stock Exchange (“NYSE”), NYSE","page_number":55,"box":{"x":52,"y":747,"width":842,"height":11}},{"id":"30f75316-cb26-4615-b45c-0711bf019ad3","block_type":"box","text":"American or Nasdaq (excluding master limited partnerships, royalty trusts, business development companies, and American","page_number":55,"box":{"x":52,"y":761,"width":879,"height":11}},{"id":"447c798b-c613-45dc-be07-89cb38ee6446","block_type":"box","text":"depositary receipts) that are classified to be under one of the 95 infrastructure-related industries as defined by FactSet","page_number":55,"box":{"x":53,"y":775,"width":841,"height":11}},{"id":"cb108588-9e59-4a2f-b61f-8868c79898d0","block_type":"box","text":"Revere Business Industry Classification System (“RBICS”). Each company in the Underlying Index is classified as either","page_number":55,"box":{"x":53,"y":789,"width":840,"height":11}},{"id":"3289c126-c15d-49fb-87d5-61756903d1f8","block_type":"box","text":"Category 1 or Category 2, where Category 1 companies are infrastructure enablers and Category 2 are infrastructure asset","page_number":55,"box":{"x":53,"y":804,"width":865,"height":11}},{"id":"1273b1a2-c881-4ca7-87f0-e316ef5a9979","block_type":"box","text":"owners and operators.","page_number":55,"box":{"x":53,"y":818,"width":156,"height":10}},{"id":"68eff373-1d2d-45e4-97ce-55cde43c204a","block_type":"box","text":"Infrastructure enablers are potential beneficiaries of infrastructure investment in the U.S. Category 1 companies in the","page_number":55,"box":{"x":53,"y":840,"width":838,"height":11}},{"id":"f321d4b4-8252-400e-befa-dbb78c37b6f9","block_type":"box","text":"Underlying Index include companies in construction and engineering services, machineries, materials, and certain railroad","page_number":55,"box":{"x":53,"y":854,"width":868,"height":11}},{"id":"c5cb2a9d-c987-4e36-9bb7-d8d6a5602ed1","block_type":"box","text":"transportation industries. 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The Underlying Index may include large-, mid-, and small-capitalization companies. As of March 31,","page_number":56,"box":{"x":53,"y":125,"width":862,"height":11}},{"id":"0f2e6021-9a72-4047-95d0-1fbc78707d4b","block_type":"box","text":"2026, a significant portion of the Underlying Index was represented by securities of companies in the industrials, materials","page_number":56,"box":{"x":53,"y":139,"width":867,"height":11}},{"id":"bfef0ac7-8eb2-4693-a568-225283158a42","block_type":"box","text":"and utilities industries or sectors. The components of the Underlying Index are likely to change over time.","page_number":56,"box":{"x":53,"y":153,"width":741,"height":11}},{"id":"2409f8c5-5940-420b-b975-442e441550eb","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":56,"box":{"x":52,"y":177,"width":853,"height":10}},{"id":"92f31996-16ff-45f9-95a5-7c69c7fce543","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":56,"box":{"x":53,"y":191,"width":839,"height":11}},{"id":"13fb6b25-52a5-4775-bccc-9cb136d439ca","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":56,"box":{"x":53,"y":205,"width":868,"height":11}},{"id":"584974c4-0cd8-4606-9aab-279ee6b53999","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":56,"box":{"x":53,"y":219,"width":851,"height":11}},{"id":"feef371f-1ce4-45fb-ad99-7486961742a8","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":56,"box":{"x":53,"y":233,"width":806,"height":11}},{"id":"f635a103-2030-45da-9a62-868408f9d95a","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":56,"box":{"x":53,"y":247,"width":884,"height":11}},{"id":"73690fd2-c9c9-432e-a62a-f977f7a10497","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":56,"box":{"x":52,"y":262,"width":884,"height":11}},{"id":"fe2274f9-d832-4ba0-a81f-8e71481eef35","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":56,"box":{"x":53,"y":276,"width":852,"height":11}},{"id":"54037029-661f-4d69-ae0a-543110e1adf8","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":56,"box":{"x":53,"y":290,"width":867,"height":11}},{"id":"740cadbe-de05-4e27-8687-28dc162239ab","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":56,"box":{"x":52,"y":304,"width":869,"height":11}},{"id":"a40919b7-68e2-4341-8309-de335b2613d3","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":56,"box":{"x":52,"y":318,"width":863,"height":11}},{"id":"3f20d18c-735c-4908-88a9-da030a1ca731","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":56,"box":{"x":53,"y":333,"width":826,"height":10}},{"id":"9cba200a-678a-4dcb-b7de-49e4efb8dfe7","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":56,"box":{"x":53,"y":347,"width":405,"height":11}},{"id":"1fcf0084-322c-44cf-a772-0240bee6ec49","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":56,"box":{"x":53,"y":370,"width":844,"height":11}},{"id":"49413093-75db-4018-874d-0a953fdb58a2","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":56,"box":{"x":53,"y":384,"width":860,"height":11}},{"id":"59acd43b-029b-4747-9d30-6b5804890ab6","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":56,"box":{"x":53,"y":398,"width":831,"height":11}},{"id":"06cc71aa-608d-4df4-8064-5934154bee89","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":56,"box":{"x":53,"y":412,"width":817,"height":11}},{"id":"0d5bca75-dd41-4970-a98f-bfab592e7df7","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":56,"box":{"x":53,"y":427,"width":818,"height":11}},{"id":"17f4fe51-4a15-4930-a4fe-1f3b7cbac48f","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":56,"box":{"x":53,"y":441,"width":835,"height":11}},{"id":"02619cbc-c754-4e63-812f-de0e1c48cfa4","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":56,"box":{"x":52,"y":464,"width":873,"height":11}},{"id":"598e29fb-c63d-4b35-bd4a-7247733916ad","block_type":"box","text":"collateral received).","page_number":56,"box":{"x":53,"y":478,"width":136,"height":10}},{"id":"2820bbff-0419-460e-b486-83a7869bf9e1","block_type":"box","text":"The Underlying Index is owned, maintained and administered by the Index Provider, which is independent of the Fund and","page_number":56,"box":{"x":52,"y":501,"width":861,"height":11}},{"id":"55422e7b-e77f-49ee-95dd-d571137209d7","block_type":"box","text":"BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index and","page_number":56,"box":{"x":53,"y":516,"width":877,"height":10}},{"id":"3085edd4-be3e-4538-93ce-9cc6d96ee1fd","block_type":"box","text":"publishes information regarding the market value of the Underlying Index. The Underlying Index is compiled utilizing RBICS","page_number":56,"box":{"x":53,"y":530,"width":875,"height":11}},{"id":"adcba5a4-be01-4afb-b181-a014670d75d5","block_type":"box","text":"classifications licensed from FactSet Research Systems, Inc. (“FactSet”). RBICS is an industry classification system defined by","page_number":56,"box":{"x":53,"y":544,"width":889,"height":11}},{"id":"5c6b4ac6-5924-416d-97f2-73612f4deaa3","block_type":"box","text":"FactSet, which has full discretion over the classification system and is not affiliated with the Index Provider, the Fund or BFA.","page_number":56,"box":{"x":53,"y":558,"width":878,"height":11}},{"id":"2c4f4d85-78bc-450d-ab68-69c17fe27ed0","block_type":"box","text":"The classification methodology utilized for RBICS combines both market-defined information and a bottom-up approach to","page_number":56,"box":{"x":52,"y":572,"width":875,"height":11}},{"id":"06954b43-4100-414f-8a94-37a2e4788372","block_type":"box","text":"classify companies from all economic sectors and industries, including those in the infrastructure industry. RBICS's","page_number":56,"box":{"x":53,"y":587,"width":816,"height":10}},{"id":"0a8cf8ec-bb34-41e8-88b7-4922475dafae","block_type":"box","text":"assignment for companies is reviewed at least once a year, with corporate actions being monitored on an ongoing basis.","page_number":56,"box":{"x":53,"y":601,"width":847,"height":11}},{"id":"040d06ec-0833-4680-a2df-ed86cd7a8ab4","block_type":"box","text":"Industry Concentration Policy.","page_number":56,"box":{"x":53,"y":624,"width":224,"height":11}},{"id":"19fba387-ce05-4c9d-a69f-8e9e6a1e2986","block_type":"box","text":"The Fund will concentrate its investments (","page_number":56,"box":{"x":281,"y":624,"width":304,"height":9}},{"id":"b05b840e-6d05-439c-ab7d-83fd422bb06d","block_type":"box","text":"i.e.","page_number":56,"box":{"x":587,"y":624,"width":17,"height":8}},{"id":"9d7f557d-c193-4383-85ef-19ed7f8648cd","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":56,"box":{"x":606,"y":624,"width":292,"height":10}},{"id":"8624dcb4-e2fa-44d9-8ba1-ddeee201e928","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":56,"box":{"x":53,"y":638,"width":858,"height":11}},{"id":"a028d667-f434-4fae-931e-2b4221010be4","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":56,"box":{"x":53,"y":652,"width":868,"height":11}},{"id":"5f6e9366-48a4-4a91-a99a-e3788fada24a","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":56,"box":{"x":53,"y":666,"width":826,"height":11}},{"id":"7c424d04-9673-41f8-9d6a-e0f52bd53fe2","block_type":"box","text":"Summary of Principal Risks","page_number":56,"box":{"x":52,"y":695,"width":248,"height":14}},{"id":"997ecc8d-63a4-48aa-9ac2-2e4fac19d957","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":56,"box":{"x":52,"y":721,"width":881,"height":10}},{"id":"7aa51b91-3af3-4547-919e-7fee4ef6df83","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":56,"box":{"x":53,"y":735,"width":824,"height":11}},{"id":"f3da05dd-bce9-4d8a-8df1-f4633f9dd273","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":56,"box":{"x":53,"y":749,"width":807,"height":11}},{"id":"6d386070-7186-4980-8c42-ccc72b3b7aff","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":56,"box":{"x":53,"y":763,"width":844,"height":11}},{"id":"4f803edd-521a-49f6-baac-434bb5be35f3","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":56,"box":{"x":52,"y":777,"width":815,"height":11}},{"id":"0014778e-d5f1-4617-abbf-f0797b0aacd0","block_type":"box","text":"Risk of Investing in the U.S.","page_number":56,"box":{"x":53,"y":800,"width":200,"height":11}},{"id":"e7550db3-47cf-413d-9d36-471ec6a2b5a9","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":56,"box":{"x":259,"y":801,"width":663,"height":10}},{"id":"4ed43c2c-464c-4dde-b7b9-5b427fd68dbf","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":56,"box":{"x":53,"y":815,"width":877,"height":11}},{"id":"7ae7eb3d-9431-4b28-a09b-7f9d74141ebc","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":56,"box":{"x":53,"y":829,"width":470,"height":11}},{"id":"112a41ce-fe30-4454-90fe-6279e1c16351","block_type":"box","text":"Infrastructure Companies Risk.","page_number":56,"box":{"x":53,"y":852,"width":229,"height":11}},{"id":"54f67a33-3a70-488d-9c86-99a775e11cdd","block_type":"box","text":"Companies involved in infrastructure or infrastructure-related industries may be adversely","page_number":56,"box":{"x":287,"y":852,"width":641,"height":11}},{"id":"18b1f4cd-219b-4e1a-81c0-149dcdf9609c","block_type":"box","text":"affected by supply chain and distribution disruptions, business interruptions, third-party vendor risks, shifts in public and","page_number":56,"box":{"x":53,"y":866,"width":859,"height":11}},{"id":"f67acc10-2e34-4748-9f6c-b84dc4099de3","block_type":"box","text":"private capital spending levels, regulations, cyber or other attacks, volatility in commodity prices and currencies, trade","page_number":56,"box":{"x":53,"y":881,"width":833,"height":10}},{"id":"70affcd3-0172-441f-b629-c2da4702f1a4","block_type":"box","text":"disputes, scarcity of materials or parts, excess capacity, and liability claims, among other things. The performance of such","page_number":56,"box":{"x":53,"y":895,"width":860,"height":10}},{"id":"726a9220-118c-4c0a-9fd3-9cc5a9d02b27","block_type":"box","text":"S-51","page_number":56,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"d30761be-85a8-4822-ae73-ae8c05e362ff","block_type":"box","text":"companies also may be affected by technological developments, extreme weather or other catastrophic events, labor","page_number":57,"box":{"x":53,"y":46,"width":824,"height":11}},{"id":"d1f0d22d-35bc-4ac9-9a3e-5c4c617c404d","block_type":"box","text":"relations, government spending policies, and changes in domestic and international economies.","page_number":57,"box":{"x":53,"y":61,"width":680,"height":10}},{"id":"69bf7632-3848-4196-b1b9-ae937f4824e2","block_type":"box","text":"Equity Securities Risk.","page_number":57,"box":{"x":53,"y":84,"width":164,"height":11}},{"id":"c8893294-249f-415a-a12f-9070f89a7bcf","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":223,"y":84,"width":709,"height":11}},{"id":"f3737a38-3010-4072-ad0e-88734cfd6e79","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":53,"y":98,"width":889,"height":11}},{"id":"d04ae57c-3001-4ad4-a465-5bcbe58e1e6e","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":53,"y":112,"width":880,"height":11}},{"id":"152ac40c-e302-4f18-92f9-a962815743d0","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":53,"y":126,"width":867,"height":11}},{"id":"5ac92004-20b6-40b1-aba3-26dbae3ad1cb","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":57,"box":{"x":53,"y":140,"width":339,"height":11}},{"id":"7ac60114-0518-48ce-9755-21edcad1e83d","block_type":"box","text":"Market Risk.","page_number":57,"box":{"x":53,"y":164,"width":91,"height":8}},{"id":"f5c80d85-22de-49c6-a910-ee014327b45f","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":148,"y":164,"width":768,"height":11}},{"id":"c9a870a2-a90b-41ba-88be-3b482b8c1d6f","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":53,"y":178,"width":882,"height":11}},{"id":"e840ce93-cd7d-4df0-8f34-21204f523cc9","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":53,"y":192,"width":858,"height":11}},{"id":"06455fd4-3ced-47f8-83db-7cf3b525b070","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":53,"y":206,"width":875,"height":11}},{"id":"c82d5e76-d6fa-4f09-b89a-9322a3c6b1b9","block_type":"box","text":"Fund’s NAV.","page_number":57,"box":{"x":53,"y":220,"width":82,"height":9}},{"id":"a3dfdbaa-00fd-4887-ba72-c1b4915f5485","block_type":"box","text":"Index-Related Risk.","page_number":57,"box":{"x":53,"y":244,"width":143,"height":8}},{"id":"cbebb1dd-757e-4ac0-96f7-d5df7cbe9fb8","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":57,"box":{"x":201,"y":244,"width":742,"height":10}},{"id":"64fbfc62-cfb0-4817-b111-01f5eb143075","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":57,"box":{"x":53,"y":258,"width":856,"height":11}},{"id":"bcda5039-cdc6-48e5-b494-dc3d58bcbd8c","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":57,"box":{"x":53,"y":272,"width":852,"height":11}},{"id":"b05ad56d-9276-477c-bd33-d89f4d947c8e","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":57,"box":{"x":53,"y":286,"width":876,"height":11}},{"id":"3003d20e-4e4b-4f0e-a5da-91841dae36e2","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":57,"box":{"x":52,"y":300,"width":849,"height":11}},{"id":"d5201392-1e3d-42d8-9b7c-271802bc6831","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":57,"box":{"x":53,"y":315,"width":849,"height":10}},{"id":"7bea9768-2b88-41ff-b8ca-75bb1f2e022a","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":57,"box":{"x":53,"y":329,"width":890,"height":11}},{"id":"2a78e05b-edc7-4199-9e66-e659903b9713","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":57,"box":{"x":53,"y":343,"width":853,"height":11}},{"id":"1864d711-302e-4582-b930-c392a5be2af6","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":57,"box":{"x":53,"y":357,"width":539,"height":11}},{"id":"8d7b9788-859e-4a30-98de-6110f6f9fa81","block_type":"box","text":"Asset Class Risk.","page_number":57,"box":{"x":52,"y":380,"width":122,"height":9}},{"id":"b4b63eeb-03cd-4559-baa0-1a0e30846f13","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":57,"box":{"x":179,"y":380,"width":721,"height":11}},{"id":"3da845c3-c993-4518-a949-4f39e170540c","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":57,"box":{"x":53,"y":394,"width":774,"height":11}},{"id":"9dd26261-f171-4012-b6df-32a5a75901fe","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":57,"box":{"x":52,"y":418,"width":318,"height":10}},{"id":"30bde7b3-3704-487e-81c4-e1b37c27fe72","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":57,"box":{"x":374,"y":417,"width":531,"height":12}},{"id":"07a79d00-9df1-42a3-b282-cd4470340378","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":57,"box":{"x":53,"y":432,"width":810,"height":11}},{"id":"a137d43d-b9d3-4181-b930-e8496ee34af4","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":57,"box":{"x":52,"y":446,"width":816,"height":11}},{"id":"2e419310-47ac-47ac-85c3-bd1d0c4ebf9d","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":57,"box":{"x":52,"y":460,"width":884,"height":11}},{"id":"975941b7-7c8d-4409-8ce6-bda6023db865","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":57,"box":{"x":53,"y":474,"width":871,"height":11}},{"id":"c844a389-1bc8-4438-b38d-719211e6a784","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":57,"box":{"x":53,"y":489,"width":846,"height":10}},{"id":"3f66c925-fef6-4274-9b0f-75921ffe4a94","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":57,"box":{"x":52,"y":503,"width":881,"height":10}},{"id":"0b32aec1-a3ed-428e-9aef-39dd720510e1","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":57,"box":{"x":53,"y":517,"width":853,"height":11}},{"id":"9ded3ad5-abe1-45e0-b110-26e2ccdb594e","block_type":"box","text":"halts or delisting.","page_number":57,"box":{"x":53,"y":531,"width":121,"height":11}},{"id":"092b05a6-3f4d-4490-b3e4-599270494091","block_type":"box","text":"Concentration Risk.","page_number":57,"box":{"x":53,"y":554,"width":145,"height":9}},{"id":"56eec004-3959-4cdb-a0b8-7f85b1b115ff","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":57,"box":{"x":202,"y":554,"width":711,"height":11}},{"id":"e60977ce-c4c8-4c1f-912f-09ea40f88a42","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":57,"box":{"x":53,"y":568,"width":884,"height":10}},{"id":"5ce0e7d5-d7fc-4702-9b8d-329d21adb02b","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":57,"box":{"x":52,"y":583,"width":887,"height":11}},{"id":"cd80c4be-6f15-433b-956c-f1ebf47364b3","block_type":"box","text":"asset classes.","page_number":57,"box":{"x":53,"y":597,"width":95,"height":8}},{"id":"f0a230d1-827e-4170-9670-c40032290f46","block_type":"box","text":"Industrial Companies Risk.","page_number":57,"box":{"x":53,"y":620,"width":197,"height":11}},{"id":"e349aef5-f3a8-4b9c-b247-73e1293183a6","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions,","page_number":57,"box":{"x":255,"y":620,"width":685,"height":11}},{"id":"691e9774-4591-4bf4-9ea6-da6056f0ea3a","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability","page_number":57,"box":{"x":53,"y":634,"width":881,"height":11}},{"id":"a9810f33-744b-4ad8-8aaf-22805ae3bcef","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices","page_number":57,"box":{"x":53,"y":648,"width":867,"height":11}},{"id":"f2395776-c7c2-4caf-9963-890d23024a26","block_type":"box","text":"and currencies. The performance of such companies may also be affected by technological developments, labor relations,","page_number":57,"box":{"x":53,"y":663,"width":860,"height":10}},{"id":"e1b6aea1-8b68-45b6-8118-052f86baf386","block_type":"box","text":"legislative and regulatory changes, government spending policies, and changes in domestic and international economies.","page_number":57,"box":{"x":53,"y":677,"width":862,"height":11}},{"id":"084f2b34-7a30-4533-a673-58e50da445c5","block_type":"box","text":"Issuer Risk.","page_number":57,"box":{"x":53,"y":700,"width":83,"height":8}},{"id":"d5b8d1cd-8b3c-4106-ab95-d525928896ec","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":57,"box":{"x":140,"y":700,"width":780,"height":10}},{"id":"ada7a1db-9027-44c2-aa24-0783d81946d0","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":57,"box":{"x":53,"y":714,"width":886,"height":11}},{"id":"0d67a720-b2e8-4395-86e7-2043f14ffcc0","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":57,"box":{"x":52,"y":728,"width":576,"height":11}},{"id":"cecb9c80-75b2-455d-882c-475aec1165c8","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":57,"box":{"x":53,"y":751,"width":278,"height":11}},{"id":"aa6e9637-ecbf-4e06-ab91-739acc069a34","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":57,"box":{"x":337,"y":752,"width":540,"height":10}},{"id":"517ace07-a9b2-4278-99f3-c4dfff28fc63","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":57,"box":{"x":53,"y":766,"width":890,"height":11}},{"id":"ae7ebd95-e697-4750-9b5a-e69d21904352","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":57,"box":{"x":53,"y":780,"width":868,"height":11}},{"id":"d5885491-8a8f-4a6e-a193-3b08e6802c8b","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":57,"box":{"x":53,"y":794,"width":709,"height":11}},{"id":"9235b1e8-eaa5-42c7-868f-4a88dc8bc864","block_type":"box","text":"Management Risk.","page_number":57,"box":{"x":53,"y":817,"width":137,"height":11}},{"id":"8dabe334-a47e-4934-8473-64587220c832","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":57,"box":{"x":194,"y":817,"width":711,"height":11}},{"id":"43ec316c-a86f-446d-a43c-be9f72d9053a","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":57,"box":{"x":53,"y":831,"width":877,"height":11}},{"id":"0e4a2a58-b3a2-4906-afe3-84ce1775babb","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":57,"box":{"x":53,"y":846,"width":859,"height":11}},{"id":"24355ab6-74bd-41cc-b8a0-261a9b0405f4","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":57,"box":{"x":52,"y":860,"width":848,"height":11}},{"id":"285914dd-ca90-4c59-8755-9dd53bd5fb0d","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":57,"box":{"x":53,"y":874,"width":756,"height":11}},{"id":"c38e08a7-8070-4da2-83fb-e3ba1bc8a439","block_type":"box","text":"S-52","page_number":57,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"da199a42-1daf-4cb7-b7d6-1ddebf081286","block_type":"box","text":"Market Trading Risk.","page_number":58,"box":{"x":53,"y":46,"width":152,"height":11}},{"id":"42929a7a-692a-4058-a52c-9bbdba05eeca","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":209,"y":46,"width":694,"height":11}},{"id":"a48b56e5-10c2-4d61-8af7-fc7ee840ad12","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":53,"y":61,"width":841,"height":10}},{"id":"ee32b1d7-b7b1-4b93-98cf-3a80590b39e1","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":53,"y":75,"width":887,"height":11}},{"id":"10e60be6-9203-4ee0-afab-e61d61fb57ed","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":52,"y":89,"width":839,"height":11}},{"id":"2adbc6bd-5833-4e89-8be1-62389d11ffe8","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":53,"y":103,"width":866,"height":11}},{"id":"3eb83b06-be26-42c9-aa19-f6190aaf271f","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":52,"y":117,"width":885,"height":11}},{"id":"8a51706b-9768-4440-9c1a-afcf18de4408","block_type":"box","text":"of the Fund shares.","page_number":58,"box":{"x":53,"y":131,"width":134,"height":9}},{"id":"5ecf222d-a973-48db-a6b5-139d595c2c70","block_type":"box","text":"Materials Companies Risk.","page_number":58,"box":{"x":53,"y":155,"width":195,"height":10}},{"id":"a947ae6c-20f3-4e8a-85a7-2d4ee8374dc9","block_type":"box","text":"Materials companies may be adversely affected by volatility in commodity prices, changes in","page_number":58,"box":{"x":253,"y":155,"width":653,"height":11}},{"id":"f879b4e5-49cb-4bd8-a988-e668a2b5a36c","block_type":"box","text":"exchange rates, social and political unrest, war, depletion of resources, lower demand, overproduction, litigation and","page_number":58,"box":{"x":53,"y":169,"width":819,"height":11}},{"id":"9cebcfbd-ce92-4fd2-8470-8314fb0a27b5","block_type":"box","text":"government regulations, among other factors.","page_number":58,"box":{"x":53,"y":183,"width":325,"height":11}},{"id":"2124f51a-19b1-49c2-91c2-4eeb2b54dd1e","block_type":"box","text":"Operational and Technology Risks.","page_number":58,"box":{"x":53,"y":206,"width":254,"height":11}},{"id":"0097cf9c-3f21-4d12-b13d-eaae54bd0b09","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":58,"box":{"x":312,"y":206,"width":581,"height":11}},{"id":"e55efac4-1e5e-4bc1-9a5a-f8b2681eacf7","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":58,"box":{"x":53,"y":220,"width":876,"height":11}},{"id":"cd8e69a5-ccf8-487b-bda7-6b772116e5d9","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":58,"box":{"x":53,"y":234,"width":879,"height":11}},{"id":"f8cf97bc-628d-46ad-9032-08713c8f1e25","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":58,"box":{"x":53,"y":249,"width":825,"height":11}},{"id":"247c2e2f-63ef-4866-b073-2a67053e07e1","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":58,"box":{"x":53,"y":263,"width":862,"height":11}},{"id":"7e12e89e-6e8d-4ca6-b9c7-96b36fd0e366","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":58,"box":{"x":53,"y":277,"width":872,"height":11}},{"id":"f39cd8f8-2a75-441d-807d-32f7800ae1a4","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":58,"box":{"x":53,"y":291,"width":824,"height":11}},{"id":"b8247cf8-8fde-4e1e-b0e9-fed72bd92cb0","block_type":"box","text":"Securities Lending Risk.","page_number":58,"box":{"x":52,"y":314,"width":178,"height":11}},{"id":"8849bcc2-253f-46fd-b13d-85f65646ed85","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":58,"box":{"x":234,"y":315,"width":692,"height":10}},{"id":"56c9110c-f13b-439e-ba8e-804599710d75","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":58,"box":{"x":53,"y":329,"width":870,"height":11}},{"id":"6db387b3-dbc7-4173-9e30-7ebb3dbe6024","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":58,"box":{"x":53,"y":343,"width":886,"height":11}},{"id":"3d686b46-4365-4cf2-9839-15c33e4ac04f","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":58,"box":{"x":53,"y":357,"width":831,"height":11}},{"id":"69ef9aa0-d6a8-4c89-977d-0e8f1643cd03","block_type":"box","text":"Tracking Error Risk.","page_number":58,"box":{"x":52,"y":380,"width":145,"height":11}},{"id":"e1aa9afe-ab89-45bc-8295-36006fa77b83","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":58,"box":{"x":201,"y":380,"width":741,"height":11}},{"id":"bcb46b40-f6e5-40aa-92f5-f6b6ce390223","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":58,"box":{"x":53,"y":394,"width":861,"height":11}},{"id":"beb20bbc-9c3c-4992-b41b-ba3f0bd6d558","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":58,"box":{"x":53,"y":409,"width":832,"height":10}},{"id":"504e5648-38ef-439d-87ed-43b27d1fd935","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":58,"box":{"x":53,"y":423,"width":880,"height":11}},{"id":"527f94a8-2676-467e-b8c5-9fc1d619720d","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":58,"box":{"x":53,"y":437,"width":831,"height":11}},{"id":"a0d2179e-ee36-4f2e-8d6e-71504e58da62","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":58,"box":{"x":52,"y":451,"width":828,"height":11}},{"id":"995f65da-0b2c-4253-9ace-063be16b73ea","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":58,"box":{"x":53,"y":465,"width":873,"height":11}},{"id":"7f2a4f66-3788-4dbe-8ea2-502d9c0d858d","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":58,"box":{"x":53,"y":480,"width":889,"height":10}},{"id":"c5e586b0-824e-4301-97fb-606f0714b1fb","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":58,"box":{"x":53,"y":494,"width":852,"height":11}},{"id":"9b96df8b-93b7-4af1-9708-528363217fc1","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":58,"box":{"x":53,"y":508,"width":886,"height":11}},{"id":"9b6e7e0d-8585-49bb-a992-841aa6c30f1d","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":58,"box":{"x":53,"y":522,"width":873,"height":11}},{"id":"547556f8-4816-4b14-ba6b-29fe676c1b54","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":58,"box":{"x":53,"y":536,"width":724,"height":11}},{"id":"fb86cf71-2070-4dd2-9831-8a0a97b405cc","block_type":"box","text":"Utility Companies Risk.","page_number":58,"box":{"x":53,"y":559,"width":170,"height":11}},{"id":"dee4b75a-013c-45a9-806c-dfe12e4a6432","block_type":"box","text":"The utilities sector is generally subject to significant government regulation and oversight, including","page_number":58,"box":{"x":228,"y":559,"width":710,"height":11}},{"id":"1727561b-8852-4d79-9556-02d61ccbdc37","block_type":"box","text":"restrictions on rates as well as environmental and other regulations. Utility companies also may face risks related to, among","page_number":58,"box":{"x":53,"y":574,"width":873,"height":10}},{"id":"b32dcf77-353c-48ee-ac40-daf30164b7bb","block_type":"box","text":"other things, natural disasters, cyber or other attacks, capital project funding, energy price volatility and increased","page_number":58,"box":{"x":53,"y":588,"width":804,"height":11}},{"id":"39176e8d-3d3d-465b-94c2-4e04e4dababc","block_type":"box","text":"competition.","page_number":58,"box":{"x":53,"y":602,"width":88,"height":11}},{"id":"20ae9219-88a8-4e3c-bb2d-4008ce9b6507","block_type":"box","text":"Performance Information","page_number":58,"box":{"x":54,"y":631,"width":228,"height":10}},{"id":"a5ccc137-987f-4edb-a7d1-2c765e86ce45","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":58,"box":{"x":52,"y":656,"width":864,"height":11}},{"id":"df878b2d-4983-4b3f-9c91-45e46d64589c","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":58,"box":{"x":52,"y":670,"width":872,"height":11}},{"id":"96cd315d-c0a7-4eb3-95d8-f1e918c71c7d","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":58,"box":{"x":53,"y":684,"width":868,"height":11}},{"id":"a25d6e4c-630e-48d8-8dcf-56bfa75e085c","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":58,"box":{"x":53,"y":699,"width":838,"height":11}},{"id":"7e17330c-0205-401d-bfe5-308410681a80","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":58,"box":{"x":53,"y":713,"width":868,"height":11}},{"id":"f3cec783-be76-42c0-924d-02e9c4330984","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":58,"box":{"x":53,"y":727,"width":832,"height":11}},{"id":"a91fc6dd-415a-4257-b162-29e846f42875","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":58,"box":{"x":53,"y":741,"width":842,"height":11}},{"id":"b247df82-5ff6-49ce-a977-65720879785b","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":58,"box":{"x":52,"y":755,"width":531,"height":11}},{"id":"b2f4471c-64e8-4b87-b905-2b520c82a4c3","block_type":"box","text":"S-53","page_number":58,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"978a75be-abb4-4f6a-8325-870ec53d784a","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":59,"box":{"x":135,"y":46,"width":260,"height":11}},{"id":"082d0b4c-a7b4-4a4a-8481-6fe336c36d4b","block_type":"box","text":"26.67","page_number":59,"box":{"x":94,"y":105,"width":26,"height":6}},{"id":"3a7c5363-6add-4904-aba2-b4a7e28d9029","block_type":"box","text":"7.29","page_number":59,"box":{"x":149,"y":147,"width":20,"height":6}},{"id":"3ce8a3c8-694e-4825-af32-21928ac82c01","block_type":"box","text":"29.76","page_number":59,"box":{"x":199,"y":98,"width":26,"height":7}},{"id":"323f4d6a-7903-425e-9b65-044349609c5b","block_type":"box","text":"-3.11","page_number":59,"box":{"x":253,"y":184,"width":23,"height":6}},{"id":"7148823e-20fb-4169-8aa7-fd236b0546f6","block_type":"box","text":"13.20","page_number":59,"box":{"x":306,"y":134,"width":25,"height":6}},{"id":"9b0f2433-2d7b-42d0-839c-255cfaede41a","block_type":"box","text":"17.03","page_number":59,"box":{"x":359,"y":126,"width":25,"height":6}},{"id":"6a241a4b-1a6e-422f-a54d-b79f0184df79","block_type":"box","text":"16.06","page_number":59,"box":{"x":412,"y":128,"width":25,"height":6}},{"id":"b70a83d6-1e2b-4986-9bce-5af2281ad5e9","block_type":"box","text":"2019 2020 2021 2022 2023 2024 2025","page_number":59,"box":{"x":95,"y":201,"width":341,"height":6}},{"id":"32fb2510-317c-4a31-9f5e-dfaea7368eef","block_type":"box","text":"Return (%) Period Ended","page_number":59,"box":{"x":736,"y":61,"width":188,"height":9}},{"id":"928b3733-2857-41b2-bebf-9842fc5e06c1","block_type":"box","text":"Calendar Year-to-Date Return","page_number":59,"box":{"x":520,"y":80,"width":197,"height":7}},{"id":"3629af48-c586-4864-991f-86282549f599","block_type":"box","text":"20.72% June 30, 2026","page_number":59,"box":{"x":749,"y":80,"width":193,"height":8}},{"id":"d7945c97-2536-4294-b07d-e3903979f3e6","block_type":"box","text":"During the periods shown in the chart:","page_number":59,"box":{"x":520,"y":92,"width":250,"height":10}},{"id":"8c4497c0-c01b-4285-9fe3-cce93288e0c9","block_type":"box","text":"Best Quarter 24.12% December 31, 2020","page_number":59,"box":{"x":534,"y":105,"width":408,"height":9}},{"id":"dbae33a7-be5e-4ddc-bf6d-73250c238da0","block_type":"box","text":"Worst Quarter -28.72% March 31, 2020","page_number":59,"box":{"x":533,"y":118,"width":409,"height":9}},{"id":"5f349429-699c-46e4-b013-0976f6ec6aab","block_type":"box","text":"Average Annual Total Returns (%)","page_number":59,"box":{"x":372,"y":231,"width":251,"height":11}},{"id":"dfe4cd1b-6480-4113-a27e-4df36816d46f","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":59,"box":{"x":340,"y":245,"width":315,"height":10}},{"id":"b38ca91e-27ec-4897-8e94-83fd3914589b","block_type":"box","text":"One Year Five Years","page_number":59,"box":{"x":660,"y":272,"width":165,"height":7}},{"id":"e5097778-5e9b-42fe-81a4-9b18a1319c17","block_type":"box","text":"Since Fund","page_number":59,"box":{"x":866,"y":261,"width":72,"height":8}},{"id":"f0eeb018-4076-46fd-b4df-6f7ab977e536","block_type":"box","text":"Inception","page_number":59,"box":{"x":872,"y":272,"width":61,"height":9}},{"id":"821363b8-2eb1-4f5d-9b72-eefb7bc72815","block_type":"box","text":"Fund Inception: 4/3/2018","page_number":59,"box":{"x":58,"y":287,"width":171,"height":9}},{"id":"8b55535c-e22a-4124-96d1-1bc5c2794aae","block_type":"box","text":"Return Before Taxes","page_number":59,"box":{"x":58,"y":299,"width":125,"height":7}},{"id":"6b13916b-44cf-434b-a278-7f7db5d219a4","block_type":"box","text":"16.06% 14.09% 12.24%","page_number":59,"box":{"x":671,"y":299,"width":263,"height":7}},{"id":"2ee6cf53-0af3-4701-96dd-aeac8d07df69","block_type":"box","text":"Return After Taxes on Distributions 15.52% 13.57% 11.66%","page_number":59,"box":{"x":58,"y":310,"width":876,"height":8}},{"id":"6faae824-faa6-4a55-a7e0-d7604fff0d9d","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 9.84% 11.22% 9.85%","page_number":59,"box":{"x":58,"y":322,"width":876,"height":7}},{"id":"3f5ad106-a20c-4439-b252-df669aa6a3bc","block_type":"box","text":"MSCI USA Index","page_number":59,"box":{"x":58,"y":334,"width":106,"height":7}},{"id":"268718f5-7bff-45c3-977f-8a24c65ab0de","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.75% 13.87% 15.09%","page_number":59,"box":{"x":168,"y":333,"width":766,"height":10}},{"id":"789da509-b3ca-40d0-b889-1019648dbd4e","block_type":"box","text":"NYSE FactSet U.S. Infrastructure Index","page_number":59,"box":{"x":58,"y":345,"width":255,"height":8}},{"id":"b66aa703-f918-44df-a28a-ffde806db7cb","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":59,"box":{"x":317,"y":345,"width":268,"height":9}},{"id":"4561ca7e-c0ed-4040-a6f0-47ad39136c9a","block_type":"box","text":"expenses or taxes)","page_number":59,"box":{"x":71,"y":358,"width":115,"height":9}},{"id":"598a95ee-7053-4a9e-8f84-e4978a443412","block_type":"box","text":"16.46% 14.40% 12.59%","page_number":59,"box":{"x":671,"y":358,"width":263,"height":8}},{"id":"92147583-c7e8-424e-baf8-e0ff55925639","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":59,"box":{"x":52,"y":387,"width":857,"height":11}},{"id":"f7210979-97df-4b3f-97f3-24bd52295f90","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":59,"box":{"x":53,"y":402,"width":865,"height":10}},{"id":"d8358855-ef5e-4dca-b4eb-d62b13355ed7","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":59,"box":{"x":53,"y":416,"width":847,"height":11}},{"id":"ae81782b-850d-4471-9f83-a5077b8028f0","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":59,"box":{"x":52,"y":430,"width":857,"height":11}},{"id":"5e44fc97-607e-4de4-8c0b-3d0b64297dad","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":59,"box":{"x":53,"y":444,"width":877,"height":11}},{"id":"7e6ac29a-5b97-49ed-8e8c-5b6a5793e08f","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":59,"box":{"x":52,"y":458,"width":836,"height":11}},{"id":"b5118c63-37e5-4521-8065-e5b4a0349407","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":59,"box":{"x":53,"y":472,"width":886,"height":11}},{"id":"f2fc7567-3042-409d-bfcd-17bb5593103f","block_type":"box","text":"on distributions.","page_number":59,"box":{"x":53,"y":487,"width":114,"height":8}},{"id":"af46ca46-b7f0-4629-a260-ebcccca78ed9","block_type":"box","text":"Management","page_number":59,"box":{"x":54,"y":516,"width":119,"height":13}},{"id":"ea3c3ae9-df82-455b-b231-5c0a4f659a89","block_type":"box","text":"Investment Adviser.","page_number":59,"box":{"x":53,"y":541,"width":145,"height":8}},{"id":"737944f6-1ab6-4c4e-bba2-9d4bc89a997b","block_type":"box","text":"BlackRock Fund Advisors.","page_number":59,"box":{"x":204,"y":541,"width":180,"height":8}},{"id":"0be6d3b7-bb4f-467f-8d48-06b7d32c08e7","block_type":"box","text":"Portfolio Managers.","page_number":59,"box":{"x":53,"y":564,"width":146,"height":11}},{"id":"4ee90bbb-6144-4ead-8527-aa8127eb9d92","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":59,"box":{"x":203,"y":564,"width":679,"height":11}},{"id":"99299e0f-c3ba-4381-8784-4ff9b0992b16","block_type":"box","text":"management of the Fund:","page_number":59,"box":{"x":53,"y":578,"width":182,"height":11}},{"id":"43386681-aa16-4bea-b31e-e129f6351677","block_type":"box","text":"Portfolio Manager","page_number":59,"box":{"x":58,"y":614,"width":119,"height":10}},{"id":"1aadd18b-7025-41c4-be50-614dfab86e21","block_type":"box","text":"Portfolio Manager of the","page_number":59,"box":{"x":411,"y":601,"width":160,"height":10}},{"id":"f6c4ddac-cc2e-42c8-bb2c-6ad52cd386c4","block_type":"box","text":"Fund Since","page_number":59,"box":{"x":455,"y":614,"width":72,"height":7}},{"id":"3ccb51a7-3a7b-40c5-992e-9b7e084d2fde","block_type":"box","text":"Title with Investment","page_number":59,"box":{"x":804,"y":601,"width":140,"height":8}},{"id":"ff904553-a149-451b-95e9-c4dc2be74b3b","block_type":"box","text":"Adviser","page_number":59,"box":{"x":849,"y":614,"width":49,"height":7}},{"id":"c206126a-a588-4597-a5ae-b0889cd0b769","block_type":"box","text":"Jennifer Hsui 2018 Managing Director","page_number":59,"box":{"x":57,"y":629,"width":876,"height":10}},{"id":"3275e849-d992-403b-8282-033612663948","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":59,"box":{"x":58,"y":645,"width":875,"height":9}},{"id":"99085a90-4e74-447b-bfe0-ae148d4e612c","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":59,"box":{"x":58,"y":660,"width":875,"height":10}},{"id":"1385d80a-cc79-42f2-b610-148c5e28b948","block_type":"box","text":"Steven White 2025 Managing Director","page_number":59,"box":{"x":57,"y":676,"width":876,"height":9}},{"id":"18c53175-d91e-4f19-b125-995a445254e4","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":59,"box":{"x":54,"y":711,"width":304,"height":10}},{"id":"71f622f5-6a33-48ca-bb04-f2c2be1df693","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":59,"box":{"x":52,"y":736,"width":878,"height":11}},{"id":"8fc65fe7-41d5-4b67-8cae-cc88817ee3ee","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":59,"box":{"x":53,"y":750,"width":855,"height":11}},{"id":"ab49748f-4c97-48bf-ba56-dd8315fee491","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":59,"box":{"x":52,"y":764,"width":817,"height":11}},{"id":"170ffc0e-3954-474a-ba7b-d2be87f03717","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":59,"box":{"x":53,"y":779,"width":878,"height":10}},{"id":"b8edca2b-6b64-448a-8513-3fd3591ecd97","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":59,"box":{"x":53,"y":793,"width":861,"height":11}},{"id":"dab89751-af4d-4554-a605-81a8b28af249","block_type":"box","text":"(the “bid-ask spread”).","page_number":59,"box":{"x":53,"y":807,"width":156,"height":10}},{"id":"5b46bb7f-0890-4134-bcef-448eeae49d1b","block_type":"box","text":"Tax Information","page_number":59,"box":{"x":52,"y":836,"width":144,"height":10}},{"id":"58695998-af22-45a6-a4f8-f7060fc2e263","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":59,"box":{"x":52,"y":861,"width":831,"height":11}},{"id":"bd317458-2fd9-4e51-9108-1b2faeec078c","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":59,"box":{"x":53,"y":875,"width":883,"height":11}},{"id":"28667091-19a3-410b-b7ff-5cd6a1835545","block_type":"box","text":"be taxed when withdrawn.","page_number":59,"box":{"x":53,"y":890,"width":182,"height":8}},{"id":"1cd3d8f0-e4c6-4b83-98a1-a1e6211d1334","block_type":"box","text":"S-54","page_number":59,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"85ace93b-b124-4ddd-ab38-a41ba0aa4266","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":60,"box":{"x":54,"y":46,"width":575,"height":13}},{"id":"0bcf541c-8e0c-4938-ab4b-0687358411f6","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":60,"box":{"x":53,"y":71,"width":855,"height":11}},{"id":"ce3f2b3c-6eb0-4c90-b7b8-0fe5e7968132","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":60,"box":{"x":53,"y":85,"width":843,"height":11}},{"id":"a63ddf04-550c-49e6-b91f-38d9a0530b86","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":60,"box":{"x":53,"y":99,"width":820,"height":11}},{"id":"a0a2ee1e-4114-435c-9012-2bec59250498","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":60,"box":{"x":53,"y":113,"width":801,"height":11}},{"id":"8eba027b-0dce-4d56-a6a4-9573bb8a040e","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":60,"box":{"x":53,"y":128,"width":841,"height":10}},{"id":"b8ac4e79-0f0a-4756-acc9-86f65c1fe42c","block_type":"box","text":"financial intermediary’s website for more information.","page_number":60,"box":{"x":52,"y":142,"width":380,"height":11}},{"id":"ac45d960-06b2-4b47-9d76-7f54875afc78","block_type":"box","text":"S-55","page_number":60,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"522897d9-65e5-4379-9a03-9e4f4dacb19c","block_type":"box","text":"iShares U.S. Manufacturing ETF","page_number":61,"box":{"x":53,"y":46,"width":444,"height":21}},{"id":"8a4e92c1-093c-453e-bcf2-53990b344fae","block_type":"box","text":"MADE | NYSE Arca","page_number":61,"box":{"x":54,"y":70,"width":258,"height":18}},{"id":"288c5c0c-067a-4a2a-b592-90cd52eb7c33","block_type":"box","text":"Investment Objective","page_number":61,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"bbe8bd55-5a6b-4417-81ff-f7d842ba142f","block_type":"box","text":"The iShares U.S. Manufacturing ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":61,"box":{"x":52,"y":134,"width":817,"height":11}},{"id":"952ec7ff-9976-40f6-b396-5c5e39c2840b","block_type":"box","text":"companies in manufacturing and manufacturing-related industries.","page_number":61,"box":{"x":53,"y":148,"width":481,"height":11}},{"id":"42c8988b-fc8e-4e73-b141-b8d480ef8280","block_type":"box","text":"Fees and Expenses","page_number":61,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"21e0924b-30d3-4782-99bf-63dc71b3b7d3","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":61,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"62d83734-2c20-4969-8dd4-49ca58d547f8","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":61,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"c2e1a924-d595-4491-943f-6298e9ec4283","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":61,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"31d3548e-3a8c-4e5a-be9b-496c5ad12ef0","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":61,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"505b4588-6def-4aed-b905-907f0cc95de1","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":61,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"1b8bb499-f14d-480c-9c36-cbe7449600f0","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":61,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"7fc354f5-db6f-4c54-ae38-aa113f6f46a2","block_type":"box","text":"extraordinary expenses.","page_number":61,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"c389a625-31d6-4ca9-942a-a25587031dd0","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":61,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"cdef1dbf-e625-4faa-ba30-54872aad7672","block_type":"box","text":"reflected in the table and example below.","page_number":61,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"d40ba1c3-21e8-4925-99eb-27cb43054342","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":61,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"13fae7c8-789b-41d9-91c3-9b233172c59c","block_type":"box","text":"1","page_number":61,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"9c984579-b02c-48a3-a2b9-2a1ee5fcf6a9","block_type":"box","text":"Management Fee","page_number":61,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"1883bf37-91e9-4c52-8814-3f5b461d0fce","block_type":"box","text":"0.40%","page_number":61,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"cd29a88d-c75d-4dda-bbe7-47a9fe4f1587","block_type":"box","text":"Other Expenses","page_number":61,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"6e25019e-7e9d-41ff-9e4e-75add4b026de","block_type":"box","text":"0.00%","page_number":61,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"00ae582e-b0bd-4241-9499-96f02d033fab","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":61,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"17064ee9-762b-4ae6-81bd-1b81b178aba3","block_type":"box","text":"0.40%","page_number":61,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"daba8a13-39b8-44e4-825d-a8474fe7ed41","block_type":"box","text":"1","page_number":61,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"5bcb7995-7eab-448a-bdba-a95dae55ec4e","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":61,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"f9355b76-537b-45f7-9bac-625d31b27298","block_type":"box","text":"Example.","page_number":61,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"aa66a0fe-dc1c-4eb5-b40f-2fed504389d9","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":61,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"b0cac820-c5d9-4d8c-b625-ea4cd9d7f0dc","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":61,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"3c602ec5-91f3-4803-bda8-aee7e2a9c281","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":61,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"c56ed4b4-228a-4663-aa56-80e9ede9a6c4","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":61,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"5355562a-a0f7-4c89-abad-a3f4f0469317","block_type":"box","text":"your costs would be:","page_number":61,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"3aa8fbbe-20cd-4b0a-8157-e4fd8589fe7c","block_type":"box","text":"Expense Example","page_number":61,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"e94fee49-d4cf-4104-bc3f-f2c1fe6b9d2c","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":61,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"12ea1626-3f87-4dc6-838c-9b629a321783","block_type":"box","text":"Example Fund Costs","page_number":61,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"727fb77e-6fd2-4705-8a7d-f6cd81b7df3d","block_type":"box","text":"$41 $128 $224 $505","page_number":61,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"a77a3749-1eb6-45ed-a2ec-de1891d7dcb6","block_type":"box","text":"Portfolio Turnover.","page_number":61,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"e544d0b2-038c-4f36-b09e-773467141761","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":61,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"10191dc4-7d64-4f64-9cfc-f048d37d6178","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":61,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"758f076f-f3b5-4089-b2b8-6592be0128ed","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":61,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"6f9ad3b7-9bd5-4c4b-899e-aa26c292290a","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 22% of","page_number":61,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"5d5f418c-3458-45d3-a21d-30596da72a10","block_type":"box","text":"the average value of its portfolio.","page_number":61,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"4f047c38-b931-4fec-9265-6547d423dfdd","block_type":"box","text":"Principal Investment Strategies","page_number":61,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"3c92fe3f-26a1-43ad-afdf-b701a458766e","block_type":"box","text":"The Fund seeks to track the investment results of the S&P U.S. Manufacturing Select Index (the “Underlying Index”), which","page_number":61,"box":{"x":52,"y":682,"width":863,"height":11}},{"id":"47408c3d-397c-4aef-a6d6-31653c50a672","block_type":"box","text":"was developed by S&P Dow Jones Indices LLC (the “Index Provider” or “SPDJI”). The Underlying Index is designed to measure","page_number":61,"box":{"x":52,"y":697,"width":885,"height":11}},{"id":"d6bc18fe-c17e-4567-a239-2750adca5c0b","block_type":"box","text":"the performance of equity securities of U.S.-domiciled companies that are involved in manufacturing and","page_number":61,"box":{"x":52,"y":711,"width":744,"height":11}},{"id":"77b10f19-b3dd-4e8f-92f6-9eff6eb38329","block_type":"box","text":"manufacturing-related industries and that generate a certain amount of revenues in the U.S., among other eligibility criteria,","page_number":61,"box":{"x":53,"y":725,"width":879,"height":11}},{"id":"31d3dd63-73dc-4b84-9ab8-1c2990c5f98d","block_type":"box","text":"as determined by SPDJI.","page_number":61,"box":{"x":53,"y":739,"width":170,"height":11}},{"id":"2b30045e-f0b1-479d-8d54-9de2a5edffc5","block_type":"box","text":"The Underlying Index is a subset of the S&P United States BMI (the “Parent Index”), which includes all U.S.-domiciled","page_number":61,"box":{"x":52,"y":761,"width":826,"height":11}},{"id":"730539e7-1dc3-48e8-a490-fa238f54efa0","block_type":"box","text":"companies, as determined SPDJI. All constituents of the Parent Index that meet the following eligibility criteria are included in","page_number":61,"box":{"x":53,"y":775,"width":888,"height":11}},{"id":"46ad535b-af6e-409c-b027-cf0ec52a0a8f","block_type":"box","text":"the Underlying Index. 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In the RBICS classification, L2 refers to a sector, L3 to a sub-sector, and L4 to an industry group.","page_number":61,"box":{"x":53,"y":846,"width":715,"height":11}},{"id":"d23f25b5-a1be-4e05-8569-c8eea0a0f694","block_type":"box","text":"Companies in the Industrial Manufacturing and Consumer Vehicles and Parts categories must derive at least 50% of their","page_number":61,"box":{"x":53,"y":868,"width":865,"height":11}},{"id":"58dd19d8-8c1d-487f-ac58-76456615b367","block_type":"box","text":"annual revenues from the U.S. Companies in an Electronic Components and Manufacturing subset must derive at least 25%","page_number":61,"box":{"x":53,"y":882,"width":881,"height":11}},{"id":"307b90ba-0cd2-47aa-adf2-1c58c6293deb","block_type":"box","text":"of their annual revenues from the U.S. In addition, eligible constituents must have a float-adjusted market capitalization of at","page_number":61,"box":{"x":53,"y":897,"width":883,"height":10}},{"id":"96652669-d793-4808-b966-e1e2ce343114","block_type":"box","text":"least $2 billion and a three-month median daily value traded of at least $5 million.","page_number":61,"box":{"x":53,"y":910,"width":578,"height":12}},{"id":"7db6caa2-b3dd-46a4-9e7a-b1890b7ff75e","block_type":"box","text":"S-56","page_number":61,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"a4ba02da-bcf8-438d-a7c5-80e3b7a9627a","block_type":"box","text":"Constituents of the Underlying Index are weighted by float-adjusted market capitalization through an optimization process,","page_number":62,"box":{"x":53,"y":46,"width":873,"height":11}},{"id":"44cab51f-fb93-4eca-8266-c8b8a090528a","block_type":"box","text":"with a 4% cap on individual securities. 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Investments in derivatives and other investments will be","page_number":62,"box":{"x":53,"y":603,"width":831,"height":11}},{"id":"720b2f0e-cdbe-4ad7-90d3-4aeb5d3c6844","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":62,"box":{"x":53,"y":617,"width":817,"height":11}},{"id":"2ece50c2-d318-4573-bb60-6a9e85565ad5","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":62,"box":{"x":53,"y":632,"width":818,"height":11}},{"id":"bba21825-3ed9-4877-9349-52b85404af36","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":62,"box":{"x":53,"y":646,"width":835,"height":11}},{"id":"3e323d67-051e-4130-800f-377f672cdc19","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":62,"box":{"x":52,"y":669,"width":873,"height":11}},{"id":"f27c7ac5-7162-433d-ab2a-8ba8acafee78","block_type":"box","text":"collateral received).","page_number":62,"box":{"x":53,"y":683,"width":136,"height":10}},{"id":"e1b506cb-773a-42b8-9819-2df8fe193cb2","block_type":"box","text":"The Underlying Index is a product of SPDJI, which is independent of the Fund and BFA. The Index Provider determines the","page_number":62,"box":{"x":52,"y":706,"width":861,"height":11}},{"id":"987cde56-b66e-4fed-98f0-b6f79b4fac35","block_type":"box","text":"composition and relative weightings of the components of the Underlying Index and publishes information regarding the","page_number":62,"box":{"x":53,"y":721,"width":856,"height":10}},{"id":"4390542f-680c-4e1b-8541-9eda559f1ef9","block_type":"box","text":"market value of the Underlying Index.","page_number":62,"box":{"x":53,"y":735,"width":263,"height":11}},{"id":"9c5bd47d-d763-43f7-9c65-e79c52898b13","block_type":"box","text":"Industry Concentration Policy.","page_number":62,"box":{"x":53,"y":758,"width":224,"height":11}},{"id":"6c64773b-3fa7-4801-ba3e-654e99ed6e8d","block_type":"box","text":"The Fund will concentrate its investments (","page_number":62,"box":{"x":281,"y":758,"width":304,"height":9}},{"id":"3ad456d0-aae3-4818-9c63-5015b0bb718c","block_type":"box","text":"i.e.","page_number":62,"box":{"x":587,"y":758,"width":17,"height":8}},{"id":"583029b9-dd5c-4182-aa1a-a929ea8ebd9e","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":62,"box":{"x":606,"y":758,"width":292,"height":10}},{"id":"70fbde61-5a8e-4380-848e-2aa0db436369","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":62,"box":{"x":53,"y":772,"width":858,"height":11}},{"id":"499ceb9c-1b17-4160-8157-97154f1873f5","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":62,"box":{"x":53,"y":786,"width":868,"height":11}},{"id":"4e98fc2e-bef5-41c5-b5a1-0d9f6db26643","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":62,"box":{"x":53,"y":801,"width":826,"height":10}},{"id":"ed2751be-fa75-48b2-91cc-566665ce7ef9","block_type":"box","text":"Summary of Principal Risks","page_number":62,"box":{"x":52,"y":829,"width":248,"height":14}},{"id":"47c5918a-937d-465f-97a8-ffc05c2979e9","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":62,"box":{"x":52,"y":855,"width":881,"height":11}},{"id":"c3b7d51f-adca-4722-888f-ab94bf98fa4e","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":62,"box":{"x":53,"y":869,"width":824,"height":11}},{"id":"a9d9a505-7821-4f9f-8eb4-0464f4cb9422","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":62,"box":{"x":53,"y":883,"width":807,"height":11}},{"id":"424676c5-056b-4fa3-9f38-3c77eb121875","block_type":"box","text":"S-57","page_number":62,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"8679dfe7-debb-46dd-b9a6-f32f3d2088dd","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":63,"box":{"x":53,"y":46,"width":844,"height":11}},{"id":"b197caad-6bb1-4659-825b-a531f0dffb0d","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":63,"box":{"x":52,"y":61,"width":815,"height":10}},{"id":"b3088d48-47ff-4c6e-8b05-78cce9f127f1","block_type":"box","text":"Risk of Investing in the U.S.","page_number":63,"box":{"x":53,"y":84,"width":200,"height":11}},{"id":"085841d7-847d-44b6-84d7-37aeccefdfb9","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":63,"box":{"x":259,"y":84,"width":663,"height":11}},{"id":"e1ed1d9b-e2ee-41c8-8d13-92a4f1a5b748","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":63,"box":{"x":53,"y":98,"width":877,"height":11}},{"id":"3a493933-cb2b-4ce2-b46e-7634078053e3","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":63,"box":{"x":53,"y":112,"width":470,"height":11}},{"id":"394ef610-84d0-4321-9810-bca5f3545eb5","block_type":"box","text":"Manufacturing Companies Risk.","page_number":63,"box":{"x":53,"y":135,"width":236,"height":11}},{"id":"57499a37-d8be-45ec-82de-63e69b396f42","block_type":"box","text":"Companies involved in manufacturing or manufacturing-related activities face a number of","page_number":63,"box":{"x":295,"y":135,"width":647,"height":11}},{"id":"336eb920-5f83-49b3-9437-7fb20e9520e7","block_type":"box","text":"risks, including supply chain and distribution disruptions, business interruptions, obsolescence, third-party vendor risks,","page_number":63,"box":{"x":53,"y":150,"width":853,"height":10}},{"id":"fe88d156-d013-41ef-97a9-3134d196b649","block_type":"box","text":"cyber attacks, trade disputes, product recalls, liability claims, scarcity of materials or parts, excess capacity, changes in","page_number":63,"box":{"x":53,"y":164,"width":837,"height":11}},{"id":"2b0929f9-b8c6-44ba-87b2-842da00d70be","block_type":"box","text":"consumer preferences, and volatility in commodity prices and currencies. The performance of such companies may also be","page_number":63,"box":{"x":53,"y":178,"width":870,"height":11}},{"id":"c159af3a-dc05-44d7-b659-ad74d7011902","block_type":"box","text":"affected by technological developments, labor relations, legislative and regulatory changes, government spending policies,","page_number":63,"box":{"x":53,"y":192,"width":869,"height":11}},{"id":"14b5afff-e8f1-48ff-858f-6e0df2fbe0d7","block_type":"box","text":"and changes in domestic and international economies.","page_number":63,"box":{"x":53,"y":206,"width":388,"height":11}},{"id":"b3829e66-862b-45e4-babb-2fcb54bb39be","block_type":"box","text":"Equity Securities Risk.","page_number":63,"box":{"x":53,"y":229,"width":164,"height":11}},{"id":"3664d74d-43fd-4888-826d-a40982e18e36","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":63,"box":{"x":223,"y":229,"width":709,"height":11}},{"id":"98b61e8d-64e8-4d5c-8817-5476de36fa03","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":63,"box":{"x":53,"y":244,"width":889,"height":10}},{"id":"0534a8ff-044b-46c8-98ba-fea4dc0df2ad","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":63,"box":{"x":53,"y":258,"width":880,"height":11}},{"id":"3e988a6d-5eae-4d6a-b2d0-6438704f6cb6","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":63,"box":{"x":53,"y":272,"width":867,"height":11}},{"id":"05e06f37-f9e3-4e43-b8f4-c07bcfb4fb9d","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":63,"box":{"x":53,"y":286,"width":339,"height":11}},{"id":"347e2a9c-ee3b-477d-a4a2-bea7c6a64972","block_type":"box","text":"Market Risk.","page_number":63,"box":{"x":53,"y":309,"width":91,"height":9}},{"id":"2307df54-8738-4fbc-807e-0194c0dd9f99","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":63,"box":{"x":148,"y":310,"width":768,"height":10}},{"id":"55b235fb-93eb-45f8-99b7-ff04f21c83e3","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":63,"box":{"x":53,"y":324,"width":882,"height":10}},{"id":"726e72f7-e703-4380-ae2b-e38801fa1eb0","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":63,"box":{"x":53,"y":338,"width":858,"height":11}},{"id":"bc29f769-e086-49e4-8813-29f8f9c56f9d","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":63,"box":{"x":53,"y":352,"width":875,"height":11}},{"id":"5b413773-9f0d-4aa3-92b5-0e69b0ab9a11","block_type":"box","text":"Fund’s NAV.","page_number":63,"box":{"x":53,"y":366,"width":82,"height":9}},{"id":"9a23b573-24a5-4649-b4f2-aedbbe5459dc","block_type":"box","text":"Index-Related Risk.","page_number":63,"box":{"x":53,"y":389,"width":143,"height":9}},{"id":"ea93ed73-310f-4f68-916d-8c3426f3798d","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":63,"box":{"x":201,"y":389,"width":742,"height":11}},{"id":"857586e5-fc25-463c-8a2f-de297086e81a","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":63,"box":{"x":53,"y":404,"width":856,"height":10}},{"id":"0f3e86a2-3a55-433d-ad9d-a74da40b9b9d","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":63,"box":{"x":53,"y":418,"width":852,"height":11}},{"id":"fd72f72b-e8f7-4870-a8f6-da5b9cb9d3a2","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":63,"box":{"x":53,"y":432,"width":876,"height":11}},{"id":"c716bd6c-95fa-44a8-91ed-10e3a0dfdc58","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":63,"box":{"x":52,"y":446,"width":849,"height":11}},{"id":"34ef6227-ec97-45f9-855f-cbffff7b92ab","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":63,"box":{"x":53,"y":460,"width":849,"height":11}},{"id":"8eeefd67-9ba2-4a51-bb30-1915d5e59299","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":63,"box":{"x":53,"y":474,"width":890,"height":11}},{"id":"565c53a9-45db-4f15-b787-8ff3775f85f5","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":53,"y":489,"width":853,"height":10}},{"id":"0caab6f9-972c-4dc7-b7f1-0acab884b087","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":63,"box":{"x":53,"y":503,"width":539,"height":11}},{"id":"459a0501-4fa2-475f-9794-1207bfd90c37","block_type":"box","text":"Asset Class Risk.","page_number":63,"box":{"x":52,"y":526,"width":122,"height":8}},{"id":"0b0e7b20-cc75-405e-b872-760ba33d44ca","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":63,"box":{"x":179,"y":526,"width":721,"height":11}},{"id":"045cbdac-6847-420d-bd02-755636619b46","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":63,"box":{"x":53,"y":540,"width":774,"height":11}},{"id":"d56b3c78-6966-4e4d-ae40-94d61615c391","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":63,"box":{"x":52,"y":563,"width":291,"height":11}},{"id":"2ad93505-7e4d-4b5e-89b2-911645fbbf98","block_type":"box","text":"From time to time, an Authorized Participant (as defined below in","page_number":63,"box":{"x":349,"y":563,"width":457,"height":11}},{"id":"f3817868-fd30-403c-9352-e4d96f3235fc","block_type":"box","text":"Authorized","page_number":63,"box":{"x":811,"y":564,"width":76,"height":8}},{"id":"29a219d1-a112-490c-ada8-92e9c111c3b5","block_type":"box","text":"Participant Concentration Risk","page_number":63,"box":{"x":53,"y":578,"width":214,"height":10}},{"id":"268e17de-f3c9-4358-a253-9b8b5098b741","block_type":"box","text":"), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund","page_number":63,"box":{"x":267,"y":577,"width":648,"height":11}},{"id":"4dcf87cd-45bb-4f29-aa1a-f54b563fca70","block_type":"box","text":"may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There","page_number":63,"box":{"x":53,"y":592,"width":866,"height":11}},{"id":"8a1284e2-9ffb-4db3-87f2-55689780d9f8","block_type":"box","text":"can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at","page_number":63,"box":{"x":53,"y":606,"width":889,"height":11}},{"id":"cfa72f79-1c34-4edf-8017-ed057280d360","block_type":"box","text":"such levels, which could negatively impact the Fund.","page_number":63,"box":{"x":52,"y":620,"width":371,"height":11}},{"id":"50e3f148-3ef4-4fc9-a7d0-b99f5eb0ca65","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":63,"box":{"x":52,"y":643,"width":318,"height":11}},{"id":"b6e83d7d-5db9-472b-9205-e6145253724c","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":63,"box":{"x":374,"y":643,"width":531,"height":11}},{"id":"8f1d18d5-07cd-4a50-9769-eead61089090","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":63,"box":{"x":53,"y":657,"width":810,"height":11}},{"id":"beff01f0-c98d-4bf6-b36f-bf96296d6493","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":63,"box":{"x":52,"y":671,"width":816,"height":11}},{"id":"dfe4fc9b-073a-465c-b461-03d59fb98f7c","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":63,"box":{"x":52,"y":686,"width":884,"height":11}},{"id":"d4138ebc-64ab-495e-9057-24ef33c6c029","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":63,"box":{"x":53,"y":700,"width":871,"height":11}},{"id":"d891713a-f6d2-47bb-9b51-3c067158fe70","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":63,"box":{"x":53,"y":714,"width":846,"height":11}},{"id":"b3e0a395-1b16-421e-9c8a-69c1ff3f86f0","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":63,"box":{"x":52,"y":728,"width":881,"height":11}},{"id":"41f23243-c971-458c-9615-a6f9606aecab","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":63,"box":{"x":53,"y":743,"width":853,"height":10}},{"id":"f271e1a0-d75f-41f9-b563-723a406d0d7c","block_type":"box","text":"halts or delisting.","page_number":63,"box":{"x":53,"y":757,"width":121,"height":11}},{"id":"f54a3f07-8e7d-4bab-b7fe-898c3f634d8e","block_type":"box","text":"Concentration Risk.","page_number":63,"box":{"x":53,"y":780,"width":145,"height":8}},{"id":"14499bf1-d2b4-4595-b3f2-01cb3dadde03","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":63,"box":{"x":202,"y":780,"width":711,"height":11}},{"id":"9959b6b0-a0e5-4124-b92f-c7556dbf157d","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":63,"box":{"x":53,"y":794,"width":884,"height":10}},{"id":"d14e7707-454b-4511-a17d-0f1b9eb05061","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":63,"box":{"x":52,"y":808,"width":887,"height":11}},{"id":"a3125b87-75b4-4c50-9580-422398f1535c","block_type":"box","text":"asset classes.","page_number":63,"box":{"x":53,"y":823,"width":95,"height":8}},{"id":"b43fe19a-5dff-41a0-928c-72df5c1a3a6d","block_type":"box","text":"Industrial Companies Risk.","page_number":63,"box":{"x":53,"y":846,"width":197,"height":10}},{"id":"6bbd676e-c083-4286-862f-6069f3e3fbe2","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions,","page_number":63,"box":{"x":255,"y":846,"width":685,"height":11}},{"id":"a08fc387-aee8-45f4-84cc-a434113f46d6","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability","page_number":63,"box":{"x":53,"y":860,"width":881,"height":11}},{"id":"02d5c3d8-4fb8-4619-86dd-9f8afde5679c","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices","page_number":63,"box":{"x":53,"y":874,"width":867,"height":11}},{"id":"e9d5deae-f584-440a-9d7c-0d951b6002ed","block_type":"box","text":"and currencies. The performance of such companies may also be affected by technological developments, labor relations,","page_number":63,"box":{"x":53,"y":888,"width":860,"height":11}},{"id":"93960d32-c7d6-4e9f-906f-486aaf2a1bf0","block_type":"box","text":"legislative and regulatory changes, government spending policies, and changes in domestic and international economies.","page_number":63,"box":{"x":53,"y":903,"width":862,"height":10}},{"id":"aed86747-49c4-4d7c-bd66-bb139ed78812","block_type":"box","text":"S-58","page_number":63,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"8896fd06-efdd-4001-b6b1-f12413564aa7","block_type":"box","text":"Issuer Risk.","page_number":64,"box":{"x":53,"y":46,"width":83,"height":9}},{"id":"73c88c52-1102-43ac-a2b9-4b715f1cbca3","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":64,"box":{"x":140,"y":46,"width":780,"height":11}},{"id":"9312e302-28c3-4ce3-941d-ce391d7fc3a5","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":64,"box":{"x":53,"y":61,"width":886,"height":10}},{"id":"c147119f-29e8-44f3-afb0-870de859ba7e","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":64,"box":{"x":52,"y":75,"width":576,"height":11}},{"id":"6aa277af-30dc-40aa-9ccd-cafc2f739281","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":64,"box":{"x":53,"y":98,"width":278,"height":11}},{"id":"cc50e38f-c6ce-4191-9728-0e8257b70413","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":64,"box":{"x":337,"y":98,"width":540,"height":11}},{"id":"ef199910-92bb-4ce6-9a1f-81a55c53e6f7","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":64,"box":{"x":53,"y":112,"width":890,"height":11}},{"id":"d0e946f3-8f0c-4720-9106-2d2fa4cf27a2","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":64,"box":{"x":53,"y":126,"width":868,"height":11}},{"id":"6dcf009c-fac3-4ee5-b0e5-c3a11d3ab489","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":64,"box":{"x":53,"y":141,"width":709,"height":10}},{"id":"af9ebb4d-62c2-45e9-af20-71202c4fe727","block_type":"box","text":"Management Risk.","page_number":64,"box":{"x":53,"y":164,"width":137,"height":11}},{"id":"8339a1a8-77c1-4292-ad89-498f87e86b5b","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":64,"box":{"x":194,"y":164,"width":711,"height":11}},{"id":"a7ff6a2e-568a-4bf8-a4f7-ea90b02d8670","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":64,"box":{"x":53,"y":178,"width":877,"height":11}},{"id":"f52acdef-61f6-4cd3-975c-6a12bc5ebe4a","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":64,"box":{"x":53,"y":192,"width":859,"height":11}},{"id":"4c63ab26-c4bc-4521-b152-670c4350d776","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":64,"box":{"x":52,"y":206,"width":848,"height":11}},{"id":"66969fef-f786-4aff-8854-b3a9de01cfad","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":64,"box":{"x":53,"y":220,"width":756,"height":11}},{"id":"9858ca8d-bae6-4c5b-a183-164eb26fd1cb","block_type":"box","text":"Market Trading Risk.","page_number":64,"box":{"x":53,"y":244,"width":152,"height":11}},{"id":"7327350b-cb41-46f6-b47a-6f556204473a","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":64,"box":{"x":209,"y":244,"width":694,"height":10}},{"id":"e56d7531-5a51-41c6-a77f-e57011ab9023","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":64,"box":{"x":53,"y":258,"width":841,"height":11}},{"id":"eb637890-a258-4c19-a419-2496b20f525f","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":64,"box":{"x":53,"y":272,"width":887,"height":11}},{"id":"dc86f454-ccc1-4ee1-be34-1fe15000c3b2","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":64,"box":{"x":52,"y":286,"width":839,"height":11}},{"id":"e761c309-0082-4bef-a68b-e6aee390d805","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":64,"box":{"x":53,"y":300,"width":866,"height":11}},{"id":"44541fa6-702d-497c-a6c7-ac0abaa09e50","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":64,"box":{"x":52,"y":315,"width":885,"height":10}},{"id":"3369694a-268c-45fc-b05f-db8db9b344f2","block_type":"box","text":"of the Fund shares.","page_number":64,"box":{"x":53,"y":329,"width":134,"height":8}},{"id":"cebf20cd-eecd-4a3f-93bc-9218c409c475","block_type":"box","text":"Non-Diversification Risk.","page_number":64,"box":{"x":53,"y":352,"width":184,"height":8}},{"id":"02e1aa7f-3204-45eb-b8f7-8b614e39b408","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":64,"box":{"x":242,"y":352,"width":633,"height":10}},{"id":"4eac8856-b590-48bf-9361-36ff5f5cfeb2","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":64,"box":{"x":53,"y":366,"width":802,"height":11}},{"id":"841c3540-22da-40dc-98c4-0101a31b01ac","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":64,"box":{"x":53,"y":380,"width":888,"height":11}},{"id":"b90d7c7e-4d73-46c7-b233-50efc661c122","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":64,"box":{"x":53,"y":394,"width":876,"height":11}},{"id":"d478c7bc-8cee-4eb6-8531-b3abeec8c2b5","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":64,"box":{"x":53,"y":409,"width":696,"height":10}},{"id":"77c083cc-4ca4-42bb-a966-066519748020","block_type":"box","text":"Operational and Technology Risks.","page_number":64,"box":{"x":53,"y":432,"width":254,"height":11}},{"id":"a4dfe3c6-0f8b-4280-8c56-aa1a5407e86d","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":64,"box":{"x":312,"y":432,"width":581,"height":11}},{"id":"7d5d10c9-f081-46fe-b8b4-efc38678dd16","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":64,"box":{"x":53,"y":446,"width":876,"height":11}},{"id":"23c8026f-7088-43a4-b8a6-2025aca9b4be","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":64,"box":{"x":53,"y":460,"width":879,"height":11}},{"id":"d8266d28-dad6-458c-a337-ffbfda923fc8","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":64,"box":{"x":53,"y":474,"width":825,"height":11}},{"id":"d09b756b-0c21-485a-a679-1978b4f40ab0","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":64,"box":{"x":53,"y":489,"width":862,"height":10}},{"id":"ca34268b-75b1-45f5-b9fd-0bc641fc557e","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":64,"box":{"x":53,"y":503,"width":872,"height":11}},{"id":"0490aef6-a26d-4818-8f05-ac7a214ec863","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":64,"box":{"x":53,"y":517,"width":824,"height":11}},{"id":"e02d8491-4877-4aea-90ec-e08709774d81","block_type":"box","text":"Securities Lending Risk.","page_number":64,"box":{"x":52,"y":540,"width":178,"height":11}},{"id":"57199880-5e14-494b-b2f6-6216d5a2a0ac","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":234,"y":540,"width":692,"height":11}},{"id":"a754c783-7655-470d-bef6-c5a861d7590c","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":53,"y":554,"width":870,"height":11}},{"id":"688f2c2f-f593-4d62-be58-027574cfafcc","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":53,"y":569,"width":886,"height":10}},{"id":"ad2731e3-0324-40cc-9f8e-cdee65a78770","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":53,"y":583,"width":831,"height":11}},{"id":"9debb6d7-ff3c-47b5-8143-662b6d1aa02c","block_type":"box","text":"Small Fund Risk.","page_number":64,"box":{"x":52,"y":606,"width":122,"height":8}},{"id":"022c6608-a288-4ed6-9e7c-1757204fdb82","block_type":"box","text":"When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The","page_number":64,"box":{"x":178,"y":606,"width":751,"height":11}},{"id":"422f9769-4912-436e-bb79-2d68a0d9a8a7","block_type":"box","text":"Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset","page_number":64,"box":{"x":53,"y":620,"width":869,"height":11}},{"id":"5d662bab-4146-4ae5-80f3-412596876e04","block_type":"box","text":"base. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by the listing","page_number":64,"box":{"x":53,"y":634,"width":837,"height":11}},{"id":"638322c3-6d63-4a5b-a5c4-ad1e6d6692ec","block_type":"box","text":"exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative tax","page_number":64,"box":{"x":53,"y":648,"width":832,"height":11}},{"id":"d1bb7ff3-e0f1-4df5-b212-ec3162c7237d","block_type":"box","text":"consequences for its shareholders.","page_number":64,"box":{"x":53,"y":663,"width":246,"height":10}},{"id":"e831f6f3-977a-4bac-a9df-4c8cd5f0f255","block_type":"box","text":"Technology Companies Risk.","page_number":64,"box":{"x":52,"y":686,"width":211,"height":11}},{"id":"80b0edd0-11c5-4192-b54c-fedf3a0f5542","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":64,"box":{"x":267,"y":686,"width":657,"height":11}},{"id":"f63e78ad-3bd2-438d-a455-f9b8eadcd0aa","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":64,"box":{"x":53,"y":700,"width":849,"height":11}},{"id":"48f840d0-1a07-443b-8aff-e5b64080c733","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":64,"box":{"x":53,"y":714,"width":887,"height":11}},{"id":"aa14e0a7-c841-45dc-841d-4329f5f2662a","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":64,"box":{"x":53,"y":728,"width":883,"height":11}},{"id":"86b77ef4-b361-4d78-a374-b80b70d655d0","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":64,"box":{"x":52,"y":743,"width":839,"height":10}},{"id":"9bd2be79-8194-441f-b91d-9b0ba7ce46f2","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":64,"box":{"x":53,"y":757,"width":870,"height":11}},{"id":"5febd4e4-2815-4a94-81ae-631fe024a11e","block_type":"box","text":"government or legal action.","page_number":64,"box":{"x":53,"y":771,"width":192,"height":11}},{"id":"931f5cc7-05a3-4fda-b588-39b65c2e86b1","block_type":"box","text":"Tracking Error Risk.","page_number":64,"box":{"x":52,"y":794,"width":145,"height":11}},{"id":"444b1310-51aa-408d-85c9-c4a18aee657f","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":201,"y":794,"width":741,"height":11}},{"id":"a687ceeb-3c15-465f-9df6-da3413dcbc57","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":53,"y":808,"width":861,"height":11}},{"id":"991eb3df-e255-4266-a145-30e052d99322","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":53,"y":822,"width":832,"height":11}},{"id":"b0293e24-a9ed-4ef3-b252-c4b3541b47ea","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":53,"y":837,"width":880,"height":10}},{"id":"01de604f-2a9b-41cb-ac63-253204ae6c77","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":53,"y":851,"width":831,"height":11}},{"id":"8c5b14bb-d15b-4877-aa7a-9795d065dc45","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":52,"y":865,"width":828,"height":11}},{"id":"e02111aa-3a38-45de-9b65-dbd35131129f","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":53,"y":879,"width":873,"height":11}},{"id":"18801467-dc6a-4848-873c-62a279812ae8","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":53,"y":893,"width":889,"height":11}},{"id":"a9b0b071-d5d6-4cd0-b4af-b54dea45e55b","block_type":"box","text":"S-59","page_number":64,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"a2a9f627-a3e5-4324-979f-71f39d1b5069","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":65,"box":{"x":53,"y":46,"width":852,"height":11}},{"id":"85dfa669-8f4c-4bb8-98e0-3c98ae2d1f24","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":65,"box":{"x":53,"y":61,"width":886,"height":10}},{"id":"627cd4e7-fabd-42c2-babd-5d3aebb6f35c","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":65,"box":{"x":53,"y":75,"width":873,"height":11}},{"id":"6f458f60-24b5-4165-9288-c7fa0143c69e","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions. Until the Fund reaches","page_number":65,"box":{"x":53,"y":89,"width":890,"height":11}},{"id":"6d271d3c-0be2-469a-9c92-d2d45b5d130e","block_type":"box","text":"greater scale, it may experience higher tracking error than is typical for similar index ETFs.","page_number":65,"box":{"x":53,"y":103,"width":636,"height":11}},{"id":"74724978-666f-4216-9fb5-abd2750074f3","block_type":"box","text":"Performance Information","page_number":65,"box":{"x":54,"y":132,"width":228,"height":11}},{"id":"0bf93bb3-8724-4b33-bcad-6396b2d20eea","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":65,"box":{"x":52,"y":157,"width":864,"height":11}},{"id":"18344372-08c2-48f3-9d26-1d1fc7195a65","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":65,"box":{"x":52,"y":171,"width":872,"height":11}},{"id":"a375eafd-0348-44b0-8d0b-85802d98fd81","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":65,"box":{"x":53,"y":186,"width":868,"height":10}},{"id":"6af7e8ff-9580-4276-b1a1-08f429570287","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":65,"box":{"x":53,"y":200,"width":838,"height":11}},{"id":"679daa87-e3de-4204-8986-cdd90dfd7ff3","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":65,"box":{"x":53,"y":214,"width":868,"height":11}},{"id":"51a26bfe-8c49-4da3-a364-e2f4234ce64e","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":65,"box":{"x":53,"y":228,"width":832,"height":11}},{"id":"aac14b9e-190d-4751-8369-0189d98fac9c","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":65,"box":{"x":53,"y":242,"width":842,"height":11}},{"id":"4136b002-98ed-4ecd-9fd8-2c877181d137","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":65,"box":{"x":52,"y":256,"width":531,"height":11}},{"id":"dc9797ed-55ef-41d6-8567-badfd036077a","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":65,"box":{"x":135,"y":281,"width":260,"height":11}},{"id":"40c0bc9f-49cc-44ff-9b48-42d44c34d763","block_type":"box","text":"27.17","page_number":65,"box":{"x":252,"y":346,"width":26,"height":6}},{"id":"cc09f662-e6b2-497f-9c04-407b1de81ac9","block_type":"box","text":"2025","page_number":65,"box":{"x":254,"y":435,"width":23,"height":6}},{"id":"d032df71-e8a0-4f68-bf7e-3a24d10540be","block_type":"box","text":"Return (%) Period Ended","page_number":65,"box":{"x":760,"y":296,"width":176,"height":9}},{"id":"566ef0aa-aa99-461e-aeae-43d07f09c3bf","block_type":"box","text":"Calendar Year-to-Date Return","page_number":65,"box":{"x":520,"y":314,"width":197,"height":8}},{"id":"e7db071a-4ec1-4ea0-b9aa-635da5d32529","block_type":"box","text":"26.76% June 30, 2026","page_number":65,"box":{"x":770,"y":314,"width":172,"height":9}},{"id":"f2034c3b-5cf2-4f15-aceb-91fb099fdaa9","block_type":"box","text":"During the periods shown in the chart:","page_number":65,"box":{"x":520,"y":327,"width":250,"height":10}},{"id":"51a53381-c718-488f-a73b-71b7a788c628","block_type":"box","text":"Best Quarter 14.94% June 30, 2025","page_number":65,"box":{"x":534,"y":340,"width":408,"height":9}},{"id":"0e7e37af-6ccf-442a-8bcd-bfbe8077223d","block_type":"box","text":"Worst Quarter -6.09% March 31, 2025","page_number":65,"box":{"x":533,"y":353,"width":409,"height":9}},{"id":"d7194b49-9d87-41d1-bb9a-af97834311ed","block_type":"box","text":"Average Annual Total Returns (%)","page_number":65,"box":{"x":372,"y":465,"width":251,"height":11}},{"id":"4e066c95-7d54-4390-8ab4-5bdaaa9148ea","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":65,"box":{"x":340,"y":479,"width":315,"height":11}},{"id":"de687326-34db-4cf9-8b1e-39775d24cab3","block_type":"box","text":"One Year","page_number":65,"box":{"x":767,"y":506,"width":58,"height":8}},{"id":"ba2c726a-29c0-460c-93cf-e2e766ff0b89","block_type":"box","text":"Since Fund","page_number":65,"box":{"x":866,"y":496,"width":72,"height":8}},{"id":"d3731e8c-72d7-4e46-bb5d-b95289e67331","block_type":"box","text":"Inception","page_number":65,"box":{"x":872,"y":506,"width":61,"height":10}},{"id":"36db34de-bf61-4889-ad91-ce9b2f0d9a3b","block_type":"box","text":"Fund Inception: 7/17/2024","page_number":65,"box":{"x":58,"y":522,"width":179,"height":9}},{"id":"e08179da-3696-460a-9d8e-a7fa7e5d3e42","block_type":"box","text":"Return Before Taxes","page_number":65,"box":{"x":58,"y":533,"width":125,"height":8}},{"id":"8d521930-87e4-45a2-b5df-2abed37a1c94","block_type":"box","text":"27.17% 19.17%","page_number":65,"box":{"x":778,"y":533,"width":156,"height":8}},{"id":"7cd37e42-e2cc-4fed-9ff9-e2c089926ecc","block_type":"box","text":"Return After Taxes on Distributions","page_number":65,"box":{"x":58,"y":545,"width":219,"height":7}},{"id":"c6dc9a73-fd24-48a7-a3ca-b9647031ffe7","block_type":"box","text":"26.86% 18.87%","page_number":65,"box":{"x":778,"y":545,"width":156,"height":7}},{"id":"b7113bb4-af37-4e24-a781-14a1997a7ec4","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 16.25% 14.70%","page_number":65,"box":{"x":58,"y":557,"width":876,"height":7}},{"id":"39aacc75-ac85-46f3-8ae3-c8eeff3ab124","block_type":"box","text":"S&P Total Market Index","page_number":65,"box":{"x":57,"y":568,"width":155,"height":8}},{"id":"c075a4fe-83e2-49d4-9a51-4dece14a4ff1","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.05% 16.04%","page_number":65,"box":{"x":215,"y":568,"width":719,"height":9}},{"id":"b301fd28-b4a7-402d-ae73-c05eb0322d23","block_type":"box","text":"S&P U.S. Manufacturing Select Index","page_number":65,"box":{"x":57,"y":580,"width":243,"height":9}},{"id":"ebc33c3a-5588-49c9-a478-8e1779bd2f37","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 27.71% 19.71%","page_number":65,"box":{"x":304,"y":580,"width":630,"height":9}},{"id":"38df1295-0255-4c09-82e2-26b2fad75969","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":65,"box":{"x":52,"y":609,"width":857,"height":11}},{"id":"4e8285fe-e3e3-454a-9af2-c648c82e07bb","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":65,"box":{"x":53,"y":623,"width":865,"height":11}},{"id":"098f5a04-3e35-4826-84b0-e5ffb50aea28","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":65,"box":{"x":53,"y":637,"width":847,"height":11}},{"id":"e7b9f44b-b586-4105-9821-285e282887b6","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":52,"y":651,"width":857,"height":11}},{"id":"86979d6a-a733-42d4-8638-e7de1b00fcd4","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":53,"y":666,"width":877,"height":11}},{"id":"8ac85c23-a766-474b-a602-a2aab40fb591","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":52,"y":680,"width":836,"height":11}},{"id":"969ea4ab-0eed-4aa7-910f-d9234432f062","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":53,"y":694,"width":886,"height":11}},{"id":"95641800-68de-4945-8b8e-e802c9bee6bb","block_type":"box","text":"on distributions.","page_number":65,"box":{"x":53,"y":709,"width":114,"height":8}},{"id":"f1caf0e1-2b40-44dd-be33-761a553d8c08","block_type":"box","text":"Management","page_number":65,"box":{"x":54,"y":738,"width":119,"height":13}},{"id":"166a8d7d-8844-46cd-82b5-4d5d4569758b","block_type":"box","text":"Investment Adviser.","page_number":65,"box":{"x":53,"y":762,"width":145,"height":9}},{"id":"efc7c84c-4b42-4b83-862b-2fae25b5eabe","block_type":"box","text":"BlackRock Fund Advisors.","page_number":65,"box":{"x":204,"y":763,"width":180,"height":8}},{"id":"a28d95e2-3d14-4aee-bce2-fa779a22b4a1","block_type":"box","text":"Portfolio Managers.","page_number":65,"box":{"x":53,"y":786,"width":146,"height":11}},{"id":"8dc139bb-38f8-4435-aeff-6b4d280030e7","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":65,"box":{"x":203,"y":786,"width":679,"height":11}},{"id":"5cbc6054-e3d4-4f02-8d9a-fbbcaff8d66f","block_type":"box","text":"management of the Fund:","page_number":65,"box":{"x":53,"y":800,"width":182,"height":11}},{"id":"a4161526-e4d4-4444-a131-980cb3fa2b3b","block_type":"box","text":"Portfolio Manager","page_number":65,"box":{"x":58,"y":836,"width":119,"height":9}},{"id":"c8ffffe0-05b5-4eaa-a31d-fdf412ecdcd1","block_type":"box","text":"Portfolio Manager of the","page_number":65,"box":{"x":411,"y":823,"width":160,"height":9}},{"id":"e2c05a48-1bc4-4f5d-adca-24a9ac5ec0c6","block_type":"box","text":"Fund Since","page_number":65,"box":{"x":455,"y":836,"width":72,"height":7}},{"id":"48524045-97fe-4c23-94d2-ede534f62bc6","block_type":"box","text":"Title with Investment","page_number":65,"box":{"x":804,"y":823,"width":140,"height":7}},{"id":"aa8906d1-300a-40bb-9567-bc5ab4fe891e","block_type":"box","text":"Adviser","page_number":65,"box":{"x":849,"y":836,"width":49,"height":7}},{"id":"a2989c3e-b122-404b-8505-7fc9c1423549","block_type":"box","text":"Jennifer Hsui 2024 Managing Director","page_number":65,"box":{"x":57,"y":851,"width":876,"height":10}},{"id":"68cc8325-e605-4c09-8f16-70221c7965b1","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":65,"box":{"x":58,"y":867,"width":875,"height":9}},{"id":"56e1f2af-b9f1-4561-b812-1aa874b5962e","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":65,"box":{"x":58,"y":882,"width":875,"height":10}},{"id":"ebd53019-7fa2-4144-93e5-fd42239cf86d","block_type":"box","text":"Steven White 2025 Managing Director","page_number":65,"box":{"x":57,"y":898,"width":876,"height":9}},{"id":"4b17b7cb-2655-4662-b2cf-5a3a6279d52f","block_type":"box","text":"S-60","page_number":65,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"39ef77e4-9fb6-401b-aa96-ce729921bfd1","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":66,"box":{"x":54,"y":53,"width":304,"height":11}},{"id":"71954018-1f23-4869-8fd7-b879ef9f6861","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":66,"box":{"x":52,"y":78,"width":878,"height":11}},{"id":"c5b95cd2-be93-448e-bcb2-17ee9cf07bc0","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":66,"box":{"x":53,"y":93,"width":855,"height":11}},{"id":"352cc72d-4a95-4844-b783-732c7941f411","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":66,"box":{"x":52,"y":107,"width":817,"height":11}},{"id":"3c01e840-5532-4970-a81e-9ac8a6fbed49","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":66,"box":{"x":53,"y":121,"width":878,"height":11}},{"id":"4d07eb7d-fe55-431c-9bb9-ba6509c523b1","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":66,"box":{"x":53,"y":135,"width":861,"height":11}},{"id":"f1176a5e-f0f0-4e70-b954-152cabe3fd15","block_type":"box","text":"(the “bid-ask spread”).","page_number":66,"box":{"x":53,"y":149,"width":156,"height":11}},{"id":"01f25da8-07a3-4708-8a12-f27ee20c04dd","block_type":"box","text":"Tax Information","page_number":66,"box":{"x":52,"y":178,"width":144,"height":11}},{"id":"568f236b-11d3-4f7c-955d-dfaf27b9ddcf","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":66,"box":{"x":52,"y":204,"width":831,"height":11}},{"id":"7aa1ce46-676a-48e8-adcc-b8c934fc103e","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an individual retirement account (IRA), in which case,","page_number":66,"box":{"x":53,"y":218,"width":882,"height":11}},{"id":"6022e038-8a59-4ea8-8f39-657743caf7d1","block_type":"box","text":"your distributions generally will be taxed when withdrawn.","page_number":66,"box":{"x":52,"y":232,"width":409,"height":11}},{"id":"3092a753-4ccf-437f-9aa6-6b945add0917","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":66,"box":{"x":54,"y":261,"width":575,"height":13}},{"id":"7b7a4c53-ede2-4635-9166-344b1a4cddae","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":66,"box":{"x":53,"y":286,"width":855,"height":11}},{"id":"87ecad0c-cce4-4ee0-8304-78899e1df047","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":66,"box":{"x":53,"y":300,"width":843,"height":11}},{"id":"3ac3a728-266b-4c73-bf68-bc00aa0a4587","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":66,"box":{"x":53,"y":315,"width":820,"height":10}},{"id":"30585d39-7bcc-49ed-bcaa-dc77610653df","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":66,"box":{"x":53,"y":329,"width":801,"height":11}},{"id":"86930c71-6b38-40a5-982b-fcbc438731d6","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":66,"box":{"x":53,"y":343,"width":841,"height":11}},{"id":"79d6228d-d182-4545-90f3-6c2c15ad5a89","block_type":"box","text":"financial intermediary’s website for more information.","page_number":66,"box":{"x":52,"y":357,"width":380,"height":11}},{"id":"8c479273-1445-44f1-85f7-d740d83c12f6","block_type":"box","text":"S-61","page_number":66,"box":{"x":488,"y":944,"width":33,"height":8}},{"id":"dfacab92-f89f-4a7e-9c6c-39f8109f596b","block_type":"box","text":"iShares U.S. Telecommunications ETF","page_number":67,"box":{"x":53,"y":47,"width":525,"height":16}},{"id":"cfaa9257-7642-49d5-8dd0-3720e4666a3a","block_type":"box","text":"IYZ | Cboe BZX","page_number":67,"box":{"x":54,"y":70,"width":204,"height":18}},{"id":"fbfd6db5-a36f-45b2-a275-7ce7193e2227","block_type":"box","text":"Investment Objective","page_number":67,"box":{"x":54,"y":109,"width":191,"height":13}},{"id":"fb2a96bf-1782-4df0-b42e-dd7defae2dfa","block_type":"box","text":"The iShares U.S. Telecommunications ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.","page_number":67,"box":{"x":52,"y":134,"width":859,"height":11}},{"id":"3c21543d-035b-4a39-9b43-f7a5cea341d0","block_type":"box","text":"equities in the telecommunications sector.","page_number":67,"box":{"x":53,"y":148,"width":299,"height":11}},{"id":"d22060b8-b3b8-4f45-81cb-03817583dae0","block_type":"box","text":"Fees and Expenses","page_number":67,"box":{"x":54,"y":178,"width":168,"height":12}},{"id":"486f8b28-85f4-4b08-9be9-e4c4cc39d1c8","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":67,"box":{"x":52,"y":202,"width":874,"height":11}},{"id":"fb5ec934-4b96-4fe3-8aff-c88084e43844","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":67,"box":{"x":53,"y":216,"width":871,"height":11}},{"id":"9c1aa0e9-eec3-4c35-bb45-64b0d645c147","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":67,"box":{"x":53,"y":231,"width":888,"height":11}},{"id":"0cf6434b-0514-4d5d-92ba-96890e503b2e","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":67,"box":{"x":53,"y":245,"width":795,"height":11}},{"id":"494f37fc-1848-4668-9881-c07aeeda77e9","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":67,"box":{"x":53,"y":259,"width":854,"height":11}},{"id":"387e2b28-95dc-4154-a29d-f40dd0733354","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":67,"box":{"x":52,"y":273,"width":829,"height":11}},{"id":"a31d0034-ee2a-4749-af93-c2c852eb8519","block_type":"box","text":"extraordinary expenses.","page_number":67,"box":{"x":53,"y":288,"width":167,"height":10}},{"id":"b51721a6-25ec-414f-9276-1c4d22c8a1d2","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":67,"box":{"x":52,"y":311,"width":830,"height":11}},{"id":"fd4bd230-ea64-4a23-b43b-b375437410c5","block_type":"box","text":"reflected in the table and example below.","page_number":67,"box":{"x":53,"y":325,"width":300,"height":10}},{"id":"cf826a20-895b-4ff3-92e1-f650261e3b64","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":67,"box":{"x":57,"y":348,"width":761,"height":9}},{"id":"3074befc-d2aa-4f40-97b6-d6c9e6c1de8d","block_type":"box","text":"1","page_number":67,"box":{"x":819,"y":346,"width":5,"height":5}},{"id":"4cae336d-6bbf-4ffb-8add-8ba39392a5de","block_type":"box","text":"Management Fee","page_number":67,"box":{"x":58,"y":368,"width":109,"height":9}},{"id":"77c7af5c-811f-4db2-8b9b-95ace8c54ca3","block_type":"box","text":"0.37%","page_number":67,"box":{"x":890,"y":368,"width":41,"height":7}},{"id":"dec21c72-eb69-481b-ad51-d048f6bce172","block_type":"box","text":"Other Expenses","page_number":67,"box":{"x":58,"y":383,"width":98,"height":9}},{"id":"40f548fe-ed5e-4ede-8287-018d17168360","block_type":"box","text":"0.00%","page_number":67,"box":{"x":890,"y":383,"width":41,"height":8}},{"id":"9a8b02cc-3627-4e7f-8965-0eb29e96700d","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":67,"box":{"x":57,"y":399,"width":246,"height":9}},{"id":"ae991fde-3c79-4a93-9d47-537ea6210126","block_type":"box","text":"0.37%","page_number":67,"box":{"x":890,"y":399,"width":41,"height":7}},{"id":"79cf5c79-5a82-46a4-bc65-d67a67c27b93","block_type":"box","text":"1","page_number":67,"box":{"x":80,"y":426,"width":5,"height":5}},{"id":"68d00c39-3e9e-490d-9127-8dfa9ef30b29","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":67,"box":{"x":93,"y":428,"width":779,"height":9}},{"id":"d5a9830d-327c-4acc-be6b-4026cfd532dd","block_type":"box","text":"Example.","page_number":67,"box":{"x":53,"y":448,"width":67,"height":10}},{"id":"eeb67472-eeda-4c57-b154-c18be30b05f8","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":67,"box":{"x":124,"y":447,"width":795,"height":11}},{"id":"96a0ad57-f756-4d03-83ac-38520cd341b7","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":67,"box":{"x":53,"y":461,"width":885,"height":11}},{"id":"a3a3c982-92db-4cbd-b7ce-a33b527c7382","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":67,"box":{"x":52,"y":476,"width":871,"height":11}},{"id":"f514542a-9e52-47c1-bbb2-c22ca8f25054","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":67,"box":{"x":53,"y":490,"width":887,"height":11}},{"id":"071834ba-99c0-465b-abe8-50f387add4c2","block_type":"box","text":"your costs would be:","page_number":67,"box":{"x":52,"y":504,"width":143,"height":11}},{"id":"0f00ccaa-d4b3-4acf-aa57-12686ef7a9d8","block_type":"box","text":"Expense Example","page_number":67,"box":{"x":58,"y":527,"width":115,"height":9}},{"id":"4cf4ea1e-a603-4616-b205-da7e324a3824","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":67,"box":{"x":663,"y":527,"width":280,"height":7}},{"id":"ab99522e-a6c5-4c02-9048-87f1d6f2f6df","block_type":"box","text":"Example Fund Costs","page_number":67,"box":{"x":58,"y":542,"width":128,"height":10}},{"id":"6d84b35f-9008-4c51-a434-23dc0d2eda77","block_type":"box","text":"$38 $119 $208 $468","page_number":67,"box":{"x":671,"y":542,"width":261,"height":8}},{"id":"86f7aba0-1fe1-401f-8bcc-e4ff3b5258f5","block_type":"box","text":"Portfolio Turnover.","page_number":67,"box":{"x":53,"y":572,"width":137,"height":8}},{"id":"38b3f9b6-b520-4044-991d-2c3f13f12301","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":67,"box":{"x":194,"y":572,"width":722,"height":11}},{"id":"5b914398-cc08-4124-8641-c2aa473be606","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":67,"box":{"x":53,"y":586,"width":883,"height":11}},{"id":"837b9bdd-a166-4116-9dad-dc6a0cfd2b6a","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":67,"box":{"x":53,"y":600,"width":876,"height":11}},{"id":"154e0f2b-73c2-40a2-9458-98d12df087fb","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 44% of","page_number":67,"box":{"x":52,"y":614,"width":886,"height":11}},{"id":"44bb3caa-a139-4de3-8442-3e4d477787ae","block_type":"box","text":"the average value of its portfolio.","page_number":67,"box":{"x":52,"y":628,"width":231,"height":11}},{"id":"fb31eba5-2e76-4932-ae10-4f6c278528a5","block_type":"box","text":"Principal Investment Strategies","page_number":67,"box":{"x":54,"y":657,"width":284,"height":14}},{"id":"fd112df2-6b6b-43c2-882e-d9c866fe49bf","block_type":"box","text":"The Fund seeks to track the investment results of the Russell 1000 Telecommunications RIC 22.5/45 Capped Index (the","page_number":67,"box":{"x":52,"y":683,"width":848,"height":10}},{"id":"c3d628eb-2327-4390-8fe7-60749ac3bb87","block_type":"box","text":"“Underlying Index”), which measures the performance of the telecommunications sector of the U.S. equity market, as defined","page_number":67,"box":{"x":53,"y":697,"width":882,"height":11}},{"id":"fef6fd39-cfd6-40ef-965d-d9bcc1a7bf67","block_type":"box","text":"by FTSE Russell (the “Index Provider” or “Russell”). The Underlying Index will include large- and mid-capitalization","page_number":67,"box":{"x":53,"y":711,"width":805,"height":11}},{"id":"d71ce411-d2c8-48e9-9bea-f1b3bc258ace","block_type":"box","text":"companies.","page_number":67,"box":{"x":53,"y":725,"width":80,"height":11}},{"id":"151bfee9-6e8d-4e33-8ee6-4c6218d13a23","block_type":"box","text":"The Underlying Index is a subset of the Russell 1000 Index, which is a float-adjusted capitalization-weighted index of equity","page_number":67,"box":{"x":52,"y":747,"width":877,"height":11}},{"id":"ee67e9d6-118a-4810-a613-d08dcaa3f702","block_type":"box","text":"securities issued by approximately the 1,000 largest issuers in the Russell 3000 Index. The Russell 3000 Index measures the","page_number":67,"box":{"x":52,"y":761,"width":879,"height":11}},{"id":"b7e8c350-8576-4919-af40-95551d9ea78d","block_type":"box","text":"performance of the broad U.S. equity market, as defined by Russell.","page_number":67,"box":{"x":53,"y":775,"width":473,"height":11}},{"id":"693d86c3-3f55-4125-a9cd-b2219ecb4f70","block_type":"box","text":"The Underlying Index uses a capping methodology to constrain at quarterly rebalance: (i) the weight of any single issuer (as","page_number":67,"box":{"x":52,"y":797,"width":873,"height":11}},{"id":"c1a3e374-0a96-4bd2-93df-b379da7ff799","block_type":"box","text":"determined by Russell) to a maximum of 22.5%, and (ii) the aggregate weight of all issuers that individually exceed 4.5% of","page_number":67,"box":{"x":53,"y":811,"width":871,"height":11}},{"id":"9b380421-a7a2-4112-9cfc-9e017569f667","block_type":"box","text":"the index weight to a maximum of 45%. The weight of one or more securities in the Underlying Index may exceed these","page_number":67,"box":{"x":52,"y":826,"width":841,"height":11}},{"id":"3d3bcec8-dd76-4298-b200-36522295c4cd","block_type":"box","text":"constraints due to fluctuations in market value, corporate actions, or other events that change the index composition between","page_number":67,"box":{"x":53,"y":840,"width":890,"height":11}},{"id":"13166414-0137-4450-8bc3-d824224a4b23","block_type":"box","text":"quarterly rebalance dates.","page_number":67,"box":{"x":53,"y":854,"width":183,"height":11}},{"id":"3ffef903-4585-4992-b7c0-6b475cddc635","block_type":"box","text":"As of March 31, 2026, a significant portion of the Underlying Index was represented by securities of companies in the","page_number":67,"box":{"x":52,"y":876,"width":829,"height":11}},{"id":"53593f2e-c8d4-4a96-853d-1252d83a8b5d","block_type":"box","text":"communications industry or sector. The components of the Underlying Index are likely to change over time.","page_number":67,"box":{"x":53,"y":890,"width":757,"height":11}},{"id":"4481ef32-25d0-4c66-9820-5b05fec9b051","block_type":"box","text":"S-62","page_number":67,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"295cede4-83b7-46fb-bf5b-78d8b5b38d2d","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":68,"box":{"x":52,"y":46,"width":853,"height":11}},{"id":"eca32405-224f-43d8-8acc-5f35c4119ae7","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":68,"box":{"x":53,"y":60,"width":839,"height":11}},{"id":"83bf4884-29cc-4a56-a5d3-8aa1a0a23659","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":68,"box":{"x":53,"y":75,"width":868,"height":11}},{"id":"921108ec-5afe-4cea-8842-b5c9042e67ec","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":68,"box":{"x":53,"y":89,"width":851,"height":11}},{"id":"c981844c-3efa-4e9d-9ab8-d7a00a4b5dbb","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":68,"box":{"x":53,"y":103,"width":806,"height":11}},{"id":"2bea2709-7a0e-4c55-b546-6dfb60f39067","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":68,"box":{"x":53,"y":117,"width":884,"height":11}},{"id":"a380c6ba-14a2-4181-a187-7e60f015b713","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":68,"box":{"x":52,"y":131,"width":884,"height":11}},{"id":"e91c891b-9cba-4e80-a3ab-593865f56c4d","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":68,"box":{"x":53,"y":146,"width":852,"height":11}},{"id":"f7fb280b-a07b-4407-be94-2ca7388c3fe0","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":68,"box":{"x":53,"y":160,"width":867,"height":11}},{"id":"48d689a9-0ed2-4a1d-987d-2dad2c03c848","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":68,"box":{"x":52,"y":174,"width":869,"height":11}},{"id":"ab978356-8660-4364-85b2-274627f7c1c5","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":68,"box":{"x":52,"y":188,"width":863,"height":11}},{"id":"ec21650b-3cd4-4435-90b6-76cd9eff7bed","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":68,"box":{"x":53,"y":202,"width":826,"height":11}},{"id":"b7d8a359-2c64-4aa2-81bc-5992906cce63","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":68,"box":{"x":53,"y":217,"width":405,"height":10}},{"id":"d1617c08-a471-4627-b2bc-7cff511574fd","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":68,"box":{"x":53,"y":240,"width":844,"height":11}},{"id":"47264c61-aa4e-4c36-9faf-992ae35c50a2","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":68,"box":{"x":53,"y":254,"width":860,"height":11}},{"id":"74310da2-01bf-47b8-8cee-8b7255ce8c9d","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":68,"box":{"x":53,"y":268,"width":831,"height":11}},{"id":"a488c5fc-c6f6-4288-96c3-364bdee03fa1","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":68,"box":{"x":53,"y":282,"width":817,"height":11}},{"id":"a44bc9ea-7ede-469d-b26b-099e856e7d40","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":68,"box":{"x":53,"y":296,"width":818,"height":11}},{"id":"097a8bad-76a3-4f96-9624-62bae470d36c","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":68,"box":{"x":53,"y":310,"width":835,"height":12}},{"id":"3c12643b-170b-4233-9964-aaa924ec62e6","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":68,"box":{"x":52,"y":334,"width":873,"height":11}},{"id":"b2c88f97-0b35-44c8-9dd6-9afce407186a","block_type":"box","text":"collateral received).","page_number":68,"box":{"x":53,"y":348,"width":136,"height":9}},{"id":"298a2260-8595-4f5e-b465-1eeeab529f37","block_type":"box","text":"The Underlying Index is sponsored by Russell, which is part of the London Stock Exchange Group and is independent of the","page_number":68,"box":{"x":52,"y":371,"width":873,"height":11}},{"id":"cfc9a785-a3d4-438a-ad68-66800a0a312b","block_type":"box","text":"Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying","page_number":68,"box":{"x":53,"y":385,"width":875,"height":11}},{"id":"942de926-c3db-4e58-85a2-adc9a91f404e","block_type":"box","text":"Index and publishes information regarding the market value of the Underlying Index.","page_number":68,"box":{"x":53,"y":400,"width":598,"height":10}},{"id":"94697076-d8aa-4d17-9d84-a2272f181137","block_type":"box","text":"Industry Concentration Policy.","page_number":68,"box":{"x":53,"y":423,"width":224,"height":11}},{"id":"e6b92841-6e64-400c-9dbc-4570d8030fae","block_type":"box","text":"The Fund will concentrate its investments (","page_number":68,"box":{"x":281,"y":423,"width":304,"height":9}},{"id":"003a2372-8849-4354-9ba3-7d2b252aaba5","block_type":"box","text":"i.e.","page_number":68,"box":{"x":587,"y":423,"width":17,"height":8}},{"id":"c357eec8-4541-4203-b7af-043890cb9348","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":68,"box":{"x":606,"y":423,"width":292,"height":10}},{"id":"efb5bf29-4a37-490f-94db-d24e184c5f69","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":68,"box":{"x":53,"y":437,"width":858,"height":11}},{"id":"fffdbb86-d959-4514-a8c9-00c28bca7e92","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":68,"box":{"x":53,"y":451,"width":868,"height":11}},{"id":"52e57af4-1718-4671-b8eb-b60e1bea53fa","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":68,"box":{"x":53,"y":465,"width":826,"height":11}},{"id":"53f05db1-aa34-4383-8ec2-a82d2b300973","block_type":"box","text":"Summary of Principal Risks","page_number":68,"box":{"x":52,"y":494,"width":248,"height":14}},{"id":"c48370bd-14a6-44df-bee0-5f7de96d3683","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":68,"box":{"x":52,"y":520,"width":881,"height":10}},{"id":"c51e1411-6562-4c4a-a338-3d95f228f5d8","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":68,"box":{"x":53,"y":534,"width":824,"height":11}},{"id":"6ec17eee-baff-426f-9331-07a4da3f699d","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":68,"box":{"x":53,"y":548,"width":807,"height":11}},{"id":"c766fe07-c4b1-4fbd-b037-505e2ca33ee1","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":68,"box":{"x":53,"y":562,"width":844,"height":11}},{"id":"87ac7cfe-978a-4379-aa4e-5a55c0677792","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":68,"box":{"x":52,"y":576,"width":815,"height":11}},{"id":"4618cdb1-6696-41b9-9384-d26ddde325a0","block_type":"box","text":"Risk of Investing in the U.S.","page_number":68,"box":{"x":53,"y":599,"width":200,"height":11}},{"id":"7b16b74f-2a06-48bb-9d6c-9d55e20594b8","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":68,"box":{"x":259,"y":600,"width":663,"height":10}},{"id":"222836f4-b089-4e33-8855-1b84c56a84c7","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":68,"box":{"x":53,"y":614,"width":877,"height":10}},{"id":"f4e14325-7f76-46af-9dd9-b5996d112631","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":68,"box":{"x":53,"y":628,"width":470,"height":11}},{"id":"b6d74b1d-8f4d-4d74-92f9-7831245799fd","block_type":"box","text":"Communications Companies Risk.","page_number":68,"box":{"x":53,"y":651,"width":251,"height":10}},{"id":"c22c3915-4a61-44f4-8c15-4cd99594fbb3","block_type":"box","text":"Companies in the communications industry (“communications companies”) include","page_number":68,"box":{"x":310,"y":651,"width":594,"height":11}},{"id":"67de948e-befc-4b5e-b094-2989b999d976","block_type":"box","text":"telecommunications and media companies. Communications companies face risks related to cybersecurity incidents, data","page_number":68,"box":{"x":52,"y":665,"width":868,"height":11}},{"id":"eedb538f-0aae-47a1-9aef-ce7116f5a875","block_type":"box","text":"breaches, new technologies, substantial capital requirements, government regulation, cyclicality of revenues and earnings,","page_number":68,"box":{"x":53,"y":679,"width":869,"height":11}},{"id":"a737f88d-0785-459e-8208-7c10bd7cd658","block_type":"box","text":"obsolescence of products and services, and changes in consumer preferences and expectations, among other things.","page_number":68,"box":{"x":53,"y":694,"width":830,"height":10}},{"id":"fdb42def-8a08-45c0-893b-af1f0a945873","block_type":"box","text":"Equity Securities Risk.","page_number":68,"box":{"x":53,"y":717,"width":164,"height":11}},{"id":"01e23dc9-bd3d-4bb0-8194-7d5c8d6465ff","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":68,"box":{"x":223,"y":717,"width":709,"height":11}},{"id":"dc7a060a-8faf-4bf7-b5a2-ff8ef9f7c3b0","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":68,"box":{"x":53,"y":731,"width":889,"height":11}},{"id":"099a0935-68d7-4554-a8c5-eb71e79fcdf2","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":68,"box":{"x":53,"y":745,"width":880,"height":11}},{"id":"ce4cb32c-2258-4829-9cbe-e664098314ef","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":68,"box":{"x":53,"y":759,"width":867,"height":11}},{"id":"6015cb81-0b53-4d94-8979-ae02492edc89","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":68,"box":{"x":53,"y":773,"width":339,"height":11}},{"id":"a2991b06-9b46-4474-b290-e1533abdac0a","block_type":"box","text":"Market Risk.","page_number":68,"box":{"x":53,"y":797,"width":91,"height":8}},{"id":"72932159-a0ab-4f78-9d10-c283a43b1744","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":148,"y":797,"width":768,"height":11}},{"id":"63b777ae-6578-4c44-a6c0-268900ed1c3f","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":53,"y":811,"width":882,"height":11}},{"id":"97f209e8-7dc9-4a70-aac0-2c47fc4fa2af","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":53,"y":825,"width":858,"height":11}},{"id":"eeb75aa5-2495-4339-86af-2211b7ab5ab2","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":53,"y":839,"width":875,"height":11}},{"id":"a6d9e546-92db-4c03-9af1-0d145666c8aa","block_type":"box","text":"Fund’s NAV.","page_number":68,"box":{"x":53,"y":853,"width":82,"height":9}},{"id":"5313649d-eacc-4f24-9fd0-3ff4184e7305","block_type":"box","text":"Index-Related Risk.","page_number":68,"box":{"x":53,"y":877,"width":143,"height":8}},{"id":"9c39b71a-8226-40e2-a745-0fb0d848c2e3","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":201,"y":877,"width":742,"height":10}},{"id":"6962b68b-620a-4030-818b-8553d5c4923d","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":53,"y":891,"width":856,"height":11}},{"id":"befc182a-7f48-4af3-b49c-84e328af0430","block_type":"box","text":"S-63","page_number":68,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"06b1b629-7bc5-49c0-80d1-5648df01c9d4","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":69,"box":{"x":53,"y":46,"width":852,"height":11}},{"id":"b7851611-ee9d-4ef0-bbd9-c8297b08ff46","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":69,"box":{"x":53,"y":61,"width":876,"height":10}},{"id":"c23b5331-d7d2-4018-a92f-9d742328d0e3","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":69,"box":{"x":52,"y":75,"width":849,"height":11}},{"id":"e3274793-10ec-4575-902f-1ec886ea1885","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":69,"box":{"x":53,"y":89,"width":849,"height":11}},{"id":"8e207f73-4bd7-4121-872a-a81907d2307f","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":69,"box":{"x":53,"y":103,"width":890,"height":11}},{"id":"8f288ca7-4270-4b3f-a1b4-80db91c8cd31","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":69,"box":{"x":53,"y":118,"width":853,"height":10}},{"id":"b6b98d0f-900c-4d68-b6ac-aee4948ce9b2","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":69,"box":{"x":53,"y":131,"width":539,"height":11}},{"id":"0189953f-39f2-4673-b7eb-56ff914dc951","block_type":"box","text":"Asset Class Risk.","page_number":69,"box":{"x":52,"y":155,"width":122,"height":8}},{"id":"c9b7ab03-3dcb-4e7d-9544-8c6e67a95824","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":69,"box":{"x":179,"y":155,"width":721,"height":11}},{"id":"a22b80f8-e5b6-4641-83fe-a1bef554151a","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":69,"box":{"x":53,"y":169,"width":774,"height":11}},{"id":"fc57f361-91e2-4de9-950e-79d66a2199b4","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":69,"box":{"x":52,"y":192,"width":318,"height":11}},{"id":"8921dad4-889e-4089-a9e2-2150aed9abae","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":69,"box":{"x":374,"y":192,"width":531,"height":11}},{"id":"2384e7a9-fe21-4340-9b15-9c2073059fba","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":69,"box":{"x":53,"y":206,"width":810,"height":11}},{"id":"dc872082-1200-4539-9094-1c2cf4f566fa","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":69,"box":{"x":52,"y":220,"width":816,"height":11}},{"id":"cbee096c-1057-421f-adba-5d52e865f85c","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":69,"box":{"x":52,"y":235,"width":884,"height":10}},{"id":"d74dd5ba-da33-4832-8b79-bce4685f24f8","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":69,"box":{"x":53,"y":249,"width":871,"height":11}},{"id":"4d0cc84a-3ca1-4797-8232-e6e01c7f1da0","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":69,"box":{"x":53,"y":263,"width":846,"height":11}},{"id":"41cf2ae8-662b-4d65-9873-ddfaec9ab43e","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":69,"box":{"x":52,"y":277,"width":881,"height":11}},{"id":"511e0edf-61cf-46e2-9e8b-327bed522fab","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":69,"box":{"x":53,"y":291,"width":853,"height":11}},{"id":"3536af81-b927-4c2c-bacc-5b8673e06cb7","block_type":"box","text":"halts or delisting.","page_number":69,"box":{"x":53,"y":306,"width":121,"height":10}},{"id":"5c7206d0-9ce9-47b3-8eb8-e49ca3d3c919","block_type":"box","text":"Concentration Risk.","page_number":69,"box":{"x":53,"y":329,"width":145,"height":8}},{"id":"d9c54963-0ee9-4142-9663-35743dae8562","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":69,"box":{"x":202,"y":329,"width":711,"height":11}},{"id":"b7d6daf6-b47c-4abc-aa7f-eb3c4424abd7","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":69,"box":{"x":53,"y":343,"width":884,"height":10}},{"id":"3bde08c6-5a07-4cfb-ab1c-dbcee438ba82","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":69,"box":{"x":52,"y":357,"width":887,"height":11}},{"id":"7099feb4-1a15-46ea-836d-3de55f59e645","block_type":"box","text":"asset classes.","page_number":69,"box":{"x":53,"y":371,"width":95,"height":9}},{"id":"9ee33448-4db2-44a4-ab30-001d433753a6","block_type":"box","text":"Issuer Risk.","page_number":69,"box":{"x":53,"y":394,"width":83,"height":9}},{"id":"ce6e3ea3-c643-4a6c-b508-bbe483588e8e","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":69,"box":{"x":140,"y":394,"width":780,"height":11}},{"id":"c3309cac-c626-4174-a79d-4d297856124f","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":69,"box":{"x":53,"y":409,"width":886,"height":10}},{"id":"c4ad41a5-97c0-43cc-b2fd-4d59c2bbf181","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":69,"box":{"x":52,"y":423,"width":576,"height":11}},{"id":"c313ad1e-d43b-4760-8404-e828be1e874e","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":69,"box":{"x":53,"y":446,"width":278,"height":11}},{"id":"b126632f-58e4-4b8e-a1d9-4b5daee2bcfe","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":69,"box":{"x":337,"y":446,"width":540,"height":11}},{"id":"451909b2-4132-47e9-84af-ae65ee49a4f4","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":69,"box":{"x":53,"y":460,"width":890,"height":11}},{"id":"d7915a32-4e34-431f-952a-1a8b2d0a22f3","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":69,"box":{"x":53,"y":474,"width":868,"height":11}},{"id":"d809a688-ab33-4ac7-8ade-c11cf6acee96","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":69,"box":{"x":53,"y":489,"width":709,"height":10}},{"id":"7cd40059-dd37-4857-98da-942187edd192","block_type":"box","text":"Management Risk.","page_number":69,"box":{"x":53,"y":512,"width":137,"height":11}},{"id":"c6b50e9f-184d-4af3-9059-5d95f8b0915e","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":69,"box":{"x":194,"y":512,"width":711,"height":11}},{"id":"804628dc-b7c8-4178-b5b5-04c5f88bfdcc","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":69,"box":{"x":53,"y":526,"width":877,"height":11}},{"id":"c8a2bb39-f858-4009-8bca-76ab03247c05","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":69,"box":{"x":53,"y":540,"width":859,"height":11}},{"id":"efa01409-d710-4efc-b3f8-ef50372d7de5","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":69,"box":{"x":52,"y":554,"width":848,"height":11}},{"id":"d3145b49-27a5-4aed-b7a1-76af0dbbc346","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":69,"box":{"x":53,"y":569,"width":756,"height":10}},{"id":"dcd2f28d-8da6-42ca-a2bc-21a95d8ec576","block_type":"box","text":"Market Trading Risk.","page_number":69,"box":{"x":53,"y":592,"width":152,"height":11}},{"id":"30a839ab-c37a-468e-aefc-0843cb816269","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":69,"box":{"x":209,"y":592,"width":694,"height":11}},{"id":"7730c4ab-fdc2-4750-9e4f-87500fa9a2dc","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":69,"box":{"x":53,"y":606,"width":841,"height":11}},{"id":"0df734c6-3c79-4091-9bfa-712debcb3793","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":69,"box":{"x":53,"y":620,"width":887,"height":11}},{"id":"e01f0baa-4077-444a-91f4-86e5092b6269","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":69,"box":{"x":52,"y":634,"width":839,"height":11}},{"id":"49ed05b7-02e7-48b8-adac-372bfc717ab3","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":69,"box":{"x":53,"y":648,"width":866,"height":11}},{"id":"89b01cc6-cf5f-443e-a811-b4bd58f6ceae","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":69,"box":{"x":52,"y":663,"width":885,"height":10}},{"id":"db903840-54d2-4e3c-928d-fafe9081ba56","block_type":"box","text":"of the Fund shares.","page_number":69,"box":{"x":53,"y":677,"width":134,"height":8}},{"id":"1778b9a1-534e-47a4-b174-91582d8189e8","block_type":"box","text":"Non-Diversification Risk.","page_number":69,"box":{"x":53,"y":700,"width":184,"height":8}},{"id":"98d8dc7a-fd92-41c3-b18e-0d3ef86fb649","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":69,"box":{"x":242,"y":700,"width":633,"height":10}},{"id":"cf916fee-924c-4011-baa1-ed1b0e99477c","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":69,"box":{"x":53,"y":714,"width":802,"height":11}},{"id":"3e100352-7f99-4d0b-9f15-e5e8b9809c16","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":69,"box":{"x":53,"y":728,"width":888,"height":11}},{"id":"4464edaf-b47b-41c4-8c7b-8a25baf68915","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":69,"box":{"x":53,"y":743,"width":876,"height":10}},{"id":"bd7fb7ea-5177-4b0d-8303-a7dca25ebcd2","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":69,"box":{"x":53,"y":757,"width":696,"height":11}},{"id":"db20f5db-29d1-47b1-8a25-1d387d09bdcb","block_type":"box","text":"Operational and Technology Risks.","page_number":69,"box":{"x":53,"y":780,"width":254,"height":11}},{"id":"23c578fd-1e78-4dc6-8109-994e32667640","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":69,"box":{"x":312,"y":780,"width":581,"height":11}},{"id":"20df6e21-71e7-44df-9aca-42c4f02ced4a","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":69,"box":{"x":53,"y":794,"width":876,"height":11}},{"id":"296f803b-76bf-44fe-9e09-b3ea2c936ae9","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":53,"y":808,"width":879,"height":11}},{"id":"522f7f5f-215b-48b5-814a-d7273d34c20d","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":53,"y":822,"width":825,"height":11}},{"id":"6517f29e-e473-4fb7-a856-0fdb4d92a787","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":69,"box":{"x":53,"y":837,"width":862,"height":10}},{"id":"36cc33b2-b7e4-4fbd-9b24-f778e6d02c97","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":53,"y":851,"width":872,"height":11}},{"id":"6596e5b5-550d-41d1-866a-5f4a20c2ee7c","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":53,"y":865,"width":824,"height":11}},{"id":"a25b814f-879c-4df6-b736-d808f167a166","block_type":"box","text":"Securities Lending Risk.","page_number":69,"box":{"x":52,"y":888,"width":178,"height":11}},{"id":"89db43aa-5c44-4078-b208-6d6fcc222c77","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":234,"y":888,"width":692,"height":11}},{"id":"3b77bfc1-556a-4ff4-9b77-fc4c8d27fe6d","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":53,"y":902,"width":870,"height":11}},{"id":"df8a64d4-2ada-40b4-848d-70b22c944d9c","block_type":"box","text":"S-64","page_number":69,"box":{"x":488,"y":944,"width":35,"height":8}},{"id":"cac51f34-edc6-450c-bf0d-906521fc7ec0","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":70,"box":{"x":53,"y":46,"width":886,"height":11}},{"id":"8c6d399e-fb2d-47ea-807a-2f3bc3c46db2","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":70,"box":{"x":53,"y":61,"width":831,"height":10}},{"id":"7827cb31-4c45-4550-997a-42321b70da88","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":70,"box":{"x":52,"y":84,"width":278,"height":10}},{"id":"26c569e0-9601-480b-ba12-fd8b2fef9c4c","block_type":"box","text":"Compared to mid- and large-capitalization companies, small-capitalization","page_number":70,"box":{"x":336,"y":84,"width":532,"height":11}},{"id":"824d0875-e4e3-4fbb-8af7-53f0882510c0","block_type":"box","text":"companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization","page_number":70,"box":{"x":53,"y":98,"width":817,"height":11}},{"id":"e06e0769-b445-4e15-9194-2ef16a6ad65d","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":70,"box":{"x":53,"y":112,"width":887,"height":11}},{"id":"1f9591fc-470c-4d66-b0d5-f003c1f64a11","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":70,"box":{"x":52,"y":126,"width":818,"height":11}},{"id":"4d6d89d7-07c7-4c70-b696-234667c008b1","block_type":"box","text":"Tracking Error Risk.","page_number":70,"box":{"x":52,"y":149,"width":145,"height":11}},{"id":"fab73333-eef7-4ba1-af86-dcdaa0be4ea3","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":70,"box":{"x":201,"y":149,"width":741,"height":11}},{"id":"5a1e4e36-0ff2-47a7-ac24-658947b7b62d","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":70,"box":{"x":53,"y":164,"width":861,"height":11}},{"id":"dff7ca69-59f8-4929-942d-6dd45a3e871f","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":70,"box":{"x":53,"y":178,"width":832,"height":11}},{"id":"405782e5-8e36-437a-a101-bc2b2092e592","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":70,"box":{"x":53,"y":192,"width":880,"height":11}},{"id":"7dc62713-317b-4dc3-af0a-5ff988f9bf88","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":70,"box":{"x":53,"y":206,"width":831,"height":11}},{"id":"2a3a8b35-d732-44c8-874d-b64830758374","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":70,"box":{"x":52,"y":220,"width":828,"height":11}},{"id":"0d74d2b5-e4aa-455a-821a-0f4fce4bb83b","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":70,"box":{"x":53,"y":235,"width":873,"height":10}},{"id":"74015f68-ab29-4c59-98e6-f53090a5b1f4","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":70,"box":{"x":53,"y":249,"width":889,"height":11}},{"id":"d782ce05-16dd-4df6-bb53-87083e701552","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":70,"box":{"x":53,"y":263,"width":852,"height":11}},{"id":"7f6f4d8c-0028-472f-beba-a7147583cfb1","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":70,"box":{"x":53,"y":277,"width":886,"height":11}},{"id":"c89fcf59-ed23-41c2-b2f7-06057901abde","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":70,"box":{"x":53,"y":291,"width":873,"height":11}},{"id":"52110e19-6171-43fb-9e0d-ad241e4ec5ee","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":70,"box":{"x":53,"y":306,"width":724,"height":10}},{"id":"b4910cbd-9797-4472-a146-697208f7fe27","block_type":"box","text":"Performance Information","page_number":70,"box":{"x":54,"y":334,"width":228,"height":11}},{"id":"67befc24-8379-4f06-8c08-6b652fc9be9d","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":70,"box":{"x":52,"y":360,"width":864,"height":10}},{"id":"b44b7e53-28fe-48de-9bd9-b8fd83b5b6b9","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":70,"box":{"x":52,"y":374,"width":872,"height":11}},{"id":"e7b72c0a-e1d5-443a-944f-b9183e124f55","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":70,"box":{"x":53,"y":388,"width":868,"height":11}},{"id":"6479c55a-7d5e-40f8-b553-caf7fade5041","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":70,"box":{"x":53,"y":402,"width":838,"height":11}},{"id":"b8d69bd6-69b9-4a58-8e47-888522aafcff","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":70,"box":{"x":53,"y":416,"width":868,"height":11}},{"id":"3abb56f1-145b-4825-b848-22375c71a70b","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":70,"box":{"x":53,"y":430,"width":832,"height":11}},{"id":"4bdb1445-8a94-447f-9184-bb2ad8e12562","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":70,"box":{"x":53,"y":445,"width":842,"height":11}},{"id":"fe5bab77-d173-4a9a-baaa-0e075a1feb1a","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":70,"box":{"x":52,"y":459,"width":531,"height":11}},{"id":"56441528-3d91-4ecc-a538-094e08922587","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":70,"box":{"x":135,"y":483,"width":260,"height":11}},{"id":"9eb47ff3-a46b-432a-aab8-05e5d7fc10dc","block_type":"box","text":"22.14","page_number":70,"box":{"x":86,"y":538,"width":26,"height":5}},{"id":"d2acfd15-7eff-4f8b-aa45-1f0f37172e8b","block_type":"box","text":"-11.59","page_number":70,"box":{"x":120,"y":598,"width":30,"height":6}},{"id":"75940a1a-6271-49c8-a20e-40f1ca7dfd6f","block_type":"box","text":"-8.55","page_number":70,"box":{"x":161,"y":594,"width":23,"height":6}},{"id":"5c561d1f-6164-485c-b440-a239e87b8366","block_type":"box","text":"16.26","page_number":70,"box":{"x":198,"y":545,"width":25,"height":6}},{"id":"6f9f2d70-aa76-49cd-8c7e-0516e8002560","block_type":"box","text":"4.08","page_number":70,"box":{"x":236,"y":562,"width":21,"height":6}},{"id":"3186641f-ab71-4afb-bf0b-3d57c9a94b4f","block_type":"box","text":"11.68","page_number":70,"box":{"x":272,"y":552,"width":25,"height":6}},{"id":"c8d968a8-f23c-4eb8-942c-815288b6a61f","block_type":"box","text":"-30.27","page_number":70,"box":{"x":306,"y":623,"width":29,"height":6}},{"id":"97b40582-3208-4e95-932c-59f859c48b9b","block_type":"box","text":"3.88","page_number":70,"box":{"x":348,"y":562,"width":20,"height":6}},{"id":"8d618cec-0c6c-419f-b56f-86a7628078c4","block_type":"box","text":"20.54","page_number":70,"box":{"x":382,"y":540,"width":26,"height":6}},{"id":"9fee2944-3da1-40f2-b373-862c18123789","block_type":"box","text":"29.28","page_number":70,"box":{"x":419,"y":528,"width":26,"height":6}},{"id":"66556932-091a-454b-9106-38c866c8bb07","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":70,"box":{"x":87,"y":638,"width":356,"height":6}},{"id":"46a76889-f557-4785-81de-1b44895a1e27","block_type":"box","text":"Return (%) Period Ended","page_number":70,"box":{"x":731,"y":498,"width":190,"height":9}},{"id":"1f936cfa-ec55-4e1f-b23b-575cfb56a7b2","block_type":"box","text":"Calendar Year-to-Date Return","page_number":70,"box":{"x":520,"y":517,"width":197,"height":7}},{"id":"434b4248-4676-4355-b99a-c37753fdd6b5","block_type":"box","text":"25.83% June 30, 2026","page_number":70,"box":{"x":745,"y":517,"width":197,"height":8}},{"id":"1a75e7ea-9afa-4335-b10d-f443e358687e","block_type":"box","text":"During the periods shown in the chart:","page_number":70,"box":{"x":520,"y":529,"width":250,"height":10}},{"id":"bf46c60e-e2b1-4ec8-a655-1cd8b18d8d76","block_type":"box","text":"Best Quarter 16.85% September 30, 2024","page_number":70,"box":{"x":534,"y":542,"width":408,"height":10}},{"id":"ffd7f52d-76ad-4215-b19b-e50f590787a5","block_type":"box","text":"Worst Quarter -16.56% September 30, 2022","page_number":70,"box":{"x":533,"y":555,"width":409,"height":10}},{"id":"2a142517-f550-409a-a96f-0584820e1e1f","block_type":"box","text":"Average Annual Total Returns (%)","page_number":70,"box":{"x":372,"y":668,"width":251,"height":11}},{"id":"eb103a55-4fc7-4a76-ba2b-edffd35b6197","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":70,"box":{"x":340,"y":682,"width":315,"height":10}},{"id":"75fd1831-0d3f-406f-873b-8398e27b1190","block_type":"box","text":"One Year Five Years Ten Years","page_number":70,"box":{"x":670,"y":698,"width":268,"height":8}},{"id":"3c241e27-70ac-4c51-9f90-df964c9963a9","block_type":"box","text":"Fund Inception: 5/22/2000","page_number":70,"box":{"x":58,"y":714,"width":179,"height":9}},{"id":"7a4829a6-a662-45a6-8217-2ac798905a07","block_type":"box","text":"Return Before Taxes","page_number":70,"box":{"x":58,"y":725,"width":125,"height":8}},{"id":"ad16091c-625f-4c33-b8da-39932f7ffc61","block_type":"box","text":"29.28% 4.74% 4.18%","page_number":70,"box":{"x":682,"y":725,"width":257,"height":8}},{"id":"46ad6400-0c23-47b3-9d09-13f22dc6ebf2","block_type":"box","text":"Return After Taxes on Distributions 28.57% 4.14% 3.52%","page_number":70,"box":{"x":58,"y":737,"width":881,"height":8}},{"id":"408a5d38-e422-4a84-9a49-140933f750b0","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 17.72% 3.55% 3.13%","page_number":70,"box":{"x":58,"y":749,"width":881,"height":7}},{"id":"d22168f4-4cc2-4fd0-a15c-a103f42803ed","block_type":"box","text":"Russell 3000 Index","page_number":70,"box":{"x":58,"y":760,"width":123,"height":8}},{"id":"af4ddd90-4365-4db6-8423-2be3c8a0cb83","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.15% 13.15% 14.29%","page_number":70,"box":{"x":185,"y":760,"width":754,"height":10}},{"id":"cb9afd94-36cf-43cd-96b3-0777f22c6bf5","block_type":"box","text":"Russell 1000 Telecommunications RIC 22.5/45 Capped Index (Spliced)","page_number":70,"box":{"x":58,"y":772,"width":462,"height":9}},{"id":"2e95c328-04c8-4e57-8b35-b573e41553f1","block_type":"box","text":"1","page_number":70,"box":{"x":521,"y":771,"width":5,"height":4}},{"id":"94217e8d-9f34-4ab9-a313-5ea406b4a439","block_type":"box","text":"(Returns do not","page_number":70,"box":{"x":530,"y":772,"width":98,"height":8}},{"id":"f41151cc-a2d5-4b01-8e03-164d5716f7b1","block_type":"box","text":"reflect deductions for fees, expenses or taxes) 29.84% 5.10% 4.42%","page_number":70,"box":{"x":72,"y":785,"width":867,"height":9}},{"id":"1065f584-6276-48fc-aad0-d45da034d4ad","block_type":"box","text":"1","page_number":70,"box":{"x":80,"y":803,"width":5,"height":5}},{"id":"140f25b7-5a41-4466-831d-0f913c7333fe","block_type":"box","text":"The Russell 1000 Telecommunications RIC 22.5/45 Capped Index (Spliced) reflects the performance of the Dow Jones U.S. Select","page_number":70,"box":{"x":92,"y":805,"width":815,"height":9}},{"id":"a73c677a-a3e6-4965-ae58-0730ceef5cec","block_type":"box","text":"Telecommunications Index through September 19, 2021 and the Russell 1000 Telecommunications RIC 22.5/45 Capped Index","page_number":70,"box":{"x":92,"y":815,"width":802,"height":10}},{"id":"19a87534-5eb5-46b7-8937-d6d4a2142565","block_type":"box","text":"thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":70,"box":{"x":92,"y":825,"width":562,"height":10}},{"id":"be7991eb-d9df-40ce-a3f1-9ceb0bcc4473","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":52,"y":845,"width":857,"height":11}},{"id":"cc3187cf-73b3-4318-9726-9f76c131f317","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":53,"y":859,"width":865,"height":11}},{"id":"20dd86d3-8fa4-489a-adb2-956285bd0436","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":53,"y":873,"width":847,"height":11}},{"id":"098e2a4e-8406-44cf-8806-01ebc3cff749","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":52,"y":887,"width":857,"height":11}},{"id":"00032402-94e0-4d67-b86d-009418d95a08","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":53,"y":902,"width":877,"height":11}},{"id":"9ca36bd8-68c5-45a6-ae23-c7470e5d5c88","block_type":"box","text":"S-65","page_number":70,"box":{"x":488,"y":944,"width":34,"height":8}},{"id":"427620da-34a1-4c6a-9f97-b908c5b0b122","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. 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Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":78,"box":{"x":46,"y":183,"width":868,"height":11}},{"id":"974e828d-a207-4053-944f-d795fd8449f6","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":78,"box":{"x":46,"y":197,"width":857,"height":11}},{"id":"b6babfcc-953e-4e80-9713-cf862267c103","block_type":"box","text":"interest rates, productivity, global demand for local products or resources, and regulation and governmental controls. 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Authorized","page_number":78,"box":{"x":46,"y":371,"width":889,"height":11}},{"id":"455182fe-96a9-4c55-8cbb-f6f1b8e77140","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":78,"box":{"x":46,"y":385,"width":885,"height":11}},{"id":"831d347f-b931-46f6-a065-9434bbf6d3a1","block_type":"box","text":"trading volume. 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The biotechnology industry is subject to a","page_number":78,"box":{"x":46,"y":480,"width":881,"height":10}},{"id":"18ff06bc-ec46-439b-a02b-e43fec5a6173","block_type":"box","text":"significant amount of governmental regulation, and changes in governmental policies and the need for regulatory approvals may have a","page_number":78,"box":{"x":46,"y":494,"width":864,"height":11}},{"id":"35221e88-1552-4fde-839f-ede38f302bee","block_type":"box","text":"material adverse effect on this industry. Companies in the biotechnology industry are subject to risks of new technologies and competitive","page_number":78,"box":{"x":46,"y":508,"width":885,"height":11}},{"id":"f539b95b-59ea-4f84-a70c-f717ff772180","block_type":"box","text":"pressures and are heavily dependent on patents and intellectual property rights. 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These requirements may increase","page_number":78,"box":{"x":45,"y":630,"width":904,"height":11}},{"id":"48ea40d7-9604-40dd-b5ef-d7cc4696ed00","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":78,"box":{"x":46,"y":645,"width":230,"height":8}},{"id":"84aa8d6d-c6a3-4d18-ab24-27ba4cb95c32","block_type":"box","text":"Communications Companies Risk.","page_number":78,"box":{"x":46,"y":668,"width":236,"height":10}},{"id":"b1db871f-f8bc-414f-8504-b62ff0d410b4","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":78,"box":{"x":287,"y":668,"width":632,"height":11}},{"id":"684fceea-09cb-45c2-8481-566fd3ecf22d","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":78,"box":{"x":46,"y":682,"width":863,"height":11}},{"id":"d19b823a-c659-42a8-ba63-c7cc0285c5da","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":78,"box":{"x":46,"y":696,"width":896,"height":11}},{"id":"2286386b-55f8-4a63-b6f2-33c4b3aca68a","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":78,"box":{"x":46,"y":710,"width":867,"height":11}},{"id":"ed6fe677-17a2-44bb-8865-add4d3d5b187","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":78,"box":{"x":46,"y":724,"width":881,"height":11}},{"id":"cd8ec59d-553d-49c6-a4e7-22b320c1f272","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":78,"box":{"x":46,"y":739,"width":694,"height":10}},{"id":"a94112c2-bff0-4565-8731-6fc706876f9e","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":78,"box":{"x":46,"y":762,"width":880,"height":11}},{"id":"7aabf223-b5e1-4993-8791-6033079c7a65","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":78,"box":{"x":46,"y":776,"width":897,"height":11}},{"id":"32883a0a-d0f4-4c54-b3ad-37fb9f49a61a","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":78,"box":{"x":46,"y":790,"width":898,"height":11}},{"id":"5b25751f-b6fa-42eb-b80d-063928723711","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":78,"box":{"x":46,"y":804,"width":805,"height":11}},{"id":"b728fa23-84fb-4f94-b99d-267af7e35097","block_type":"box","text":"Concentration Risk.","page_number":78,"box":{"x":46,"y":828,"width":135,"height":8}},{"id":"be3490c8-fa33-4ae6-bcd8-90e89d1c3dc4","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":78,"box":{"x":186,"y":828,"width":744,"height":10}},{"id":"405a527d-9ba9-4841-bf74-d4c9a299d9a0","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":78,"box":{"x":46,"y":842,"width":903,"height":10}},{"id":"a73b3760-7ba3-4bd5-89de-e0d8cdf0cdaa","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":78,"box":{"x":46,"y":856,"width":853,"height":11}},{"id":"d71b1397-3f60-48dd-98d3-9bff7f449060","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":78,"box":{"x":46,"y":870,"width":897,"height":11}},{"id":"e1ebb6bf-7c84-407b-bc45-cda74d25271d","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":78,"box":{"x":46,"y":884,"width":905,"height":11}},{"id":"67cd7225-6dfc-406f-bf8c-54bbf19ed1ed","block_type":"box","text":"its investments.","page_number":78,"box":{"x":46,"y":899,"width":100,"height":8}},{"id":"7c279d0f-aec1-4b14-8e0b-0e87000e0057","block_type":"box","text":"7","page_number":78,"box":{"x":495,"y":944,"width":7,"height":8}},{"id":"7dd0bd8a-4c09-44c0-946f-26b1b43010ab","block_type":"box","text":"Consumer Goods and Services Com","page_number":79,"box":{"x":46,"y":46,"width":247,"height":9}},{"id":"fe45508b-c214-4060-b253-05bad371fd7b","block_type":"box","text":"panies Risk.","page_number":79,"box":{"x":295,"y":46,"width":82,"height":11}},{"id":"d6152013-70f0-4f24-a818-04160b35f950","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":79,"box":{"x":384,"y":46,"width":561,"height":11}},{"id":"1835f5ed-d91f-4c51-bba0-bd50c67acc81","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":79,"box":{"x":46,"y":61,"width":896,"height":10}},{"id":"4216156b-d9d1-4b99-a1cf-1fac04b5cfd5","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":79,"box":{"x":46,"y":75,"width":860,"height":11}},{"id":"fddba412-946a-4590-abdb-cdb9042fff33","block_type":"box","text":"adverse impact on consumer companies.","page_number":79,"box":{"x":46,"y":89,"width":262,"height":11}},{"id":"3278fadc-71b0-4e60-b173-8bdbcf08d3b1","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":79,"box":{"x":46,"y":112,"width":849,"height":11}},{"id":"52e552ad-38a3-4e31-b4c7-0eecd128f03d","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":79,"box":{"x":46,"y":126,"width":882,"height":11}},{"id":"3bfc6db7-c9b0-4c97-8dc5-d84e524ad508","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":79,"box":{"x":46,"y":140,"width":855,"height":11}},{"id":"31b686d3-d66a-49fe-ae82-49a427adb353","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":79,"box":{"x":46,"y":155,"width":560,"height":11}},{"id":"9ce0b999-615b-49fb-9915-60b8978afbf3","block_type":"box","text":"Credit Risk.","page_number":79,"box":{"x":46,"y":178,"width":79,"height":8}},{"id":"c64bd1e8-b772-40f5-ba86-b00b948ac516","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or unwilling, or may","page_number":79,"box":{"x":130,"y":178,"width":819,"height":11}},{"id":"d40ae51c-05f8-4801-bcb3-faf1fec2e170","block_type":"box","text":"be perceived as unable or unwilling (whether by market participants, ratings agencies, pricing services or otherwise), to make timely principal","page_number":79,"box":{"x":46,"y":192,"width":904,"height":11}},{"id":"1a462a30-32cc-42a6-b918-41402333af43","block_type":"box","text":"and/or interest payments or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating","page_number":79,"box":{"x":46,"y":206,"width":876,"height":11}},{"id":"56fc2529-37d2-4e6d-b2b5-81b2fb705412","block_type":"box","text":"agency; generally, lower credit quality issuers present higher credit risks. The credit rating assigned to a security or its issuer does not","page_number":79,"box":{"x":46,"y":220,"width":858,"height":11}},{"id":"f3f4961c-6a81-4bc2-97b8-d5829de56f44","block_type":"box","text":"necessarily reflect the issuer’s current financial condition or an investment’s volatility or liquidity. An actual or perceived decline in an","page_number":79,"box":{"x":46,"y":235,"width":852,"height":10}},{"id":"b8f3cd12-190c-4dc0-93e3-888e9f89a2d6","block_type":"box","text":"issuer’s creditworthiness may result in a decrease in the value and liquidity of its securities as well as greater price volatility, which may make","page_number":79,"box":{"x":46,"y":249,"width":906,"height":11}},{"id":"81b8500c-70fb-4780-9abf-66c699defbd6","block_type":"box","text":"it difficult for a Fund to sell the securities and otherwise have an adverse impact on the Fund. It is possible that the ability of an issuer to","page_number":79,"box":{"x":46,"y":263,"width":872,"height":11}},{"id":"059db8bc-a16e-4b06-9422-ac34ad5da247","block_type":"box","text":"meet its obligations will decline substantially during the period when a Fund owns securities of the issuer or that the issuer will default on its","page_number":79,"box":{"x":46,"y":277,"width":897,"height":11}},{"id":"1d3c2df3-c645-45a4-8c0b-c7563dd708b3","block_type":"box","text":"obligations or that the obligations of the issuer will be limited or restructured. A Fund may be adversely affected if an investment that it holds","page_number":79,"box":{"x":46,"y":291,"width":902,"height":11}},{"id":"4fd5728a-6220-4c52-845d-3f38461ac92f","block_type":"box","text":"experiences a downgrade or a default.","page_number":79,"box":{"x":46,"y":305,"width":243,"height":11}},{"id":"81d1cfb3-d016-411c-9961-ce614084ce26","block_type":"box","text":"Currency Risk.","page_number":79,"box":{"x":46,"y":329,"width":100,"height":11}},{"id":"2ee7f734-7153-4bdd-89b2-60cde02d6c9b","block_type":"box","text":"Because each Fund’s NAV is determined on the basis of the U.S. dollar, investors may lose money if the currency of a","page_number":79,"box":{"x":152,"y":329,"width":748,"height":11}},{"id":"f075d67c-ffae-4725-9c3c-54cbcdab8790","block_type":"box","text":"non-U.S. market in which a Fund invests depreciates against the U.S. dollar or if there are delays or limits on repatriation of foreign currency,","page_number":79,"box":{"x":46,"y":343,"width":901,"height":11}},{"id":"28015976-49f0-45a9-816c-4c8eabfdda01","block_type":"box","text":"even if the foreign currency value of the Fund’s holdings in that market increases. Currency exchange rates can be very volatile and can","page_number":79,"box":{"x":46,"y":357,"width":866,"height":11}},{"id":"d8f458e6-84e3-43bf-b123-3a53f2e06ab7","block_type":"box","text":"change quickly and unpredictably. As a result, a Fund’s NAV may change quickly and without warning. In addition, a Fund may incur costs in","page_number":79,"box":{"x":46,"y":371,"width":891,"height":11}},{"id":"fe34bce0-4445-4759-adf6-d91d24eb19c2","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":79,"box":{"x":46,"y":385,"width":470,"height":11}},{"id":"6ee0c3b4-2e76-40e6-a4d5-20782e2a777a","block_type":"box","text":"Custody Risk.","page_number":79,"box":{"x":46,"y":409,"width":94,"height":10}},{"id":"5dbecdde-130d-4346-8172-3a74fc281d47","block_type":"box","text":"Custody risk refers to the risks in the process of clearing and settling trades, as well as the holding of securities and other","page_number":79,"box":{"x":145,"y":409,"width":780,"height":10}},{"id":"c8344612-465e-45f3-9ec1-1350d829e7d8","block_type":"box","text":"assets by local banks, agents and depositories. These risks are heightened in jurisdictions with less developed markets or less robust","page_number":79,"box":{"x":46,"y":423,"width":852,"height":11}},{"id":"b1e1cfb2-331c-4ed8-9102-71b8f78963f9","block_type":"box","text":"settlement and custody infrastructure and processes, and they may result in losses or delays in payments, delivery or recovery of money or","page_number":79,"box":{"x":46,"y":437,"width":892,"height":11}},{"id":"8ea2b6f0-b9a7-45a1-a8c1-8e53bce56829","block_type":"box","text":"other assets. Low trading volumes and volatile prices in less developed markets may make trades harder to complete and settle.","page_number":79,"box":{"x":46,"y":451,"width":822,"height":11}},{"id":"7fecd4d8-f028-4991-9fd4-3f0bcf5f2f1f","block_type":"box","text":"Governments or trade groups may compel local agents to hold securities and other assets in designated depositories that may not be subject","page_number":79,"box":{"x":46,"y":465,"width":905,"height":11}},{"id":"b44c2c13-3d48-4420-bf83-f7c0a302ad89","block_type":"box","text":"to independent evaluation. Local agents are held only to the standards of care of their local markets. In general, the less developed a","page_number":79,"box":{"x":46,"y":480,"width":849,"height":10}},{"id":"346d2d1f-28d4-4de9-a666-593758b53bdc","block_type":"box","text":"country’s securities markets are, the higher the degree of custody risk.","page_number":79,"box":{"x":46,"y":494,"width":453,"height":11}},{"id":"5bb39737-f853-4824-9e25-f741f5400c16","block_type":"box","text":"Dividend-Paying Stock Risk.","page_number":79,"box":{"x":46,"y":517,"width":192,"height":11}},{"id":"fc646fe4-f980-4041-b1a7-9c633ad96f7f","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":79,"box":{"x":244,"y":517,"width":693,"height":11}},{"id":"32d5f5ce-7a40-4c20-9ce6-957a219e5a78","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":79,"box":{"x":46,"y":531,"width":896,"height":11}},{"id":"79e4f8d5-b364-49e6-81dd-9e325fba8d1e","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":79,"box":{"x":46,"y":545,"width":896,"height":11}},{"id":"ff6015b1-9f4b-4b8d-8e27-39f95abfb099","block_type":"box","text":"eliminate the payment of dividends (including reducing or eliminating anticipated accelerations or increases in the payment of dividends),","page_number":79,"box":{"x":46,"y":559,"width":879,"height":11}},{"id":"9c95c856-93e7-4b38-a5f2-d33138ea6688","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":79,"box":{"x":45,"y":574,"width":888,"height":10}},{"id":"1e3f3dc8-331f-4697-8dc5-8658236d1c3e","block_type":"box","text":"as fixed-income investments become more attractive to investors.","page_number":79,"box":{"x":46,"y":588,"width":423,"height":8}},{"id":"6a5dc6eb-634d-4d69-8edb-7436dc311c7d","block_type":"box","text":"Energy Companies Risk.","page_number":79,"box":{"x":46,"y":611,"width":166,"height":11}},{"id":"647280c9-c57a-4af4-b5aa-c54df6c2289a","block_type":"box","text":"The energy sector tends to be closely tied to the economic cycle and can be significantly affected by","page_number":79,"box":{"x":217,"y":611,"width":644,"height":11}},{"id":"1e2efd8e-bd2e-4e67-afcd-506c29d2f904","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":79,"box":{"x":46,"y":625,"width":905,"height":11}},{"id":"61dcae39-fc4c-411e-8805-435ad5217f05","block_type":"box","text":"war or other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector","page_number":79,"box":{"x":45,"y":639,"width":875,"height":11}},{"id":"84387d1b-70ad-411b-9ae8-a8df20cdfa05","block_type":"box","text":"generally is subject to substantial government regulation, and companies may incur significant costs in complying with environmental and","page_number":79,"box":{"x":46,"y":654,"width":882,"height":10}},{"id":"a26c81d2-1c5f-4be6-96f8-705f93f5708c","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":79,"box":{"x":46,"y":668,"width":838,"height":11}},{"id":"a9e70d0c-f473-4318-996f-c732d0911ea5","block_type":"box","text":"performance of energy companies.","page_number":79,"box":{"x":46,"y":682,"width":222,"height":11}},{"id":"e1c2ad50-54e8-47b2-bc96-92efe9d7ad21","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":79,"box":{"x":46,"y":705,"width":892,"height":11}},{"id":"dec91fc2-5029-41fc-8431-df86dd7e7665","block_type":"box","text":"production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies","page_number":79,"box":{"x":46,"y":719,"width":877,"height":11}},{"id":"14c37575-0bd5-4f9a-a2df-77c8a0270bb0","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":79,"box":{"x":46,"y":733,"width":885,"height":11}},{"id":"35de58df-85a2-4f60-aa4a-202ff64f3597","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":79,"box":{"x":46,"y":748,"width":866,"height":10}},{"id":"ae09bb2c-48cd-4c52-917c-2560d06b0feb","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":79,"box":{"x":46,"y":762,"width":883,"height":11}},{"id":"81d3bed9-33b0-4668-a943-58b7a9405549","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":79,"box":{"x":46,"y":776,"width":799,"height":11}},{"id":"d7880ff3-81d4-4eb1-8956-ee7773f45c05","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":79,"box":{"x":45,"y":799,"width":837,"height":11}},{"id":"5978ab3a-dc51-48f9-b6e6-e1fad6c9e831","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":79,"box":{"x":46,"y":813,"width":882,"height":11}},{"id":"8b3d8e4e-d523-4349-8cc0-b86444c55171","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":79,"box":{"x":46,"y":828,"width":899,"height":10}},{"id":"4f6f2dc8-6fef-4de3-a45c-fe7a284aaeec","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":79,"box":{"x":46,"y":842,"width":859,"height":11}},{"id":"198078d1-76ee-4eac-8f70-e922b4c818f7","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":79,"box":{"x":46,"y":856,"width":868,"height":11}},{"id":"a7ce453a-cc77-46ec-8955-a26790d00da6","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":79,"box":{"x":46,"y":870,"width":867,"height":11}},{"id":"d6c1596f-b21e-49fc-b48b-8bbea99c123a","block_type":"box","text":"Equity Securities Risk.","page_number":79,"box":{"x":46,"y":893,"width":155,"height":11}},{"id":"cddbdbe4-0c48-402b-a053-3bdb64e72f23","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":79,"box":{"x":207,"y":893,"width":732,"height":11}},{"id":"5d5bc0ba-9768-4d5e-983a-0c0f7f1b4fcc","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":79,"box":{"x":46,"y":908,"width":876,"height":10}},{"id":"1605786d-3ab5-4771-a839-86b1a1e01a29","block_type":"box","text":"8","page_number":79,"box":{"x":495,"y":944,"width":7,"height":8}},{"id":"97073015-95e7-4ce6-966e-969f37a811d6","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":80,"box":{"x":45,"y":46,"width":905,"height":11}},{"id":"ccb0601d-ce31-41f4-a967-1b8a485db650","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":80,"box":{"x":46,"y":61,"width":875,"height":10}},{"id":"50021169-10e2-4a83-8787-49678ab20f83","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":80,"box":{"x":46,"y":75,"width":812,"height":11}},{"id":"e2df690e-9243-425a-a894-debae98295c2","block_type":"box","text":"European Economic Risk.","page_number":80,"box":{"x":46,"y":98,"width":174,"height":11}},{"id":"4aa33e44-c42a-46c5-b931-c0fd108fbcfd","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the EU requires compliance by member states that are","page_number":80,"box":{"x":225,"y":98,"width":705,"height":11}},{"id":"aea73800-8282-44fa-a154-c59288ee8d55","block_type":"box","text":"members of the eurozone with restrictions on inflation rates, deficits, interest rates and debt levels, as well as fiscal and monetary controls,","page_number":80,"box":{"x":46,"y":112,"width":893,"height":11}},{"id":"bbfc4cb9-febd-4081-97d7-9a355d546965","block_type":"box","text":"each of which may significantly affect every country in Europe, including those countries that are not members of the eurozone. Additionally,","page_number":80,"box":{"x":46,"y":126,"width":899,"height":11}},{"id":"57304273-4856-48d2-bc47-d8562f56919b","block_type":"box","text":"European countries outside of the eurozone may present economic risks that are independent of the indirect effects that eurozone policies","page_number":80,"box":{"x":46,"y":140,"width":889,"height":11}},{"id":"cc96a62e-5cd6-45e6-b95e-abe551d63035","block_type":"box","text":"have on them. In particular, the U.K.’s economy may be affected by global economic, industrial and financial shifts. Changes in imports or","page_number":80,"box":{"x":46,"y":155,"width":880,"height":11}},{"id":"34d8f215-7bee-44a1-8ee0-6eb78ce030b5","block_type":"box","text":"exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro (the common currency of eurozone","page_number":80,"box":{"x":46,"y":169,"width":887,"height":11}},{"id":"f2020ae0-32eb-4907-87b9-81ef95d34b0b","block_type":"box","text":"countries), the default or threat of default by an EU member state on its sovereign debt and/or an economic recession in an EU member","page_number":80,"box":{"x":46,"y":183,"width":874,"height":11}},{"id":"a1798315-b9c3-4d3e-9d37-b3e5c736ca23","block_type":"box","text":"state may have a significant adverse effect on the economies of other EU member states and their trading partners. The European financial","page_number":80,"box":{"x":46,"y":197,"width":889,"height":11}},{"id":"21bc9fc9-67a2-498b-b6b2-3cfda916051d","block_type":"box","text":"markets have historically experienced volatility and adverse trends due to concerns about economic downturns or government debt levels in","page_number":80,"box":{"x":46,"y":211,"width":898,"height":11}},{"id":"71b2bf1a-0cb5-4df7-9105-28ff99ba1b61","block_type":"box","text":"several European countries, including, but not limited to, Austria, Belgium, Cyprus, France, Greece, Ireland, Italy, Portugal, Spain and Ukraine.","page_number":80,"box":{"x":46,"y":226,"width":904,"height":10}},{"id":"27981579-4ec8-4d97-8567-ceb8850c5f68","block_type":"box","text":"These events have affected and may in the future adversely affect the exchange rate of the euro and may significantly affect European","page_number":80,"box":{"x":45,"y":240,"width":858,"height":11}},{"id":"fbc8aa9d-7037-443a-8e09-23507837c33f","block_type":"box","text":"countries.","page_number":80,"box":{"x":46,"y":254,"width":62,"height":8}},{"id":"242c3d19-88cd-4fb0-bf6c-ba264c1021dd","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":80,"box":{"x":46,"y":277,"width":879,"height":11}},{"id":"60afa814-403e-4cd5-9852-d847ab02da64","block_type":"box","text":"produce the desired results, may result in social unrest, may limit future growth and economic recovery or may have other unintended","page_number":80,"box":{"x":46,"y":291,"width":858,"height":11}},{"id":"42c9e810-1d28-42f7-88ec-9b1e0e1a14e8","block_type":"box","text":"consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":80,"box":{"x":46,"y":305,"width":881,"height":11}},{"id":"fee2aad6-d398-4491-8aaf-fa6f3db33d4d","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the euro and/or","page_number":80,"box":{"x":46,"y":320,"width":858,"height":11}},{"id":"04a8078f-195d-4371-a8d1-69695306ead4","block_type":"box","text":"withdraw from the EU. The U.K. left the EU (“Brexit”) on January 31, 2020. Brexit could adversely affect European or worldwide political,","page_number":80,"box":{"x":45,"y":334,"width":867,"height":11}},{"id":"02435ff0-0186-4ba2-a5ca-442b7a8d0ba7","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":80,"box":{"x":46,"y":348,"width":894,"height":11}},{"id":"3d9636f6-5dac-4ad7-abc5-9eeefa1ca77d","block_type":"box","text":"l","page_number":80,"box":{"x":942,"y":348,"width":2,"height":8}},{"id":"7ebe1b8d-8b5c-434a-a8ec-ca5583efb351","block_type":"box","text":"markets.","page_number":80,"box":{"x":46,"y":362,"width":55,"height":9}},{"id":"3e6e6cf9-0f8b-402d-a7de-7a0e9d0ab4c0","block_type":"box","text":"The national politics of countries in Europe have been unpredictable and subject to influence by disruptive political groups and ideologies,","page_number":80,"box":{"x":45,"y":385,"width":881,"height":11}},{"id":"0199a273-025c-4bf5-b716-9d3f974425d0","block_type":"box","text":"including, for example, secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":80,"box":{"x":46,"y":400,"width":895,"height":10}},{"id":"bd65c573-d5a3-49ba-bf52-f8c85cdd30ed","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":80,"box":{"x":46,"y":414,"width":844,"height":11}},{"id":"4a3ea9c1-ddf6-4c02-95bd-2bcb0fcf67e4","block_type":"box","text":"investment losses. The occurrence of terrorist incidents throughout Europe or war in the region could also impact financial markets. The","page_number":80,"box":{"x":46,"y":428,"width":871,"height":11}},{"id":"28d7a113-617e-40b5-b7fb-765061725b55","block_type":"box","text":"impact of these events is not clear but could be significant and far-reaching and could adversely affect the value and liquidity of a Fund’s","page_number":80,"box":{"x":46,"y":442,"width":872,"height":11}},{"id":"96929dca-8a86-4645-9849-edd73c08f763","block_type":"box","text":"investments.","page_number":80,"box":{"x":46,"y":456,"width":81,"height":9}},{"id":"0cdfdf28-3bc0-44e8-ba92-224a6f3e7c81","block_type":"box","text":"Russian Invasion of Ukraine","page_number":80,"box":{"x":46,"y":480,"width":172,"height":8}},{"id":"73bfcf96-0eff-4eaf-97f2-f5f21eea639c","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military","page_number":80,"box":{"x":219,"y":480,"width":721,"height":10}},{"id":"793cf032-c98c-495b-9551-809316192001","block_type":"box","text":"action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against","page_number":80,"box":{"x":46,"y":494,"width":892,"height":11}},{"id":"e065542a-d08d-4593-92ec-110942102f9a","block_type":"box","text":"the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or other actions (including","page_number":80,"box":{"x":46,"y":508,"width":887,"height":11}},{"id":"ca6c5158-ddef-4905-ac98-92533f237ddc","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":80,"box":{"x":46,"y":522,"width":886,"height":11}},{"id":"bbab2bb2-0681-40be-955e-febca9725a0a","block_type":"box","text":"boycotts or changes in consumer or purchaser preferences, sanctions, import and export restrictions, tariffs or cyberattacks on the Russian","page_number":80,"box":{"x":46,"y":536,"width":894,"height":11}},{"id":"8a52dea6-a17e-4e9d-8006-61a31fd7be7b","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":80,"box":{"x":46,"y":550,"width":891,"height":11}},{"id":"3cabfb2c-97cc-4430-9672-327eb4e85f46","block_type":"box","text":"which a Fund invests, or the economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact","page_number":80,"box":{"x":45,"y":565,"width":885,"height":10}},{"id":"5f02147a-6ab8-4d7a-a1d6-0aefbccb5a93","block_type":"box","text":"the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":80,"box":{"x":46,"y":579,"width":891,"height":11}},{"id":"9c79ebe7-d1f9-4ee1-9853-e2d81250b9a9","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":80,"box":{"x":46,"y":593,"width":431,"height":11}},{"id":"c797f327-fd42-4ec3-8844-e18da0743819","block_type":"box","text":"Financial Companies Risk.","page_number":80,"box":{"x":46,"y":616,"width":180,"height":11}},{"id":"bf1b2041-62a6-4f01-8de6-7b8ade52c09b","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":80,"box":{"x":232,"y":616,"width":690,"height":11}},{"id":"0307489e-8eba-47c2-90f9-7be3ea3f09c4","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":80,"box":{"x":46,"y":630,"width":892,"height":11}},{"id":"38b5bda6-a55e-4650-bb8c-7c6ad5c275c3","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":80,"box":{"x":46,"y":645,"width":891,"height":10}},{"id":"9b1db083-d5c7-4555-a9cc-499e1cf9efbd","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":80,"box":{"x":46,"y":659,"width":887,"height":11}},{"id":"389df349-dd9c-4ba4-ad18-cea02ee9b8f0","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":80,"box":{"x":46,"y":673,"width":871,"height":11}},{"id":"bb95722d-a3b7-4d56-8174-54c92fdaa45f","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":80,"box":{"x":46,"y":687,"width":767,"height":11}},{"id":"54d86345-9c65-4687-9194-0bf596d9828f","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":80,"box":{"x":46,"y":710,"width":891,"height":11}},{"id":"29809881-feaf-4e0c-a179-1c1dfe54c414","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":80,"box":{"x":46,"y":724,"width":848,"height":11}},{"id":"82b1032f-d86e-4977-8c21-4948d0d28d17","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":80,"box":{"x":46,"y":739,"width":884,"height":10}},{"id":"ac629a22-313d-413d-a0b0-3ddea5a41c10","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":80,"box":{"x":45,"y":753,"width":889,"height":11}},{"id":"0859a45e-f111-46a2-a5b5-f0bd935cd57d","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":80,"box":{"x":46,"y":767,"width":856,"height":11}},{"id":"8d1f9944-8ea6-41e2-8b74-70f3399bbd92","block_type":"box","text":"financial sector generally.","page_number":80,"box":{"x":45,"y":781,"width":163,"height":11}},{"id":"d4ea68de-071a-49d4-8c4c-9be6455133bc","block_type":"box","text":"Fixed-to-Floating Rate Securities Risk.","page_number":80,"box":{"x":46,"y":804,"width":264,"height":11}},{"id":"806133d4-6d57-43ea-b4b7-d9be01876fcf","block_type":"box","text":"Fixed-to-floating rate securities have an initial term with a fixed dividend or coupon rate and","page_number":80,"box":{"x":316,"y":804,"width":588,"height":11}},{"id":"b9bf6826-21c3-466a-8566-1389df0200c3","block_type":"box","text":"following this initial term bear a floating rate. Securities which include a floating or variable interest rate component can be less sensitive to","page_number":80,"box":{"x":45,"y":819,"width":894,"height":10}},{"id":"9717874b-51ab-4137-b32d-2152c3036a2f","block_type":"box","text":"interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as","page_number":80,"box":{"x":46,"y":833,"width":856,"height":11}},{"id":"490ba675-5a5b-458a-bb62-d41344b1f8a1","block_type":"box","text":"quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. A declin","page_number":80,"box":{"x":46,"y":847,"width":887,"height":11}},{"id":"22f0ed75-14ae-41b3-8020-66cec562f504","block_type":"box","text":"e","page_number":80,"box":{"x":935,"y":849,"width":6,"height":6}},{"id":"ea64f84f-bedf-4309-bb6a-06d70aed8f08","block_type":"box","text":"in interest rates may result in a reduction in income received from floating rate securities held by a Fund and may adversely affect the value","page_number":80,"box":{"x":46,"y":861,"width":893,"height":11}},{"id":"f46192df-af88-4d10-8468-7802864bc2cd","block_type":"box","text":"of the Fund’s shares. Generally, floating rate securities carry lower yields than similar fixed rate securities. The interest rate for a floating rat","page_number":80,"box":{"x":46,"y":875,"width":895,"height":11}},{"id":"6ff278fb-69d1-41ce-88ee-06f198559aeb","block_type":"box","text":"e","page_number":80,"box":{"x":943,"y":878,"width":6,"height":6}},{"id":"264cb89c-39ca-4ca1-8824-aa592c3a20c9","block_type":"box","text":"security resets or adjusts periodically by reference to a benchmark interest rate. The impact of interest rate changes on floating rate","page_number":80,"box":{"x":46,"y":889,"width":847,"height":11}},{"id":"dcfa28ed-123f-4568-bf0f-53b0b7193e6e","block_type":"box","text":"investments is typically mitigated by the periodic interest rate reset of the investments. Fixed-to-floating rate securities generally are subjec","page_number":80,"box":{"x":46,"y":904,"width":897,"height":10}},{"id":"41512027-94d3-495b-8244-c8769ddb5bbf","block_type":"box","text":"t","page_number":80,"box":{"x":944,"y":905,"width":4,"height":7}},{"id":"a58b5c79-6a8a-42ee-ba2f-fc27925c636e","block_type":"box","text":"9","page_number":80,"box":{"x":496,"y":944,"width":6,"height":8}},{"id":"60a79fa3-e08f-4422-a831-45dec4e8b567","block_type":"box","text":"to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when a Fund needs to liquidate such","page_number":81,"box":{"x":46,"y":46,"width":882,"height":11}},{"id":"29bbd19d-db7a-418b-b023-8409ab62b81f","block_type":"box","text":"securities. Benchmark interest rates, such as LIBOR or the Secured Overnight Financing Rate (“SOFR”), may not accurately track market","page_number":81,"box":{"x":46,"y":61,"width":874,"height":10}},{"id":"36f5f4ac-2bbd-4414-9457-1aa71c36638e","block_type":"box","text":"interest rates. There is no guarantee or assurance that: (i) a Fund will be able to invest in a desired amount of fixed-to-floating rate securities,","page_number":81,"box":{"x":46,"y":75,"width":903,"height":11}},{"id":"9937712d-f2b8-448f-9c83-a42eea153e42","block_type":"box","text":"(ii) a Fund will be able to buy such securities at a desirable price, or (iii) floating rate securities in which it invests or seeks to invest will be","page_number":81,"box":{"x":46,"y":89,"width":881,"height":11}},{"id":"ebe1e393-6ec4-4e65-b145-04993a346df3","block_type":"box","text":"actively traded. Any or all of the foregoing, should they occur, could negatively impact the Fund.","page_number":81,"box":{"x":46,"y":103,"width":612,"height":11}},{"id":"8aca517a-e71c-4740-9622-ca9ce23e6311","block_type":"box","text":"Floating Rate Securities Risk.","page_number":81,"box":{"x":46,"y":126,"width":203,"height":11}},{"id":"d1321430-176f-4ceb-a541-56caed386f33","block_type":"box","text":"Securities with floating or variable interest rates can be less sensitive to interest rate changes than","page_number":81,"box":{"x":254,"y":126,"width":634,"height":11}},{"id":"3dc63358-dbec-42cf-a75f-d5f608e3b6ee","block_type":"box","text":"securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in","page_number":81,"box":{"x":46,"y":140,"width":860,"height":11}},{"id":"4a21c68c-1995-48a5-a7b7-bc1ecb3ee5e9","block_type":"box","text":"general. Conversely, floating rate securities will not generally increase in value if interest rates decline. A decline in interest rates may result","page_number":81,"box":{"x":46,"y":155,"width":895,"height":11}},{"id":"764a469b-5e38-4884-910a-9b340a9366cc","block_type":"box","text":"in a reduction in income received from floating rate securities held by a Fund and may adversely affect the value of the Fund’s shares.","page_number":81,"box":{"x":46,"y":169,"width":854,"height":11}},{"id":"4c35bc3d-8d92-4be8-868e-5095df545d81","block_type":"box","text":"Generally, floating rate securities carry lower yields than fixed securities of the same maturity. The interest rate for a floating rate security","page_number":81,"box":{"x":46,"y":183,"width":881,"height":11}},{"id":"4813aafb-e2a7-4afd-83e7-3fb91c4a668b","block_type":"box","text":"resets or adjusts periodically by reference to a benchmark interest rate. The impact of interest rate changes on floating rate investments is","page_number":81,"box":{"x":46,"y":197,"width":888,"height":11}},{"id":"b8aedf2f-a322-4ad1-bdf5-c819dc95b2fd","block_type":"box","text":"typically mitigated by the periodic interest rate reset of the investments. Securities with longer durations tend to be more sensitive to","page_number":81,"box":{"x":46,"y":211,"width":853,"height":11}},{"id":"7eb176cc-07b6-478c-aa5c-03a9cf5e1386","block_type":"box","text":"interest rate changes, usually making them more volatile than securities with shorter durations. Floating rate securities generally are subject","page_number":81,"box":{"x":46,"y":226,"width":899,"height":10}},{"id":"28002100-e61b-4b6f-86ea-5fd8b1f762d3","block_type":"box","text":"to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such","page_number":81,"box":{"x":46,"y":240,"width":896,"height":11}},{"id":"4893e671-fdfd-46ee-ae88-7ddac58a68b6","block_type":"box","text":"loans. Benchmark interest rates, such as the Secured Overnight Financing Rate (SOFR), may not accurately track market interest rates.","page_number":81,"box":{"x":46,"y":254,"width":866,"height":11}},{"id":"f19eacc2-6c93-4cdc-b581-b85759f63032","block_type":"box","text":"Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and default","page_number":81,"box":{"x":45,"y":277,"width":883,"height":11}},{"id":"f4b8ef98-c538-4d7a-bd4d-e2fa12bbaa63","block_type":"box","text":"risk, which could impair their value.","page_number":81,"box":{"x":46,"y":291,"width":225,"height":11}},{"id":"1aa11171-6857-42a8-8f3f-47e30113fce5","block_type":"box","text":"Geographic and Security Risks.","page_number":81,"box":{"x":46,"y":315,"width":215,"height":10}},{"id":"3854988a-7fbd-4630-b9bf-422b075c50ac","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":81,"box":{"x":267,"y":315,"width":668,"height":10}},{"id":"211f2bc4-0450-4a18-8111-1a1fb6d8647d","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":81,"box":{"x":46,"y":329,"width":884,"height":11}},{"id":"d7d5cbe3-0810-4123-8c89-feafae4907e3","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":81,"box":{"x":46,"y":343,"width":840,"height":11}},{"id":"5983ed0d-6fd6-45d0-bd7f-3a8593718c27","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":81,"box":{"x":46,"y":357,"width":845,"height":11}},{"id":"243022f1-3d3b-43c6-b8d0-5cc6b000b089","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":81,"box":{"x":46,"y":371,"width":570,"height":11}},{"id":"608843ff-d809-4699-88e3-d6af45771e8a","block_type":"box","text":"Healthcare Companies Risk.","page_number":81,"box":{"x":46,"y":394,"width":194,"height":11}},{"id":"13480a73-8282-4d6d-b930-4d28c8b74926","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":81,"box":{"x":245,"y":394,"width":689,"height":11}},{"id":"5e23d719-7e44-43ff-a989-9d3f53e96083","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":81,"box":{"x":46,"y":409,"width":879,"height":10}},{"id":"617f2446-9f3c-46bc-b79a-580202d44e1a","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":81,"box":{"x":46,"y":423,"width":899,"height":11}},{"id":"a0331506-de2f-4c58-ab8e-2a6278c54362","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":81,"box":{"x":46,"y":437,"width":888,"height":11}},{"id":"8c0187a6-be98-44e6-90d1-e5c2bbbe209d","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":81,"box":{"x":46,"y":451,"width":891,"height":11}},{"id":"cff1d73d-d133-4b52-a428-b8758b932bd4","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":81,"box":{"x":46,"y":465,"width":881,"height":11}},{"id":"ca50752a-30bc-470d-a6f4-fa47ffbfeb02","block_type":"box","text":"product liability and similar claims.","page_number":81,"box":{"x":46,"y":480,"width":221,"height":10}},{"id":"160d0e2f-aff6-497c-8e95-73fa6d9737ad","block_type":"box","text":"Hybrid Securities Risk.","page_number":81,"box":{"x":46,"y":503,"width":157,"height":11}},{"id":"b8d8cf80-7a8b-4be5-9007-73da8219f080","block_type":"box","text":"Hybrid securities are securities which contain characteristics of both a debt security and an equity security.","page_number":81,"box":{"x":209,"y":503,"width":687,"height":11}},{"id":"b7b24f0e-47af-4098-983b-13c460c68a0c","block_type":"box","text":"Therefore, hybrid securities are subject to the risks of equity securities and risks of debt securities. The terms of hybrid instruments may vary","page_number":81,"box":{"x":45,"y":517,"width":905,"height":11}},{"id":"e6233427-07c8-4168-af92-fdec156dd29e","block_type":"box","text":"substantially. The claims of holders of hybrid securities of an issuer are generally subordinated to those of holders of traditional debt","page_number":81,"box":{"x":46,"y":531,"width":846,"height":11}},{"id":"b375d34d-c641-4cad-8308-339768680fe6","block_type":"box","text":"securities in bankruptcy, and thus hybrid securities may be more volatile and subject to greater risk than traditional debt securities, and may","page_number":81,"box":{"x":46,"y":545,"width":900,"height":11}},{"id":"c9d1f993-952f-4954-9309-59a6f6915e0f","block_type":"box","text":"in certain circumstances even be more volatile than traditional equity securities. At the same time, hybrid securities may not fully participate","page_number":81,"box":{"x":46,"y":559,"width":899,"height":11}},{"id":"6a4b39e4-ab6d-4973-9e2b-69b3c212020a","block_type":"box","text":"in gains of their issuer and thus potential returns of such securities are generally more limited than traditional equity securities, which would","page_number":81,"box":{"x":46,"y":574,"width":896,"height":10}},{"id":"8e5d49cd-f1ff-4d07-a069-46be26d45f15","block_type":"box","text":"participate in such gains. Hybrid securities may also be more limited in their rights to participate in management decisions of an issuer (such","page_number":81,"box":{"x":46,"y":588,"width":900,"height":11}},{"id":"276b2ac1-fd47-46ae-be20-9ccc8a014875","block_type":"box","text":"as voting for the board of directors). Certain hybrid securities may be more thinly traded and less liquid than either publicly issued equity","page_number":81,"box":{"x":46,"y":602,"width":874,"height":11}},{"id":"9c523b13-56cf-41ad-9df8-f3ecb2704009","block_type":"box","text":"securities or debt securities, especially hybrid securities that are “customized” to meet the needs of particular investors, potentially making it","page_number":81,"box":{"x":46,"y":616,"width":905,"height":11}},{"id":"614d0269-9bb5-42ad-834c-c2562180c858","block_type":"box","text":"difficult for the Fund to sell such securities at a favorable price or at all. Any of these features could cause a loss in market value of hybrid","page_number":81,"box":{"x":46,"y":630,"width":879,"height":11}},{"id":"032651fd-f46a-4608-bf78-632fdefba18c","block_type":"box","text":"securities held by a Fund or otherwise adversely affect the Fund.","page_number":81,"box":{"x":46,"y":645,"width":412,"height":10}},{"id":"6707cfb0-549a-429e-93c3-1065170a855d","block_type":"box","text":"Illiquid Investments Risk.","page_number":81,"box":{"x":46,"y":668,"width":175,"height":10}},{"id":"6e4ad3af-3284-4620-a3aa-731a0f10083b","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":81,"box":{"x":226,"y":668,"width":719,"height":11}},{"id":"db85902f-d628-4479-87ba-2b7b795172c3","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":81,"box":{"x":46,"y":682,"width":883,"height":11}},{"id":"5110126b-71b4-456f-832f-f457c7bad978","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":81,"box":{"x":46,"y":696,"width":885,"height":11}},{"id":"5aa32ee9-ea08-4f6f-86b4-594d3ae235ca","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":81,"box":{"x":46,"y":710,"width":902,"height":11}},{"id":"94f742b5-59a3-47bf-9c36-e478ea8bc8f5","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":81,"box":{"x":46,"y":725,"width":890,"height":10}},{"id":"093037ab-c99a-4fa1-a294-9b2e403e8b32","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":81,"box":{"x":46,"y":739,"width":752,"height":10}},{"id":"803dae79-2e1c-4e13-b1c1-71091ec47f86","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":81,"box":{"x":47,"y":762,"width":884,"height":11}},{"id":"9875a3dd-8045-4de1-a302-a73f20bc79fb","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":81,"box":{"x":46,"y":776,"width":900,"height":11}},{"id":"834675c0-5f9d-49b8-bc94-60b9064aeb78","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":81,"box":{"x":46,"y":790,"width":866,"height":11}},{"id":"4bffe347-ade7-4def-abdd-ab7520dadf99","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":81,"box":{"x":46,"y":813,"width":901,"height":11}},{"id":"2560ac78-2d1b-4c2f-9d55-ec9b6355ea82","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":81,"box":{"x":46,"y":828,"width":889,"height":10}},{"id":"e3c06668-e32f-432f-8396-032b73d2b5e6","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":81,"box":{"x":46,"y":842,"width":828,"height":11}},{"id":"8fcd7eff-a266-415c-92c3-2eab016e6ae2","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":81,"box":{"x":46,"y":856,"width":874,"height":11}},{"id":"bcd85fd5-3192-4c61-994c-3d63f7a0e18a","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":81,"box":{"x":46,"y":870,"width":888,"height":11}},{"id":"6c1f8b8e-b3be-4bca-b1a1-c94ba61008f7","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":81,"box":{"x":46,"y":884,"width":897,"height":11}},{"id":"b1890132-dedf-4b94-94ad-50823213fe0f","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":81,"box":{"x":46,"y":899,"width":869,"height":10}},{"id":"d429f287-36f0-4b5a-ab37-f4cd70308f1c","block_type":"box","text":"10","page_number":81,"box":{"x":494,"y":944,"width":12,"height":8}},{"id":"bf4421e5-28df-42cd-8859-19820fcdc9be","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":82,"box":{"x":46,"y":46,"width":887,"height":11}},{"id":"94ee6e1d-15ae-4e7f-8fc0-6ccc9263e51c","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":82,"box":{"x":46,"y":61,"width":858,"height":10}},{"id":"7ab629e5-1e93-4518-9e41-d6f75adbb56f","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":82,"box":{"x":46,"y":75,"width":253,"height":11}},{"id":"acfd1cdd-7c67-4842-8e83-c37f08f37f4e","block_type":"box","text":"Income Risk.","page_number":82,"box":{"x":46,"y":98,"width":88,"height":8}},{"id":"10a348d3-33a0-4cf4-ab91-b291992e4220","block_type":"box","text":"A Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund may be required to","page_number":82,"box":{"x":139,"y":98,"width":810,"height":11}},{"id":"59406537-ca87-48bc-8986-373138fc04a7","block_type":"box","text":"invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is prepaid or when the Fund","page_number":82,"box":{"x":46,"y":112,"width":842,"height":11}},{"id":"b91dbdf5-df67-404e-b4b9-1209b6859a76","block_type":"box","text":"otherwise needs to purchase additional bonds, such as due to a substitution in the underlying index for an index fund.","page_number":82,"box":{"x":46,"y":126,"width":752,"height":11}},{"id":"e2c26f3a-0ec4-4386-a0a1-26354ff88b6f","block_type":"box","text":"Index-Related Risk.","page_number":82,"box":{"x":46,"y":150,"width":133,"height":8}},{"id":"f964cb80-49ec-4aa4-9c5b-5a9038207bb8","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":82,"box":{"x":184,"y":150,"width":727,"height":10}},{"id":"35940449-0d39-4376-9d62-a4bb1060512a","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":82,"box":{"x":46,"y":164,"width":869,"height":11}},{"id":"3a6c436c-773d-4c0f-969b-82cdb49ebebb","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":82,"box":{"x":46,"y":178,"width":873,"height":11}},{"id":"d93db218-24c8-4c7f-a4ec-cd5deefd0841","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":82,"box":{"x":46,"y":192,"width":863,"height":11}},{"id":"a8f508f9-19ea-4104-9ff4-55b99d8a3585","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":82,"box":{"x":46,"y":206,"width":897,"height":11}},{"id":"0dd7ba77-9190-46fe-b114-9d86bdc066c3","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":82,"box":{"x":46,"y":220,"width":881,"height":11}},{"id":"abefff75-25af-4b78-b372-1cdc86a4ba96","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":82,"box":{"x":45,"y":244,"width":852,"height":10}},{"id":"a22b378f-3881-44fe-b060-7b63d6082aed","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":82,"box":{"x":46,"y":258,"width":849,"height":11}},{"id":"5b3a02d7-c13f-46e7-ab18-5e6d24bf13ee","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":82,"box":{"x":46,"y":272,"width":877,"height":11}},{"id":"81585b44-9ce5-43db-a95e-6adc03bbbb51","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":82,"box":{"x":46,"y":286,"width":906,"height":11}},{"id":"3e567c5e-5543-42f9-9493-0010ae90c214","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":82,"box":{"x":46,"y":300,"width":903,"height":11}},{"id":"7efb13b4-6e3c-44bd-b6d6-9c788b2d1289","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":82,"box":{"x":46,"y":315,"width":894,"height":10}},{"id":"137662b9-418c-4e9b-8866-9fa3a4141068","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":82,"box":{"x":46,"y":329,"width":877,"height":11}},{"id":"66535357-937f-4200-9e94-4e417772362f","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":82,"box":{"x":46,"y":343,"width":881,"height":11}},{"id":"a2640f30-0af0-46c6-8147-b275fe003911","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":82,"box":{"x":45,"y":357,"width":845,"height":11}},{"id":"48e3b2a1-f4e4-4f69-8543-21a571319fc0","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":82,"box":{"x":46,"y":371,"width":879,"height":11}},{"id":"681453ea-1344-458e-be2d-415fca4b6cb5","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":82,"box":{"x":46,"y":385,"width":340,"height":11}},{"id":"5ab64fea-d2db-46bd-a6bf-3505ea536984","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":82,"box":{"x":46,"y":409,"width":858,"height":10}},{"id":"5a48a918-b560-4d7f-97fe-70eccf9a7a2b","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":82,"box":{"x":46,"y":423,"width":880,"height":11}},{"id":"de1a9aaa-833d-44f9-8b29-358b6bf6108c","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":82,"box":{"x":46,"y":437,"width":901,"height":11}},{"id":"8fcb3ecc-6aac-41a7-b151-ec0c11e737e6","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":82,"box":{"x":46,"y":451,"width":905,"height":11}},{"id":"b7c126be-810e-461b-aa92-237c372ef19e","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":82,"box":{"x":46,"y":465,"width":889,"height":11}},{"id":"de15f15b-e38a-4ac8-b801-68fbbaf6646f","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":82,"box":{"x":46,"y":480,"width":890,"height":10}},{"id":"d693281c-9bf2-4750-b0d9-7f168ec259b5","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":82,"box":{"x":46,"y":494,"width":722,"height":11}},{"id":"99fdae14-0ed8-433b-97ef-f171ae01cedf","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":82,"box":{"x":46,"y":517,"width":899,"height":11}},{"id":"68c875e6-7488-4c7e-8c1c-129314e1d5a3","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":82,"box":{"x":46,"y":531,"width":876,"height":11}},{"id":"0972baed-4e73-41b3-9e35-2478354cee0e","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":82,"box":{"x":46,"y":545,"width":865,"height":11}},{"id":"c3f51fc6-79cc-43a3-9514-936947b6aa16","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":82,"box":{"x":46,"y":559,"width":896,"height":11}},{"id":"07f0cf9d-d6fe-4a1c-9168-5ad1d8aae2d4","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":82,"box":{"x":46,"y":574,"width":213,"height":10}},{"id":"943441bf-0b40-41c3-97f7-7fa9af037508","block_type":"box","text":"Industrial Companies Risk.","page_number":82,"box":{"x":46,"y":597,"width":185,"height":11}},{"id":"a0acbab0-9267-4ff1-bd76-45eb9f8bd270","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":82,"box":{"x":237,"y":597,"width":673,"height":11}},{"id":"ba183bf8-830a-456d-bb0d-8af600646ad1","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":82,"box":{"x":46,"y":611,"width":889,"height":11}},{"id":"ef6173a8-3cb1-476b-a72f-2bb3b1918210","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":82,"box":{"x":46,"y":625,"width":878,"height":11}},{"id":"21c8547d-3fb5-4bd3-a8d8-57c7858a7869","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":82,"box":{"x":46,"y":639,"width":872,"height":11}},{"id":"1b16ae0f-8a99-44ca-a6fe-f2614c6362c9","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":82,"box":{"x":46,"y":654,"width":902,"height":10}},{"id":"fbaffae6-df30-4728-a71f-96a81d7db437","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":82,"box":{"x":46,"y":668,"width":871,"height":11}},{"id":"c6b50e3c-9ded-46f5-98ac-1c0061229804","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":82,"box":{"x":46,"y":682,"width":881,"height":11}},{"id":"d364f2b9-d334-4e24-ac9b-130e8b4940d6","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":82,"box":{"x":46,"y":696,"width":892,"height":11}},{"id":"3c3746f9-abbb-499a-a7f2-6176b287ce09","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":82,"box":{"x":46,"y":710,"width":322,"height":11}},{"id":"a1ae20a0-44fc-4fff-9c64-4d73bed4a3e2","block_type":"box","text":"Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by","page_number":82,"box":{"x":46,"y":734,"width":900,"height":10}},{"id":"fa1d071b-6840-4ec8-a6b4-bcb1cdbc1adb","block_type":"box","text":"climate transition risks. There may be increased impact on a Fund’s performance to the extent that its investments are concentrated in","page_number":82,"box":{"x":46,"y":748,"width":864,"height":10}},{"id":"5467fdea-1254-4035-aebc-01b7fbd5ae87","block_type":"box","text":"locations that are more susceptible to adverse physical events.","page_number":82,"box":{"x":46,"y":762,"width":403,"height":11}},{"id":"cb5a0369-1915-4665-8df8-bffcfc5cdc1b","block_type":"box","text":"Infrastructure Companies Risk.","page_number":82,"box":{"x":46,"y":785,"width":216,"height":11}},{"id":"bd911100-8ba9-4fb1-b3c9-e366942d25a7","block_type":"box","text":"Companies involved in infrastructure or infrastructure-related activities face a number of risks, including","page_number":82,"box":{"x":267,"y":785,"width":668,"height":11}},{"id":"5c49ed1f-e841-4962-9644-e6a08e9e41e8","block_type":"box","text":"supply chain and distribution disruptions, business interruptions, third-party vendor risks, cyber or other attacks, trade disputes, scarcity of","page_number":82,"box":{"x":46,"y":799,"width":891,"height":11}},{"id":"f509fa68-3013-49cf-a2d9-ae5faf87f5c2","block_type":"box","text":"materials or parts, excess capacity, and volatility in commodity prices and currencies. Changes in trade restrictions and tariffs as well as","page_number":82,"box":{"x":46,"y":813,"width":872,"height":11}},{"id":"b36df9d7-e733-4c6a-b160-d113b19f9a16","block_type":"box","text":"broader geopolitical developments could adversely affect infrastructure companies. These companies also may be significantly affected by","page_number":82,"box":{"x":46,"y":828,"width":887,"height":10}},{"id":"e5beac76-8dee-4a16-b9f2-5cc91d6f1950","block_type":"box","text":"domestic and international economic conditions, legislative and regulatory changes, labor relations, technological developments, extreme","page_number":82,"box":{"x":46,"y":842,"width":882,"height":11}},{"id":"5fd9380c-5e5f-4925-9c3c-3f4b392fdea8","block_type":"box","text":"weather or other catastrophic events. Some infrastructure companies may rely heavily on government contracts or other forms of public","page_number":82,"box":{"x":45,"y":856,"width":874,"height":11}},{"id":"d454336d-e17e-4b04-af44-84dfa00912e8","block_type":"box","text":"sector financing and thus are subject to heightened political risks, including reduced government spending or changes in policy priorities.","page_number":82,"box":{"x":46,"y":870,"width":878,"height":11}},{"id":"80bc22fb-687b-431a-8347-71c29f9192fb","block_type":"box","text":"Certain companies are subject to extensive government regulation and may incur significant compliance costs. They also may face the risk of","page_number":82,"box":{"x":46,"y":884,"width":905,"height":11}},{"id":"1c22a27a-e9a4-4104-bbf3-95c9589725eb","block_type":"box","text":"liability for environmental damage or infrastructure failures.","page_number":82,"box":{"x":46,"y":898,"width":380,"height":11}},{"id":"c7081f9b-2f38-4205-9f6c-c5565370d1ff","block_type":"box","text":"11","page_number":82,"box":{"x":494,"y":944,"width":10,"height":8}},{"id":"a6ef1d4e-8c85-47b6-8323-525c97654ea7","block_type":"box","text":"Interest Rate Risk.","page_number":83,"box":{"x":46,"y":46,"width":127,"height":9}},{"id":"0fdc5f9c-cb6f-461c-b3fe-0dabf3daabbe","block_type":"box","text":"Interest rate changes can be sudden and unpredictable and are influenced by a number of factors, including government","page_number":83,"box":{"x":179,"y":46,"width":771,"height":11}},{"id":"9110250a-6ed3-45e6-9286-d4f6bf228687","block_type":"box","text":"policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for fixed-income securities. Changes in interest","page_number":83,"box":{"x":46,"y":61,"width":888,"height":10}},{"id":"d383e3c0-2714-44b3-9222-e6baaec4c5bd","block_type":"box","text":"rates may have unpredictable effects on fixed-income markets and may result in heightened volatility and lower liquidity for certain","page_number":83,"box":{"x":46,"y":75,"width":838,"height":11}},{"id":"5cbe5762-86da-4b0f-b425-3a4557f14472","block_type":"box","text":"instruments, which may adversely affect a Fund’s performance. When interest rates rise, the value of fixed-income securities or other","page_number":83,"box":{"x":46,"y":89,"width":854,"height":11}},{"id":"bf09d815-e6fc-4dc7-97cd-21286077457f","block_type":"box","text":"instruments sensitive to interest rates typically decreases. Duration is a measure of how sensitive a bond is to interest rate changes.","page_number":83,"box":{"x":46,"y":103,"width":848,"height":11}},{"id":"f8dc470b-9bd1-4753-81b9-bbb8e35fa844","block_type":"box","text":"Fixed-income securities with longer durations tend to be more sensitive to interest rate changes, and their prices usually are more volatile","page_number":83,"box":{"x":46,"y":117,"width":883,"height":11}},{"id":"398a1a2d-2e78-4173-8a05-3b354a563ac4","block_type":"box","text":"than those of shorter-duration securities. For example, if a bond has a duration of five years and interest rates rise, the price of the bond will","page_number":83,"box":{"x":46,"y":131,"width":896,"height":11}},{"id":"cff908d7-e990-4e66-8ebe-d5975214453c","block_type":"box","text":"likely decline by a greater percentage than for a bond with a one-year duration. To the extent a Fund invests a substantial portion of its assets","page_number":83,"box":{"x":46,"y":146,"width":904,"height":10}},{"id":"6bec6a2d-fcb4-4b37-952d-2e422eb4f67e","block_type":"box","text":"in fixed-income securities with longer duration, rising interest rates may cause the value of the Fund’s investments to decline significantly,","page_number":83,"box":{"x":46,"y":160,"width":884,"height":11}},{"id":"b5a960f9-de2f-40ae-b917-625984b30ac9","block_type":"box","text":"which would adversely affect the Fund’s performance.","page_number":83,"box":{"x":45,"y":174,"width":346,"height":11}},{"id":"632c9f67-a4ea-4d57-a6e8-6e1f0ba13089","block_type":"box","text":"In addition, changes in prevailing interest rates, particularly sudden and significant changes, may lead to fluctuations in the value of","page_number":83,"box":{"x":46,"y":197,"width":840,"height":11}},{"id":"b1e7335e-dc3f-4226-8e8f-353f5d37eefc","block_type":"box","text":"floating-rate debt securities, because the rates for those securities typically reset only periodically. Additionally, during periods of very low","page_number":83,"box":{"x":45,"y":211,"width":885,"height":11}},{"id":"560cfd39-5b8e-464c-a8c5-1bd8ce248a4a","block_type":"box","text":"or","page_number":83,"box":{"x":935,"y":214,"width":13,"height":6}},{"id":"fc7365f6-9be7-410a-98b5-9f4c2a51a498","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders. Under certain market conditions","page_number":83,"box":{"x":46,"y":226,"width":900,"height":10}},{"id":"54fc31aa-f946-4a1c-ae45-129d2b935e93","block_type":"box","text":"when interest rates are set at low levels and the market prices of portfolio securities have increased, a Fund may have a very low or even","page_number":83,"box":{"x":45,"y":240,"width":876,"height":11}},{"id":"8d272d2b-d9f9-4e62-a8a9-132b95fd1f71","block_type":"box","text":"negative yield, which would cause the Fund to lose money under certain conditions.","page_number":83,"box":{"x":46,"y":254,"width":534,"height":11}},{"id":"e81a26ba-f884-42d6-97d4-4a8bf38fb9c5","block_type":"box","text":"Decreases in market-making capacity for fixed-income dealers may lead to lower trading volume, heightened volatility, wider bid-ask spreads","page_number":83,"box":{"x":46,"y":277,"width":903,"height":11}},{"id":"c50be78c-aed5-4cca-a399-1240e4c41cec","block_type":"box","text":"and less transparent pricing in certain fixed-income markets.","page_number":83,"box":{"x":46,"y":291,"width":388,"height":11}},{"id":"45af62e8-cce7-4823-aa49-7eed1db2827e","block_type":"box","text":"Issuer Risk.","page_number":83,"box":{"x":46,"y":315,"width":80,"height":8}},{"id":"339068cb-95b0-4b91-9d46-b56c5e81fec7","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":83,"box":{"x":131,"y":315,"width":755,"height":10}},{"id":"7681f263-b61f-4568-905e-7ac2c1b3b55c","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":83,"box":{"x":46,"y":329,"width":861,"height":11}},{"id":"0316ef55-1f4e-4144-a055-cf926ee019e1","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":83,"box":{"x":45,"y":343,"width":406,"height":11}},{"id":"0b50e976-db9f-4911-82f1-aeeaa22d58ea","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":83,"box":{"x":46,"y":366,"width":257,"height":11}},{"id":"69508e71-3c09-4ec3-be3c-634b786d6299","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":83,"box":{"x":309,"y":366,"width":631,"height":11}},{"id":"a17e9c9c-eb34-489d-9227-c0930092fe7b","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":83,"box":{"x":46,"y":380,"width":881,"height":11}},{"id":"0f3be904-df9c-4842-b88c-a056ad7fa9ab","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":83,"box":{"x":46,"y":394,"width":890,"height":11}},{"id":"21e44cf0-b8ef-43a5-a4ee-7105d7579bc6","block_type":"box","text":"performance of the broader securities markets.","page_number":83,"box":{"x":46,"y":409,"width":302,"height":10}},{"id":"30fbdba7-cc3e-433a-99d7-a2b6fc03856c","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":83,"box":{"x":46,"y":432,"width":369,"height":11}},{"id":"bb1f6c7d-e135-442d-b8bf-68b803dcb70a","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":83,"box":{"x":420,"y":432,"width":517,"height":11}},{"id":"293d27dc-4446-466f-95dc-ac87726b0d1e","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":83,"box":{"x":46,"y":446,"width":875,"height":11}},{"id":"c3998ba2-8aaf-4c9b-9cc5-8121890fc6a6","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":83,"box":{"x":46,"y":460,"width":899,"height":11}},{"id":"3a37456d-6a17-4ae5-8353-e1ca55d54371","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":83,"box":{"x":46,"y":474,"width":900,"height":11}},{"id":"e97027e3-62f4-4397-b463-558061ad07fc","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":83,"box":{"x":46,"y":489,"width":887,"height":10}},{"id":"a0863785-3ccc-4739-879f-bb0dc38458a1","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":83,"box":{"x":46,"y":503,"width":882,"height":11}},{"id":"13224b0d-c38a-4910-9b0e-b934d0fc87e8","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":83,"box":{"x":46,"y":517,"width":888,"height":11}},{"id":"c52d2f01-40ee-489b-9fe7-02ac32730f7c","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":83,"box":{"x":46,"y":531,"width":905,"height":11}},{"id":"25c2a601-9d86-4c09-a6b5-0083ff50f8ed","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":83,"box":{"x":46,"y":545,"width":903,"height":11}},{"id":"931394c3-1bda-4f29-8d2b-cd88b9122999","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":83,"box":{"x":46,"y":560,"width":854,"height":10}},{"id":"6d44d94d-3d5c-4d68-9c07-df39f96c12b1","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":83,"box":{"x":46,"y":574,"width":892,"height":10}},{"id":"3c97a115-db2d-40b9-8f4f-42ecb189eb97","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":83,"box":{"x":46,"y":588,"width":902,"height":11}},{"id":"3948e583-9aa8-46a4-b86b-611caff931d5","block_type":"box","text":"to price.","page_number":83,"box":{"x":46,"y":602,"width":51,"height":11}},{"id":"32adec0f-4dea-4dc6-af19-f1a7069415fa","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":83,"box":{"x":45,"y":625,"width":841,"height":11}},{"id":"35c21942-3e78-407f-beb2-272c39366844","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":83,"box":{"x":46,"y":639,"width":898,"height":11}},{"id":"81b640c9-eeb8-4f05-804a-23a7b223aa3f","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":83,"box":{"x":46,"y":654,"width":878,"height":10}},{"id":"109cdf17-a14c-458e-90af-71e5f8acdc9f","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":83,"box":{"x":46,"y":668,"width":792,"height":11}},{"id":"43475b21-3123-4844-aa82-5da2e1e11290","block_type":"box","text":"Management Risk.","page_number":83,"box":{"x":46,"y":691,"width":127,"height":11}},{"id":"3cbd1a7c-8f3f-432e-a607-3a26ebe5130b","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":83,"box":{"x":178,"y":691,"width":757,"height":11}},{"id":"4e6ea12a-7212-47e3-8b4a-6815d7d820b9","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":83,"box":{"x":46,"y":705,"width":892,"height":11}},{"id":"10c1df9a-81dc-443c-b4b3-1182a5b9bc5d","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":83,"box":{"x":46,"y":719,"width":891,"height":11}},{"id":"9535dd84-8e7d-4124-803c-0478a422fb0e","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":83,"box":{"x":46,"y":733,"width":883,"height":11}},{"id":"c19d1c8b-9092-4fcf-960a-7ba3efc3a9fe","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":83,"box":{"x":46,"y":748,"width":855,"height":11}},{"id":"ba14d068-de79-4053-ad0d-40a1549fc0e9","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":83,"box":{"x":46,"y":762,"width":837,"height":11}},{"id":"e7767469-3f89-4e30-b5e7-d4c0848116d7","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":83,"box":{"x":46,"y":776,"width":890,"height":11}},{"id":"09cdc793-f1b3-4295-9456-95a382a25167","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":83,"box":{"x":46,"y":790,"width":872,"height":11}},{"id":"b9596a6f-7cc3-40b8-8abf-69138b23f9a7","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":83,"box":{"x":46,"y":804,"width":872,"height":11}},{"id":"07c65eda-1609-4692-b013-37a6c83b8eae","block_type":"box","text":"Underlying Index or that a Fund will achieve its investment objective.","page_number":83,"box":{"x":46,"y":819,"width":439,"height":10}},{"id":"3c26130d-85ab-4522-92cf-a7ece0b6c654","block_type":"box","text":"Manufacturing Companies Risk.","page_number":83,"box":{"x":46,"y":842,"width":220,"height":11}},{"id":"20709971-076a-4614-86bd-df66dd5ef335","block_type":"box","text":"Companies involved in manufacturing or manufacturing-related activities face a number of risks, including","page_number":83,"box":{"x":272,"y":842,"width":678,"height":11}},{"id":"23158619-cdde-4c7d-9a77-4263224a062a","block_type":"box","text":"supply chain and distribution disruptions, business interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls,","page_number":83,"box":{"x":46,"y":856,"width":868,"height":11}},{"id":"2a0e9823-1066-4987-8764-3d75cd106f95","block_type":"box","text":"liability and environmental damage claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in","page_number":83,"box":{"x":46,"y":870,"width":898,"height":11}},{"id":"daec543a-a250-431f-a446-bc856a713327","block_type":"box","text":"commodity prices and currencies. The products of manufacturing companies may face obsolescence due to technological developments and","page_number":83,"box":{"x":46,"y":884,"width":901,"height":11}},{"id":"0c040b3c-8ddf-4ff1-b827-5f51c7db1252","block_type":"box","text":"new product introduction. Furthermore, changes in trade restrictions and tariffs as well as broader geopolitical developments could adversely","page_number":83,"box":{"x":46,"y":898,"width":906,"height":11}},{"id":"5ee13e66-dccc-44b4-bd73-c3204e538236","block_type":"box","text":"12","page_number":83,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"d46d1765-6f72-4bbb-b4d7-0d5c272311da","block_type":"box","text":"affect manufacturing companies. These companies also may be significantly affected by domestic and international economic conditions,","page_number":84,"box":{"x":46,"y":46,"width":879,"height":11}},{"id":"aaea1ecd-d0cd-4f51-b6db-c543176a2c4a","block_type":"box","text":"legislative and regulatory changes, and labor relations. Manufacturing companies may depend on public or private sector financing, which","page_number":84,"box":{"x":46,"y":61,"width":881,"height":10}},{"id":"51c23551-0351-42d3-89c9-087b0e662de5","block_type":"box","text":"may become difficult to obtain due to government spending constraints or reduced availability of capital. Such companies may be unable to","page_number":84,"box":{"x":46,"y":75,"width":893,"height":11}},{"id":"bdd0ba75-044e-48e2-9f4e-16174c4b076e","block_type":"box","text":"protect their intellectual property rights or may be liable for infringing the intellectual property rights of others.","page_number":84,"box":{"x":46,"y":89,"width":707,"height":11}},{"id":"f6f6a5df-f0f3-466c-8613-5a6ed703d987","block_type":"box","text":"Market Risk.","page_number":84,"box":{"x":46,"y":112,"width":86,"height":9}},{"id":"4f0ea22b-4760-4b65-a301-ac3b775e7e10","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":84,"box":{"x":137,"y":112,"width":763,"height":11}},{"id":"4f269888-a2ef-4330-a311-b9f12f958ee5","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":84,"box":{"x":46,"y":126,"width":879,"height":11}},{"id":"59145ee9-64c1-43c8-8261-da9f92010e29","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":84,"box":{"x":46,"y":140,"width":884,"height":11}},{"id":"f20071ca-c7a8-4629-8488-6bc32eac978b","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":84,"box":{"x":46,"y":155,"width":904,"height":11}},{"id":"d781e500-b3fd-4915-aa09-5a2e1ad27bd8","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":84,"box":{"x":45,"y":169,"width":858,"height":11}},{"id":"bddbb754-a49e-458f-bea4-2621c0b73534","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":84,"box":{"x":45,"y":183,"width":869,"height":11}},{"id":"e69a852e-dc5c-4bd4-9e31-9d6fb7cf0865","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":84,"box":{"x":46,"y":197,"width":885,"height":11}},{"id":"84d1ba8c-b2a4-4ec1-b966-dc964178cfd5","block_type":"box","text":"and assets.","page_number":84,"box":{"x":46,"y":212,"width":71,"height":8}},{"id":"dabd324f-6917-4e11-8650-b1fc4164abed","block_type":"box","text":"Market Trading Risk.","page_number":84,"box":{"x":46,"y":235,"width":141,"height":10}},{"id":"35e8b546-98ff-48eb-94f9-c4dfa3efa66c","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":84,"box":{"x":192,"y":235,"width":753,"height":10}},{"id":"7206f287-8c7e-4b5f-be53-f568b7255082","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":84,"box":{"x":46,"y":249,"width":896,"height":11}},{"id":"023e21ec-e928-41c4-8d33-7cff1f9d279c","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":84,"box":{"x":46,"y":263,"width":877,"height":11}},{"id":"8b01d3b9-bf7b-489e-a2dd-b9cc476e3a82","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":84,"box":{"x":46,"y":277,"width":447,"height":11}},{"id":"6bc15b55-09f9-430e-a0cc-bc6d15d12d55","block_type":"box","text":"Absence of an Active Primary Market.","page_number":84,"box":{"x":45,"y":300,"width":235,"height":11}},{"id":"46672e71-7f6a-4c41-babd-d98d7747928b","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":84,"box":{"x":286,"y":300,"width":664,"height":11}},{"id":"9e3da890-fc72-4d6e-995b-314ff29d53ad","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":84,"box":{"x":46,"y":315,"width":826,"height":10}},{"id":"f7369692-d54d-4512-9b72-d59872eb75b8","block_type":"box","text":"Secondary Listing Risks.","page_number":84,"box":{"x":46,"y":338,"width":151,"height":11}},{"id":"01141763-845d-4420-8994-d827fa4f78f5","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":84,"box":{"x":203,"y":338,"width":732,"height":11}},{"id":"577bfa4a-d8a7-4954-824f-8e08bd65b1d4","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":84,"box":{"x":45,"y":352,"width":842,"height":11}},{"id":"e73ddb34-68d3-4e8e-bd31-2c90bf7cbd58","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":84,"box":{"x":46,"y":366,"width":889,"height":11}},{"id":"9ed0628e-0e45-475f-b539-03abe980d8a7","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":84,"box":{"x":46,"y":380,"width":879,"height":11}},{"id":"e30887b7-1136-4c16-a808-30f6010708a7","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":84,"box":{"x":46,"y":394,"width":872,"height":11}},{"id":"1bb2edfb-41d4-4f9e-9ac6-3b1cd190a4f5","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":84,"box":{"x":46,"y":409,"width":897,"height":10}},{"id":"b11d6dbb-1938-44be-8e95-5d2fe8170c55","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":84,"box":{"x":45,"y":423,"width":863,"height":11}},{"id":"adb9f06b-1176-47e5-a60f-00a2fdd0f110","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":84,"box":{"x":46,"y":437,"width":579,"height":11}},{"id":"7993857e-72c2-46d0-a18d-512fddc5209c","block_type":"box","text":"Secondary Market Trading Risk.","page_number":84,"box":{"x":46,"y":460,"width":196,"height":11}},{"id":"cd9f76a3-ad4e-44c6-adee-af06bd158710","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":84,"box":{"x":248,"y":460,"width":703,"height":11}},{"id":"1eb90a90-cc45-4d0d-a166-f53bf34ee36b","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":84,"box":{"x":46,"y":474,"width":896,"height":11}},{"id":"1b73079d-0b3c-4abc-927f-329bc68c1de7","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":84,"box":{"x":46,"y":489,"width":880,"height":10}},{"id":"a4820200-1d29-42e4-9b35-b8614ba18b5c","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":84,"box":{"x":46,"y":503,"width":900,"height":11}},{"id":"fc9776eb-bac5-4ece-b481-a414adcd43f4","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":84,"box":{"x":46,"y":517,"width":893,"height":11}},{"id":"dc0b3618-8391-4bfb-a0a2-f6027659843a","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":84,"box":{"x":46,"y":531,"width":581,"height":11}},{"id":"5ac285e0-f4d5-4df4-b4a3-7d12857c5ea0","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":84,"box":{"x":46,"y":554,"width":901,"height":11}},{"id":"78473d6e-1a3a-4e02-bc98-4af266fb6708","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":84,"box":{"x":46,"y":568,"width":547,"height":11}},{"id":"22824948-1024-4551-a2f6-8c0cf2516207","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":84,"box":{"x":46,"y":592,"width":894,"height":11}},{"id":"04888380-a60a-41cc-91b6-dffba1751d53","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":84,"box":{"x":46,"y":606,"width":904,"height":11}},{"id":"3ed5abd2-7647-474f-af8f-775c553bfb89","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":84,"box":{"x":46,"y":620,"width":875,"height":11}},{"id":"7c32640f-0234-4c89-89d0-5909912d8bc6","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":84,"box":{"x":46,"y":634,"width":889,"height":11}},{"id":"0499cab5-8034-45b9-82fb-545033a6c1a0","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":84,"box":{"x":46,"y":648,"width":856,"height":11}},{"id":"af1774a3-7cfb-47b4-9d11-efbc6e95ec39","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":84,"box":{"x":46,"y":663,"width":891,"height":10}},{"id":"594cf275-2fec-4420-b9ef-4a5c4e39e617","block_type":"box","text":"substantial trading losses.","page_number":84,"box":{"x":46,"y":677,"width":166,"height":11}},{"id":"25e4d258-1c8e-45b6-8a48-83e0fe1791c1","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":84,"box":{"x":46,"y":700,"width":873,"height":11}},{"id":"bcfe0652-d3b6-46ed-9ff2-0997ae5b61ea","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":84,"box":{"x":46,"y":714,"width":893,"height":11}},{"id":"993b5e2a-0b35-47e3-a3f8-271caf0124ac","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":84,"box":{"x":46,"y":728,"width":657,"height":11}},{"id":"1309d4c7-fede-4c38-9973-3491bf2661c5","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":84,"box":{"x":46,"y":752,"width":309,"height":10}},{"id":"2ccd25e6-f459-4306-847e-6cee145a6de2","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":84,"box":{"x":355,"y":752,"width":571,"height":10}},{"id":"5d69db0a-f140-47ca-8ea0-4b99df458761","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":84,"box":{"x":46,"y":766,"width":853,"height":11}},{"id":"b55967bc-371d-40e9-bd54-8b17ff750b91","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":84,"box":{"x":46,"y":780,"width":891,"height":11}},{"id":"66159d41-7b70-418a-bfb3-5f888818ff30","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":84,"box":{"x":46,"y":794,"width":886,"height":11}},{"id":"a815cfc2-aeb1-48c3-a311-41b0d68799a1","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions.","page_number":84,"box":{"x":46,"y":808,"width":795,"height":11}},{"id":"5625c4c5-9199-478b-9662-176844d33db2","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":84,"box":{"x":46,"y":831,"width":887,"height":11}},{"id":"0dad5eda-c597-44b8-acea-8eb7d63401c9","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":84,"box":{"x":46,"y":846,"width":892,"height":10}},{"id":"e01e1065-9dc1-4fe2-903c-ad1c710bbb02","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":84,"box":{"x":46,"y":860,"width":899,"height":11}},{"id":"c3d2efd9-15c8-49d8-b73b-1d799e780ba9","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":84,"box":{"x":46,"y":874,"width":899,"height":11}},{"id":"a61ae16d-2928-479d-883b-994cba78e8df","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":84,"box":{"x":46,"y":888,"width":878,"height":11}},{"id":"ba2220ce-661b-4a7e-9479-594160c628b5","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":84,"box":{"x":46,"y":902,"width":902,"height":11}},{"id":"a3a6deb5-7415-4821-9aca-7fa985bd3c1e","block_type":"box","text":"13","page_number":84,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"2089ad57-45da-4665-872d-bdd2329a73eb","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":85,"box":{"x":46,"y":46,"width":890,"height":11}},{"id":"6e3d04b0-ec89-4db6-bb81-09631b93dba1","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":85,"box":{"x":46,"y":61,"width":848,"height":10}},{"id":"73b6b69f-ab76-4236-8349-3589cc450445","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":85,"box":{"x":46,"y":75,"width":622,"height":11}},{"id":"5ba820f6-9e30-4e93-8f9a-1e4a49c49510","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":85,"box":{"x":46,"y":98,"width":245,"height":11}},{"id":"d0ee2bec-3ce1-4d72-a725-0323960fcdb4","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":85,"box":{"x":298,"y":98,"width":636,"height":11}},{"id":"b2338eda-a92d-4ace-ba71-d8da61cea9a0","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":85,"box":{"x":46,"y":112,"width":853,"height":11}},{"id":"399fb512-770b-4253-8fd5-df5e06fb752f","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":85,"box":{"x":46,"y":126,"width":895,"height":11}},{"id":"040d1d7b-8a31-40da-a006-445e34a7dc43","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":85,"box":{"x":46,"y":140,"width":865,"height":11}},{"id":"062e3c22-8da5-4a7f-9910-2cf63c96b1ce","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":85,"box":{"x":46,"y":155,"width":885,"height":11}},{"id":"0ac61d6d-737f-4682-a491-291be3966f9f","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":85,"box":{"x":46,"y":169,"width":892,"height":11}},{"id":"55f09b5e-ca8f-414a-93c7-5d489b613750","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":85,"box":{"x":46,"y":183,"width":900,"height":11}},{"id":"c1541da0-fc78-4859-905d-2c1c71f9f628","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":85,"box":{"x":46,"y":197,"width":858,"height":11}},{"id":"471f1a1b-37d3-4265-9815-4072fb7bec70","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":85,"box":{"x":46,"y":211,"width":418,"height":11}},{"id":"b492b697-35c9-4c42-ad84-6331f8f9a8c2","block_type":"box","text":"Materials Companies Risk.","page_number":85,"box":{"x":46,"y":235,"width":183,"height":10}},{"id":"d8fe2cd0-2397-4b2d-aed6-3d65a6c70430","block_type":"box","text":"The materials sector tends to be closely tied to the economic cycle and can be significantly affected by","page_number":85,"box":{"x":234,"y":235,"width":660,"height":10}},{"id":"4217eb68-f6cc-4412-a589-e1df068291bd","block_type":"box","text":"supply-demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social","page_number":85,"box":{"x":46,"y":249,"width":886,"height":11}},{"id":"5cccbd77-33ef-4da8-992e-917d1e5c1838","block_type":"box","text":"and political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical","page_number":85,"box":{"x":46,"y":263,"width":856,"height":11}},{"id":"3e9cbcdb-8fa3-4e4f-99df-521df4ab215b","block_type":"box","text":"advances, labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for","page_number":85,"box":{"x":46,"y":277,"width":842,"height":11}},{"id":"f2c51568-65d3-464e-9974-582a8b05841a","block_type":"box","text":"environmental damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":85,"box":{"x":46,"y":291,"width":772,"height":11}},{"id":"52e849d4-5394-4e77-bd35-f4c24582fd50","block_type":"box","text":"Micro-Capitalization Companies Risk.","page_number":85,"box":{"x":46,"y":315,"width":258,"height":10}},{"id":"381b531b-f309-4ca1-8341-dd8b53b1402e","block_type":"box","text":"Investments in micro-capitalization companies are likely to be significantly riskier, less liquid, more","page_number":85,"box":{"x":310,"y":315,"width":632,"height":10}},{"id":"79baa7cd-d084-4911-9fab-b1f496464814","block_type":"box","text":"volatile and more susceptible to economic, market and industry changes than investments in larger companies. Micro-capitalization","page_number":85,"box":{"x":45,"y":329,"width":844,"height":11}},{"id":"31544c9e-c577-49da-9f4f-75bc49bc6cd5","block_type":"box","text":"companies are subject to substantially greater risk of loss and price fluctuations because their earnings and revenues tend to be less","page_number":85,"box":{"x":46,"y":343,"width":851,"height":11}},{"id":"12eecfe3-b6c8-4c6f-9615-57b265cf72de","block_type":"box","text":"predictable, and some companies may experience significant losses. These companies may be in the early stages of development, with","page_number":85,"box":{"x":46,"y":357,"width":863,"height":11}},{"id":"8edef562-27ac-4f02-95b7-ba0f0e81039f","block_type":"box","text":"relatively little information available to investors, and are likely to have limited product lines, markets, financial resources, personnel and","page_number":85,"box":{"x":46,"y":371,"width":873,"height":11}},{"id":"ef844d51-2a05-435b-a533-2e7e37cab22a","block_type":"box","text":"management experience. As a result, they are more vulnerable than larger companies to adverse business and economic developments.","page_number":85,"box":{"x":46,"y":385,"width":871,"height":11}},{"id":"29082d5a-d5d0-4f6e-993a-d4a02cd6f9dc","block_type":"box","text":"Micro-capitalization securities tend to trade less frequently and in smaller volumes than the securities of larger companies.","page_number":85,"box":{"x":46,"y":400,"width":786,"height":10}},{"id":"9c31e861-20a2-490d-a2ff-89822e86ff59","block_type":"box","text":"Micro-capitalization securities may be illiquid or restricted as to resale, and their values may have significant volatility. A Fund may be unable","page_number":85,"box":{"x":46,"y":414,"width":900,"height":11}},{"id":"b1e1558b-75b5-41c3-a12a-1f81998b834e","block_type":"box","text":"to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund’s obligations.","page_number":85,"box":{"x":46,"y":428,"width":751,"height":11}},{"id":"5ab08860-9548-428b-8b32-318824a4cb4c","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":85,"box":{"x":46,"y":451,"width":244,"height":11}},{"id":"8dfc7f33-c71b-43e9-9b8a-765c93cf4bfc","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":85,"box":{"x":296,"y":451,"width":607,"height":11}},{"id":"acaa75a1-fea4-4e0a-b8bd-f14361a22474","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":85,"box":{"x":46,"y":465,"width":875,"height":11}},{"id":"c3bf5c80-9b4f-4200-bba7-b397080ba829","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":85,"box":{"x":46,"y":480,"width":846,"height":10}},{"id":"427979c5-e6c6-49c2-b55d-999c58c63b7b","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":85,"box":{"x":45,"y":494,"width":890,"height":11}},{"id":"c35474e3-0c8a-4fd1-8f34-82f47ff13699","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":85,"box":{"x":46,"y":508,"width":881,"height":11}},{"id":"8dd01282-7e5d-460a-837c-ac331aaf8bdd","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":85,"box":{"x":45,"y":522,"width":474,"height":11}},{"id":"2ce17e41-fec9-4325-8284-91dd615bf0ee","block_type":"box","text":"Mortgage Finance Companies Risk.","page_number":85,"box":{"x":46,"y":545,"width":243,"height":11}},{"id":"a711bd06-0ada-487a-92a9-dfbbbbcac27f","block_type":"box","text":"Mortgage finance companies provide mortgages, mortgage insurance, and related services to","page_number":85,"box":{"x":295,"y":545,"width":599,"height":11}},{"id":"5cdec198-0d71-43f5-9eeb-61e01e4d3bf1","block_type":"box","text":"commercial and individual borrowers. Mortgage finance companies are subject to many of the same risks as mortgage REITs, including the","page_number":85,"box":{"x":46,"y":559,"width":888,"height":11}},{"id":"562b0cc7-cbb1-47c8-aeed-5f2adf53f723","block_type":"box","text":"credit risk of their borrowers, the risk that the value of a mortgaged property may be less than the amount owed on the property, and interest","page_number":85,"box":{"x":46,"y":574,"width":905,"height":10}},{"id":"12e59448-9336-45de-ac77-56c04af85464","block_type":"box","text":"rate risk.","page_number":85,"box":{"x":46,"y":588,"width":55,"height":8}},{"id":"8c341e10-2086-44e7-a7a2-d9ee52050d6e","block_type":"box","text":"Mortgage REITs Risk.","page_number":85,"box":{"x":46,"y":611,"width":147,"height":11}},{"id":"95809310-ea0a-4bce-87a0-7a0b246a16d5","block_type":"box","text":"Mortgage REITs lend money to developers and owners of properties and invest primarily in mortgages and similar","page_number":85,"box":{"x":199,"y":611,"width":727,"height":11}},{"id":"6a2f158c-8eb4-4ce0-96f4-979277d9d532","block_type":"box","text":"real estate interests. Mortgage REITs receive interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs","page_number":85,"box":{"x":46,"y":625,"width":893,"height":11}},{"id":"246a64d5-a39a-4e87-ba39-7f1db861bbf7","block_type":"box","text":"are subject to the credit risk of the borrowers to whom they extend funds, which is the risk that the borrower will not be able to make timely","page_number":85,"box":{"x":46,"y":639,"width":897,"height":11}},{"id":"a46941da-0e3c-426b-8873-94b786b68ee8","block_type":"box","text":"interest and principal payments on the loan to the mortgage REIT. Mortgage REITs also are subject to the risk that the value of mortgaged","page_number":85,"box":{"x":46,"y":654,"width":881,"height":10}},{"id":"5e6b5347-3ccb-4f21-a545-74137208acac","block_type":"box","text":"properties may be less than the amounts owed on the properties. If a mortgage REIT is required to foreclose on a borrower, the amount","page_number":85,"box":{"x":46,"y":668,"width":867,"height":11}},{"id":"e60a2a40-90f6-4880-a072-41eb414d50ef","block_type":"box","text":"recovered in connection with the foreclosure may be less than the amount owed to the mortgage REIT.","page_number":85,"box":{"x":46,"y":682,"width":656,"height":11}},{"id":"3a01f327-75a5-40cd-b536-0e1a010319fc","block_type":"box","text":"Mortgage REITs are subject to significant interest rate risk. During periods when interest rates are declining, mortgages are often refinanced","page_number":85,"box":{"x":46,"y":705,"width":898,"height":11}},{"id":"78364010-51fd-466a-a45f-ae8aee0324eb","block_type":"box","text":"or prepaid. Refinancing or prepayment of mortgages may reduce the yield of mortgage REITs. When interest rates decline, the value of a","page_number":85,"box":{"x":46,"y":719,"width":871,"height":11}},{"id":"9ae54090-348e-4863-94c3-e6ce587f2623","block_type":"box","text":"mortgage REIT’s investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a mortgage","page_number":85,"box":{"x":46,"y":733,"width":884,"height":11}},{"id":"69ec5120-6b17-428e-b845-0f1be1a65fda","block_type":"box","text":"REIT’s investment in fixed rate obligations can be expected to decline. In addition, rising interest rates generally increase the costs of","page_number":85,"box":{"x":46,"y":748,"width":853,"height":11}},{"id":"fdd71ed0-20da-4a8c-b06d-309d5a444a52","block_type":"box","text":"obtaining financing, which could cause the value of a mortgage REIT’s investments to decline. A mortgage REIT’s investment in adjustable","page_number":85,"box":{"x":46,"y":762,"width":881,"height":11}},{"id":"7e491e58-26f0-4c77-895f-4c641ec93f7f","block_type":"box","text":"rate obligations may react differently to interest rate changes than an investment in fixed rate obligations. As interest rates on adjustable","page_number":85,"box":{"x":46,"y":776,"width":877,"height":11}},{"id":"7246bad5-a17e-400a-9d2e-6872802368e0","block_type":"box","text":"rate mortgage loans are reset periodically, yields on a mortgage REIT’s investment in such loans will gradually align themselves to reflect","page_number":85,"box":{"x":46,"y":790,"width":875,"height":11}},{"id":"cf7b91ef-b3bc-4cb0-9d8d-8f4cf50050e5","block_type":"box","text":"changes in market interest rates, causing the value of such investments to fluctuate less dramatically in response to interest rate fluctuations","page_number":85,"box":{"x":46,"y":804,"width":905,"height":11}},{"id":"3508ff87-7e25-4b34-9b02-c32229c4b428","block_type":"box","text":"than would investments in fixed rate obligations.","page_number":85,"box":{"x":46,"y":819,"width":309,"height":10}},{"id":"e632dfb1-a3cd-42af-abc7-f62ad1ad1337","block_type":"box","text":"Mortgage REITs typically use leverage (and in many cases, may be highly leveraged), which increases investment risk and could adversely","page_number":85,"box":{"x":46,"y":842,"width":881,"height":11}},{"id":"acf90945-3424-487b-8dc0-6b4155a6f486","block_type":"box","text":"affect a mortgage REIT’s operations and market value in periods of rising interest rates, increased interest rate volatility, downturns in the","page_number":85,"box":{"x":46,"y":856,"width":881,"height":11}},{"id":"ca821876-5bc2-4b99-a614-51bbb3b2a260","block_type":"box","text":"economy, reductions in the availability of financing or deterioration in the conditions of the mortgage REIT’s mortgage-related assets.","page_number":85,"box":{"x":46,"y":870,"width":853,"height":11}},{"id":"fa28e311-9ba3-4953-94c0-334b7a7a17a6","block_type":"box","text":"National Closed Market Trading Risk.","page_number":85,"box":{"x":46,"y":893,"width":255,"height":11}},{"id":"09fd6aaf-9188-4adf-be39-6ff0bcba07e8","block_type":"box","text":"To the extent that securities or other assets held by a Fund trade on foreign exchanges or in foreign","page_number":85,"box":{"x":306,"y":893,"width":637,"height":11}},{"id":"2407a27a-a886-4190-8700-96ec6d07b183","block_type":"box","text":"markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between","page_number":85,"box":{"x":46,"y":908,"width":905,"height":10}},{"id":"0302b521-792f-4f39-901f-6106c9d27613","block_type":"box","text":"14","page_number":85,"box":{"x":494,"y":944,"width":12,"height":8}},{"id":"44d932bc-22a2-4714-a36f-96cbbbbce08c","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":86,"box":{"x":46,"y":46,"width":331,"height":11}},{"id":"9c756290-4ecd-421a-af44-624342a95acb","block_type":"box","text":"i.e","page_number":86,"box":{"x":378,"y":46,"width":15,"height":9}},{"id":"3e73d1f9-c9d8-4222-b0fb-4b3a2deeec9d","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":86,"box":{"x":394,"y":46,"width":509,"height":11}},{"id":"6202bd10-760b-4bcc-9912-45c79aa616ba","block_type":"box","text":"foreign market on a Fund is likely to be greater where a large portion of the Fund’s holdings trade on a closed foreign market or when a","page_number":86,"box":{"x":45,"y":61,"width":863,"height":10}},{"id":"90d84104-962b-40b2-95a4-a5274747da71","block_type":"box","text":"foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to a Fund’s NAV that may be","page_number":86,"box":{"x":45,"y":75,"width":862,"height":11}},{"id":"a9a29bcc-98c4-4b50-82d4-a7541ef46588","block_type":"box","text":"greater than those experienced by other funds.","page_number":86,"box":{"x":46,"y":89,"width":300,"height":11}},{"id":"425261f4-e927-4589-89ea-8454b142a4ed","block_type":"box","text":"Natural Resources Industry Risk.","page_number":86,"box":{"x":46,"y":112,"width":229,"height":11}},{"id":"5ee48bb6-69d4-4389-b379-3b37501c338c","block_type":"box","text":"The profitability of companies in the natural resources industry can be affected by worldwide energy","page_number":86,"box":{"x":280,"y":112,"width":642,"height":11}},{"id":"7e90e3d3-48d8-4d0c-bf24-864725940116","block_type":"box","text":"prices, limits on exploration, and production spending. Companies in the natural resources industry are affected by government regulation,","page_number":86,"box":{"x":46,"y":126,"width":888,"height":11}},{"id":"4b072059-4d41-4599-9042-ff37af1e4436","block_type":"box","text":"world events and economic conditions. Companies in the natural resources industry are at risk for environmental damage claims. Companies","page_number":86,"box":{"x":45,"y":140,"width":905,"height":11}},{"id":"1256aea7-805c-465a-9f47-8fb70ae3c344","block_type":"box","text":"in the natural resources industry could be adversely affected by commodity price volatility, changes in exchange rates, imposition of import","page_number":86,"box":{"x":46,"y":155,"width":892,"height":11}},{"id":"ef800746-897c-4bea-a998-07dcf5a9b55a","block_type":"box","text":"controls and increased competition. Companies in the natural resources industry may be adversely affected by depletion of natural","page_number":86,"box":{"x":46,"y":169,"width":838,"height":11}},{"id":"4255ce0b-c7d6-4ae2-b409-37f69c39fe06","block_type":"box","text":"resources, technological developments, and labor relations.","page_number":86,"box":{"x":46,"y":183,"width":381,"height":11}},{"id":"666665f3-89c1-491a-b423-2cf8cb70d930","block_type":"box","text":"Non-Diversification Risk.","page_number":86,"box":{"x":46,"y":206,"width":171,"height":9}},{"id":"c75c3a62-a5f2-4fd5-a7f3-e68246626935","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":86,"box":{"x":222,"y":206,"width":711,"height":11}},{"id":"69ec89b4-fa05-4246-ad21-22f080fb3420","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A","page_number":86,"box":{"x":46,"y":220,"width":822,"height":11}},{"id":"75ece782-7669-47fa-896d-575abf124525","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":86,"box":{"x":46,"y":235,"width":871,"height":10}},{"id":"17047dfd-5f32-4223-8341-d9c9378b77ff","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":86,"box":{"x":46,"y":249,"width":853,"height":11}},{"id":"c3a784fc-a9d7-4a0f-a958-aaf391abe379","block_type":"box","text":"diversified Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":86,"box":{"x":46,"y":263,"width":461,"height":11}},{"id":"e94897a2-e945-4707-9f9a-eee1e3e3dd1a","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":86,"box":{"x":46,"y":286,"width":172,"height":9}},{"id":"179c1313-27da-4277-b85c-c99bf15d978a","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":86,"box":{"x":223,"y":286,"width":698,"height":11}},{"id":"d221cdf3-9299-40e6-b638-8fd2c07d5305","block_type":"box","text":"political, economic, and market risks than securities issued by U.S. issuers. To the extent that investments are made in a limited number of","page_number":86,"box":{"x":46,"y":300,"width":889,"height":11}},{"id":"b219e18d-8e3d-4f84-84d0-5c8423281120","block_type":"box","text":"countries, events in those countries will have a more significant impact on a Fund. The risks of investing in non-U.S. securities include the","page_number":86,"box":{"x":46,"y":315,"width":879,"height":10}},{"id":"c1120f16-acff-48a6-b626-0bd02ed1ca37","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":86,"box":{"x":45,"y":329,"width":403,"height":11}},{"id":"97439db6-5f9a-41c2-b55c-c605ec2d2d3e","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":86,"box":{"x":83,"y":347,"width":446,"height":11}},{"id":"8ae0cb43-6ced-4ca6-a780-c8e4bd463e4e","block_type":"box","text":"Greater market volatility;","page_number":86,"box":{"x":83,"y":365,"width":158,"height":11}},{"id":"9855cba6-6da1-46eb-afc0-f1924125f474","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":86,"box":{"x":83,"y":383,"width":383,"height":11}},{"id":"c53b15e2-28a0-4f40-94a0-77cc3ad59548","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":86,"box":{"x":83,"y":401,"width":347,"height":11}},{"id":"950334b6-7c25-4d8b-a7ef-9da6640621b5","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":86,"box":{"x":83,"y":419,"width":317,"height":11}},{"id":"27fb8f89-b30e-4ebe-ba7e-41e0755ef961","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":86,"box":{"x":83,"y":437,"width":320,"height":11}},{"id":"2c0ea402-165e-4e77-ad66-e9de3355e006","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":86,"box":{"x":83,"y":455,"width":258,"height":11}},{"id":"a6a8091c-6eb1-4dbc-b381-adf5b892f27b","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":86,"box":{"x":83,"y":473,"width":266,"height":11}},{"id":"7ad5dc0f-efd3-41d9-877e-a0a9b8c7ff0f","block_type":"box","text":"Higher transaction and custody costs;","page_number":86,"box":{"x":83,"y":491,"width":242,"height":11}},{"id":"5fad926c-5a78-4abc-a505-359202a08c00","block_type":"box","text":"Foreign market trading hours, different clearing and settlement procedures, and holiday schedules, which may limit a Fund’s ability to","page_number":86,"box":{"x":83,"y":509,"width":853,"height":11}},{"id":"09c4ea61-3024-4db7-9ef3-883be664a6a5","block_type":"box","text":"engage in portfolio transactions;","page_number":86,"box":{"x":83,"y":523,"width":206,"height":11}},{"id":"af41812c-487a-4ea4-9eea-84c988dcc73d","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":86,"box":{"x":83,"y":541,"width":387,"height":11}},{"id":"8197acd8-4a4a-4196-a169-27cb24ffe601","block_type":"box","text":"Less availability of public information about issuers;","page_number":86,"box":{"x":83,"y":559,"width":330,"height":11}},{"id":"1d4c25c5-12c3-46e1-a388-357ea830e9f1","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":86,"box":{"x":82,"y":578,"width":804,"height":10}},{"id":"5932af0a-d9a5-424c-92b6-0e8f7e3038ae","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":86,"box":{"x":83,"y":596,"width":329,"height":10}},{"id":"5638254a-bf94-40ed-a1bd-7ee8625fbfb2","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":86,"box":{"x":83,"y":614,"width":853,"height":10}},{"id":"44b6f9a6-6309-4b17-8101-d14b03eb3d73","block_type":"box","text":"than those that apply in the U.S.","page_number":86,"box":{"x":83,"y":628,"width":205,"height":11}},{"id":"d5d4a62a-f263-46a9-b232-4f7a26f835a2","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":86,"box":{"x":47,"y":651,"width":187,"height":11}},{"id":"cc56d41d-18e6-406e-a9b3-db360e0452b7","block_type":"box","text":". A Fund that holds non-U.S. securities may file claims to recover withholding tax on dividend and interest","page_number":86,"box":{"x":235,"y":651,"width":674,"height":11}},{"id":"0dacb3b9-df58-491b-ae48-c28598dcb3e1","block_type":"box","text":"income (if any) received from issuers in certain countries where such withholding tax reclaim is possible. Whether or when a Fund will receive","page_number":86,"box":{"x":46,"y":665,"width":905,"height":11}},{"id":"214febfe-2c97-4ae2-b383-ec73f199ee04","block_type":"box","text":"a withholding tax refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding tax based","page_number":86,"box":{"x":46,"y":679,"width":898,"height":11}},{"id":"86090d09-cef2-4d76-a1b5-bb1465715667","block_type":"box","text":"on a continuous assessment of the probability of recovery, the Fund’s NAV generally includes accruals for such tax refunds. Funds continue","page_number":86,"box":{"x":46,"y":694,"width":892,"height":10}},{"id":"08d38c03-6e26-4c12-8c37-19b3a4ce02c8","block_type":"box","text":"to evaluate tax developments for potential impact to the probability of recovery. If the likelihood of receiving a tax refund materially","page_number":86,"box":{"x":46,"y":708,"width":839,"height":11}},{"id":"be467ea9-c764-4e70-a2c2-bf7f674a6437","block_type":"box","text":"decreases, such as due to a change in tax regulation or approach, accruals in a Fund’s NAV for such refunds may be written down partially or","page_number":86,"box":{"x":46,"y":722,"width":900,"height":11}},{"id":"2fe2fbab-8da9-4138-8a5e-bbb46e7b00e4","block_type":"box","text":"in full, which will adversely affect the Fund’s NAV. Investors in a Fund at the time when an accrual is written down will bear the impact of any","page_number":86,"box":{"x":46,"y":736,"width":897,"height":11}},{"id":"93b9dd73-38da-403d-b6de-f4d4bb3b6c44","block_type":"box","text":"resulting reduction in NAV regardless of whether they were investors during the accrual period. Conversely, if a Fund receives a tax refund","page_number":86,"box":{"x":46,"y":750,"width":883,"height":11}},{"id":"50f35e81-972d-49b6-a8b7-cf3aa89d5341","block_type":"box","text":"that was not previously accrued, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s","page_number":86,"box":{"x":46,"y":764,"width":905,"height":11}},{"id":"4b7ff4f7-484a-4e67-b2f9-559065ab8ad3","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":86,"box":{"x":47,"y":779,"width":635,"height":10}},{"id":"c5b9e39c-90f2-4f95-8e4e-59e141f661ae","block_type":"box","text":"North American Economic Risk","page_number":86,"box":{"x":46,"y":802,"width":215,"height":8}},{"id":"a7f6e5bb-4267-4274-9644-b3370fb96c93","block_type":"box","text":". A decrease in imports or exports, changes in trade regulations or an economic recession in any North","page_number":86,"box":{"x":262,"y":802,"width":658,"height":11}},{"id":"e64d50af-7f84-4dae-a884-6dbfb1f042b8","block_type":"box","text":"American country can have a significant economic effect on the entire North American region and on some or all of the North American","page_number":86,"box":{"x":45,"y":816,"width":867,"height":11}},{"id":"8093da9c-e732-4308-934f-5b2740390ad2","block_type":"box","text":"countries in which a Fund invests.","page_number":86,"box":{"x":46,"y":830,"width":215,"height":9}},{"id":"1c3e2d18-9fdc-4198-855d-078b174335da","block_type":"box","text":"The U.S. is Canada’s and Mexico’s largest trading and investment partner. The Canadian and Mexican economies are significantly affected by","page_number":86,"box":{"x":45,"y":853,"width":904,"height":11}},{"id":"210a6ec2-d448-4b49-b2e1-cabea4ff41c0","block_type":"box","text":"developments in the U.S. economy. Since the implementation of the North American Free Trade Agreement (“NAFTA”) in 1994 among","page_number":86,"box":{"x":46,"y":868,"width":852,"height":10}},{"id":"e5fdbfbf-4cef-4ff7-aac5-2e8e766d62d2","block_type":"box","text":"Canada, the U.S. and Mexico, total merchandise trade among the three countries has increased. However, political developments including","page_number":86,"box":{"x":46,"y":882,"width":891,"height":11}},{"id":"2b52f97c-a17f-4643-9191-76ed4fefd428","block_type":"box","text":"the implementation of tariffs by the U.S. and the renegotiation of NAFTA in the form of the United States-Mexico-Canada Agreement","page_number":86,"box":{"x":46,"y":896,"width":846,"height":11}},{"id":"7d8ee68d-8d43-4e83-a257-b329dc1395c8","block_type":"box","text":"(“USMCA”), which replaced NAFTA on July 1, 2020, could negatively affect North America’s economic outlook and, as a result, the value of","page_number":86,"box":{"x":46,"y":910,"width":883,"height":11}},{"id":"1a2e3054-cb0c-415f-9b44-6ca0f190318a","block_type":"box","text":"15","page_number":86,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"160be129-68c1-479d-a0a5-8433bc363225","block_type":"box","text":"securities held by a Fund. Policy and legislative changes in one country may have a significant effect on North American markets generally,","page_number":87,"box":{"x":46,"y":46,"width":887,"height":11}},{"id":"0c7ccde2-bf45-46d8-aa5b-53da78b52b5e","block_type":"box","text":"as well as on the value of certain securities held by a Fund.","page_number":87,"box":{"x":46,"y":61,"width":375,"height":10}},{"id":"650bad71-1ccb-4952-8cdb-2b9a62bee701","block_type":"box","text":"Operational and Technology Risks.","page_number":87,"box":{"x":46,"y":84,"width":239,"height":11}},{"id":"55eee849-dcd1-48f8-8a6d-d18bd70f80b4","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":87,"box":{"x":290,"y":84,"width":648,"height":11}},{"id":"6ffb0014-90a2-445e-a82d-3e56bbe24781","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":87,"box":{"x":46,"y":98,"width":841,"height":11}},{"id":"686358d3-a2dd-495e-9a2b-d31a8ff36b9b","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":87,"box":{"x":46,"y":112,"width":876,"height":11}},{"id":"10c8d514-4fa6-46d8-9f59-ca92c6ef255a","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":87,"box":{"x":46,"y":126,"width":844,"height":11}},{"id":"e5170104-2216-497a-bc3c-68872dd2dd62","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":87,"box":{"x":46,"y":140,"width":866,"height":11}},{"id":"04cf21fc-5f22-4bb1-8e8a-39d131ae937d","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":87,"box":{"x":46,"y":155,"width":892,"height":11}},{"id":"e0bb8b1d-6260-4a67-9e5b-bed6c33e847f","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":87,"box":{"x":46,"y":169,"width":889,"height":11}},{"id":"1748fa23-fb9a-4d89-bdfa-ce9dd4b8a247","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":87,"box":{"x":46,"y":183,"width":869,"height":11}},{"id":"d6a99614-bc78-4a46-a594-9e4502247338","block_type":"box","text":"risks.","page_number":87,"box":{"x":46,"y":197,"width":32,"height":9}},{"id":"195beb82-4630-40b6-8c82-f43fb6fd44dc","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":87,"box":{"x":46,"y":220,"width":895,"height":11}},{"id":"21c3c008-14ad-4ca6-a507-6699ad24bf4e","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":87,"box":{"x":46,"y":235,"width":878,"height":10}},{"id":"12fb2405-0590-4b1f-828e-ce23d911290d","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":87,"box":{"x":46,"y":249,"width":905,"height":11}},{"id":"78938722-66ef-46f3-b773-17250b26e9d9","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":87,"box":{"x":46,"y":263,"width":884,"height":11}},{"id":"1b0b020a-005f-4ae3-9b67-0601be48b829","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":87,"box":{"x":46,"y":277,"width":828,"height":11}},{"id":"7d1caf83-6e07-481f-aa30-69d94f0ee7a7","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":87,"box":{"x":46,"y":291,"width":898,"height":11}},{"id":"f33da45b-6c2f-4b3f-a50b-d166d3bcac18","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":87,"box":{"x":46,"y":305,"width":884,"height":11}},{"id":"9b012072-9330-420c-8574-ed46a8b7d8d8","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":87,"box":{"x":46,"y":320,"width":881,"height":11}},{"id":"24d8588d-c806-4be5-9534-e4bdc3a1daf5","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":87,"box":{"x":46,"y":334,"width":898,"height":11}},{"id":"14cb9996-b453-46f0-a276-1f1151cadefe","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":87,"box":{"x":46,"y":348,"width":866,"height":11}},{"id":"4590b709-ad1a-4de6-820c-ddf6633c2369","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":87,"box":{"x":46,"y":362,"width":906,"height":11}},{"id":"102d009c-3683-4b7c-b02a-85a7f73f0471","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":87,"box":{"x":46,"y":376,"width":904,"height":11}},{"id":"25b77da8-1efd-4ae4-9694-6ea6697256ba","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":87,"box":{"x":46,"y":391,"width":884,"height":10}},{"id":"eaf34b0e-5b27-4b9c-9b48-1261e49d3226","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":87,"box":{"x":46,"y":405,"width":873,"height":11}},{"id":"4c34722e-f109-4ddf-8acc-573b39b4ea14","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":87,"box":{"x":46,"y":419,"width":855,"height":11}},{"id":"8875ae27-59a4-4daa-89d6-a0370c52df5a","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":87,"box":{"x":46,"y":433,"width":856,"height":11}},{"id":"30078220-9765-4f3f-b439-1b0e0bb6b82d","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":87,"box":{"x":46,"y":447,"width":896,"height":11}},{"id":"6c75f2d3-f435-4a50-b43e-1c64eac225e7","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":87,"box":{"x":46,"y":461,"width":886,"height":11}},{"id":"eaf35125-9229-4420-be33-d0669752f6ea","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":87,"box":{"x":46,"y":476,"width":875,"height":11}},{"id":"41250ed5-424a-41eb-a628-db557d33e6a8","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":87,"box":{"x":46,"y":490,"width":584,"height":11}},{"id":"4a18308f-5a68-4c73-9d8b-10dd7020f507","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":87,"box":{"x":45,"y":513,"width":864,"height":11}},{"id":"2e399171-c114-4984-af1a-3b80612910a4","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":87,"box":{"x":46,"y":527,"width":888,"height":11}},{"id":"c134a1e0-4f1f-4ebd-979d-691a3419a893","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":87,"box":{"x":46,"y":541,"width":840,"height":11}},{"id":"de023f0e-8995-4220-bdb7-37f61c8aff19","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":87,"box":{"x":46,"y":556,"width":862,"height":10}},{"id":"f9c77574-63ad-4ca7-9570-c882e66b6886","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":87,"box":{"x":46,"y":570,"width":863,"height":11}},{"id":"d88faace-ee09-49a1-a103-4d341473c2f5","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":87,"box":{"x":46,"y":584,"width":871,"height":11}},{"id":"c3827fd7-0991-4f98-b5cb-ae75ea0d25ab","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":87,"box":{"x":46,"y":598,"width":894,"height":11}},{"id":"54ab2c2a-5e82-4a2c-97d5-5bd8cd4c30e4","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":87,"box":{"x":46,"y":612,"width":882,"height":11}},{"id":"25342b57-3822-43cd-a363-446cf0dd978a","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":87,"box":{"x":46,"y":626,"width":659,"height":11}},{"id":"f9fc7c2c-788a-4a59-8da2-3d598f8af9b0","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":87,"box":{"x":47,"y":650,"width":829,"height":11}},{"id":"5f9e5a3a-d600-4fb9-82d7-c6495378cdd9","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":87,"box":{"x":45,"y":664,"width":905,"height":11}},{"id":"b56217bd-92d8-4b9a-947d-b04ead7c0d45","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":87,"box":{"x":46,"y":678,"width":757,"height":11}},{"id":"ec098b5f-d2b0-43d4-8656-b7f18563865e","block_type":"box","text":"Ownership Limitations Risk.","page_number":87,"box":{"x":46,"y":701,"width":195,"height":11}},{"id":"a466d3f8-ba61-4617-b4ae-31f220cbf886","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":87,"box":{"x":247,"y":701,"width":697,"height":11}},{"id":"58db9df3-f1bb-4ed9-9ea1-96c22447ae68","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":87,"box":{"x":47,"y":715,"width":900,"height":11}},{"id":"21c94cee-1692-4fef-ab25-c579f906f301","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":87,"box":{"x":46,"y":730,"width":850,"height":10}},{"id":"789f29af-cb84-41a3-8b83-2e414701d609","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":87,"box":{"x":46,"y":744,"width":866,"height":11}},{"id":"b26b6305-266d-459f-b5bb-988e46fbef37","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":87,"box":{"x":46,"y":758,"width":903,"height":11}},{"id":"71a9f75c-fc30-43bc-b110-2a5336d68174","block_type":"box","text":"holdings.","page_number":87,"box":{"x":46,"y":772,"width":56,"height":11}},{"id":"adadad9d-9102-4342-a439-4256903a15b3","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":87,"box":{"x":46,"y":795,"width":852,"height":11}},{"id":"ece56b16-5f04-4f7a-93bc-797e67b9c80e","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":87,"box":{"x":46,"y":810,"width":890,"height":10}},{"id":"02c72b99-f523-44e5-b2f6-4e85af195b28","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":87,"box":{"x":46,"y":824,"width":870,"height":11}},{"id":"165dbae6-02ec-49a8-a296-059e79e6a4bb","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":87,"box":{"x":45,"y":838,"width":884,"height":11}},{"id":"23a63c40-bbe4-4d76-bb9a-780f300008f5","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":87,"box":{"x":46,"y":852,"width":905,"height":11}},{"id":"e0763b87-655e-4d0a-a54e-0114dfb1d628","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":87,"box":{"x":46,"y":866,"width":886,"height":11}},{"id":"a9288f69-f4bd-4ed8-8409-85e5949b97df","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":87,"box":{"x":46,"y":880,"width":896,"height":11}},{"id":"7af2891b-215a-4169-8318-b0e6db332569","block_type":"box","text":"16","page_number":87,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"1de867d4-fb27-4a1d-a0ca-b18ab785b03f","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":88,"box":{"x":46,"y":46,"width":885,"height":11}},{"id":"1e9eb1a6-cf07-4e91-8a8f-dbc3633b964a","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":88,"box":{"x":46,"y":61,"width":821,"height":10}},{"id":"41a4f1f0-4d94-452f-9541-8e5e532af60b","block_type":"box","text":"non-disapproval that was obtained.","page_number":88,"box":{"x":46,"y":75,"width":224,"height":11}},{"id":"43cfdd92-aee0-4c4f-84d8-f46ca7ed891f","block_type":"box","text":"Preferred Stock Risk.","page_number":88,"box":{"x":46,"y":98,"width":146,"height":8}},{"id":"56c928dc-d468-43a3-a274-ceeb25834a3e","block_type":"box","text":"Unlike interest payments on a debt security, dividend payments on preferred stock typically must be declared by the","page_number":88,"box":{"x":198,"y":98,"width":745,"height":11}},{"id":"cc7e149c-066e-45ab-b981-03eac9b50a6d","block_type":"box","text":"issuer’s board of directors. An issuer’s board of directors is generally not under any obligation to pay dividends (even if such dividends have","page_number":88,"box":{"x":46,"y":112,"width":892,"height":11}},{"id":"b18e2475-70b4-4f4f-8b81-22de8503ae97","block_type":"box","text":"accrued), and may suspend payment of dividends on preferred stock at any time. In the event an issuer of preferred stock experiences","page_number":88,"box":{"x":46,"y":126,"width":860,"height":11}},{"id":"5fc7ff58-20d0-4993-8894-96e797354862","block_type":"box","text":"economic difficulties, the issuer’s preferred stock may lose substantial value due to the reduced likelihood that the issuer’s board of directors","page_number":88,"box":{"x":46,"y":140,"width":906,"height":11}},{"id":"e1a4555a-63ea-4ad1-963c-922907182617","block_type":"box","text":"will declare dividends and the fact that the preferred stock may be subordinated to other securities of the same issuer. Certain additional","page_number":88,"box":{"x":45,"y":155,"width":877,"height":10}},{"id":"5d39434e-f122-458d-a532-64f230f4165e","block_type":"box","text":"risks associated with preferred stock could adversely affect investments in aFund.","page_number":88,"box":{"x":46,"y":169,"width":525,"height":11}},{"id":"2b249482-a603-4b61-8cca-e6151b1fbcc0","block_type":"box","text":"Issuer Risk.","page_number":88,"box":{"x":46,"y":192,"width":70,"height":9}},{"id":"2857306d-f3b4-441c-9b3a-938c2bb73950","block_type":"box","text":"Because many preferred stocks allow holders to convert the preferred stock into common stock of the issuer, market price of a","page_number":88,"box":{"x":123,"y":192,"width":814,"height":11}},{"id":"cf96586e-122c-464c-915e-2b65f54536cf","block_type":"box","text":"preferred stock can be sensitive to changes in the value of the issuer’s common stock. To the extent that a Fund invests a substantial portion","page_number":88,"box":{"x":46,"y":206,"width":902,"height":11}},{"id":"5e2cc41e-c709-4058-b93f-bd7bee45dafd","block_type":"box","text":"of its assets in convertible preferred stocks, declining common stock values may also cause the value of the Fund’s investments to decline.","page_number":88,"box":{"x":46,"y":220,"width":890,"height":11}},{"id":"a20f09cb-c570-43e3-946f-2a52da940379","block_type":"box","text":"Dividend Risk.","page_number":88,"box":{"x":46,"y":244,"width":86,"height":8}},{"id":"18248720-5a2b-490b-8a85-da8592f4c3f8","block_type":"box","text":"There is a chance that the ability to pay dividends by the issuer of a preferred stock held by an underlying fund may deteriorate","page_number":88,"box":{"x":138,"y":244,"width":811,"height":10}},{"id":"509eed0d-1e7d-4d4a-916f-88a8fba724d3","block_type":"box","text":"or the issuer may default (","page_number":88,"box":{"x":46,"y":258,"width":166,"height":11}},{"id":"3dfdfb91-6297-4220-bf30-e58b4f3bbc1a","block_type":"box","text":"i.e.,","page_number":88,"box":{"x":213,"y":258,"width":21,"height":10}},{"id":"b8e857e0-231c-4bdc-a342-9b0221095f72","block_type":"box","text":"fail to make scheduled dividend payments on the preferred stock or scheduled interest payments on other","page_number":88,"box":{"x":240,"y":258,"width":681,"height":11}},{"id":"14a468aa-369a-4945-9aa2-3722916b3f46","block_type":"box","text":"obligations of the issuer not held by an underlying fund), which would negatively affect the value of any such holding.","page_number":88,"box":{"x":46,"y":272,"width":745,"height":11}},{"id":"e60f3703-44c9-44e6-b2fa-21b70e069089","block_type":"box","text":"Call Risk.","page_number":88,"box":{"x":46,"y":295,"width":56,"height":9}},{"id":"d1482de2-449b-49b5-b63f-3a4219990d74","block_type":"box","text":"Preferred stocks are subject to market volatility, and the prices of preferred stocks will fluctuate based on market demand.","page_number":88,"box":{"x":109,"y":295,"width":785,"height":11}},{"id":"d910500b-e1e2-480a-8f7e-4b5f754e5653","block_type":"box","text":"Preferred stocks often have call features that allow the issuer to redeem the security at its discretion.","page_number":88,"box":{"x":46,"y":309,"width":649,"height":11}},{"id":"6be37034-1b15-4113-88b0-37b010bf960c","block_type":"box","text":"Extension Risk.","page_number":88,"box":{"x":46,"y":333,"width":93,"height":8}},{"id":"692126a3-fbe6-4801-9256-b1f10ab201a5","block_type":"box","text":"During periods of rising interest rates, certain obligations will be paid off substantially more slowly than originally anticipated,","page_number":88,"box":{"x":146,"y":333,"width":800,"height":10}},{"id":"6199f01b-8baf-479d-a48d-3343b582a00c","block_type":"box","text":"and the value of those securities may fall sharply, resulting in a decline to the Fund’s income and potentially in the value of the Fund’s","page_number":88,"box":{"x":46,"y":347,"width":854,"height":11}},{"id":"887b71a1-61af-462f-a194-4382c77be07b","block_type":"box","text":"investments.","page_number":88,"box":{"x":46,"y":361,"width":81,"height":8}},{"id":"345d4557-1719-43e4-acd1-742188ba3661","block_type":"box","text":"Real Estate Companies Risk.","page_number":88,"box":{"x":46,"y":384,"width":197,"height":11}},{"id":"e07cbcce-74c3-42d0-a432-d6fdd2152432","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":88,"box":{"x":249,"y":384,"width":648,"height":11}},{"id":"5e97e76c-6ae6-4782-807d-ab8760454143","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":88,"box":{"x":46,"y":398,"width":903,"height":11}},{"id":"fdbb2ba9-636d-4775-902c-65d02412918d","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":88,"box":{"x":46,"y":412,"width":883,"height":11}},{"id":"7f117629-8927-4d9f-a289-7d4bed926154","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":88,"box":{"x":46,"y":427,"width":897,"height":11}},{"id":"fff56c28-0383-457e-a299-b1968eca3ed2","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":88,"box":{"x":46,"y":441,"width":330,"height":10}},{"id":"f5707c21-ec87-470b-97ce-c76dec5539b5","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":88,"box":{"x":46,"y":464,"width":898,"height":11}},{"id":"ba43e605-2ed0-451d-8fec-6d0945bf4806","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":88,"box":{"x":46,"y":478,"width":900,"height":11}},{"id":"944b7f4c-f1c1-4e65-96b5-c37b4535ee17","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":88,"box":{"x":46,"y":492,"width":409,"height":11}},{"id":"3f800b53-c2ee-492e-acb2-9f5ebce8e169","block_type":"box","text":"e.g.","page_number":88,"box":{"x":456,"y":495,"width":21,"height":8}},{"id":"57d427d0-e523-4f0e-974a-b689be1ac60b","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":88,"box":{"x":479,"y":492,"width":446,"height":11}},{"id":"8a29d016-219f-497e-8a98-687e64b74cdb","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":88,"box":{"x":46,"y":507,"width":891,"height":10}},{"id":"60ca6ab8-a046-4529-82b8-ceedd970b78e","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":88,"box":{"x":46,"y":521,"width":882,"height":11}},{"id":"bc69b220-b667-4208-b204-b730c3c71425","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":88,"box":{"x":46,"y":535,"width":858,"height":11}},{"id":"b9e1d3fa-3b5d-4248-8088-aeff5ae44f57","block_type":"box","text":"response to economic conditions or other events.","page_number":88,"box":{"x":46,"y":549,"width":317,"height":11}},{"id":"553ceea0-7d36-4ed5-8b98-b2f519efcf1a","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":88,"box":{"x":46,"y":572,"width":901,"height":11}},{"id":"4cb62f70-4ec6-42a9-af61-6d54562b1c94","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":88,"box":{"x":46,"y":587,"width":882,"height":10}},{"id":"dd784fdc-9bf7-4b84-9529-de1bb4542588","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":88,"box":{"x":46,"y":601,"width":867,"height":11}},{"id":"541ee777-96b8-43e3-9052-aab45b30dc2f","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":88,"box":{"x":46,"y":615,"width":343,"height":11}},{"id":"986f1a82-947f-4ae3-8c81-ee9de5b332b5","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":88,"box":{"x":46,"y":638,"width":874,"height":11}},{"id":"d1f0fd67-473e-40c9-9294-dc8e4ad0cff4","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":88,"box":{"x":46,"y":652,"width":492,"height":11}},{"id":"b0e7eb8d-1618-4d1c-b4b7-7e15eb670f95","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":88,"box":{"x":46,"y":675,"width":236,"height":11}},{"id":"132328df-2f60-4679-b03e-05db71d00e1d","block_type":"box","text":"The economies of some countries or regions depend on trading with certain key trading partners. A","page_number":88,"box":{"x":287,"y":675,"width":636,"height":11}},{"id":"e5ff1e11-3a0f-4077-8869-9629773f729d","block_type":"box","text":"reduction in spending on the products and services of these countries or regions, the institution of tariffs or other trade barriers by a key","page_number":88,"box":{"x":46,"y":690,"width":874,"height":11}},{"id":"18298ce0-b72b-4568-b7c6-0a09a0b6e853","block_type":"box","text":"trading partner or a slowdown in the economy of a key trading partner may cause an adverse impact on the economies of such countries or","page_number":88,"box":{"x":46,"y":704,"width":892,"height":11}},{"id":"f36cf180-560c-47fa-af23-87d611502d4b","block_type":"box","text":"regions and may negatively impact the performance of a Fund with exposure to those countries or regions.","page_number":88,"box":{"x":46,"y":718,"width":682,"height":11}},{"id":"edda9787-4637-4e51-b5fd-7e784f4e8405","block_type":"box","text":"Risk of Investing in Canada.","page_number":88,"box":{"x":46,"y":741,"width":191,"height":11}},{"id":"1cccf040-0059-49a4-95f3-1654d6d2a8f3","block_type":"box","text":"Investing in Canadian issuers involves legal, regulatory, political, economic, currency, geographic and security","page_number":88,"box":{"x":243,"y":741,"width":704,"height":11}},{"id":"1e551fd6-d707-45c5-813e-ac05abe67de0","block_type":"box","text":"risks that are specific to Canada. The U.S. is Canada’s largest trading and investment partner, and the Canadian economy may be","page_number":88,"box":{"x":46,"y":755,"width":828,"height":11}},{"id":"25a7ebfe-85ae-4095-a50f-3c4f6630fdc4","block_type":"box","text":"significantly affected by developments in the U.S. economy and U.S. trade policy changes. The U.S. and Canada are particularly","page_number":88,"box":{"x":46,"y":770,"width":815,"height":10}},{"id":"f16e17cb-f581-48e8-bdfb-a493fed14e31","block_type":"box","text":"interdependent with respect to their energy, timber and manufacturing sectors. Canada’s other key trading partners include China, Mexico,","page_number":88,"box":{"x":46,"y":784,"width":890,"height":11}},{"id":"8663e9d0-6704-4e98-b4a4-dd77e2047189","block_type":"box","text":"the United Kingdom and Japan. In addition, Canada is a large supplier of natural resources, including oil, natural gas and agricultural","page_number":88,"box":{"x":46,"y":798,"width":842,"height":11}},{"id":"fe03baae-e59f-4d7f-9a9a-41bbd72749cd","block_type":"box","text":"products. As a result, the Canadian economy is sensitive to fluctuations in certain commodity prices. Other risks facing the Canadian","page_number":88,"box":{"x":46,"y":812,"width":850,"height":11}},{"id":"9eafbb43-9b02-4553-8b71-00991a18e476","block_type":"box","text":"economy include persistent inflation and low productivity.","page_number":88,"box":{"x":46,"y":826,"width":368,"height":11}},{"id":"8fdb5824-fd2b-45b6-96bc-d7479f6e9cb2","block_type":"box","text":"Risk of Investing in China.","page_number":88,"box":{"x":46,"y":849,"width":179,"height":11}},{"id":"a1bf70b8-ac8b-48e2-bb05-8fda7aca99f8","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject a Fund","page_number":88,"box":{"x":231,"y":850,"width":710,"height":10}},{"id":"7f64ef7c-eee4-4d83-b5ac-5fa2e5e6d626","block_type":"box","text":"to risks specific to China. China is subject to a considerable degree of economic, political and social instability.","page_number":88,"box":{"x":46,"y":864,"width":708,"height":11}},{"id":"bf025572-7681-4f3a-b85e-2bcc3a6daf85","block_type":"box","text":"Political and Social Risk.","page_number":88,"box":{"x":46,"y":887,"width":150,"height":8}},{"id":"ca6d39e6-6152-4954-8205-14d28389a43b","block_type":"box","text":"The Chinese government is authoritarian and has periodically used force to suppress civil dissent. Disparities of","page_number":88,"box":{"x":202,"y":887,"width":714,"height":11}},{"id":"2c22af2f-2451-4c45-9811-1990d9221931","block_type":"box","text":"wealth and the pace of economic liberalization may lead to social turmoil, violence and labor unrest. In addition, China continues to","page_number":88,"box":{"x":45,"y":901,"width":840,"height":11}},{"id":"4abb9886-4b97-4907-b09c-e9ae95e4a962","block_type":"box","text":"17","page_number":88,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"6a5c5d87-84bf-42d6-b91d-a10d8462b439","block_type":"box","text":"experience disagreements related to integration with Hong Kong and religious and nationalist disputes in Tibet and Xinjiang. There is also a","page_number":89,"box":{"x":46,"y":46,"width":888,"height":11}},{"id":"21388bdb-8ae5-403f-b679-b8cce0673123","block_type":"box","text":"greater risk in China than in many other countries of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher","page_number":89,"box":{"x":46,"y":61,"width":891,"height":10}},{"id":"07667720-d990-4814-b052-e21c3a56026f","block_type":"box","text":"rates of inflation as a result of internal social unrest or conflicts with other countries. Unanticipated political or social developments may","page_number":89,"box":{"x":46,"y":75,"width":873,"height":11}},{"id":"eec6fa8a-8aaa-48b6-baeb-9f964321f400","block_type":"box","text":"result in sudden and significant investment losses. China’s income inequality, rapidly aging population and significant environmental issues","page_number":89,"box":{"x":46,"y":89,"width":889,"height":11}},{"id":"9db28f01-bbf3-498f-9690-d1f8115365ee","block_type":"box","text":"also are factors that may affect the Chinese economy.","page_number":89,"box":{"x":46,"y":103,"width":345,"height":11}},{"id":"c305892d-6279-4f6b-9cc2-a5004fb96b35","block_type":"box","text":"Government Control and Regulations.","page_number":89,"box":{"x":46,"y":126,"width":234,"height":11}},{"id":"3ba5fac6-fa17-4d09-9485-eea82ed95d27","block_type":"box","text":"Despite the Chinese government’s implementation of economic and market reforms in recent decades,","page_number":89,"box":{"x":287,"y":126,"width":659,"height":11}},{"id":"a2817987-299b-428e-b464-be844ef9f796","block_type":"box","text":"government control over certain sectors and enterprises and significant regulation of investment and industry are still pervasive. China has","page_number":89,"box":{"x":46,"y":140,"width":889,"height":11}},{"id":"21da8041-1e8d-44b1-b387-2f322ea8d35e","block_type":"box","text":"restrictions on investment in companies or industries deemed to be sensitive to particular national interests, trading of securities of Chinese","page_number":89,"box":{"x":46,"y":155,"width":898,"height":11}},{"id":"6b663908-389d-49d9-83ae-535cc33a71d0","block_type":"box","text":"issuers, foreign ownership of Chinese corporations and/or the repatriation of assets by foreign investors. Restrictions on foreign ownership","page_number":89,"box":{"x":46,"y":169,"width":893,"height":11}},{"id":"c4172d5a-600f-4957-90e8-d120962ddd10","block_type":"box","text":"of Chinese securities may have adverse effects on a Fund’s liquidity and performance and could lead to higher tracking error. Chinese","page_number":89,"box":{"x":46,"y":183,"width":855,"height":11}},{"id":"924deb23-a85a-420b-83f9-89445ccb1f53","block_type":"box","text":"government intervention in the market may have a negative impact on market sentiment, which may in turn affect the performance of the","page_number":89,"box":{"x":46,"y":197,"width":880,"height":11}},{"id":"92dd2e11-42a3-48c6-9f90-db2f1d1a5334","block_type":"box","text":"Chinese economy and a Fund’s investments. Chinese markets generally continue to experience inefficiency, lack of publicly available","page_number":89,"box":{"x":46,"y":211,"width":850,"height":11}},{"id":"11ae0df3-15a7-4c9e-bc8a-d19b1d33a1cb","block_type":"box","text":"information, and political and social instability and may be subject to volatility and pricing anomalies resulting from governmental influence.","page_number":89,"box":{"x":46,"y":226,"width":892,"height":10}},{"id":"dc7de652-cfd2-4094-a89f-5b37f6dc8e60","block_type":"box","text":"Chinese companies, such as those in the financial services, technology and potentially other sectors, are also subject to the risk that Chinese","page_number":89,"box":{"x":46,"y":240,"width":905,"height":11}},{"id":"fe718efb-d218-4c06-94d8-3f903b775377","block_type":"box","text":"authorities can intervene in their operations and structure, which may negatively affect the value of a Fund’s investments.","page_number":89,"box":{"x":46,"y":254,"width":778,"height":11}},{"id":"f204a008-cdcb-454c-8f39-31ba4256756a","block_type":"box","text":"Economic Risk.","page_number":89,"box":{"x":46,"y":277,"width":93,"height":9}},{"id":"bbae6d64-1ba9-42e3-98af-45ac9a1616c7","block_type":"box","text":"The Chinese economy is highly reliant on trade and may be adversely affected by, among other things, a deterioration in","page_number":89,"box":{"x":145,"y":277,"width":767,"height":11}},{"id":"f860f1df-4315-4ac0-a029-2a9cd99117d7","block_type":"box","text":"global demand and spending for Chinese exports or a contraction in spending on domestic goods by Chinese consumers. The institution of","page_number":89,"box":{"x":46,"y":291,"width":887,"height":11}},{"id":"0bc87e59-a515-4d05-9fdc-9052c876c91e","block_type":"box","text":"additional tariffs or other trade barriers (including as a result of heightened trade tensions between China and the U.S. or in response to","page_number":89,"box":{"x":46,"y":305,"width":869,"height":11}},{"id":"3e13230a-5fa6-40d5-999c-7f0383ef19ca","block_type":"box","text":"actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s key trading partners may have an adverse impact","page_number":89,"box":{"x":46,"y":320,"width":892,"height":11}},{"id":"834bfd55-c957-41be-acd0-83f2100f1000","block_type":"box","text":"on the Chinese economy and companies in which a Fund invests. The current political climate has intensified concerns about a potential","page_number":89,"box":{"x":46,"y":334,"width":871,"height":11}},{"id":"2076055d-d982-4fd7-b60b-0108aa395604","block_type":"box","text":"trade war between China and the U.S. as each country has imposed tariffs on the other. These actions and their consequences (which are","page_number":89,"box":{"x":46,"y":348,"width":880,"height":11}},{"id":"e27f5f47-bb1c-4545-9dd5-6d18e4c62e1e","block_type":"box","text":"difficult to predict) could have a negative impact on a Fund’s performance. It is unclear whether further tariffs or other escalating actions","page_number":89,"box":{"x":46,"y":362,"width":875,"height":11}},{"id":"f810c33f-7e46-49ef-ac77-540550787e93","block_type":"box","text":"may occur.","page_number":89,"box":{"x":46,"y":379,"width":68,"height":8}},{"id":"4ad6d984-9912-4fbc-8826-cc94b2ac67a8","block_type":"box","text":"In addition, certain Chinese companies (which may change from time to time) are directly or indirectly subject to economic or trade","page_number":89,"box":{"x":46,"y":400,"width":841,"height":10}},{"id":"484fd42c-828d-4bda-a81e-ec45e5bcebd7","block_type":"box","text":"restrictions imposed by the U.S. or other governments due to national security, human rights or other concerns of such government. For","page_number":89,"box":{"x":46,"y":414,"width":873,"height":11}},{"id":"3a5639b8-9c43-47f6-99fe-d1aae2cd0717","block_type":"box","text":"example, certain foreign technology companies are subject to export controls as those companies are believed to pose a risk to U.S.","page_number":89,"box":{"x":46,"y":428,"width":848,"height":11}},{"id":"a5d9bb24-9a2b-40e6-a959-767eab143466","block_type":"box","text":"interests. The U.S. also bans imports of goods produced in certain regions of China or by certain Chinese companies due to concerns about","page_number":89,"box":{"x":46,"y":442,"width":893,"height":11}},{"id":"8add2077-0aa4-481e-bc7d-cb3b80ff17bb","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that targets","page_number":89,"box":{"x":45,"y":456,"width":898,"height":11}},{"id":"dcf4f935-5d34-4941-bf62-f0f1bd3ee93d","block_type":"box","text":"Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions. A","page_number":89,"box":{"x":46,"y":471,"width":863,"height":10}},{"id":"bb06c550-f0bb-42ca-a107-1588b3f84854","block_type":"box","text":"Fund’s Underlying Index may include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed","page_number":89,"box":{"x":46,"y":485,"width":897,"height":11}},{"id":"08f01158-886e-4575-9da4-cf6e73f8d918","block_type":"box","text":"by the U.S. or other governments. So long as these restrictions do not include restrictions on investments, a Fund is generally expected to","page_number":89,"box":{"x":46,"y":499,"width":884,"height":11}},{"id":"2b9ba3d6-c018-4aa1-8c60-55eca09285f7","block_type":"box","text":"invest in such companies, consistent with its objective to track the performance of its Underlying Index. Other economic challenges for China","page_number":89,"box":{"x":46,"y":513,"width":905,"height":11}},{"id":"00435c8f-f834-464d-bab1-e4aa4b7ff814","block_type":"box","text":"include indebtedness, weak consumer demand, and an aging population. China continues to face pressure from its trading partners over its","page_number":89,"box":{"x":46,"y":527,"width":892,"height":11}},{"id":"0b53181d-ef93-40d5-b253-f0b2207b88c1","block_type":"box","text":"exporting of its excess industrial capacity and overall approach to economic management.","page_number":89,"box":{"x":46,"y":541,"width":577,"height":11}},{"id":"c0d1628c-4f6c-45c7-ac86-3c5ed2eae12c","block_type":"box","text":"Expropriation Risk.","page_number":89,"box":{"x":46,"y":565,"width":116,"height":10}},{"id":"04331b65-0372-4583-9d9a-b6d0bc94b1f8","block_type":"box","text":"The Chinese government maintains a major role in economic policymaking, and investing in China involves risk of loss due","page_number":89,"box":{"x":167,"y":565,"width":782,"height":10}},{"id":"a5748e5d-ee4c-4b59-9074-13af5f374196","block_type":"box","text":"to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on","page_number":89,"box":{"x":46,"y":579,"width":841,"height":11}},{"id":"32708bd1-527f-49a6-b39c-6f36b9ba7231","block_type":"box","text":"repatriation of capital invested.","page_number":89,"box":{"x":46,"y":593,"width":198,"height":11}},{"id":"87cc51f8-6566-488a-a7c2-e8136acf858d","block_type":"box","text":"Security Risk.","page_number":89,"box":{"x":46,"y":616,"width":83,"height":11}},{"id":"2e2a2dd5-7177-49c8-b697-ebfca752ebdd","block_type":"box","text":"China has strained international relations with Taiwan, Japan, the Philippines, India, and other neighbors due to territorial","page_number":89,"box":{"x":136,"y":616,"width":770,"height":11}},{"id":"a911582f-0664-4c45-9926-75f59aedc7a8","block_type":"box","text":"disputes, historical animosities, defense concerns and other security concerns. China has a complex territorial dispute regarding the","page_number":89,"box":{"x":46,"y":630,"width":848,"height":11}},{"id":"cb8b8b94-c425-4ce2-8cc5-5d84680dd7ee","block_type":"box","text":"sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary. The Chinese military has conducted military","page_number":89,"box":{"x":46,"y":645,"width":898,"height":10}},{"id":"b8385740-b27a-4691-896f-19a7c36fbcf5","block_type":"box","text":"drills around Taiwan in connection with China’s claim to Taiwan. Taiwan-based companies and individuals are significant investors in China.","page_number":89,"box":{"x":46,"y":659,"width":886,"height":11}},{"id":"7231fbe4-036f-47a4-a844-a3c7feafec46","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on their economies and markets and on the value of a Fund’s","page_number":89,"box":{"x":46,"y":673,"width":878,"height":11}},{"id":"b3f078f8-9e84-42bb-b6ba-fbbd0a46639a","block_type":"box","text":"investments in China, Taiwan or the region, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may","page_number":89,"box":{"x":46,"y":687,"width":887,"height":11}},{"id":"a97df097-7fef-4261-8256-704a1d2d118f","block_type":"box","text":"otherwise make such investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a","page_number":89,"box":{"x":46,"y":701,"width":883,"height":11}},{"id":"f45f691f-c573-4767-9508-9ba5830e0baf","block_type":"box","text":"risk of escalation potentially leading to military conflict.","page_number":89,"box":{"x":46,"y":715,"width":353,"height":11}},{"id":"569f2e1e-0fe1-4321-aa94-f56cbdcbe1b4","block_type":"box","text":"Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments.","page_number":89,"box":{"x":45,"y":739,"width":867,"height":10}},{"id":"4e48cdf2-d00c-4377-b5e5-671feae07141","block_type":"box","text":"Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export","page_number":89,"box":{"x":45,"y":753,"width":877,"height":11}},{"id":"a043c513-45c3-4cd7-862c-315440ebeaad","block_type":"box","text":"controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers in","page_number":89,"box":{"x":46,"y":767,"width":871,"height":11}},{"id":"22b85b39-8564-4553-935e-1b4ce7cce968","block_type":"box","text":"which a Fund invests. It may be impossible or impracticable for a Fund to hold, transact in or value securities of sanctioned companies, and","page_number":89,"box":{"x":45,"y":781,"width":892,"height":11}},{"id":"4957cfba-5e2c-40c4-8b1a-4d4f21c9411c","block_type":"box","text":"there may be a significant decrease in the valuation of such securities. Relations between China’s Han ethnic majority and other ethnic","page_number":89,"box":{"x":46,"y":795,"width":862,"height":11}},{"id":"ef0e0a65-1c82-4fe9-aa8f-c08283d7d741","block_type":"box","text":"groups in China, including Tibetans and Uighurs, are also strained and have been marked, historically, by protests and violence. These","page_number":89,"box":{"x":46,"y":810,"width":854,"height":10}},{"id":"d98c3a8e-0921-414c-b4bb-71735dff2dd4","block_type":"box","text":"situations may cause uncertainty in the Chinese markets and may adversely affect the Chinese economy. In addition, conflict on the Korean","page_number":89,"box":{"x":46,"y":824,"width":893,"height":11}},{"id":"823cf824-51bc-43fe-beb1-a70448396887","block_type":"box","text":"Peninsula could adversely affect the Chinese economy. Such risks, among others, may adversely affect the value of a Fund’s investments.","page_number":89,"box":{"x":46,"y":838,"width":880,"height":11}},{"id":"859efa8b-ec81-494b-b8f4-174e3426689a","block_type":"box","text":"Chinese Equity Markets.","page_number":89,"box":{"x":46,"y":861,"width":150,"height":11}},{"id":"c9fef12e-f2a3-4e12-a50b-7850ffd8e5bd","block_type":"box","text":"There are several types of Chinese equity securities, including H-shares, A-shares, B-shares, Red-Chips and/or","page_number":89,"box":{"x":202,"y":861,"width":710,"height":11}},{"id":"be99d745-6578-462a-92ed-fd40c570480f","block_type":"box","text":"P-Chips. The issuance of B-shares and H-shares by Chinese companies and the ability to obtain a “back-door listing” through Red-Chips or","page_number":89,"box":{"x":46,"y":875,"width":885,"height":11}},{"id":"10564f5f-3b8d-40e3-ad53-3ec62a0e3a5a","block_type":"box","text":"P-Chips is still regarded by the Chinese authorities as an experiment in economic reform. “Back-door listing” is a means by which a mainland","page_number":89,"box":{"x":46,"y":889,"width":900,"height":11}},{"id":"05f1ae47-d9a1-4913-99cc-3ae853d3e960","block_type":"box","text":"Chinese company issues Red-Chips or P-Chips to obtain quick access to international listing and international capital. These share","page_number":89,"box":{"x":46,"y":904,"width":834,"height":10}},{"id":"967500b6-c361-4dcf-b01a-1118773ca328","block_type":"box","text":"18","page_number":89,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"d5612d29-542c-4c3a-8f2f-acaec612d90f","block_type":"box","text":"mechanisms are subject to the political and economic policies in China. In the Chinese securities markets, a small number of issuers may","page_number":90,"box":{"x":46,"y":46,"width":880,"height":11}},{"id":"abfa7e3d-9a86-4b13-9e52-f8fd2b5e694c","block_type":"box","text":"represent a large portion of the entire market. The Chinese securities markets also may be subject to more frequent trading halts, low trading","page_number":90,"box":{"x":46,"y":61,"width":906,"height":10}},{"id":"2e22fc69-97de-4c43-90e7-ba44b8c72b4b","block_type":"box","text":"volume and price volatility.","page_number":90,"box":{"x":45,"y":75,"width":170,"height":11}},{"id":"9e80f9c3-054e-4034-9191-cdae013be899","block_type":"box","text":"Hong Kong Political Risk.","page_number":90,"box":{"x":46,"y":98,"width":154,"height":11}},{"id":"fe6cb3bd-0353-4c8f-ba47-402eaf273d68","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region (“SAR”) of the","page_number":90,"box":{"x":207,"y":98,"width":692,"height":11}},{"id":"0d8f22c7-68c6-423b-be67-aa02f2d68e5e","block_type":"box","text":"People’s Republic of China (“PRC”) under the principle of “one country, two systems.” Although China is obligated by treaty to maintain the","page_number":90,"box":{"x":46,"y":112,"width":888,"height":11}},{"id":"47a9b342-9a95-467a-ad2f-98afb88c7ea0","block_type":"box","text":"current capitalist economic and social system of Hong Kong through June 30, 2047, the continuation of economic and social freedoms","page_number":90,"box":{"x":46,"y":126,"width":861,"height":11}},{"id":"6b3c6049-8bb3-4fae-9c63-c69eddfb013a","block_type":"box","text":"enjoyed in Hong Kong is dependent on the government of China. Hong Kong has experienced protests and unrest related to China’s control,","page_number":90,"box":{"x":46,"y":140,"width":895,"height":11}},{"id":"2b35f703-b476-42aa-b425-75fd3e6e2f63","block_type":"box","text":"and tensions have increased between China and Hong Kong. Due to the interconnected nature of the Hong Kong and Chinese economies,","page_number":90,"box":{"x":46,"y":155,"width":880,"height":11}},{"id":"cfb0d916-7f42-4c21-96ab-1e590079231c","block_type":"box","text":"instability in Hong Kong may adversely affect the Hong Kong and Chinese markets. Other countries’ perceptions of the degree of","page_number":90,"box":{"x":46,"y":169,"width":823,"height":11}},{"id":"90fdd80c-12d2-4132-b6a3-0b938f36189e","block_type":"box","text":"convergence between China and Hong Kong, such as with respect to trade, and resulting actions also may impact both economies. In","page_number":90,"box":{"x":46,"y":183,"width":853,"height":11}},{"id":"1c81fa6b-1cd5-4b52-b3f5-7a2898c48387","block_type":"box","text":"addition, the Hong Kong dollar trades at a fixed exchange rate in relation to (or is “pegged” to) the U.S. dollar, which has contributed to the","page_number":90,"box":{"x":46,"y":197,"width":888,"height":11}},{"id":"098af011-b05f-418b-8ac3-ec4c00b4fbf5","block_type":"box","text":"growth and stability of the Hong Kong economy. However, it is uncertain how long the currency peg will continue or what effect the","page_number":90,"box":{"x":46,"y":211,"width":838,"height":11}},{"id":"8e6cba86-a061-4c4f-8397-b0df2b4e5dc7","block_type":"box","text":"establishment of an alternative exchange rate system would have on Hong Kong’s economy. Such a change could result in a decline in a","page_number":90,"box":{"x":46,"y":226,"width":869,"height":10}},{"id":"336e4d77-4be6-4724-b15d-a0cb203f7828","block_type":"box","text":"Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":90,"box":{"x":46,"y":240,"width":385,"height":8}},{"id":"c85a143d-0fee-4389-88c8-a8736574dbbe","block_type":"box","text":"Limited Information, Legal Remedies and VIE Structure Risk.","page_number":90,"box":{"x":46,"y":263,"width":376,"height":11}},{"id":"fb9718eb-4708-4efa-b824-34530053aac3","block_type":"box","text":"Chinese companies, including Chinese companies that are listed on U.S.","page_number":90,"box":{"x":428,"y":263,"width":462,"height":11}},{"id":"a5ece96e-6401-4518-b078-1eed013f04e7","block_type":"box","text":"exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more","page_number":90,"box":{"x":46,"y":277,"width":896,"height":11}},{"id":"cbfa0587-0880-4be3-97b5-088a54bec18b","block_type":"box","text":"developed countries. As a result, information about the Chinese securities in which the Fund invests may be less reliable or complete.","page_number":90,"box":{"x":46,"y":291,"width":855,"height":11}},{"id":"a38201b7-3daf-4e9f-a869-30aa73426ead","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor","page_number":90,"box":{"x":46,"y":305,"width":864,"height":11}},{"id":"86a3a386-6715-412d-bd83-d5fad1df705d","block_type":"box","text":"oversight requirements, or for other reasons, which would significantly decrease the liquidity and value of the securities. There may be","page_number":90,"box":{"x":46,"y":320,"width":859,"height":11}},{"id":"421e9f2e-ab60-49bd-8b1b-98ba1822acb7","block_type":"box","text":"significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders","page_number":90,"box":{"x":46,"y":334,"width":876,"height":11}},{"id":"6692b93c-537a-4cbb-b0c1-dd7521d5b9af","block_type":"box","text":"may have limited legal remedies. The Funds do not select investments based on investor protection considerations.","page_number":90,"box":{"x":46,"y":348,"width":738,"height":11}},{"id":"d8162ad5-abcb-42ac-a424-d59b1f80c2dd","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of foreign ownership","page_number":90,"box":{"x":46,"y":371,"width":889,"height":11}},{"id":"47028dd9-3b6c-45e6-9011-5dd9ab27317f","block_type":"box","text":"restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another jurisdiction to issue stock to public","page_number":90,"box":{"x":46,"y":385,"width":869,"height":11}},{"id":"0d030094-19b4-4749-b321-22ac31e20d32","block_type":"box","text":"shareholders. When a VIE structure is used by a Chinese company to list its stock in the U.S., instead of owning the equity securities of the","page_number":90,"box":{"x":46,"y":400,"width":887,"height":10}},{"id":"4013f0ec-7226-4886-bff9-04e8a6c163d7","block_type":"box","text":"Chinese company, the U.S.-listed shell company directly or indirectly enters into contracts with the Chinese operating company under","page_number":90,"box":{"x":46,"y":414,"width":858,"height":11}},{"id":"25f9d103-d768-45ec-8364-b8d8e7e61c2b","block_type":"box","text":"Chinese law. These contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":90,"box":{"x":46,"y":428,"width":852,"height":11}},{"id":"fcc5b2b3-119d-4e50-af61-306e229bb4fa","block_type":"box","text":"represent equity ownership in the operating company.","page_number":90,"box":{"x":46,"y":442,"width":344,"height":11}},{"id":"92743009-ceb8-481a-9b92-527baf095922","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been formally recognized under","page_number":90,"box":{"x":45,"y":465,"width":888,"height":11}},{"id":"bd462efe-7163-4681-92ce-95a84dda9e75","block_type":"box","text":"Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based companies raising capital offshore,","page_number":90,"box":{"x":46,"y":480,"width":905,"height":10}},{"id":"a732c673-0af2-499a-ba8a-2bfa8a2c3cf7","block_type":"box","text":"including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”) released new rules that permit the use of VIE","page_number":90,"box":{"x":46,"y":494,"width":848,"height":11}},{"id":"db02da27-6fe1-4a95-9139-49dc4eed8c51","block_type":"box","text":"structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo","page_number":90,"box":{"x":46,"y":508,"width":890,"height":11}},{"id":"3504ed6c-005c-4bf3-8578-75d49eab2b08","block_type":"box","text":"greater scrutiny and add costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":90,"box":{"x":46,"y":522,"width":855,"height":11}},{"id":"65d93af4-6c35-4f6e-b2d9-5fa2ad09288f","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s business in China, the","page_number":90,"box":{"x":46,"y":536,"width":898,"height":11}},{"id":"759fc5ee-e1e2-4d2b-b097-365cb44ef9fd","block_type":"box","text":"enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese company and the value of the U.S.-listed stock.","page_number":90,"box":{"x":46,"y":550,"width":892,"height":11}},{"id":"de07953d-6f63-4bc7-9c6e-5149bcd3ae8a","block_type":"box","text":"Further, the VIE contractual arrangement would likely be subject to Chinese law and jurisdiction, and remedies available to the U.S.-listed","page_number":90,"box":{"x":46,"y":565,"width":880,"height":10}},{"id":"50def20e-50d9-47c2-9d2e-f0e629ded513","block_type":"box","text":"shell company are uncertain and could be ineffective. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":90,"box":{"x":46,"y":579,"width":904,"height":11}},{"id":"eabde48b-9568-4d3d-88e7-d9601eaff276","block_type":"box","text":"arrangements or the legal or regulatory environment in China, generally or with respect to specific industries, could result in significant, and","page_number":90,"box":{"x":46,"y":593,"width":894,"height":11}},{"id":"b3e4d5b7-0645-4f4d-b2c4-136380400a4f","block_type":"box","text":"possibly permanent and/or total, losses to a Fund.","page_number":90,"box":{"x":46,"y":607,"width":324,"height":11}},{"id":"22f9481c-64d1-4fea-8920-5c8c78996147","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":90,"box":{"x":46,"y":630,"width":285,"height":11}},{"id":"c96fbec0-0a35-4519-96c0-d5dd37b76547","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":90,"box":{"x":337,"y":630,"width":569,"height":11}},{"id":"5c7a618e-1e59-4df7-9c90-723578b2d72b","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":90,"box":{"x":46,"y":645,"width":878,"height":10}},{"id":"f6c2c044-f84c-4af6-99c2-292d98e8361f","block_type":"box","text":"sectors (","page_number":90,"box":{"x":46,"y":659,"width":55,"height":11}},{"id":"7c0cf080-5d82-4497-bebf-2e8c1274b639","block_type":"box","text":"e.g.,","page_number":90,"box":{"x":102,"y":661,"width":25,"height":9}},{"id":"4fe063c7-1c45-4a17-83b3-17becfd008e7","block_type":"box","text":"the financial services sector) as the primary means of economic growth. A prolonged slowdown in one or more services sectors","page_number":90,"box":{"x":133,"y":659,"width":817,"height":11}},{"id":"6d7b39db-d4c1-465f-aa05-244d24542bb4","block_type":"box","text":"is likely to have a negative impact on economies of certain developed countries, although economies of individual developed countries can","page_number":90,"box":{"x":46,"y":673,"width":886,"height":11}},{"id":"26ef8425-eb0a-4a7e-9db7-15231285c127","block_type":"box","text":"be impacted by slowdowns in other sectors. In the past, certain developed countries have been targets of terrorism, and some geographic","page_number":90,"box":{"x":46,"y":687,"width":883,"height":11}},{"id":"19f008aa-b920-400a-a713-3ebda1020ca3","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":90,"box":{"x":46,"y":701,"width":874,"height":11}},{"id":"7f8d699a-c742-4eb0-96c0-f6678002f285","block_type":"box","text":"concerns and other security concerns. These situations may cause uncertainty in the financial markets in these countries or geographic","page_number":90,"box":{"x":46,"y":715,"width":867,"height":11}},{"id":"7cf96536-9eb8-4654-ad10-0eb9115dcfb1","block_type":"box","text":"areas and may adversely affect the performance of the issuers to which a Fund has exposure. Heavy regulation of certain markets, including","page_number":90,"box":{"x":46,"y":730,"width":897,"height":10}},{"id":"310712da-8184-4de4-b646-05c8047beb4b","block_type":"box","text":"labor and product markets, may have an adverse effect on certain issuers. Such regulations may negatively affect economic growth or cause","page_number":90,"box":{"x":46,"y":744,"width":900,"height":11}},{"id":"00ade3ad-7016-4d46-bfb9-cc9f35870abc","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":90,"box":{"x":46,"y":758,"width":860,"height":11}},{"id":"2ea800e2-6f54-4ced-801b-aff15949743c","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":90,"box":{"x":46,"y":772,"width":876,"height":11}},{"id":"deb6cbd2-1ca4-4fd2-a88d-81e49c8f39a6","block_type":"box","text":"country economies.","page_number":90,"box":{"x":46,"y":786,"width":125,"height":11}},{"id":"754dd29d-c1fc-455d-ba94-2c138b87b11b","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":90,"box":{"x":46,"y":809,"width":267,"height":11}},{"id":"09d74495-f842-4d5a-930b-5f7e000468ee","block_type":"box","text":"Investments in emerging market issuers may be subject to a greater risk of loss than investments","page_number":90,"box":{"x":319,"y":810,"width":625,"height":10}},{"id":"0929de3e-a4d7-4bf3-810d-f315d4d6de70","block_type":"box","text":"in issuers located or operating in more developed markets. This is due to, among other things, the potential for greater market volatility,","page_number":90,"box":{"x":46,"y":824,"width":869,"height":11}},{"id":"07d2432b-669e-4013-80fd-ccd69798013b","block_type":"box","text":"lower trading volume, higher levels of inflation, social, political or economic instability, greater risk of a market shutdown and more","page_number":90,"box":{"x":46,"y":838,"width":836,"height":11}},{"id":"ff516ed8-cbc2-4399-95b1-d57b02810fce","block_type":"box","text":"governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets.","page_number":90,"box":{"x":46,"y":852,"width":838,"height":11}},{"id":"506f71d5-69bb-4a47-9337-e8039c48c985","block_type":"box","text":"Some emerging market countries may experience economic instability, including instability resulting from substantial rates of inflation or","page_number":90,"box":{"x":46,"y":875,"width":876,"height":11}},{"id":"598317de-6766-46c3-864b-e29088fc81f9","block_type":"box","text":"significant devaluations of their currency, or economic recessions, which would have a negative effect on the economies and financial","page_number":90,"box":{"x":46,"y":889,"width":855,"height":11}},{"id":"d4ce1d11-0015-40a4-adbd-27ec96d7cefa","block_type":"box","text":"19","page_number":90,"box":{"x":494,"y":944,"width":11,"height":8}},{"id":"1742ff0a-2f41-4d24-9023-fb817d8662cf","block_type":"box","text":"markets of their economies. Some of these countries may impose restrictions on the exchange or export of currency or adverse currency","page_number":91,"box":{"x":46,"y":46,"width":878,"height":11}},{"id":"f14dc87e-7bc8-418b-b811-9bff315fcf8f","block_type":"box","text":"exchange rates, and there may be a lack of available currency hedging instruments.","page_number":91,"box":{"x":46,"y":61,"width":533,"height":10}},{"id":"61f0ed79-bea8-4243-8316-15e2fd37b646","block_type":"box","text":"Disparities of wealth, the pace and success of democratization and ethnic, religious and racial disaffection, among other factors, may","page_number":91,"box":{"x":46,"y":84,"width":853,"height":11}},{"id":"fc338cf7-9b43-42c1-a906-afdfd7b931a9","block_type":"box","text":"exacerbate unrest or violence in certain countries. Unanticipated or sudden political or social developments may result in sudden and","page_number":91,"box":{"x":46,"y":98,"width":854,"height":11}},{"id":"1858869b-2a20-4947-8aeb-112a555ed48f","block_type":"box","text":"significant investment losses.","page_number":91,"box":{"x":46,"y":112,"width":188,"height":11}},{"id":"cebd3267-ef08-413d-a426-a1eee6428b29","block_type":"box","text":"Companies in many emerging markets are not subject to the same degree of regulatory requirements, accounting standards or auditor","page_number":91,"box":{"x":46,"y":135,"width":863,"height":11}},{"id":"e2099899-645f-4916-ae85-6f64e7937569","block_type":"box","text":"oversight as companies in more developed countries, and as a result, information about the securities in which a Fund invests may be less","page_number":91,"box":{"x":46,"y":150,"width":884,"height":10}},{"id":"ca1e5771-9382-4d8c-b3a2-bb1bf0cc3ae3","block_type":"box","text":"reliable or complete. Moreover, emerging markets often have less reliable securities valuations and greater risks associated with the custody","page_number":91,"box":{"x":46,"y":164,"width":903,"height":11}},{"id":"3abcfcbe-4024-49df-b59d-d7a170889b72","block_type":"box","text":"of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or","page_number":91,"box":{"x":46,"y":178,"width":854,"height":11}},{"id":"891449fa-ed20-4ebb-88bb-333e51ccd489","block_type":"box","text":"litigation against companies, and shareholders may have limited legal remedies. A Fund’s investments are not selected based on investor","page_number":91,"box":{"x":46,"y":192,"width":879,"height":11}},{"id":"b93232e5-38b6-4be6-a60a-f710e64e832a","block_type":"box","text":"protection considerations.","page_number":91,"box":{"x":46,"y":206,"width":167,"height":11}},{"id":"89f6a48d-f6a1-466e-a68a-2f1742ed4d6c","block_type":"box","text":"In addition, emerging markets often have greater risk of capital controls through such measures as taxes or interest rate control than","page_number":91,"box":{"x":46,"y":229,"width":852,"height":11}},{"id":"285dd06f-4984-425d-97bc-a3a9205fb316","block_type":"box","text":"developed markets. Certain emerging market countries may also lack the infrastructure necessary to attract large amounts of foreign trade","page_number":91,"box":{"x":46,"y":244,"width":891,"height":10}},{"id":"be9e6e67-8777-4d98-bde3-32b399b86824","block_type":"box","text":"and investment. Chronic structural public sector deficits in some countries may adversely impact a Fund’s investments.","page_number":91,"box":{"x":46,"y":258,"width":765,"height":11}},{"id":"0e6ed9c5-a5f5-4b9b-93ee-9899c45424f8","block_type":"box","text":"Local securities markets in emerging market countries may trade a small number of securities and may be unable to respond effectively to","page_number":91,"box":{"x":47,"y":281,"width":885,"height":11}},{"id":"2a86ce45-d8d3-499e-aebc-bdd41b166e0f","block_type":"box","text":"changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Settlement procedures in","page_number":91,"box":{"x":46,"y":295,"width":857,"height":11}},{"id":"8dc26a28-ec52-44ed-90a6-65e99b6aa5c4","block_type":"box","text":"emerging market countries are frequently less developed and reliable than those in the U.S. (and other developed countries). In addition,","page_number":91,"box":{"x":46,"y":309,"width":874,"height":11}},{"id":"6ce22bcb-b815-4251-9e0a-ef4d62755c85","block_type":"box","text":"significant delays may occur in certain markets in registering the transfer of securities. Settlement or registration problems may make it","page_number":91,"box":{"x":46,"y":324,"width":870,"height":10}},{"id":"40eec321-8940-4b6c-8731-42eb5994a6a1","block_type":"box","text":"more difficult for a Fund to value its portfolio securities and could have an adverse effect on a Fund in seeking to achieve its investment","page_number":91,"box":{"x":46,"y":338,"width":867,"height":11}},{"id":"7852d03b-8d1c-4230-b886-32ae8a41834d","block_type":"box","text":"objective.","page_number":91,"box":{"x":46,"y":352,"width":61,"height":11}},{"id":"4bd73dcd-ab66-45b2-97c4-6bfcf58375b6","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those caused by environmental","page_number":91,"box":{"x":45,"y":375,"width":859,"height":11}},{"id":"22821372-f654-49dc-bd5a-d7a7eac78abd","block_type":"box","text":"changes, social issues and governance risk. Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":91,"box":{"x":46,"y":389,"width":863,"height":11}},{"id":"06a4e225-6399-4349-8107-a939d5efcc25","block_type":"box","text":"generally less available or transparent in these markets.","page_number":91,"box":{"x":46,"y":404,"width":357,"height":10}},{"id":"77578ee7-3e6e-4ac9-ad05-9f97cd01ba5e","block_type":"box","text":"Investments in emerging market countries may be subject to loss due to expropriation, nationalization, confiscation of assets and property or","page_number":91,"box":{"x":46,"y":427,"width":905,"height":11}},{"id":"1b8672d0-5da5-4c3a-ad6d-73fc4bcee660","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested in such countries.","page_number":91,"box":{"x":46,"y":441,"width":699,"height":11}},{"id":"f94ca2f2-a6e4-40f3-9a7c-5879fafd965f","block_type":"box","text":"Risk of Investing in the U.S.","page_number":91,"box":{"x":46,"y":464,"width":190,"height":11}},{"id":"4033f65e-b70f-4967-ae84-0052b8c1c4c4","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":91,"box":{"x":242,"y":464,"width":684,"height":11}},{"id":"d14f1118-ab02-4031-b49e-912424842007","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":91,"box":{"x":46,"y":478,"width":897,"height":11}},{"id":"ae086445-0195-4acf-b738-92348d43cbd3","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":91,"box":{"x":46,"y":492,"width":902,"height":11}},{"id":"cf5d36ad-3575-482e-8bf9-cf34064d83d7","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":91,"box":{"x":46,"y":507,"width":886,"height":10}},{"id":"64664cf6-8732-48c4-a0e6-01ae7be8660c","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":91,"box":{"x":46,"y":521,"width":893,"height":11}},{"id":"bc854759-ef6b-405d-b11c-77a8ae9ed8f6","block_type":"box","text":"financial markets or issuers.","page_number":91,"box":{"x":45,"y":535,"width":180,"height":8}},{"id":"fb7177cc-6dec-4733-a5bf-a2a97e32e035","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":91,"box":{"x":46,"y":558,"width":867,"height":11}},{"id":"dc5fdd6a-5c7d-4c1b-a233-113dffc37619","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":91,"box":{"x":46,"y":572,"width":868,"height":11}},{"id":"ab71ae19-d878-4bb8-9197-299a7f4ab7de","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":91,"box":{"x":46,"y":587,"width":867,"height":10}},{"id":"31835db0-f46b-481c-b4d5-de84263bcd5f","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":91,"box":{"x":46,"y":601,"width":899,"height":11}},{"id":"43199e40-0170-4c7b-8a7c-df648d5d07c3","block_type":"box","text":"system.","page_number":91,"box":{"x":46,"y":616,"width":48,"height":10}},{"id":"57c53366-b2e6-40fa-8d9a-884f9d755778","block_type":"box","text":"Securities Lending Risk.","page_number":91,"box":{"x":46,"y":638,"width":166,"height":11}},{"id":"421156de-adf5-4197-99ef-6bc4a2e6508f","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":91,"box":{"x":217,"y":638,"width":730,"height":11}},{"id":"04e3df9c-b7d4-4263-ba49-cf8a0b6a1beb","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":91,"box":{"x":46,"y":652,"width":897,"height":11}},{"id":"e5a90eb6-08c7-4a8a-b39a-4029d89ebbe5","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":91,"box":{"x":46,"y":666,"width":892,"height":11}},{"id":"a0c48758-a564-4a7f-87cf-9cba616fc3f0","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":91,"box":{"x":46,"y":681,"width":403,"height":10}},{"id":"10709211-fad4-4359-a20b-d1af65f3048f","block_type":"box","text":"Semiconductor Companies Risk.","page_number":91,"box":{"x":46,"y":704,"width":224,"height":11}},{"id":"e5ccb5a4-fd5b-4741-89b1-8ffb4eddf183","block_type":"box","text":"The semiconductor industry is highly cyclical, and semiconductor companies face risks related to rapid","page_number":91,"box":{"x":275,"y":704,"width":659,"height":11}},{"id":"0aa367dd-4b04-4950-b1c7-7299ab4240f8","block_type":"box","text":"technological developments and product obsolescence, frequent new product introduction and unpredictable changes in growth rates.","page_number":91,"box":{"x":46,"y":718,"width":861,"height":11}},{"id":"c67891c3-5ca6-42d5-9abc-2a45e3673cb6","block_type":"box","text":"Growing demand related to AI and other emerging technologies may contribute to increased competition, capacity constraints and customer","page_number":91,"box":{"x":46,"y":732,"width":901,"height":11}},{"id":"b0ad8c70-2458-4eec-af2b-583981479316","block_type":"box","text":"concentration. Capital equipment expenditures as well as research and development costs can be substantial. Semiconductor companies","page_number":91,"box":{"x":46,"y":746,"width":880,"height":11}},{"id":"cfd97a9c-d28d-45a2-88e5-8d9a8fb5ef4c","block_type":"box","text":"depend significantly on patent and intellectual property rights and may be adversely affected by the loss or impairment of these rights.","page_number":91,"box":{"x":46,"y":761,"width":860,"height":10}},{"id":"2f0411fe-eed3-49d4-a3d1-d66173b82379","block_type":"box","text":"Semiconductor manufacturing processes are highly complex and sophisticated, and they are vulnerable to impurities and other disruptions","page_number":91,"box":{"x":46,"y":784,"width":888,"height":11}},{"id":"d6df2a66-f81f-4043-aa54-1e9aea13a624","block_type":"box","text":"that can significantly increase costs and delay production. Semiconductor companies may rely on a limited number of suppliers of the","page_number":91,"box":{"x":46,"y":798,"width":857,"height":11}},{"id":"ed8c7994-fbb5-4fd5-bd46-391ff37ee2a0","block_type":"box","text":"components and raw materials used in their products. Supply chain disruptions or the lack of raw materials can lead to significant","page_number":91,"box":{"x":46,"y":812,"width":830,"height":11}},{"id":"fbf6ba27-d4ec-4977-b934-f8fe348caadb","block_type":"box","text":"operational challenges, including production halts. Semiconductor companies also face competitive challenges in attracting and retaining","page_number":91,"box":{"x":46,"y":826,"width":880,"height":11}},{"id":"59fe10a4-6eeb-4214-bdcd-fcaeed54e8cf","block_type":"box","text":"highly skilled personnel.","page_number":91,"box":{"x":46,"y":841,"width":152,"height":10}},{"id":"78086d80-8dd4-4f9d-b218-216571303438","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":91,"box":{"x":46,"y":864,"width":257,"height":10}},{"id":"f853f208-bf5d-4e05-83be-604b064c1b87","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":91,"box":{"x":309,"y":864,"width":617,"height":11}},{"id":"3ceb066b-9365-4d9a-a614-2e23e3e1f183","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":91,"box":{"x":46,"y":878,"width":862,"height":11}},{"id":"fb2de125-c8ea-462f-baf7-f1bbbe9925e9","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":91,"box":{"x":46,"y":892,"width":868,"height":11}},{"id":"62306211-a7c1-47ef-af94-bf46355cf832","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":91,"box":{"x":46,"y":906,"width":895,"height":11}},{"id":"e3c64df3-0b06-4321-b48f-054b51d4868a","block_type":"box","text":"20","page_number":91,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"e5005db2-2385-4a8f-93d4-cd17b4874073","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":92,"box":{"x":46,"y":46,"width":899,"height":11}},{"id":"65589ed1-2ad2-480f-8a62-f65aaa02e6c7","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":92,"box":{"x":45,"y":61,"width":901,"height":10}},{"id":"1a1b23c3-9131-4aa5-9d7a-3c479ae08808","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":92,"box":{"x":46,"y":75,"width":886,"height":11}},{"id":"4dc71eb6-6a69-4e84-beb6-de79ce27e537","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":92,"box":{"x":45,"y":89,"width":355,"height":11}},{"id":"fc7a9efe-7af9-4f7d-aae6-5a40553afc99","block_type":"box","text":"Small Fund Risk.","page_number":92,"box":{"x":46,"y":112,"width":114,"height":9}},{"id":"36c522d6-2356-4bc0-bf57-1deb7eb23cbc","block_type":"box","text":"When a Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. A Fund’s","page_number":92,"box":{"x":165,"y":112,"width":704,"height":11}},{"id":"8e46e498-b8b0-4229-a8e3-d68be4f4e376","block_type":"box","text":"performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. In addition, a Fund","page_number":92,"box":{"x":46,"y":126,"width":903,"height":11}},{"id":"180fa9fb-abdd-4a93-89df-732c401d0ef0","block_type":"box","text":"may face the risk of being delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from","page_number":92,"box":{"x":46,"y":140,"width":898,"height":11}},{"id":"75c747b3-f4bf-46da-bb5f-a9df8e24d5fb","block_type":"box","text":"the listing exchange, the Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a","page_number":92,"box":{"x":46,"y":155,"width":873,"height":11}},{"id":"0f0f1a3a-ae37-4e51-b640-e0faab084b3b","block_type":"box","text":"Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":92,"box":{"x":46,"y":169,"width":710,"height":11}},{"id":"ad7dbeab-16ec-486a-bdf5-dd922c4194b1","block_type":"box","text":"Sustainability Risk.","page_number":92,"box":{"x":46,"y":192,"width":132,"height":11}},{"id":"d811f841-62ab-48ef-b08b-47feb04191e9","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":92,"box":{"x":183,"y":192,"width":762,"height":11}},{"id":"433702fd-38b0-4d3c-a4fd-7c913dc31d59","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":92,"box":{"x":46,"y":206,"width":732,"height":11}},{"id":"5d492ba7-df1a-4ee3-9287-7756bbe5e8e2","block_type":"box","text":"Sustainability risk around environmental issues includes, but is not limited to, climate risk, both physical and transition risk. Physical risk","page_number":92,"box":{"x":46,"y":229,"width":874,"height":11}},{"id":"b6df8f2a-8762-4d9f-b11f-ecb3414bcb8a","block_type":"box","text":"arises from the physical effects of climate change, acute or chronic. For example, frequent and severe climate-related events can impact","page_number":92,"box":{"x":46,"y":244,"width":875,"height":10}},{"id":"fa927135-d26f-4ead-a649-970c1da444ef","block_type":"box","text":"products and services and supply chains. Transition risk – whether policy, technology, market or reputation risk – arises from the adjustment","page_number":92,"box":{"x":46,"y":258,"width":901,"height":11}},{"id":"41d6e6b4-bfba-482c-8334-ac88766c5259","block_type":"box","text":"to a low-carbon economy in order to mitigate climate change. Risks related to social issues can include, but are not limited to, labor rights","page_number":92,"box":{"x":46,"y":272,"width":883,"height":11}},{"id":"f8e312cf-b9e9-4f41-a186-90ba08d9b020","block_type":"box","text":"and community relations. Governance-related risks can include but are not limited to risks around board independence, ownership and","page_number":92,"box":{"x":46,"y":286,"width":862,"height":11}},{"id":"176eaa17-17ab-4c5b-9a04-24f5ddf42c15","block_type":"box","text":"control, and audit and tax management. These risks can impact an issuer’s operational effectiveness and resilience as well as its public","page_number":92,"box":{"x":46,"y":300,"width":864,"height":11}},{"id":"953084e6-55f7-4734-8090-097420a0531d","block_type":"box","text":"perception and reputation, affecting its profitability and, in turn, its capital growth and ultimately impacting the value of holdings in a Fund.","page_number":92,"box":{"x":46,"y":315,"width":885,"height":10}},{"id":"2f35c817-a02e-4ef8-b9de-ebf64dfeea54","block_type":"box","text":"These are only examples of sustainability risk factors, and sustainability risk factors do not solely determine the risk profile of the investment.","page_number":92,"box":{"x":45,"y":338,"width":906,"height":11}},{"id":"eb820c0d-ecb7-40c7-b95d-be4c7fe4d7a7","block_type":"box","text":"The relevance, severity, materiality and time horizon of sustainability risk factors and other risks can differ significantly across Funds.","page_number":92,"box":{"x":45,"y":352,"width":852,"height":11}},{"id":"069253e7-6404-4a0d-b1f3-32c0e54aef10","block_type":"box","text":"Sustainability risk can manifest itself through different existing risk types including, but not limited to, market, liquidity, concentration, cr","page_number":92,"box":{"x":46,"y":375,"width":875,"height":11}},{"id":"65a45f65-0474-490f-bf41-fb2c13773236","block_type":"box","text":"edit","page_number":92,"box":{"x":922,"y":375,"width":23,"height":9}},{"id":"99a9c372-d168-4b71-9ee6-d36c47477004","block_type":"box","text":"and asset-liability mismatch risk. For example, a Fund may invest in the securities of an issuer that could face potentially reduced revenues","page_number":92,"box":{"x":46,"y":389,"width":890,"height":11}},{"id":"ce838fa5-3852-413e-81c9-88097b70a945","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":92,"box":{"x":46,"y":403,"width":343,"height":11}},{"id":"db65dc4b-33ef-4281-adb2-78603065b464","block_type":"box","text":"e.g","page_number":92,"box":{"x":390,"y":406,"width":19,"height":8}},{"id":"0877f414-4012-495d-8f2a-6396f8437a95","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":92,"box":{"x":409,"y":404,"width":535,"height":10}},{"id":"e4bdcf5e-d1d2-482c-8a5b-9bc91b4bc55a","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":92,"box":{"x":46,"y":418,"width":467,"height":10}},{"id":"b6b7df4f-ee27-4050-b745-74231f0ab606","block_type":"box","text":"e.g","page_number":92,"box":{"x":515,"y":420,"width":19,"height":8}},{"id":"8678eb59-162b-44c2-8c57-a5dbc8363c80","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":92,"box":{"x":534,"y":418,"width":411,"height":10}},{"id":"8b8e5054-b6ee-4b39-b87d-9fc58e9689c8","block_type":"box","text":"or increased production costs due to changing input prices). As a result, sustainability risk factors may have a material impact on an","page_number":92,"box":{"x":46,"y":432,"width":845,"height":11}},{"id":"10b0f6d3-c487-4c3f-be9f-5401537ecf39","block_type":"box","text":"investment, may increase volatility, may affect liquidity and may have an adverse impact on the value of shares of a Fund.","page_number":92,"box":{"x":46,"y":446,"width":776,"height":11}},{"id":"ef5cd381-3913-4d52-865a-05f7db67d12d","block_type":"box","text":"The impact of those risks may be higher for Funds with particular sectoral or geographic concentrations. For example, Funds with geographic","page_number":92,"box":{"x":45,"y":469,"width":903,"height":11}},{"id":"98c20370-04bc-41ef-a5c0-3abdcdec448c","block_type":"box","text":"concentration in locations susceptible to adverse weather conditions where the value of the investments in the Funds may be more","page_number":92,"box":{"x":46,"y":483,"width":840,"height":11}},{"id":"49dfc7b6-b22c-4125-9685-7a4e94a49c6c","block_type":"box","text":"susceptible to adverse physical climate events, or Funds with specific sectoral concentrations, such as investing in industries or issuers with","page_number":92,"box":{"x":46,"y":498,"width":898,"height":10}},{"id":"62972d98-dcb2-4167-be9b-3a2915c9b775","block_type":"box","text":"high carbon intensity or high switching costs associated with the transition to low carbon alternatives, may be more impacted by climate","page_number":92,"box":{"x":46,"y":512,"width":873,"height":11}},{"id":"17081dfa-d4e3-49f6-8119-458d239584ad","block_type":"box","text":"transition risks.","page_number":92,"box":{"x":46,"y":526,"width":97,"height":8}},{"id":"6e59cc78-0228-43f3-85fc-d189f0c562da","block_type":"box","text":"All or a combination of these factors may have an unpredictable impact on a Fund’s investments. Under normal market conditions, such","page_number":92,"box":{"x":45,"y":549,"width":870,"height":11}},{"id":"dea96414-92b9-4530-85a6-f47680f1eca8","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":92,"box":{"x":46,"y":563,"width":442,"height":11}},{"id":"3520620f-c349-40c0-a3d8-a636e984ef15","block_type":"box","text":"Assessments of sustainability risk are specific to the asset class and to a fund’s investment objective. Different asset classes require","page_number":92,"box":{"x":45,"y":587,"width":851,"height":10}},{"id":"3622ccfb-5f00-4ffc-acde-722e23f6d3ad","block_type":"box","text":"different data and tools to apply heightened scrutiny, assess materiality, and make meaningful differentiation among issuers and assets. To","page_number":92,"box":{"x":46,"y":601,"width":889,"height":11}},{"id":"7a73e922-7dae-4232-bcde-a525b7bcad15","block_type":"box","text":"the extent consistent with a Fund’s investment objective, risks are considered and risk managed concurrently, by prioritizing in part based on","page_number":92,"box":{"x":46,"y":615,"width":903,"height":11}},{"id":"34fbd8ee-ef41-4f20-891b-3238c00026ff","block_type":"box","text":"materiality and on the Fund’s objective.","page_number":92,"box":{"x":46,"y":629,"width":251,"height":11}},{"id":"b5827d10-cd33-4b1b-a3e1-5c7f8df69ad4","block_type":"box","text":"The impacts of sustainability risk are likely to develop over time, and new sustainability risks may be identified as further data and","page_number":92,"box":{"x":45,"y":652,"width":830,"height":11}},{"id":"ac58fec3-dd5e-492e-8f94-b086fb0a4dde","block_type":"box","text":"information regarding sustainability factors and impacts become available.","page_number":92,"box":{"x":46,"y":666,"width":476,"height":11}},{"id":"09f5cb6a-298d-44f1-b7bc-bf231f8403de","block_type":"box","text":"Technology Companies Risk.","page_number":92,"box":{"x":45,"y":690,"width":198,"height":10}},{"id":"57588150-50a0-49e5-9365-d8d7f0c3c4dc","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":92,"box":{"x":248,"y":690,"width":693,"height":11}},{"id":"2753ded7-5452-4cfd-a992-147ed558a250","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":92,"box":{"x":46,"y":704,"width":883,"height":11}},{"id":"7488c8b3-c180-41ae-aa0f-cdf7f9b2b121","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":92,"box":{"x":46,"y":718,"width":887,"height":11}},{"id":"fc3eb551-c213-4664-a81b-133de0a17015","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":92,"box":{"x":46,"y":732,"width":905,"height":11}},{"id":"27170e3e-4537-402f-ae47-3b0320b6b8e5","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":92,"box":{"x":46,"y":746,"width":891,"height":11}},{"id":"f3ff0896-7e4d-4569-83c9-53d6a79329ed","block_type":"box","text":"profitability. 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ordinary","page_number":95,"box":{"x":47,"y":121,"width":899,"height":11}},{"id":"22943bce-04c2-49d9-8eb7-2da0a3779797","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":95,"box":{"x":46,"y":135,"width":879,"height":11}},{"id":"9479afc1-6c05-4d2d-a0ab-9e058f27062f","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":95,"box":{"x":46,"y":150,"width":858,"height":10}},{"id":"6ced1617-9d4c-41b6-90d6-e950498854d7","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":95,"box":{"x":46,"y":164,"width":903,"height":11}},{"id":"f4998017-ba46-4485-aaa8-26583a2be1ad","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":95,"box":{"x":46,"y":178,"width":855,"height":11}},{"id":"0b61d1db-0323-441e-9d62-793fb8a3c391","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":95,"box":{"x":47,"y":201,"width":902,"height":11}},{"id":"eb28565b-4591-4f22-a931-feec78dfef1b","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":95,"box":{"x":46,"y":215,"width":889,"height":11}},{"id":"b42da9da-7f4b-4192-84f1-24fb9e06aae6","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":95,"box":{"x":46,"y":229,"width":856,"height":11}},{"id":"4177f7b5-2c54-4c98-b07c-ebad67aba082","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":95,"box":{"x":46,"y":244,"width":867,"height":10}},{"id":"487e15a7-e2ff-4d3a-80de-183fe23b7c5c","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":95,"box":{"x":46,"y":258,"width":855,"height":11}},{"id":"42b22f5d-1a4f-45a5-a3a5-c97a334938a0","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":95,"box":{"x":46,"y":272,"width":861,"height":11}},{"id":"970161fc-d773-473c-976a-378228274542","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":95,"box":{"x":46,"y":286,"width":411,"height":11}},{"id":"09da6554-d682-4b02-a645-1ca2238e6606","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":95,"box":{"x":45,"y":309,"width":892,"height":11}},{"id":"68744e0d-2bf1-490c-b465-e684c1d247eb","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":95,"box":{"x":46,"y":324,"width":863,"height":10}},{"id":"5a7f5b8c-6777-4a4a-b435-679e47fba380","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":95,"box":{"x":46,"y":338,"width":845,"height":11}},{"id":"bb753d92-733d-43d5-81c4-06e4e17d0ce6","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":95,"box":{"x":46,"y":352,"width":695,"height":11}},{"id":"db36c437-1f12-4f51-9801-336a86fcbdf1","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":95,"box":{"x":45,"y":375,"width":872,"height":11}},{"id":"12b518bb-3e91-45d6-a95d-f6681b6da073","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":95,"box":{"x":46,"y":389,"width":348,"height":11}},{"id":"3ef5e646-7bfa-4e03-ac77-8b66217d8407","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":95,"box":{"x":47,"y":412,"width":891,"height":11}},{"id":"ac301990-f623-475e-bc57-e81ed05cfc51","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":95,"box":{"x":45,"y":427,"width":874,"height":11}},{"id":"6b121fc5-9100-4b9e-a107-4ee9cd9bde2d","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":95,"box":{"x":46,"y":441,"width":903,"height":11}},{"id":"aad97913-a1e3-4bd5-b221-45d6b954e757","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":95,"box":{"x":45,"y":455,"width":898,"height":11}},{"id":"2e8ceac3-5f69-4b4d-84a0-61a5f6a06ba4","block_type":"box","text":"possible.","page_number":95,"box":{"x":46,"y":469,"width":55,"height":11}},{"id":"50683f11-ab50-4e73-b541-5ee98166fe41","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":95,"box":{"x":46,"y":492,"width":889,"height":11}},{"id":"005909af-1014-4951-b66b-005d7c0a06f0","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":95,"box":{"x":46,"y":507,"width":857,"height":10}},{"id":"3fb0e5fa-8c7a-45ec-b77d-f555b0e81238","block_type":"box","text":"employees or clients.","page_number":95,"box":{"x":46,"y":521,"width":135,"height":11}},{"id":"722203cf-7978-4596-84dd-571b1ee6d8f4","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":95,"box":{"x":46,"y":544,"width":877,"height":11}},{"id":"3523e202-d482-4be9-afae-3e4717c7453d","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":95,"box":{"x":46,"y":558,"width":851,"height":11}},{"id":"0fb8134d-5455-468b-98d0-5ffd7ddc6e6f","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":95,"box":{"x":46,"y":572,"width":440,"height":11}},{"id":"cfcd2aeb-6505-478a-9e3b-7768318029dd","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":95,"box":{"x":45,"y":596,"width":902,"height":10}},{"id":"028fc035-8bb9-4d26-973c-975fc43dcbfd","block_type":"box","text":"such restrictions.","page_number":95,"box":{"x":46,"y":610,"width":109,"height":8}},{"id":"c33424cd-8175-4c5a-bfe6-c14a6d78cb01","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":95,"box":{"x":46,"y":633,"width":863,"height":11}},{"id":"c865d8b1-44b6-40b5-bf13-111b3cadb3e5","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":95,"box":{"x":46,"y":647,"width":855,"height":11}},{"id":"28f6722c-4e30-4117-8f8b-90c792ad8b5c","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":95,"box":{"x":46,"y":661,"width":863,"height":11}},{"id":"a1548ec0-b3d8-4450-9855-60dce17a893f","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":95,"box":{"x":46,"y":675,"width":877,"height":11}},{"id":"7a484fd1-3b9b-45b7-a682-52731357390e","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":95,"box":{"x":46,"y":690,"width":363,"height":11}},{"id":"fa3b0abe-eae0-43ce-9ffd-ee5157bcee83","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":95,"box":{"x":46,"y":713,"width":895,"height":11}},{"id":"61fade22-adf1-40b4-ad26-7210a1d6913c","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":95,"box":{"x":46,"y":727,"width":859,"height":11}},{"id":"add921e2-16d8-4dcc-8ecb-12fb9e25a057","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":95,"box":{"x":46,"y":741,"width":855,"height":11}},{"id":"8ba0dcb3-b689-4129-9923-0170a1d62c1c","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":95,"box":{"x":46,"y":755,"width":894,"height":11}},{"id":"e9dac081-e328-4c70-ae15-53863c08862a","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":95,"box":{"x":45,"y":770,"width":872,"height":10}},{"id":"50f00b32-798a-4180-9355-9379cc4b3838","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":95,"box":{"x":46,"y":784,"width":848,"height":11}},{"id":"ee87d797-7ed0-40bf-a02d-6b008f164526","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":95,"box":{"x":47,"y":798,"width":342,"height":11}},{"id":"a8d7cfa3-353f-4e51-9ae2-7514658bdc5b","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":95,"box":{"x":47,"y":821,"width":893,"height":11}},{"id":"a750b087-5737-4cbf-ae35-9e1f7b2b86ab","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":95,"box":{"x":46,"y":835,"width":885,"height":11}},{"id":"d5e653a1-6b3c-462f-b67f-0801ed452d38","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":95,"box":{"x":46,"y":850,"width":896,"height":10}},{"id":"5b6e1129-a248-42f0-936e-3298088cb846","block_type":"box","text":"licensees.","page_number":95,"box":{"x":46,"y":864,"width":62,"height":8}},{"id":"4ded2438-f317-4d66-8189-9f9c17e1670f","block_type":"box","text":"24","page_number":95,"box":{"x":491,"y":944,"width":16,"height":8}},{"id":"a3cec02e-a959-441a-80ed-9f6da82619e4","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":96,"box":{"x":45,"y":46,"width":876,"height":11}},{"id":"fece45cc-37ed-4a8e-a221-55ab688d1c9b","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":96,"box":{"x":46,"y":61,"width":886,"height":10}},{"id":"e3008195-56eb-4408-8511-175493cd9ac5","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":96,"box":{"x":46,"y":75,"width":326,"height":8}},{"id":"c7b27fcf-da46-4e11-b078-a37bf5f867d0","block_type":"box","text":"Shareholder Information","page_number":96,"box":{"x":46,"y":104,"width":241,"height":13}},{"id":"177f15e8-e190-4fa1-9778-bb231793cbdd","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":96,"box":{"x":45,"y":133,"width":820,"height":11}},{"id":"771360c8-793b-41a7-bbdc-4cbbf6b32a83","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":96,"box":{"x":48,"y":147,"width":383,"height":11}},{"id":"a24d3e07-a0a6-427a-9d01-a2f2bae0b1b9","block_type":"box","text":"Buying and Selling Shares","page_number":96,"box":{"x":46,"y":170,"width":181,"height":11}},{"id":"c0c16b53-9045-45f8-b533-b7f27970e5a3","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":96,"box":{"x":45,"y":193,"width":840,"height":11}},{"id":"7a35a0ff-1a84-4f09-9215-5d25d686863e","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":96,"box":{"x":46,"y":208,"width":584,"height":10}},{"id":"cb92f49e-deff-48ef-a8c7-d28915b692c6","block_type":"box","text":"i.e","page_number":96,"box":{"x":631,"y":208,"width":14,"height":8}},{"id":"4900dbbf-c725-4212-8e4a-f2589c923ec9","block_type":"box","text":"., financial institutions that are authorized to","page_number":96,"box":{"x":647,"y":208,"width":282,"height":10}},{"id":"11e46661-dd96-4c5d-a7b4-3e00892d2e0c","block_type":"box","text":"participate in such transactions), as described in the","page_number":96,"box":{"x":46,"y":222,"width":335,"height":11}},{"id":"1db272ac-220d-4238-822e-e52125d34564","block_type":"box","text":"Creations and Redemptions","page_number":96,"box":{"x":386,"y":222,"width":174,"height":10}},{"id":"6443de11-9d67-41e3-b1f6-b2c2f67d8c8e","block_type":"box","text":"section below.","page_number":96,"box":{"x":565,"y":222,"width":90,"height":8}},{"id":"b2a1851f-50a4-4e89-922c-a70676309506","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":96,"box":{"x":46,"y":245,"width":904,"height":11}},{"id":"9a34ba20-f9c0-470f-81dc-ecf3a3bbd27a","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":96,"box":{"x":46,"y":259,"width":861,"height":11}},{"id":"6feb81df-c21c-4d45-82b5-5ed8a140dfa1","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":96,"box":{"x":46,"y":273,"width":856,"height":11}},{"id":"f78cd804-a566-4422-b953-680be3968edf","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":96,"box":{"x":46,"y":287,"width":597,"height":11}},{"id":"fcbf522d-4ebb-4bee-add7-5b46824d0082","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":96,"box":{"x":47,"y":311,"width":899,"height":11}},{"id":"677c9455-11af-4570-ba7d-e86278ce5d10","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":96,"box":{"x":46,"y":325,"width":868,"height":11}},{"id":"aeefe73f-7a61-4ff2-88f9-06c21201d6c2","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":96,"box":{"x":46,"y":339,"width":888,"height":11}},{"id":"f90258ed-d401-4ab5-a3cd-877f53cd0bb5","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":96,"box":{"x":46,"y":353,"width":884,"height":11}},{"id":"10ec52a2-efb5-4d04-bfac-2ac0280eacb4","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":96,"box":{"x":45,"y":367,"width":905,"height":11}},{"id":"ec636adb-6ce6-4ba5-8433-a7fd1ac01383","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":96,"box":{"x":46,"y":382,"width":897,"height":10}},{"id":"6a185551-1f2e-4f22-b11f-98f6efa45621","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":96,"box":{"x":45,"y":396,"width":888,"height":11}},{"id":"30c418f6-1365-4d08-82dc-564abcb31fa0","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":96,"box":{"x":46,"y":410,"width":713,"height":11}},{"id":"88fdaf94-c1d8-47c6-b6df-8229860748af","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":96,"box":{"x":45,"y":433,"width":903,"height":11}},{"id":"f6d9e817-1fb7-4e23-a1c5-14858cd0df30","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":96,"box":{"x":45,"y":447,"width":856,"height":11}},{"id":"40899d69-20da-44a8-bb39-549c0ba4ee3c","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":96,"box":{"x":46,"y":462,"width":613,"height":10}},{"id":"2488ba6a-b2a9-4f75-a60f-9c644c7ba47f","block_type":"box","text":"Investments in Investment Companies","page_number":96,"box":{"x":46,"y":485,"width":269,"height":10}},{"id":"db13f169-7031-4d75-be66-e6f424c8140a","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":96,"box":{"x":46,"y":508,"width":873,"height":11}},{"id":"1e5c229d-9cb2-4781-ac50-1f57f142be11","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":96,"box":{"x":46,"y":522,"width":888,"height":11}},{"id":"d96b21a5-7abd-46c2-84b3-672fec0633b9","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":96,"box":{"x":46,"y":536,"width":847,"height":11}},{"id":"7446d49f-4ab8-434a-a992-cf09f0c74021","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":96,"box":{"x":46,"y":550,"width":897,"height":11}},{"id":"556c6d62-ead9-4c71-9498-5db618c97e96","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":96,"box":{"x":46,"y":565,"width":890,"height":10}},{"id":"83743f32-7340-4c2d-91a2-414aa17d212c","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":96,"box":{"x":46,"y":579,"width":904,"height":11}},{"id":"b679b5d5-9b43-42df-a2dd-40f7313aa9b1","block_type":"box","text":"investment companies and companies controlled by them.","page_number":96,"box":{"x":46,"y":593,"width":373,"height":11}},{"id":"d9dc1b8d-9a33-4bb5-9790-19461f14f553","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":96,"box":{"x":47,"y":616,"width":815,"height":11}},{"id":"3ecf3b05-8a86-4db6-96e0-4098d5ac97dc","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":96,"box":{"x":46,"y":630,"width":864,"height":11}},{"id":"3356d8ca-0baf-4a91-a59f-08a0f49d263f","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":96,"box":{"x":45,"y":645,"width":869,"height":10}},{"id":"ffa9704c-34e4-4207-90f0-29edc19e498c","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":96,"box":{"x":46,"y":659,"width":890,"height":11}},{"id":"32ac16c8-84ad-4c95-8ba4-068912a67344","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":96,"box":{"x":46,"y":673,"width":877,"height":11}},{"id":"755786e4-6726-4ced-b016-7562a8508b9f","block_type":"box","text":"beyond the limits set forth in Section 12(d)(1) should contact BFA.","page_number":96,"box":{"x":46,"y":687,"width":418,"height":11}},{"id":"cd6e21cc-f877-435e-80c9-246857a00b37","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":96,"box":{"x":46,"y":710,"width":884,"height":11}},{"id":"6cdfdafc-956a-4a55-ab35-381f7269ae77","block_type":"box","text":"SEC no-action relief.","page_number":96,"box":{"x":46,"y":724,"width":130,"height":9}},{"id":"0fba206c-7d07-4393-905a-8170ba9a134d","block_type":"box","text":"Book Entry","page_number":96,"box":{"x":46,"y":748,"width":76,"height":10}},{"id":"d5e73179-2417-4547-97c4-77c7b8ad9afc","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":96,"box":{"x":46,"y":771,"width":891,"height":11}},{"id":"a078ac42-d552-4948-adef-62fbbb210415","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":96,"box":{"x":45,"y":785,"width":832,"height":11}},{"id":"1889ab71-61f8-4cf2-a251-d7272f644d65","block_type":"box","text":"outstanding shares of the Funds.","page_number":96,"box":{"x":46,"y":799,"width":209,"height":11}},{"id":"109923b3-8d0d-49a0-b029-ce552ed4bc23","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":96,"box":{"x":46,"y":822,"width":886,"height":11}},{"id":"3fd39833-3443-4a37-8501-89d934a76c2d","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":96,"box":{"x":46,"y":837,"width":863,"height":10}},{"id":"c38d35b7-5ec6-4405-9716-d94cb840e2b3","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":96,"box":{"x":46,"y":851,"width":888,"height":11}},{"id":"6575e5ce-8046-4f8c-a709-3c10625f65ca","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":96,"box":{"x":46,"y":865,"width":873,"height":11}},{"id":"56a5eb02-1b4f-44dd-8e4a-4a921edaffc3","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":96,"box":{"x":46,"y":879,"width":900,"height":11}},{"id":"4353c7d4-2ee5-4b6d-b3e3-6a7afd98224d","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":96,"box":{"x":46,"y":893,"width":329,"height":11}},{"id":"e0ab6b7b-6f64-48e3-8d6b-476f3c602f7f","block_type":"box","text":"25","page_number":96,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"df3dab8b-4a7f-44be-92ad-21c51c373085","block_type":"box","text":"Share Prices","page_number":97,"box":{"x":46,"y":46,"width":87,"height":9}},{"id":"99c2fdfb-62f7-4ed3-a580-57bb8e4e675c","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":97,"box":{"x":45,"y":70,"width":895,"height":10}},{"id":"f50d559d-ca4f-4359-a974-1ef846a0b184","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":97,"box":{"x":46,"y":84,"width":876,"height":11}},{"id":"8011a7c3-70c0-4df1-b796-d5b5c25afae5","block_type":"box","text":"conditions.","page_number":97,"box":{"x":46,"y":98,"width":69,"height":8}},{"id":"fca7ef11-914a-4cff-bc23-745935511f53","block_type":"box","text":"Determination of Net Asset Value","page_number":97,"box":{"x":46,"y":121,"width":233,"height":9}},{"id":"51944d40-9d68-42ea-9ef0-ee9b09d25d92","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":97,"box":{"x":45,"y":144,"width":873,"height":11}},{"id":"a6581977-0435-429d-b1ea-56c952d3208e","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":97,"box":{"x":46,"y":159,"width":904,"height":10}},{"id":"25a9bfb3-0226-466f-b80b-6ca85635c254","block_type":"box","text":"on prices at the time of closing.","page_number":97,"box":{"x":46,"y":173,"width":200,"height":11}},{"id":"07f8fa0c-efbb-42c0-81da-be36a184f37a","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":97,"box":{"x":45,"y":196,"width":884,"height":11}},{"id":"22a50035-0060-4a57-8f1b-13b3f0310062","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":97,"box":{"x":46,"y":210,"width":554,"height":11}},{"id":"c09d1330-43eb-4f28-99e1-ece3bba81e57","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":97,"box":{"x":45,"y":233,"width":501,"height":11}},{"id":"eea0e86f-a952-4771-a43c-369186fa79e8","block_type":"box","text":"i.e","page_number":97,"box":{"x":547,"y":233,"width":15,"height":9}},{"id":"5e675f7f-71d9-4c67-82a6-4c7cef7bed9b","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":97,"box":{"x":563,"y":233,"width":354,"height":11}},{"id":"15380ec8-e2a2-40e9-b10e-f7b953fcd031","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":97,"box":{"x":46,"y":247,"width":858,"height":11}},{"id":"17b46124-867a-4d23-b5c6-33d0ce1444c2","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":97,"box":{"x":46,"y":262,"width":884,"height":10}},{"id":"c7092197-ad14-41bf-8da5-7b9a2bcd2126","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":97,"box":{"x":47,"y":276,"width":880,"height":11}},{"id":"d3ce1971-237c-413b-9f09-b8402df2965b","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":97,"box":{"x":46,"y":299,"width":868,"height":11}},{"id":"2ce41c08-3fad-4246-9be0-cf0f43cf4b61","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":97,"box":{"x":46,"y":313,"width":896,"height":11}},{"id":"4a220926-9923-47a2-9037-3f56cc7e2b57","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":97,"box":{"x":46,"y":327,"width":903,"height":11}},{"id":"63001813-172b-4935-be21-6d65830df324","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":97,"box":{"x":46,"y":342,"width":897,"height":10}},{"id":"f8bb001e-770a-434d-8090-5091006d7af5","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":97,"box":{"x":46,"y":356,"width":887,"height":11}},{"id":"f82d3ac3-17f7-4ae5-a6fc-0ebbef1a6fc9","block_type":"box","text":"price.","page_number":97,"box":{"x":46,"y":370,"width":34,"height":11}},{"id":"b9fcb005-a33a-4e63-8708-c0a1de643762","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":97,"box":{"x":46,"y":393,"width":905,"height":11}},{"id":"8d7e46c4-2a8a-4d25-9766-5f1e836bacdd","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":97,"box":{"x":46,"y":407,"width":891,"height":11}},{"id":"69668846-5e43-485e-99bd-a29e6b5b2447","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":97,"box":{"x":45,"y":422,"width":862,"height":10}},{"id":"2d2f4402-afc2-4bbd-a8fa-890c5a6fc709","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":97,"box":{"x":46,"y":436,"width":901,"height":11}},{"id":"27ccda48-881a-4153-8195-1d53792515d1","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":97,"box":{"x":46,"y":450,"width":905,"height":11}},{"id":"25a07389-f33d-46a0-b879-75ecd94b599b","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":97,"box":{"x":46,"y":464,"width":899,"height":11}},{"id":"7f25be8d-8d48-4673-8beb-98122acf8b71","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":97,"box":{"x":46,"y":478,"width":903,"height":11}},{"id":"72f841bf-5ef3-44b8-8f34-cbb83e8343a1","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":97,"box":{"x":47,"y":492,"width":491,"height":11}},{"id":"4e49e4bb-9520-4490-b17c-f7b16a054030","block_type":"box","text":"Generally, trading in certain instruments (","page_number":97,"box":{"x":46,"y":516,"width":265,"height":10}},{"id":"be445533-ddb7-4f0f-b721-cfec9f2b9aee","block_type":"box","text":"e.g","page_number":97,"box":{"x":312,"y":518,"width":19,"height":8}},{"id":"51e79fc3-4a98-4eb2-8ae7-52945c80c087","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":97,"box":{"x":332,"y":516,"width":599,"height":10}},{"id":"6d6036f6-2aa6-4103-8dd5-c8dcb1b8f673","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":97,"box":{"x":45,"y":530,"width":870,"height":11}},{"id":"4a0f770d-4eb7-4712-894d-6dc256aafe2a","block_type":"box","text":"determined as of such times.","page_number":97,"box":{"x":46,"y":544,"width":184,"height":8}},{"id":"393c321f-3a47-4df0-b308-678a2a910790","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":97,"box":{"x":46,"y":567,"width":886,"height":11}},{"id":"82f2c4a2-938b-431b-a440-95d178e55166","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":97,"box":{"x":46,"y":581,"width":901,"height":11}},{"id":"6ea9aa56-cd27-4eaa-b92c-a7792f47885c","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":97,"box":{"x":46,"y":596,"width":904,"height":10}},{"id":"28c73c21-1b34-4890-be87-1e837b7a8deb","block_type":"box","text":"a Fund’s pricing time.","page_number":97,"box":{"x":46,"y":610,"width":136,"height":11}},{"id":"ef954d9a-152a-42fa-a631-d6c754eb97ef","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":97,"box":{"x":46,"y":633,"width":877,"height":11}},{"id":"60ccd647-0298-4968-9dcd-851cd262d9f2","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":97,"box":{"x":46,"y":647,"width":392,"height":11}},{"id":"a6de5e9c-b951-422c-a392-75088842fd65","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":97,"box":{"x":45,"y":670,"width":838,"height":11}},{"id":"151c4e39-76f5-414f-91fd-f6f7777ce556","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":97,"box":{"x":46,"y":685,"width":874,"height":10}},{"id":"0e1a7e43-9612-4086-b504-000659e06a2d","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":97,"box":{"x":46,"y":699,"width":834,"height":11}},{"id":"bc2e308c-dee4-4538-b64a-13fcb0800687","block_type":"box","text":"arm’s-length transaction.","page_number":97,"box":{"x":46,"y":713,"width":160,"height":11}},{"id":"83bf6cd5-55bf-4906-a10e-58f778b652e0","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":97,"box":{"x":47,"y":736,"width":531,"height":11}},{"id":"bc660230-452c-4a7d-8ec1-1dac1f797a88","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":97,"box":{"x":82,"y":754,"width":583,"height":11}},{"id":"775192ee-1116-4155-9619-39ac46dfcb12","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":97,"box":{"x":82,"y":772,"width":768,"height":11}},{"id":"e1fc965f-c0d4-4a2e-9075-fb5368f1361d","block_type":"box","text":"An asset or liability is thinly traded;","page_number":97,"box":{"x":82,"y":790,"width":224,"height":11}},{"id":"1c73251c-9aa0-425a-aab8-45ca7c87c702","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":97,"box":{"x":82,"y":808,"width":508,"height":11}},{"id":"79133bcf-161b-4dca-8a63-5514fb4bccb4","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":97,"box":{"x":82,"y":826,"width":854,"height":11}},{"id":"b4855564-5383-4d28-9a83-9f4df45d42ab","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":97,"box":{"x":45,"y":850,"width":875,"height":10}},{"id":"93470ac7-c4c0-47b8-854a-7309a1a4f9e3","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":97,"box":{"x":46,"y":864,"width":875,"height":11}},{"id":"5bc6c8dd-3f47-4c88-af42-5bdd0c6c4e40","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":97,"box":{"x":46,"y":878,"width":246,"height":8}},{"id":"435b69c8-995e-4806-97de-a8fee10268ee","block_type":"box","text":"26","page_number":97,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"e8b84a86-da54-4523-8c94-53d8c3ba7741","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":98,"box":{"x":45,"y":46,"width":890,"height":11}},{"id":"16acf691-93c1-4dfe-ae20-8aff4894c3dd","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":98,"box":{"x":46,"y":61,"width":888,"height":10}},{"id":"dd0488a0-3bea-4f72-a9ff-fd07d8a8205f","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":98,"box":{"x":46,"y":75,"width":896,"height":11}},{"id":"716820aa-2bdd-4cd8-a5bf-7c4b161127b6","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":98,"box":{"x":46,"y":89,"width":871,"height":11}},{"id":"638b3ac3-ae7e-41bc-be20-a0eaab9d11df","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":98,"box":{"x":46,"y":103,"width":414,"height":11}},{"id":"55f030b1-fb4e-4349-8d1d-096cd94333d7","block_type":"box","text":"Dividends and Distributions","page_number":98,"box":{"x":46,"y":126,"width":193,"height":9}},{"id":"42569088-79cd-4752-97a5-6507ab4b9405","block_type":"box","text":"General Policies.","page_number":98,"box":{"x":46,"y":150,"width":103,"height":8}},{"id":"19acb449-a651-47c2-ae42-81d9f7bc5658","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":98,"box":{"x":155,"y":150,"width":781,"height":10}},{"id":"05eba374-9cb5-46d3-b65b-c112b1985196","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":98,"box":{"x":46,"y":164,"width":888,"height":11}},{"id":"30672218-f712-4ed6-bab7-ddf64c26de8b","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":98,"box":{"x":45,"y":178,"width":905,"height":11}},{"id":"86452f16-eddf-462b-8d72-ebc222ea8467","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":98,"box":{"x":46,"y":192,"width":893,"height":11}},{"id":"9e5edeb6-7872-4fec-9779-7534c0f163b9","block_type":"box","text":"or realized gains.","page_number":98,"box":{"x":46,"y":206,"width":107,"height":11}},{"id":"1c99fac7-acef-4ec0-8c9d-6222358b14db","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":98,"box":{"x":46,"y":229,"width":885,"height":11}},{"id":"1ed08132-e5ae-4d43-b70c-253ea70f0ff7","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":98,"box":{"x":46,"y":244,"width":855,"height":10}},{"id":"a069d297-1712-41ae-949a-00cc4341769d","block_type":"box","text":"received from the Funds.","page_number":98,"box":{"x":46,"y":258,"width":158,"height":8}},{"id":"c3546a14-b5c2-43e8-a969-843f7245adea","block_type":"box","text":"Dividend Reinvestment Service.","page_number":98,"box":{"x":46,"y":281,"width":196,"height":9}},{"id":"a17a757e-6eb4-498d-9330-5fc2c3e2deed","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":98,"box":{"x":249,"y":281,"width":667,"height":11}},{"id":"e8b14f36-a229-4856-94e3-b204009f49d9","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":98,"box":{"x":46,"y":295,"width":900,"height":11}},{"id":"2c3ef475-ff9a-4590-99d3-61fc6726d1d3","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":98,"box":{"x":46,"y":309,"width":869,"height":11}},{"id":"ec8eac5c-249f-4ba3-8e2c-7ee1220ca165","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":98,"box":{"x":46,"y":324,"width":895,"height":10}},{"id":"c1115e53-e7f7-4d1b-85b3-72aed2e78cb4","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":98,"box":{"x":46,"y":338,"width":616,"height":11}},{"id":"fee82d8a-45c0-47fc-8133-5f863e4f0af8","block_type":"box","text":"Note on Tax Information.","page_number":98,"box":{"x":46,"y":361,"width":166,"height":8}},{"id":"b2b6606d-488f-4e0c-8991-ce2ff52167f1","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":98,"box":{"x":219,"y":361,"width":723,"height":11}},{"id":"a93bf6cc-ea2e-4ea8-bf61-1001a5688442","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":98,"box":{"x":45,"y":375,"width":906,"height":11}},{"id":"a4418d91-5fea-429f-a332-a8e1750a6bb4","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":98,"box":{"x":45,"y":389,"width":894,"height":11}},{"id":"2ce8338d-ed0a-4dda-a322-453bd3ff5016","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":98,"box":{"x":45,"y":403,"width":894,"height":11}},{"id":"feb1793f-9fe6-49a8-9051-cbf59e43e4d2","block_type":"box","text":"laws.","page_number":98,"box":{"x":45,"y":418,"width":30,"height":8}},{"id":"dda96cf4-dfd1-429d-aa8a-cc3775109850","block_type":"box","text":"Taxes","page_number":98,"box":{"x":45,"y":441,"width":38,"height":8}},{"id":"6dbfa37a-424c-481a-a122-8e16c8a196ab","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":98,"box":{"x":45,"y":464,"width":874,"height":11}},{"id":"10c9b912-896d-47f6-9a42-6105d36b96a4","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":98,"box":{"x":45,"y":478,"width":877,"height":11}},{"id":"c51395d5-9f2e-41ee-89b4-dd659e43972c","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":98,"box":{"x":46,"y":492,"width":895,"height":11}},{"id":"6ed15053-f983-4c18-9d62-c77cf9043bcd","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":98,"box":{"x":46,"y":507,"width":594,"height":10}},{"id":"16ca1a71-eb8f-46f5-bd8a-add2745951ed","block_type":"box","text":"Taxes on Fund Distributions","page_number":98,"box":{"x":45,"y":530,"width":195,"height":8}},{"id":"73bd7be3-9f23-4320-a032-4dd248a7e605","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":98,"box":{"x":46,"y":553,"width":863,"height":11}},{"id":"01ebe551-90be-4aab-882d-1f227ad6d3f2","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":98,"box":{"x":46,"y":567,"width":873,"height":11}},{"id":"b99e84a9-4313-432d-a8be-d18c885246f5","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":98,"box":{"x":46,"y":581,"width":713,"height":11}},{"id":"5844b060-258e-473a-a1ac-bd82ae22dc91","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":98,"box":{"x":46,"y":605,"width":903,"height":10}},{"id":"bd4a69ba-301d-48c8-a8c3-e5f3d72fee65","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":98,"box":{"x":46,"y":619,"width":365,"height":11}},{"id":"0186172b-3d0d-49e4-b15c-1d0a9a86d3d2","block_type":"box","text":"Capital Gains.","page_number":98,"box":{"x":46,"y":642,"width":85,"height":11}},{"id":"c82edc6b-e698-4aca-b77a-fa4e39baf1ed","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":98,"box":{"x":138,"y":642,"width":786,"height":11}},{"id":"9c893216-1465-4eea-b4d2-f6544e8f49dc","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":98,"box":{"x":46,"y":656,"width":856,"height":11}},{"id":"ae313b58-b6e1-4fea-8fc0-aa50dc99e1c0","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":98,"box":{"x":46,"y":670,"width":878,"height":11}},{"id":"ee96fa52-087d-4420-b2ba-006351260d08","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":98,"box":{"x":46,"y":685,"width":872,"height":10}},{"id":"8c810670-8cf3-4121-b405-8f447afe13d3","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":98,"box":{"x":46,"y":699,"width":892,"height":11}},{"id":"b81e2f43-2b10-4340-a52c-935acd386995","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":98,"box":{"x":46,"y":713,"width":878,"height":11}},{"id":"b6abda74-52f5-4ab6-994d-bba497683add","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":98,"box":{"x":46,"y":727,"width":290,"height":11}},{"id":"2cac4882-2e2a-4c30-9e49-c3a2d0c94a95","block_type":"box","text":"Return of Capital.","page_number":98,"box":{"x":46,"y":750,"width":108,"height":11}},{"id":"2d5738c1-df04-4af1-ba66-af664b2989f0","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":98,"box":{"x":161,"y":750,"width":775,"height":11}},{"id":"2b7b951f-7b0a-4f9d-ae16-396454ae710f","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":98,"box":{"x":46,"y":764,"width":904,"height":11}},{"id":"e321f95b-a492-4144-a557-c2dd778dc337","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":98,"box":{"x":45,"y":779,"width":888,"height":10}},{"id":"acd92ae0-ead9-479e-a22b-b780ab8f5454","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":98,"box":{"x":45,"y":793,"width":843,"height":11}},{"id":"39413638-3b99-4b4d-bb24-b1155c1ed0ca","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":98,"box":{"x":46,"y":807,"width":874,"height":11}},{"id":"864cc84e-1b56-484f-9ece-35c9eabda450","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":98,"box":{"x":46,"y":821,"width":803,"height":11}},{"id":"cf239cd3-7f16-4c31-a1a2-6e78a6f2dd38","block_type":"box","text":"Qualified Dividend Income.","page_number":98,"box":{"x":46,"y":844,"width":166,"height":9}},{"id":"53c4e2c3-671b-4758-a37e-966756c29ed3","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":98,"box":{"x":219,"y":844,"width":702,"height":11}},{"id":"996b130c-1f8f-4adf-99ca-ffd0ba6fef70","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":98,"box":{"x":46,"y":859,"width":848,"height":10}},{"id":"3127c32f-2bc3-4a26-9af9-fbf79986b84c","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":98,"box":{"x":46,"y":873,"width":846,"height":11}},{"id":"a811dfcf-d174-4481-b880-c95e36413cc6","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":98,"box":{"x":46,"y":887,"width":872,"height":11}},{"id":"be186ba4-10e5-4e0e-8bf8-5620a4f78b0c","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":98,"box":{"x":45,"y":901,"width":892,"height":11}},{"id":"99040675-9997-4905-b84a-5b7b79495da8","block_type":"box","text":"27","page_number":98,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"08b2f7a6-ffce-4537-9dc8-936f51b68f56","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":99,"box":{"x":46,"y":46,"width":886,"height":11}},{"id":"d868be2d-2ead-4343-a0f1-215663d7036c","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":99,"box":{"x":46,"y":61,"width":853,"height":10}},{"id":"b113eab2-0923-4c56-a8e5-740a6f2418ff","block_type":"box","text":"company.","page_number":99,"box":{"x":46,"y":77,"width":60,"height":9}},{"id":"b2cc7313-c7e0-4428-9b80-789e3ebfcb41","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":99,"box":{"x":46,"y":98,"width":905,"height":11}},{"id":"24b26973-8259-4af4-8835-cdd0a6a77db8","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":99,"box":{"x":46,"y":112,"width":901,"height":11}},{"id":"625f3090-bfe9-4729-85f2-d75330f890a4","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":99,"box":{"x":46,"y":126,"width":864,"height":11}},{"id":"eeda2077-d59f-488f-ac47-9f9386faa232","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":99,"box":{"x":46,"y":140,"width":895,"height":11}},{"id":"5b172c3c-4e21-41bc-ad5b-63fc696989d0","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":99,"box":{"x":45,"y":155,"width":428,"height":10}},{"id":"4753cf1f-a6e5-431c-be2b-2dd0705c8f2c","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":99,"box":{"x":46,"y":178,"width":891,"height":11}},{"id":"3ba2b1b8-330a-4387-b996-d23fe79e4b36","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":99,"box":{"x":46,"y":192,"width":862,"height":11}},{"id":"d3979a7d-8ab3-413e-89e6-889f83eecccf","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":99,"box":{"x":46,"y":206,"width":883,"height":11}},{"id":"9fc13b2d-0c5d-4553-9547-024d1a495994","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":99,"box":{"x":46,"y":220,"width":682,"height":11}},{"id":"9a0f1fae-49d3-4ab0-96f1-a71ee26756d8","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":99,"box":{"x":46,"y":244,"width":873,"height":10}},{"id":"bd848e31-3d8d-4742-b0e2-f207735d66c7","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":99,"box":{"x":46,"y":258,"width":604,"height":11}},{"id":"d2fc6a94-b234-449c-97b0-c2f3ffd15783","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":99,"box":{"x":46,"y":281,"width":876,"height":11}},{"id":"017351ce-368a-4cdb-8d79-ff71ee902d85","block_type":"box","text":"Medicare Tax.","page_number":99,"box":{"x":46,"y":304,"width":85,"height":9}},{"id":"e86399e6-730f-4ae7-bf67-dbfce5bb1f52","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":99,"box":{"x":136,"y":304,"width":791,"height":11}},{"id":"6dea8e40-85c1-4f90-a90e-9d3577cc89bd","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":99,"box":{"x":46,"y":318,"width":875,"height":11}},{"id":"82eac5ff-011b-4876-a974-f4d56cd8a8ff","block_type":"box","text":"trusts.","page_number":99,"box":{"x":46,"y":333,"width":39,"height":8}},{"id":"99097007-dbae-4322-911c-bdab200b3beb","block_type":"box","text":"Alternative Minimum Tax.","page_number":99,"box":{"x":45,"y":356,"width":157,"height":8}},{"id":"e6d75c26-d2c8-4bb3-8a63-05904f59c940","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":99,"box":{"x":208,"y":356,"width":738,"height":11}},{"id":"e1402afa-dad0-4c0d-9308-dc9c1139a959","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":99,"box":{"x":46,"y":370,"width":833,"height":11}},{"id":"f07c57ed-fe90-4771-96d1-78c7d67dc729","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":99,"box":{"x":46,"y":384,"width":877,"height":11}},{"id":"95215d33-57e0-4643-b310-51a5fde52ce8","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":99,"box":{"x":46,"y":398,"width":903,"height":11}},{"id":"341f4291-1097-4a5a-8505-1225aaaba93d","block_type":"box","text":"liability and the regular income tax liability.","page_number":99,"box":{"x":46,"y":413,"width":272,"height":10}},{"id":"eeeaa732-4283-4585-8e6d-9665c38b35de","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":99,"box":{"x":46,"y":436,"width":406,"height":11}},{"id":"259b35b3-2331-482a-a6cd-2148b0cccf9a","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":99,"box":{"x":45,"y":459,"width":893,"height":11}},{"id":"dcd5ed47-68e2-4e82-b1cf-dc32c0004cc9","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":99,"box":{"x":46,"y":473,"width":874,"height":11}},{"id":"edf95249-5639-48bd-97bf-c71ede893490","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":99,"box":{"x":46,"y":487,"width":864,"height":11}},{"id":"e35f7305-e32c-4c2d-9e4b-e90d2bd42739","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":99,"box":{"x":46,"y":501,"width":894,"height":11}},{"id":"f66986c5-5c9c-4b39-9d86-0b23a77687cd","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":99,"box":{"x":46,"y":516,"width":897,"height":10}},{"id":"5dc58e41-16bb-41a5-8d7b-290b719a55fd","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":99,"box":{"x":46,"y":530,"width":904,"height":11}},{"id":"4cef62ba-aa61-4b5f-be79-ea74ecf5afb9","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":99,"box":{"x":46,"y":544,"width":706,"height":11}},{"id":"d0fd187b-d54d-4e20-a730-bcc5d0ef36a6","block_type":"box","text":"Market Discount Bonds","page_number":99,"box":{"x":46,"y":567,"width":162,"height":9}},{"id":"8a4ceff1-45a1-4455-b213-20b966aa560f","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":99,"box":{"x":45,"y":590,"width":898,"height":11}},{"id":"b504cee8-0c5a-4b75-8c46-5173dc904740","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":99,"box":{"x":46,"y":605,"width":903,"height":10}},{"id":"be88e209-f287-42a3-b3f7-ab31c7ade9ed","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":99,"box":{"x":46,"y":619,"width":898,"height":11}},{"id":"005f3f95-ae32-44a4-9f2f-4444954dc568","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":99,"box":{"x":46,"y":633,"width":626,"height":11}},{"id":"52e7e084-1abf-44e2-9267-dc74e83332f0","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":99,"box":{"x":46,"y":656,"width":307,"height":11}},{"id":"ca49c4f9-9a72-483c-86a6-ed0b6ac755e7","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":99,"box":{"x":45,"y":679,"width":875,"height":11}},{"id":"1711622a-e260-4a24-8858-35e2b5a30461","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":99,"box":{"x":45,"y":694,"width":861,"height":10}},{"id":"9d1b2feb-7129-42a5-88a9-5ecc642dd62e","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":99,"box":{"x":46,"y":708,"width":853,"height":11}},{"id":"e381f950-e5e6-49e0-b329-aa6e8f7544bb","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":99,"box":{"x":46,"y":722,"width":863,"height":11}},{"id":"193feca4-f160-4da5-a713-8c28a7c2967a","block_type":"box","text":"Non-U.S. Income Taxes","page_number":99,"box":{"x":46,"y":745,"width":159,"height":9}},{"id":"de41bcd4-b4b6-47eb-bc02-79a5d186403c","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":99,"box":{"x":46,"y":768,"width":837,"height":11}},{"id":"8ea2bccf-9ee3-433a-bcc9-dfcbe1569513","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":99,"box":{"x":45,"y":782,"width":864,"height":11}},{"id":"dc8c6788-8aa6-4298-a0e8-4e0e4ff2f078","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":99,"box":{"x":46,"y":797,"width":866,"height":10}},{"id":"94afc7c1-471e-4d9d-bcb9-fac16659cf8f","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":99,"box":{"x":46,"y":811,"width":876,"height":11}},{"id":"60bb9fdb-6824-46e2-b1c7-2a35e486ee2a","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":99,"box":{"x":46,"y":825,"width":896,"height":11}},{"id":"27529e57-2b6c-4408-9839-f058ec1c0a9a","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":99,"box":{"x":46,"y":839,"width":887,"height":11}},{"id":"7b99e5dd-7585-407a-95ce-257b011f7a37","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":99,"box":{"x":46,"y":853,"width":874,"height":11}},{"id":"64b74c3f-4c07-40e6-8a0f-c9b9b6ac753a","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":99,"box":{"x":46,"y":868,"width":896,"height":10}},{"id":"bbf09c16-c0af-4de1-b219-b2c6e87646ca","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":99,"box":{"x":46,"y":882,"width":635,"height":11}},{"id":"7959f751-23d6-446d-a847-0e38fa4b3a63","block_type":"box","text":"28","page_number":99,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"4e3540ef-631a-4e0a-a5fb-75829bf0b597","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":100,"box":{"x":46,"y":46,"width":896,"height":11}},{"id":"42bbea6f-1213-4b74-8d6f-757923f42a1f","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":100,"box":{"x":46,"y":61,"width":902,"height":10}},{"id":"8be76883-c4c1-49e5-b490-81a8c61ef5f2","block_type":"box","text":"could be reduced.","page_number":100,"box":{"x":46,"y":75,"width":113,"height":8}},{"id":"8e8c176e-bcf4-4af1-a631-8727dedf0c2d","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":100,"box":{"x":46,"y":98,"width":853,"height":11}},{"id":"331bd8d9-b339-408e-acd0-b60889e40378","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":100,"box":{"x":46,"y":112,"width":899,"height":11}},{"id":"e110ef8a-0679-4153-8c78-60bad2611e8f","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":100,"box":{"x":46,"y":126,"width":876,"height":11}},{"id":"61da646a-b6fd-4955-8f65-a35de3900e02","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":100,"box":{"x":46,"y":140,"width":509,"height":11}},{"id":"bd76f613-d070-4d48-9e6b-f57de8a13c87","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":100,"box":{"x":46,"y":164,"width":880,"height":11}},{"id":"ee1e9a7f-2033-48d4-aa39-afb564dfc2fe","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":100,"box":{"x":46,"y":178,"width":406,"height":11}},{"id":"c3aa0920-85a8-489c-94df-8ccfbbae6975","block_type":"box","text":"Non-U.S. Shareholders","page_number":100,"box":{"x":46,"y":201,"width":157,"height":9}},{"id":"261a9d2f-5476-45dd-9c05-f8dc16469235","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":100,"box":{"x":46,"y":224,"width":889,"height":11}},{"id":"3c5f2163-0de1-443f-8d0e-4f41a4ed6e35","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":100,"box":{"x":46,"y":238,"width":904,"height":11}},{"id":"85fa0fdf-5e40-4fdf-b35b-5f1ed1012e29","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":100,"box":{"x":46,"y":253,"width":868,"height":10}},{"id":"166cf5e0-1aed-4be6-a4fe-11133c34fffe","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":100,"box":{"x":46,"y":267,"width":903,"height":11}},{"id":"1aa70571-58e4-4815-9252-c253cf8f6bae","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends.","page_number":100,"box":{"x":46,"y":281,"width":468,"height":11}},{"id":"b5209b98-5a90-4c50-bc09-52c6a5cafdeb","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":100,"box":{"x":46,"y":304,"width":896,"height":11}},{"id":"e5b58c01-949b-4c9b-a78c-15232337ea12","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":100,"box":{"x":46,"y":318,"width":894,"height":11}},{"id":"8b2625ce-f243-4d6d-8e61-6bf1b619cca3","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":100,"box":{"x":46,"y":333,"width":263,"height":10}},{"id":"011722a3-ed5d-43a4-ad1c-e2da78b2ff3c","block_type":"box","text":"Real Property Interests","page_number":100,"box":{"x":46,"y":356,"width":161,"height":11}},{"id":"decd93dd-f8ba-4f6b-bcdc-d8346301680a","block_type":"box","text":"If at least 50% of a Fund’s assets consist of U.S. real property interests, including certain REITs and U.S. real property holding corporations","page_number":100,"box":{"x":46,"y":378,"width":887,"height":11}},{"id":"16ffaaef-4bac-4388-bfbc-c90e387c71ff","block_type":"box","text":"(as defined in the Internal Revenue Code and Treasury regulations), special rules may apply to a foreign shareholder receiving a Fund","page_number":100,"box":{"x":46,"y":392,"width":848,"height":11}},{"id":"97e2ebd8-f8e1-457d-a8e6-f448862ec2ef","block_type":"box","text":"distribution. Distributions that are attributable to gains from the disposition of a U.S. real property interest will be taxable as ordinary","page_number":100,"box":{"x":46,"y":406,"width":851,"height":11}},{"id":"34f30f71-6b5e-401c-ba58-9a1bdf44b820","block_type":"box","text":"dividends and subject to withholding at a 30% or lower treaty rate if the foreign shareholder held no more than 5% of the Fund’s shares at any","page_number":100,"box":{"x":46,"y":420,"width":904,"height":11}},{"id":"45af9652-cfb8-404b-be41-be544bbc3bff","block_type":"box","text":"time during the one-year period ending on the date of the distribution. If the foreign shareholder held more than 5% of the Fund’s shares, the","page_number":100,"box":{"x":46,"y":434,"width":898,"height":11}},{"id":"ed6a0b5b-b378-4b85-abc3-6690cbe1d7e0","block_type":"box","text":"distribution will be treated as income effectively connected with a trade or business within the U.S. As a result, the foreign shareholder will","page_number":100,"box":{"x":46,"y":449,"width":887,"height":10}},{"id":"65de5cfb-eae6-4880-b85d-7ff4c49502c0","block_type":"box","text":"be subject to withholding tax at a rate of 21% and generally will be required to file a U.S. federal income tax return.","page_number":100,"box":{"x":46,"y":463,"width":731,"height":11}},{"id":"a2aee8c6-faf1-49c5-9318-4aded476ed50","block_type":"box","text":"Similar consequences generally will apply to a foreign shareholder’s gain on the sale of shares of a Fund with at least 50% of its assets in U.S.","page_number":100,"box":{"x":46,"y":485,"width":903,"height":11}},{"id":"6ebf7cec-87b0-4eca-a8a6-2f25c85f69a1","block_type":"box","text":"real property interests, unless (i) the Fund is domestically controlled (meaning that more than 50% of the value of the Fund’s shares is held","page_number":100,"box":{"x":46,"y":499,"width":886,"height":11}},{"id":"4b728844-fb51-41c8-a4c5-8eb65f07921e","block_type":"box","text":"directly or indirectly by U.S. shareholders) or (ii) the foreign shareholder owns no more than 5% of the Fund’s shares at any time during the","page_number":100,"box":{"x":46,"y":513,"width":887,"height":11}},{"id":"e2277d29-0d2c-4fe5-ad26-38c5736c1f5e","block_type":"box","text":"five-year period ending on the date of the sale","page_number":100,"box":{"x":45,"y":527,"width":294,"height":11}},{"id":"31bceec1-1fcb-4fed-a563-b6d4485ffec8","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisor about the potential tax consequences","page_number":100,"box":{"x":46,"y":549,"width":894,"height":11}},{"id":"f8c602ae-f6a0-49f8-84d9-5ad7c45cdc47","block_type":"box","text":"to them of an investment in a Fund whose assets include U.S. real property interests.","page_number":100,"box":{"x":46,"y":563,"width":544,"height":11}},{"id":"65052f14-c650-4b21-b2bc-92e5b917cb6f","block_type":"box","text":"Backup Withholding","page_number":100,"box":{"x":46,"y":587,"width":139,"height":10}},{"id":"60b9633f-ad2f-4314-a877-75b3eb475b8d","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":100,"box":{"x":46,"y":610,"width":890,"height":11}},{"id":"6b6555af-e30c-4414-859f-37cb7d451e1b","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":100,"box":{"x":46,"y":624,"width":789,"height":11}},{"id":"271d973f-2a44-4c54-b4a0-db830ac9f008","block_type":"box","text":"Securities Lending","page_number":100,"box":{"x":46,"y":647,"width":129,"height":11}},{"id":"8dabc100-8a8e-4a0e-929e-9bf0709760d1","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":100,"box":{"x":46,"y":670,"width":902,"height":11}},{"id":"1ebc6ef9-b1ad-404d-99bc-4812dda963f7","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":100,"box":{"x":46,"y":685,"width":892,"height":10}},{"id":"a7d51866-1ed5-4962-8c81-42bd5f211519","block_type":"box","text":"through by the Fund.","page_number":100,"box":{"x":46,"y":699,"width":131,"height":11}},{"id":"cbafd1ff-d5fb-4b58-960c-f987ae9b29c7","block_type":"box","text":"Fund of Funds","page_number":100,"box":{"x":46,"y":722,"width":98,"height":8}},{"id":"6c9684e9-c9be-4bba-bbdf-30ecff96dead","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":100,"box":{"x":46,"y":745,"width":844,"height":11}},{"id":"62c8a3bd-12f1-4750-bfe9-de8b380281a3","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":100,"box":{"x":46,"y":759,"width":869,"height":11}},{"id":"11265823-f952-4456-94cf-f6658f479d7c","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":100,"box":{"x":46,"y":773,"width":865,"height":11}},{"id":"68cd9a06-2c1d-4cde-8312-c838e90387e8","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":100,"box":{"x":46,"y":788,"width":642,"height":10}},{"id":"06f5e4ff-7412-41a5-a3f1-8732e95b6fa8","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":100,"box":{"x":45,"y":811,"width":351,"height":11}},{"id":"79d9034e-95fb-424f-b9e9-bf2932448530","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":100,"box":{"x":45,"y":834,"width":877,"height":11}},{"id":"42e147e6-c5d4-4cda-8bb9-fd77c3eb7c43","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":100,"box":{"x":46,"y":848,"width":896,"height":11}},{"id":"7dc45740-300d-4117-80b3-47883a95f382","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":100,"box":{"x":46,"y":862,"width":870,"height":11}},{"id":"71ad0555-12f6-401a-82f2-b2a981212da2","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":100,"box":{"x":46,"y":877,"width":892,"height":10}},{"id":"5afa1688-225d-40a1-affb-fcd081493116","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":100,"box":{"x":46,"y":891,"width":891,"height":11}},{"id":"fbbe4ff1-d543-4207-a5a0-8dc95c7864f6","block_type":"box","text":"contribution tax mentioned above.","page_number":100,"box":{"x":46,"y":905,"width":219,"height":8}},{"id":"7499db07-da1e-4a59-ad71-be400cd6b63a","block_type":"box","text":"29","page_number":100,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"45c3f3b9-9dd1-4c68-8dd7-17313c37dc59","block_type":"box","text":"Creations and Redemptions","page_number":101,"box":{"x":46,"y":46,"width":192,"height":11}},{"id":"674b1eb0-78e6-49c5-8a0b-06e5e80eb4ae","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":101,"box":{"x":46,"y":70,"width":694,"height":10}},{"id":"25c7b9b6-5125-4fb0-9519-07993678d623","block_type":"box","text":"i.e.","page_number":101,"box":{"x":741,"y":70,"width":17,"height":8}},{"id":"1ce3b98a-5b41-4f83-9565-a5f150e58d39","block_type":"box","text":", market makers, large","page_number":101,"box":{"x":760,"y":70,"width":143,"height":10}},{"id":"3271fed5-8c02-4dd4-b4e5-caddaa86a662","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":101,"box":{"x":46,"y":84,"width":865,"height":11}},{"id":"a434d103-e504-4d6e-9a8f-34261390b6e7","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":101,"box":{"x":46,"y":98,"width":650,"height":11}},{"id":"1ec4b971-a75f-47c8-8290-22ee994d9482","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":101,"box":{"x":46,"y":121,"width":833,"height":11}},{"id":"a77bc079-731e-419c-91ac-125aaa07c303","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":101,"box":{"x":46,"y":135,"width":891,"height":11}},{"id":"b2bac202-f3d6-4d08-88d9-1544b9680aad","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":101,"box":{"x":46,"y":150,"width":874,"height":10}},{"id":"016c72be-d580-457c-89f3-521d734e7c4a","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":101,"box":{"x":46,"y":164,"width":903,"height":11}},{"id":"f1eba6d0-5b15-4197-a5c0-52fb00ace234","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":101,"box":{"x":46,"y":187,"width":875,"height":11}},{"id":"67d67806-84d1-4176-be8a-4182831cc42e","block_type":"box","text":"cash.","page_number":101,"box":{"x":46,"y":201,"width":32,"height":9}},{"id":"8773c87b-6c8f-401a-90d0-6243fa288f3c","block_type":"box","text":"In-Kind","page_number":101,"box":{"x":46,"y":224,"width":45,"height":9}},{"id":"60bfe0b7-0fd3-4a86-bffa-58358ab007d3","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":101,"box":{"x":91,"y":224,"width":861,"height":11}},{"id":"3c022161-bd9a-47d7-aa23-76b2e1e203bb","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":101,"box":{"x":46,"y":238,"width":897,"height":11}},{"id":"4e2df971-3b28-4391-839b-a261050411af","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":101,"box":{"x":46,"y":253,"width":852,"height":10}},{"id":"b08c7530-f6b8-41a5-95f9-6077da735799","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":101,"box":{"x":46,"y":267,"width":685,"height":11}},{"id":"6ae3dfff-d20c-4ef0-ab3b-3525adfd3b40","block_type":"box","text":"Partial Cash","page_number":101,"box":{"x":46,"y":290,"width":74,"height":9}},{"id":"7054ee04-833d-47e5-ab87-a083f9eee636","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":101,"box":{"x":122,"y":290,"width":806,"height":11}},{"id":"b4c4da10-4c03-4885-aef0-a1eee8f7565e","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":101,"box":{"x":46,"y":304,"width":870,"height":11}},{"id":"dfe042ec-65a9-45eb-9d14-64d81fc81e4f","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":101,"box":{"x":46,"y":318,"width":871,"height":11}},{"id":"f5d4dc20-08e9-4116-b776-a5432dba8fe9","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":101,"box":{"x":46,"y":333,"width":381,"height":10}},{"id":"2b81af44-29c0-47f7-bad6-7cb4535e3414","block_type":"box","text":"All Cash","page_number":101,"box":{"x":45,"y":356,"width":51,"height":8}},{"id":"18b75b55-e18a-48e3-963e-008afc059a8e","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":101,"box":{"x":98,"y":356,"width":832,"height":11}},{"id":"da84c926-73b1-44db-b88b-fb136d60aa2d","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":101,"box":{"x":46,"y":370,"width":869,"height":11}},{"id":"a3f6d8b7-f1b2-4723-8736-caef5fb138cd","block_type":"box","text":"specified amount of cash.","page_number":101,"box":{"x":46,"y":384,"width":163,"height":11}},{"id":"0cd4c07e-3bb0-4ed4-b924-fb671411b4e3","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":101,"box":{"x":45,"y":407,"width":846,"height":11}},{"id":"7a5d7e26-5e60-43a3-94e0-89f530726f5f","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":101,"box":{"x":46,"y":422,"width":408,"height":10}},{"id":"bbd60838-9064-4ae6-9898-9aefba588917","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":101,"box":{"x":46,"y":445,"width":856,"height":11}},{"id":"38c9805a-b225-4da4-8db2-18655a628cb0","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":101,"box":{"x":46,"y":459,"width":455,"height":11}},{"id":"72aea25c-4dfd-459a-a6ea-109f10a5c427","block_type":"box","text":"e.g.","page_number":101,"box":{"x":502,"y":461,"width":20,"height":9}},{"id":"6cd7a17e-729d-4f41-b66b-cf8cf3958907","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":101,"box":{"x":525,"y":459,"width":353,"height":11}},{"id":"940ff27b-eb41-4273-8482-f48229a1bbb8","block_type":"box","text":"Fund","page_number":101,"box":{"x":57,"y":490,"width":32,"height":9}},{"id":"77e4b5bb-9898-4fce-bb32-84be38e57076","block_type":"box","text":"In-Kind Partial All Cash","page_number":101,"box":{"x":590,"y":490,"width":297,"height":9}},{"id":"c632f484-972e-4d20-997a-88af645abefc","block_type":"box","text":"iShares Biotechnology ETF","page_number":101,"box":{"x":57,"y":508,"width":168,"height":11}},{"id":"c7cf08d7-649a-47d7-94c4-8756f576a3ce","block_type":"box","text":"iShares Expanded Tech Sector ETF","page_number":101,"box":{"x":57,"y":526,"width":219,"height":11}},{"id":"748aca4e-af14-4780-b32b-6444aef67d51","block_type":"box","text":"iShares Expanded Tech-Software Sector ETF","page_number":101,"box":{"x":57,"y":544,"width":282,"height":11}},{"id":"3b19b989-3ce8-4ad3-973e-70488e920838","block_type":"box","text":"iShares Mortgage Real Estate ETF","page_number":101,"box":{"x":57,"y":562,"width":215,"height":11}},{"id":"a8ec0481-57d8-46da-97af-eab6ca996fd6","block_type":"box","text":"iShares North American Natural Resources ETF","page_number":101,"box":{"x":57,"y":580,"width":301,"height":9}},{"id":"e2af1ed3-78b8-4bba-a79e-af23fa159652","block_type":"box","text":"iShares Preferred and Income Securities ETF","page_number":101,"box":{"x":57,"y":598,"width":284,"height":9}},{"id":"107738d0-d979-43da-ac28-bfea309f325e","block_type":"box","text":"iShares Residential and Multisector Real Estate ETF","page_number":101,"box":{"x":57,"y":617,"width":329,"height":8}},{"id":"7b5e3594-9378-4abb-8583-b508c3c53be3","block_type":"box","text":"iShares Semiconductor ETF","page_number":101,"box":{"x":57,"y":635,"width":175,"height":8}},{"id":"07f766cb-8e34-4363-92da-0af0addf4d22","block_type":"box","text":"iShares U.S. Digital Infrastructure and Real Estate ETF","page_number":101,"box":{"x":57,"y":653,"width":344,"height":10}},{"id":"c1638c10-74fc-4be1-b8f0-a10e3a077d19","block_type":"box","text":"iShares U.S. Infrastructure ETF","page_number":101,"box":{"x":57,"y":671,"width":196,"height":8}},{"id":"87d2d9e1-58ff-4a2b-ac60-8ffcc8e2b395","block_type":"box","text":"iShares U.S. Manufacturing ETF","page_number":101,"box":{"x":57,"y":689,"width":201,"height":11}},{"id":"a16fbd8a-6d42-49c6-9e2c-e4c293ca76d6","block_type":"box","text":"iShares U.S. Telecommunications ETF","page_number":101,"box":{"x":57,"y":707,"width":240,"height":8}},{"id":"24cd17fd-836b-4eeb-8a4c-4faf7d5e092f","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":101,"box":{"x":45,"y":737,"width":897,"height":10}},{"id":"3fc71b86-74be-45f8-8e0b-c6e01a902d3f","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":101,"box":{"x":46,"y":751,"width":905,"height":11}},{"id":"5057907c-b804-42a7-ba37-f38334cd3de5","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":101,"box":{"x":46,"y":765,"width":849,"height":11}},{"id":"e353a251-8f1d-48fe-a7dc-cfd55e38fb95","block_type":"box","text":"instructions or may not be executed at all.","page_number":101,"box":{"x":46,"y":779,"width":268,"height":11}},{"id":"4cee0552-416b-48a0-9878-42a72bf22c9c","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":101,"box":{"x":45,"y":802,"width":855,"height":11}},{"id":"b7056499-463e-4fdc-baf3-9892d48bed04","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":101,"box":{"x":46,"y":817,"width":311,"height":10}},{"id":"7e1d70ac-8b4d-41d4-969a-9071940585cb","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":101,"box":{"x":45,"y":840,"width":849,"height":11}},{"id":"5aadd23e-8632-48af-9a12-e9d40a3c46c1","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":101,"box":{"x":46,"y":854,"width":876,"height":11}},{"id":"f52e2481-3147-4626-bc97-2c9a2e25c2b6","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":101,"box":{"x":46,"y":868,"width":894,"height":11}},{"id":"d89dad1c-dac5-4871-89b5-c645a633f551","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":101,"box":{"x":46,"y":882,"width":897,"height":11}},{"id":"8a4be580-931a-4995-8d13-ca20c4b033d3","block_type":"box","text":"taken certain measures (","page_number":101,"box":{"x":46,"y":897,"width":158,"height":10}},{"id":"5c5358fc-48f7-4e98-87f6-afe140f49ed0","block_type":"box","text":"e.g.","page_number":101,"box":{"x":205,"y":899,"width":21,"height":8}},{"id":"f87223d7-63b7-4112-8634-eef7dd0691d7","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":101,"box":{"x":228,"y":897,"width":695,"height":10}},{"id":"eda5d24c-3658-4a03-abc9-d9fd83838c49","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":101,"box":{"x":46,"y":911,"width":835,"height":11}},{"id":"2439c04b-4368-451b-874f-c1e789fb1799","block_type":"box","text":"30","page_number":101,"box":{"x":491,"y":944,"width":15,"height":8}},{"id":"72b1f0ae-89d3-4042-9809-cff898a187a0","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":102,"box":{"x":46,"y":46,"width":895,"height":11}},{"id":"8605aa69-9ecf-4e6b-b887-a41634d7425c","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":102,"box":{"x":46,"y":61,"width":899,"height":10}},{"id":"fff31433-e536-4923-8068-6ba15c00385a","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":102,"box":{"x":46,"y":75,"width":893,"height":11}},{"id":"c8cd0af6-a63c-46af-aef7-d7da9cf0155c","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":102,"box":{"x":45,"y":98,"width":899,"height":11}},{"id":"4af83414-7d45-43e5-bf70-e4d317851c02","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":102,"box":{"x":45,"y":112,"width":897,"height":11}},{"id":"a2849785-0ae7-4547-9ea0-754b8a470dcf","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 1933","page_number":102,"box":{"x":46,"y":126,"width":880,"height":11}},{"id":"0638e8cd-f487-4884-b8d7-7d4594d05a1c","block_type":"box","text":"Act. Further, an Authorized Participant that is not a “qualified institutional buyer,” as such term is defined in Rule 144A under the 1933 Act,","page_number":102,"box":{"x":45,"y":140,"width":887,"height":11}},{"id":"462e8c27-2623-4082-98b7-eaee9ef7e462","block_type":"box","text":"will not be able to receive restricted securities eligible for resale under Rule 144A.","page_number":102,"box":{"x":45,"y":155,"width":523,"height":11}},{"id":"cef0decd-8742-41a1-a55c-275b686b1764","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":102,"box":{"x":47,"y":178,"width":886,"height":11}},{"id":"12e654f5-7aec-4ea0-9e6d-11790786216c","block_type":"box","text":"used in the 1933 Act, may be occurring. 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