{"annotation_id":"e660504e-0581-4981-b34c-6ec76edbfe28","file_hash":"5ffa29ecc5e0dcdda2ea41b88789553adf9df2b3a47655029243e1e2bf867a3c","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"8737eda6-d3c5-4ff5-9c4c-8c1c07865d94","block_type":"box","text":"iShares Trust","page_number":1,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"04e68fed-9011-4db4-bac6-ce6789f01ec7","block_type":"box","text":"Supplement dated October 15, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"ef370a74-2645-414f-9d68-c70f16a0c7ab","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus","page_number":1,"box":{"x":286,"y":108,"width":431,"height":13}},{"id":"8c77dd63-f5a7-4f75-8fcb-4d1e0d562ee7","block_type":"box","text":"and Statement of Additional Information (the “SAI”) for the","page_number":1,"box":{"x":285,"y":123,"width":434,"height":13}},{"id":"8c9c83f4-d007-47af-8525-875ea124ad5b","block_type":"box","text":"iShares","page_number":1,"box":{"x":294,"y":139,"width":51,"height":10}},{"id":"32c001cc-89d2-4e0f-a4ea-990b8a68bb43","block_type":"box","text":"®","page_number":1,"box":{"x":346,"y":139,"width":10,"height":7}},{"id":"fd1a6de1-f923-406c-ac11-6f1ba09bb925","block_type":"box","text":"iBonds","page_number":1,"box":{"x":356,"y":139,"width":53,"height":10}},{"id":"da97fa92-647a-46cf-b29c-9ff894485630","block_type":"box","text":"®","page_number":1,"box":{"x":410,"y":139,"width":9,"height":7}},{"id":"7f1fed9c-1040-43f4-ae7f-5764a081cf74","block_type":"box","text":"Dec 2026 Term Corporate ETF* (IBDR)","page_number":1,"box":{"x":420,"y":139,"width":290,"height":13}},{"id":"59dddc81-c95a-40fa-b28e-23d49af8f4ed","block_type":"box","text":"iShares","page_number":1,"box":{"x":299,"y":154,"width":51,"height":10}},{"id":"2a808938-8b53-4512-9350-d892da19109d","block_type":"box","text":"®","page_number":1,"box":{"x":351,"y":154,"width":9,"height":7}},{"id":"b62537ae-4870-458a-a0a1-291cb233f78c","block_type":"box","text":"iBonds","page_number":1,"box":{"x":361,"y":154,"width":53,"height":10}},{"id":"c870139d-c6fa-4d84-ae84-f25677b2bc6e","block_type":"box","text":"®","page_number":1,"box":{"x":415,"y":154,"width":9,"height":7}},{"id":"8ec9a29c-1e83-451d-8aae-a730c8364274","block_type":"box","text":"Dec 2026 Term Treasury ETF* (IBTG)","page_number":1,"box":{"x":425,"y":154,"width":280,"height":13}},{"id":"d9651d3e-7ad5-449e-8de6-86d256826a35","block_type":"box","text":"iShares","page_number":1,"box":{"x":265,"y":170,"width":51,"height":10}},{"id":"f7f9446c-5d3c-42d6-b148-f74513f166e8","block_type":"box","text":"®","page_number":1,"box":{"x":318,"y":170,"width":9,"height":7}},{"id":"1a4cba2f-7fa7-4591-9cc9-072b2dbe4ac5","block_type":"box","text":"iBonds","page_number":1,"box":{"x":328,"y":170,"width":52,"height":10}},{"id":"65725476-5328-4004-8fbd-6fa2944fdfbb","block_type":"box","text":"®","page_number":1,"box":{"x":381,"y":170,"width":10,"height":7}},{"id":"dda43d12-8815-48a9-99ef-08d0c8cc53ad","block_type":"box","text":"2026 Term High Yield and Income ETF* (IBHF)","page_number":1,"box":{"x":391,"y":170,"width":348,"height":13}},{"id":"55bc8dbc-1cf7-4166-99c3-8307a649f7d8","block_type":"box","text":"(each a “Fund” and together the “Funds”)","page_number":1,"box":{"x":349,"y":185,"width":307,"height":13}},{"id":"6325bf07-17a0-441f-8902-4588d812306a","block_type":"box","text":"*The iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2026 Term Treasury ETF and","page_number":1,"box":{"x":118,"y":209,"width":763,"height":12}},{"id":"92ca5916-3e63-4032-8731-becdcf9afceb","block_type":"box","text":"iShares iBonds 2026 Term High Yield and Income ETF may also conduct business as, respectively, the","page_number":1,"box":{"x":117,"y":224,"width":769,"height":13}},{"id":"3db5c854-cc6f-40f7-ac87-b2753aaca1b8","block_type":"box","text":"iBonds Dec 2026 Term Corporate ETF, iBonds Dec 2026 Term Treasury ETF and iBonds 2026 Term","page_number":1,"box":{"x":117,"y":240,"width":745,"height":12}},{"id":"8963a06a-9697-4958-bb53-0fefb5842c3d","block_type":"box","text":"High Yield and Income ETF.","page_number":1,"box":{"x":117,"y":255,"width":209,"height":13}},{"id":"62fb82cd-6ff4-45bf-94fe-ea7519afa2e4","block_type":"box","text":"Shares of each Fund are listed and trade on a national securities exchange, as stated below (each a","page_number":1,"box":{"x":116,"y":278,"width":771,"height":13}},{"id":"ec95d875-ac8f-4bb4-954a-04cbac9ff1ca","block_type":"box","text":"“Listing Exchange”):","page_number":1,"box":{"x":117,"y":294,"width":150,"height":13}},{"id":"1d9e2bf5-0767-43dd-bbd1-4f0bf2f06a32","block_type":"box","text":"Fund Listing Exchange","page_number":1,"box":{"x":121,"y":315,"width":545,"height":12}},{"id":"9b3b5651-4531-45fe-a679-9189f4e7fb19","block_type":"box","text":"iShares iBonds Dec 2026 Term Corporate ETF NYSE Arca, Inc.","page_number":1,"box":{"x":121,"y":335,"width":527,"height":13}},{"id":"3ee55cda-7ec8-40e6-a77d-ba12043f94c8","block_type":"box","text":"iShares iBonds Dec 2026 Term Treasury ETF The Nasdaq Stock Market LLC","page_number":1,"box":{"x":121,"y":359,"width":636,"height":12}},{"id":"15b8888a-e43c-4b87-b1d3-54943dfd0fd4","block_type":"box","text":"iShares iBonds 2026 Term High Yield and Income ETF Cboe BZX Exchange, Inc.","page_number":1,"box":{"x":121,"y":382,"width":597,"height":12}},{"id":"1f44cf4f-42d9-4348-b295-f9282f83cb54","block_type":"box","text":"On June 23, 2016, December 3, 2019 and June 10, 2020, respectively, in connection with the","page_number":1,"box":{"x":116,"y":413,"width":672,"height":12}},{"id":"9a063613-1980-45a8-aa3c-42fea3aaea10","block_type":"box","text":"establishment of the iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2026 Term","page_number":1,"box":{"x":116,"y":428,"width":720,"height":13}},{"id":"f61d92f9-fa2b-4e6b-9456-25566bcb36cc","block_type":"box","text":"Treasury ETF and iShares iBonds 2026 Term High Yield and Income ETF, the Board of Trustees of the","page_number":1,"box":{"x":116,"y":444,"width":736,"height":12}},{"id":"7d6bce0f-8499-444e-8770-83d9013684e2","block_type":"box","text":"Trust approved the planned liquidation, dissolution and termination of the Funds. As a result, the last day","page_number":1,"box":{"x":116,"y":459,"width":766,"height":13}},{"id":"7e64a0c2-ab9c-4081-841c-cbdc51c4502d","block_type":"box","text":"of trading in each Fund on its Listing Exchange will be December 15, 2026. The Listing Exchanges will","page_number":1,"box":{"x":116,"y":475,"width":741,"height":12}},{"id":"3495cce1-d1ed-4f64-8e3f-0aa9b7a401af","block_type":"box","text":"suspend trading in the Funds before the open of trading on December 16, 2026, and shares of the Funds","page_number":1,"box":{"x":116,"y":490,"width":763,"height":13}},{"id":"e5cf01f8-4b4f-4a3b-873d-8636dc3cc222","block_type":"box","text":"will no longer be available for new investments as of this date. Proceeds of the liquidation are currently","page_number":1,"box":{"x":116,"y":506,"width":749,"height":12}},{"id":"6b12cf71-ca19-4a06-8d42-9cd60efd668c","block_type":"box","text":"scheduled to be sent to shareholders on December 18, 2026. Each Fund’s final net asset value, as","page_number":1,"box":{"x":116,"y":521,"width":709,"height":12}},{"id":"3666a53c-3287-4b5c-a5e9-b8a7d180e810","block_type":"box","text":"calculated on December 15, 2026, will include any costs associated with the liquidation expected to be","page_number":1,"box":{"x":116,"y":537,"width":749,"height":12}},{"id":"ca4d6709-7981-4f3c-9a13-d6c304da7b43","block_type":"box","text":"borne by the Fund.","page_number":1,"box":{"x":117,"y":552,"width":140,"height":13}},{"id":"84b956fa-fe9e-4f01-8f57-eb3600c3ea60","block_type":"box","text":"Because shares of each Fund will not be traded on its Listing Exchange during the period between","page_number":1,"box":{"x":117,"y":576,"width":712,"height":12}},{"id":"0b5b4c40-4d05-4b15-b217-cff5b393c8e6","block_type":"box","text":"December 16, 2026 and December 18, 2026, we cannot assure you that there will be a trading market for","page_number":1,"box":{"x":117,"y":591,"width":768,"height":13}},{"id":"fc28a610-cd71-432e-a288-d87459ecf863","block_type":"box","text":"your shares. Further, during this period, each Fund will be in the process of closing down and liquidating","page_number":1,"box":{"x":116,"y":607,"width":760,"height":12}},{"id":"fd3103c1-f89f-4b97-b705-c4df2d58e82f","block_type":"box","text":"its portfolio, which may result in the Fund not being able to track its Underlying Index (by December 16,","page_number":1,"box":{"x":117,"y":622,"width":755,"height":13}},{"id":"5a60003a-f3d9-46ba-9eaf-0d64b0e1b219","block_type":"box","text":"2026, the Underlying Index value will be represented almost entirely by cash as no securities will remain","page_number":1,"box":{"x":117,"y":638,"width":755,"height":12}},{"id":"e3a6501c-2c7d-41b0-8cd8-d7cad93b01d5","block_type":"box","text":"in the Underlying Index). After December 15, 2026, shareholders that remain invested in a Fund will","page_number":1,"box":{"x":117,"y":653,"width":725,"height":13}},{"id":"d332889e-6d8e-44df-8841-414b67d0a758","block_type":"box","text":"receive the entire amount of their pro rata share of the liquidation proceeds on or about December 18,","page_number":1,"box":{"x":117,"y":669,"width":740,"height":12}},{"id":"498d37e7-f0d3-4299-aec2-8957c409528a","block_type":"box","text":"2026, subject to their brokerage firm’s processes.","page_number":1,"box":{"x":117,"y":684,"width":356,"height":13}},{"id":"5484fe92-ba71-4b65-a853-f45ca4fc3714","block_type":"box","text":"Shareholders may sell their holdings of a Fund prior to December 16, 2026 and may incur the usual and","page_number":1,"box":{"x":116,"y":707,"width":751,"height":13}},{"id":"cb1891e8-26af-4a7f-bf4e-98658a98b96e","block_type":"box","text":"customary brokerage commissions associated with the sale of the Fund shares. If you still hold shares of","page_number":1,"box":{"x":116,"y":723,"width":758,"height":13}},{"id":"ee024edf-ae2b-48c1-b293-7da02919e5b8","block_type":"box","text":"a Fund on December 18, 2026, the Fund will automatically redeem your shares for cash based on the net","page_number":1,"box":{"x":116,"y":738,"width":761,"height":13}},{"id":"e4f1a1f5-5bd2-4798-b52c-ae5802fcba1e","block_type":"box","text":"asset value as of the close of business on December 15, 2026, which will include any dividends or","page_number":1,"box":{"x":116,"y":754,"width":706,"height":13}},{"id":"de7392e7-d052-4224-a5d0-509e8b58f9fe","block_type":"box","text":"distributions calculated as of that date.","page_number":1,"box":{"x":116,"y":769,"width":281,"height":10}},{"id":"3bf975be-54e1-4ec8-a714-2af3120bc0cf","block_type":"box","text":"If you are subject to federal income tax, the liquidation of a Fund will result in one or more taxable events","page_number":2,"box":{"x":117,"y":69,"width":764,"height":13}},{"id":"4b56f459-01df-43f4-b1a5-4fa9906e887a","block_type":"box","text":"for you. A sale or exchange of Fund shares prior to the liquidation will generally give rise to a capital gain","page_number":2,"box":{"x":116,"y":85,"width":762,"height":12}},{"id":"6ca1d2a2-22bc-40ff-a654-43d5ab85f49d","block_type":"box","text":"or loss to you for federal income tax purposes. In connection with the liquidation, a Fund may declare tax","page_number":2,"box":{"x":116,"y":100,"width":767,"height":13}},{"id":"1b6da6d5-d56a-4957-a528-d3580391aafb","block_type":"box","text":"exempt or taxable distributions of its investment income and/or taxable distributions of its net capital","page_number":2,"box":{"x":116,"y":116,"width":741,"height":12}},{"id":"8ac89426-3356-445f-8c59-0c4714c0e7d5","block_type":"box","text":"gain. Any liquidation proceeds paid to you should generally be treated as received by you in exchange for","page_number":2,"box":{"x":116,"y":131,"width":766,"height":13}},{"id":"b9acdd3c-46aa-4a12-b260-75bca5dd3dc7","block_type":"box","text":"your shares and will therefore generally give rise to a capital gain or loss depending on your tax basis.","page_number":2,"box":{"x":116,"y":147,"width":738,"height":12}},{"id":"6762eef2-527f-46c1-89ea-55c2a418046a","block_type":"box","text":"Please refer to the “Taxes” disclosure beginning on page 122 of each Fund’s SAI and consult your own","page_number":2,"box":{"x":117,"y":162,"width":747,"height":13}},{"id":"784a1afa-a596-464e-9a57-b220e903dd24","block_type":"box","text":"tax advisor about the potential tax consequences of a Fund’s liquidation, including any state, local,","page_number":2,"box":{"x":116,"y":178,"width":717,"height":12}},{"id":"d97df4aa-8037-4b7d-a5af-27c5f63ef010","block_type":"box","text":"foreign or other tax consequences.","page_number":2,"box":{"x":116,"y":193,"width":257,"height":13}},{"id":"113cabc9-c338-4aa7-bd2e-738c08631f91","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":2,"box":{"x":117,"y":216,"width":521,"height":13}},{"id":"bb06bd08-edfc-454c-b6d2-379480a3c05d","block_type":"box","text":"iShares","page_number":2,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"e49de8aa-19c6-42c7-af75-1ac8f00e888b","block_type":"box","text":"®","page_number":2,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"5c631515-b57e-4c01-a7b4-2e79af89e1e2","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors or its affiliates.","page_number":2,"box":{"x":170,"y":869,"width":396,"height":10}},{"id":"996a706e-82bf-4a60-b41c-09ad39c543d7","block_type":"box","text":"IS-A-IBDR-IBTG-IBHF-1026","page_number":2,"box":{"x":725,"y":887,"width":158,"height":8}},{"id":"9859408e-f3b7-4e90-8090-19777ec8b925","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":2,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"db118b0a-572b-4653-8b51-39461067a8d5","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":2,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"11664763-4554-4015-a62b-ad08d2822af6","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":3,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"3425ddad-dd3a-4242-bf13-a113a5c0add6","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":4,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"9c86a334-8b64-46bc-ab57-756d9833dce5","block_type":"box","text":"FEBRUARY 27, 2026","page_number":5,"box":{"x":715,"y":60,"width":203,"height":14}},{"id":"20a3ac8b-c52a-4d1f-ae3d-3c85a79adb89","block_type":"box","text":"Summary Prospectus","page_number":5,"box":{"x":112,"y":175,"width":501,"height":33}},{"id":"009c1e5f-07b8-410a-a3a3-cea47c1ff514","block_type":"box","text":"•","page_number":5,"box":{"x":81,"y":256,"width":6,"height":5}},{"id":"55f3bb42-deb1-441a-9d55-a5857ab915b0","block_type":"box","text":"iShares iBonds Dec 2026 Term Treasury ETF*","page_number":5,"box":{"x":102,"y":253,"width":356,"height":12}},{"id":"1e430d52-495c-4aca-ac2f-9656b0d03f94","block_type":"box","text":"|","page_number":5,"box":{"x":468,"y":253,"width":1,"height":12}},{"id":"fc3aa26f-4549-4bd9-b2ef-a4dc42f40bf4","block_type":"box","text":"IBTG","page_number":5,"box":{"x":481,"y":253,"width":35,"height":9}},{"id":"50bb2a73-6a0b-4da3-829c-1cd1f18ad193","block_type":"box","text":"|","page_number":5,"box":{"x":527,"y":253,"width":1,"height":12}},{"id":"bf14f7e2-493d-49b0-9fbe-2075ffe44cba","block_type":"box","text":"Nasdaq","page_number":5,"box":{"x":540,"y":253,"width":58,"height":12}},{"id":"5a425bcf-3c75-4858-80e0-169200d29157","block_type":"box","text":"Before you invest, you may want to review the Fund’s prospectus, which contains more information about","page_number":5,"box":{"x":81,"y":299,"width":812,"height":12}},{"id":"1bd60f96-c8b1-4de9-b503-525d9e8c76c0","block_type":"box","text":"the Fund and its risks. You can find the Fund’s prospectus (including amendments and supplements) and","page_number":5,"box":{"x":81,"y":315,"width":815,"height":12}},{"id":"2339f53f-dbb0-4212-b86e-c38283460956","block_type":"box","text":"other information about the Fund, including the Fund’s statement of additional information and","page_number":5,"box":{"x":81,"y":330,"width":741,"height":12}},{"id":"0f691b33-e519-4905-a35e-1accd56f3975","block_type":"box","text":"shareholder reports, online at https://www.blackrock.com/prospectus. You can also get this information at","page_number":5,"box":{"x":81,"y":346,"width":823,"height":12}},{"id":"0719b39e-bd27-4be7-b07e-10710b778094","block_type":"box","text":"no cost by calling 1-800-iShares (1-800-474-2737) or by sending an e-mail request to","page_number":5,"box":{"x":81,"y":361,"width":673,"height":12}},{"id":"f31ca19c-cb80-4c59-a777-bedf54071e55","block_type":"box","text":"iSharesETFs@blackrock.com, or from your financial professional. The Fund’s prospectus and statement of","page_number":5,"box":{"x":81,"y":377,"width":818,"height":12}},{"id":"71b482e8-577d-4ab8-bb7c-08bd395bb2f2","block_type":"box","text":"additional information, both dated February 27, 2026, as amended and supplemented from time to time,","page_number":5,"box":{"x":81,"y":392,"width":808,"height":12}},{"id":"2812d5ec-5dd0-4920-897d-c131c7e8536b","block_type":"box","text":"are incorporated by reference into (legally made a part of) this Summary Prospectus. Information on the","page_number":5,"box":{"x":81,"y":408,"width":803,"height":12}},{"id":"fa9ccd17-1882-4cee-b19c-c613b4968e19","block_type":"box","text":"Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at","page_number":5,"box":{"x":81,"y":423,"width":768,"height":12}},{"id":"80030a0b-5ded-4e4e-b681-60261e512e6a","block_type":"box","text":"https://www.iShares.com.","page_number":5,"box":{"x":81,"y":439,"width":200,"height":11}},{"id":"833239bb-bec4-49b0-a060-e30554260db3","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":5,"box":{"x":81,"y":876,"width":836,"height":12}},{"id":"468b5a0f-58ea-430c-8e2a-937ca2f32e6d","block_type":"box","text":"the adequacy of this prospectus. Any representation to the contrary is a criminal offense.","page_number":5,"box":{"x":81,"y":891,"width":696,"height":12}},{"id":"02143dd8-53c6-486e-9ba3-748f5711ef4f","block_type":"box","text":"*The iShares iBonds Dec 2026 Term Treasury ETF may also conduct business as the iBonds Dec 2026 Term","page_number":5,"box":{"x":81,"y":912,"width":836,"height":12}},{"id":"ce5c8f63-8107-4333-8443-a46e41671209","block_type":"box","text":"Treasury ETF.","page_number":5,"box":{"x":81,"y":927,"width":104,"height":12}},{"id":"202f461d-d8fb-41f5-a481-75c300a36eec","block_type":"box","text":"iSHARES","page_number":6,"box":{"x":141,"y":47,"width":119,"height":16}},{"id":"3334e88f-1115-41ee-9faf-13bad647b2b5","block_type":"box","text":"®","page_number":6,"box":{"x":263,"y":40,"width":11,"height":9}},{"id":"9236e832-cef1-4030-ad50-9254f284bc99","block_type":"box","text":"iBONDS","page_number":6,"box":{"x":284,"y":47,"width":108,"height":16}},{"id":"c2f7ddef-e642-4606-9003-63d7b9b4aaf0","block_type":"box","text":"®","page_number":6,"box":{"x":395,"y":40,"width":11,"height":9}},{"id":"91bb8881-037f-4449-ac73-5159c36e1951","block_type":"box","text":"DEC 2026 TERM TREASURY ETF","page_number":6,"box":{"x":417,"y":47,"width":439,"height":16}},{"id":"54038a15-8b20-4352-b5ce-828aa5b8251f","block_type":"box","text":"Ticker: IBTG Stock Exchange: Nasdaq","page_number":6,"box":{"x":261,"y":76,"width":469,"height":12}},{"id":"e8e6e35f-8a75-41d2-8995-e9d6fac5bb18","block_type":"box","text":"Investment Objective","page_number":6,"box":{"x":53,"y":114,"width":182,"height":13}},{"id":"3f9f4870-3ada-4377-a3c1-c5cd8d8ebb3a","block_type":"box","text":"The iShares iBonds Dec 2026 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury","page_number":6,"box":{"x":52,"y":139,"width":884,"height":11}},{"id":"9a6ec67f-21d8-4e65-98e0-faeb7fa5f14c","block_type":"box","text":"bonds maturing in 2026.","page_number":6,"box":{"x":53,"y":153,"width":156,"height":11}},{"id":"93f26199-a9db-40ef-a02f-310dae612e3e","block_type":"box","text":"Fees and Expenses","page_number":6,"box":{"x":53,"y":183,"width":161,"height":13}},{"id":"1f7ad9ff-0586-403f-af82-a7e717b23798","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":6,"box":{"x":52,"y":208,"width":869,"height":10}},{"id":"b0ab4708-0de8-4406-9081-b9fcd970e395","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":6,"box":{"x":53,"y":222,"width":867,"height":11}},{"id":"485b00e5-4ad7-47c1-92f1-cbde366c2c34","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":6,"box":{"x":53,"y":236,"width":889,"height":11}},{"id":"467082f1-8116-41ab-88e2-21857be15c60","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":6,"box":{"x":53,"y":250,"width":870,"height":11}},{"id":"36bc43a3-58dd-4ad6-a594-6a2ad89ac9bb","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":6,"box":{"x":53,"y":264,"width":858,"height":11}},{"id":"d8c0c523-bd7c-48b6-b229-b0ed28e56acc","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":6,"box":{"x":53,"y":278,"width":450,"height":11}},{"id":"6a4d7ee2-bfa3-42f2-991e-db43970fdd0a","block_type":"box","text":"The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s","page_number":6,"box":{"x":52,"y":300,"width":701,"height":11}},{"id":"2ffb4221-f772-48cc-bad4-842d7231f0be","block_type":"box","text":"pro rata","page_number":6,"box":{"x":757,"y":301,"width":49,"height":10}},{"id":"b68e8197-5db8-495b-85c1-e3290f62138c","block_type":"box","text":"share of the fees","page_number":6,"box":{"x":811,"y":300,"width":107,"height":9}},{"id":"9deeffd0-c791-416d-a028-dd943331b6a3","block_type":"box","text":"and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and","page_number":6,"box":{"x":53,"y":315,"width":889,"height":10}},{"id":"61f7faf6-438a-4579-a043-9132f0462e64","block_type":"box","text":"Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are","page_number":6,"box":{"x":53,"y":329,"width":868,"height":11}},{"id":"eb91ac8b-c3f0-4e99-a8d0-ced72a9ff5d6","block_type":"box","text":"shown in the","page_number":6,"box":{"x":53,"y":343,"width":80,"height":8}},{"id":"81f0c9fb-a77c-4fec-9ab5-eff2d9f430f7","block_type":"box","text":"Financial Highlights","page_number":6,"box":{"x":138,"y":343,"width":121,"height":11}},{"id":"aa3c57ee-86b1-454a-adfc-d49ef8c15daf","block_type":"box","text":"section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has","page_number":6,"box":{"x":264,"y":343,"width":625,"height":11}},{"id":"36cc13da-db6b-4db7-8b6d-c00dc33025aa","block_type":"box","text":"contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any,","page_number":6,"box":{"x":53,"y":357,"width":840,"height":11}},{"id":"026739c0-011a-4f4f-a7ef-341925308829","block_type":"box","text":"attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about","page_number":6,"box":{"x":53,"y":371,"width":887,"height":11}},{"id":"6ebe827c-fdbe-4cc5-8b53-0bd62915a8fa","block_type":"box","text":"December 15, 2026. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the","page_number":6,"box":{"x":53,"y":385,"width":858,"height":11}},{"id":"3ea693a5-602e-4303-bd21-0b3a52a08278","block_type":"box","text":"Trust and BFA.","page_number":6,"box":{"x":52,"y":400,"width":91,"height":8}},{"id":"6a4015be-8f1c-4378-85d4-9ec70352525b","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":6,"box":{"x":52,"y":423,"width":883,"height":11}},{"id":"e961d3fc-5ba4-45e4-8742-9ffb7e46036c","block_type":"box","text":"the tables and examples below.","page_number":6,"box":{"x":52,"y":437,"width":221,"height":11}},{"id":"6e564b42-4331-4ae5-8682-4204a8d1d93f","block_type":"box","text":"Annual Fund Operating Expenses","page_number":6,"box":{"x":418,"y":458,"width":159,"height":7}},{"id":"0fee9d75-d6b5-4ebc-8265-d8a79835ba17","block_type":"box","text":"(ongoing expenses that you pay each year as a\r\n1","page_number":6,"box":{"x":385,"y":466,"width":226,"height":7}},{"id":"2ecd9838-cef7-4c0b-860a-7c225615e708","block_type":"box","text":"percentage of the value of your investments)","page_number":6,"box":{"x":387,"y":474,"width":217,"height":7}},{"id":"48df5aa5-7031-4201-b5fd-135dcb7b8653","block_type":"box","text":"1","page_number":6,"box":{"x":606,"y":472,"width":2,"height":4}},{"id":"a27630e6-eaff-48b5-9039-86490827a1a4","block_type":"box","text":"Management","page_number":6,"box":{"x":81,"y":540,"width":61,"height":7}},{"id":"81a48dd5-6052-414b-83ad-ec1900cdc0d0","block_type":"box","text":"Fees","page_number":6,"box":{"x":101,"y":548,"width":21,"height":5}},{"id":"22c35b09-975c-4f54-98c7-53cf0f0a7702","block_type":"box","text":"Distribution","page_number":6,"box":{"x":208,"y":532,"width":56,"height":5}},{"id":"f28175f5-286e-45d2-a98f-47c1f82e84b2","block_type":"box","text":"and Service","page_number":6,"box":{"x":208,"y":540,"width":56,"height":5}},{"id":"6df13ea1-2d79-41c5-911e-cdaaff85b6f7","block_type":"box","text":"(12b-1) Fees","page_number":6,"box":{"x":208,"y":548,"width":56,"height":7}},{"id":"ddccfcf6-db34-4208-a036-ee09dc51b2e6","block_type":"box","text":"Other","page_number":6,"box":{"x":339,"y":540,"width":26,"height":5}},{"id":"428e497c-658e-430b-b427-08a89a065362","block_type":"box","text":"Expenses","page_number":6,"box":{"x":330,"y":548,"width":44,"height":7}},{"id":"723a3ef7-e6b2-412e-a3c4-326ae251aca8","block_type":"box","text":"Acquired Fund","page_number":6,"box":{"x":439,"y":532,"width":70,"height":7}},{"id":"02b38105-609b-415c-8c27-103fce43764c","block_type":"box","text":"Fees and","page_number":6,"box":{"x":454,"y":540,"width":41,"height":5}},{"id":"b8eb67bb-90b0-46ce-a1e6-2d59a0b76f10","block_type":"box","text":"Expenses","page_number":6,"box":{"x":452,"y":548,"width":45,"height":7}},{"id":"a740f45a-254b-47bb-a780-f40d48642488","block_type":"box","text":"Total Annual","page_number":6,"box":{"x":574,"y":524,"width":58,"height":5}},{"id":"7d8d43f9-e62a-4e96-b4f4-ce26e1833ff9","block_type":"box","text":"Fund","page_number":6,"box":{"x":592,"y":532,"width":23,"height":5}},{"id":"ab48a396-0481-4bd2-9a72-8bea5b254c5b","block_type":"box","text":"Operating","page_number":6,"box":{"x":580,"y":540,"width":47,"height":7}},{"id":"b50f427d-6445-401f-a1c2-66e4237ba748","block_type":"box","text":"Expenses","page_number":6,"box":{"x":581,"y":548,"width":45,"height":7}},{"id":"d86b241f-d3d6-4110-bdda-5e12fb47cf97","block_type":"box","text":"Fee Waiver","page_number":6,"box":{"x":710,"y":524,"width":52,"height":5}},{"id":"b8b516e1-8bdf-4ced-b088-3caf133c81ab","block_type":"box","text":"and/or","page_number":6,"box":{"x":720,"y":532,"width":33,"height":7}},{"id":"53bc1fe6-2ec3-420a-a5b2-87aec4646595","block_type":"box","text":"Expense","page_number":6,"box":{"x":717,"y":540,"width":39,"height":7}},{"id":"93a7d24a-d244-46a3-929a-1215497a43e4","block_type":"box","text":"Reimbursement","page_number":6,"box":{"x":697,"y":548,"width":76,"height":5}},{"id":"c65620b5-fec7-4809-8cb7-67840084342d","block_type":"box","text":"Total Annual","page_number":6,"box":{"x":848,"y":492,"width":58,"height":6}},{"id":"e2b3698c-236d-4e1b-9439-acd74e840fa9","block_type":"box","text":"Fund","page_number":6,"box":{"x":866,"y":500,"width":23,"height":6}},{"id":"00094e3c-1430-4afd-8502-f779c14cfc8d","block_type":"box","text":"Operating","page_number":6,"box":{"x":854,"y":508,"width":47,"height":7}},{"id":"e69e27c3-55a5-40ff-9578-66a4266f6961","block_type":"box","text":"Expenses After","page_number":6,"box":{"x":842,"y":516,"width":72,"height":7}},{"id":"9538ebdb-4e12-4b85-b62a-06a613ebf7d7","block_type":"box","text":"Fee Waiver","page_number":6,"box":{"x":852,"y":524,"width":52,"height":5}},{"id":"b1186bc1-09f1-47f6-895e-fa1ddef98dd0","block_type":"box","text":"and/or","page_number":6,"box":{"x":861,"y":532,"width":33,"height":7}},{"id":"bfa724ad-3f0c-4341-bf51-0e4a39525150","block_type":"box","text":"Expense","page_number":6,"box":{"x":858,"y":540,"width":39,"height":7}},{"id":"a3f776d2-9b94-42d3-8478-86491b48f9d6","block_type":"box","text":"Reimbursement","page_number":6,"box":{"x":838,"y":548,"width":76,"height":5}},{"id":"95ea101c-7038-43b5-9272-e113fbf47703","block_type":"box","text":"0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%","page_number":6,"box":{"x":95,"y":565,"width":799,"height":10}},{"id":"26393157-ed06-4823-b930-46766a2ae9b4","block_type":"box","text":"1","page_number":6,"box":{"x":82,"y":596,"width":2,"height":5}},{"id":"aa183345-4544-418a-885f-7f60c8a65f4a","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.","page_number":6,"box":{"x":93,"y":598,"width":712,"height":9}},{"id":"0876ed8c-742b-40a9-aaff-e3cc7e970e07","block_type":"box","text":"Example.","page_number":6,"box":{"x":53,"y":617,"width":62,"height":11}},{"id":"d05c8fcc-72ee-4c35-991b-cc15e202f9e6","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":6,"box":{"x":119,"y":617,"width":801,"height":11}},{"id":"eccec994-7d82-43a3-bebe-0d65b7515326","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":6,"box":{"x":52,"y":631,"width":890,"height":11}},{"id":"c664aa75-5639-487d-9326-b84dd20d31c9","block_type":"box","text":"periods. Fund expenses (and any applicable waivers) are calculated only through December 15, 2026 because the Fund is scheduled to","page_number":6,"box":{"x":53,"y":646,"width":865,"height":10}},{"id":"c056e9f0-c498-48f8-9b39-a268252823fe","block_type":"box","text":"cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s","page_number":6,"box":{"x":53,"y":660,"width":889,"height":11}},{"id":"2931d05d-905a-466b-8255-4e3f65fb5c6a","block_type":"box","text":"operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would","page_number":6,"box":{"x":53,"y":674,"width":872,"height":11}},{"id":"55269c31-5326-4865-9505-ec7271fa42d4","block_type":"box","text":"be:","page_number":6,"box":{"x":53,"y":688,"width":18,"height":9}},{"id":"9d6d95dd-468d-4dd0-be5c-707ba5e698e7","block_type":"box","text":"Maturity","page_number":6,"box":{"x":472,"y":719,"width":52,"height":9}},{"id":"fc2fb328-196e-48b7-9acc-07e4729291f4","block_type":"box","text":"$6","page_number":6,"box":{"x":491,"y":739,"width":13,"height":9}},{"id":"87935fe4-83d8-4e16-998e-4e37c7969322","block_type":"box","text":"S-1","page_number":6,"box":{"x":495,"y":944,"width":19,"height":8}},{"id":"2325c16f-6baa-49a1-b79f-b1130fe0d390","block_type":"box","text":"Portfolio Turnover.","page_number":7,"box":{"x":53,"y":46,"width":128,"height":9}},{"id":"6be866a6-becc-4479-8c05-a3c46d3de52c","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":7,"box":{"x":186,"y":46,"width":287,"height":11}},{"id":"25d0dd71-f97b-4820-b3fc-18ea81a904b9","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":7,"box":{"x":53,"y":61,"width":420,"height":10}},{"id":"f984c8e5-c22b-42f3-8b93-ebf536206c59","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":7,"box":{"x":53,"y":75,"width":395,"height":11}},{"id":"d8a61d12-b0f9-40f7-86a8-8a0a07394cef","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":7,"box":{"x":52,"y":89,"width":380,"height":11}},{"id":"04910a25-04fc-4e8b-8c04-b13fb5c75056","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":7,"box":{"x":53,"y":103,"width":408,"height":10}},{"id":"ab400403-0944-4cba-8e96-a004e6f8adeb","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":7,"box":{"x":53,"y":117,"width":368,"height":11}},{"id":"5464f8a2-515c-4b53-978c-394760cf9b20","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent","page_number":7,"box":{"x":53,"y":131,"width":411,"height":11}},{"id":"d55c291a-3e96-418c-a92d-bce7e49019c3","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 7% of the","page_number":7,"box":{"x":52,"y":146,"width":377,"height":10}},{"id":"04fff3ca-9c7a-400e-93d0-dfb2f1b7a63b","block_type":"box","text":"average value of its portfolio.","page_number":7,"box":{"x":53,"y":160,"width":184,"height":11}},{"id":"5aa7df3c-3865-4d40-8390-85d12e4ac896","block_type":"box","text":"Principal Investment Strategies","page_number":7,"box":{"x":53,"y":189,"width":268,"height":13}},{"id":"87a949cc-80c4-4660-af88-0bb7d1f546b1","block_type":"box","text":"The Fund seeks to meet its investment objective generally by","page_number":7,"box":{"x":52,"y":214,"width":391,"height":11}},{"id":"08efd843-2804-4177-af45-530270c85fab","block_type":"box","text":"investing in individual securities which satisfy the criteria of the","page_number":7,"box":{"x":53,"y":228,"width":404,"height":11}},{"id":"390d6c57-035f-4117-b28e-5dc87cb5b5b1","block_type":"box","text":"ICE 2026 Maturity US Treasury Index (the “Underlying","page_number":7,"box":{"x":53,"y":242,"width":344,"height":11}},{"id":"d18e7223-4d16-40b8-8780-1e8830778d99","block_type":"box","text":"Index”). The Underlying Index consists of publicly-issued U.S.","page_number":7,"box":{"x":53,"y":257,"width":389,"height":10}},{"id":"9f721093-9e25-45c7-9dcc-e867fff581a0","block_type":"box","text":"Treasury securities that are scheduled to mature between January","page_number":7,"box":{"x":52,"y":271,"width":422,"height":11}},{"id":"df747c0b-44a5-4d8a-9365-d614a0247aef","block_type":"box","text":"1, 2026 and December 15, 2026, inclusive. The Fund may also","page_number":7,"box":{"x":55,"y":285,"width":395,"height":11}},{"id":"dbff726a-b07b-4e3d-bfcf-70cebd90587b","block_type":"box","text":"invest in short-term paper, cash and cash equivalents, including","page_number":7,"box":{"x":53,"y":299,"width":408,"height":11}},{"id":"208c75c5-20c9-4a6c-a8ed-27f25ade2eec","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates. The","page_number":7,"box":{"x":53,"y":313,"width":419,"height":11}},{"id":"93dd53eb-3893-4c93-8c3a-7654e3ced747","block_type":"box","text":"Fund is a term fund that will terminate on or about December 15,","page_number":7,"box":{"x":53,"y":327,"width":414,"height":11}},{"id":"d7b8f16c-f44f-40a7-a4da-30bcb0b37846","block_type":"box","text":"2026, at which time it will distribute its remaining net assets to","page_number":7,"box":{"x":53,"y":342,"width":403,"height":10}},{"id":"ef8733ce-f648-4fc2-9a0d-12fe320802e0","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund does not","page_number":7,"box":{"x":53,"y":356,"width":416,"height":11}},{"id":"13d55517-be40-4a56-894c-c4a39c59fa42","block_type":"box","text":"seek to return any predetermined amount at maturity or in","page_number":7,"box":{"x":53,"y":370,"width":373,"height":11}},{"id":"e1819e95-6d45-456d-82e2-b4287bb9af58","block_type":"box","text":"periodic distributions.","page_number":7,"box":{"x":53,"y":384,"width":138,"height":11}},{"id":"18a5f4f2-8d35-49ee-a09c-c825b47d0588","block_type":"box","text":"Qualifying securities are U.S. Treasury notes and bonds having $1","page_number":7,"box":{"x":53,"y":405,"width":417,"height":12}},{"id":"f71683d7-348c-4ee7-a6f9-898fb0e0c727","block_type":"box","text":"billion or more of outstanding face value, excluding amounts held","page_number":7,"box":{"x":53,"y":420,"width":416,"height":11}},{"id":"ad585d39-9883-4f49-bbe1-58da5bd51f4c","block_type":"box","text":"by the Federal Reserve System Open Market Account (“SOMA”).","page_number":7,"box":{"x":53,"y":434,"width":409,"height":11}},{"id":"d8038310-a198-4c67-ac25-2bed47aad667","block_type":"box","text":"In addition, the securities in the Underlying Index must have a","page_number":7,"box":{"x":53,"y":449,"width":394,"height":10}},{"id":"f80c06e4-1db0-415e-9e53-f6b7210b0cf1","block_type":"box","text":"fixed coupon schedule and be denominated in U.S. dollars.","page_number":7,"box":{"x":52,"y":463,"width":375,"height":11}},{"id":"a4299f15-ea66-48b1-b1c2-22e804a68158","block_type":"box","text":"Excluded from the Underlying Index are inflation-linked securities,","page_number":7,"box":{"x":53,"y":477,"width":420,"height":11}},{"id":"795e6f03-cf4b-4079-b276-b49512a54bb0","block_type":"box","text":"Treasury bills and Separate Trading of Registered Interest and","page_number":7,"box":{"x":52,"y":491,"width":393,"height":11}},{"id":"c696ae40-d0ca-4665-a6db-d83368724c87","block_type":"box","text":"Principal of Securities (STRIPS). However, the amounts","page_number":7,"box":{"x":53,"y":505,"width":352,"height":11}},{"id":"30030314-7537-4c2a-854a-64bd99a610b8","block_type":"box","text":"outstanding of qualifying securities in the Underlying Index are not","page_number":7,"box":{"x":53,"y":519,"width":424,"height":11}},{"id":"29fbc428-d7b2-415e-ae45-96d2160f9caa","block_type":"box","text":"reduced by any individual components of such securities (","page_number":7,"box":{"x":53,"y":534,"width":370,"height":10}},{"id":"d7219dc0-bea7-4a0a-8226-05cecde2b600","block_type":"box","text":"i.e","page_number":7,"box":{"x":423,"y":534,"width":15,"height":8}},{"id":"fd7e6d55-e365-44e0-8284-1b31d7df8323","block_type":"box","text":".,","page_number":7,"box":{"x":439,"y":541,"width":6,"height":3}},{"id":"5a612919-16a1-4b6d-9eb8-8172afa1213b","block_type":"box","text":"coupon or principal) that have been stripped after inclusion in the","page_number":7,"box":{"x":53,"y":548,"width":418,"height":11}},{"id":"bf49e6ac-6716-46f1-ad5c-15162a300f81","block_type":"box","text":"Underlying Index. Securities issued or marketed primarily to retail","page_number":7,"box":{"x":53,"y":562,"width":418,"height":11}},{"id":"eaa59008-501e-405f-b86f-3bb569dd2229","block_type":"box","text":"investors do not qualify for inclusion in the Underlying Index.","page_number":7,"box":{"x":53,"y":576,"width":386,"height":11}},{"id":"012410c4-2aa5-423c-b9e3-a9ad4eb88743","block_type":"box","text":"The Underlying Index is market value-weighted based on amounts","page_number":7,"box":{"x":52,"y":598,"width":420,"height":11}},{"id":"81eb13b0-a561-49e9-8c54-652ab2dfae34","block_type":"box","text":"outstanding reduced by amounts held by the Federal Reserve","page_number":7,"box":{"x":53,"y":612,"width":391,"height":11}},{"id":"34985e2d-ffe5-4107-a30a-0bef30daec16","block_type":"box","text":"SOMA times price plus accrued interest. Accrued interest is","page_number":7,"box":{"x":53,"y":627,"width":382,"height":10}},{"id":"326e0043-7b9c-489d-894e-5d80fd3584a0","block_type":"box","text":"calculated assuming next-day settlement.","page_number":7,"box":{"x":53,"y":641,"width":266,"height":11}},{"id":"8a69c33e-f39b-4fa0-827e-f5f17f746fb6","block_type":"box","text":"The Underlying Index is rebalanced on the last calendar day of the","page_number":7,"box":{"x":52,"y":663,"width":421,"height":10}},{"id":"ca978196-9cd6-4e6b-a459-88b4dafe050f","block_type":"box","text":"month, based on information available up to and including the","page_number":7,"box":{"x":53,"y":677,"width":394,"height":11}},{"id":"c295980d-89bd-4066-98e8-cc697976868d","block_type":"box","text":"third business day before the last business day of the month. New","page_number":7,"box":{"x":52,"y":691,"width":423,"height":11}},{"id":"ea920bbf-caf6-4f31-8365-8f3183d8eb97","block_type":"box","text":"issues must settle on or before the following calendar month end","page_number":7,"box":{"x":53,"y":705,"width":415,"height":11}},{"id":"33d2c2b0-3168-4c05-8c48-91c9a2abf7ba","block_type":"box","text":"rebalancing date in order to qualify for inclusion for such following","page_number":7,"box":{"x":53,"y":719,"width":422,"height":11}},{"id":"9cd2eb68-d993-454f-a4a3-6e67c1b65492","block_type":"box","text":"month (","page_number":7,"box":{"x":53,"y":734,"width":48,"height":10}},{"id":"19f89cb6-81b5-4bbe-a076-1f9ac0075fb5","block_type":"box","text":"e.g","page_number":7,"box":{"x":102,"y":736,"width":19,"height":8}},{"id":"65066ba6-0921-4236-a449-60541634be61","block_type":"box","text":"., an issue must settle on or before November 30 in","page_number":7,"box":{"x":122,"y":733,"width":327,"height":11}},{"id":"f705fdcb-4030-4422-bc64-223dc64acf9c","block_type":"box","text":"order to be included in the index on October 31). The securities in","page_number":7,"box":{"x":53,"y":748,"width":417,"height":10}},{"id":"6e0382c9-ace9-4943-a9af-31baee61233a","block_type":"box","text":"the Underlying Index are updated on the last calendar day of each","page_number":7,"box":{"x":52,"y":762,"width":420,"height":11}},{"id":"9639c9d3-7839-461e-b2cc-2b4992f9d60e","block_type":"box","text":"month. Cash flows from bond payments that are received during","page_number":7,"box":{"x":53,"y":776,"width":411,"height":11}},{"id":"5f827db4-5709-4ecf-926d-481553f2f231","block_type":"box","text":"the month are retained in the Underlying Index until the end of the","page_number":7,"box":{"x":52,"y":790,"width":424,"height":11}},{"id":"08277780-f336-4343-8e65-3e2c255e09ea","block_type":"box","text":"month and then are removed as part of the rebalancing. When","page_number":7,"box":{"x":53,"y":804,"width":396,"height":11}},{"id":"5db387b5-1d44-48a5-b000-51a618e89071","block_type":"box","text":"cash or a security is removed as part of the rebalancing, it","page_number":7,"box":{"x":53,"y":819,"width":370,"height":10}},{"id":"0d56caeb-fdbe-4d11-a673-45f59e07c3d6","block_type":"box","text":"effectively increases the weighting of the remaining securities in","page_number":7,"box":{"x":53,"y":833,"width":410,"height":11}},{"id":"81b83486-4e04-4971-87ae-e1f4d91cfde8","block_type":"box","text":"the Underlying Index, and the Fund is required to invest in the","page_number":7,"box":{"x":52,"y":847,"width":394,"height":11}},{"id":"80c7c482-d247-4a39-b8f3-2a09864d2be4","block_type":"box","text":"remaining securities to bring its holdings in line with the","page_number":7,"box":{"x":53,"y":861,"width":356,"height":11}},{"id":"5662238d-54f4-4753-95b8-eb0ad9a3a34a","block_type":"box","text":"Underlying Index. Cash does not earn any reinvestment income","page_number":7,"box":{"x":53,"y":875,"width":404,"height":11}},{"id":"33271f42-ee86-4ccc-8b73-4e99c5b498f5","block_type":"box","text":"while it is held in the Underlying Index.","page_number":7,"box":{"x":52,"y":890,"width":246,"height":10}},{"id":"8c907ca8-e685-4c5e-87b3-eb538841b8a6","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":7,"box":{"x":518,"y":46,"width":404,"height":11}},{"id":"f521b7da-ea39-40f8-94be-f592eb661c97","block_type":"box","text":"securities of the Underlying Index, and the Fund will invest at least","page_number":7,"box":{"x":519,"y":61,"width":424,"height":10}},{"id":"cf30e43a-c9b0-4f60-ab4b-54aa2338edb8","block_type":"box","text":"90% of its assets in U.S. Treasury securities that BFA believes will","page_number":7,"box":{"x":519,"y":75,"width":415,"height":11}},{"id":"c9283880-c72a-4c70-82fe-9e1f7b593395","block_type":"box","text":"help the Fund track the Underlying Index, in each case except as","page_number":7,"box":{"x":519,"y":89,"width":412,"height":11}},{"id":"1e7f9286-be75-4d7b-a53e-cc3446882e1d","block_type":"box","text":"described below. The Fund will invest no more than 10% of its","page_number":7,"box":{"x":519,"y":103,"width":390,"height":9}},{"id":"0042589d-25f8-413e-8d1d-358f9a84b56d","block_type":"box","text":"assets in futures, options and swaps contracts that BFA believes","page_number":7,"box":{"x":519,"y":117,"width":411,"height":11}},{"id":"00962481-ebd4-4c8d-af02-51d7b7518b35","block_type":"box","text":"will help the Fund track the Underlying Index. Cash and cash","page_number":7,"box":{"x":518,"y":131,"width":386,"height":11}},{"id":"8e09d266-63ec-421c-b469-36202561ab7e","block_type":"box","text":"equivalent investments associated with a derivative position will","page_number":7,"box":{"x":519,"y":146,"width":408,"height":10}},{"id":"496ac5dc-c6cf-45b3-960d-6dd9c9d4202f","block_type":"box","text":"be treated as part of that position for the purposes of calculating","page_number":7,"box":{"x":519,"y":160,"width":414,"height":11}},{"id":"97a7e997-f844-41cf-9064-c27e542e4891","block_type":"box","text":"the percentage of investments included in the Underlying Index.","page_number":7,"box":{"x":518,"y":174,"width":409,"height":11}},{"id":"ce304489-b0bc-433b-a824-4b3864e679d8","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":7,"box":{"x":518,"y":196,"width":414,"height":11}},{"id":"57fe75cc-2ade-43b1-b412-a7df7ff88aac","block_type":"box","text":"Index before fees and expenses of the Fund. In the last six months","page_number":7,"box":{"x":519,"y":210,"width":424,"height":11}},{"id":"dfb64138-6bd9-481c-8cb3-7c541643162c","block_type":"box","text":"of operation, as the bonds held by the Fund mature, the proceeds","page_number":7,"box":{"x":519,"y":224,"width":419,"height":11}},{"id":"e0aaab04-b3be-4e8b-b76b-b6a76487d560","block_type":"box","text":"will typically be reinvested by the Fund in investments already in","page_number":7,"box":{"x":518,"y":238,"width":410,"height":11}},{"id":"3a920599-04c5-47cb-82f1-a5c7979f8e67","block_type":"box","text":"the Underlying Index but may also be invested in other cash and","page_number":7,"box":{"x":518,"y":253,"width":410,"height":10}},{"id":"aa1f6170-896c-421f-996d-8626500dc280","block_type":"box","text":"cash equivalents as determined by BFA. To the extent that the","page_number":7,"box":{"x":519,"y":267,"width":395,"height":11}},{"id":"726fb483-7853-4477-8b54-5ef7e15bce52","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":7,"box":{"x":519,"y":281,"width":396,"height":11}},{"id":"198ae176-9206-4b52-af0b-6d887a2c184b","block_type":"box","text":"fees and expenses of such funds.","page_number":7,"box":{"x":518,"y":295,"width":212,"height":11}},{"id":"504f3bbf-f041-42f3-8306-5fc89e9baf5b","block_type":"box","text":"By December 15, 2026, the Fund is expected to consist almost","page_number":7,"box":{"x":519,"y":317,"width":401,"height":11}},{"id":"90b41fa0-28bc-40c7-9e23-ce2bd16b8cb3","block_type":"box","text":"entirely of cash. On or around this date, the Fund will wind up and","page_number":7,"box":{"x":519,"y":331,"width":419,"height":11}},{"id":"68de7820-ea7c-46f3-b361-95bc590d2402","block_type":"box","text":"terminate. After appropriate provision is made for any Fund","page_number":7,"box":{"x":518,"y":345,"width":380,"height":11}},{"id":"8ce21621-81c9-497e-81dd-72fac0cc23ce","block_type":"box","text":"liabilities, its net assets will be distributed to then-current","page_number":7,"box":{"x":519,"y":360,"width":368,"height":10}},{"id":"d9b06839-3b0d-4596-80b5-865200ad2bfb","block_type":"box","text":"shareholders pursuant to a plan of liquidation. The Fund’s","page_number":7,"box":{"x":519,"y":374,"width":366,"height":11}},{"id":"f0d69479-394d-46b8-8dd1-ea5b617d5b1e","block_type":"box","text":"termination was approved by a majority of the Trust’s Board of","page_number":7,"box":{"x":518,"y":388,"width":399,"height":11}},{"id":"bf2fbf44-5468-40c8-99ee-5e7443be114b","block_type":"box","text":"Trustees (the “Board”) and does not require additional approval by","page_number":7,"box":{"x":518,"y":402,"width":424,"height":11}},{"id":"beec16f3-0234-4b16-9055-130ed33c509f","block_type":"box","text":"Fund shareholders. The Board may extend the termination date if","page_number":7,"box":{"x":519,"y":416,"width":416,"height":11}},{"id":"3691499f-fa1a-4cf7-a260-031b570ff813","block_type":"box","text":"a majority of the Board determines the extension to be in the best","page_number":7,"box":{"x":519,"y":431,"width":421,"height":10}},{"id":"e41fe154-67d9-4bf2-8b36-373ff9b86aa8","block_type":"box","text":"interest of the Fund.","page_number":7,"box":{"x":519,"y":445,"width":128,"height":8}},{"id":"85e0b6c5-732d-4970-a6ae-8ffb78d6c5f3","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":7,"box":{"x":519,"y":468,"width":377,"height":11}},{"id":"ccd2c2c4-2ff2-4d07-87b2-99ec1b17f4b0","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":7,"box":{"x":519,"y":482,"width":417,"height":11}},{"id":"b9b3b48a-4d58-45f2-b851-50c6cfb549dc","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":7,"box":{"x":518,"y":496,"width":396,"height":11}},{"id":"b908cbd9-e696-49e9-b636-530cda7792d6","block_type":"box","text":"markets decline or appear overvalued.","page_number":7,"box":{"x":519,"y":511,"width":244,"height":10}},{"id":"3bb853b9-a4a1-4382-ae6f-c73e25a10244","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":7,"box":{"x":519,"y":534,"width":421,"height":11}},{"id":"b4e4a1b9-3905-4e42-bcbc-af3e7520937b","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":7,"box":{"x":519,"y":548,"width":421,"height":11}},{"id":"cf05e39f-3010-49d2-b892-dd4fde8b69b6","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":7,"box":{"x":519,"y":562,"width":386,"height":11}},{"id":"771a7e8d-9e39-4c82-a62f-dcaa9db90cb3","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":7,"box":{"x":519,"y":576,"width":370,"height":11}},{"id":"e832734d-9b31-4d96-80c6-070b9df1ee30","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":7,"box":{"x":519,"y":590,"width":355,"height":11}},{"id":"831a4821-6f05-4a24-98bf-fdd26f5c2df3","block_type":"box","text":"comparison to actively managed investment companies.","page_number":7,"box":{"x":519,"y":605,"width":359,"height":10}},{"id":"4da9c509-453e-4581-b14b-a52ca4040788","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":7,"box":{"x":519,"y":628,"width":412,"height":11}},{"id":"bdb145b9-b128-464d-8771-eca5655539c3","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":7,"box":{"x":518,"y":642,"width":412,"height":11}},{"id":"82b496e0-b4f6-4ce2-97f6-bdf8d7f80814","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":7,"box":{"x":519,"y":656,"width":424,"height":11}},{"id":"1914a4be-6e8f-4cb2-9e57-db9a3ef3c8de","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":7,"box":{"x":519,"y":670,"width":410,"height":11}},{"id":"c2eb3949-244a-4a1a-8ff6-6b1cce8e58d6","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":7,"box":{"x":518,"y":684,"width":409,"height":11}},{"id":"0a68b73c-d303-4267-9583-799e58313ebf","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":7,"box":{"x":519,"y":699,"width":423,"height":11}},{"id":"4ca2fe4d-6b2a-4d55-b427-d4ac30a1a596","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":7,"box":{"x":519,"y":713,"width":415,"height":11}},{"id":"27558a38-e839-4888-95a8-988eca7bd98d","block_type":"box","text":"fundamental characteristics (such as return variability, duration","page_number":7,"box":{"x":518,"y":727,"width":406,"height":11}},{"id":"1e0f6043-ca6b-45bd-a7a6-0c9c98c0a9b1","block_type":"box","text":"(","page_number":7,"box":{"x":519,"y":741,"width":3,"height":11}},{"id":"56d7e55a-6b29-4db7-b766-c2a47ff9fb7c","block_type":"box","text":"i.e.","page_number":7,"box":{"x":523,"y":741,"width":17,"height":9}},{"id":"c2354390-978e-411c-905c-527263bdf882","block_type":"box","text":", an instrument’s price sensitivity to a change in interest","page_number":7,"box":{"x":542,"y":741,"width":358,"height":11}},{"id":"fb57cfd3-5bd0-4a1d-8f86-eec791d95973","block_type":"box","text":"rates), maturity or credit ratings and yield) and liquidity measures","page_number":7,"box":{"x":519,"y":755,"width":418,"height":11}},{"id":"172a2fd1-20f5-4a9c-a470-52d7ad97ec06","block_type":"box","text":"similar to those of an applicable underlying index. The Fund may","page_number":7,"box":{"x":519,"y":770,"width":410,"height":10}},{"id":"0e28e5ba-a293-474e-9b19-050df179060a","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":7,"box":{"x":519,"y":784,"width":398,"height":11}},{"id":"a40fd1ce-897d-4891-800f-1a544fc796c1","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":7,"box":{"x":518,"y":807,"width":412,"height":11}},{"id":"c28b322c-7715-4ae0-842b-8ff7c30396bb","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":7,"box":{"x":518,"y":821,"width":371,"height":11}},{"id":"10cc7275-3006-47fc-afa3-8813c0155f8f","block_type":"box","text":"collateral received).","page_number":7,"box":{"x":519,"y":835,"width":125,"height":11}},{"id":"75b11efc-e08d-4633-adfa-759ead697a60","block_type":"box","text":"The Underlying Index is owned, maintained and administered by","page_number":7,"box":{"x":518,"y":859,"width":409,"height":10}},{"id":"7c7631c8-e021-418d-a332-9a60d95e2d47","block_type":"box","text":"ICE Data Indices, LLC (the “Index Provider” or “IDI”), which","page_number":7,"box":{"x":519,"y":873,"width":375,"height":11}},{"id":"5e0702f7-735a-4c37-9b17-df2498ad192e","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":7,"box":{"x":519,"y":887,"width":354,"height":11}},{"id":"d9c9c968-7718-4447-af5a-7a06b6244445","block_type":"box","text":"determines the composition and relative weightings of the","page_number":7,"box":{"x":519,"y":901,"width":371,"height":11}},{"id":"c260b1ce-ce31-4796-bfb1-cdea35b1c709","block_type":"box","text":"S-2","page_number":7,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"52f3ab95-98cb-4c9b-b6fd-7247499d4554","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":8,"box":{"x":53,"y":46,"width":401,"height":11}},{"id":"9b2bbf53-d93c-49ea-b510-1eef5481cae3","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":8,"box":{"x":53,"y":61,"width":327,"height":10}},{"id":"2e2d0c44-1ff0-4228-9fa5-6e4b5dde79e6","block_type":"box","text":"Summary of Principal Risks","page_number":8,"box":{"x":52,"y":90,"width":235,"height":13}},{"id":"92041ab4-c500-460a-9265-7d77f4db4bfe","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":8,"box":{"x":52,"y":115,"width":362,"height":11}},{"id":"4bd62bec-e160-4d86-b600-affabaa57a20","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":8,"box":{"x":53,"y":129,"width":401,"height":11}},{"id":"62a12db7-3b76-4718-96cb-188338f43f8b","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":8,"box":{"x":52,"y":143,"width":397,"height":11}},{"id":"9c5352aa-d593-44db-bb3b-bf2ba87ae8f2","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":8,"box":{"x":53,"y":157,"width":376,"height":11}},{"id":"966b21de-e7c5-4bd1-9df7-66f198bb87cb","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":8,"box":{"x":53,"y":171,"width":392,"height":11}},{"id":"24e069f1-8ac4-4b84-960c-2b9ebbb68c4a","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":8,"box":{"x":52,"y":186,"width":416,"height":10}},{"id":"b3cd5eba-c237-46bc-b7c4-53759c2717d3","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":8,"box":{"x":53,"y":200,"width":387,"height":11}},{"id":"d8b72f58-0207-497f-9532-ab353cc9956c","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":8,"box":{"x":52,"y":214,"width":425,"height":11}},{"id":"0962995c-3b3f-4a6f-8bf5-c519021ece37","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":8,"box":{"x":53,"y":228,"width":404,"height":11}},{"id":"20ec9fb4-1f63-46c6-9637-d152d3b21df4","block_type":"box","text":"review each risk factor carefully.","page_number":8,"box":{"x":53,"y":242,"width":205,"height":11}},{"id":"4c24ee6f-328c-4650-bb7a-692101004285","block_type":"box","text":"U.S. Treasury Obligations Risk.","page_number":8,"box":{"x":53,"y":266,"width":206,"height":10}},{"id":"988515d0-4121-4261-9b80-9b52fcdfd09f","block_type":"box","text":"U.S. Treasury obligations may","page_number":8,"box":{"x":265,"y":266,"width":189,"height":10}},{"id":"411c8a38-91ce-460c-be8c-1d88b5f21f44","block_type":"box","text":"differ from other securities in their interest rates, maturities,","page_number":8,"box":{"x":53,"y":280,"width":385,"height":10}},{"id":"8e019ddf-f12f-42b2-81af-f0a4a59d8634","block_type":"box","text":"times of issuance and other characteristics and may provide","page_number":8,"box":{"x":52,"y":294,"width":386,"height":11}},{"id":"74709cd2-25b6-41b8-90fc-147e5f8e3965","block_type":"box","text":"relatively lower returns than those of other securities. Changes in","page_number":8,"box":{"x":53,"y":308,"width":417,"height":11}},{"id":"0a22b63c-7f91-4717-b89c-1bcbd6b0a166","block_type":"box","text":"the U.S. government’s financial condition or credit rating may","page_number":8,"box":{"x":52,"y":322,"width":394,"height":11}},{"id":"d8c436b0-8eb9-48e6-99c0-275c768ed87e","block_type":"box","text":"cause the value of U.S. Treasury obligations to decline. Direct","page_number":8,"box":{"x":53,"y":336,"width":392,"height":11}},{"id":"70661e25-d5ab-499f-b19e-d14086e9860c","block_type":"box","text":"obligations of the U.S. Treasury have historically involved little risk","page_number":8,"box":{"x":53,"y":351,"width":423,"height":10}},{"id":"1f9cda88-c95c-47be-9421-e4a128b6b9ac","block_type":"box","text":"of loss of principal if held to maturity, but the market value of such","page_number":8,"box":{"x":53,"y":365,"width":424,"height":11}},{"id":"82703ddc-3c4c-4f4c-9420-67038b704804","block_type":"box","text":"securities is not guaranteed and may fluctuate. Although U.S.","page_number":8,"box":{"x":53,"y":379,"width":391,"height":11}},{"id":"b30d6f3e-d6b2-4d5d-8c5a-dc74af4551c5","block_type":"box","text":"Treasury obligations are backed by the full faith and credit of the","page_number":8,"box":{"x":52,"y":393,"width":412,"height":11}},{"id":"7742ddfb-8fde-4331-8539-f2a0c46de998","block_type":"box","text":"United States, circumstances could arise that could prevent the","page_number":8,"box":{"x":53,"y":407,"width":407,"height":11}},{"id":"a77c4f68-b9dd-4b68-ac95-ee0768c8ee93","block_type":"box","text":"timely payment of interest or principal.","page_number":8,"box":{"x":52,"y":422,"width":248,"height":10}},{"id":"bb0fb0fc-759f-4ffa-bd11-dcdb720064e5","block_type":"box","text":"Interest Rate Risk","page_number":8,"box":{"x":52,"y":445,"width":122,"height":8}},{"id":"08a0a96d-ea04-4470-9172-8f6c030fca80","block_type":"box","text":".","page_number":8,"box":{"x":174,"y":451,"width":2,"height":2}},{"id":"d8c9c988-47d4-41c2-9f3d-5667f08cf2f0","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":8,"box":{"x":182,"y":445,"width":233,"height":8}},{"id":"998a65ab-2da6-4b58-a40e-43773f8c1260","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":8,"box":{"x":52,"y":459,"width":424,"height":11}},{"id":"8beca725-d880-4688-b597-b372967d8d70","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":8,"box":{"x":53,"y":473,"width":417,"height":11}},{"id":"461012d4-05a4-48dc-996c-c2a4f0f14814","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":8,"box":{"x":53,"y":487,"width":388,"height":11}},{"id":"e1fbbf18-9d37-42dd-973f-6ce903a4592b","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":8,"box":{"x":52,"y":501,"width":402,"height":11}},{"id":"e1644ee6-37ba-410c-a769-b1a5d9c536e1","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":8,"box":{"x":53,"y":516,"width":391,"height":10}},{"id":"1033d490-d42b-4988-8b09-66c32c48a8dd","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":8,"box":{"x":52,"y":530,"width":424,"height":11}},{"id":"988d2433-fc7a-432a-bd77-58487df2f531","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":8,"box":{"x":53,"y":544,"width":407,"height":8}},{"id":"f8d3064a-e081-40c8-9528-7ea247b8a9f6","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":8,"box":{"x":52,"y":558,"width":423,"height":11}},{"id":"cfec7fa1-1a56-46ef-912b-0bb3960a688f","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":8,"box":{"x":53,"y":572,"width":409,"height":11}},{"id":"9947d9f7-ffef-4668-a2cd-0113d9eb642b","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":8,"box":{"x":53,"y":587,"width":396,"height":10}},{"id":"7b943dd4-c65f-40e9-a2ef-c3ede6432c88","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":8,"box":{"x":53,"y":601,"width":410,"height":11}},{"id":"24a75c62-337d-40d3-87e3-d7899eef004a","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":8,"box":{"x":53,"y":615,"width":363,"height":11}},{"id":"b5c0f50b-7612-4fd6-a85b-8073b286c9f6","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":8,"box":{"x":53,"y":629,"width":385,"height":11}},{"id":"87dd0b11-bd82-4d44-b59b-c10b5e713511","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":8,"box":{"x":53,"y":643,"width":404,"height":11}},{"id":"eca71859-d0aa-4038-9685-4c9b53921486","block_type":"box","text":"dividends to shareholders.","page_number":8,"box":{"x":53,"y":657,"width":167,"height":9}},{"id":"c45b88dc-f64d-4f97-b91b-a546c3a5443b","block_type":"box","text":"Market Risk","page_number":8,"box":{"x":52,"y":681,"width":83,"height":8}},{"id":"d92f09a5-199d-4d90-8bc4-1f163c87d183","block_type":"box","text":".","page_number":8,"box":{"x":135,"y":687,"width":2,"height":2}},{"id":"2ea72837-cd88-4d58-82c2-a64d5d147ec9","block_type":"box","text":"The Fund could lose money over short periods due","page_number":8,"box":{"x":142,"y":681,"width":322,"height":10}},{"id":"aa5470d5-8a1c-4f31-b2f8-21a1580d16fe","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":8,"box":{"x":52,"y":695,"width":413,"height":11}},{"id":"ccb5b00c-1031-4e58-878d-14d967b94067","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":8,"box":{"x":53,"y":709,"width":382,"height":11}},{"id":"eec662f6-5922-4c7a-b733-1c5e9c39a054","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":8,"box":{"x":53,"y":723,"width":410,"height":11}},{"id":"80247a18-5af4-4559-ab36-7d3f18bc6a70","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":8,"box":{"x":53,"y":737,"width":369,"height":11}},{"id":"933fbb98-a218-45ab-9d2c-53d7224f4a5d","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":8,"box":{"x":53,"y":752,"width":403,"height":10}},{"id":"a68544ee-f5e8-4a79-b912-a951bc7d195f","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":8,"box":{"x":53,"y":766,"width":395,"height":11}},{"id":"82d8a296-385c-4ae2-b2fe-32f6f03990a4","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":8,"box":{"x":53,"y":780,"width":394,"height":11}},{"id":"a1d23a49-16b6-4097-b337-88bd4cb7900e","block_type":"box","text":"NAV.","page_number":8,"box":{"x":53,"y":794,"width":28,"height":9}},{"id":"3cbb4616-217d-4620-adb6-47d670f6df20","block_type":"box","text":"Index-Related Risk.","page_number":8,"box":{"x":52,"y":817,"width":129,"height":9}},{"id":"eaf0b265-8905-4b7d-9c09-56c8f5115853","block_type":"box","text":"The Index Provider may rely on various","page_number":8,"box":{"x":187,"y":817,"width":246,"height":11}},{"id":"5e84a256-5bfe-42d5-9e43-071fc5274885","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":8,"box":{"x":53,"y":831,"width":423,"height":11}},{"id":"d168fbb0-42c7-4c97-b390-23c161a54428","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":8,"box":{"x":53,"y":846,"width":391,"height":10}},{"id":"d3a6d6b3-b678-4ab8-8e95-23348e30374a","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":8,"box":{"x":53,"y":860,"width":406,"height":11}},{"id":"1dedc681-cdba-4cde-8bbf-57d8366b740a","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":8,"box":{"x":53,"y":874,"width":408,"height":11}},{"id":"2ab58d3c-198e-4d73-976f-d1c93da23723","block_type":"box","text":"information will provide an accurate assessment of included","page_number":8,"box":{"x":53,"y":888,"width":383,"height":11}},{"id":"aa33b6ba-dcdb-4c96-ae2d-0a4806bea300","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":8,"box":{"x":53,"y":902,"width":387,"height":11}},{"id":"fd0a57e3-2698-4890-a249-fad6f60bedba","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":8,"box":{"x":519,"y":46,"width":366,"height":11}},{"id":"d00e589c-698d-4a5f-af0b-42f4f5c2b280","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":8,"box":{"x":519,"y":61,"width":376,"height":10}},{"id":"d5cc7fa5-e523-4d39-ae25-6db138ed32e8","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":8,"box":{"x":519,"y":75,"width":412,"height":11}},{"id":"0ca7f0be-4985-46fc-a9ce-8ea53444d52a","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":8,"box":{"x":519,"y":89,"width":396,"height":11}},{"id":"bbd467fe-72c6-4f3e-aa33-ade1b177c6bd","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":8,"box":{"x":519,"y":103,"width":366,"height":11}},{"id":"aeba9277-ee37-493b-8f19-3a8249e519e6","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":8,"box":{"x":519,"y":117,"width":400,"height":11}},{"id":"723b20e2-0b60-4b48-abf3-58f100695b8a","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":8,"box":{"x":519,"y":131,"width":409,"height":11}},{"id":"aa836d16-ed6c-4205-8893-fa81db366c9e","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":8,"box":{"x":519,"y":146,"width":413,"height":10}},{"id":"1f06bbfb-d6c0-40bc-9e76-15e0e78e59ab","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":8,"box":{"x":518,"y":160,"width":363,"height":11}},{"id":"76486f4b-e284-4311-87ba-576bd2c8819b","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":8,"box":{"x":519,"y":174,"width":423,"height":11}},{"id":"03ba0ca6-f7af-4374-83f6-b1bfd851b1a4","block_type":"box","text":"Asset Class Risk.","page_number":8,"box":{"x":517,"y":197,"width":115,"height":9}},{"id":"1127c0cc-778e-4507-90ca-cf413ad3d8ea","block_type":"box","text":"The securities and other assets in the","page_number":8,"box":{"x":637,"y":197,"width":240,"height":9}},{"id":"7ef9b8a0-aa75-40eb-9320-3bbe8760106f","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":8,"box":{"x":519,"y":211,"width":406,"height":11}},{"id":"fd210300-1dcc-45c3-a6de-9c0b89dfc744","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":8,"box":{"x":519,"y":226,"width":405,"height":10}},{"id":"a61fa383-5d5c-47d5-b086-a6292e7648e2","block_type":"box","text":"market, another index, or other asset classes.","page_number":8,"box":{"x":519,"y":240,"width":292,"height":10}},{"id":"9593855d-09de-49bf-9842-ceac093b69ce","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":8,"box":{"x":517,"y":263,"width":290,"height":11}},{"id":"bf8863de-fa44-480d-a60b-e9f6f025a755","block_type":"box","text":"An “Authorized","page_number":8,"box":{"x":817,"y":263,"width":93,"height":8}},{"id":"34cdbfe9-c7a9-4862-9c06-ecbbb9253d77","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":8,"box":{"x":519,"y":277,"width":380,"height":11}},{"id":"3cd12ee5-bcc1-4253-a65d-db35575acd79","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":8,"box":{"x":519,"y":291,"width":410,"height":11}},{"id":"e02bc667-7638-4ba9-b372-2971f41fe7a0","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":8,"box":{"x":519,"y":305,"width":396,"height":11}},{"id":"ae0afe4e-81d2-4064-839f-725b30e2969d","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":8,"box":{"x":519,"y":320,"width":400,"height":10}},{"id":"96df5d26-0abc-4f3f-84f3-2cedb7ecfab5","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":8,"box":{"x":519,"y":334,"width":407,"height":11}},{"id":"d198c5bb-0c69-4d08-9bfa-c102568ab6fe","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":8,"box":{"x":519,"y":348,"width":408,"height":11}},{"id":"de069c2e-b82a-438d-9355-4cb0bf331694","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":8,"box":{"x":518,"y":362,"width":413,"height":11}},{"id":"d8b4397f-6225-4676-9045-19ace96cda34","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":8,"box":{"x":519,"y":376,"width":403,"height":11}},{"id":"3faccf4e-7882-4e5c-a78c-31c88e9448fd","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":8,"box":{"x":519,"y":391,"width":378,"height":10}},{"id":"0cee7c71-d2af-4597-972d-842a02bf3584","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":8,"box":{"x":519,"y":405,"width":379,"height":11}},{"id":"1ac43c57-a48f-4c8b-a7ed-8e4381335199","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":8,"box":{"x":518,"y":419,"width":405,"height":11}},{"id":"d5714579-77b7-4c52-bd93-31691143a183","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":8,"box":{"x":519,"y":433,"width":399,"height":11}},{"id":"6d9b7367-422e-4196-9294-e3e74b2a9fbe","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":8,"box":{"x":519,"y":447,"width":392,"height":11}},{"id":"eb954e21-cf65-47c6-80dc-8be2b868ef0c","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":8,"box":{"x":519,"y":462,"width":408,"height":10}},{"id":"2fd37575-ad09-4594-aa9a-404d25f756c3","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":8,"box":{"x":519,"y":476,"width":273,"height":10}},{"id":"8dc33432-e40c-401a-80e0-a3e6f414193e","block_type":"box","text":"Cash Management Risk","page_number":8,"box":{"x":519,"y":499,"width":160,"height":11}},{"id":"359541e1-276a-40ba-9bf3-de0bfd8f353a","block_type":"box","text":".","page_number":8,"box":{"x":679,"y":505,"width":3,"height":2}},{"id":"26180881-5072-4e62-84fc-16758f77ae2f","block_type":"box","text":"If a significant amount of the Fund’s","page_number":8,"box":{"x":688,"y":499,"width":228,"height":11}},{"id":"c6c9d2d6-4641-48f7-b6e7-3af734d229ce","block_type":"box","text":"assets is invested in cash and cash equivalents, the Fund may","page_number":8,"box":{"x":519,"y":513,"width":395,"height":11}},{"id":"96ae2bcf-55a4-44b2-979b-f26101e73add","block_type":"box","text":"underperform other funds that do not similarly invest in cash and","page_number":8,"box":{"x":519,"y":527,"width":415,"height":11}},{"id":"6f6dda99-7966-4131-9e39-3ffdcf43d048","block_type":"box","text":"cash equivalents for investment purposes and/or to collateralize","page_number":8,"box":{"x":519,"y":541,"width":414,"height":11}},{"id":"cd39f876-e36e-4810-9250-5f865682e7fb","block_type":"box","text":"derivative instruments. Further, the Fund may face increased","page_number":8,"box":{"x":519,"y":556,"width":389,"height":10}},{"id":"42a5e7bf-d1c4-45f4-bf3a-e28db973a8ea","block_type":"box","text":"credit risk with respect to the bank or other counterparty holding","page_number":8,"box":{"x":519,"y":570,"width":416,"height":11}},{"id":"0bb4be85-bd10-4088-a959-af302f003684","block_type":"box","text":"such assets and the risk that the counterparty may be unable or","page_number":8,"box":{"x":519,"y":584,"width":409,"height":11}},{"id":"3ee17ba2-23f5-49e4-8f82-edc6626617a7","block_type":"box","text":"unwilling (or perceived as such) to honor its obligations.","page_number":8,"box":{"x":519,"y":598,"width":356,"height":11}},{"id":"504d73b3-030d-4919-9025-7cbced4cae9e","block_type":"box","text":"Concentration Risk.","page_number":8,"box":{"x":519,"y":621,"width":132,"height":9}},{"id":"1bc39940-cb05-40ae-9a8a-0deaba545a8e","block_type":"box","text":"The Fund may be susceptible to an","page_number":8,"box":{"x":656,"y":621,"width":222,"height":11}},{"id":"1635060d-b2b6-4fa0-bf2c-ec7d7e4391c7","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":8,"box":{"x":519,"y":635,"width":419,"height":11}},{"id":"fb2be3b2-ad6c-47aa-b1a0-6821a1ddd625","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":8,"box":{"x":519,"y":650,"width":407,"height":10}},{"id":"f75744a7-6e72-484b-b14e-047bff255d2d","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":8,"box":{"x":518,"y":664,"width":418,"height":8}},{"id":"71b26f0c-7ea5-4242-9bff-4e372bd34e3d","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":8,"box":{"x":519,"y":678,"width":395,"height":10}},{"id":"c0cf1196-506e-4a38-8b80-efbae4c3e721","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":8,"box":{"x":519,"y":692,"width":388,"height":11}},{"id":"7ec214c9-9d32-48cc-bbbd-67cc50632bd8","block_type":"box","text":"asset classes.","page_number":8,"box":{"x":519,"y":707,"width":88,"height":8}},{"id":"1c2e0f75-8145-41da-b8b3-507b7f44c208","block_type":"box","text":"Declining Yield Risk.","page_number":8,"box":{"x":518,"y":730,"width":137,"height":10}},{"id":"fd8db069-2a1a-4b06-a5c6-e911a29edf8b","block_type":"box","text":"In the months leading up to the Fund’s","page_number":8,"box":{"x":661,"y":730,"width":245,"height":10}},{"id":"c4f1eae0-2f60-4a52-8e2b-6f49c72ecaf7","block_type":"box","text":"planned termination date, the Fund’s yield may move toward","page_number":8,"box":{"x":519,"y":744,"width":386,"height":11}},{"id":"1ede7d30-05a0-4419-bc5b-ebaba76fa794","block_type":"box","text":"prevailing money market rates and may be lower than the yields","page_number":8,"box":{"x":519,"y":758,"width":408,"height":11}},{"id":"18372ecf-7232-4b46-a804-17e6dcfd2de5","block_type":"box","text":"of the bonds previously held by the Fund and lower than prevailing","page_number":8,"box":{"x":519,"y":772,"width":424,"height":11}},{"id":"db33834d-0b7f-4a43-a563-13c517854e80","block_type":"box","text":"yields for bonds in the market.","page_number":8,"box":{"x":518,"y":786,"width":194,"height":11}},{"id":"54db8f4c-1345-48b1-8983-4e34421f9b60","block_type":"box","text":"Income Risk.","page_number":8,"box":{"x":518,"y":810,"width":86,"height":8}},{"id":"ff407098-f355-4dae-a6f1-ab154cf3a03e","block_type":"box","text":"The Fund’s income may decline due to falling","page_number":8,"box":{"x":610,"y":810,"width":287,"height":10}},{"id":"07880766-9730-467f-a304-3e14ed667c9a","block_type":"box","text":"interest rates or other factors. This can occur because the Fund","page_number":8,"box":{"x":519,"y":824,"width":407,"height":8}},{"id":"41e69697-7659-448c-828a-5aa21559e7f9","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":8,"box":{"x":519,"y":838,"width":413,"height":11}},{"id":"285de805-4844-4c6e-a2e1-28cd8bd362de","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":8,"box":{"x":518,"y":852,"width":381,"height":11}},{"id":"a5f60848-a8b1-44cf-9e45-99985b7b31c9","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":8,"box":{"x":519,"y":866,"width":406,"height":11}},{"id":"b37a4f71-bf67-4fcf-b727-10980def13a3","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":8,"box":{"x":518,"y":880,"width":425,"height":11}},{"id":"29bb4c7a-25ce-48c4-b3c3-632fc1429bc7","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":8,"box":{"x":519,"y":895,"width":423,"height":10}},{"id":"ebe3e85f-56a8-4074-8190-a07beb974bb5","block_type":"box","text":"S-3","page_number":8,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"53802e28-2f6f-4bf3-afa1-5e23939b8c67","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":9,"box":{"x":53,"y":46,"width":394,"height":11}},{"id":"b209e709-eeb7-46ff-b850-9b2648e308d2","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":9,"box":{"x":53,"y":61,"width":419,"height":10}},{"id":"c5cc1d5d-998a-4536-8937-76457052a68d","block_type":"box","text":"Issuer Risk","page_number":9,"box":{"x":52,"y":84,"width":76,"height":8}},{"id":"fafe96fa-71cb-46a0-b2fc-ccb33bdd9a12","block_type":"box","text":".","page_number":9,"box":{"x":128,"y":90,"width":2,"height":2}},{"id":"c9f0a973-eff1-48b5-b101-c9fdb5c61113","block_type":"box","text":"The performance of the Fund depends on the","page_number":9,"box":{"x":135,"y":84,"width":289,"height":11}},{"id":"15ac94c1-ed28-434d-95b7-835c564f8ced","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":9,"box":{"x":53,"y":98,"width":411,"height":11}},{"id":"3ea5a385-54e7-433a-b573-bc7353abbd1d","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":9,"box":{"x":53,"y":112,"width":402,"height":11}},{"id":"11df508d-8ce8-4e7f-a39f-54855e91d56e","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":9,"box":{"x":53,"y":126,"width":418,"height":11}},{"id":"6a45f8a6-42c9-45d0-8594-3e275a1d3bf1","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":9,"box":{"x":53,"y":140,"width":414,"height":11}},{"id":"8bef6727-5917-48d2-ad3f-f5306551c645","block_type":"box","text":"counterparty.","page_number":9,"box":{"x":53,"y":156,"width":84,"height":9}},{"id":"75bfa2c2-023a-413e-9d5c-0da0e578ad25","block_type":"box","text":"Management Risk","page_number":9,"box":{"x":52,"y":178,"width":123,"height":11}},{"id":"e8977e8a-6cb5-4da4-8f6c-40f12b15730d","block_type":"box","text":".","page_number":9,"box":{"x":175,"y":184,"width":3,"height":2}},{"id":"1af840d1-d0b9-4af9-af3e-b7d184b95bd8","block_type":"box","text":"The Fund generally does not attempt to take","page_number":9,"box":{"x":183,"y":178,"width":283,"height":11}},{"id":"e11ced70-1579-4db2-aa99-ed406b32ed31","block_type":"box","text":"defensive positions under any market conditions, including","page_number":9,"box":{"x":53,"y":192,"width":375,"height":11}},{"id":"cfc6f506-6451-4927-a4db-f8639c19b843","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":9,"box":{"x":53,"y":206,"width":361,"height":11}},{"id":"3ed44201-588c-40d6-8ff1-7523f9246e92","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":9,"box":{"x":53,"y":220,"width":388,"height":11}},{"id":"77c90812-7822-48f8-9eb1-37ba308454cf","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":9,"box":{"x":53,"y":235,"width":409,"height":10}},{"id":"5d4964f8-cef7-48f4-813b-af3bc39ad5c0","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":9,"box":{"x":53,"y":249,"width":419,"height":11}},{"id":"8dbbcc82-d538-4e43-bd56-64b67112b7f4","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":9,"box":{"x":52,"y":263,"width":420,"height":11}},{"id":"bc72a70d-5fd7-4e50-a8d8-f96e435bc23b","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":9,"box":{"x":53,"y":277,"width":402,"height":11}},{"id":"7ec88ee3-81b7-4ef9-b656-69c53a11c172","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":9,"box":{"x":52,"y":291,"width":324,"height":11}},{"id":"2d01bd16-e391-4056-9907-fe5ce0bcc8a9","block_type":"box","text":"Market Trading Risk","page_number":9,"box":{"x":52,"y":315,"width":136,"height":10}},{"id":"c828fba9-52cc-426b-98b8-1879d82c6eae","block_type":"box","text":".","page_number":9,"box":{"x":189,"y":321,"width":2,"height":2}},{"id":"8740a742-421e-4d2b-bbae-444f64a5c7ef","block_type":"box","text":"The Fund faces numerous market trading","page_number":9,"box":{"x":196,"y":315,"width":263,"height":10}},{"id":"2da65bfb-8c3e-46de-8972-8fa0ddc3d460","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":9,"box":{"x":53,"y":329,"width":394,"height":11}},{"id":"a7b1d90f-bfcb-4b8b-968a-dd4aeafc5486","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":9,"box":{"x":53,"y":343,"width":401,"height":11}},{"id":"0dc51829-4b84-4db3-adf3-21e7594d9489","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":9,"box":{"x":53,"y":357,"width":404,"height":11}},{"id":"44ecaed8-7564-4bf2-8218-e79db990e64d","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":9,"box":{"x":52,"y":371,"width":417,"height":11}},{"id":"18463198-8cf2-44cb-b7fc-78dfda98aff7","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":9,"box":{"x":52,"y":385,"width":404,"height":11}},{"id":"30a3ec50-2675-40e8-ac2d-bdecad8ec664","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":9,"box":{"x":52,"y":400,"width":412,"height":10}},{"id":"e7d37077-504c-4179-a356-9c3096b16936","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":9,"box":{"x":53,"y":414,"width":397,"height":11}},{"id":"97c0ef87-878f-4132-9161-5bb60468d661","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":9,"box":{"x":53,"y":428,"width":418,"height":11}},{"id":"a8ed72b5-d22b-42c3-b46e-79e16fe5612f","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":9,"box":{"x":53,"y":442,"width":412,"height":11}},{"id":"a5cd1535-0c6e-4416-a3fe-023924fac17f","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":9,"box":{"x":52,"y":456,"width":398,"height":11}},{"id":"79ce438b-2824-4464-90a9-9ed20f8aaa90","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":9,"box":{"x":53,"y":471,"width":316,"height":10}},{"id":"f5b5325d-37de-4697-97e8-6f17d0a569a6","block_type":"box","text":"Operational and Technology Risks","page_number":9,"box":{"x":53,"y":494,"width":229,"height":11}},{"id":"ac07bb32-8b91-4a16-af0f-375624c04971","block_type":"box","text":".","page_number":9,"box":{"x":284,"y":500,"width":2,"height":2}},{"id":"605160ea-02b0-4332-b856-0302c346c4f8","block_type":"box","text":"The Fund is directly and","page_number":9,"box":{"x":291,"y":494,"width":151,"height":11}},{"id":"6ca2b8e0-7698-4c27-a712-0c87468bf6e1","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":9,"box":{"x":53,"y":508,"width":368,"height":11}},{"id":"58a69db0-ba69-4363-b354-aed40f9db8bf","block_type":"box","text":"including those related to human errors, processing errors,","page_number":9,"box":{"x":53,"y":522,"width":376,"height":11}},{"id":"1ccde861-ba16-44ab-9aa0-db0627838201","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":9,"box":{"x":53,"y":536,"width":412,"height":11}},{"id":"0c507f8d-061d-4cb9-8dea-a1bae2e1c5ed","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":9,"box":{"x":53,"y":550,"width":404,"height":11}},{"id":"3efdb1ef-02cb-46b2-98dd-0d053fa622e8","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":9,"box":{"x":52,"y":565,"width":401,"height":10}},{"id":"73edf813-efd8-46a2-a981-a8cb00ca520f","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":9,"box":{"x":53,"y":579,"width":376,"height":11}},{"id":"d72a7944-bfe6-4ebe-980b-8024a546830b","block_type":"box","text":"providers are required to have appropriate operational,","page_number":9,"box":{"x":53,"y":593,"width":350,"height":11}},{"id":"980dd948-29d0-4a77-a449-9943034f1387","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":9,"box":{"x":53,"y":607,"width":413,"height":11}},{"id":"82f12d46-7eeb-488f-a717-113b88b97a65","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":9,"box":{"x":53,"y":621,"width":397,"height":11}},{"id":"b21795f9-766b-49ed-8f3b-d2b4fe18b38f","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":9,"box":{"x":52,"y":636,"width":411,"height":10}},{"id":"9ba51298-93db-4f72-8344-ad4bef956925","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":9,"box":{"x":519,"y":46,"width":391,"height":9}},{"id":"80a67e80-192d-4c56-82be-3d50ef0fce6a","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":9,"box":{"x":519,"y":61,"width":421,"height":10}},{"id":"fd3e2ab6-0f53-4d1e-b237-de9440f5cf18","block_type":"box","text":"investments in such issuers to lose value.","page_number":9,"box":{"x":519,"y":75,"width":264,"height":8}},{"id":"39686347-883c-4a40-b28b-7fd9f67d0d7c","block_type":"box","text":"Risk of Investing in the U.S","page_number":9,"box":{"x":518,"y":98,"width":183,"height":11}},{"id":"c7a9560a-f409-4219-a7c5-75350a7eded3","block_type":"box","text":".","page_number":9,"box":{"x":701,"y":105,"width":3,"height":1}},{"id":"cca085f0-207b-4aef-bfb9-16e95d875e8a","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":9,"box":{"x":710,"y":98,"width":210,"height":11}},{"id":"b76fd999-0318-4c53-a740-1506431bdb10","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":9,"box":{"x":518,"y":112,"width":392,"height":11}},{"id":"55765e38-c282-43ec-b9ee-82a211418ba2","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":9,"box":{"x":519,"y":126,"width":423,"height":11}},{"id":"78f0fd61-cb2f-483e-bf47-5cca8c454a89","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":9,"box":{"x":519,"y":140,"width":413,"height":11}},{"id":"64581de6-5bdc-4282-ab38-e4a0bf799b3d","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":9,"box":{"x":518,"y":155,"width":397,"height":10}},{"id":"6172d9c2-794b-467b-a831-3eccfee1bd22","block_type":"box","text":"Securities Lending Risk.","page_number":9,"box":{"x":518,"y":178,"width":162,"height":11}},{"id":"c98e1d61-89c1-471b-9339-4d84995fe05a","block_type":"box","text":"The Fund may engage in securities","page_number":9,"box":{"x":685,"y":178,"width":221,"height":11}},{"id":"994b7787-e8d3-4207-aba1-b4727130bb2b","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":9,"box":{"x":519,"y":192,"width":396,"height":11}},{"id":"64be1f2e-e285-41c5-b658-8f22cb563134","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":9,"box":{"x":519,"y":206,"width":417,"height":11}},{"id":"449b1aaa-cb32-4a1d-a5fc-aff4a54f69d7","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":9,"box":{"x":519,"y":220,"width":408,"height":11}},{"id":"5e3ff9ce-b4f2-458d-8bbc-109c0ef6a23c","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":9,"box":{"x":519,"y":235,"width":416,"height":10}},{"id":"1bdf40ea-68ba-4bd6-93e3-ae6dfa56f708","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":9,"box":{"x":519,"y":249,"width":389,"height":11}},{"id":"470eba61-bda4-4b8d-bd42-b98b4ba34b61","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":9,"box":{"x":519,"y":263,"width":406,"height":8}},{"id":"e0bda22b-50e4-4a0f-9c10-dee3db30aee4","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":9,"box":{"x":518,"y":277,"width":302,"height":11}},{"id":"1f777bfb-e586-4fbf-9171-08659f99a0ca","block_type":"box","text":"Tracking Error Risk","page_number":9,"box":{"x":519,"y":300,"width":129,"height":11}},{"id":"7d573e06-f611-44cb-8602-b8458ff2c955","block_type":"box","text":".","page_number":9,"box":{"x":648,"y":307,"width":2,"height":2}},{"id":"6bc5dc54-c98f-4de5-ac1b-1b5f18702473","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":9,"box":{"x":655,"y":300,"width":284,"height":11}},{"id":"d840311a-eb5d-4c5c-9536-5a409fd94b4c","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":9,"box":{"x":518,"y":315,"width":404,"height":10}},{"id":"0ea0cba7-0f9e-4aab-9264-2686808f5f07","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":9,"box":{"x":518,"y":329,"width":426,"height":11}},{"id":"17188c36-25ee-4af6-8459-31a62735fae0","block_type":"box","text":"factors, including differences between the securities and other","page_number":9,"box":{"x":518,"y":343,"width":402,"height":11}},{"id":"d7c0ab01-555f-4abe-97c8-69a53f99ea32","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":9,"box":{"x":519,"y":357,"width":381,"height":11}},{"id":"f5f5cd8c-46f6-44c2-b6ac-e44c460126c6","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":9,"box":{"x":519,"y":371,"width":396,"height":11}},{"id":"b577f9ab-1a17-4429-9233-171ce4e187e1","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":9,"box":{"x":519,"y":385,"width":407,"height":11}},{"id":"f2cd4f3e-2b4c-4235-b5a3-0b5d77ad2e20","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":9,"box":{"x":519,"y":400,"width":400,"height":10}},{"id":"2322ba35-6178-4b0c-89ba-11200c789872","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":9,"box":{"x":519,"y":414,"width":420,"height":11}},{"id":"099def71-ede4-4630-953b-cb332edb6fc3","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":9,"box":{"x":519,"y":428,"width":373,"height":11}},{"id":"52b24afe-e54a-4bc2-a000-4ac0cebe3bfd","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":9,"box":{"x":519,"y":442,"width":370,"height":11}},{"id":"18c69ed6-350f-48db-841b-c924ca5a4667","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":9,"box":{"x":519,"y":456,"width":372,"height":11}},{"id":"26f7e8b4-01a4-4715-979c-3e68c86253f2","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":9,"box":{"x":519,"y":470,"width":420,"height":11}},{"id":"c4b64738-aec8-47fd-9721-f70d19c2c510","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":9,"box":{"x":519,"y":485,"width":386,"height":11}},{"id":"fc22d265-aac3-443f-b178-5c8230a74cff","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":9,"box":{"x":518,"y":499,"width":378,"height":11}},{"id":"1f6e6575-abf8-41e7-b381-4e3cab45ef37","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":9,"box":{"x":519,"y":513,"width":380,"height":11}},{"id":"594510ab-e6ce-46eb-a164-5f2b61534a68","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":9,"box":{"x":519,"y":527,"width":366,"height":11}},{"id":"e57c64a0-3e30-4f63-aca5-e8a6b6498b26","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":9,"box":{"x":519,"y":541,"width":414,"height":11}},{"id":"15bfe4ab-f8de-4b99-a0ea-7a3aeb4f18af","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":9,"box":{"x":519,"y":556,"width":386,"height":10}},{"id":"985d8f66-c116-4746-9ee1-96ecfeb0487a","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":9,"box":{"x":519,"y":570,"width":413,"height":11}},{"id":"0e5e0b29-f884-4e59-b770-4021f063292b","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":9,"box":{"x":519,"y":584,"width":419,"height":11}},{"id":"379fa29a-528c-4b17-aaee-3bc24570988c","block_type":"box","text":"unusual market conditions.","page_number":9,"box":{"x":519,"y":598,"width":172,"height":9}},{"id":"c85d45c8-5b97-4b2b-bdcd-643e5d71f120","block_type":"box","text":"S-4","page_number":9,"box":{"x":495,"y":944,"width":21,"height":8}},{"id":"9ced0695-eedd-44a9-be56-47a5acbd4a2c","block_type":"box","text":"Performance Information","page_number":10,"box":{"x":53,"y":46,"width":214,"height":10}},{"id":"f890eb33-8f35-4dbb-88a9-03c5b8993be1","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":10,"box":{"x":52,"y":71,"width":886,"height":11}},{"id":"b50c4102-ef20-43f1-826f-92c8a045a573","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":10,"box":{"x":53,"y":85,"width":872,"height":11}},{"id":"f3c4ce6c-bff4-438e-82e5-31a330546148","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":10,"box":{"x":53,"y":99,"width":866,"height":11}},{"id":"cfa4305a-8415-4492-843c-23077ad97db1","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":10,"box":{"x":52,"y":113,"width":864,"height":11}},{"id":"83fef16e-7e1c-41b8-bdca-34230218e876","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":10,"box":{"x":53,"y":128,"width":874,"height":10}},{"id":"3c7a60ec-7f3e-49bd-9b81-3d22280ab860","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":10,"box":{"x":53,"y":142,"width":887,"height":11}},{"id":"8202c430-3e55-4f01-a99f-8c4dd5d8135e","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":10,"box":{"x":53,"y":156,"width":652,"height":11}},{"id":"7b7ecb80-a80a-4f38-8ef3-b2e16393b4e4","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":10,"box":{"x":392,"y":178,"width":212,"height":11}},{"id":"48e9bce8-e513-4843-b7b7-7454714a03c6","block_type":"box","text":"10%","page_number":10,"box":{"x":303,"y":225,"width":20,"height":7}},{"id":"8c1554a7-cc6a-44e4-a555-dc3ed67f3336","block_type":"box","text":"5%","page_number":10,"box":{"x":309,"y":244,"width":14,"height":7}},{"id":"518c5ae2-ccab-4c91-85d2-281a927f7b34","block_type":"box","text":"0%","page_number":10,"box":{"x":309,"y":264,"width":14,"height":7}},{"id":"815daa31-72fd-4eeb-ad5b-b045f5582e7d","block_type":"box","text":"-5%","page_number":10,"box":{"x":305,"y":283,"width":18,"height":7}},{"id":"d28a886f-1558-4a2b-8fa8-665dbf13ad8a","block_type":"box","text":"-10%","page_number":10,"box":{"x":298,"y":303,"width":25,"height":7}},{"id":"e48010cb-a5a6-4766-934d-0b54518cb31b","block_type":"box","text":"-15%","page_number":10,"box":{"x":298,"y":322,"width":25,"height":7}},{"id":"827fec30-0460-4509-8dd3-a9dc1c04ca89","block_type":"box","text":"2","page_number":10,"box":{"x":360,"y":344,"width":5,"height":7}},{"id":"bfdf40f9-0f9d-4756-854b-80f2ebe13e22","block_type":"box","text":"0","page_number":10,"box":{"x":367,"y":344,"width":6,"height":7}},{"id":"2770f086-5e7f-45e7-b609-8354d050d14f","block_type":"box","text":"21 2","page_number":10,"box":{"x":375,"y":344,"width":58,"height":7}},{"id":"da02bf21-218b-4b2f-a2d5-e3777e8f4b6d","block_type":"box","text":"0","page_number":10,"box":{"x":435,"y":344,"width":6,"height":7}},{"id":"824aa88a-e7e1-4a51-b978-cc93bd5175eb","block_type":"box","text":"22 2","page_number":10,"box":{"x":442,"y":344,"width":59,"height":7}},{"id":"f553fa2a-80b8-41e5-84b5-67666e56489d","block_type":"box","text":"0","page_number":10,"box":{"x":503,"y":344,"width":6,"height":7}},{"id":"9c4c6ec3-cfee-4920-b769-97ea50a5efd3","block_type":"box","text":"2","page_number":10,"box":{"x":510,"y":344,"width":5,"height":7}},{"id":"9c713941-50a6-45da-aaf4-8f0343e18995","block_type":"box","text":"3","page_number":10,"box":{"x":517,"y":344,"width":6,"height":7}},{"id":"4152f03f-a850-4471-9edd-16d5651a93bb","block_type":"box","text":"2","page_number":10,"box":{"x":564,"y":344,"width":5,"height":7}},{"id":"5c3d8538-45de-4f79-93a6-ea8135a62c4e","block_type":"box","text":"0","page_number":10,"box":{"x":571,"y":344,"width":5,"height":7}},{"id":"cde5efbf-210f-44b4-a7e8-0b7be5a574aa","block_type":"box","text":"2","page_number":10,"box":{"x":578,"y":344,"width":5,"height":7}},{"id":"ac71a7ba-d73b-42ac-8c8d-312afff660d3","block_type":"box","text":"4","page_number":10,"box":{"x":585,"y":345,"width":6,"height":6}},{"id":"d2d6d3ad-927a-49f8-add1-fb28ac722391","block_type":"box","text":"2","page_number":10,"box":{"x":632,"y":344,"width":5,"height":7}},{"id":"d49e82b8-f949-4924-ab22-fe4a2d277e57","block_type":"box","text":"0","page_number":10,"box":{"x":639,"y":344,"width":5,"height":7}},{"id":"2a46fe90-f12c-44e4-8c4e-336db2c7ad11","block_type":"box","text":"2","page_number":10,"box":{"x":646,"y":344,"width":5,"height":7}},{"id":"d98a487d-815a-405e-9d22-582d88f26efe","block_type":"box","text":"5","page_number":10,"box":{"x":653,"y":345,"width":5,"height":6}},{"id":"9ea4bdc6-788c-4bfc-bd0a-6d3da9beea6d","block_type":"box","text":"-3.04%","page_number":10,"box":{"x":358,"y":282,"width":31,"height":6}},{"id":"fb4a4c81-06e9-4e0d-ba95-105da8707ca8","block_type":"box","text":"-8.23%","page_number":10,"box":{"x":426,"y":303,"width":31,"height":6}},{"id":"9244f922-7bb2-4956-a7d7-68016af07edb","block_type":"box","text":"4.31%","page_number":10,"box":{"x":496,"y":239,"width":27,"height":6}},{"id":"c14a4a8d-9857-4376-9e0c-39cef2260edf","block_type":"box","text":"3.89%","page_number":10,"box":{"x":564,"y":241,"width":27,"height":6}},{"id":"871e02bf-1f25-4e2e-b95b-c722088889a4","block_type":"box","text":"4.57%","page_number":10,"box":{"x":631,"y":238,"width":28,"height":6}},{"id":"30f696bb-84e1-4522-bb3c-c07cb9b3e5df","block_type":"box","text":"Return (%) Period Ended","page_number":10,"box":{"x":523,"y":371,"width":170,"height":9}},{"id":"48a18bca-82fb-456d-8bb6-d7f441a8caec","block_type":"box","text":"During the periods shown in the chart:","page_number":10,"box":{"x":287,"y":389,"width":240,"height":10}},{"id":"0adf8f30-019b-47e4-acc7-d3f3e8959851","block_type":"box","text":"Best Quarter 2.97% December 31, 2023","page_number":10,"box":{"x":301,"y":402,"width":408,"height":9}},{"id":"aa24f136-da04-45e0-a7bc-8da06501a16f","block_type":"box","text":"Worst Quarter -4.81% March 31, 2022","page_number":10,"box":{"x":300,"y":415,"width":408,"height":9}},{"id":"b863365f-8080-4ec3-a4b7-76bb61540c96","block_type":"box","text":"Average Annual Total Returns","page_number":10,"box":{"x":394,"y":444,"width":207,"height":10}},{"id":"e87b8c2e-82ac-4be6-9fcf-bd79721ab263","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":10,"box":{"x":347,"y":458,"width":301,"height":11}},{"id":"bda8eaab-42b4-4755-894e-70a13aa92129","block_type":"box","text":"One Year Five Years","page_number":10,"box":{"x":674,"y":487,"width":140,"height":7}},{"id":"6b110c1b-5377-4d2e-982c-3f42f13a7921","block_type":"box","text":"Since Fund","page_number":10,"box":{"x":835,"y":474,"width":68,"height":8}},{"id":"f8845a53-4eb8-42a9-b673-c5c272c7f4f6","block_type":"box","text":"Inception","page_number":10,"box":{"x":841,"y":487,"width":56,"height":9}},{"id":"c360444d-ddf0-4872-8efc-0f79fc6227a1","block_type":"box","text":"(Inception Date: 2/25/2020)","page_number":10,"box":{"x":93,"y":505,"width":179,"height":10}},{"id":"50768b50-78df-4520-aaaf-6a7c5d629e47","block_type":"box","text":"Return Before Taxes","page_number":10,"box":{"x":93,"y":517,"width":113,"height":7}},{"id":"694d3da1-f462-4fd1-af7a-e8c573cf3f73","block_type":"box","text":"4.57% 0.17% 1.03%","page_number":10,"box":{"x":685,"y":517,"width":203,"height":7}},{"id":"afe21da2-1426-498b-961c-4bf148989657","block_type":"box","text":"Return After Taxes on Distributions 2.87% -1.00% -0.02%","page_number":10,"box":{"x":93,"y":528,"width":795,"height":8}},{"id":"e35b3dd4-1fa0-4080-b14a-74684ab8ff6f","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 2.69% -0.38% 0.33%","page_number":10,"box":{"x":93,"y":540,"width":795,"height":7}},{"id":"e1cbdea0-dd5f-4886-a58d-b7db1299abb4","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":10,"box":{"x":93,"y":551,"width":200,"height":8}},{"id":"508bcea9-6a78-46b5-8170-0f180ffc978e","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":10,"box":{"x":297,"y":551,"width":320,"height":10}},{"id":"dc8d4e9a-6b3b-4caa-8415-17a3eb5010a5","block_type":"box","text":"taxes)","page_number":10,"box":{"x":106,"y":564,"width":34,"height":10}},{"id":"d73fc87f-adf9-47b7-8792-e6a11cf57477","block_type":"box","text":"7.15% -0.42% 0.36%","page_number":10,"box":{"x":690,"y":564,"width":198,"height":8}},{"id":"4d298585-e518-4f0c-90d3-e59a4bb9b0e6","block_type":"box","text":"ICE 2026 Maturity US Treasury Index (Spliced)","page_number":10,"box":{"x":93,"y":576,"width":287,"height":9}},{"id":"07c8cc31-3448-414f-ad37-2b50597307bb","block_type":"box","text":"1","page_number":10,"box":{"x":383,"y":575,"width":2,"height":4}},{"id":"98f19bd6-425c-466a-9e86-cdb792095114","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":10,"box":{"x":388,"y":576,"width":246,"height":9}},{"id":"26e87219-2301-424d-afae-59bdcd042e9b","block_type":"box","text":"expenses or taxes)","page_number":10,"box":{"x":106,"y":589,"width":106,"height":9}},{"id":"b63307a3-e7c3-4537-b447-2560c92c8168","block_type":"box","text":"4.63% 0.20% 1.06%","page_number":10,"box":{"x":685,"y":589,"width":203,"height":7}},{"id":"c3ab8854-fa7f-420d-bd6b-f7673865dc47","block_type":"box","text":"1","page_number":10,"box":{"x":64,"y":622,"width":2,"height":5}},{"id":"faf66027-79da-42ba-85d7-481988c4ee28","block_type":"box","text":"The ICE 2026 Maturity US Treasury Index (Spliced) reflects the performance of the standard pricing variant of the ICE 2026 Maturity US Treasury Index","page_number":10,"box":{"x":71,"y":624,"width":860,"height":9}},{"id":"aa8beefd-5c0b-4cba-ae21-589f6b302618","block_type":"box","text":"through February 28, 2021; the 4 PM pricing variant of the ICE 2026 Maturity US Treasury Index from March 1, 2021 through November 30, 2023; and the","page_number":10,"box":{"x":62,"y":636,"width":878,"height":10}},{"id":"07d17f1c-b4de-4549-b525-31e18cb48f78","block_type":"box","text":"standard pricing variant of the ICE 2026 Maturity US Treasury Index, which now utilizes pricing as of 4 PM, thereafter.","page_number":10,"box":{"x":63,"y":649,"width":667,"height":10}},{"id":"6aebc746-1f4b-47a2-9294-026d0c4c2623","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":10,"box":{"x":52,"y":672,"width":882,"height":10}},{"id":"609933ab-9c18-426f-ba84-2dc21467d720","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":10,"box":{"x":53,"y":686,"width":871,"height":11}},{"id":"c97a8a9f-b270-42f1-8f86-b874c8aa1bb8","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":10,"box":{"x":53,"y":700,"width":860,"height":11}},{"id":"2949f672-77c7-4fba-b84f-46ca5ada68b4","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":10,"box":{"x":53,"y":714,"width":855,"height":11}},{"id":"d868760f-bcea-4708-8704-fd90a9eb3c0a","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":10,"box":{"x":53,"y":728,"width":882,"height":11}},{"id":"bcc385c5-6bfb-40db-964f-9b6336d9206b","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":10,"box":{"x":52,"y":743,"width":861,"height":10}},{"id":"89bac9fd-c48e-42a3-ba69-9e74a76e65a9","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":10,"box":{"x":53,"y":757,"width":358,"height":10}},{"id":"53189b7d-ef42-4f56-936e-42a4eea0b4c9","block_type":"box","text":"S-5","page_number":10,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"6d368a79-34ac-4d10-942a-8af639fba25b","block_type":"box","text":"Management","page_number":11,"box":{"x":53,"y":46,"width":110,"height":13}},{"id":"0eaebad2-69e1-42eb-ba27-fbc436d3f349","block_type":"box","text":"Investment Adviser.","page_number":11,"box":{"x":53,"y":71,"width":137,"height":8}},{"id":"a27168a6-8036-4804-9ee3-e1bd43a8498d","block_type":"box","text":"BlackRock Fund Advisors.","page_number":11,"box":{"x":197,"y":71,"width":163,"height":8}},{"id":"e23265a8-7efd-4760-8264-47ea7d7efc87","block_type":"box","text":"Portfolio Managers.","page_number":11,"box":{"x":53,"y":94,"width":135,"height":11}},{"id":"59b6cca0-d6ce-4d08-b5ff-70a827df7cf6","block_type":"box","text":"Jonathan Graves, James Mauro and Marcus","page_number":11,"box":{"x":193,"y":94,"width":276,"height":10}},{"id":"cd21639c-64c6-423b-b3b2-6c61e9cb95d6","block_type":"box","text":"Tom (the “Portfolio Managers”) are primarily responsible for the","page_number":11,"box":{"x":52,"y":108,"width":406,"height":11}},{"id":"7c5cd9b5-77ea-4578-ac29-6084b275851a","block_type":"box","text":"day-to-day management of the Fund. Each Portfolio Manager","page_number":11,"box":{"x":53,"y":122,"width":389,"height":11}},{"id":"0a1e6c25-5fcd-499c-9599-0c39b6bc9c23","block_type":"box","text":"supervises a portfolio management team. Mr. Graves, Mr. Mauro","page_number":11,"box":{"x":53,"y":137,"width":412,"height":10}},{"id":"8f9d4812-1e80-4794-ba8e-296ca176a184","block_type":"box","text":"and Mr. Tom have been Portfolio Managers of the Fund since","page_number":11,"box":{"x":53,"y":151,"width":387,"height":11}},{"id":"63269e53-7745-4993-ae13-9c390bc59ec6","block_type":"box","text":"2025, 2020 and 2025, respectively.","page_number":11,"box":{"x":53,"y":165,"width":228,"height":11}},{"id":"a56ef083-d288-4944-87a8-2cb28c642ae5","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":11,"box":{"x":53,"y":194,"width":291,"height":10}},{"id":"80516836-7c9c-4cf6-b487-5172e3430a22","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an","page_number":11,"box":{"x":52,"y":219,"width":422,"height":11}},{"id":"69ce8978-ce82-41d3-98c0-e7efa56063c5","block_type":"box","text":"“ETF”). Individual shares of the Fund may only be bought and sold","page_number":11,"box":{"x":53,"y":233,"width":418,"height":11}},{"id":"851b212a-c743-4a2c-b802-1a5352cce05f","block_type":"box","text":"in the secondary market through a broker-dealer. Because ETF","page_number":11,"box":{"x":53,"y":248,"width":399,"height":10}},{"id":"57413b05-6741-4022-b8cb-94e24f96a900","block_type":"box","text":"shares trade at market prices rather than at NAV, shares may","page_number":11,"box":{"x":53,"y":262,"width":392,"height":10}},{"id":"4198771e-3dfa-468c-932a-bc77590a5472","block_type":"box","text":"trade at a price greater than NAV (a premium) or less than NAV (a","page_number":11,"box":{"x":52,"y":276,"width":419,"height":11}},{"id":"135e31df-61d8-416d-bb1e-d38940de584b","block_type":"box","text":"discount). An investor may incur costs attributable to the","page_number":11,"box":{"x":53,"y":290,"width":364,"height":11}},{"id":"15664236-9a09-42d4-beb6-d83b0a2eddfe","block_type":"box","text":"difference between the highest price a buyer is willing to pay to","page_number":11,"box":{"x":53,"y":304,"width":404,"height":11}},{"id":"37651310-8e04-4912-a28e-2fd8e17d5808","block_type":"box","text":"purchase shares of the Fund (bid) and the lowest price a seller is","page_number":11,"box":{"x":53,"y":318,"width":412,"height":11}},{"id":"8604c10b-ff79-4915-ae8a-a86eb5c9a45c","block_type":"box","text":"willing to accept for shares of the Fund (ask) when buying or","page_number":11,"box":{"x":52,"y":333,"width":387,"height":10}},{"id":"ff6fac32-c43b-4b79-b69f-0171c3c71093","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":11,"box":{"x":53,"y":347,"width":394,"height":11}},{"id":"910e1e8a-6b78-4202-811f-6afc303682dd","block_type":"box","text":"Tax Information","page_number":11,"box":{"x":518,"y":46,"width":133,"height":10}},{"id":"ca2e8010-94af-4972-aa53-0f6512c211cc","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":11,"box":{"x":518,"y":71,"width":423,"height":11}},{"id":"84e8da3d-946f-4f6f-a808-8cbafd351aed","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":11,"box":{"x":519,"y":85,"width":385,"height":11}},{"id":"b43f2b12-cccb-41d0-9efc-e94e3aab9a1f","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":11,"box":{"x":518,"y":99,"width":407,"height":11}},{"id":"8f847839-7dbc-41a3-9188-df5a0ca77dc5","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":11,"box":{"x":519,"y":113,"width":419,"height":11}},{"id":"1068058d-17f4-4a4d-aa7f-6e517e5dd6a2","block_type":"box","text":"withdrawn. Certain states and localities may exempt from tax","page_number":11,"box":{"x":518,"y":128,"width":393,"height":10}},{"id":"e08330eb-bcfe-4dd7-84db-ffee4dd0634e","block_type":"box","text":"distributions attributable to interest from U.S. federal government","page_number":11,"box":{"x":519,"y":142,"width":421,"height":11}},{"id":"b6fe4b3d-3161-4d18-948f-93277f3280c4","block_type":"box","text":"obligations.","page_number":11,"box":{"x":519,"y":156,"width":72,"height":11}},{"id":"7f1e2a06-6b77-4034-97f9-4c5e0136c583","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":11,"box":{"x":520,"y":185,"width":410,"height":13}},{"id":"a2cc1870-d3a7-4b25-afd2-92ec7cf23444","block_type":"box","text":"Intermediaries","page_number":11,"box":{"x":520,"y":202,"width":123,"height":10}},{"id":"b1ebd804-3794-4226-aed6-ba414dd50b73","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":11,"box":{"x":519,"y":227,"width":394,"height":11}},{"id":"0b73140f-0564-4140-9424-ecd4e6faedae","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":11,"box":{"x":519,"y":241,"width":421,"height":11}},{"id":"9c4dffa6-17d6-474f-9a6e-b8a8bb9ce403","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":11,"box":{"x":519,"y":255,"width":414,"height":11}},{"id":"51943819-1ecf-4c98-9be8-29610396ec37","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":11,"box":{"x":519,"y":269,"width":402,"height":11}},{"id":"49a49524-e6c0-46fe-aa29-c31d177af2dd","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":11,"box":{"x":519,"y":284,"width":403,"height":10}},{"id":"4598f84d-b0f2-437e-88d3-2c0413ec0dd6","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":11,"box":{"x":519,"y":298,"width":420,"height":11}},{"id":"32cfda36-37a2-4d30-a74d-1ab0ca8e326f","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":11,"box":{"x":519,"y":312,"width":387,"height":11}},{"id":"343187d4-1130-41a4-9a2a-31bd81a07e64","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":11,"box":{"x":519,"y":326,"width":383,"height":11}},{"id":"23c7fa22-4ae1-4c80-a546-1645edc028d8","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":11,"box":{"x":519,"y":340,"width":361,"height":11}},{"id":"8a910879-a991-40c4-99ea-dad387a40eb2","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":11,"box":{"x":519,"y":354,"width":421,"height":11}},{"id":"784a4355-46c3-4ada-a145-30a957cd4fad","block_type":"box","text":"information.","page_number":11,"box":{"x":519,"y":369,"width":76,"height":8}},{"id":"99e85c06-8c50-4d92-ade7-0bc216b24e0c","block_type":"box","text":"S-6","page_number":11,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"f33b2835-7697-4019-8b64-fdbf1ff7e3f7","block_type":"box","text":"For more information visit www.iShares.com or call 1-800-474-2737","page_number":12,"box":{"x":204,"y":231,"width":592,"height":11}},{"id":"511b7a10-8197-4921-9769-863f619e34ba","block_type":"box","text":"Investment Company Act file No.: 811-09729","page_number":12,"box":{"x":82,"y":927,"width":319,"height":11}},{"id":"46d79b33-d431-4ab4-9658-128910fd351f","block_type":"box","text":"IS-SP-IBTG-0226","page_number":12,"box":{"x":60,"y":771,"width":7,"height":63}},{"id":"2c73311e-c6ac-4fff-966b-341675b87728","block_type":"box","text":"Go paperless. . .","page_number":12,"box":{"x":122,"y":875,"width":132,"height":14}},{"id":"3875423a-8748-414e-819d-b5ed4cb8b1bb","block_type":"box","text":"It’s Easy, Economical and Green!","page_number":12,"box":{"x":122,"y":891,"width":136,"height":7}},{"id":"2227a561-b13f-42a9-a40b-5ba2d032d549","block_type":"box","text":"Go to","page_number":12,"box":{"x":121,"y":901,"width":22,"height":6}},{"id":"1c1a689d-0ff6-488b-9684-fde11b8675f4","block_type":"box","text":"www.icsdelivery.com","page_number":12,"box":{"x":146,"y":901,"width":97,"height":7}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":12}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"4f482928-977a-46c8-99fb-a72e5f2d108f"},"user_id":1000002,"date_created":"2026-10-15T23:20:21.595000Z","date_modified":"2026-10-15T23:20:21.595000Z","private":false}