{"annotation_id":"4d12683f-51e8-481f-bb57-9b2cbb902bb0","file_hash":"021338f29907561eb7c348dc6cd205fc06810e6a05d8038ab05a2ae000fd17da","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"e66014b3-0da4-46b0-a617-154e60f8360e","block_type":"box","text":"iShares, Inc. and iShares Trust","page_number":1,"box":{"x":386,"y":69,"width":231,"height":12}},{"id":"6741bc5a-6cbb-4fcb-ba8c-6037e906a467","block_type":"box","text":"Supplement dated October 15, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"ad3a5a5e-7a3d-40fc-b863-9147fc4ef33f","block_type":"box","text":"to the currently effective Prospectus and Statement of Additional Information","page_number":1,"box":{"x":218,"y":108,"width":567,"height":13}},{"id":"0f0fb56b-77bd-4309-b08a-5a926d90aee0","block_type":"box","text":"(the “SAI”) for the Funds listed in Appendix A (each, a “Fund”)","page_number":1,"box":{"x":274,"y":123,"width":456,"height":13}},{"id":"471f5f2d-b676-4d47-876e-157ad16f6860","block_type":"box","text":"Effective October 14, 2026, each Fund was added as a borrower to the syndicated line of credit for which","page_number":1,"box":{"x":117,"y":147,"width":764,"height":12}},{"id":"da34d898-c66c-4523-9d60-144a162f5b57","block_type":"box","text":"the Bank of New York Mellon serves as administrative agent for itself and the other banks.","page_number":1,"box":{"x":116,"y":162,"width":656,"height":13}},{"id":"eba61e54-568b-4b79-871a-171d6ad73234","block_type":"box","text":"Effective immediately, the following changes are made:","page_number":1,"box":{"x":117,"y":185,"width":404,"height":13}},{"id":"af8f2b46-2eaf-42c7-85b1-536b272aa882","block_type":"box","text":"1) Each Fund is added to the “Borrowing” section of its Prospectus, and ”Borrowing Risk” is marked as","page_number":1,"box":{"x":118,"y":209,"width":759,"height":12}},{"id":"2eb57fab-12e1-463f-bd8f-e60de71d2054","block_type":"box","text":"an “Other Risk” for each Fund in the chart included in the “Additional Information About the Funds’","page_number":1,"box":{"x":150,"y":224,"width":726,"height":10}},{"id":"5286d213-0471-4bd6-afff-6f7ebc44a79d","block_type":"box","text":"Risks” section of its Prospectus.","page_number":1,"box":{"x":151,"y":240,"width":233,"height":12}},{"id":"41fd2283-6bc3-4c72-a4dd-353de8aabcfe","block_type":"box","text":"2) As applicable, the following language is either added to the “Borrowing” section of each Fund’s SAI","page_number":1,"box":{"x":117,"y":263,"width":755,"height":13}},{"id":"3e410b00-20aa-4d21-9e82-c53877ff149d","block_type":"box","text":"or updated to include a reference to the particular Fund:","page_number":1,"box":{"x":150,"y":278,"width":411,"height":13}},{"id":"a052b5b1-8f16-4fd0-90f2-b930f791dc93","block_type":"box","text":"The Fund may borrow for temporary or emergency purposes, including to meet payments due from","page_number":1,"box":{"x":149,"y":302,"width":730,"height":12}},{"id":"56679100-9423-4655-8d02-187737fd2fea","block_type":"box","text":"redemptions or to facilitate the settlement of securities or other transactions. The Fund, along with","page_number":1,"box":{"x":151,"y":317,"width":719,"height":13}},{"id":"a92b77d1-f2fe-4c18-a736-7ff6fd014654","block_type":"box","text":"certain other iShares funds, has entered into a syndicated line of credit with the Bank of New York","page_number":1,"box":{"x":150,"y":333,"width":713,"height":12}},{"id":"004c2ee0-472a-4586-9336-26227bd55aee","block_type":"box","text":"Mellon (“BNY”), which serves as administrative agent for itself and the other banks. The syndicated","page_number":1,"box":{"x":150,"y":348,"width":723,"height":13}},{"id":"aa8e3dfd-1f15-47fd-9705-7ddb14a15195","block_type":"box","text":"line of credit may be used for temporary or emergency purposes, including redemption, settlement","page_number":1,"box":{"x":151,"y":364,"width":720,"height":12}},{"id":"63f2a126-0277-49fa-8c4f-42a39f49e2e4","block_type":"box","text":"of trades and rebalancing of portfolio holdings.","page_number":1,"box":{"x":150,"y":379,"width":345,"height":13}},{"id":"0fec56a4-8d69-4b54-8f44-9fe0d2130e25","block_type":"box","text":"Interest rates related to the syndicated line of credit are based on the Secured Overnight Financing","page_number":1,"box":{"x":151,"y":402,"width":717,"height":13}},{"id":"26b48eaa-7e99-4c99-81e1-ada3da23e096","block_type":"box","text":"Rate (“SOFR”) published by the Federal Reserve Bank of New York plus a spread. Pursuant to the","page_number":1,"box":{"x":151,"y":418,"width":704,"height":13}},{"id":"9193ad6a-c29f-4059-8532-08f59e257a1d","block_type":"box","text":"terms of the credit agreement, if SOFR were to cease being published or representative, it would be","page_number":1,"box":{"x":149,"y":433,"width":723,"height":13}},{"id":"702a10e8-abbf-4d20-9272-2f306bfd0b37","block_type":"box","text":"replaced by a rate based on an alternate benchmark selected by BNY.","page_number":1,"box":{"x":151,"y":449,"width":504,"height":13}},{"id":"3fb03bfa-5097-40d8-a5e2-b957dc49d2ed","block_type":"box","text":"Appendix A","page_number":1,"box":{"x":456,"y":472,"width":92,"height":13}},{"id":"7ed4367e-4cda-41bf-b510-0465c52cfd09","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":1,"box":{"x":117,"y":495,"width":242,"height":10}},{"id":"3e696993-bbad-497a-8fcb-e2bc1ce2ed10","block_type":"box","text":"iShares China Large-Cap ETF","page_number":1,"box":{"x":117,"y":511,"width":213,"height":13}},{"id":"caf0a4c9-9785-4659-84f0-819cac7fbb87","block_type":"box","text":"iShares Core MSCI Pacific ETF","page_number":1,"box":{"x":117,"y":526,"width":220,"height":10}},{"id":"3e4addc9-826f-4a91-b41b-49d4535ff903","block_type":"box","text":"iShares Currency Hedged MSCI ACWI ex U.S. ETF","page_number":1,"box":{"x":117,"y":542,"width":359,"height":13}},{"id":"c13d91ba-28fa-4aa4-95b8-c191d7ba6c40","block_type":"box","text":"iShares Global Healthcare ETF","page_number":1,"box":{"x":117,"y":557,"width":221,"height":10}},{"id":"cff05e9d-a240-4f3f-9270-f9a22d01b6c0","block_type":"box","text":"iShares International Developed Real Estate ETF","page_number":1,"box":{"x":511,"y":495,"width":349,"height":13}},{"id":"9867b490-0f7c-448b-88e0-9bd5f7fdd15d","block_type":"box","text":"iShares MSCI Global Gold Miners ETF","page_number":1,"box":{"x":511,"y":511,"width":273,"height":10}},{"id":"1c4f2c7d-bba7-4882-a769-b9e2e673f65a","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF","page_number":1,"box":{"x":511,"y":526,"width":363,"height":10}},{"id":"7acdf926-a883-4092-a912-c37a3a17d555","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF","page_number":1,"box":{"x":511,"y":542,"width":246,"height":13}},{"id":"3b10f85a-aa80-4287-930c-a37344f77492","block_type":"box","text":"iShares Neuroscience and Healthcare ETF","page_number":1,"box":{"x":511,"y":557,"width":304,"height":10}},{"id":"6d1833ec-c73d-4b6c-be3d-ed50fa862e2c","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":1,"box":{"x":117,"y":581,"width":521,"height":12}},{"id":"117b7717-911c-4e95-9080-bccfbd5b7d72","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"9120b4eb-4f08-45ff-ba44-099e11a21409","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"25db3c79-887c-49d6-9a09-136e3e6930b1","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":1,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"cf3c1bb8-25e0-4d28-b753-44d580a6e7d5","block_type":"box","text":"IS-A-LOC-1026","page_number":1,"box":{"x":794,"y":887,"width":89,"height":8}},{"id":"4b8ceaf3-7df0-4e7d-9bcd-0036a909e1dc","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"5979cb39-8ae2-43b0-982a-714399af00bc","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":1,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"5443d764-4d58-4245-bfa7-1be4e7d7b3a6","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":2,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"fa1405e8-bc6f-4c91-bdcc-cb342f108e40","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":3,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"6b8a5372-a356-4ad4-bfd2-4b397f75cd65","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":4,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"e72192b0-b6aa-49c4-9ae8-554ceacc9cc2","block_type":"box","text":"iShares","page_number":5,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"2e8eb274-b60e-41f8-ba42-9c4379ffca7c","block_type":"box","text":"®","page_number":5,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"fb82c41c-5938-4d9b-8836-96c666257c1d","block_type":"box","text":"iShares, Inc.","page_number":5,"box":{"x":454,"y":108,"width":95,"height":12}},{"id":"fd6fa5c0-0ac8-4bfb-a5f7-ddc48566f1de","block_type":"box","text":"iShares Trust","page_number":5,"box":{"x":450,"y":123,"width":103,"height":10}},{"id":"caf1be68-046d-4021-bf55-da71fb93b7ae","block_type":"box","text":"Supplement dated February 13, 2026 to the","page_number":5,"box":{"x":335,"y":139,"width":333,"height":13}},{"id":"5c4629ca-9021-4652-8d29-9e84e4624d7b","block_type":"box","text":"currently effective Prospectus and Statement of Additional Information (“SAI”)","page_number":5,"box":{"x":199,"y":154,"width":605,"height":13}},{"id":"4826ec7e-2bf6-4aad-bd7d-1ec61e68c7bb","block_type":"box","text":"for each of the funds listed in Appendix A (each, a “Fund”)","page_number":5,"box":{"x":278,"y":170,"width":447,"height":13}},{"id":"d779a621-b167-4c2a-ac3b-3841458fdef6","block_type":"box","text":"On or around March 16, 2026, Citibank, N.A. (“Citibank”) will become the administrator, custodian and","page_number":5,"box":{"x":116,"y":193,"width":751,"height":13}},{"id":"449258cc-a237-44c8-b351-4fa1ed47ee5c","block_type":"box","text":"transfer agent for each Fund. Effective upon this change, the following changes will be made:","page_number":5,"box":{"x":116,"y":209,"width":680,"height":12}},{"id":"50886dba-51a1-4343-9c2c-f7ef1d692ef1","block_type":"box","text":"1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank","page_number":5,"box":{"x":151,"y":232,"width":726,"height":13}},{"id":"5d754518-f319-4b12-ae30-230a0a8476c3","block_type":"box","text":"is checked for the applicable Fund.","page_number":5,"box":{"x":184,"y":247,"width":255,"height":13}},{"id":"775f66e4-92f9-47e0-9cec-14db69f9b140","block_type":"box","text":"2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following","page_number":5,"box":{"x":150,"y":271,"width":725,"height":12}},{"id":"eb85fe1d-ece2-44f4-a8af-f52b37b2d732","block_type":"box","text":"language is included to apply to the applicable Fund:","page_number":5,"box":{"x":184,"y":286,"width":385,"height":13}},{"id":"940ec028-6013-4e32-877d-5f40c318a01a","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":5,"box":{"x":183,"y":309,"width":353,"height":13}},{"id":"480ee9b7-2484-4745-80cc-8e04b8500025","block_type":"box","text":"Citibank serves as administrator, custodian and","page_number":5,"box":{"x":536,"y":309,"width":348,"height":12}},{"id":"0f185ebc-45e5-4ca2-b311-27a775c0fcf3","block_type":"box","text":"transfer agent for the Funds under the Master Services Agreement (the “Master Services","page_number":5,"box":{"x":183,"y":325,"width":646,"height":13}},{"id":"bbe85e69-1c41-44d5-b6f0-82797cad5208","block_type":"box","text":"Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":5,"box":{"x":183,"y":340,"width":646,"height":13}},{"id":"1ea3ddad-85aa-4851-b1dc-ef6b52cefc81","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary","page_number":5,"box":{"x":184,"y":356,"width":637,"height":13}},{"id":"3bde8c09-f9bb-4b78-9fd1-6a3901ece05d","block_type":"box","text":"administrative, tax and accounting and financial reporting services for the maintenance and","page_number":5,"box":{"x":184,"y":371,"width":669,"height":13}},{"id":"4c9dfe5f-6c5d-42ae-a6f8-f912ab0dbff7","block_type":"box","text":"operations of the Trust and each Fund. In addition, Citibank makes available the office space,","page_number":5,"box":{"x":184,"y":387,"width":677,"height":13}},{"id":"54b2e23b-9a3a-45ab-b452-01de647122e4","block_type":"box","text":"equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":5,"box":{"x":184,"y":402,"width":676,"height":13}},{"id":"8dbd44c8-2aa1-42d1-8967-c42b6c8a8e8d","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities","page_number":5,"box":{"x":184,"y":418,"width":676,"height":13}},{"id":"ec57a3bf-7a08-45c3-af63-3f31366fda76","block_type":"box","text":"and other assets of the Trust and each Fund, keeps all necessary accounts and records and","page_number":5,"box":{"x":184,"y":433,"width":664,"height":13}},{"id":"6c09e14e-1720-4699-8f5e-3dff0450031c","block_type":"box","text":"provides other services. Citibank is required, upon the order of the Trust, to deliver securities","page_number":5,"box":{"x":184,"y":449,"width":673,"height":13}},{"id":"4bc494f9-8806-4a41-9ad0-127484fcf7f1","block_type":"box","text":"held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":5,"box":{"x":184,"y":464,"width":670,"height":13}},{"id":"622c9a75-dc51-48d6-9f52-2a8d1a1307ee","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":5,"box":{"x":184,"y":480,"width":671,"height":13}},{"id":"bda21389-badc-4a3a-a7aa-0a9af9268c0a","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust,","page_number":5,"box":{"x":184,"y":495,"width":682,"height":13}},{"id":"a7c98941-da86-4c13-9ce7-fd122747408a","block_type":"box","text":"Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial","page_number":5,"box":{"x":184,"y":511,"width":660,"height":13}},{"id":"48409232-f118-44e5-9783-94a3c026363e","block_type":"box","text":"interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":5,"box":{"x":184,"y":526,"width":664,"height":13}},{"id":"2f828ddf-2092-4b78-8bde-e1a0733b75d3","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are","page_number":5,"box":{"x":184,"y":542,"width":685,"height":13}},{"id":"d691dfcf-18e4-4780-ab10-88076204887b","block_type":"box","text":"accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to","page_number":5,"box":{"x":184,"y":557,"width":679,"height":13}},{"id":"f5186a2c-170f-4ba4-9629-bcfc383e75ca","block_type":"box","text":"pay these operating expenses under the Investment Advisory Agreement as described therein.","page_number":5,"box":{"x":184,"y":573,"width":687,"height":13}},{"id":"b88ae3dc-6d50-42e8-abe4-0fb9c4c09b4b","block_type":"box","text":"Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as","page_number":5,"box":{"x":184,"y":596,"width":645,"height":13}},{"id":"dd5921eb-f307-4e7d-994c-0238be3b2172","block_type":"box","text":"administrator, custodian and transfer agent for each Fund.","page_number":5,"box":{"x":184,"y":612,"width":428,"height":12}},{"id":"29608a90-079d-4653-a397-14147e55bb39","block_type":"box","text":"3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the","page_number":5,"box":{"x":150,"y":635,"width":700,"height":13}},{"id":"6722b0cf-e4b3-4cab-aa02-b0bccdc88af9","block_type":"box","text":"sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation","page_number":5,"box":{"x":184,"y":651,"width":695,"height":12}},{"id":"9a6b9e56-735d-4f5a-90ea-9195c1eef1b9","block_type":"box","text":"Units” and “Placement of Redemption Orders.”","page_number":5,"box":{"x":184,"y":666,"width":339,"height":13}},{"id":"33a69367-abfe-4ac3-a0da-a5b0b006a392","block_type":"box","text":"4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":5,"box":{"x":150,"y":689,"width":717,"height":13}},{"id":"4510926c-90bb-456f-9224-9ad1d169917d","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":5,"box":{"x":184,"y":705,"width":623,"height":12}},{"id":"5c5e6ce9-e11a-46ec-8a26-d06259fa7f1e","block_type":"box","text":"“Standard Creation Transaction Fee” table only for applicable Funds","page_number":5,"box":{"x":184,"y":720,"width":491,"height":13}},{"id":"c5ad82ee-c87b-4b33-90f8-4332f1052caf","block_type":"box","text":":","page_number":5,"box":{"x":677,"y":724,"width":2,"height":6}},{"id":"07d56c3b-e268-4dd6-91ea-378d82d44fa0","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":5,"box":{"x":184,"y":744,"width":342,"height":10}},{"id":"f1e04c15-7a0c-47b2-94b2-0bd5f45c624e","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":5,"box":{"x":183,"y":767,"width":695,"height":12}},{"id":"15f80a7c-b606-4fe9-9a36-53e317f5a6b2","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":5,"box":{"x":184,"y":782,"width":668,"height":13}},{"id":"20e57fa9-6d71-4ed2-a808-60f72d65f2ab","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":5,"box":{"x":184,"y":798,"width":664,"height":12}},{"id":"d088af48-abe8-4a4e-880c-91a0297b602b","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":5,"box":{"x":183,"y":813,"width":698,"height":13}},{"id":"f237d711-4628-4ab9-ae0d-49fbc0a4f613","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":5,"box":{"x":183,"y":829,"width":670,"height":12}},{"id":"d823918f-7306-4d39-98ba-431b42b2b979","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":5,"box":{"x":184,"y":844,"width":639,"height":13}},{"id":"2a9cbd88-bf1d-4621-b3e7-53d0a5040597","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":5,"box":{"x":184,"y":860,"width":684,"height":12}},{"id":"af3e5045-890b-4088-8a85-67c1e0f3e1f0","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":5,"box":{"x":183,"y":875,"width":662,"height":13}},{"id":"7eb193aa-2631-406c-a5cf-ad51feeeabcc","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":5,"box":{"x":184,"y":891,"width":698,"height":12}},{"id":"05b107a7-dea6-4e6e-9b06-abf9c496923d","block_type":"box","text":"by such custodian.","page_number":5,"box":{"x":184,"y":906,"width":139,"height":13}},{"id":"01278580-6798-4274-acc6-42900533dec8","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":6,"box":{"x":183,"y":69,"width":674,"height":13}},{"id":"346bdac3-f84b-45ae-b004-6c197ec3f017","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":6,"box":{"x":184,"y":85,"width":649,"height":12}},{"id":"d959c0ad-7e2c-4751-9d19-ac2d49e74998","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":6,"box":{"x":184,"y":100,"width":674,"height":13}},{"id":"57861c2b-3143-4d21-b17d-e0398d85b8fb","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":6,"box":{"x":184,"y":116,"width":681,"height":12}},{"id":"3a745af7-4286-42ad-b15f-0ddd9fa0e969","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":6,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"fa1d60e6-9130-467a-b19f-9f89e3aad896","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":6,"box":{"x":184,"y":147,"width":682,"height":12}},{"id":"4f8d8f05-b2d4-442c-98b0-09245799f142","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":6,"box":{"x":184,"y":162,"width":675,"height":13}},{"id":"510df595-c51b-4394-ad52-15231dd32745","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":6,"box":{"x":184,"y":178,"width":682,"height":11}},{"id":"120b2ca9-b0e6-46af-9af8-2020b424280b","block_type":"box","text":"on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":6,"box":{"x":184,"y":193,"width":625,"height":13}},{"id":"fba0c353-a375-46a0-b6db-617529c937d7","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":6,"box":{"x":184,"y":209,"width":692,"height":12}},{"id":"de8637d2-5fd2-43ba-9ce9-4234f691763e","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":6,"box":{"x":184,"y":224,"width":348,"height":13}},{"id":"1dde4b77-4753-415c-813d-d6b91ff30e57","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":6,"box":{"x":184,"y":247,"width":666,"height":13}},{"id":"f0819548-c261-4258-bd24-90ec38839b6d","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":6,"box":{"x":184,"y":263,"width":684,"height":13}},{"id":"42beb644-6968-418b-97bd-7357e96389a3","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":6,"box":{"x":184,"y":278,"width":678,"height":13}},{"id":"33ac8698-9d74-4ce5-ad8c-83526f1a27ab","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":6,"box":{"x":183,"y":294,"width":656,"height":13}},{"id":"be8ab659-3390-4bce-bc63-88e5254636b1","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":6,"box":{"x":183,"y":309,"width":672,"height":13}},{"id":"3f6e0261-f21b-4752-8e9a-f3ae7d762bec","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":6,"box":{"x":183,"y":325,"width":654,"height":13}},{"id":"5d52a86a-d9af-4eca-91c5-529f3f27e686","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":6,"box":{"x":184,"y":340,"width":691,"height":13}},{"id":"74ace0e0-3a20-4ed4-a866-970844b59c15","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":6,"box":{"x":183,"y":356,"width":691,"height":13}},{"id":"ea209526-8b6f-4946-8720-82bb099601b6","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":6,"box":{"x":184,"y":371,"width":668,"height":13}},{"id":"60605d1c-76f8-42fa-9fc7-aac622b1298d","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":6,"box":{"x":184,"y":387,"width":695,"height":13}},{"id":"fab79ed2-7586-4001-bf2e-417b3e3a2e32","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":6,"box":{"x":184,"y":402,"width":593,"height":13}},{"id":"8ca77b93-6478-401b-9cab-8edf0fa9bda7","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":6,"box":{"x":183,"y":426,"width":661,"height":12}},{"id":"dc97f02c-f62a-46e4-80e2-195d1472a000","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":6,"box":{"x":184,"y":441,"width":649,"height":13}},{"id":"6d034392-e807-4f0e-b60d-d166ab558d74","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":6,"box":{"x":184,"y":457,"width":666,"height":12}},{"id":"983b8af8-a0a2-45ea-b236-ea5b55a25834","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":6,"box":{"x":184,"y":472,"width":439,"height":13}},{"id":"fd76118e-3418-4ac7-966a-1875ae0aa39c","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":6,"box":{"x":183,"y":495,"width":688,"height":13}},{"id":"5397e91e-ebad-41b2-8efd-1438112b1fdd","block_type":"box","text":"of February 2, 2026 and maximum additional charge (as described above):","page_number":6,"box":{"x":184,"y":511,"width":545,"height":13}},{"id":"2497fda3-b1aa-4284-84d1-4eaac488986d","block_type":"box","text":"Fund","page_number":6,"box":{"x":184,"y":541,"width":29,"height":8}},{"id":"fc4d8ffe-19cf-4148-b987-bfafa7c13231","block_type":"box","text":"Standard Creation","page_number":6,"box":{"x":608,"y":531,"width":109,"height":8}},{"id":"8f138075-4da3-438b-b830-6faac6539659","block_type":"box","text":"Transaction Fee","page_number":6,"box":{"x":614,"y":542,"width":97,"height":7}},{"id":"b2cc61cc-22bd-405a-9c81-8a6e3a17816b","block_type":"box","text":"Maximum Additional","page_number":6,"box":{"x":756,"y":531,"width":127,"height":8}},{"id":"ac8901c6-138b-497c-897b-0f74adbdb813","block_type":"box","text":"Charge*","page_number":6,"box":{"x":794,"y":541,"width":51,"height":11}},{"id":"200fdb52-b73a-4cab-990b-f0a55d1dd580","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 7.0%","page_number":6,"box":{"x":184,"y":564,"width":668,"height":12}},{"id":"ab5a4742-0f2b-4ead-ac9d-5b9be81918f9","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 3.0%","page_number":6,"box":{"x":184,"y":583,"width":668,"height":12}},{"id":"b219d13b-e468-4822-acef-12e63ededecf","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 7.0%","page_number":6,"box":{"x":184,"y":603,"width":668,"height":11}},{"id":"bda6b2c3-a4e6-4542-8433-dabe1897272e","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 3.0%","page_number":6,"box":{"x":184,"y":622,"width":668,"height":12}},{"id":"d05914dd-7001-400f-a1a0-3eecff01e7bd","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 3.0%","page_number":6,"box":{"x":184,"y":641,"width":668,"height":12}},{"id":"82947b4b-4e16-4dd5-b352-9c6b6e09a3f1","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 7.0%","page_number":6,"box":{"x":184,"y":661,"width":663,"height":11}},{"id":"bccc066c-1813-48ea-bc2e-2d187d41155e","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 3.0%","page_number":6,"box":{"x":184,"y":680,"width":663,"height":12}},{"id":"6d9ad828-e670-4135-b113-b81bc804eab1","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 7.0%","page_number":6,"box":{"x":184,"y":700,"width":663,"height":12}},{"id":"811b473d-62fe-4c5b-8a05-e62ccb0a1b85","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 7.0%","page_number":6,"box":{"x":184,"y":719,"width":663,"height":12}},{"id":"9a486601-655e-4e9b-9469-38c776937af5","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 7.0%","page_number":6,"box":{"x":184,"y":738,"width":663,"height":12}},{"id":"a6ac4dc6-f52a-463c-bee6-ccd449266f8d","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 7.0%","page_number":6,"box":{"x":184,"y":758,"width":663,"height":12}},{"id":"a80b3f73-5f81-4400-b279-bb9c705c343d","block_type":"box","text":"iShares MSCI Belgium ETF $450 3.0%","page_number":6,"box":{"x":184,"y":777,"width":663,"height":13}},{"id":"83578d5b-2c2b-4ab6-b415-9f8ac3f240cc","block_type":"box","text":"iShares MSCI BIC ETF $8,630 7.0%","page_number":6,"box":{"x":184,"y":797,"width":663,"height":11}},{"id":"436d2bf4-a9aa-473f-a5e0-5f2061659908","block_type":"box","text":"iShares MSCI Brazil ETF $860 7.0%","page_number":6,"box":{"x":184,"y":816,"width":663,"height":11}},{"id":"a45aa4e5-02f1-4377-9046-db39eacd5f5b","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 3.0%","page_number":6,"box":{"x":184,"y":835,"width":668,"height":13}},{"id":"4580bba4-c7b5-452d-9118-1a5aaf52adcc","block_type":"box","text":"iShares MSCI Canada ETF $630 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7.0%","page_number":7,"box":{"x":184,"y":254,"width":668,"height":13}},{"id":"0fe17091-0558-4b49-9d7b-95d4c6ae15f5","block_type":"box","text":"iShares MSCI France ETF $500 3.0%","page_number":7,"box":{"x":184,"y":273,"width":668,"height":11}},{"id":"e5055be6-d756-4eb7-a20a-95968dba9d61","block_type":"box","text":"iShares MSCI Germany ETF $460 3.0%","page_number":7,"box":{"x":184,"y":293,"width":668,"height":12}},{"id":"18a02cad-b3c0-49e5-a437-89d0b814ae9b","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 7.0%","page_number":7,"box":{"x":184,"y":312,"width":668,"height":11}},{"id":"d3458f8e-828f-4cd2-8270-8d4d90b2a648","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 7.0%","page_number":7,"box":{"x":184,"y":331,"width":668,"height":12}},{"id":"b4526b6a-bb67-4aec-a632-8640f0935f25","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 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7.0%","page_number":7,"box":{"x":184,"y":541,"width":668,"height":11}},{"id":"bf2673e2-c4f6-40ef-9592-be95719aa661","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 3.0%","page_number":7,"box":{"x":184,"y":560,"width":668,"height":13}},{"id":"3e49a33e-f304-421b-b9df-1f9129cbd769","block_type":"box","text":"iShares MSCI Japan Value ETF $580 3.0%","page_number":7,"box":{"x":184,"y":579,"width":668,"height":13}},{"id":"66d464d1-00cb-4c0c-af85-90c7c963f42c","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 7.0%","page_number":7,"box":{"x":184,"y":599,"width":668,"height":11}},{"id":"739905a6-d855-49b5-89c2-10ebe149239c","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 7.0%","page_number":7,"box":{"x":184,"y":618,"width":668,"height":12}},{"id":"c8b8183e-74a9-45d3-93ae-7258f65b628f","block_type":"box","text":"iShares MSCI Malaysia ETF $900 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3.0%","page_number":7,"box":{"x":184,"y":831,"width":668,"height":11}},{"id":"2079f658-a745-4ee7-8a7c-9862efe0407b","block_type":"box","text":"iShares MSCI Spain ETF $360 3.0%","page_number":7,"box":{"x":184,"y":851,"width":668,"height":12}},{"id":"4d4a5ab1-3156-43b5-a399-4cef29221dcf","block_type":"box","text":"iShares MSCI Sweden ETF $480 3.0%","page_number":7,"box":{"x":184,"y":870,"width":668,"height":11}},{"id":"0d9a3411-b3d7-43f1-8d5d-eba61dbc01fa","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 3.0%","page_number":7,"box":{"x":184,"y":890,"width":668,"height":11}},{"id":"6c6d5e90-5bb7-4bc5-94b1-2435374c33e3","block_type":"box","text":"iShares MSCI United Kingdom ETF $420 3.0%","page_number":7,"box":{"x":184,"y":909,"width":663,"height":13}},{"id":"302fd6f2-1b6d-4d15-9566-39b863c3e206","block_type":"box","text":"Fund","page_number":8,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"0a7710f8-08d9-4c1c-bcf0-e5abb32f509b","block_type":"box","text":"Standard Creation","page_number":8,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"46a5333d-566a-4cf9-aec7-6b999bb6c31d","block_type":"box","text":"Transaction Fee","page_number":8,"box":{"x":614,"y":77,"width":97,"height":7}},{"id":"01fbca31-ba8c-4e74-a7fd-c7728a89b6f6","block_type":"box","text":"Maximum Additional","page_number":8,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"234c61ad-353b-4860-83af-b8a36595ae95","block_type":"box","text":"Charge*","page_number":8,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"67838b91-629d-447e-9367-45da0b8ff529","block_type":"box","text":"iShares MSCI World ETF $4,480 7.0%","page_number":8,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"ae77e05c-5edc-4d7d-854d-cc7dbe0d6c65","block_type":"box","text":"iShares MSCI World Small-Cap ETF $10,090 7.0%","page_number":8,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"6d62d343-b89d-4818-96e6-ebb424ede179","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex","page_number":8,"box":{"x":184,"y":138,"width":408,"height":12}},{"id":"d708f572-367b-4a83-ab78-2a9cfae89a74","block_type":"box","text":"USA ETF $2,140 3.0%","page_number":8,"box":{"x":201,"y":153,"width":651,"height":12}},{"id":"28a55b76-4524-4fb5-bfae-52e87470d7b3","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 3.0%","page_number":8,"box":{"x":184,"y":172,"width":668,"height":11}},{"id":"a81adad8-5071-48fb-a52a-651e30ec4b1d","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":8,"box":{"x":184,"y":201,"width":445,"height":13}},{"id":"ccd8fd9c-bcc7-4ecf-b3ce-e7aed86e42e2","block_type":"box","text":"5) For each Fund, the section of the SAI entitled “Costs Associated with Redemption Transactions”","page_number":8,"box":{"x":150,"y":224,"width":734,"height":13}},{"id":"2dac4789-852f-4398-aa74-a5733c9d5711","block_type":"box","text":"is deleted in its entirety and replaced with the following, although each SAI will include a","page_number":8,"box":{"x":184,"y":240,"width":644,"height":12}},{"id":"f353a263-baa3-44e7-b840-12d91e487e74","block_type":"box","text":"“Standard Redemption Transaction Fee” table only for applicable Funds","page_number":8,"box":{"x":184,"y":255,"width":519,"height":13}},{"id":"8336a3b3-f15d-4dcd-a069-5c5a1f72037e","block_type":"box","text":":","page_number":8,"box":{"x":704,"y":259,"width":7,"height":6}},{"id":"721fc472-308d-49a4-bf3b-392bbf7b51b6","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":8,"box":{"x":184,"y":278,"width":374,"height":13}},{"id":"510fd883-6e1a-42ca-9ef1-04572c18ed05","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs","page_number":8,"box":{"x":183,"y":302,"width":697,"height":12}},{"id":"30139ce1-e192-442a-ac6f-15531410b2fe","block_type":"box","text":"that may be incurred by the relevant Fund. As described above, under an ETF Services","page_number":8,"box":{"x":183,"y":317,"width":626,"height":13}},{"id":"2e182acb-7185-45af-a38d-8f3b4f8c1b80","block_type":"box","text":"Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF Services.","page_number":8,"box":{"x":183,"y":333,"width":680,"height":12}},{"id":"9a874d38-4c53-4edf-a786-3754ea322a7b","block_type":"box","text":"BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":8,"box":{"x":184,"y":348,"width":694,"height":13}},{"id":"0bdf32b0-f204-4466-82bc-e0b7dc6490e6","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is","page_number":8,"box":{"x":184,"y":364,"width":675,"height":12}},{"id":"1b71111c-19d6-40db-b5c9-a7f7d2e3fe0d","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will","page_number":8,"box":{"x":184,"y":379,"width":677,"height":13}},{"id":"fc426a7b-a765-4b51-a9dc-5b6631149192","block_type":"box","text":"reimburse any Custody Transaction Costs to the applicable Fund custodian according to the","page_number":8,"box":{"x":184,"y":395,"width":672,"height":12}},{"id":"37416e90-1637-42ce-b8ba-226fd1ab0a2b","block_type":"box","text":"amounts invoiced by such custodian.","page_number":8,"box":{"x":184,"y":410,"width":273,"height":13}},{"id":"7702e697-e547-4076-8ef2-e9fe6f16df00","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":8,"box":{"x":183,"y":433,"width":674,"height":13}},{"id":"c358bf82-9cc1-4aa1-839e-4158adfbd96d","block_type":"box","text":"redeemed, which amount will vary among different Funds based on a number of factors,","page_number":8,"box":{"x":184,"y":449,"width":646,"height":13}},{"id":"6adbea1c-b326-4259-8c7a-b71ad83e9f08","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":8,"box":{"x":184,"y":464,"width":674,"height":13}},{"id":"f19423d4-f1fa-4832-8c37-d914da99f1dd","block_type":"box","text":"Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero","page_number":8,"box":{"x":184,"y":480,"width":690,"height":13}},{"id":"7d6db228-3d13-4d66-926a-9e170ac177cc","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":8,"box":{"x":184,"y":495,"width":690,"height":13}},{"id":"f0b478ad-fd38-4b53-b99f-5e7c3b26020a","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets,","page_number":8,"box":{"x":184,"y":511,"width":686,"height":13}},{"id":"ecc8711f-27fd-4574-9e6d-2867281d6d39","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":8,"box":{"x":184,"y":526,"width":696,"height":13}},{"id":"53945c79-e52e-4224-ad1e-3c2b6fe04ead","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":8,"box":{"x":184,"y":542,"width":660,"height":13}},{"id":"fe523d6d-440e-4ddb-831c-006f74074124","block_type":"box","text":"based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":8,"box":{"x":184,"y":557,"width":672,"height":13}},{"id":"009a179f-7804-4353-925a-525b2024cb04","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":8,"box":{"x":184,"y":573,"width":665,"height":13}},{"id":"fcdd3974-d2a6-45b4-81cc-8b8da6f7c73d","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":8,"box":{"x":184,"y":589,"width":400,"height":12}},{"id":"6248a3d6-a7ad-417a-a090-887965915599","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":8,"box":{"x":184,"y":612,"width":666,"height":12}},{"id":"f11aa122-e858-4c05-ad69-16fa64d47eff","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":8,"box":{"x":184,"y":627,"width":626,"height":13}},{"id":"22b319ff-210f-4ced-b257-7501d8288c3d","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":8,"box":{"x":184,"y":643,"width":679,"height":12}},{"id":"efdfc4f8-2b72-4cf9-a2cc-bc1903f91c57","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":8,"box":{"x":184,"y":658,"width":642,"height":13}},{"id":"930a17fb-1843-4d4f-b374-a52cdac42a5a","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":8,"box":{"x":184,"y":674,"width":682,"height":12}},{"id":"bfe15381-0b22-4629-ae07-5314559dc4b2","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":8,"box":{"x":184,"y":689,"width":636,"height":13}},{"id":"bc5bdf6a-bffd-4841-af45-fab3c9233edb","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":8,"box":{"x":184,"y":705,"width":686,"height":12}},{"id":"a081cae9-629f-4493-976e-aeaad2fe1f8b","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":8,"box":{"x":184,"y":720,"width":668,"height":13}},{"id":"ff14d8e9-0658-41f7-a1e7-74f0bec660b8","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":8,"box":{"x":183,"y":736,"width":697,"height":12}},{"id":"ccaec9b3-dd17-42bd-be8c-710c76f2e510","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":8,"box":{"x":184,"y":751,"width":670,"height":13}},{"id":"75a818ce-d238-44f6-9e31-b1cff479cf31","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":8,"box":{"x":184,"y":767,"width":683,"height":12}},{"id":"6876d7f7-0463-4326-8a4f-ee5db52bb907","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":8,"box":{"x":183,"y":790,"width":683,"height":13}},{"id":"80b36abb-359e-4bd6-8656-8cb1b652b416","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":8,"box":{"x":183,"y":806,"width":696,"height":12}},{"id":"3655a5f1-9cd8-459d-a450-e4e364363c42","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":8,"box":{"x":184,"y":821,"width":694,"height":10}},{"id":"c3ed33cf-bbbb-4bc3-b430-12f3878e88df","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":8,"box":{"x":184,"y":837,"width":575,"height":12}},{"id":"80346548-b76e-4905-9c7f-964fa582be3a","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":9,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"8d94c9ff-84f4-417b-8e61-8b963fb4c8eb","block_type":"box","text":"as of February 2, 2026 and maximum additional charge (as described above):","page_number":9,"box":{"x":184,"y":85,"width":565,"height":12}},{"id":"6bc7e5a8-1ea6-49fc-b54a-bcb3cf9afb77","block_type":"box","text":"Fund","page_number":9,"box":{"x":184,"y":115,"width":29,"height":8}},{"id":"b55db5a0-589d-45c1-835b-d59139f09bed","block_type":"box","text":"Standard Redemption","page_number":9,"box":{"x":586,"y":105,"width":131,"height":10}},{"id":"43f64489-561b-4097-8a7f-b08bd28eac4d","block_type":"box","text":"Transaction Fee","page_number":9,"box":{"x":603,"y":115,"width":97,"height":8}},{"id":"fb84ed29-b48f-45aa-bd74-1ac73f052c47","block_type":"box","text":"Maximum Additional","page_number":9,"box":{"x":756,"y":105,"width":127,"height":8}},{"id":"ea36de83-5654-46f7-a5e7-20282a09bd84","block_type":"box","text":"Charge*","page_number":9,"box":{"x":794,"y":115,"width":51,"height":10}},{"id":"35d3ef31-61cd-413d-a9f4-b8ac16763a8c","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 2.0%","page_number":9,"box":{"x":184,"y":137,"width":668,"height":12}},{"id":"36c75370-6123-41cd-87f1-25a2d02b9b54","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 2.0%","page_number":9,"box":{"x":184,"y":157,"width":668,"height":11}},{"id":"35fce616-0df6-4336-a6e6-cd3b655fee7a","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 2.0%","page_number":9,"box":{"x":184,"y":176,"width":668,"height":11}},{"id":"f54a9ff3-2247-4b7b-bd75-a1d15f335887","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 2.0%","page_number":9,"box":{"x":184,"y":195,"width":668,"height":12}},{"id":"045de9e1-6d21-47cc-912c-c19e55bf0bb6","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 2.0%","page_number":9,"box":{"x":184,"y":214,"width":668,"height":12}},{"id":"0bc5706e-2096-496e-9337-83a154cccd67","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 2.0%","page_number":9,"box":{"x":184,"y":233,"width":668,"height":12}},{"id":"8aa68228-28e9-4260-85d1-c6c1c482cbae","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 2.0%","page_number":9,"box":{"x":184,"y":253,"width":668,"height":11}},{"id":"93891d15-39c6-4466-93f6-b2bf8774588f","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 2.0%","page_number":9,"box":{"x":184,"y":272,"width":668,"height":12}},{"id":"c1c1fc9c-41c6-4688-bd3f-635539e77459","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 2.0%","page_number":9,"box":{"x":184,"y":291,"width":668,"height":12}},{"id":"5ecb732a-39eb-452b-b5c3-02394390d5c4","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 2.0%","page_number":9,"box":{"x":184,"y":310,"width":668,"height":12}},{"id":"60e44706-523d-4250-bcfc-8b5109d0d233","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 2.0%","page_number":9,"box":{"x":184,"y":329,"width":668,"height":13}},{"id":"11d4cd92-4751-4957-bbda-7e14f6453cca","block_type":"box","text":"iShares MSCI Belgium ETF $450 2.0%","page_number":9,"box":{"x":184,"y":348,"width":668,"height":13}},{"id":"979b05c2-4897-4741-a5a9-1e2aa350f8af","block_type":"box","text":"iShares MSCI BIC ETF $8,630 2.0%","page_number":9,"box":{"x":184,"y":368,"width":668,"height":11}},{"id":"527ab9f0-3ff9-48b4-923d-8508b8313d47","block_type":"box","text":"iShares MSCI Brazil ETF $860 2.0%","page_number":9,"box":{"x":184,"y":387,"width":668,"height":11}},{"id":"b53c3aa2-b649-4a6b-af2c-119a183ba43a","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 2.0%","page_number":9,"box":{"x":184,"y":406,"width":668,"height":13}},{"id":"35798beb-cc79-4281-b57f-c225961c9c24","block_type":"box","text":"iShares MSCI Canada ETF $630 2.0%","page_number":9,"box":{"x":184,"y":425,"width":668,"height":11}},{"id":"3eb52489-89ea-45d2-86d6-46c861406aaf","block_type":"box","text":"iShares MSCI Chile ETF $960 2.0%","page_number":9,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"15a380c1-169d-49e1-b351-577366e0ba86","block_type":"box","text":"iShares MSCI China A ETF $7,080 2.0%","page_number":9,"box":{"x":184,"y":464,"width":668,"height":11}},{"id":"25fc466c-74c1-4be2-a420-4febfb73ba1e","block_type":"box","text":"iShares MSCI China ETF $9,190 2.0%","page_number":9,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"69899f5f-8f69-4339-bb0b-50abbc4db149","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 2.0%","page_number":9,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"9df27c00-1423-48fc-a396-bb76ef70c0dd","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 2.0%","page_number":9,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"2f1a9c17-5208-44a9-b947-3870479f46e0","block_type":"box","text":"iShares MSCI Denmark ETF $470 2.0%","page_number":9,"box":{"x":184,"y":540,"width":668,"height":11}},{"id":"3fd5ad46-06e1-420a-b950-faa74bd193d3","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 2.0%","page_number":9,"box":{"x":184,"y":560,"width":668,"height":12}},{"id":"5bec5e48-96ea-4388-b9c0-8f77af1f53e3","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 2.0%","page_number":9,"box":{"x":184,"y":579,"width":668,"height":12}},{"id":"92a26b9e-9b0b-4fce-a53a-cd44ae632873","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 2.0%","page_number":9,"box":{"x":184,"y":598,"width":668,"height":13}},{"id":"5132b7ae-276a-4ad3-927d-59f4cd7e0a34","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 2.0%","page_number":9,"box":{"x":184,"y":617,"width":668,"height":13}},{"id":"9361ced5-94f5-46e2-8240-aa767546699e","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 2.0%","page_number":9,"box":{"x":184,"y":636,"width":668,"height":13}},{"id":"8caa4132-c2a1-4525-a378-1fe30d9001d8","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 2.0%","page_number":9,"box":{"x":184,"y":655,"width":668,"height":13}},{"id":"2dc485bf-4a53-46d1-9ccf-0287606967b1","block_type":"box","text":"iShares MSCI France ETF $500 2.0%","page_number":9,"box":{"x":184,"y":675,"width":663,"height":10}},{"id":"470b273c-f218-4590-b1fb-1544aef8342f","block_type":"box","text":"iShares MSCI Germany ETF $460 2.0%","page_number":9,"box":{"x":184,"y":694,"width":663,"height":12}},{"id":"567d1597-ce87-47cd-b140-31fe02670562","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 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A higher portfolio turnover rate may indicate higher","page_number":16,"box":{"x":83,"y":719,"width":395,"height":11}},{"id":"c18c2dcd-8557-444b-95b6-b57976ac23ea","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":16,"box":{"x":83,"y":733,"width":380,"height":11}},{"id":"11ba87ee-13db-4576-ab6f-3ae752145443","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":16,"box":{"x":83,"y":747,"width":409,"height":10}},{"id":"0477076b-e7c1-4a7d-a093-1585e0f2b588","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":16,"box":{"x":83,"y":762,"width":368,"height":10}},{"id":"afedfd8f-b344-4c49-a09e-23e79738ed3e","block_type":"box","text":"Example, affect the Fund’s performance. 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among","page_number":18,"box":{"x":83,"y":862,"width":403,"height":11}},{"id":"d94e7995-7428-4358-942b-820b67315455","block_type":"box","text":"other things.","page_number":18,"box":{"x":83,"y":877,"width":79,"height":10}},{"id":"c31cfcec-eb5b-4278-99af-b944eeb27f5a","block_type":"box","text":"Currency Risk","page_number":18,"box":{"x":549,"y":23,"width":96,"height":11}},{"id":"8f34603a-0fe7-43ef-80d6-0e5471a447a1","block_type":"box","text":".","page_number":18,"box":{"x":645,"y":30,"width":2,"height":2}},{"id":"82995f51-8273-4a58-8fb4-ad22f24ad555","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":18,"box":{"x":653,"y":23,"width":292,"height":9}},{"id":"c59a31d1-9da9-4d0a-9dea-6622c8c67b2a","block_type":"box","text":"dollars, the NAV could decline if the currency of a non-U.S. market","page_number":18,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"db331ee1-e8ee-43c5-9835-7e19c3a0fb4a","block_type":"box","text":"in which the Fund invests depreciates against the U.S. dollar or if","page_number":18,"box":{"x":549,"y":51,"width":416,"height":11}},{"id":"f6b42c13-4873-498d-9ed2-db5a25d8b81f","block_type":"box","text":"there are delays or limits on the repatriation of foreign currency.","page_number":18,"box":{"x":549,"y":66,"width":409,"height":11}},{"id":"6f4b206c-8f23-4c75-898c-3bff3792a936","block_type":"box","text":"Currency exchange rates can be very volatile and can change","page_number":18,"box":{"x":549,"y":80,"width":391,"height":11}},{"id":"2edf014c-a88d-4d95-8592-81bad63afedd","block_type":"box","text":"quickly and unpredictably. 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The value of securities or other assets may","page_number":18,"box":{"x":550,"y":339,"width":402,"height":11}},{"id":"5934b54b-f0f0-408e-8910-d2a26edd2d7a","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":18,"box":{"x":549,"y":353,"width":418,"height":11}},{"id":"ca976d5d-c530-47d3-93f5-6eb8435153b3","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":18,"box":{"x":549,"y":367,"width":414,"height":11}},{"id":"75ebffb2-fe6d-4fab-996b-e899ccda0330","block_type":"box","text":"counterparty.","page_number":18,"box":{"x":549,"y":382,"width":84,"height":10}},{"id":"9dd773a1-75a4-427d-836f-cd32a49889b1","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":18,"box":{"x":549,"y":405,"width":252,"height":10}},{"id":"f08317df-a68d-4878-b860-9778e92902e4","block_type":"box","text":"Large-capitalization","page_number":18,"box":{"x":808,"y":405,"width":124,"height":11}},{"id":"655702b6-69ce-4530-8942-04f690ab6451","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":18,"box":{"x":549,"y":419,"width":352,"height":11}},{"id":"c737c21f-78c2-4097-ab2f-a5067d23d113","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":18,"box":{"x":549,"y":433,"width":352,"height":11}},{"id":"c2193c27-bceb-45a9-adaf-be589950b2f5","block_type":"box","text":"competitive challenges. 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The","page_number":18,"box":{"x":549,"y":476,"width":340,"height":10}},{"id":"d5186925-a66f-43aa-84fe-db898eb3d981","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":18,"box":{"x":549,"y":490,"width":390,"height":11}},{"id":"3520c90e-cd1e-4d15-a0bc-886ac324d72f","block_type":"box","text":"overall performance of the broader securities markets.","page_number":18,"box":{"x":549,"y":504,"width":349,"height":11}},{"id":"2b0bad0b-214c-42fc-96ac-007d7a1e240f","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":18,"box":{"x":549,"y":527,"width":360,"height":11}},{"id":"9f4745c8-2c08-47de-b8fd-8da11f908d88","block_type":"box","text":"Certain","page_number":18,"box":{"x":915,"y":527,"width":45,"height":9}},{"id":"d162fdcb-845c-4f71-a18e-f9cd87f63659","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":18,"box":{"x":549,"y":541,"width":405,"height":11}},{"id":"fe65a198-e0c7-4dc4-94b0-ca9934153fcd","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":18,"box":{"x":549,"y":556,"width":409,"height":10}},{"id":"bf10c4f7-8194-4b3d-b27f-860ae81c589e","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":18,"box":{"x":549,"y":570,"width":419,"height":11}},{"id":"05f8f875-24bc-4d24-adb9-117ef600dc70","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":18,"box":{"x":549,"y":584,"width":417,"height":11}},{"id":"5148d006-8268-4443-ab72-e4a18f55281f","block_type":"box","text":"their investment in the Fund for a limited period of time. 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As the Fund will not fully replicate the","page_number":19,"box":{"x":83,"y":23,"width":362,"height":11}},{"id":"71fa6a1e-23e2-4820-a0d1-6d2d38f1079f","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":19,"box":{"x":83,"y":37,"width":388,"height":11}},{"id":"d3bca8cd-51b5-4075-97e8-5f6bc737b0f6","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":19,"box":{"x":83,"y":52,"width":409,"height":10}},{"id":"dee682cf-78d2-4778-bb76-c0b8417a285e","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":19,"box":{"x":83,"y":66,"width":419,"height":11}},{"id":"efa96299-84cf-45d8-9e3c-1f95af06e8da","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":19,"box":{"x":82,"y":80,"width":420,"height":11}},{"id":"bc842938-6e25-4042-b3a4-01334b8174ac","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":19,"box":{"x":83,"y":94,"width":402,"height":11}},{"id":"b17774fa-307a-4d51-856d-c152fdba7253","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":19,"box":{"x":83,"y":108,"width":323,"height":11}},{"id":"ff10fe25-2818-438d-9422-76dec058bbe8","block_type":"box","text":"Market Trading Risk","page_number":19,"box":{"x":83,"y":131,"width":136,"height":11}},{"id":"0532d4c8-1621-49ca-b768-55e076af98d4","block_type":"box","text":".","page_number":19,"box":{"x":219,"y":138,"width":2,"height":2}},{"id":"f0afc873-5ca5-4393-aef3-4a7cf9548478","block_type":"box","text":"The Fund faces numerous market trading","page_number":19,"box":{"x":226,"y":131,"width":263,"height":11}},{"id":"3c23f15f-a201-4ce5-8623-723e7b71bbc9","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":19,"box":{"x":83,"y":146,"width":394,"height":10}},{"id":"e5e38c33-cffb-4276-8bf7-7feb1de596cc","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":19,"box":{"x":83,"y":160,"width":401,"height":11}},{"id":"628bc9d0-b066-471f-9cee-94faac8de058","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":19,"box":{"x":83,"y":174,"width":404,"height":11}},{"id":"b95ce23a-8369-4413-b307-623913aea9c0","block_type":"box","text":"the process of creating and redeeming Fund shares. 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The","page_number":19,"box":{"x":83,"y":419,"width":405,"height":11}},{"id":"5b675a27-9a4f-497d-b2f6-09b00e948421","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":19,"box":{"x":83,"y":433,"width":407,"height":11}},{"id":"8989d082-521f-43e2-9750-ba66d06578f6","block_type":"box","text":"and less liquid than those of large-capitalization companies. 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These","page_number":19,"box":{"x":82,"y":626,"width":361,"height":11}},{"id":"bbbded6e-51ba-4c72-9e4d-2c518e70fea2","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":19,"box":{"x":83,"y":641,"width":398,"height":10}},{"id":"cde9a6af-d675-4784-a967-4313ef078c96","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":19,"box":{"x":84,"y":655,"width":410,"height":11}},{"id":"7599d0d7-e4e4-4fe8-8986-7b4c0dea81ca","block_type":"box","text":"Non-Diversification Risk","page_number":19,"box":{"x":83,"y":678,"width":165,"height":8}},{"id":"cd010a71-ef21-491e-9b9d-d7e9834a2392","block_type":"box","text":".","page_number":19,"box":{"x":248,"y":685,"width":2,"height":1}},{"id":"a508f375-c905-46a3-919b-b47240314949","block_type":"box","text":"The Fund is classified as “non","page_number":19,"box":{"x":255,"y":678,"width":193,"height":8}},{"id":"30850512-4920-4be9-850c-486ba16a411e","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":19,"box":{"x":83,"y":692,"width":377,"height":11}},{"id":"d7ee0ef9-8bb2-420b-bc0a-ced72600d7d1","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":19,"box":{"x":83,"y":706,"width":358,"height":11}},{"id":"324618ee-ed91-4f92-aa5a-99156427c337","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":19,"box":{"x":83,"y":721,"width":370,"height":10}},{"id":"5a247c75-1c27-455f-a508-e8b9e78a52fe","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":19,"box":{"x":83,"y":735,"width":422,"height":11}},{"id":"3802d2c1-5a99-4d2c-97e9-db3c2ac784c0","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":19,"box":{"x":83,"y":749,"width":379,"height":11}},{"id":"92850945-9319-41ce-a461-db32b2a1ddfe","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":19,"box":{"x":83,"y":763,"width":375,"height":11}},{"id":"e4a9b3fe-0528-4df6-a51c-e91db5e369de","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":19,"box":{"x":83,"y":777,"width":418,"height":11}},{"id":"45c2a137-2522-423d-b59b-132e9c7e0f5a","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":19,"box":{"x":83,"y":791,"width":418,"height":11}},{"id":"fabfec17-8e84-45a9-9a0c-a4414f8dfa5e","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":19,"box":{"x":83,"y":806,"width":209,"height":10}},{"id":"564ed7b5-62ba-41ff-959f-efecd20cfd2d","block_type":"box","text":"Non-U.S. Securities Risk","page_number":19,"box":{"x":83,"y":829,"width":165,"height":8}},{"id":"f19194bb-42ca-4204-8cde-202bbaf6832e","block_type":"box","text":".","page_number":19,"box":{"x":248,"y":835,"width":2,"height":2}},{"id":"51008d96-6306-4bf0-90b1-66ee46f91e5f","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":19,"box":{"x":256,"y":829,"width":236,"height":11}},{"id":"8824950b-c6ee-4006-8ee2-8b20089ecb56","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":19,"box":{"x":83,"y":843,"width":382,"height":11}},{"id":"290ce9f8-2140-4390-819a-4d8ca4ae71ef","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":19,"box":{"x":83,"y":857,"width":406,"height":11}},{"id":"761790ac-12f9-4a85-b156-d13799a270a3","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":19,"box":{"x":83,"y":871,"width":369,"height":11}},{"id":"6a9f238a-be68-4192-9ce0-7b8871d1b48f","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":19,"box":{"x":548,"y":23,"width":356,"height":11}},{"id":"844bc646-548a-4f6d-807a-094fd9f06cd7","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":19,"box":{"x":549,"y":37,"width":407,"height":11}},{"id":"796f7dbd-2dab-4108-8c60-40fea6848fdf","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":19,"box":{"x":549,"y":52,"width":397,"height":10}},{"id":"43c64bd4-0664-482d-ac56-e2d31b689a5e","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":19,"box":{"x":549,"y":66,"width":403,"height":10}},{"id":"a557d0fd-1ff9-4ab1-b408-832797a88b83","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":19,"box":{"x":549,"y":80,"width":371,"height":11}},{"id":"843f3e18-9c3c-455b-b779-5540645d4d10","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":19,"box":{"x":549,"y":94,"width":386,"height":11}},{"id":"a175ebef-3ba1-422b-a480-fafb848069c5","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":19,"box":{"x":549,"y":108,"width":391,"height":11}},{"id":"71bc4938-23cc-4773-bc20-27c0e8b97f64","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":19,"box":{"x":549,"y":122,"width":351,"height":11}},{"id":"c3f979c9-0ea8-48d9-9a13-bdbf83e4e01d","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":19,"box":{"x":549,"y":137,"width":413,"height":10}},{"id":"0081a94a-e3ed-4610-b3e6-7ae0516bd537","block_type":"box","text":"engage in portfolio transactions. To the extent that investments","page_number":19,"box":{"x":549,"y":151,"width":405,"height":11}},{"id":"28dc2109-1e9a-4209-a7a3-d4980769988d","block_type":"box","text":"are made in a limited number of countries, events in those","page_number":19,"box":{"x":549,"y":165,"width":372,"height":10}},{"id":"b6e1673f-e362-4f45-81ae-baac3162d0c8","block_type":"box","text":"countries will have a more significant impact on the Fund.","page_number":19,"box":{"x":549,"y":179,"width":368,"height":11}},{"id":"6cb0ad27-38b7-47b8-bd6b-069f570f4989","block_type":"box","text":"Operational and Technology Risks","page_number":19,"box":{"x":549,"y":202,"width":230,"height":11}},{"id":"d47da859-e6e7-45b7-9397-0dd70c239e8c","block_type":"box","text":".","page_number":19,"box":{"x":780,"y":209,"width":2,"height":2}},{"id":"bc2f2905-a06c-4a14-9f5c-2e7a5f4dc53c","block_type":"box","text":"The Fund is directly and","page_number":19,"box":{"x":787,"y":202,"width":152,"height":11}},{"id":"0a49be3a-5796-4b9b-ac31-adf33e204034","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":19,"box":{"x":549,"y":217,"width":368,"height":10}},{"id":"fbf0dfb6-6511-43e8-b4f8-c5d36dc96571","block_type":"box","text":"including those related to human errors, processing errors,","page_number":19,"box":{"x":549,"y":231,"width":376,"height":11}},{"id":"6b9a8aa7-4973-493e-87c5-6972c2040f12","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":19,"box":{"x":549,"y":245,"width":413,"height":11}},{"id":"46591f2d-c01a-4897-8229-f7c12fa6e67e","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":19,"box":{"x":549,"y":259,"width":404,"height":11}},{"id":"dcb8d5cb-3508-4a10-ba10-f5b1f43cecbc","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":19,"box":{"x":549,"y":273,"width":401,"height":11}},{"id":"1f27b66d-05c6-4738-822e-3651ec766181","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":19,"box":{"x":549,"y":287,"width":377,"height":11}},{"id":"3461ecef-0f64-4755-a9fc-e4e3ff9a5bd4","block_type":"box","text":"providers are required to have appropriate operational,","page_number":19,"box":{"x":549,"y":302,"width":350,"height":10}},{"id":"5603c743-1059-4ce1-a755-b0509ee655b4","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":19,"box":{"x":549,"y":316,"width":414,"height":11}},{"id":"ad5f24cc-1814-417c-9e04-66fd9d03137a","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":19,"box":{"x":549,"y":330,"width":397,"height":11}},{"id":"dd4d2c37-dc75-4a62-b20f-f2f5a99dbb4f","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":19,"box":{"x":549,"y":344,"width":411,"height":11}},{"id":"85d1831a-faf4-40fd-8a19-687728684415","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":19,"box":{"x":549,"y":358,"width":391,"height":9}},{"id":"a305d34f-076c-4736-9010-ebd63085aaeb","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":19,"box":{"x":549,"y":372,"width":422,"height":11}},{"id":"8159eaa4-9e59-46ba-945c-a2db153608a4","block_type":"box","text":"investments in such issuers to lose value.","page_number":19,"box":{"x":549,"y":387,"width":264,"height":8}},{"id":"7d3c16a5-02f0-4392-84d8-b6c0318d11af","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":19,"box":{"x":549,"y":410,"width":228,"height":11}},{"id":"0d9fb187-285d-40f0-873a-7aa25ddc90bc","block_type":"box","text":".","page_number":19,"box":{"x":777,"y":416,"width":3,"height":2}},{"id":"8b4ba8a0-b1c3-43db-8cbc-d57420af9658","block_type":"box","text":"The Fund invests in countries","page_number":19,"box":{"x":785,"y":410,"width":186,"height":8}},{"id":"0a6d2490-a0b0-49f0-ab35-a21ca8dbfb53","block_type":"box","text":"or regions whose economies are heavily dependent upon trading","page_number":19,"box":{"x":549,"y":424,"width":413,"height":11}},{"id":"77a2e29a-ed89-41ce-ace9-8cfc4f22a086","block_type":"box","text":"with key partners. Any reduction in this trading may have an","page_number":19,"box":{"x":549,"y":438,"width":383,"height":11}},{"id":"091044d9-1a2e-440b-9c43-89ea7fd501fd","block_type":"box","text":"adverse impact on the Fund’s investments. Through its holdings of","page_number":19,"box":{"x":549,"y":452,"width":424,"height":11}},{"id":"987adb1f-7b41-4246-abba-cecd05c38dd9","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed","page_number":19,"box":{"x":549,"y":467,"width":386,"height":10}},{"id":"9ddb1080-6c2f-4bf4-810f-b1731af1372b","block_type":"box","text":"to","page_number":19,"box":{"x":549,"y":482,"width":12,"height":7}},{"id":"1fd405cd-2596-4474-9e55-7a0c54a4b300","block_type":"box","text":"Asian Economic Risk","page_number":19,"box":{"x":566,"y":481,"width":144,"height":8}},{"id":"73aaf533-8cd2-4dca-af0c-53d6a75297ae","block_type":"box","text":".","page_number":19,"box":{"x":712,"y":488,"width":1,"height":1}},{"id":"322c4a2a-4b57-4170-92a2-ccbcde6089cd","block_type":"box","text":"Risk of Investing in China","page_number":19,"box":{"x":549,"y":504,"width":172,"height":11}},{"id":"420c9ad3-d8e5-4191-90d2-a01e399645f5","block_type":"box","text":".","page_number":19,"box":{"x":722,"y":511,"width":3,"height":1}},{"id":"167d74dd-d623-4abb-8991-9ced42bae7b5","block_type":"box","text":"Investments in Chinese securities,","page_number":19,"box":{"x":731,"y":504,"width":218,"height":10}},{"id":"9d9bdacd-06e7-4a8f-81b8-22b124c9deca","block_type":"box","text":"including certain Hong Kong-listed and U.S.-listed securities, are","page_number":19,"box":{"x":549,"y":518,"width":412,"height":11}},{"id":"061f99d6-e434-4a7c-9563-0842f1c60c3e","block_type":"box","text":"subject to risks specific to China. China may be subject to","page_number":19,"box":{"x":549,"y":532,"width":371,"height":11}},{"id":"f38cc9b1-e0e7-49dc-87e9-58bac7f09aa9","block_type":"box","text":"considerable degrees of economic, political and social instability.","page_number":19,"box":{"x":549,"y":546,"width":415,"height":11}},{"id":"4e2ff6eb-737d-4ca9-8b59-aa50b48196b7","block_type":"box","text":"Despite economic and market reforms in recent decades, the","page_number":19,"box":{"x":550,"y":561,"width":391,"height":10}},{"id":"1610f1aa-6b4a-42af-bfe0-04b174a3ca1c","block_type":"box","text":"Chinese government’s control over certain sectors and","page_number":19,"box":{"x":549,"y":575,"width":350,"height":11}},{"id":"b414e773-1bac-47d1-b757-c14abdbe1670","block_type":"box","text":"enterprises and significant regulation of investment and industry","page_number":19,"box":{"x":549,"y":589,"width":413,"height":11}},{"id":"99018333-1313-4df6-b3ec-848dd03504e5","block_type":"box","text":"are still pervasive. Chinese companies are subject to the risk that","page_number":19,"box":{"x":549,"y":603,"width":419,"height":11}},{"id":"9e2c183f-119a-42c0-b4d5-48508bed6b2e","block_type":"box","text":"Chinese authorities can intervene in their operations and","page_number":19,"box":{"x":549,"y":617,"width":363,"height":11}},{"id":"d88ab34f-2b3c-4c0a-a590-59d541033daa","block_type":"box","text":"structure. Chinese markets generally continue to experience","page_number":19,"box":{"x":549,"y":632,"width":387,"height":10}},{"id":"410f09d3-8247-4c9c-b658-e22c1a80d46b","block_type":"box","text":"inefficiency, a lack of publicly available information and/or","page_number":19,"box":{"x":549,"y":646,"width":375,"height":11}},{"id":"43a29e5a-d7e1-4bf5-953c-3e5283f5471a","block_type":"box","text":"political and social instability and may be subject to volatility and","page_number":19,"box":{"x":549,"y":660,"width":414,"height":11}},{"id":"d21cba55-755f-4c08-bbda-ed6d1dba530d","block_type":"box","text":"pricing anomalies resulting from governmental influence. Internal","page_number":19,"box":{"x":549,"y":674,"width":416,"height":11}},{"id":"9a40a0c6-c42f-48a7-bb61-ee03eba8082d","block_type":"box","text":"social unrest or confrontations with other countries, including","page_number":19,"box":{"x":549,"y":688,"width":395,"height":11}},{"id":"002bab34-a5f4-4783-a841-c8a2a0ac5580","block_type":"box","text":"military conflicts in response to such events, may disrupt China’s","page_number":19,"box":{"x":549,"y":702,"width":415,"height":11}},{"id":"c0060dc1-1339-4b17-92e0-feb8f62fba4b","block_type":"box","text":"economy and markets and result in a greater risk of currency","page_number":19,"box":{"x":549,"y":717,"width":391,"height":11}},{"id":"de8a1328-0573-4990-94bf-579447d453a4","block_type":"box","text":"fluctuations, currency non-convertibility, interest rate fluctuations","page_number":19,"box":{"x":549,"y":731,"width":421,"height":11}},{"id":"77be0ec6-a0e4-474c-87ea-4af6c050df0f","block_type":"box","text":"and higher inflation.","page_number":19,"box":{"x":549,"y":745,"width":126,"height":11}},{"id":"39dc7560-905d-4720-917f-cbfa8c1c389a","block_type":"box","text":"China has experienced security concerns, such as terrorism and","page_number":19,"box":{"x":549,"y":768,"width":409,"height":11}},{"id":"5bbdc756-8c9a-42ae-8fa9-d4ee716eef01","block_type":"box","text":"strained international relations. Additionally, China is alleged to","page_number":19,"box":{"x":549,"y":782,"width":404,"height":11}},{"id":"4d6d7aa1-5d81-4ca6-8913-4a3532bda2cc","block_type":"box","text":"have participated in state-sponsored cyberattacks against foreign","page_number":19,"box":{"x":549,"y":797,"width":420,"height":10}},{"id":"bc8194df-ff47-444e-ba15-02217a0e1acc","block_type":"box","text":"companies and foreign governments. Actual and threatened","page_number":19,"box":{"x":549,"y":811,"width":383,"height":11}},{"id":"c68003bc-1129-4cf8-a489-f9d923b52f9a","block_type":"box","text":"responses to such activity and strained international relations,","page_number":19,"box":{"x":549,"y":825,"width":398,"height":11}},{"id":"1e84523c-e1d9-48db-a6cf-be63771f701e","block_type":"box","text":"including purchasing restrictions, sanctions, export controls,","page_number":19,"box":{"x":549,"y":839,"width":386,"height":11}},{"id":"bf8fde57-17b6-4344-b5c8-73a8bceb74b6","block_type":"box","text":"tariffs or cyberattacks on the Chinese government or Chinese","page_number":19,"box":{"x":549,"y":853,"width":394,"height":11}},{"id":"81b217d3-5338-4459-89cf-f19f3e917eb6","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers in","page_number":19,"box":{"x":549,"y":868,"width":412,"height":10}},{"id":"5bab642b-2983-47fe-9301-a34875ffe102","block_type":"box","text":"S-4","page_number":19,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"aac9ed6b-ecfb-4a9d-a758-031ebc7fa19c","block_type":"box","text":"which the Fund invests. 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The","page_number":20,"box":{"x":549,"y":594,"width":422,"height":11}},{"id":"feb3bac1-62df-4a90-b831-0f67fa70d9c0","block_type":"box","text":"economy of Saudi Arabia is dominated by petroleum exports. A","page_number":20,"box":{"x":549,"y":608,"width":403,"height":11}},{"id":"4c5d2464-391d-42b6-aaae-9b0e12f93349","block_type":"box","text":"sustained decrease in petroleum prices could have a negative","page_number":20,"box":{"x":549,"y":623,"width":394,"height":10}},{"id":"7c0d5007-805a-4c36-907d-1ada272b1d4d","block_type":"box","text":"impact on all aspects of the economy. 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Such heightened risks may include, among","page_number":20,"box":{"x":550,"y":693,"width":405,"height":11}},{"id":"631dda5d-420c-41a7-8a94-45158d91f1ac","block_type":"box","text":"others, the expropriation and/or nationalization of assets,","page_number":20,"box":{"x":549,"y":708,"width":371,"height":10}},{"id":"44ba0fc6-cdf5-467b-a6b1-843e155537d9","block_type":"box","text":"restrictions on and government intervention in international trade,","page_number":20,"box":{"x":549,"y":722,"width":423,"height":11}},{"id":"5994cfca-b015-48c1-96c6-3871f476acd8","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian","page_number":20,"box":{"x":549,"y":736,"width":410,"height":11}},{"id":"9ad557cc-9b17-48cb-b559-1f37c862b319","block_type":"box","text":"and/or military involvement in governmental decision-making,","page_number":20,"box":{"x":549,"y":750,"width":399,"height":11}},{"id":"7cf2e3f7-ef1e-4e96-ae04-b1527d792157","block_type":"box","text":"armed conflict, crime and instability as a result of religious, ethnic","page_number":20,"box":{"x":549,"y":764,"width":421,"height":11}},{"id":"3ad3c7a8-937c-4cc3-a79b-5e08276d2a71","block_type":"box","text":"and/or socioeconomic unrest. Instability in the Middle East region","page_number":20,"box":{"x":549,"y":779,"width":423,"height":10}},{"id":"4bc06821-ff10-4ff6-81ed-8c4d6c9610c5","block_type":"box","text":"could adversely impact the economy of Saudi Arabia, and there is","page_number":20,"box":{"x":549,"y":793,"width":418,"height":11}},{"id":"8dd29e6a-e19c-40e6-a82f-a6cb344d7eb8","block_type":"box","text":"no assurance of political stability in Saudi Arabia.","page_number":20,"box":{"x":549,"y":807,"width":313,"height":11}},{"id":"d3a49f3d-4d13-4ff9-bff2-b29719b696ea","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi","page_number":20,"box":{"x":549,"y":830,"width":413,"height":11}},{"id":"fa80be70-537e-4a9e-b498-220b2bc0a6a1","block_type":"box","text":"Arabian companies could be restricted by the Saudi Arabian","page_number":20,"box":{"x":549,"y":844,"width":382,"height":11}},{"id":"1e072172-03cf-4105-b522-61bac524c021","block_type":"box","text":"government at any time, and unforeseen risks could materialize","page_number":20,"box":{"x":549,"y":858,"width":406,"height":11}},{"id":"4a2e0c49-8eb2-4bb4-9483-8f13c9da42c5","block_type":"box","text":"with respect to foreign ownership of such securities. There are a","page_number":20,"box":{"x":549,"y":873,"width":410,"height":10}},{"id":"df2036a9-e0df-4a61-bb58-43691e46295d","block_type":"box","text":"S-5","page_number":20,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"6bdf3f47-2d1f-46af-b411-3e2fe4c1477c","block_type":"box","text":"number of ways to conduct transactions in equity securities in the","page_number":21,"box":{"x":83,"y":23,"width":422,"height":11}},{"id":"15b50652-e22a-451c-a120-60bcb9b6f548","block_type":"box","text":"Saudi Arabian market. The Fund generally expects to transact in a","page_number":21,"box":{"x":83,"y":37,"width":420,"height":11}},{"id":"ea495bf7-536c-4f99-97e4-12699b67c43d","block_type":"box","text":"manner so that it is not limited by Saudi Arabian regulations to a","page_number":21,"box":{"x":83,"y":52,"width":410,"height":10}},{"id":"acaa8f8d-64d7-45ee-98ce-8b1a9bf45732","block_type":"box","text":"single broker. However, there may be a limited number of brokers","page_number":21,"box":{"x":83,"y":66,"width":419,"height":11}},{"id":"c8fd92f9-a67a-470f-a52d-21a75ecbc0f1","block_type":"box","text":"who can provide services to the Fund, which may have an adverse","page_number":21,"box":{"x":82,"y":80,"width":423,"height":11}},{"id":"9d53e2fe-92f1-4eda-83ab-565cd9c11b52","block_type":"box","text":"impact on the prices, quantity or timing of Fund transactions.","page_number":21,"box":{"x":83,"y":94,"width":390,"height":11}},{"id":"d29bdc27-b910-4e3d-b8b4-70709b959b65","block_type":"box","text":"Risk of Investing in the U.S","page_number":21,"box":{"x":83,"y":117,"width":182,"height":11}},{"id":"2f116cb2-dd1a-47a1-a613-386f60077c73","block_type":"box","text":".","page_number":21,"box":{"x":266,"y":124,"width":2,"height":2}},{"id":"07867e70-72a4-4265-a50b-7292cd18b2d8","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":21,"box":{"x":274,"y":117,"width":210,"height":11}},{"id":"96c97642-1cec-4023-95e1-a2cc92c71c51","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":21,"box":{"x":83,"y":131,"width":391,"height":11}},{"id":"094abf35-b647-4927-a636-71c6b7f3e6dc","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":21,"box":{"x":83,"y":146,"width":423,"height":10}},{"id":"010bb68b-b397-4027-9fdb-06b10c55dda8","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":21,"box":{"x":83,"y":160,"width":413,"height":11}},{"id":"85692b39-f8a8-4620-9697-94d1a889c0e0","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":21,"box":{"x":82,"y":174,"width":397,"height":11}},{"id":"654f3027-c0ea-4aa8-9141-0e55d75700ef","block_type":"box","text":"Securities Lending Risk.","page_number":21,"box":{"x":82,"y":197,"width":162,"height":11}},{"id":"196afee3-f19b-4400-8e95-8330f68b1900","block_type":"box","text":"The Fund may engage in securities","page_number":21,"box":{"x":249,"y":197,"width":221,"height":11}},{"id":"7c99703e-7344-40b2-9256-5ec27d3380b9","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":21,"box":{"x":83,"y":211,"width":396,"height":11}},{"id":"caf52863-4862-4e14-b714-6d433ba3b33c","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":21,"box":{"x":83,"y":226,"width":418,"height":10}},{"id":"2d26c22b-6506-47b7-88ef-3349498cd81e","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":21,"box":{"x":83,"y":240,"width":408,"height":11}},{"id":"eb4b5987-4ae1-4fe7-8fe1-ec9922bfaffd","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":21,"box":{"x":83,"y":254,"width":416,"height":11}},{"id":"40107cfb-a387-491f-9b83-6782977c1699","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":21,"box":{"x":83,"y":268,"width":389,"height":11}},{"id":"57f4dfc2-2a66-469b-9326-74f81c73a5d8","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":21,"box":{"x":83,"y":282,"width":406,"height":9}},{"id":"c7c6ec57-466e-4f3a-9f8b-120a0c573dd7","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":21,"box":{"x":83,"y":296,"width":301,"height":11}},{"id":"c8347df1-278e-4bde-aa99-623ddef6b0bb","block_type":"box","text":"Small-Capitalization Companies Risk","page_number":21,"box":{"x":82,"y":320,"width":250,"height":10}},{"id":"b46bcf03-c3f0-4155-abd8-0e419a880f24","block_type":"box","text":".","page_number":21,"box":{"x":332,"y":326,"width":3,"height":2}},{"id":"f8ba56b9-ee42-4aa3-ada3-9ac9f8e62a54","block_type":"box","text":"Compared to mid- and","page_number":21,"box":{"x":340,"y":320,"width":143,"height":10}},{"id":"3edac667-8831-4b21-b919-395244110aea","block_type":"box","text":"large-capitalization companies, small-capitalization companies","page_number":21,"box":{"x":83,"y":334,"width":400,"height":11}},{"id":"a64c398e-920c-4683-8d9d-2674248a685a","block_type":"box","text":"may be less stable and more susceptible to adverse","page_number":21,"box":{"x":83,"y":348,"width":330,"height":11}},{"id":"0e079cf4-c3c6-41f9-ae11-a2f5a4ee6f54","block_type":"box","text":"developments. The securities of small-capitalization companies","page_number":21,"box":{"x":83,"y":362,"width":404,"height":11}},{"id":"076578d0-3c29-4503-8451-b03d817a019a","block_type":"box","text":"may be more volatile and less liquid than those of mid- and large","page_number":21,"box":{"x":83,"y":376,"width":417,"height":11}},{"id":"0642df46-864a-4b88-a83e-a26ce4672c7d","block_type":"box","text":"capitalization companies. As a result, the Fund’s share price may","page_number":21,"box":{"x":83,"y":391,"width":415,"height":10}},{"id":"ffcf0e05-cbb5-4dcf-91e0-be5be7f4387d","block_type":"box","text":"be more volatile than that of a fund with a greater investment in","page_number":21,"box":{"x":83,"y":405,"width":407,"height":11}},{"id":"15c70125-8fea-42a9-b83a-45b63058d9c0","block_type":"box","text":"large- or mid-capitalization stocks.","page_number":21,"box":{"x":83,"y":419,"width":220,"height":11}},{"id":"13b660b6-771b-4e86-a79a-5d54096a8371","block_type":"box","text":"Tracking Error Risk","page_number":21,"box":{"x":84,"y":442,"width":128,"height":11}},{"id":"ac1cf178-72cb-43ce-9f77-5a2b1a9e3e44","block_type":"box","text":".","page_number":21,"box":{"x":212,"y":449,"width":2,"height":2}},{"id":"e91a0b29-4f20-4d38-883c-d7f856c37089","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":21,"box":{"x":219,"y":442,"width":284,"height":11}},{"id":"1b6d21e0-0df5-436b-b745-86ec839fd200","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":21,"box":{"x":82,"y":456,"width":405,"height":11}},{"id":"6b2fb596-70a0-4923-82ea-183037131f19","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":21,"box":{"x":83,"y":470,"width":425,"height":11}},{"id":"f500fceb-da78-439d-8690-904addc18295","block_type":"box","text":"factors, including differences between the securities and other","page_number":21,"box":{"x":82,"y":485,"width":402,"height":10}},{"id":"519957e2-6ce0-499f-9f07-e9d208bb5646","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":21,"box":{"x":83,"y":499,"width":381,"height":11}},{"id":"441b3522-54f5-4e3b-b77b-8a9c4ba302c6","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":21,"box":{"x":83,"y":513,"width":396,"height":11}},{"id":"4f330893-25a9-4ca2-8c47-5a69489fe32a","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":21,"box":{"x":83,"y":527,"width":407,"height":10}},{"id":"731db412-5599-4303-9c3a-069d4e34d68a","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":21,"box":{"x":549,"y":23,"width":400,"height":11}},{"id":"47a8cd68-353a-45c0-96b0-3d2a9dea21e0","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":21,"box":{"x":549,"y":37,"width":421,"height":11}},{"id":"5547ee2d-6387-441f-be42-78fea9e024f3","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":21,"box":{"x":549,"y":51,"width":374,"height":11}},{"id":"3b201272-e9c8-43e1-966b-bd3f7f4934fe","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":21,"box":{"x":549,"y":66,"width":370,"height":10}},{"id":"cc8edb76-acc0-46e9-9533-083e87f3d62a","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":21,"box":{"x":549,"y":80,"width":372,"height":11}},{"id":"02d2ea6e-4604-4367-8bf0-7b312fd2558f","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":21,"box":{"x":549,"y":94,"width":420,"height":11}},{"id":"0afdca2e-dc01-4200-886a-ad1085258873","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":21,"box":{"x":549,"y":108,"width":387,"height":11}},{"id":"afe98a0c-b3c8-4e33-95eb-9f88f7bec8d2","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":21,"box":{"x":549,"y":122,"width":377,"height":11}},{"id":"e894421f-c423-47c7-924b-8ae76f9d527d","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":21,"box":{"x":549,"y":137,"width":380,"height":10}},{"id":"44e6a803-3f69-4408-be23-d95a22a6924b","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":21,"box":{"x":549,"y":151,"width":366,"height":11}},{"id":"32549cc9-d964-4aaf-b1eb-14891146ff46","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":21,"box":{"x":549,"y":165,"width":414,"height":11}},{"id":"5bd0d3f9-a644-4ae2-a213-2b9bb529b6c1","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":21,"box":{"x":550,"y":179,"width":386,"height":11}},{"id":"ca6b64c5-9d0e-471e-86f7-9ff79a8f242a","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":21,"box":{"x":549,"y":193,"width":414,"height":11}},{"id":"49fcddf6-bd8d-4ec0-b96c-0de391f3bfb0","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":21,"box":{"x":549,"y":207,"width":420,"height":11}},{"id":"95c4383e-f311-4242-a269-283df699ce54","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":21,"box":{"x":549,"y":222,"width":383,"height":8}},{"id":"3accc90f-fcb2-4367-8e29-da1871792e3f","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":21,"box":{"x":549,"y":236,"width":390,"height":11}},{"id":"964ce6f3-4b94-413f-948b-d9c96e7a33a3","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":21,"box":{"x":549,"y":250,"width":299,"height":8}},{"id":"c42a0dd4-e615-422d-a4a8-f3b952fe4e78","block_type":"box","text":"Valuation Risk","page_number":21,"box":{"x":550,"y":273,"width":96,"height":9}},{"id":"9f18ea61-930f-4941-b329-23a027acc7ef","block_type":"box","text":".","page_number":21,"box":{"x":646,"y":280,"width":2,"height":2}},{"id":"60f81759-3f94-4a3d-acba-3260665fea4a","block_type":"box","text":"The price that the Fund could receive upon the","page_number":21,"box":{"x":653,"y":273,"width":298,"height":11}},{"id":"68e96d21-8931-4e96-9cc5-bb37c39329f9","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":21,"box":{"x":549,"y":287,"width":408,"height":11}},{"id":"ad945654-a8b8-4629-ae97-117654be5ab6","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":21,"box":{"x":549,"y":302,"width":355,"height":10}},{"id":"fc65c28a-d6ad-46e3-8227-65676fd7cc1a","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":21,"box":{"x":549,"y":316,"width":418,"height":11}},{"id":"0d7a9c9d-e6a1-4615-ba7f-709b8c6a286e","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":21,"box":{"x":549,"y":330,"width":347,"height":11}},{"id":"f4ee1907-2a7f-44c6-aa82-3202fa3317b9","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":21,"box":{"x":549,"y":344,"width":418,"height":11}},{"id":"4354fbda-92eb-49fb-afbb-eb7e5818b303","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":21,"box":{"x":549,"y":358,"width":406,"height":11}},{"id":"5b096918-1166-4f5c-84ad-191eb63a2cae","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":21,"box":{"x":549,"y":372,"width":411,"height":11}},{"id":"11561407-6706-4196-b23d-814557d52456","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":21,"box":{"x":549,"y":387,"width":392,"height":10}},{"id":"e2b823f6-5d3c-42d5-8eeb-108263f9d4f6","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":21,"box":{"x":549,"y":401,"width":414,"height":11}},{"id":"fa0176ea-13a8-4016-86fb-9a92d561fd2e","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":21,"box":{"x":549,"y":415,"width":394,"height":11}},{"id":"b79f05fd-ef62-4d2d-a56b-a07ec8b69d73","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":21,"box":{"x":548,"y":429,"width":383,"height":11}},{"id":"de9bf6d8-d30d-46a0-ae16-47417f740a0c","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":21,"box":{"x":549,"y":443,"width":414,"height":11}},{"id":"088d763b-ed4a-41f9-bdcb-afd6abb15991","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":21,"box":{"x":549,"y":458,"width":392,"height":8}},{"id":"ee803e1e-09a8-4ffc-af8a-0091ed5f6c8d","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":21,"box":{"x":548,"y":472,"width":425,"height":11}},{"id":"85c540ec-0b4a-48f2-99da-f2fd077848d5","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":21,"box":{"x":548,"y":486,"width":400,"height":11}},{"id":"d10025ae-9cb8-4fe4-bbe4-b5e9c55712c0","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":21,"box":{"x":549,"y":500,"width":405,"height":11}},{"id":"4673b7d6-1df0-4f40-bc7c-5a3118fa36ac","block_type":"box","text":"S-6","page_number":21,"box":{"x":526,"y":920,"width":20,"height":9}},{"id":"19a8361d-efaf-4e4f-8539-55f177947c5a","block_type":"box","text":"Performance Information","page_number":22,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"bdf1c195-7606-4b2c-aee8-6fd5af6cb41f","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":22,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"fc41fee7-230c-4e48-973a-ddfd95f05ccc","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":22,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"68c44768-692d-4ef9-a40c-412b2ff412ef","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":22,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"3df91649-d241-4713-a591-4ad80b676ffa","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":22,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"a0999afb-860b-446c-953e-826d4d065817","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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These","page_number":23,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"d914c847-f07a-4674-8e5a-5afba42c6368","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":23,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"705eeba8-0b6a-4f72-9b2a-8b0685c305d6","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":23,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"546c36ab-104f-4640-9890-feada8a9f1dd","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":23,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"12e3e2db-510e-47d4-a865-fc7095cbd5e8","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":23,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"d5f59385-143f-4914-b5da-0083d1b29f6b","block_type":"box","text":"information.","page_number":23,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"d7f2785d-6ea4-4893-903b-5c036b43dc49","block_type":"box","text":"S-8","page_number":23,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"6751c9e3-b22f-43f1-862b-23b0794701a3","block_type":"box","text":"iSHARES","page_number":24,"box":{"x":225,"y":24,"width":119,"height":15}},{"id":"a1d8d461-3a8b-4170-9a79-a4b97c8af5d1","block_type":"box","text":"®","page_number":24,"box":{"x":347,"y":17,"width":11,"height":8}},{"id":"4badd7a4-8da5-4995-a436-1a3a5d6b3e99","block_type":"box","text":"MSCI GLOBAL GOLD MINERS ETF","page_number":24,"box":{"x":369,"y":24,"width":464,"height":15}},{"id":"5a926ac2-34ea-4434-8701-1ae521aec4d3","block_type":"box","text":"Ticker: RING Stock Exchange: Nasdaq","page_number":24,"box":{"x":290,"y":53,"width":472,"height":12}},{"id":"8620cff4-64eb-4d64-bc37-c7f05a9b34fe","block_type":"box","text":"Investment Objective","page_number":24,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"a3a49655-45f0-4a77-926d-089733f4aa29","block_type":"box","text":"The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of","page_number":24,"box":{"x":82,"y":116,"width":866,"height":11}},{"id":"5acb28ba-d43e-40b7-b7ab-493a5ecc4394","block_type":"box","text":"companies primarily engaged in the business of gold mining.","page_number":24,"box":{"x":83,"y":130,"width":385,"height":11}},{"id":"dde341ff-e6e2-4a1e-a7ec-8b89d20eeea3","block_type":"box","text":"Fees and Expenses","page_number":24,"box":{"x":84,"y":159,"width":160,"height":13}},{"id":"08f30868-8bdc-43c9-98de-3d28c1a58cc1","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":24,"box":{"x":83,"y":241,"width":833,"height":11}},{"id":"d87e60bd-7726-41af-924e-fdc50564a236","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":24,"box":{"x":83,"y":255,"width":575,"height":11}},{"id":"ca05c50a-4a47-4373-9813-5c53eb9e8fd9","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":24,"box":{"x":87,"y":278,"width":882,"height":12}},{"id":"5a3574f2-6f22-493f-b946-7f40b62d6839","block_type":"box","text":"the tables and examples below.","page_number":24,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"c6e2a97c-6158-44b6-8360-088d4b40cc5b","block_type":"box","text":"Annual Fund Operating 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The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":24,"box":{"x":83,"y":483,"width":862,"height":11}},{"id":"52c8da43-5345-4ca5-b5d6-382a2c5f3d57","block_type":"box","text":"same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":24,"box":{"x":83,"y":498,"width":694,"height":10}},{"id":"607342bc-6a84-4f9c-83c6-0b429a827d70","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":24,"box":{"x":195,"y":528,"width":668,"height":8}},{"id":"584c938f-dc93-4474-bfb1-64491e50ab72","block_type":"box","text":"$40 $125 $219 $493","page_number":24,"box":{"x":202,"y":548,"width":649,"height":9}},{"id":"8a941a56-815e-44c4-9e4e-15dbfe9742e1","block_type":"box","text":"Portfolio Turnover.","page_number":24,"box":{"x":83,"y":588,"width":129,"height":8}},{"id":"d197dec8-3f63-4ed6-9797-ad352ace2534","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":24,"box":{"x":216,"y":588,"width":287,"height":11}},{"id":"e2caf73a-d7b9-4402-9966-b3309a33218a","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":24,"box":{"x":83,"y":602,"width":420,"height":11}},{"id":"ea50cdc3-2c10-485b-a221-faaba93a7b76","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":24,"box":{"x":83,"y":616,"width":395,"height":11}},{"id":"cd010fbc-6a20-4a25-9904-5e3cdf276271","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":24,"box":{"x":83,"y":630,"width":380,"height":11}},{"id":"55f95826-8e2d-4c66-a1ae-ab3750940b48","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":24,"box":{"x":83,"y":645,"width":409,"height":10}},{"id":"9e1c85fe-188c-44bf-8bff-b4227df2fb65","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":24,"box":{"x":83,"y":659,"width":368,"height":11}},{"id":"b92a5677-1176-4341-b97e-b6056d02d4c8","block_type":"box","text":"Example, affect the Fund’s performance. 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The Fund seeks to track the investment","page_number":25,"box":{"x":83,"y":712,"width":392,"height":10}},{"id":"d1775156-5e8b-48a6-af98-560e7bb1043f","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":25,"box":{"x":83,"y":726,"width":404,"height":11}},{"id":"bb0bf352-8e3a-4610-b072-ac97407d0c2d","block_type":"box","text":"Fund.","page_number":25,"box":{"x":84,"y":740,"width":33,"height":8}},{"id":"96ef2e13-aa88-4a45-ad59-bbe485a4577f","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":25,"box":{"x":82,"y":763,"width":412,"height":11}},{"id":"1f267d00-6d73-4878-8b00-2d388be9d662","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":25,"box":{"x":82,"y":777,"width":371,"height":11}},{"id":"c9ee6d37-d6ef-49e9-bf50-94df5eb65199","block_type":"box","text":"collateral received).","page_number":25,"box":{"x":83,"y":791,"width":125,"height":11}},{"id":"8dfe50d8-3e3a-40c1-b485-3aa989591a57","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent","page_number":25,"box":{"x":82,"y":815,"width":422,"height":10}},{"id":"80b5478b-00af-4788-8529-00b19456dbcb","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":25,"box":{"x":83,"y":829,"width":356,"height":8}},{"id":"1a2a092f-a4be-46e3-a9f0-612a443f20da","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":25,"box":{"x":83,"y":843,"width":377,"height":11}},{"id":"556f582c-bb12-40cf-90e9-e7d4a84f0c19","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":25,"box":{"x":83,"y":857,"width":416,"height":11}},{"id":"4a0ec7b1-92e9-4354-a944-2791d9314fa3","block_type":"box","text":"value of the Underlying Index.","page_number":25,"box":{"x":82,"y":871,"width":190,"height":11}},{"id":"89931aef-2db8-484f-9ec3-15b19ee55620","block_type":"box","text":"Industry Concentration Policy.","page_number":25,"box":{"x":550,"y":23,"width":209,"height":11}},{"id":"c377666e-97fc-44cd-a407-4975672ccf47","block_type":"box","text":"The Fund will concentrate its","page_number":25,"box":{"x":764,"y":23,"width":184,"height":9}},{"id":"b2124c70-a3ab-41b3-a2db-ce669e5e850b","block_type":"box","text":"investments (","page_number":25,"box":{"x":549,"y":37,"width":86,"height":11}},{"id":"53d02f74-6fd3-44dc-8a8b-1bbcca2c7704","block_type":"box","text":"i.e.","page_number":25,"box":{"x":635,"y":37,"width":17,"height":9}},{"id":"c4529eaa-478f-4546-a0cb-2abc0e74ec4c","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":25,"box":{"x":655,"y":37,"width":264,"height":11}},{"id":"33b67703-9a1a-4d8f-bddd-bb8fa2a1f30d","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":25,"box":{"x":549,"y":51,"width":394,"height":11}},{"id":"7f1807a2-01e0-42f3-9fb1-c4dbaa271a81","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":25,"box":{"x":549,"y":66,"width":377,"height":11}},{"id":"608f2c7b-4c5e-4724-809c-8018fabb80d9","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":25,"box":{"x":549,"y":80,"width":389,"height":11}},{"id":"262255d3-fcd3-4a21-b6c5-4446eb9e6541","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":25,"box":{"x":549,"y":94,"width":389,"height":11}},{"id":"d0b360c6-e11a-411d-a3d0-7c4cf3a6cf88","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":25,"box":{"x":549,"y":108,"width":410,"height":11}},{"id":"e6dc7f4d-bf3c-4727-bba1-a1fa029f5657","block_type":"box","text":"considered to be issued by members of any industry.","page_number":25,"box":{"x":549,"y":122,"width":337,"height":11}},{"id":"9698c196-af34-4f41-986e-042d84735ef6","block_type":"box","text":"Summary of Principal Risks","page_number":25,"box":{"x":549,"y":151,"width":235,"height":14}},{"id":"19a2d8d7-5c76-4bb2-88bf-8d0edd6e379c","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":25,"box":{"x":549,"y":177,"width":362,"height":10}},{"id":"27f25d02-30eb-47d3-b100-e14751cab976","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":25,"box":{"x":549,"y":191,"width":402,"height":10}},{"id":"b1f71e82-4a6e-4e09-b28f-7da943731fa9","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":25,"box":{"x":549,"y":205,"width":396,"height":11}},{"id":"d80ec131-5573-41a8-a765-dc1e80e1d9d3","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":25,"box":{"x":549,"y":219,"width":376,"height":11}},{"id":"c1e90872-3d85-4365-a5ef-bb32fb0671d3","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":25,"box":{"x":549,"y":233,"width":392,"height":11}},{"id":"0068fbfe-1234-4f35-b261-9a85fb849df0","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":25,"box":{"x":549,"y":247,"width":416,"height":11}},{"id":"f73baaeb-fd3f-4b29-8237-da31374754df","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":25,"box":{"x":549,"y":262,"width":388,"height":10}},{"id":"b811e33c-f0ae-4597-b866-c6e173894406","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":25,"box":{"x":549,"y":276,"width":425,"height":11}},{"id":"186ff76a-51cf-4d39-98cf-a071d5c45dbf","block_type":"box","text":"risk is difficult to predict and may change over time. 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Neither the Fund nor BFA can offer","page_number":26,"box":{"x":83,"y":117,"width":406,"height":11}},{"id":"94f96007-47b1-449d-a6af-a759a722608b","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":26,"box":{"x":83,"y":131,"width":408,"height":11}},{"id":"37115a3e-f74b-4805-accf-05942733d9c8","block_type":"box","text":"information will provide an accurate assessment of included","page_number":26,"box":{"x":83,"y":146,"width":384,"height":10}},{"id":"c26bbf48-c89c-41cf-8b36-9fb95dfb3894","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":26,"box":{"x":83,"y":160,"width":387,"height":11}},{"id":"c2e7f951-de5f-48a3-aa7c-850b1f4a996e","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":26,"box":{"x":83,"y":174,"width":366,"height":11}},{"id":"177e4213-4a4b-49bd-bae8-7b62a57a78b3","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":26,"box":{"x":83,"y":188,"width":377,"height":11}},{"id":"18839079-6db3-46e1-8d47-a31b76dc45a6","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":26,"box":{"x":83,"y":202,"width":413,"height":11}},{"id":"e5c62b06-3d6a-418a-ae22-440b113e61cf","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":26,"box":{"x":83,"y":217,"width":396,"height":10}},{"id":"4bc57c14-5fe3-44b1-baf1-125d6ca9d4a7","block_type":"box","text":"impact on the Fund and its shareholders. 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No Authorized","page_number":26,"box":{"x":83,"y":518,"width":378,"height":11}},{"id":"e8df6b9f-b265-4b43-8310-621c340a3e14","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":26,"box":{"x":84,"y":532,"width":379,"height":11}},{"id":"f528df6c-d6aa-4d19-bcee-b9c4f6b56bcf","block_type":"box","text":"transactions. 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The value of securities or other assets may","page_number":26,"box":{"x":550,"y":51,"width":402,"height":11}},{"id":"6aed3a31-0869-413a-85af-d3668e7d70a6","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":26,"box":{"x":549,"y":66,"width":418,"height":10}},{"id":"bff7d0b8-9fe5-4e6d-9e81-6479a8978f5f","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":26,"box":{"x":549,"y":80,"width":414,"height":11}},{"id":"ccdca1c9-4366-41f0-9c30-a75e2134bb9b","block_type":"box","text":"counterparty.","page_number":26,"box":{"x":549,"y":95,"width":84,"height":10}},{"id":"3da39b7c-b875-4c5d-9d30-ad5cd1a3b8c4","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":26,"box":{"x":549,"y":117,"width":252,"height":11}},{"id":"83e487b0-b585-4d5f-b3ca-bb811b49acc0","block_type":"box","text":"Large-capitalization","page_number":26,"box":{"x":808,"y":117,"width":124,"height":11}},{"id":"a3c92446-5950-457a-839b-0b6c76762d65","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":26,"box":{"x":549,"y":131,"width":352,"height":11}},{"id":"9a53b00b-837a-4c48-9ba1-975113dfd310","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":26,"box":{"x":549,"y":146,"width":352,"height":10}},{"id":"dbcfc6c1-afc9-4924-97a6-bc77abaf27d0","block_type":"box","text":"competitive challenges. 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The","page_number":26,"box":{"x":549,"y":188,"width":340,"height":11}},{"id":"6126c8f8-c77e-42b3-be7a-d56ecc5a6464","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":26,"box":{"x":549,"y":202,"width":390,"height":11}},{"id":"c92d7157-f7ad-49ba-819f-8d3468ed2962","block_type":"box","text":"overall performance of the broader securities markets.","page_number":26,"box":{"x":549,"y":216,"width":349,"height":11}},{"id":"90a12f2d-a79f-4c5f-8ac7-c06b175f070f","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":26,"box":{"x":549,"y":240,"width":360,"height":10}},{"id":"6e273b33-0589-434a-b1be-715669850a01","block_type":"box","text":"Certain","page_number":26,"box":{"x":915,"y":240,"width":45,"height":8}},{"id":"5e2e714c-dcf3-42c8-838d-fe46327d6b56","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":26,"box":{"x":549,"y":254,"width":405,"height":11}},{"id":"40d93c4b-e279-46b0-87bf-99e543795420","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":26,"box":{"x":549,"y":268,"width":409,"height":11}},{"id":"fd287928-d3ea-4800-a9a2-b6c3e2cd0e0c","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":26,"box":{"x":549,"y":282,"width":419,"height":11}},{"id":"1857e593-ff55-404a-bc56-a32906c6952c","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":26,"box":{"x":549,"y":296,"width":417,"height":11}},{"id":"2713dd7d-40ff-47b9-893e-1a7e44b7a635","block_type":"box","text":"their investment in the Fund for a limited period of time. 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The impact of a closed foreign","page_number":27,"box":{"x":82,"y":188,"width":377,"height":11}},{"id":"fc398c35-eb15-4c80-981a-68af7d70b5d4","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":27,"box":{"x":83,"y":202,"width":420,"height":11}},{"id":"a5ce4dab-8e3c-492c-88e2-637a0911ab0c","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":27,"box":{"x":83,"y":216,"width":403,"height":11}},{"id":"997a983d-cb8f-4b06-a6d4-0d6b2988f964","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":27,"box":{"x":82,"y":231,"width":361,"height":11}},{"id":"222cc8a5-b2a7-4736-8580-ea58907867fb","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":27,"box":{"x":83,"y":245,"width":398,"height":11}},{"id":"949879d4-07da-4dd8-bac3-abd7c5ea9574","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":27,"box":{"x":84,"y":259,"width":410,"height":11}},{"id":"0ac0c65d-9ab3-4dc1-91a3-192e3174af8b","block_type":"box","text":"Non-Diversification Risk","page_number":27,"box":{"x":83,"y":282,"width":165,"height":9}},{"id":"b176a7bb-4b3e-4077-b1b8-b38b91bf9c51","block_type":"box","text":".","page_number":27,"box":{"x":248,"y":289,"width":2,"height":2}},{"id":"5616eb22-842a-425c-bdd4-1c3c738a24fb","block_type":"box","text":"The Fund is classified as “non","page_number":27,"box":{"x":255,"y":282,"width":193,"height":9}},{"id":"da61f9ee-89d4-4932-9afe-10c26df8e9aa","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":27,"box":{"x":83,"y":296,"width":377,"height":11}},{"id":"a0473d1e-235c-4aa5-a467-650415a1db59","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":27,"box":{"x":83,"y":311,"width":358,"height":10}},{"id":"a63ef021-77e6-4cbe-88fe-873933ede543","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":27,"box":{"x":83,"y":325,"width":370,"height":11}},{"id":"624a1e92-171f-4297-b881-cd0dce09812e","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":27,"box":{"x":83,"y":339,"width":422,"height":11}},{"id":"f1690c82-e28c-46ee-a7e3-af01e7c49242","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":27,"box":{"x":83,"y":353,"width":379,"height":11}},{"id":"d82dea38-9b93-4c1e-8142-5b2d6770b126","block_type":"box","text":"particular issuers or counterparties. 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Canada depends heavily on trading with the U.S., China,","page_number":27,"box":{"x":549,"y":160,"width":414,"height":11}},{"id":"8517a4ff-45ae-4900-a0a1-171c5d8ceb56","block_type":"box","text":"Mexico, the United Kingdom and Japan. 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China may be subject to","page_number":27,"box":{"x":549,"y":282,"width":371,"height":11}},{"id":"520ee6c4-aea9-4e1d-9919-1e7adf5426f5","block_type":"box","text":"considerable degrees of economic, political and social instability.","page_number":27,"box":{"x":549,"y":296,"width":415,"height":11}},{"id":"087dadb3-402a-4099-bb25-4d227840adf0","block_type":"box","text":"Despite economic and market reforms in recent decades, the","page_number":27,"box":{"x":550,"y":311,"width":391,"height":10}},{"id":"3245c7b2-e70b-4a08-86b0-b54b0a8e5870","block_type":"box","text":"Chinese government’s control over certain sectors and","page_number":27,"box":{"x":549,"y":325,"width":350,"height":11}},{"id":"d5b97bbb-3122-4c0b-aa47-cb63a176b264","block_type":"box","text":"enterprises and significant regulation of investment and industry","page_number":27,"box":{"x":549,"y":339,"width":413,"height":11}},{"id":"12010433-cc3a-4b18-8c71-1e84bf0c102e","block_type":"box","text":"are still pervasive. Chinese companies are subject to the risk that","page_number":27,"box":{"x":549,"y":353,"width":419,"height":11}},{"id":"e6a9f67b-b70b-4552-92d7-47ac2976ed32","block_type":"box","text":"Chinese authorities can intervene in their operations and","page_number":27,"box":{"x":549,"y":367,"width":363,"height":11}},{"id":"b3add82c-0069-4aed-905d-89040bf4b747","block_type":"box","text":"structure. Chinese markets generally continue to experience","page_number":27,"box":{"x":549,"y":382,"width":387,"height":10}},{"id":"50fe128c-bb5f-4ec4-aad0-5743121a4456","block_type":"box","text":"inefficiency, a lack of publicly available information and/or","page_number":27,"box":{"x":549,"y":396,"width":375,"height":10}},{"id":"f21329f9-ae45-4cb4-86fd-774b6de5175f","block_type":"box","text":"political and social instability and may be subject to volatility and","page_number":27,"box":{"x":549,"y":410,"width":414,"height":11}},{"id":"46c40431-faf9-4a20-85bc-b7733db34d0f","block_type":"box","text":"pricing anomalies resulting from governmental influence. Internal","page_number":27,"box":{"x":549,"y":424,"width":416,"height":11}},{"id":"56cbe657-2d4e-4624-8df1-d868ea5c6fd6","block_type":"box","text":"social unrest or confrontations with other countries, including","page_number":27,"box":{"x":549,"y":438,"width":395,"height":11}},{"id":"e4dc2b0b-7465-497b-81b6-c33142a6a47e","block_type":"box","text":"military conflicts in response to such events, may disrupt China’s","page_number":27,"box":{"x":549,"y":452,"width":415,"height":11}},{"id":"bbd41d1a-84d3-463f-a6c1-b22d508989f7","block_type":"box","text":"economy and markets and result in a greater risk of currency","page_number":27,"box":{"x":549,"y":467,"width":391,"height":10}},{"id":"d54673ec-e3e9-4e71-8abc-b68718d872ad","block_type":"box","text":"fluctuations, currency non-convertibility, interest rate fluctuations","page_number":27,"box":{"x":549,"y":481,"width":421,"height":11}},{"id":"be8cd1ba-b35e-412a-9c02-24f7e85d4519","block_type":"box","text":"and higher inflation.","page_number":27,"box":{"x":549,"y":495,"width":126,"height":11}},{"id":"26651c74-6760-4333-b832-d5b9a3c38370","block_type":"box","text":"China has experienced security concerns, such as terrorism and","page_number":27,"box":{"x":549,"y":518,"width":409,"height":11}},{"id":"b11adaf3-9de2-47f0-9fef-867556d6f542","block_type":"box","text":"strained international relations. 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Actual and threatened","page_number":27,"box":{"x":549,"y":561,"width":383,"height":11}},{"id":"a312abcf-df51-4703-b335-02364685094f","block_type":"box","text":"responses to such activity and strained international relations,","page_number":27,"box":{"x":549,"y":575,"width":398,"height":11}},{"id":"4350a661-a668-4871-9b43-47c65a9d6178","block_type":"box","text":"including purchasing restrictions, sanctions, export controls,","page_number":27,"box":{"x":549,"y":589,"width":386,"height":11}},{"id":"130cd719-9115-4b37-934c-1d6f035f0f94","block_type":"box","text":"tariffs or cyberattacks on the Chinese government or Chinese","page_number":27,"box":{"x":549,"y":603,"width":394,"height":11}},{"id":"9df3e5d2-2fa2-4efa-8efc-b36f13c468bd","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers in","page_number":27,"box":{"x":549,"y":617,"width":412,"height":11}},{"id":"dec6584c-283f-41fa-9f9e-651776a63aad","block_type":"box","text":"which the Fund invests. Incidents involving China’s or the region’s","page_number":27,"box":{"x":549,"y":632,"width":420,"height":10}},{"id":"f24f7629-a614-43c2-8959-eed9188c47e8","block_type":"box","text":"security may adversely affect the Chinese economy and markets","page_number":27,"box":{"x":549,"y":646,"width":413,"height":11}},{"id":"119eb6b2-ca6d-4076-94ac-761bfa3ec244","block_type":"box","text":"and the Fund’s investments.","page_number":27,"box":{"x":549,"y":660,"width":179,"height":8}},{"id":"4b4858e4-cafe-45a2-8f42-ab477faf17ee","block_type":"box","text":"The Chinese economy is highly reliant on trade. 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The Underlying Index may","page_number":27,"box":{"x":549,"y":782,"width":378,"height":11}},{"id":"e05e3362-beda-49bf-a0e8-e3496fb07bec","block_type":"box","text":"include companies that are subject to economic or trade","page_number":27,"box":{"x":549,"y":797,"width":362,"height":10}},{"id":"612ab3ea-b9c8-4288-abc6-74edb2fccac9","block_type":"box","text":"restrictions (but not investment restrictions) imposed by the U.S.","page_number":27,"box":{"x":549,"y":811,"width":416,"height":11}},{"id":"6c17b0ed-11ba-43d4-9eca-bd4473f140eb","block_type":"box","text":"or other governments due to national security, human rights or","page_number":27,"box":{"x":549,"y":825,"width":402,"height":11}},{"id":"5ce35060-23d0-4c04-8076-607d8228be1a","block_type":"box","text":"other concerns of such government. 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In","page_number":28,"box":{"x":83,"y":518,"width":382,"height":11}},{"id":"2072bc16-e382-4030-8684-8fc9938bf16a","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":28,"box":{"x":83,"y":532,"width":387,"height":11}},{"id":"70d2aee0-d7c1-4f9f-85da-c900cd19a3cd","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":28,"box":{"x":83,"y":547,"width":371,"height":10}},{"id":"221d7911-0425-4432-ab05-ccddcb7cd61b","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":28,"box":{"x":83,"y":561,"width":381,"height":11}},{"id":"8a3023db-2085-471e-8bc4-bb46f9e71fae","block_type":"box","text":"availability of certain commodities.","page_number":28,"box":{"x":83,"y":575,"width":222,"height":11}},{"id":"32678014-4653-407d-9518-41a6aa4915ba","block_type":"box","text":"Risk of Investing in Russia.","page_number":28,"box":{"x":83,"y":598,"width":181,"height":11}},{"id":"ba2fbdfd-ab96-4823-b0f5-d22a8f6f75b9","block_type":"box","text":"Investing in Russian securities","page_number":28,"box":{"x":270,"y":598,"width":192,"height":11}},{"id":"20394444-7ba0-460a-ad12-9460e1da2736","block_type":"box","text":"involves significant risks, including legal, regulatory, currency and","page_number":28,"box":{"x":83,"y":612,"width":418,"height":11}},{"id":"9a6c3113-ddce-4c8a-9c54-cd3c9d179d86","block_type":"box","text":"economic risks that are specific to Russia. 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Russian companies may be unable to","page_number":28,"box":{"x":549,"y":222,"width":399,"height":10}},{"id":"d004de89-cb54-4a58-befe-1770ecd7e45b","block_type":"box","text":"pay dividends and, if they pay dividends, the Fund may be unable","page_number":28,"box":{"x":549,"y":236,"width":414,"height":11}},{"id":"62602aa6-f739-4004-b6a7-e7585b7931c5","block_type":"box","text":"to receive them. As a result of sanctions, the Fund is currently","page_number":28,"box":{"x":549,"y":250,"width":397,"height":11}},{"id":"875e37be-16aa-46ea-b8f0-aa35290f39c7","block_type":"box","text":"restricted from trading in Russian securities, including those in its","page_number":28,"box":{"x":549,"y":264,"width":420,"height":11}},{"id":"9c10e94d-d5ff-43da-bebb-f3a015851c6b","block_type":"box","text":"portfolio, and the Underlying Index has removed Russian","page_number":28,"box":{"x":549,"y":278,"width":361,"height":11}},{"id":"dec2e745-3e2f-4eb0-8423-31b613790a6e","block_type":"box","text":"securities. It is unknown when, or if, sanctions may be lifted or the","page_number":28,"box":{"x":549,"y":293,"width":423,"height":10}},{"id":"b9ee694e-f066-4ba3-a0e3-b19a1dff6f71","block_type":"box","text":"Fund’s ability to trade in Russian securities will resume.","page_number":28,"box":{"x":550,"y":307,"width":353,"height":11}},{"id":"c776f5ea-f2c6-4cbe-a070-64944621ea75","block_type":"box","text":"Securities Lending Risk.","page_number":28,"box":{"x":548,"y":330,"width":162,"height":11}},{"id":"da090cac-24a7-490d-9a95-5a44e18dbb8c","block_type":"box","text":"The Fund may engage in securities","page_number":28,"box":{"x":716,"y":330,"width":221,"height":11}},{"id":"f83977fa-a0e9-4c18-bb0e-4a5ae6d94444","block_type":"box","text":"lending. 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The Fund could","page_number":28,"box":{"x":549,"y":373,"width":409,"height":10}},{"id":"eb131545-657d-4aa9-a7c7-2298f7ea474b","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":28,"box":{"x":549,"y":387,"width":416,"height":10}},{"id":"195a6b15-973a-4d1c-b747-d2c058161f08","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":28,"box":{"x":549,"y":401,"width":389,"height":11}},{"id":"b11442b1-25ad-4a83-a18b-f344198eee7a","block_type":"box","text":"investments made with cash collateral. 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Individual shares of the Fund may only be","page_number":31,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"37a6d296-9187-44f9-bae9-8c5c9046bd8e","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":31,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"6df52f44-004a-423b-b5cd-b76042a49d6b","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":31,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"993b870d-0ba2-432c-b1f8-7e1488f82a53","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":31,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"e538e490-8bb0-4d48-9929-ddb44af1d2ae","block_type":"box","text":"than NAV (a discount). 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During the most recent","page_number":32,"box":{"x":84,"y":776,"width":411,"height":11}},{"id":"52d87bd1-a5f9-46b1-82cd-1216c6a28925","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 10% of the","page_number":32,"box":{"x":82,"y":790,"width":384,"height":11}},{"id":"1438a681-9f1b-4b9a-bded-443a27f7a62c","block_type":"box","text":"average value of its portfolio.","page_number":32,"box":{"x":83,"y":804,"width":184,"height":11}},{"id":"c033967e-fec0-475f-987e-f43069df5ce8","block_type":"box","text":"Principal Investment Strategies","page_number":32,"box":{"x":84,"y":833,"width":268,"height":13}},{"id":"7aab6d57-d2b6-4c3a-8673-567edf0b5495","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI ACWI","page_number":32,"box":{"x":82,"y":858,"width":418,"height":9}},{"id":"c9fffc94-c985-4a57-9342-111151a963d5","block_type":"box","text":"Select Metals & Mining Producers ex Gold and Silver Investable","page_number":32,"box":{"x":83,"y":872,"width":404,"height":11}},{"id":"1390a352-b905-4f19-b7ac-ba2af30bcec1","block_type":"box","text":"Market Index (IMI) (the “Underlying Index”), which has been","page_number":32,"box":{"x":550,"y":683,"width":381,"height":11}},{"id":"531ae413-3753-4325-9347-12b243b508b8","block_type":"box","text":"developed by MSCI Inc. 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Errors in index data, index computations or the","page_number":34,"box":{"x":83,"y":52,"width":366,"height":10}},{"id":"5053e623-e605-47e0-bc73-0edb62ed203a","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":34,"box":{"x":83,"y":66,"width":377,"height":11}},{"id":"e52ab828-1f5c-4b40-9b3b-861d934f0ec1","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":34,"box":{"x":83,"y":80,"width":413,"height":11}},{"id":"3511f064-c534-4d9e-aa66-f291df6a1914","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":34,"box":{"x":83,"y":94,"width":396,"height":11}},{"id":"acc258d1-568a-484e-9cb7-20f1ca21b4cf","block_type":"box","text":"impact on the Fund and its shareholders. 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No Authorized","page_number":34,"box":{"x":83,"y":396,"width":378,"height":10}},{"id":"c7909adb-7214-45cd-aacd-3566cc5ceb13","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":34,"box":{"x":84,"y":410,"width":379,"height":11}},{"id":"f2139795-dc84-48d1-8fa0-7b7bab697dd0","block_type":"box","text":"transactions. 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As a result, the Fund’s NAV may","page_number":34,"box":{"x":83,"y":683,"width":375,"height":11}},{"id":"f3c1bfe1-d8ca-4a92-b9ac-4a2f8bc68dc8","block_type":"box","text":"change quickly and without warning. In addition, the Fund may","page_number":34,"box":{"x":83,"y":697,"width":399,"height":11}},{"id":"a3286a91-e607-48be-8185-c1e86b8f189a","block_type":"box","text":"incur costs in connection with conversions between U.S. dollars","page_number":34,"box":{"x":83,"y":712,"width":409,"height":8}},{"id":"1cc3fdf2-534f-461b-8635-ac755f2c6ca3","block_type":"box","text":"and foreign currencies.","page_number":34,"box":{"x":83,"y":726,"width":146,"height":11}},{"id":"561b2092-dd32-4f9e-bd27-ce0b4236a328","block_type":"box","text":"Custody Risk","page_number":34,"box":{"x":83,"y":749,"width":89,"height":11}},{"id":"7599868f-90e6-49dc-8c8c-4db0422951a9","block_type":"box","text":".","page_number":34,"box":{"x":172,"y":755,"width":2,"height":2}},{"id":"a481843c-2e1c-4cf1-b8fe-548465845189","block_type":"box","text":"Less developed securities markets are more likely","page_number":34,"box":{"x":180,"y":749,"width":319,"height":11}},{"id":"af14b33f-4b27-42e0-bff5-3fc3f9307f16","block_type":"box","text":"to experience problems with the clearing and settlement of","page_number":34,"box":{"x":83,"y":763,"width":378,"height":11}},{"id":"a114786a-a023-43f3-a535-e4fa72d3106f","block_type":"box","text":"trades, as well as the custody of securities and other assets by","page_number":34,"box":{"x":83,"y":777,"width":401,"height":11}},{"id":"21baf5c9-c377-4407-a373-4616e94334a0","block_type":"box","text":"local banks, agents and depositories. These issues may have an","page_number":34,"box":{"x":83,"y":791,"width":406,"height":11}},{"id":"f7457306-0e86-45e4-8139-6b30609f9cc2","block_type":"box","text":"adverse impact on the Fund, including losses or delays in","page_number":34,"box":{"x":83,"y":806,"width":364,"height":10}},{"id":"41e8c439-ee91-45cd-a3d9-2ae763464d5f","block_type":"box","text":"payments, delivery or recovery of money or other assets.","page_number":34,"box":{"x":83,"y":820,"width":364,"height":11}},{"id":"c0e105e7-7a76-4c1e-85e4-dfe9b698f61d","block_type":"box","text":"Issuer Risk","page_number":34,"box":{"x":83,"y":843,"width":75,"height":9}},{"id":"d13dc9f8-0f3b-4d3c-a460-16753f336fff","block_type":"box","text":".","page_number":34,"box":{"x":158,"y":850,"width":3,"height":1}},{"id":"e3f9e11f-db1f-46bf-bad4-36467cc6a4c7","block_type":"box","text":"The performance of the Fund depends on the","page_number":34,"box":{"x":166,"y":843,"width":288,"height":11}},{"id":"b9f40e59-3421-43eb-9584-fab00c91c655","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":34,"box":{"x":83,"y":857,"width":412,"height":11}},{"id":"782beaa5-6bf7-43f8-9977-f866b2e0cccd","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":34,"box":{"x":84,"y":871,"width":401,"height":11}},{"id":"aaadbd25-9fdb-4db0-9634-a63b84cc4ce2","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":34,"box":{"x":549,"y":23,"width":418,"height":11}},{"id":"72750c7d-b9a3-4bb1-ab75-4dd850373c8b","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":34,"box":{"x":549,"y":37,"width":414,"height":11}},{"id":"d4c7153e-e702-4b59-be5c-a4a73d175a42","block_type":"box","text":"counterparty.","page_number":34,"box":{"x":549,"y":52,"width":84,"height":10}},{"id":"15d4adaa-144c-4488-8345-6af3e9dd5b79","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":34,"box":{"x":549,"y":75,"width":252,"height":10}},{"id":"dfdfba78-bd3b-441c-b4dd-7cd54b25335e","block_type":"box","text":"Large-capitalization","page_number":34,"box":{"x":808,"y":75,"width":124,"height":11}},{"id":"c686eb54-6ca1-4230-9b9f-7c8e7cf9ea17","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":34,"box":{"x":549,"y":89,"width":352,"height":11}},{"id":"65cc680f-ad2b-42ad-b3f6-8f64e09e6e43","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":34,"box":{"x":549,"y":103,"width":352,"height":11}},{"id":"bfb610f0-8e2c-43ae-a045-5b0e051bdeb1","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":34,"box":{"x":549,"y":117,"width":405,"height":11}},{"id":"6fa71667-ffa9-48c3-9bb9-1700edff6e52","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":34,"box":{"x":549,"y":131,"width":371,"height":11}},{"id":"90fe3e85-d308-4262-be18-a9c259db514e","block_type":"box","text":"compared with smaller-capitalization companies. 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The","page_number":35,"box":{"x":83,"y":89,"width":405,"height":11}},{"id":"e5a7a5b5-912f-493d-a31b-ff71f563c389","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":35,"box":{"x":83,"y":103,"width":407,"height":11}},{"id":"28511709-3ed8-48f0-8a94-a31e1ed39cea","block_type":"box","text":"and less liquid than those of large-capitalization companies. As a","page_number":35,"box":{"x":83,"y":117,"width":413,"height":11}},{"id":"7e7b1de6-2b9d-4767-973b-e75dbcfc315d","block_type":"box","text":"result, the Fund’s share price may be more volatile than that of a","page_number":35,"box":{"x":83,"y":131,"width":412,"height":11}},{"id":"180d2bab-b872-49bb-8a55-7a248fce5970","block_type":"box","text":"fund with a greater investment in large-capitalization stocks.","page_number":35,"box":{"x":82,"y":146,"width":387,"height":10}},{"id":"01b3546f-9f52-4b17-b4c6-c97b6aa8cdfb","block_type":"box","text":"National Closed Market Trading Risk.","page_number":35,"box":{"x":83,"y":169,"width":250,"height":11}},{"id":"729662ee-e699-4ae1-a78d-f449d1de9171","block_type":"box","text":"To the extent that","page_number":35,"box":{"x":339,"y":169,"width":112,"height":8}},{"id":"343299c0-ef12-4153-a740-8daacfa6b2f1","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":35,"box":{"x":83,"y":183,"width":378,"height":11}},{"id":"87b3606c-7c84-453a-b261-a2ba77ee2c84","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":35,"box":{"x":83,"y":197,"width":393,"height":11}},{"id":"56860c7e-006a-4480-870c-48263927b702","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":35,"box":{"x":83,"y":211,"width":396,"height":11}},{"id":"ee7f7728-b747-4bc9-9ad2-d0bd312fc85f","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":35,"box":{"x":83,"y":226,"width":392,"height":10}},{"id":"2be7e74c-7655-492c-9719-ea6dbd48b639","block_type":"box","text":"price and its last quoted price (","page_number":35,"box":{"x":83,"y":240,"width":198,"height":11}},{"id":"6901e699-36f5-422f-b940-2eead9c59546","block_type":"box","text":"i.e","page_number":35,"box":{"x":282,"y":240,"width":14,"height":8}},{"id":"ec66195f-3da5-4e28-aa51-2766515838d2","block_type":"box","text":"., the quote from the closed","page_number":35,"box":{"x":298,"y":240,"width":175,"height":10}},{"id":"c975076e-6aba-4086-a375-ceed50214ac4","block_type":"box","text":"foreign market to the Fund). 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These","page_number":35,"box":{"x":82,"y":296,"width":361,"height":11}},{"id":"dd69b470-3006-4ba5-b26d-5cdbd8956395","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":35,"box":{"x":83,"y":311,"width":398,"height":10}},{"id":"87aab6a8-5ab8-42fd-a6e9-add61923b235","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":35,"box":{"x":84,"y":325,"width":410,"height":11}},{"id":"a0c33517-a579-469a-aa91-782eb60d466d","block_type":"box","text":"Non-Diversification Risk","page_number":35,"box":{"x":83,"y":348,"width":165,"height":8}},{"id":"e85754c1-c20f-4c6b-a376-f4ff51f6f530","block_type":"box","text":".","page_number":35,"box":{"x":248,"y":355,"width":2,"height":1}},{"id":"83230f9c-f440-45bc-b1f7-ae71db277ab8","block_type":"box","text":"The Fund is classified as “non","page_number":35,"box":{"x":255,"y":348,"width":193,"height":8}},{"id":"73948990-7a9f-4589-97b2-740538d79d22","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":35,"box":{"x":83,"y":362,"width":377,"height":11}},{"id":"72bbbde1-bd6b-4a71-8561-90de0e0a1e4a","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":35,"box":{"x":83,"y":376,"width":358,"height":11}},{"id":"fcde5a31-0a18-4fa0-8a39-607aea20e06d","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":35,"box":{"x":83,"y":391,"width":370,"height":10}},{"id":"5a9fe353-6deb-4303-a2d8-0a8fbbc59832","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":35,"box":{"x":83,"y":405,"width":422,"height":11}},{"id":"683448d5-4833-49d3-9139-26dcb2dc8d7f","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":35,"box":{"x":83,"y":419,"width":379,"height":11}},{"id":"51677f4b-2b5a-4408-9590-9a74bc42e740","block_type":"box","text":"particular issuers or counterparties. 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These risks include greater market","page_number":35,"box":{"x":83,"y":541,"width":369,"height":11}},{"id":"0e533c4f-1547-4c99-a714-13a38d1ab874","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":35,"box":{"x":82,"y":556,"width":356,"height":10}},{"id":"545d41d6-c8e5-4046-9c13-26beb7117b80","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":35,"box":{"x":83,"y":570,"width":406,"height":11}},{"id":"48b8dc2b-a26f-43c5-9f41-ea8dd2e4531d","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":35,"box":{"x":83,"y":584,"width":397,"height":11}},{"id":"f43f0af2-159d-4710-a9b9-4433a3a19874","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":35,"box":{"x":83,"y":598,"width":403,"height":11}},{"id":"08f2cde3-4991-4cf5-8e35-3181c11df614","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":35,"box":{"x":83,"y":612,"width":371,"height":11}},{"id":"2769a64a-76f5-41a7-aed4-b97bf9feef83","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":35,"box":{"x":83,"y":626,"width":386,"height":11}},{"id":"7543081a-344b-4acb-ba18-6dfcb9f908e5","block_type":"box","text":"publicly available information about non-U.S. issuers. 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The","page_number":36,"box":{"x":549,"y":782,"width":422,"height":11}},{"id":"1f16590f-e568-4b9e-b344-76d22f6e2158","block_type":"box","text":"economy of Saudi Arabia is dominated by petroleum exports. A","page_number":36,"box":{"x":549,"y":797,"width":403,"height":10}},{"id":"cdc670e9-bc81-4ed2-b61d-7ad47b1b3589","block_type":"box","text":"sustained decrease in petroleum prices could have a negative","page_number":36,"box":{"x":549,"y":811,"width":394,"height":11}},{"id":"53de3282-6b56-4678-bddd-43a933aa4e5b","block_type":"box","text":"impact on all aspects of the economy. Investments in the","page_number":36,"box":{"x":549,"y":825,"width":365,"height":11}},{"id":"8800cc53-874a-4db7-b227-aeeca2ae9fde","block_type":"box","text":"securities of Saudi Arabian issuers involve risks not typically","page_number":36,"box":{"x":549,"y":839,"width":385,"height":11}},{"id":"6fd90f8b-3faf-454c-9c48-51af48768dcf","block_type":"box","text":"associated with investments in securities of issuers in more","page_number":36,"box":{"x":549,"y":853,"width":381,"height":9}},{"id":"652a7d2c-dbc0-4801-9c71-166165a3c5b0","block_type":"box","text":"developed countries, which may negatively affect the value of the","page_number":36,"box":{"x":549,"y":867,"width":418,"height":11}},{"id":"992444e3-56e4-46b6-b41d-6df3570f4589","block_type":"box","text":"S-21","page_number":36,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"222b2980-e7fa-4e22-92c3-96e5f5a92208","block_type":"box","text":"Fund’s investments. Such heightened risks may include, among","page_number":37,"box":{"x":84,"y":23,"width":404,"height":11}},{"id":"90659276-012d-4771-a87b-c15075cb9e43","block_type":"box","text":"others, the expropriation and/or nationalization of assets,","page_number":37,"box":{"x":83,"y":37,"width":371,"height":11}},{"id":"a65e1725-0b27-4e65-ba79-04789a688238","block_type":"box","text":"restrictions on and government intervention in international trade,","page_number":37,"box":{"x":83,"y":52,"width":423,"height":10}},{"id":"37e2f27c-dc95-4f53-a61b-e9c8805f119e","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian","page_number":37,"box":{"x":83,"y":66,"width":409,"height":11}},{"id":"097740c8-12ef-41b3-b418-90c53aef3ba9","block_type":"box","text":"and/or military involvement in governmental decision-making,","page_number":37,"box":{"x":83,"y":80,"width":399,"height":11}},{"id":"1af4f1f7-b231-4a17-bd50-952ed45c0fa3","block_type":"box","text":"armed conflict, crime and instability as a result of religious, ethnic","page_number":37,"box":{"x":83,"y":94,"width":421,"height":11}},{"id":"39b66ccb-f017-43cb-b65d-07f96f276775","block_type":"box","text":"and/or socioeconomic unrest. Instability in the Middle East region","page_number":37,"box":{"x":83,"y":108,"width":423,"height":11}},{"id":"01986a99-3be2-4fd3-a920-d9f91ab97495","block_type":"box","text":"could adversely impact the economy of Saudi Arabia, and there is","page_number":37,"box":{"x":83,"y":122,"width":418,"height":11}},{"id":"e38394c7-8a8c-4d9a-95fd-b054ce56eede","block_type":"box","text":"no assurance of political stability in Saudi Arabia.","page_number":37,"box":{"x":83,"y":137,"width":313,"height":10}},{"id":"9a5ed13c-1d5f-4214-9e81-647d8e332a9a","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi","page_number":37,"box":{"x":82,"y":160,"width":413,"height":11}},{"id":"cb507a0b-727b-4585-9267-94ba868354ce","block_type":"box","text":"Arabian companies could be restricted by the Saudi Arabian","page_number":37,"box":{"x":82,"y":174,"width":383,"height":11}},{"id":"e53a5c52-92ba-4904-9886-dc98d5a30add","block_type":"box","text":"government at any time, and unforeseen risks could materialize","page_number":37,"box":{"x":83,"y":188,"width":406,"height":11}},{"id":"e0e59221-e2ba-4234-92c0-da7e913ca77a","block_type":"box","text":"with respect to foreign ownership of such securities. There are a","page_number":37,"box":{"x":82,"y":202,"width":411,"height":11}},{"id":"61f9f52f-676b-43de-947c-31086982a83f","block_type":"box","text":"number of ways to conduct transactions in equity securities in the","page_number":37,"box":{"x":83,"y":216,"width":422,"height":11}},{"id":"19f90279-fb89-4157-a4ff-60cb1135028d","block_type":"box","text":"Saudi Arabian market. The Fund generally expects to transact in a","page_number":37,"box":{"x":83,"y":231,"width":420,"height":11}},{"id":"a4638738-335e-423a-938c-caa38b05877d","block_type":"box","text":"manner so that it is not limited by Saudi Arabian regulations to a","page_number":37,"box":{"x":83,"y":245,"width":410,"height":11}},{"id":"32d405dc-429b-4dc4-b148-b9d468d3901a","block_type":"box","text":"single broker. However, there may be a limited number of brokers","page_number":37,"box":{"x":83,"y":259,"width":419,"height":11}},{"id":"ca15f697-49f6-4b18-882b-82ca3bb3f957","block_type":"box","text":"who can provide services to the Fund, which may have an adverse","page_number":37,"box":{"x":82,"y":273,"width":423,"height":11}},{"id":"bc0ceea1-9422-4902-ad1b-e091c10016f2","block_type":"box","text":"impact on the prices, quantity or timing of Fund transactions.","page_number":37,"box":{"x":83,"y":287,"width":390,"height":11}},{"id":"4c5b716f-59dc-4736-8865-571b955b3b42","block_type":"box","text":"Securities Lending Risk.","page_number":37,"box":{"x":82,"y":311,"width":162,"height":10}},{"id":"a275d635-f847-47c5-b1b4-245184dc4c50","block_type":"box","text":"The Fund may engage in securities","page_number":37,"box":{"x":249,"y":311,"width":221,"height":10}},{"id":"6ab3f132-a3da-4ada-8463-7b1e7e5efe8b","block_type":"box","text":"lending. Securities lending involves the risk that the Fund may","page_number":37,"box":{"x":83,"y":325,"width":396,"height":11}},{"id":"69825fb9-0c4d-4830-9650-8dcdfc1e9fa6","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":37,"box":{"x":83,"y":339,"width":418,"height":11}},{"id":"d07f6630-dd7f-4b20-bb88-fd7ee2db182b","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":37,"box":{"x":83,"y":353,"width":408,"height":11}},{"id":"1b316df2-25fe-4462-b5e7-071c16c63f0a","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":37,"box":{"x":83,"y":367,"width":416,"height":11}},{"id":"8c407820-6cbc-463f-93e8-84c42d14a74c","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":37,"box":{"x":83,"y":382,"width":389,"height":10}},{"id":"a1199641-1b7b-4656-86fe-7f5191055ecc","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":37,"box":{"x":83,"y":396,"width":406,"height":8}},{"id":"a06e7586-0738-4fde-94ff-5ac5ae29d9a4","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":37,"box":{"x":83,"y":410,"width":301,"height":11}},{"id":"4c7376e0-de9b-4fe5-bdb1-7fc37f132a94","block_type":"box","text":"Small-Capitalization Companies Risk","page_number":37,"box":{"x":82,"y":433,"width":250,"height":11}},{"id":"00fc3a8d-edf7-40ea-8bd2-3477587e8270","block_type":"box","text":".","page_number":37,"box":{"x":332,"y":440,"width":3,"height":2}},{"id":"911c7256-7248-462a-832e-22e30a57cdbb","block_type":"box","text":"Compared to mid- and","page_number":37,"box":{"x":340,"y":433,"width":143,"height":11}},{"id":"78eccc04-d914-43f8-93e4-c7fad3e213e8","block_type":"box","text":"large-capitalization companies, small-capitalization companies","page_number":37,"box":{"x":83,"y":447,"width":400,"height":11}},{"id":"1785a4ec-4a45-45d8-82b5-5ece5c5c75ab","block_type":"box","text":"may be less stable and more susceptible to adverse","page_number":37,"box":{"x":83,"y":461,"width":330,"height":11}},{"id":"4f6b9110-6788-42a5-887e-110d70205568","block_type":"box","text":"developments. The securities of small-capitalization companies","page_number":37,"box":{"x":83,"y":476,"width":404,"height":10}},{"id":"e3971c93-ee4e-44b7-8f57-0ba3b204370d","block_type":"box","text":"may be more volatile and less liquid than those of mid- and large","page_number":37,"box":{"x":83,"y":490,"width":417,"height":11}},{"id":"aff50b51-cc3b-41ff-b76a-2f6c26397736","block_type":"box","text":"capitalization companies. As a result, the Fund’s share price may","page_number":37,"box":{"x":83,"y":504,"width":415,"height":11}},{"id":"d0e89201-3f0d-443a-a8d5-f4a4d3fa3276","block_type":"box","text":"be more volatile than that of a fund with a greater investment in","page_number":37,"box":{"x":83,"y":518,"width":407,"height":11}},{"id":"d8f49a1f-6c2e-4e6b-9440-b85c876a1c22","block_type":"box","text":"large- or mid-capitalization stocks.","page_number":37,"box":{"x":83,"y":532,"width":220,"height":11}},{"id":"d6806d29-e059-4c8f-af17-a1bc5132acca","block_type":"box","text":"Tracking Error Risk","page_number":37,"box":{"x":84,"y":556,"width":128,"height":10}},{"id":"2e386559-bdbd-4940-8cbf-9fb5ba245711","block_type":"box","text":".","page_number":37,"box":{"x":212,"y":562,"width":2,"height":2}},{"id":"1cb29bd8-f6f5-4119-8e8a-744756dde8f1","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":37,"box":{"x":219,"y":556,"width":284,"height":10}},{"id":"ffe800e7-15ce-45a3-9271-2703afd5e77b","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":37,"box":{"x":82,"y":570,"width":405,"height":11}},{"id":"a430c59b-9ae0-461c-9600-3cca3b36a255","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":37,"box":{"x":83,"y":584,"width":425,"height":11}},{"id":"bc279166-a72c-48e5-ad4a-c69aade22ba5","block_type":"box","text":"factors, including differences between the securities and other","page_number":37,"box":{"x":549,"y":23,"width":401,"height":11}},{"id":"3794da0b-f00c-4e66-a1c3-46c3d4880e54","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":37,"box":{"x":549,"y":37,"width":381,"height":11}},{"id":"06402fc1-90da-4d02-b60d-97de08e7d67e","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":37,"box":{"x":550,"y":51,"width":396,"height":11}},{"id":"23d52cef-1e85-44b7-afaa-4481c4d928d9","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":37,"box":{"x":549,"y":66,"width":407,"height":10}},{"id":"eabcf65a-4c8b-4eec-8608-c4ef3be39119","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":37,"box":{"x":549,"y":80,"width":400,"height":11}},{"id":"579b2e15-f116-4f75-aab2-3064deb0fd53","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":37,"box":{"x":549,"y":94,"width":421,"height":11}},{"id":"fc06e809-762d-4bf7-8ab2-3adc112cbecf","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":37,"box":{"x":549,"y":108,"width":374,"height":11}},{"id":"342edfcd-0c84-4819-ace3-6b4db7ac9cfe","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":37,"box":{"x":549,"y":122,"width":370,"height":11}},{"id":"38bd5d0e-af67-4e12-a1e8-d0cd153ab1ca","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":37,"box":{"x":549,"y":137,"width":372,"height":10}},{"id":"b49cf6b3-ca5f-4aa5-aaf5-ba284497684b","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":37,"box":{"x":549,"y":151,"width":420,"height":11}},{"id":"38231fe6-47a9-4d83-a831-f4e2c78676bf","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":37,"box":{"x":549,"y":165,"width":387,"height":11}},{"id":"56050931-88d6-42cc-8a8e-0a156d1c3b1f","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":37,"box":{"x":549,"y":179,"width":377,"height":11}},{"id":"fac32d6f-f0e0-4a29-822b-a6b5c8e2a46e","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":37,"box":{"x":549,"y":193,"width":380,"height":11}},{"id":"4cafff62-76ce-40aa-a96c-fc583be5dbfa","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":37,"box":{"x":549,"y":207,"width":366,"height":11}},{"id":"45985871-a314-41bb-bad2-20782c2db46e","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":37,"box":{"x":549,"y":222,"width":414,"height":10}},{"id":"5136fe08-b5c3-4232-a3d8-7e50f2e539b7","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":37,"box":{"x":550,"y":236,"width":386,"height":11}},{"id":"a8e1559a-1c8e-40f1-a54e-77933aabff30","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":37,"box":{"x":549,"y":250,"width":414,"height":11}},{"id":"9cdb63aa-af7b-4d40-89d6-9c25eaad5434","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":37,"box":{"x":549,"y":264,"width":420,"height":11}},{"id":"3d70c45b-fa2d-46ac-9e4c-ebc9bfe761b4","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":37,"box":{"x":549,"y":278,"width":383,"height":9}},{"id":"0e753549-e731-40c9-b390-6a8c6c06afc6","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":37,"box":{"x":549,"y":293,"width":390,"height":10}},{"id":"659a4bb0-3244-404c-8060-23c9088ef653","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":37,"box":{"x":549,"y":307,"width":299,"height":8}},{"id":"7c68a2ad-e44b-4639-8d53-489ec456a614","block_type":"box","text":"Valuation Risk","page_number":37,"box":{"x":550,"y":330,"width":96,"height":8}},{"id":"8045e63a-fa5e-48a5-986a-5a7cf64333a8","block_type":"box","text":".","page_number":37,"box":{"x":646,"y":337,"width":2,"height":1}},{"id":"bce552f5-a8a1-4c76-a531-2024e073a0ad","block_type":"box","text":"The price that the Fund could receive upon the","page_number":37,"box":{"x":653,"y":330,"width":298,"height":11}},{"id":"64f1928f-7072-48b5-841b-1ce081da1c66","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":37,"box":{"x":549,"y":344,"width":408,"height":11}},{"id":"1c2e0bf7-290c-4673-ac0e-39b36d555798","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":37,"box":{"x":549,"y":358,"width":355,"height":11}},{"id":"d64e459f-8207-4d5c-9d02-1bc6e9ce565a","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":37,"box":{"x":549,"y":372,"width":418,"height":11}},{"id":"eb6d9dda-d1e8-43e5-9ccf-4a32b50f3ab1","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":37,"box":{"x":549,"y":387,"width":347,"height":10}},{"id":"a1a882c0-3452-4bae-9761-3340806e86c7","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":37,"box":{"x":549,"y":401,"width":418,"height":11}},{"id":"8af36818-4cc9-4181-8944-ae645c58bf1a","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":37,"box":{"x":549,"y":415,"width":406,"height":11}},{"id":"f7b7ca1a-2f2e-4e8d-a7e9-66e4363460d0","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":37,"box":{"x":549,"y":429,"width":411,"height":11}},{"id":"46426ed7-9447-491f-8266-293139e14d60","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":37,"box":{"x":549,"y":443,"width":392,"height":11}},{"id":"fe730312-e7d5-4ee2-9e4b-6d8b6d36b6e2","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":37,"box":{"x":549,"y":458,"width":414,"height":10}},{"id":"04553abe-ccb9-41b8-8393-f2e933f8075c","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":37,"box":{"x":549,"y":472,"width":394,"height":11}},{"id":"1a385a5e-1875-4bcf-bc05-7f2596b85522","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":37,"box":{"x":548,"y":486,"width":383,"height":11}},{"id":"d81d072e-512a-447a-8c3e-b3c73b6fc514","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":37,"box":{"x":549,"y":500,"width":414,"height":11}},{"id":"518544a8-1508-42b8-a890-cab595a0f181","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":37,"box":{"x":549,"y":514,"width":392,"height":9}},{"id":"ddec425e-38fe-4380-a183-66817238b31a","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":37,"box":{"x":548,"y":528,"width":425,"height":11}},{"id":"90b6cf74-8853-41ab-a105-80b0a8953585","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":37,"box":{"x":548,"y":543,"width":400,"height":10}},{"id":"32b989b9-3bde-426e-9d36-3dd83aa64c9f","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":37,"box":{"x":549,"y":557,"width":405,"height":11}},{"id":"451048ab-1a08-478f-a4e4-08e8a2796aa1","block_type":"box","text":"S-22","page_number":37,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"e7f746a9-8846-49df-90a9-18190d42ffd6","block_type":"box","text":"Performance Information","page_number":38,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"f7f0188b-9ded-41a3-9339-9e3d47a2796a","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":38,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"feddbd78-9575-4bf1-a4fc-ccb6cff4419f","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":38,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"d7d5dbad-be58-44d1-b0e7-87cf0453affe","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":38,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"b398db26-a6e2-4448-97cb-b37966cdbcf4","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":38,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"4753ef67-3e63-4a4d-b6d6-7c852abf0ba1","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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These","page_number":39,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"aed445a7-c58e-4ea0-913f-0cfad1cbb975","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":39,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"e9e6e574-c07e-419b-bcf2-1f4cad99fa42","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":39,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"e22d31fd-966b-4256-a8e5-7b697ec7f6d8","block_type":"box","text":"recommend the Fund over another investment. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v)","page_number":40,"box":{"x":83,"y":268,"width":833,"height":11}},{"id":"2227a656-2876-475d-a062-5f7fc5e61b52","block_type":"box","text":"distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":40,"box":{"x":83,"y":281,"width":575,"height":11}},{"id":"4ff6d68b-5752-4b97-a9ea-c4bdd92d3e61","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":40,"box":{"x":87,"y":303,"width":882,"height":11}},{"id":"5c97a9bb-8c4f-4d06-98eb-80dfb9b402a4","block_type":"box","text":"the tables and examples below.","page_number":40,"box":{"x":83,"y":316,"width":220,"height":11}},{"id":"9d188b32-1cbb-4be1-ab82-0f70eb69b617","block_type":"box","text":"Annual Fund Operating 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":40,"box":{"x":83,"y":516,"width":694,"height":10}},{"id":"b665142f-2e53-46fd-b0e1-f36e36a21876","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":40,"box":{"x":195,"y":545,"width":668,"height":7}},{"id":"1f93f72a-5c2a-44d7-a9f5-8349fd18b70f","block_type":"box","text":"$20 $64 $113 $255","page_number":40,"box":{"x":202,"y":565,"width":649,"height":9}},{"id":"f5deb3ac-bc86-4cb4-9651-5879eb849008","block_type":"box","text":"Portfolio Turnover.","page_number":40,"box":{"x":83,"y":604,"width":129,"height":9}},{"id":"c5afc524-fdba-4b3f-9a4f-484c352e4ad4","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":40,"box":{"x":216,"y":605,"width":287,"height":10}},{"id":"a36b73e1-949a-4f09-afd6-f1ea24acbd97","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":40,"box":{"x":83,"y":617,"width":420,"height":11}},{"id":"232918f8-e10e-4d40-84d2-e34dd0357cfa","block_type":"box","text":"portfolio). 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During the most recent","page_number":40,"box":{"x":84,"y":682,"width":411,"height":11}},{"id":"4ea58149-348a-493c-9c74-a5f78bab203a","block_type":"box","text":"fiscal year, the Fund’s portfolio turnover rate was 27% of the","page_number":40,"box":{"x":82,"y":695,"width":385,"height":11}},{"id":"f5f900f3-d1ed-47aa-b210-77a857ca2d16","block_type":"box","text":"average value of its portfolio.","page_number":40,"box":{"x":83,"y":708,"width":184,"height":11}},{"id":"896d0440-6bd1-4a30-aad8-a4da6934ee66","block_type":"box","text":"Principal Investment Strategies","page_number":40,"box":{"x":84,"y":735,"width":268,"height":14}},{"id":"69f16a36-0441-40ad-82fd-9e837f6ae8ad","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI ACWI","page_number":40,"box":{"x":82,"y":761,"width":418,"height":8}},{"id":"0a9df381-121b-46a5-8f11-9cba7880e79c","block_type":"box","text":"Minimum Volatility (USD) Index (the “Underlying Index”), which","page_number":40,"box":{"x":83,"y":773,"width":401,"height":11}},{"id":"6078513c-cf01-47cd-9d11-3abe0a50963a","block_type":"box","text":"has been developed by MSCI Inc. (the “Index Provider” or “MSCI”)","page_number":40,"box":{"x":83,"y":786,"width":422,"height":11}},{"id":"144148cc-13a2-4ae8-bb0d-f9b994b4578f","block_type":"box","text":"to measure the combined performance of equity securities in both","page_number":40,"box":{"x":83,"y":799,"width":423,"height":11}},{"id":"2a761638-28a5-4c9c-8268-4ecbb00ebf45","block_type":"box","text":"developed and emerging markets that, in the aggregate, have","page_number":40,"box":{"x":83,"y":812,"width":392,"height":11}},{"id":"886358c6-c954-46ff-97ce-ba09eb945df2","block_type":"box","text":"lower volatility relative to the broader large- and mid-capitalization","page_number":40,"box":{"x":83,"y":825,"width":424,"height":11}},{"id":"868ab332-7787-4512-a300-2f7680fc669f","block_type":"box","text":"developed and emerging markets. 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The Fund seeks to track the investment","page_number":41,"box":{"x":83,"y":536,"width":392,"height":11}},{"id":"207c261b-6ffd-4df3-a7e4-478cdbd59216","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":41,"box":{"x":83,"y":549,"width":404,"height":11}},{"id":"5bf13082-530f-46e6-8ad3-8a96f10b7c0c","block_type":"box","text":"Fund.","page_number":41,"box":{"x":84,"y":562,"width":33,"height":8}},{"id":"7a78ea48-8b69-4573-b6cf-9ea50d2af38c","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":41,"box":{"x":82,"y":584,"width":412,"height":11}},{"id":"17a24eec-e707-4c25-a3eb-fd58eb8b5001","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":41,"box":{"x":82,"y":597,"width":371,"height":11}},{"id":"224ab429-38c5-4ba2-a161-f6bc5105afa8","block_type":"box","text":"collateral received).","page_number":41,"box":{"x":83,"y":610,"width":125,"height":10}},{"id":"c334aa98-c84c-40fa-9909-d15e5c498de0","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent","page_number":41,"box":{"x":82,"y":632,"width":422,"height":10}},{"id":"2c5f612b-3689-420a-b9c5-a87f756b1f78","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":41,"box":{"x":83,"y":644,"width":356,"height":9}},{"id":"7235d5ba-8e13-4a70-aaec-1fd2096f4884","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":41,"box":{"x":83,"y":657,"width":377,"height":11}},{"id":"bb21492f-28cf-4a5e-aff9-a12a4a8ce5a8","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":41,"box":{"x":83,"y":670,"width":416,"height":11}},{"id":"98b969c2-d5a2-4a8b-9251-6b0143ac7309","block_type":"box","text":"value of the Underlying Index.","page_number":41,"box":{"x":82,"y":683,"width":190,"height":11}},{"id":"3c4ddb12-7261-4398-b4ca-71f754767af7","block_type":"box","text":"Industry Concentration Policy.","page_number":41,"box":{"x":83,"y":705,"width":210,"height":11}},{"id":"31a7daa8-8d98-4ef1-a167-be5887fb6089","block_type":"box","text":"The Fund will concentrate its","page_number":41,"box":{"x":298,"y":705,"width":184,"height":9}},{"id":"dc323aca-9975-4d90-9864-de882a88b7f0","block_type":"box","text":"investments (","page_number":41,"box":{"x":83,"y":718,"width":85,"height":11}},{"id":"655d55ea-eaf0-4a0e-91a8-9cd690941358","block_type":"box","text":"i.e.","page_number":41,"box":{"x":169,"y":718,"width":17,"height":8}},{"id":"d29b34b9-db08-4965-aa9a-967c50281d91","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":41,"box":{"x":189,"y":718,"width":264,"height":11}},{"id":"6d46c470-079d-430e-8ec9-2fab5818bcd4","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":41,"box":{"x":83,"y":731,"width":394,"height":11}},{"id":"be0c2c0f-fbed-42ad-867f-0cc3036d7f64","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":41,"box":{"x":83,"y":744,"width":377,"height":11}},{"id":"7c99cb09-1634-4ba7-b4d9-8c5bb7f006d8","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":41,"box":{"x":83,"y":757,"width":389,"height":10}},{"id":"0920dd60-ed48-4b16-8be9-205606fd05cf","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":41,"box":{"x":83,"y":770,"width":389,"height":10}},{"id":"2f496bfb-420d-49cf-b7f6-3dbc1e157108","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":41,"box":{"x":83,"y":782,"width":410,"height":11}},{"id":"435818a9-2b42-4479-a424-f8b0943da8a6","block_type":"box","text":"considered to be issued by members of any industry.","page_number":41,"box":{"x":83,"y":795,"width":337,"height":11}},{"id":"6e9dd32e-e1ce-41bb-bb45-e4d4685306bf","block_type":"box","text":"Summary of Principal Risks","page_number":41,"box":{"x":83,"y":823,"width":235,"height":13}},{"id":"b85c56fc-8c76-4bdb-ae2d-a162b8956341","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":41,"box":{"x":82,"y":848,"width":363,"height":11}},{"id":"d53e58aa-41e4-4663-a395-fc780606f79c","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":41,"box":{"x":83,"y":861,"width":402,"height":11}},{"id":"701c8549-353d-45f3-a1d9-7fede489564f","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":41,"box":{"x":83,"y":874,"width":396,"height":11}},{"id":"d9f2f9f1-f3c7-43fd-8a7d-c4f4b49e7fff","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":41,"box":{"x":549,"y":23,"width":376,"height":11}},{"id":"e9e5f8d0-f57d-4bed-8a59-d73bde193d7e","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":41,"box":{"x":549,"y":36,"width":392,"height":11}},{"id":"ed5bae36-fe38-41b1-920b-9e8175afdf37","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":41,"box":{"x":549,"y":49,"width":416,"height":11}},{"id":"336b7d80-64eb-4fc8-9dd4-45cbcf8f73c2","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":41,"box":{"x":549,"y":62,"width":388,"height":11}},{"id":"4e50177d-5097-4622-a578-ed2fc8f20ce0","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":41,"box":{"x":549,"y":75,"width":425,"height":11}},{"id":"d2d057a5-16aa-4105-bbea-cf0e7dbf432c","block_type":"box","text":"risk is difficult to predict and may change over time. 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These risks include greater market","page_number":41,"box":{"x":549,"y":235,"width":369,"height":10}},{"id":"c898ec99-79bb-40fe-8a99-510ed5ffee0a","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":41,"box":{"x":548,"y":247,"width":356,"height":11}},{"id":"704aa0c0-dd71-48e9-9b76-ff4d56b41734","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":41,"box":{"x":549,"y":260,"width":407,"height":11}},{"id":"3ce6553f-65a1-4ebf-92f1-b08fc921ec10","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":41,"box":{"x":549,"y":273,"width":397,"height":11}},{"id":"d33d6458-2373-4b6d-80a3-7fc0393d4c55","block_type":"box","text":"repatriation of capital, and political instability. 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Errors in index data, index computations or the","page_number":41,"box":{"x":549,"y":864,"width":366,"height":10}},{"id":"6809349d-13c7-4229-9359-2152c2973e2d","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":41,"box":{"x":549,"y":877,"width":377,"height":10}},{"id":"d16935a0-b2a6-489e-adab-f1030bb3a3b9","block_type":"box","text":"S-26","page_number":41,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"7355837c-4622-46cb-a7bf-09a9d48b9a7e","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":42,"box":{"x":83,"y":23,"width":413,"height":11}},{"id":"d6af8700-c84a-4990-a18f-ee4920d7307e","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":42,"box":{"x":83,"y":36,"width":396,"height":11}},{"id":"ba6e8ce1-e9a2-4b4a-965c-6ad16d8b731c","block_type":"box","text":"impact on the Fund and its shareholders. 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No Authorized","page_number":42,"box":{"x":83,"y":312,"width":378,"height":11}},{"id":"68081ca0-ff12-4408-9f40-3b395abb0652","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":42,"box":{"x":84,"y":325,"width":379,"height":11}},{"id":"8c1c3716-4b28-4607-9430-e3f4c98f6768","block_type":"box","text":"transactions. 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Financial services companies also may be significantly","page_number":42,"box":{"x":83,"y":786,"width":395,"height":11}},{"id":"309c255d-b1a6-410a-b64d-06a5547fffe7","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":42,"box":{"x":83,"y":799,"width":367,"height":11}},{"id":"2bfdbff9-bcfc-4bfd-8a9f-dc187abd3d0e","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":42,"box":{"x":83,"y":812,"width":343,"height":11}},{"id":"596f6b44-8f19-4249-90b9-44f37aee03e6","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":42,"box":{"x":83,"y":825,"width":410,"height":11}},{"id":"7f9b96c4-06c8-4f81-b7c0-4eff80374b67","block_type":"box","text":"and counterparty risk.","page_number":42,"box":{"x":83,"y":838,"width":140,"height":11}},{"id":"ef0cf436-1520-4ba1-8c26-ece82d06872e","block_type":"box","text":"Issuer Risk","page_number":42,"box":{"x":83,"y":860,"width":75,"height":8}},{"id":"5bdd0cf1-6f9a-458d-ab4e-3b57a702106b","block_type":"box","text":".","page_number":42,"box":{"x":158,"y":866,"width":3,"height":2}},{"id":"76fa5e5b-0e88-46ca-b12c-1e3da3927aae","block_type":"box","text":"The performance of the Fund depends on the","page_number":42,"box":{"x":166,"y":860,"width":288,"height":11}},{"id":"a2c55df8-97a6-4a01-897a-4826f69526d3","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":42,"box":{"x":83,"y":873,"width":412,"height":10}},{"id":"1336819d-6277-494e-99bb-d4222ad6b6f3","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":42,"box":{"x":550,"y":23,"width":402,"height":11}},{"id":"4dbf701b-fa03-4d15-a11c-d7e18d7eb76f","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":42,"box":{"x":549,"y":36,"width":418,"height":11}},{"id":"577fd654-97eb-4e1d-8889-f6e1458c6884","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":42,"box":{"x":549,"y":49,"width":414,"height":11}},{"id":"1eca743b-7f62-421f-aab9-ba07d4ac27b3","block_type":"box","text":"counterparty.","page_number":42,"box":{"x":549,"y":63,"width":84,"height":10}},{"id":"e24d7fa0-ade7-452f-9cc7-fd04050f5dbc","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":42,"box":{"x":549,"y":84,"width":252,"height":10}},{"id":"322e9b6f-68a3-46d9-8e80-632cdd5b42ee","block_type":"box","text":"Large-capitalization","page_number":42,"box":{"x":808,"y":84,"width":124,"height":11}},{"id":"18ec3eb9-37b8-4942-a3f7-ca095393da8c","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":42,"box":{"x":549,"y":97,"width":352,"height":10}},{"id":"0b23e5c4-00cb-4f5d-a78e-69939282fabb","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":42,"box":{"x":549,"y":110,"width":352,"height":10}},{"id":"46690547-2e14-4fc5-a9fd-14d4d41ae47a","block_type":"box","text":"competitive challenges. 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The","page_number":42,"box":{"x":549,"y":148,"width":340,"height":11}},{"id":"2fe7f5d2-70a6-48d5-a310-4fa8a307cbaa","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":42,"box":{"x":549,"y":161,"width":390,"height":11}},{"id":"56adbb67-4df5-4ada-9ec0-e17c2b6a5d3c","block_type":"box","text":"overall performance of the broader securities markets.","page_number":42,"box":{"x":549,"y":174,"width":349,"height":11}},{"id":"c67cd343-364c-49e5-a60f-8ffc75999771","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":42,"box":{"x":549,"y":196,"width":360,"height":11}},{"id":"215f256c-d693-4e9b-9604-f7137ea8cb6d","block_type":"box","text":"Certain","page_number":42,"box":{"x":915,"y":196,"width":45,"height":8}},{"id":"551f279e-0255-4ab8-9665-d777fa0ac5b9","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":42,"box":{"x":549,"y":209,"width":405,"height":11}},{"id":"0ac0d4c9-dba4-4122-a125-2c3a96d1384d","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":42,"box":{"x":549,"y":222,"width":409,"height":10}},{"id":"6a219dbd-1e5c-420c-9529-5dd16db49da8","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":42,"box":{"x":549,"y":235,"width":419,"height":10}},{"id":"33e60201-ee5e-4a16-9d6d-66d2c9d93b3b","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":42,"box":{"x":549,"y":247,"width":417,"height":11}},{"id":"405cc3f0-4463-4953-a273-840feb0181cf","block_type":"box","text":"their investment in the Fund for a limited period of time. 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Redemptions of","page_number":42,"box":{"x":549,"y":286,"width":421,"height":11}},{"id":"69c3ed4d-5b13-4a5b-801d-afe6918d36c7","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":42,"box":{"x":549,"y":299,"width":413,"height":11}},{"id":"5307e443-55c5-4595-9ce4-58e210b46849","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":42,"box":{"x":549,"y":312,"width":416,"height":11}},{"id":"71459e1b-d953-45b1-b733-8b299e57095f","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":42,"box":{"x":549,"y":325,"width":411,"height":11}},{"id":"c9771cd6-5754-4f74-a8ad-0c3cde775f12","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":42,"box":{"x":549,"y":338,"width":415,"height":8}},{"id":"4b748d4a-c1a8-4735-9eba-d69a70ee5778","block_type":"box","text":"than the Fund otherwise would have. 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As the Fund will not fully replicate the","page_number":42,"box":{"x":549,"y":527,"width":362,"height":11}},{"id":"92ce6a30-e798-485f-928d-f505487e6d9c","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":42,"box":{"x":550,"y":540,"width":387,"height":11}},{"id":"e264ecf5-8a7b-4421-b022-8371f281da8c","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":42,"box":{"x":549,"y":553,"width":409,"height":11}},{"id":"225a227b-619f-4c25-8afd-e8805b1aca31","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":42,"box":{"x":549,"y":566,"width":419,"height":11}},{"id":"e2143a42-d9c3-4620-b09f-463574927c67","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":42,"box":{"x":549,"y":579,"width":420,"height":11}},{"id":"173928c2-23bd-45e7-b668-de366616e2dd","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":42,"box":{"x":549,"y":592,"width":403,"height":10}},{"id":"92f36ea4-41a1-48dd-bfcf-158c661e0f3e","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":42,"box":{"x":549,"y":605,"width":323,"height":10}},{"id":"214305d6-fd4b-4229-89c0-078b9ac5db9b","block_type":"box","text":"Market Trading Risk","page_number":42,"box":{"x":549,"y":626,"width":136,"height":11}},{"id":"e92140d1-788a-44fd-bdaa-9a0642bc1acf","block_type":"box","text":".","page_number":42,"box":{"x":685,"y":633,"width":2,"height":2}},{"id":"300b6d68-74a3-4163-984f-8be0bb147a6f","block_type":"box","text":"The Fund faces numerous market trading","page_number":42,"box":{"x":692,"y":626,"width":264,"height":11}},{"id":"b05de065-b86b-4830-8f44-aa771a5b175e","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":42,"box":{"x":549,"y":639,"width":394,"height":11}},{"id":"194ad88f-ede1-4b4f-b9bd-e35fe8ad10ce","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":42,"box":{"x":549,"y":652,"width":401,"height":11}},{"id":"93c6f107-70c0-4ece-8006-e5ca3ba1e02e","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":42,"box":{"x":549,"y":665,"width":404,"height":11}},{"id":"c55cdd87-78b3-4622-8a32-2043f20b414f","block_type":"box","text":"the process of creating and redeeming Fund shares. 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The","page_number":42,"box":{"x":549,"y":816,"width":405,"height":11}},{"id":"d85949ed-0718-4ee1-adfe-af09403fce45","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":42,"box":{"x":549,"y":829,"width":407,"height":11}},{"id":"a343286a-cadb-4078-99a3-a1d0925f05ca","block_type":"box","text":"and less liquid than those of large-capitalization companies. 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These","page_number":43,"box":{"x":82,"y":139,"width":361,"height":11}},{"id":"db8d0df5-0b2f-467b-b93e-700a4ee0f920","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":43,"box":{"x":83,"y":152,"width":398,"height":11}},{"id":"9fe3d4fb-28b3-4f95-9efc-04f79fcd6d6d","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":43,"box":{"x":84,"y":165,"width":410,"height":11}},{"id":"713a0ea3-6cea-4d37-95f4-52c3c2a43426","block_type":"box","text":"Operational and Technology Risks","page_number":43,"box":{"x":83,"y":187,"width":230,"height":11}},{"id":"ecb10e13-45d7-421e-bab9-9ff130bef389","block_type":"box","text":".","page_number":43,"box":{"x":314,"y":193,"width":2,"height":2}},{"id":"f5f8725d-5d56-488b-9752-9d09640d6bb1","block_type":"box","text":"The Fund is directly and","page_number":43,"box":{"x":321,"y":187,"width":151,"height":11}},{"id":"67703408-4063-4136-a0d3-472679265d88","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":43,"box":{"x":83,"y":200,"width":368,"height":11}},{"id":"5e672b61-0440-4bb8-a03e-e63cc930f6b1","block_type":"box","text":"including those related to human errors, processing errors,","page_number":43,"box":{"x":83,"y":213,"width":376,"height":10}},{"id":"5251aaf3-467d-4193-83c0-a367eaa89828","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":43,"box":{"x":83,"y":226,"width":413,"height":10}},{"id":"d3862862-d8d3-472c-8bd4-0471cb2ad67e","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":43,"box":{"x":83,"y":238,"width":404,"height":11}},{"id":"181331fc-eddb-4304-a5f6-f1118eb9a283","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":43,"box":{"x":82,"y":251,"width":402,"height":11}},{"id":"ae5ab1fd-812c-4a0e-8f9d-d0849bc40799","block_type":"box","text":"may impair the Fund’s operations. 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Chinese companies with securities listed on U.S.","page_number":43,"box":{"x":549,"y":251,"width":378,"height":11}},{"id":"8a4110eb-973e-4e6d-a76a-53084a24a472","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting","page_number":43,"box":{"x":549,"y":264,"width":403,"height":11}},{"id":"2a6cc770-f555-4317-88a2-69bf655b8755","block_type":"box","text":"standards and auditor oversight requirements, or for other","page_number":43,"box":{"x":549,"y":277,"width":374,"height":11}},{"id":"49865152-eb12-42a0-98e2-578efe8cda5f","block_type":"box","text":"reasons, which would significantly decrease the liquidity and value","page_number":43,"box":{"x":549,"y":290,"width":424,"height":11}},{"id":"d43641ef-8366-49c8-857e-9c1314e5e730","block_type":"box","text":"of the securities. 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Russian companies may be unable to","page_number":44,"box":{"x":83,"y":290,"width":398,"height":11}},{"id":"0c46401b-43f8-4d98-824c-2e542bcc7b92","block_type":"box","text":"pay dividends and, if they pay dividends, the Fund may be unable","page_number":44,"box":{"x":83,"y":303,"width":414,"height":11}},{"id":"b3f2f7aa-c607-4b1c-9c20-1a0e3c394d9d","block_type":"box","text":"to receive them. As a result of sanctions, the Fund is currently","page_number":44,"box":{"x":83,"y":316,"width":397,"height":11}},{"id":"b15ef8f7-439d-4117-bcd6-d37d25a84505","block_type":"box","text":"restricted from trading in Russian securities, including those in its","page_number":44,"box":{"x":83,"y":329,"width":419,"height":10}},{"id":"8569b6c6-8ced-45aa-a07e-77f926ff1e2f","block_type":"box","text":"portfolio, and the Underlying Index has removed Russian","page_number":44,"box":{"x":83,"y":342,"width":360,"height":10}},{"id":"0a0f02ec-2c2b-43a9-94a1-965d7e4f1937","block_type":"box","text":"securities. 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The","page_number":44,"box":{"x":83,"y":415,"width":421,"height":11}},{"id":"d62b55de-885f-465d-93b6-e17e6c421ca1","block_type":"box","text":"economy of Saudi Arabia is dominated by petroleum exports. A","page_number":44,"box":{"x":83,"y":428,"width":403,"height":11}},{"id":"cfed324e-0114-442f-96ce-de426dcf9941","block_type":"box","text":"sustained decrease in petroleum prices could have a negative","page_number":44,"box":{"x":83,"y":441,"width":394,"height":11}},{"id":"605c6af7-7423-4251-a7d6-87ef239b5d17","block_type":"box","text":"impact on all aspects of the economy. 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Such heightened risks may include, among","page_number":44,"box":{"x":84,"y":505,"width":404,"height":11}},{"id":"3fb4a14a-037a-4f95-9dbb-939119ea785f","block_type":"box","text":"others, the expropriation and/or nationalization of assets,","page_number":44,"box":{"x":83,"y":518,"width":371,"height":11}},{"id":"e7a0e57f-5b2b-4309-a702-7fe5912fdc85","block_type":"box","text":"restrictions on and government intervention in international trade,","page_number":44,"box":{"x":83,"y":531,"width":423,"height":11}},{"id":"ec53061e-52a2-4d6b-888a-0bbf990a2d4b","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian","page_number":44,"box":{"x":83,"y":544,"width":409,"height":11}},{"id":"68317305-44ee-4115-b226-085df766f5f1","block_type":"box","text":"and/or military involvement in governmental decision-making,","page_number":44,"box":{"x":83,"y":557,"width":399,"height":11}},{"id":"73673ec3-58a1-4043-8da6-c7683ede39ff","block_type":"box","text":"armed conflict, crime and instability as a result of religious, ethnic","page_number":44,"box":{"x":83,"y":570,"width":421,"height":11}},{"id":"eb9a628f-0283-48f8-9dc5-2547b6b6d7c0","block_type":"box","text":"and/or socioeconomic unrest. Instability in the Middle East region","page_number":44,"box":{"x":83,"y":583,"width":423,"height":10}},{"id":"a56ab1d2-a041-42c3-a2d0-8cb5342c4035","block_type":"box","text":"could adversely impact the economy of Saudi Arabia, and there is","page_number":44,"box":{"x":83,"y":596,"width":418,"height":10}},{"id":"77fcc061-ea22-489a-92d3-206e16e7e8a5","block_type":"box","text":"no assurance of political stability in Saudi Arabia.","page_number":44,"box":{"x":83,"y":608,"width":313,"height":11}},{"id":"b28ee9f3-a901-4077-b627-f6f7ab90a7f4","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi","page_number":44,"box":{"x":82,"y":630,"width":413,"height":11}},{"id":"2b88df92-eedc-439c-b421-15be783a6c0d","block_type":"box","text":"Arabian companies could be restricted by the Saudi Arabian","page_number":44,"box":{"x":82,"y":643,"width":383,"height":11}},{"id":"eb7940fa-3ec9-4fbf-afb8-7b5d7e350743","block_type":"box","text":"government at any time, and unforeseen risks could materialize","page_number":44,"box":{"x":83,"y":656,"width":406,"height":11}},{"id":"eb436db4-5992-4186-bc2d-1c1b14e494ff","block_type":"box","text":"with respect to foreign ownership of such securities. 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The Fund seeks to track the investment","page_number":48,"box":{"x":83,"y":804,"width":392,"height":11}},{"id":"42f52e9a-9f29-428b-8e7b-6d8251ab1cb6","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":48,"box":{"x":83,"y":819,"width":404,"height":10}},{"id":"7eb3c104-18cb-4fd4-8c23-0d5cb68d5045","block_type":"box","text":"Fund.","page_number":48,"box":{"x":84,"y":833,"width":33,"height":8}},{"id":"2129fc97-0719-4ca6-8895-b22e2af232dd","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":48,"box":{"x":549,"y":23,"width":411,"height":11}},{"id":"9f819647-971c-4f0e-9e1d-c10ca9916bc8","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":48,"box":{"x":548,"y":37,"width":371,"height":11}},{"id":"2d443f5e-6cbe-4ed9-99da-36f951fa0611","block_type":"box","text":"collateral received).","page_number":48,"box":{"x":549,"y":52,"width":125,"height":10}},{"id":"d8d7f7e9-4983-48b8-b71d-c58dd5b52a09","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent","page_number":48,"box":{"x":549,"y":75,"width":421,"height":11}},{"id":"f02824ab-3781-479e-8878-6e37a8d4787c","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":48,"box":{"x":549,"y":89,"width":356,"height":8}},{"id":"bea619ee-642b-4137-a6aa-232ad8b8e56f","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":48,"box":{"x":549,"y":103,"width":377,"height":11}},{"id":"e5e68a65-8020-4dc3-b043-28f8176dd69b","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":48,"box":{"x":550,"y":117,"width":415,"height":11}},{"id":"f5b24ce9-5e39-45c4-bf5b-d4889169a1be","block_type":"box","text":"value of the Underlying Index.","page_number":48,"box":{"x":548,"y":131,"width":190,"height":11}},{"id":"fdc282cf-d552-4e25-8c81-28aadd234edf","block_type":"box","text":"Industry Concentration Policy.","page_number":48,"box":{"x":550,"y":155,"width":209,"height":10}},{"id":"b8b20449-5416-42cc-9272-200e85c14d26","block_type":"box","text":"The Fund will concentrate its","page_number":48,"box":{"x":764,"y":155,"width":184,"height":8}},{"id":"2dbd86c1-23d8-4e43-8337-b2c2fd4fe89b","block_type":"box","text":"investments (","page_number":48,"box":{"x":549,"y":169,"width":86,"height":11}},{"id":"7fd2d8f1-fd0d-4fba-9f89-a3d197fe5f1c","block_type":"box","text":"i.e.","page_number":48,"box":{"x":635,"y":169,"width":17,"height":8}},{"id":"dfba3385-81e6-44d4-bc4c-401768c90d62","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":48,"box":{"x":655,"y":169,"width":264,"height":11}},{"id":"5fb4466d-677d-4cdf-a3b7-a8bd980260ee","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":48,"box":{"x":549,"y":183,"width":394,"height":11}},{"id":"35cb4cac-77cb-4927-a8bb-c0055edb84de","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":48,"box":{"x":549,"y":197,"width":377,"height":11}},{"id":"fc9f4b2e-15e2-4cd8-bfba-8c92ab4b5851","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":48,"box":{"x":549,"y":211,"width":389,"height":11}},{"id":"39c41e18-c5d0-4444-b6eb-ac5391314e6b","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":48,"box":{"x":549,"y":226,"width":389,"height":10}},{"id":"769af6d1-aa55-488c-8445-bc339bfb3f61","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":48,"box":{"x":549,"y":240,"width":410,"height":11}},{"id":"54c346d6-5eb8-40e8-9b5f-7fbe997d2e81","block_type":"box","text":"considered to be issued by members of any industry.","page_number":48,"box":{"x":549,"y":254,"width":337,"height":11}},{"id":"da7f6349-2bcc-47d7-bc58-8469d5c84522","block_type":"box","text":"Summary of Principal Risks","page_number":48,"box":{"x":549,"y":283,"width":235,"height":13}},{"id":"bec0ab58-3469-45b4-bf76-5dacef962ae6","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":48,"box":{"x":549,"y":308,"width":362,"height":11}},{"id":"819c0625-a45c-4a74-9560-f2776c60c59b","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":48,"box":{"x":549,"y":322,"width":402,"height":11}},{"id":"6a5bdea4-be60-44c8-a054-4fc18988e5dc","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":48,"box":{"x":549,"y":336,"width":396,"height":11}},{"id":"904938bc-737b-4a98-9656-72bbb06a61b4","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":48,"box":{"x":549,"y":351,"width":376,"height":10}},{"id":"800b36b8-a30c-435e-a049-020d4a88b90c","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":48,"box":{"x":549,"y":365,"width":392,"height":11}},{"id":"76ad31f1-6f14-4075-8fc7-f9f293737f95","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":48,"box":{"x":549,"y":379,"width":416,"height":11}},{"id":"f2025bdc-7221-426f-b160-5d7ab42f9f3b","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":48,"box":{"x":549,"y":393,"width":388,"height":11}},{"id":"3f1f1e2c-78c5-4977-9be5-7be16f765fe8","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":48,"box":{"x":549,"y":407,"width":425,"height":11}},{"id":"105d5802-4576-4542-872c-d43edadd6ee3","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":48,"box":{"x":549,"y":421,"width":405,"height":11}},{"id":"8f9c727a-4736-4945-a53f-d3af9e738804","block_type":"box","text":"review each risk factor carefully.","page_number":48,"box":{"x":549,"y":436,"width":206,"height":10}},{"id":"6c618aaa-d13c-4c45-a256-06c42b97ed8a","block_type":"box","text":"Silver Mining Sub-Industry Risk.","page_number":48,"box":{"x":548,"y":459,"width":217,"height":11}},{"id":"3dcf2d0b-aeee-4b89-85f7-90da0865f615","block_type":"box","text":"The profitability of companies","page_number":48,"box":{"x":770,"y":459,"width":190,"height":11}},{"id":"107c484b-2dde-47ed-beb7-adb8ab1c8480","block_type":"box","text":"in the silver mining sub-industry is related to, among other things,","page_number":48,"box":{"x":549,"y":473,"width":420,"height":11}},{"id":"b2e56148-17ff-4822-82e1-10f161f3ff7a","block_type":"box","text":"the worldwide price of silver and the costs of extraction and","page_number":48,"box":{"x":549,"y":487,"width":382,"height":11}},{"id":"bc80b96d-b123-48d5-bc20-2fc1ba1db1e1","block_type":"box","text":"production. Worldwide silver prices may fluctuate substantially","page_number":48,"box":{"x":549,"y":501,"width":401,"height":11}},{"id":"eb01b419-ab42-476e-b5cc-e5d274d5e796","block_type":"box","text":"over short periods of time, so the Fund’s share price may be more","page_number":48,"box":{"x":549,"y":516,"width":421,"height":10}},{"id":"92325d15-ffb0-4b53-b768-83ed2fe59772","block_type":"box","text":"volatile than other types of investments. 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Errors in index data, index computations or the","page_number":49,"box":{"x":83,"y":296,"width":366,"height":11}},{"id":"35575df3-669f-4110-83de-a01d38a4987b","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":49,"box":{"x":83,"y":311,"width":377,"height":10}},{"id":"ff80b0f4-1e4f-45d4-acab-3ecef12d53b1","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":49,"box":{"x":83,"y":325,"width":413,"height":11}},{"id":"73db091c-07a4-43e6-ae34-3a3cc34d9809","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":49,"box":{"x":83,"y":339,"width":396,"height":11}},{"id":"6b85071b-792f-417b-b058-e9c905d0656a","block_type":"box","text":"impact on the Fund and its shareholders. 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Only an Authorized Participant","page_number":49,"box":{"x":83,"y":584,"width":407,"height":11}},{"id":"8b003b15-d68e-4ff8-9ef1-fc0518d4aa9e","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":49,"box":{"x":83,"y":598,"width":409,"height":11}},{"id":"221c5996-cc32-42e4-96a6-025e7fb6f542","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":49,"box":{"x":83,"y":612,"width":412,"height":11}},{"id":"68c3b226-4e43-4aba-8c30-f8ab16c6ac0b","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":49,"box":{"x":83,"y":626,"width":403,"height":11}},{"id":"b2f93e25-be9c-443f-931d-91bceba5a7b1","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":49,"box":{"x":83,"y":641,"width":378,"height":10}},{"id":"5fd3e2af-2dfe-4e3d-8b3c-46f7a1966955","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":49,"box":{"x":84,"y":655,"width":379,"height":11}},{"id":"198a1383-afa9-4e46-975d-e043ee6caaab","block_type":"box","text":"transactions. 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As a result, the Fund’s NAV may","page_number":49,"box":{"x":549,"y":66,"width":375,"height":10}},{"id":"48c3123d-d539-421c-9889-97b793023ec0","block_type":"box","text":"change quickly and without warning. 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Worldwide gold prices may fluctuate substantially","page_number":49,"box":{"x":549,"y":174,"width":394,"height":11}},{"id":"69e6ca84-c53c-453c-bbb9-ffddaec196bf","block_type":"box","text":"over short periods of time, so the Fund’s share price may be more","page_number":49,"box":{"x":549,"y":188,"width":421,"height":11}},{"id":"5665568f-85c6-4987-a260-d3874543ace7","block_type":"box","text":"volatile than other types of investments. 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The price","page_number":49,"box":{"x":549,"y":287,"width":420,"height":11}},{"id":"a594222d-919c-4639-993a-cdf5489affbe","block_type":"box","text":"of the equity securities of these companies and the price of gold","page_number":49,"box":{"x":549,"y":302,"width":411,"height":10}},{"id":"5ed7f5ab-87df-41da-8b1a-3690372dbb72","block_type":"box","text":"may not always be closely correlated.","page_number":49,"box":{"x":549,"y":316,"width":239,"height":11}},{"id":"eb95219e-ff58-4f9a-8c8e-937b0384cc75","block_type":"box","text":"Issuer Risk","page_number":49,"box":{"x":549,"y":339,"width":75,"height":8}},{"id":"5108771c-e72a-40bd-a99a-e23dfab784c1","block_type":"box","text":".","page_number":49,"box":{"x":624,"y":346,"width":3,"height":1}},{"id":"d0a2763b-9c32-4ea4-a827-b16771d35fda","block_type":"box","text":"The performance of the Fund depends on the","page_number":49,"box":{"x":632,"y":339,"width":288,"height":11}},{"id":"9ff56ab7-3298-46eb-8157-950ba6b2f72d","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":49,"box":{"x":549,"y":353,"width":412,"height":11}},{"id":"f87e48d1-88b1-45ef-9b2d-71bfff975915","block_type":"box","text":"Fund has exposure. 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As the Fund will not fully replicate the","page_number":49,"box":{"x":549,"y":797,"width":362,"height":10}},{"id":"e30c632c-da1d-4555-8a73-1be03d1dc75c","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":49,"box":{"x":550,"y":811,"width":387,"height":11}},{"id":"513d8fe4-37e5-4549-ae0a-b7141742d10b","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":49,"box":{"x":549,"y":825,"width":409,"height":11}},{"id":"4e22bee9-98da-4572-b9cb-194ea09fdc45","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":49,"box":{"x":549,"y":839,"width":419,"height":11}},{"id":"75e736bc-d29e-4764-9256-f231734dbeb9","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":49,"box":{"x":549,"y":853,"width":420,"height":11}},{"id":"aceb0682-401a-4c9b-b240-a17af7ba02d9","block_type":"box","text":"S-34","page_number":49,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"02f44f22-ee82-40e9-a2cb-197998e4bd6f","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":50,"box":{"x":83,"y":23,"width":402,"height":11}},{"id":"490aed6e-61c4-4959-af77-9d9d55dd179d","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":50,"box":{"x":83,"y":37,"width":323,"height":11}},{"id":"8fe4aceb-3a46-40db-9dcc-c04087dc8601","block_type":"box","text":"Market Trading Risk","page_number":50,"box":{"x":83,"y":60,"width":136,"height":11}},{"id":"16eb1dfb-fe8c-43a3-9054-e0847144c80d","block_type":"box","text":".","page_number":50,"box":{"x":219,"y":67,"width":2,"height":2}},{"id":"8c58d65f-644e-41f7-abd1-04100ac50e9b","block_type":"box","text":"The Fund faces numerous market trading","page_number":50,"box":{"x":226,"y":61,"width":263,"height":10}},{"id":"fbdf1b4d-0c44-421d-87c5-7af617c65773","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":50,"box":{"x":83,"y":75,"width":394,"height":11}},{"id":"df47992b-8749-462c-8343-d62cd32e684f","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":50,"box":{"x":83,"y":89,"width":401,"height":11}},{"id":"4371cd44-f55c-42c8-a985-7362599692c2","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":50,"box":{"x":83,"y":103,"width":404,"height":11}},{"id":"b0e8289a-62da-4f2a-a438-33b2cf30b12c","block_type":"box","text":"the process of creating and redeeming Fund shares. 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If you buy Fund","page_number":50,"box":{"x":83,"y":160,"width":397,"height":11}},{"id":"3100ffb0-031b-4c77-a482-405686e6fb97","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":50,"box":{"x":83,"y":174,"width":419,"height":11}},{"id":"24c9287f-35d7-45d9-983b-7bf6193a84e0","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":50,"box":{"x":83,"y":188,"width":412,"height":11}},{"id":"724bbc7f-c4bf-4050-9ce4-1c0534562fd6","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":50,"box":{"x":83,"y":202,"width":397,"height":11}},{"id":"1930a18d-e1dd-4809-9fe6-c4c021b35305","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":50,"box":{"x":83,"y":216,"width":316,"height":11}},{"id":"f13f16fd-a66e-4991-b091-bdcdca89dda3","block_type":"box","text":"Materials Companies Risk","page_number":50,"box":{"x":83,"y":240,"width":178,"height":10}},{"id":"de4c7a06-1257-4a19-a59d-136cbd744db0","block_type":"box","text":".","page_number":50,"box":{"x":261,"y":246,"width":2,"height":2}},{"id":"799ecb19-2377-4a8d-9f5a-4d306fc6635e","block_type":"box","text":"Materials companies may be","page_number":50,"box":{"x":269,"y":240,"width":183,"height":11}},{"id":"25af2e4a-28eb-4f3d-9187-b31060aef072","block_type":"box","text":"adversely affected by volatility in commodity prices, changes in","page_number":50,"box":{"x":83,"y":254,"width":403,"height":11}},{"id":"fc5d9633-0296-4c39-b186-15a63f88167c","block_type":"box","text":"exchange rates, social and political unrest, war, depletion of","page_number":50,"box":{"x":83,"y":268,"width":384,"height":11}},{"id":"26690a7e-6909-4a3d-9744-bde3a217df09","block_type":"box","text":"resources, lower demand, overproduction, litigation and","page_number":50,"box":{"x":83,"y":282,"width":357,"height":11}},{"id":"e001c400-2831-4bfd-96b5-18d27a337686","block_type":"box","text":"government regulations, among other factors.","page_number":50,"box":{"x":83,"y":296,"width":293,"height":11}},{"id":"fa1f8eb4-5fb1-44e3-bd0c-369b43725aa7","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":50,"box":{"x":83,"y":320,"width":238,"height":10}},{"id":"36855177-90d9-4895-a692-f733f037bd9f","block_type":"box","text":".","page_number":50,"box":{"x":321,"y":326,"width":3,"height":2}},{"id":"3a8acbc6-58a7-46c0-86ee-c40cfe7e1676","block_type":"box","text":"Compared to large","page_number":50,"box":{"x":329,"y":320,"width":124,"height":10}},{"id":"a6cd5e9e-7b2f-4e82-ac02-8af294d652cd","block_type":"box","text":"capitalization companies, mid-capitalization companies may be","page_number":50,"box":{"x":83,"y":334,"width":403,"height":11}},{"id":"7eb7106d-0948-4955-93d4-a4f10d852095","block_type":"box","text":"less stable and more susceptible to adverse developments. The","page_number":50,"box":{"x":83,"y":348,"width":405,"height":11}},{"id":"04c7594f-80a0-4d84-80e3-b6e57963bc01","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":50,"box":{"x":83,"y":362,"width":407,"height":11}},{"id":"53a0114e-ef0f-4e92-a5ca-974064c26c55","block_type":"box","text":"and less liquid than those of large-capitalization companies. 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These","page_number":50,"box":{"x":82,"y":556,"width":361,"height":10}},{"id":"96ff6005-3abc-4f59-8594-b0da4d204287","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":50,"box":{"x":83,"y":570,"width":398,"height":10}},{"id":"c556c4ed-5c2d-44e8-bd7d-a1a0b262f392","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":50,"box":{"x":84,"y":584,"width":410,"height":11}},{"id":"bc81f10d-11df-4852-b7b7-d0ab7bf74637","block_type":"box","text":"Non-Diversification Risk","page_number":50,"box":{"x":83,"y":607,"width":165,"height":9}},{"id":"e5fad2b6-daa4-43f4-b0ef-78e20aab773c","block_type":"box","text":".","page_number":50,"box":{"x":248,"y":614,"width":2,"height":2}},{"id":"404c2b09-484c-4d84-b609-8c86e9285ffa","block_type":"box","text":"The Fund is classified as “non","page_number":50,"box":{"x":255,"y":607,"width":193,"height":9}},{"id":"402e3ce4-54f0-43c0-8fa4-9c9469cb6336","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":50,"box":{"x":83,"y":621,"width":377,"height":11}},{"id":"44ed0f75-7ce8-4909-8aa6-40dd3c4707a3","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":50,"box":{"x":83,"y":635,"width":358,"height":11}},{"id":"cba4ddb3-f2cd-4e03-ab69-28b7beb2fa49","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":50,"box":{"x":83,"y":650,"width":370,"height":10}},{"id":"2134d96a-d74d-4d82-862c-a92a66456051","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":50,"box":{"x":83,"y":664,"width":422,"height":11}},{"id":"f90017aa-5c5e-4e16-b78b-5b0437b95673","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":50,"box":{"x":83,"y":678,"width":379,"height":11}},{"id":"9aa93a44-f1f1-41b5-a2d9-b4c1a48fdc1e","block_type":"box","text":"particular issuers or counterparties. 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Foreign","page_number":50,"box":{"x":549,"y":37,"width":391,"height":11}},{"id":"74594589-0efd-49af-a4c2-86dfe9c449a4","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":50,"box":{"x":549,"y":51,"width":351,"height":11}},{"id":"6c94cca9-12d4-4bd9-9b23-85d0bf9fb0de","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":50,"box":{"x":549,"y":66,"width":413,"height":10}},{"id":"ad5ca765-50db-4a32-8601-ea37935bbb67","block_type":"box","text":"engage in portfolio transactions. 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Its economy may be","page_number":50,"box":{"x":550,"y":504,"width":383,"height":11}},{"id":"b46d0de1-99e0-447f-87c9-c75a1346cf83","block_type":"box","text":"significantly impacted by changes in the economies and trade","page_number":50,"box":{"x":549,"y":518,"width":394,"height":11}},{"id":"b44465a4-a801-4923-ba71-9b3e8582e6c3","block_type":"box","text":"policies of these key trading partners, particularly the U.S. The","page_number":50,"box":{"x":549,"y":532,"width":398,"height":11}},{"id":"ca76d1a1-a9c3-4119-b28f-35dff2b07bc6","block_type":"box","text":"Canadian economy is also sensitive to fluctuations in certain","page_number":50,"box":{"x":549,"y":546,"width":386,"height":11}},{"id":"80454797-af08-49f7-acd3-4206a51a6f14","block_type":"box","text":"commodity markets, including the energy sector.","page_number":50,"box":{"x":549,"y":561,"width":312,"height":11}},{"id":"1f3dfd4a-2748-495e-93a1-88ecd1680498","block_type":"box","text":"Risk of Investing in China","page_number":50,"box":{"x":549,"y":584,"width":172,"height":11}},{"id":"19f3aa1f-71ca-4eb4-aa60-6451704a58b8","block_type":"box","text":".","page_number":50,"box":{"x":722,"y":590,"width":3,"height":2}},{"id":"efcc71c7-6fc7-47bc-bc7b-b5d8e4f4d41d","block_type":"box","text":"Investments in Chinese securities,","page_number":50,"box":{"x":731,"y":584,"width":218,"height":10}},{"id":"ca335225-9930-409a-8123-a4995fb4b66f","block_type":"box","text":"including certain Hong Kong-listed and U.S.-listed securities, are","page_number":50,"box":{"x":549,"y":598,"width":412,"height":11}},{"id":"255a7ba3-eaa9-4ea7-bac3-94df175858ba","block_type":"box","text":"subject to risks specific to China. China may be subject to","page_number":50,"box":{"x":549,"y":612,"width":371,"height":11}},{"id":"ad64b82f-5c4c-461f-9b75-bdb090597530","block_type":"box","text":"considerable degrees of economic, political and social instability.","page_number":50,"box":{"x":549,"y":626,"width":415,"height":11}},{"id":"901364f7-0a25-4cdd-b8f9-fb08de23be2c","block_type":"box","text":"Despite economic and market reforms in recent decades, the","page_number":50,"box":{"x":550,"y":641,"width":391,"height":10}},{"id":"ecff0c1c-182a-43ef-a65a-2601fe681515","block_type":"box","text":"Chinese government’s control over certain sectors and","page_number":50,"box":{"x":549,"y":655,"width":350,"height":11}},{"id":"4af267ed-26c9-4955-b4c2-874f743b06f3","block_type":"box","text":"enterprises and significant regulation of investment and industry","page_number":50,"box":{"x":549,"y":669,"width":413,"height":11}},{"id":"c3d86774-e216-433a-9e33-efd6c35cb451","block_type":"box","text":"are still pervasive. Chinese companies are subject to the risk that","page_number":50,"box":{"x":549,"y":683,"width":419,"height":11}},{"id":"f5d0a8cc-cd77-4591-8eca-e8b077402833","block_type":"box","text":"Chinese authorities can intervene in their operations and","page_number":50,"box":{"x":549,"y":697,"width":363,"height":11}},{"id":"18d43952-db8e-42e0-a9ff-3d64021b38f8","block_type":"box","text":"structure. Chinese markets generally continue to experience","page_number":50,"box":{"x":549,"y":712,"width":387,"height":10}},{"id":"50e0e057-8246-44e8-bdce-405ec925f3b8","block_type":"box","text":"inefficiency, a lack of publicly available information and/or","page_number":50,"box":{"x":549,"y":726,"width":375,"height":11}},{"id":"ddd7bb7e-0b96-4c3c-9cad-377e0a4c278b","block_type":"box","text":"political and social instability and may be subject to volatility and","page_number":50,"box":{"x":549,"y":740,"width":414,"height":11}},{"id":"270cd452-9507-4b8a-9ecc-00de8896f7c7","block_type":"box","text":"pricing anomalies resulting from governmental influence. 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These events could also","page_number":51,"box":{"x":549,"y":745,"width":406,"height":9}},{"id":"7eb6686d-2a5c-45cc-a51f-d9f726a0e0db","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":51,"box":{"x":549,"y":759,"width":301,"height":11}},{"id":"ca08fead-f59d-4f2a-b5ff-149eee2fac3f","block_type":"box","text":"Small-Capitalization Companies Risk","page_number":51,"box":{"x":548,"y":782,"width":251,"height":11}},{"id":"1ef216fe-a64c-4fb1-b4b1-1269234cd4c7","block_type":"box","text":".","page_number":51,"box":{"x":799,"y":789,"width":2,"height":2}},{"id":"57eb9c73-0d4a-47ce-83e3-a4b6282e0e58","block_type":"box","text":"Compared to mid- and","page_number":51,"box":{"x":807,"y":782,"width":142,"height":11}},{"id":"608c23d0-f057-4a0c-bcbc-9e14058f32aa","block_type":"box","text":"large-capitalization companies, small-capitalization companies","page_number":51,"box":{"x":549,"y":797,"width":400,"height":10}},{"id":"9b986894-134f-4004-a7f2-ac27425ed292","block_type":"box","text":"may be less stable and more susceptible to adverse","page_number":51,"box":{"x":549,"y":811,"width":330,"height":11}},{"id":"16073796-cdb9-4b34-b87d-5ca262bbf252","block_type":"box","text":"developments. 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As a result, the Fund’s share price may","page_number":51,"box":{"x":549,"y":853,"width":415,"height":11}},{"id":"0270b846-6fcf-4ea2-9018-c0656d4e14d2","block_type":"box","text":"S-36","page_number":51,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"56b6aa8f-ef7f-4f4b-a849-9bb7e699708e","block_type":"box","text":"be more volatile than that of a fund with a greater investment in","page_number":52,"box":{"x":83,"y":23,"width":407,"height":11}},{"id":"8a49f8cb-ce58-4759-bf60-efa2ca6e4b07","block_type":"box","text":"large- or mid-capitalization stocks.","page_number":52,"box":{"x":83,"y":37,"width":220,"height":11}},{"id":"40a1390a-252f-4f74-a454-ce502d2bceb9","block_type":"box","text":"Tracking Error Risk","page_number":52,"box":{"x":84,"y":60,"width":128,"height":11}},{"id":"f3326e40-c485-49e5-96ea-67cf89d952ad","block_type":"box","text":".","page_number":52,"box":{"x":212,"y":67,"width":2,"height":2}},{"id":"0f0f22d1-0639-4d27-92ab-cca65e4fd095","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":52,"box":{"x":219,"y":61,"width":284,"height":10}},{"id":"0bf70f66-fe02-42cc-b83f-93ea6b1c4713","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":52,"box":{"x":82,"y":75,"width":405,"height":11}},{"id":"eb1bf237-882f-465b-bbf6-94a090dfd165","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":52,"box":{"x":83,"y":89,"width":425,"height":11}},{"id":"04a7a273-e235-4273-86e8-78f112b917a5","block_type":"box","text":"factors, including differences between the securities and other","page_number":52,"box":{"x":82,"y":103,"width":402,"height":11}},{"id":"11c2609d-2de4-4033-942a-3ce314be777b","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":52,"box":{"x":83,"y":117,"width":381,"height":11}},{"id":"f79858ac-e268-418c-b85b-3d44f998910c","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":52,"box":{"x":83,"y":131,"width":396,"height":11}},{"id":"97e66ecd-56df-4fb3-839f-fa1e24f5aaab","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":52,"box":{"x":83,"y":146,"width":407,"height":10}},{"id":"a911b538-e7f4-409f-a5ab-5ce3272bb269","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":52,"box":{"x":83,"y":160,"width":400,"height":11}},{"id":"04ec78c1-bf36-439b-8262-d1baa0814449","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":52,"box":{"x":83,"y":174,"width":421,"height":11}},{"id":"bf16d07d-3fd0-4537-8af4-2e935c8e18a3","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":52,"box":{"x":83,"y":188,"width":373,"height":11}},{"id":"81cb40d2-4d5e-4336-8cb2-e247f1833caf","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":52,"box":{"x":83,"y":202,"width":370,"height":11}},{"id":"5a224899-76f0-49ca-8803-824783ec9a6c","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":52,"box":{"x":83,"y":216,"width":372,"height":11}},{"id":"2f9faee9-d5b5-49a8-8404-0472c810fbd7","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":52,"box":{"x":83,"y":231,"width":420,"height":11}},{"id":"b4cf5430-fcf9-481f-8ad5-e71c4e402e55","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":52,"box":{"x":83,"y":245,"width":386,"height":11}},{"id":"7cc49d5e-43ee-420f-8216-495937e24e5e","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":52,"box":{"x":82,"y":259,"width":378,"height":11}},{"id":"172988d2-c6a6-477d-889a-81c1a9e164de","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":52,"box":{"x":83,"y":273,"width":380,"height":11}},{"id":"34c8e7b8-9fc5-48b3-a282-632c0bd90463","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":52,"box":{"x":83,"y":287,"width":366,"height":11}},{"id":"701264f2-5fe8-4bd1-8d65-53358bd3ea33","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":52,"box":{"x":83,"y":302,"width":414,"height":10}},{"id":"a6c1e09a-e2af-4a47-882d-690ab4fcf60b","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":52,"box":{"x":83,"y":316,"width":387,"height":11}},{"id":"56036a6b-39be-43d8-abd8-c3b6c17a0c78","block_type":"box","text":"certain regulatory requirements or limits. 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A Fund that tracks an index with","page_number":52,"box":{"x":549,"y":37,"width":383,"height":9}},{"id":"b447617e-855a-45d3-abf1-8793d1efb57c","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":52,"box":{"x":549,"y":52,"width":390,"height":10}},{"id":"85e1bd9c-e2eb-465f-a8e4-72dfaf693219","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":52,"box":{"x":549,"y":66,"width":299,"height":8}},{"id":"a1740695-206e-48ca-a0df-4e64a53d0272","block_type":"box","text":"Valuation Risk","page_number":52,"box":{"x":550,"y":89,"width":96,"height":8}},{"id":"2c9239f6-fe05-43e2-a04f-7c15bad28f1f","block_type":"box","text":".","page_number":52,"box":{"x":646,"y":95,"width":2,"height":2}},{"id":"82905927-b350-4cc3-ac9c-d63a53c9f9a3","block_type":"box","text":"The price that the Fund could receive upon the","page_number":52,"box":{"x":653,"y":89,"width":298,"height":11}},{"id":"1693c970-8e04-4eb9-aea0-b787004d0916","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":52,"box":{"x":549,"y":103,"width":408,"height":11}},{"id":"910940f9-05ff-4fef-bd19-a9ff29675876","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":52,"box":{"x":549,"y":117,"width":355,"height":11}},{"id":"f53c9fda-5b5b-4ca0-b9c4-890ef5cd24e1","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":52,"box":{"x":549,"y":131,"width":418,"height":11}},{"id":"ee5f033e-0441-4980-9a18-8020d63fe53f","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":52,"box":{"x":549,"y":146,"width":347,"height":10}},{"id":"c36039bf-fff8-49fb-90f7-e3aaf0344390","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":52,"box":{"x":549,"y":160,"width":418,"height":11}},{"id":"9ae73ad0-5ac8-4087-8aea-ada16ae2fd91","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":52,"box":{"x":549,"y":174,"width":406,"height":11}},{"id":"1e0b8860-acb8-4277-a1ad-13ce5d833564","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":52,"box":{"x":549,"y":188,"width":411,"height":11}},{"id":"a55bc6ae-c064-4cdb-90aa-5dee79a639be","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":52,"box":{"x":549,"y":202,"width":392,"height":11}},{"id":"1ca80711-278a-4141-b8d9-f2d29109cb88","block_type":"box","text":"purchase or sell Fund shares. 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The ability to","page_number":52,"box":{"x":548,"y":287,"width":425,"height":11}},{"id":"f5bf8717-0298-460f-9e01-61a5173e192b","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":52,"box":{"x":548,"y":302,"width":400,"height":10}},{"id":"9cf68aeb-abe2-49d9-abf7-abb0e3a32a91","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":52,"box":{"x":549,"y":316,"width":405,"height":11}},{"id":"27ff01ae-237a-4009-89e1-499df366db12","block_type":"box","text":"S-37","page_number":52,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"57e31702-0f5b-4258-9e82-a53fb4c1bc06","block_type":"box","text":"Performance Information","page_number":53,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"dbbd8714-cbca-47f6-8776-2bf2aff7a876","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":53,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"2c172160-79f8-4f7c-a98a-d8616ed81a6b","block_type":"box","text":"of the risks of investing in the Fund. 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Frictions between China and the Philippines in the South China Sea pose a risk of escalation","page_number":59,"box":{"x":76,"y":447,"width":856,"height":11}},{"id":"fe1a185f-305e-435d-b82c-f3f949fe5283","block_type":"box","text":"potentially leading to military conflict. In addition, many Asian countries are subject to social and labor risks associated with demands for","page_number":59,"box":{"x":76,"y":461,"width":879,"height":11}},{"id":"639bd7b7-9753-4a91-9cc5-a15f566a16bc","block_type":"box","text":"improved political, economic and social conditions. These risks, among others, may adversely affect the value of a Fund’s investments with","page_number":59,"box":{"x":76,"y":476,"width":889,"height":10}},{"id":"2970aff1-f7c8-4945-85fd-3cd0ba1f11ef","block_type":"box","text":"exposure to Asia.","page_number":59,"box":{"x":76,"y":490,"width":109,"height":11}},{"id":"5cc419fa-0b8f-494b-9ed6-e31354a178f8","block_type":"box","text":"Asset Class Risk.","page_number":59,"box":{"x":76,"y":513,"width":117,"height":8}},{"id":"ad578720-a71e-40b9-9b46-0c261c012353","block_type":"box","text":"The securities and other assets in a Fund’s portfolio or, if applicable, its Underlying Index may underperform in","page_number":59,"box":{"x":198,"y":513,"width":706,"height":11}},{"id":"8e273960-1cbe-453c-acd6-e386a6580012","block_type":"box","text":"comparison to indexes that track, or assets that represent, other countries or geographic units, industries, markets, market segments, or","page_number":59,"box":{"x":76,"y":527,"width":878,"height":11}},{"id":"9277b26d-bbfc-460b-83cf-46540ac2c7e4","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":59,"box":{"x":76,"y":541,"width":869,"height":11}},{"id":"afbd78a9-8291-49f2-aee0-4b2b349acd21","block_type":"box","text":"comparison to financial markets generally. This divergence may be due to a number of factors including, among other things, inflation,","page_number":59,"box":{"x":76,"y":556,"width":857,"height":10}},{"id":"4a3a7eb6-94c2-4f29-bb25-d5a37f025862","block_type":"box","text":"interest rates, productivity, global demand for local products or resources, and regulation and governmental controls. This may cause a Fund","page_number":59,"box":{"x":76,"y":570,"width":900,"height":11}},{"id":"a1935ca0-745a-47e7-8bae-5017183cb92b","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":59,"box":{"x":76,"y":584,"width":512,"height":11}},{"id":"9ec26b12-08bf-42fa-a205-161b0ec892b5","block_type":"box","text":"Australasian Economic Risk.","page_number":59,"box":{"x":76,"y":607,"width":196,"height":9}},{"id":"7b798811-31c5-405f-8dde-490cd4387d46","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, depend on exports from the energy,","page_number":59,"box":{"x":277,"y":607,"width":696,"height":11}},{"id":"3135b819-db5e-4cec-977b-91a774ce5924","block_type":"box","text":"agricultural and mining sectors and, as a result, are susceptible to fluctuations in the commodity markets. These economies also increasingly","page_number":59,"box":{"x":76,"y":621,"width":903,"height":11}},{"id":"433f6a6b-b60d-47a9-84dd-f09eda599176","block_type":"box","text":"depend on their growing service industries. The Australasian economies depend on the economies of their key trading partners, which","page_number":59,"box":{"x":76,"y":635,"width":857,"height":11}},{"id":"a1da9ab4-a894-4e3d-8b78-8f6ee1db7081","block_type":"box","text":"include China, Japan, South Korea, the U.S. and certain European countries. Reduced spending by any of these trading partners on","page_number":59,"box":{"x":76,"y":650,"width":834,"height":10}},{"id":"67948d95-8e86-4fe6-898d-b39a0db298d8","block_type":"box","text":"Australasian products and services, or negative changes in any of these economies, may have an adverse impact on some or all of the","page_number":59,"box":{"x":76,"y":664,"width":858,"height":11}},{"id":"c75ab6ac-e870-4691-b6db-4d9554695835","block_type":"box","text":"Australasian economies. Economic events in key trading countries can have a significant effect on the Australasian economies.","page_number":59,"box":{"x":76,"y":678,"width":813,"height":11}},{"id":"6fe5916a-205a-4a8b-8cc7-efa09b23c192","block_type":"box","text":"Other risks to Australasian countries include natural disasters that may occur in the region (e.g., droughts, earthquakes, fires, tsunamis) and","page_number":59,"box":{"x":76,"y":701,"width":898,"height":11}},{"id":"71ecc614-e990-46fb-a5a1-8f28abbc7b28","block_type":"box","text":"national or regional security concerns (e.g., terrorism, war, strained international relations). Any such event may adversely affect the","page_number":59,"box":{"x":76,"y":715,"width":847,"height":11}},{"id":"fa290fbd-a004-40f0-a9a8-5bd91706dbd3","block_type":"box","text":"Australasian economies, financial markets or issuers of securities, causing an adverse impact on the value of a Fund’s investments.","page_number":59,"box":{"x":76,"y":730,"width":840,"height":10}},{"id":"95aebff3-63b9-407e-9d22-0dd3adae1c3c","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":59,"box":{"x":76,"y":753,"width":296,"height":11}},{"id":"18735801-920b-4b2f-8ab6-00f93281c5f8","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":59,"box":{"x":378,"y":753,"width":578,"height":11}},{"id":"d59b410e-9d10-447f-937f-f135aa8087f0","block_type":"box","text":"with a Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on","page_number":59,"box":{"x":76,"y":767,"width":894,"height":11}},{"id":"c7056a68-d089-4e1a-8cfe-b2660bfe5f09","block_type":"box","text":"behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent","page_number":59,"box":{"x":76,"y":781,"width":882,"height":11}},{"id":"aeac9ca1-0c81-4b16-a864-4fd6b47da2a9","block_type":"box","text":"that Authorized Participants exit the business or do not place creation or redemption orders for a Fund and no other Authorized Participant","page_number":59,"box":{"x":76,"y":795,"width":888,"height":11}},{"id":"3cb3471f-8952-437c-9963-6bd6c7597165","block_type":"box","text":"places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized","page_number":59,"box":{"x":76,"y":809,"width":889,"height":11}},{"id":"8ce78a48-310c-40d0-8b76-8efeaac76a79","block_type":"box","text":"Participant concentration risk may be heightened for a Fund that invests in securities issued by non-U.S. issuers or instruments with lower","page_number":59,"box":{"x":77,"y":824,"width":885,"height":11}},{"id":"a2f17a0e-e317-46a6-909d-39992bdf579e","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":59,"box":{"x":76,"y":838,"width":893,"height":11}},{"id":"cd2bb024-86d4-4405-9716-6fa0372b33e5","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":59,"box":{"x":76,"y":852,"width":521,"height":11}},{"id":"25dcd40c-4bc4-4d7c-9ba5-e2209dee64d9","block_type":"box","text":"5","page_number":59,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"92472548-991d-4497-9a20-4da72b42d525","block_type":"box","text":"Borrowing Risk.","page_number":60,"box":{"x":77,"y":23,"width":108,"height":11}},{"id":"0a6eec4b-25e9-4155-add5-4beafe586108","block_type":"box","text":"Borrowing may exaggerate changes in a Fund’s NAV and in the return on its portfolio. A Fund that borrows will incur","page_number":60,"box":{"x":191,"y":23,"width":739,"height":11}},{"id":"2eb1f62a-96bc-49d4-85c6-e70c6fd07e3c","block_type":"box","text":"interest expenses and other fees, which may reduce the Fund’s return. Borrowing may also cause a Fund to liquidate positions when it may","page_number":60,"box":{"x":76,"y":37,"width":890,"height":11}},{"id":"bb38e711-4176-4d09-940c-0f39e3b79842","block_type":"box","text":"not be advantageous to do so to satisfy its obligations.","page_number":60,"box":{"x":76,"y":51,"width":348,"height":11}},{"id":"adcbc3dc-b544-439d-b4d0-a74ccc1099eb","block_type":"box","text":"Central and South American Economic Risk.","page_number":60,"box":{"x":76,"y":75,"width":305,"height":8}},{"id":"938bf3ed-1800-4343-8c9c-d26788739835","block_type":"box","text":"Certain Central and South American countries have experienced high interest rates,","page_number":60,"box":{"x":386,"y":75,"width":537,"height":11}},{"id":"7bfed175-cb74-463f-84af-ef6c31f201ee","block_type":"box","text":"economic volatility, high levels of inflation, currency devaluations, regime changes, government defaults and high unemployment rates.","page_number":60,"box":{"x":76,"y":89,"width":864,"height":11}},{"id":"d48435a0-a843-4b81-90fe-86bc8912ca9a","block_type":"box","text":"Additionally, commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, and the","page_number":60,"box":{"x":76,"y":103,"width":855,"height":11}},{"id":"bf4c6448-b6b8-4f20-bcc6-68d22fd7ba91","block_type":"box","text":"economies of countries in the region are particularly sensitive to fluctuations in commodity prices as a result. Central and South American","page_number":60,"box":{"x":76,"y":117,"width":884,"height":11}},{"id":"01a46756-cc38-45ef-8bec-be0a3236d3a8","block_type":"box","text":"countries depend on the economies of their key trading partners, which include China, the U.S., other countries in the region and certain","page_number":60,"box":{"x":76,"y":131,"width":873,"height":11}},{"id":"7143b75e-3526-46eb-89e6-bb2df38f3659","block_type":"box","text":"European countries. Reduced spending by any of these trading partners on products and services, or negative changes in any of these","page_number":60,"box":{"x":77,"y":146,"width":857,"height":10}},{"id":"f23f3449-b38f-4fad-bfe8-61024def59d8","block_type":"box","text":"economies, may have an adverse impact on some or all of the economies in the region. The impact of any of the foregoing events in one","page_number":60,"box":{"x":76,"y":160,"width":870,"height":11}},{"id":"2cdc71c9-95c5-4274-91f9-7c0ae195658c","block_type":"box","text":"country could have a significant effect on the entire region.","page_number":60,"box":{"x":76,"y":174,"width":377,"height":11}},{"id":"ecd52885-bae9-4838-ab8f-777f5a631757","block_type":"box","text":"Other risks to Central and South American countries include natural disasters that may occur in the region (e.g., floods, hurricanes,","page_number":60,"box":{"x":76,"y":197,"width":839,"height":11}},{"id":"b7ffd2ca-9bda-4c6a-a958-de387756e58b","block_type":"box","text":"earthquakes) and national or regional security concerns (e.g., terrorism, war, strained international relations). Any such event may adversely","page_number":60,"box":{"x":76,"y":211,"width":898,"height":11}},{"id":"0b31bbbe-05be-40f9-83df-06e736c8ead1","block_type":"box","text":"affect Central and South American economies, financial markets or issuers of securities, causing an adverse impact on the value of a Fund’s","page_number":60,"box":{"x":76,"y":226,"width":896,"height":10}},{"id":"fafef3dc-ad15-44e3-a9ed-d52e01d07163","block_type":"box","text":"investments.","page_number":60,"box":{"x":76,"y":240,"width":81,"height":8}},{"id":"3750eba6-e6a3-4148-95aa-a60a63c9aed1","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":60,"box":{"x":76,"y":263,"width":336,"height":8}},{"id":"59b2b670-4a89-4746-a9c3-b461f826bbcf","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":60,"box":{"x":418,"y":263,"width":562,"height":11}},{"id":"69ecc302-8c54-46eb-a9c8-e7baa3ded4d8","block_type":"box","text":"of U.S. or foreign global systemically important banking organizations to include contractual restrictions on close-out and cross-default in","page_number":60,"box":{"x":76,"y":277,"width":880,"height":11}},{"id":"084b6343-571d-442a-817f-ef6d4e543e51","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":60,"box":{"x":76,"y":291,"width":881,"height":11}},{"id":"4fbc4a55-9b5b-4269-9d0c-24267c17e0f3","block_type":"box","text":"and other derivatives as well as repurchase agreements and securities lending agreements. The restrictions prevent a Fund from closing out","page_number":60,"box":{"x":76,"y":305,"width":896,"height":11}},{"id":"42516123-3e2a-4e26-8d57-95f0381899f6","block_type":"box","text":"a qualified financial contract during a specified time period if the counterparty is subject to resolution proceedings and also prohibit a Fund","page_number":60,"box":{"x":76,"y":320,"width":889,"height":10}},{"id":"7b6cf571-dabd-4038-a0b1-6a721b853ff6","block_type":"box","text":"from exercising default rights due to a receivership or similar proceeding of an affiliate of the counterparty. These requirements may increase","page_number":60,"box":{"x":76,"y":334,"width":903,"height":11}},{"id":"7f6a359d-b149-4edc-9657-c0f7c1d6a9e2","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":60,"box":{"x":76,"y":348,"width":231,"height":8}},{"id":"89aabd20-ade0-402c-8bfd-7fc6d458f97a","block_type":"box","text":"Commodity Risk.","page_number":60,"box":{"x":76,"y":371,"width":117,"height":11}},{"id":"80792146-7917-477d-939c-fd3d7a89e1c6","block_type":"box","text":"Commodity prices may be influenced or characterized by unpredictable factors, including, where applicable, high","page_number":60,"box":{"x":198,"y":371,"width":723,"height":11}},{"id":"f843ffef-1789-4a7e-8a6a-6f863c3d88a8","block_type":"box","text":"volatility, changes in supply and demand relationships, weather, agriculture, trade, pestilence, political instability, war, catastrophic even","page_number":60,"box":{"x":76,"y":385,"width":873,"height":11}},{"id":"d9eb3d31-614c-47c3-b1db-6673258bb96e","block_type":"box","text":"ts,","page_number":60,"box":{"x":951,"y":386,"width":14,"height":10}},{"id":"e52d3469-7b1c-4116-8b95-d4db28500fe8","block_type":"box","text":"changes in interest rates and monetary and other governmental policies, action and inaction, including price changes due to trade relations.","page_number":60,"box":{"x":76,"y":400,"width":895,"height":10}},{"id":"f0e868bf-8278-44a8-bb30-801a034aa085","block_type":"box","text":"Securities of companies that are dependent on a single commodity, or are concentrated in a single commodity sector, may typically exhibit","page_number":60,"box":{"x":76,"y":414,"width":890,"height":11}},{"id":"656244eb-e3b5-4e6f-9838-05b79876d537","block_type":"box","text":"even higher volatility attributable to commodity prices.","page_number":60,"box":{"x":76,"y":428,"width":349,"height":11}},{"id":"84fd39e9-a225-4b6d-a562-bdc54b04e41a","block_type":"box","text":"Communications Companies Risk.","page_number":60,"box":{"x":76,"y":451,"width":236,"height":11}},{"id":"5a458e27-8817-46a4-8449-3a0f8965abd9","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":60,"box":{"x":317,"y":451,"width":633,"height":11}},{"id":"7aa78b02-9e45-4f01-83e6-01b329874560","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":60,"box":{"x":76,"y":465,"width":863,"height":11}},{"id":"cd538850-e24a-4514-ae2a-171d996e2785","block_type":"box","text":"intelligence and machine learning. These companies may need to commit substantial capital to integrate new technologies and develop new","page_number":60,"box":{"x":76,"y":480,"width":897,"height":10}},{"id":"1375e5f2-79af-4528-afe0-58556b68902b","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":60,"box":{"x":76,"y":494,"width":868,"height":11}},{"id":"6dbae591-e769-4df7-b638-a740fa8fa071","block_type":"box","text":"business. Cybersecurity and data privacy risks may be heightened for communications companies, and a theft of proprietary or consumer","page_number":60,"box":{"x":76,"y":508,"width":881,"height":11}},{"id":"b4b6bb28-1b00-428c-8c0a-c2ab2e96ccb6","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":60,"box":{"x":76,"y":522,"width":694,"height":11}},{"id":"57adaab5-8455-4fd3-ac15-7649d6a677e3","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":60,"box":{"x":76,"y":545,"width":880,"height":11}},{"id":"8ae47296-97c4-44e4-996a-b2fe67400362","block_type":"box","text":"complying with regulations and seeking required approvals, as well as potential delays or denials, may adversely affect their business. These","page_number":60,"box":{"x":76,"y":559,"width":897,"height":11}},{"id":"75844f89-0eb0-400f-8845-374b5f35ae23","block_type":"box","text":"companies may face increased government scrutiny and may be subject to adverse government or legal action. They depend significantly on","page_number":60,"box":{"x":76,"y":574,"width":898,"height":10}},{"id":"a44e4a63-534c-4a01-9eee-30a3c9efd76e","block_type":"box","text":"patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their profitability.","page_number":60,"box":{"x":76,"y":588,"width":805,"height":11}},{"id":"e34e1335-9260-4803-8ced-c415391d1a72","block_type":"box","text":"Concentration Risk.","page_number":60,"box":{"x":76,"y":611,"width":136,"height":8}},{"id":"1577ea5d-7c7c-4f74-a525-ae5d99ce4a45","block_type":"box","text":"A Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s","page_number":60,"box":{"x":217,"y":611,"width":744,"height":11}},{"id":"9893644d-bb57-4f43-8306-3e746d980bcb","block_type":"box","text":"investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of","page_number":60,"box":{"x":76,"y":625,"width":903,"height":10}},{"id":"7b295bf0-f8c1-45ab-b5b9-7c5e5738b0be","block_type":"box","text":"one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes. A Fund with investment","page_number":60,"box":{"x":76,"y":639,"width":853,"height":11}},{"id":"2655e801-ba2d-4112-bd34-212fde38b32e","block_type":"box","text":"concentration may be more adversely affected by the underperformance of those assets, may experience greater price volatility and may be","page_number":60,"box":{"x":76,"y":654,"width":897,"height":10}},{"id":"ccd9bdd8-d604-41ce-8d32-ac65066785a8","block_type":"box","text":"more susceptible to adverse economic, market, political or regulatory impacts on those assets compared to a fund that does not concentrate","page_number":60,"box":{"x":76,"y":668,"width":905,"height":11}},{"id":"8e32c976-4d69-4423-962e-187dc6438859","block_type":"box","text":"its investments.","page_number":60,"box":{"x":76,"y":682,"width":100,"height":8}},{"id":"98bd2dbb-b5f9-4f95-9ed0-dfd42dc302ff","block_type":"box","text":"Consumer Goods and Services Com","page_number":60,"box":{"x":76,"y":705,"width":247,"height":9}},{"id":"f8831d8d-20de-4680-be98-bcb753402e64","block_type":"box","text":"panies Risk.","page_number":60,"box":{"x":325,"y":705,"width":83,"height":11}},{"id":"01ec36d3-179b-4200-a05c-5448f55896eb","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":60,"box":{"x":414,"y":705,"width":561,"height":11}},{"id":"236fc337-9c2d-4ce9-9de7-1b1af4901efd","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":60,"box":{"x":76,"y":719,"width":897,"height":11}},{"id":"836bd4e1-173f-46ff-b14c-2ca7a2c80462","block_type":"box","text":"other factors affecting consumer preferences and demand. In addition, damage to a brand or a reputation crisis can have a substantial","page_number":60,"box":{"x":76,"y":733,"width":860,"height":11}},{"id":"4d806a8d-87c7-468e-ac73-7d22d238daa0","block_type":"box","text":"adverse impact on consumer companies.","page_number":60,"box":{"x":76,"y":748,"width":262,"height":10}},{"id":"a4c76a1e-f739-4d3c-aaf9-ca335a45e206","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":60,"box":{"x":76,"y":771,"width":849,"height":11}},{"id":"1de276ce-e84e-41da-bfc0-b75c00862f6e","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":60,"box":{"x":76,"y":785,"width":883,"height":11}},{"id":"cc256b2d-2f74-4c04-8abd-1f608ccdf04a","block_type":"box","text":"compliance costs, and consumer companies also face the risk of product liability claims. Consumer companies also may be adversely","page_number":60,"box":{"x":76,"y":799,"width":856,"height":11}},{"id":"ae5b5de5-874b-43a5-86ff-c79817897da2","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":60,"box":{"x":76,"y":813,"width":561,"height":11}},{"id":"ac9303e2-db79-4282-a72c-47336fcd9b53","block_type":"box","text":"Currency Risk.","page_number":60,"box":{"x":76,"y":837,"width":100,"height":10}},{"id":"d69e51a7-d438-4d69-9808-8d058eb38f58","block_type":"box","text":"Because each Fund’s NAV is determined on the basis of the U.S. dollar, investors may lose money if the currency of a non","page_number":60,"box":{"x":182,"y":837,"width":782,"height":10}},{"id":"63d7ebf4-8972-4ab5-b395-3a21c61e268f","block_type":"box","text":"U.S. market in which a Fund invests depreciates against the U.S. dollar or if there are delays or limits on repatriation of foreign currency,","page_number":60,"box":{"x":77,"y":851,"width":871,"height":11}},{"id":"bbd20272-d339-4b8e-8d45-3112b99e60e1","block_type":"box","text":"even if the foreign currency value of the Fund’s holdings in that market increases. Currency exchange rates can be very volatile and can","page_number":60,"box":{"x":76,"y":865,"width":867,"height":11}},{"id":"4449ecfa-8847-445d-bf91-59c51676c49e","block_type":"box","text":"6","page_number":60,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"037496eb-e001-45c9-9ff1-29714c80cba9","block_type":"box","text":"change quickly and unpredictably. As a result, a Fund’s NAV may change quickly and without warning. In addition, a Fund may incur costs in","page_number":61,"box":{"x":76,"y":23,"width":892,"height":11}},{"id":"bee270ba-9d60-4753-bb3b-6819e2535d82","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":61,"box":{"x":76,"y":37,"width":470,"height":11}},{"id":"6451e779-3c61-42e3-b0c7-a13507aec6d1","block_type":"box","text":"Custody Risk.","page_number":61,"box":{"x":76,"y":61,"width":94,"height":10}},{"id":"d9df6932-a6b2-45b5-8edf-479168177c50","block_type":"box","text":"Custody risk refers to the risks in the process of clearing and settling trades, as well as the holding of securities and other","page_number":61,"box":{"x":175,"y":61,"width":780,"height":10}},{"id":"bde95b8c-751f-4ad7-ad18-1ccb358122f4","block_type":"box","text":"assets by local banks, agents and depositories. These risks are heightened in jurisdictions with less developed markets or less robust","page_number":61,"box":{"x":76,"y":75,"width":853,"height":11}},{"id":"2b3bf353-479f-4484-abc2-517c7908f0d0","block_type":"box","text":"settlement and custody infrastructure and processes, and they may result in losses or delays in payments, delivery or recovery of money or","page_number":61,"box":{"x":76,"y":89,"width":893,"height":11}},{"id":"3667da43-c381-4e8d-9243-8f5a5da99579","block_type":"box","text":"other assets. Low trading volumes and volatile prices in less developed markets may make trades harder to complete and settle.","page_number":61,"box":{"x":76,"y":103,"width":822,"height":11}},{"id":"99bcd646-0849-4b90-b186-9eaaead81e94","block_type":"box","text":"Governments or trade groups may compel local agents to hold securities and other assets in designated depositories that may not be subject","page_number":61,"box":{"x":76,"y":117,"width":905,"height":11}},{"id":"1a200712-8f50-4e1e-aa94-466f253c2f68","block_type":"box","text":"to independent evaluation. Local agents are held only to the standards of care of their local markets. In general, the less developed a","page_number":61,"box":{"x":76,"y":131,"width":850,"height":11}},{"id":"5e6be0af-cd5b-4d6c-801f-8fc1a12ec1cc","block_type":"box","text":"country’s securities markets are, the higher the degree of custody risk.","page_number":61,"box":{"x":76,"y":146,"width":453,"height":10}},{"id":"8f0361c1-862a-4534-b807-b6748c1a68d1","block_type":"box","text":"Equity Securities Risk.","page_number":61,"box":{"x":77,"y":169,"width":154,"height":11}},{"id":"d5e796c3-49c8-4771-8ca4-c68cd3606d2b","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":61,"box":{"x":237,"y":169,"width":732,"height":11}},{"id":"e2c19efb-36c0-4681-90d4-705238903de4","block_type":"box","text":"the markets in which issuers participate or a number of factors relating to a specific issuer. Investments in equity securities may be more","page_number":61,"box":{"x":76,"y":183,"width":877,"height":11}},{"id":"7a3d57f9-c6f7-4148-a827-3a19a1511625","block_type":"box","text":"volatile than investments in other asset classes. Equity securities (both common and preferred stock) are subordinated to debt securities in a","page_number":61,"box":{"x":76,"y":197,"width":905,"height":11}},{"id":"7cf4330a-d842-4cc3-b1e4-cc22e0a5fcda","block_type":"box","text":"company’s capital structure, and so equity holders are generally subject to more risks, particularly in the event of an issuer’s bankruptcy.","page_number":61,"box":{"x":76,"y":211,"width":875,"height":11}},{"id":"c9273552-6c67-4e99-8123-b8dfa480ca03","block_type":"box","text":"Common stock has the lowest priority and the greatest risks, including with respect to dividends and any liquidation payments.","page_number":61,"box":{"x":76,"y":226,"width":812,"height":10}},{"id":"706e79bb-dbac-4fee-b4e6-029fdc1acb6f","block_type":"box","text":"European Economic Risk.","page_number":61,"box":{"x":77,"y":249,"width":174,"height":10}},{"id":"79211152-2c7a-406f-a405-05e5b5c444a5","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the EU requires compliance by member states that are","page_number":61,"box":{"x":256,"y":249,"width":704,"height":11}},{"id":"cf784af0-9cfc-4c03-a033-83bcf8a8e877","block_type":"box","text":"members of the eurozone with restrictions on inflation rates, deficits, interest rates and debt levels, as well as fiscal and monetary controls,","page_number":61,"box":{"x":76,"y":263,"width":893,"height":11}},{"id":"71f73d57-c048-4886-891a-641078df45e5","block_type":"box","text":"each of which may significantly affect every country in Europe, including those countries that are not members of the eurozone. Additionally,","page_number":61,"box":{"x":76,"y":277,"width":899,"height":11}},{"id":"37af2b25-f6fa-4067-aa9f-d0e806232e9c","block_type":"box","text":"European countries outside of the eurozone may present economic risks that are independent of the indirect effects that eurozone policies","page_number":61,"box":{"x":77,"y":291,"width":888,"height":11}},{"id":"e2440de8-17f1-4b1e-9cc3-1421e7fbc49d","block_type":"box","text":"have on them. In particular, the U.K.’s economy may be affected by global economic, industrial and financial shifts. Changes in imports or","page_number":61,"box":{"x":77,"y":305,"width":879,"height":11}},{"id":"cf14d7d3-088a-46ab-aac6-0d04e9bb55d7","block_type":"box","text":"exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro (the common currency of eurozone","page_number":61,"box":{"x":76,"y":320,"width":887,"height":10}},{"id":"95406b01-9df5-4435-8c27-bfca73d9f891","block_type":"box","text":"countries), the default or threat of default by an EU member state on its sovereign debt and/or an economic recession in an EU member","page_number":61,"box":{"x":76,"y":334,"width":874,"height":11}},{"id":"f6f78cd3-8cdb-49aa-b885-72c4046ba792","block_type":"box","text":"state may have a significant adverse effect on the economies of other EU member states and their trading partners. The European financial","page_number":61,"box":{"x":76,"y":348,"width":889,"height":11}},{"id":"450cbbac-1434-4543-b0e9-a35aca2d2c3d","block_type":"box","text":"markets have historically experienced volatility and adverse trends due to concerns about economic downturns or government debt levels in","page_number":61,"box":{"x":76,"y":362,"width":899,"height":11}},{"id":"09c391fb-5b52-4f6b-8458-b765770d36ef","block_type":"box","text":"several European countries, including, but not limited to, Austria, Belgium, Cyprus, France, Greece, Ireland, Italy, Portugal, Spain and Ukraine.","page_number":61,"box":{"x":76,"y":376,"width":904,"height":11}},{"id":"02d14ccc-5848-4d19-a68e-01af56d4fcec","block_type":"box","text":"These events have affected and may in the future adversely affect the exchange rate of the euro and may significantly affect European","page_number":61,"box":{"x":76,"y":391,"width":857,"height":10}},{"id":"899fba09-cc06-47e0-beb8-4328a632be15","block_type":"box","text":"countries.","page_number":61,"box":{"x":76,"y":405,"width":63,"height":8}},{"id":"716239d8-6f6f-44dc-8468-6a2276c31168","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":61,"box":{"x":77,"y":428,"width":878,"height":11}},{"id":"3ac81e85-c27e-4d37-ad8a-a8a1823d5f91","block_type":"box","text":"produce the desired results, may result in social unrest, may limit future growth and economic recovery or may have other unintended","page_number":61,"box":{"x":76,"y":442,"width":858,"height":11}},{"id":"95ca12a5-3663-49af-8c2c-6427fe19e0e3","block_type":"box","text":"consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":61,"box":{"x":76,"y":456,"width":882,"height":11}},{"id":"493e4e39-b693-40dc-aa47-939263131948","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the euro and/or","page_number":61,"box":{"x":76,"y":470,"width":859,"height":11}},{"id":"61729363-1497-4cdb-95ee-4730006464f5","block_type":"box","text":"withdraw from the EU. The U.K. left the EU (“Brexit”) on January 31, 2020. Brexit could adversely affect European or worldwide political,","page_number":61,"box":{"x":76,"y":485,"width":866,"height":10}},{"id":"2c277a78-8391-4ae1-93b8-e62afb93f015","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":61,"box":{"x":77,"y":499,"width":894,"height":11}},{"id":"0092ecac-a9bd-487b-b14d-0522a6330f5e","block_type":"box","text":"l","page_number":61,"box":{"x":973,"y":499,"width":1,"height":8}},{"id":"e938fc12-c9f3-4a39-80f2-83b8a7599bb0","block_type":"box","text":"markets.","page_number":61,"box":{"x":76,"y":513,"width":55,"height":8}},{"id":"0b47e643-cf82-4438-97ef-3bc3a255189f","block_type":"box","text":"The national politics of countries in Europe have been unpredictable and subject to influence by disruptive political groups and ideologies,","page_number":61,"box":{"x":76,"y":536,"width":880,"height":11}},{"id":"f82cf31e-109a-403c-8c93-457e7b6cdcf6","block_type":"box","text":"including, for example, secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":61,"box":{"x":76,"y":550,"width":896,"height":11}},{"id":"2775d567-6298-4347-9648-cd4698b148bf","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":61,"box":{"x":76,"y":565,"width":845,"height":10}},{"id":"8c9e66fe-e366-4a48-a3cb-0277ef7526a4","block_type":"box","text":"investment losses. The occurrence of terrorist incidents throughout Europe or war in the region could also impact financial markets. The","page_number":61,"box":{"x":76,"y":579,"width":871,"height":11}},{"id":"6a281457-a3b9-43b0-8643-0d8479caeed3","block_type":"box","text":"impact of these events is not clear but could be significant and far-reaching and could adversely affect the value and liquidity of a Fund’s","page_number":61,"box":{"x":76,"y":593,"width":872,"height":11}},{"id":"9052866e-afb8-4603-9911-eb582bfb5db7","block_type":"box","text":"investments.","page_number":61,"box":{"x":76,"y":607,"width":81,"height":9}},{"id":"7941d819-b378-46b5-860a-6457cf678d69","block_type":"box","text":"Russian Invasion of Ukraine","page_number":61,"box":{"x":76,"y":630,"width":172,"height":9}},{"id":"a1d78223-ad99-4185-8bf2-426d3e69a693","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military","page_number":61,"box":{"x":250,"y":630,"width":720,"height":11}},{"id":"69a8c7a0-92b1-470d-914e-2c09f8e3b60d","block_type":"box","text":"action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against","page_number":61,"box":{"x":76,"y":644,"width":893,"height":11}},{"id":"b4658aae-a775-48ef-bc29-f8fc46539ed7","block_type":"box","text":"the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or other actions (including","page_number":61,"box":{"x":76,"y":659,"width":887,"height":11}},{"id":"e7a88897-de64-41c3-9c9f-ef026467c7b8","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":61,"box":{"x":76,"y":673,"width":886,"height":11}},{"id":"4f4520db-069b-4607-aa12-81c5a7b3af95","block_type":"box","text":"boycotts or changes in consumer or purchaser preferences, sanctions, import and export restrictions, tariffs or cyberattacks on the Russian","page_number":61,"box":{"x":76,"y":687,"width":894,"height":11}},{"id":"a64484c4-ace6-43ab-a957-f7772ad44360","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":61,"box":{"x":76,"y":701,"width":891,"height":11}},{"id":"65356a61-14bb-40c3-b85c-161a04108552","block_type":"box","text":"which a Fund invests, or the economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact","page_number":61,"box":{"x":76,"y":715,"width":885,"height":11}},{"id":"66112ea6-4545-4d6d-bd9a-c51b2924ee9b","block_type":"box","text":"the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":61,"box":{"x":76,"y":730,"width":892,"height":10}},{"id":"6dfeda70-941e-4f79-9e1e-7d2b19fec42d","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":61,"box":{"x":77,"y":744,"width":431,"height":11}},{"id":"bf43e3d0-7bb0-4b78-b4e2-dcae2545cf09","block_type":"box","text":"Financial Companies Risk.","page_number":61,"box":{"x":77,"y":767,"width":180,"height":11}},{"id":"f4cf4a86-95a4-49a9-8d8e-c734540dc232","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":61,"box":{"x":263,"y":767,"width":689,"height":11}},{"id":"1d83d9bb-7e7c-4144-9dea-7a3a8d55e984","block_type":"box","text":"change frequently and may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":61,"box":{"x":76,"y":781,"width":892,"height":11}},{"id":"024b0c4e-1900-4490-a297-ac0dc387cf4c","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by,","page_number":61,"box":{"x":76,"y":795,"width":891,"height":11}},{"id":"674070fa-89dc-4b51-acfa-2ca409ebca93","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":61,"box":{"x":76,"y":810,"width":888,"height":10}},{"id":"f0afab65-4631-470b-8bb8-817b5dd3da18","block_type":"box","text":"Increased risk-taking by financial companies may result in greater overall risk in the global financial sector. Certain events may cause an","page_number":61,"box":{"x":77,"y":824,"width":870,"height":11}},{"id":"39b4b18a-07eb-4b29-b689-e8c68950a563","block_type":"box","text":"unusually high degree of volatility in financial markets and pose the risk of large losses for financial services companies.","page_number":61,"box":{"x":77,"y":838,"width":766,"height":11}},{"id":"13962bf4-0231-416a-a788-91294c0ae225","block_type":"box","text":"Financial companies frequently operate with substantial financial leverage and are exposed directly to the credit risk of their borrowers and","page_number":61,"box":{"x":77,"y":861,"width":890,"height":11}},{"id":"ab93fe05-8632-4f43-a508-c2b490b2b199","block_type":"box","text":"counterparties, which also may be leveraged to an unknown degree. Financial companies may have significant exposure to the same","page_number":61,"box":{"x":76,"y":875,"width":848,"height":11}},{"id":"b0548a98-1b3f-4002-8913-20c4af342db5","block_type":"box","text":"7","page_number":61,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"8d02cca6-c424-4a75-9f4c-d2846e904497","block_type":"box","text":"borrowers and counterparties; as a result, a borrower’s or counterparty’s inability to meet its obligations to one company may affect other","page_number":62,"box":{"x":76,"y":23,"width":884,"height":11}},{"id":"b402b58a-c93c-488e-aa03-0fc6de6e2146","block_type":"box","text":"financial companies with exposure to the same borrower or counterparty. This interconnectedness of risk may result in significant negative","page_number":62,"box":{"x":76,"y":37,"width":889,"height":11}},{"id":"f3e347b2-5780-442a-84f7-c152da156943","block_type":"box","text":"impacts to companies with direct exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the","page_number":62,"box":{"x":76,"y":51,"width":856,"height":11}},{"id":"a8f24ab7-0f45-4808-9430-3b4ca3c5da1c","block_type":"box","text":"financial sector generally.","page_number":62,"box":{"x":76,"y":66,"width":162,"height":11}},{"id":"9918edd4-d639-472e-b6c6-da1cf579c5d4","block_type":"box","text":"Geographic and Security Risks.","page_number":62,"box":{"x":76,"y":89,"width":216,"height":11}},{"id":"a3dd9309-0348-49f0-b02f-ded990c92a1b","block_type":"box","text":"Issuers in a Fund’s portfolio may be located in, or otherwise connected to, parts of the world affected by","page_number":62,"box":{"x":298,"y":89,"width":668,"height":11}},{"id":"1bf873f2-3cd5-4af2-bc1b-836507b9dd05","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":62,"box":{"x":76,"y":103,"width":885,"height":11}},{"id":"ed5551de-ea71-4c04-a1ba-38526609260b","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other types of conflict,","page_number":62,"box":{"x":76,"y":117,"width":840,"height":11}},{"id":"365c3d9a-61b4-456f-bd60-ee922534d9b2","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":62,"box":{"x":76,"y":131,"width":845,"height":11}},{"id":"512a4e4a-ca4d-49bf-8279-0ddaeebc5bed","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":62,"box":{"x":76,"y":146,"width":570,"height":10}},{"id":"0f508a4e-0719-464d-925e-ce255073e950","block_type":"box","text":"Gold Mining Sub-Industry Risk.","page_number":62,"box":{"x":76,"y":169,"width":214,"height":11}},{"id":"cfe8f3d7-60a8-4c64-b97d-05195d807e4f","block_type":"box","text":"The profitability of companies in the gold mining sub-industry is related to, among other things, the","page_number":62,"box":{"x":295,"y":169,"width":634,"height":11}},{"id":"ef4d3852-c05f-48d3-a360-f950b2d16544","block_type":"box","text":"worldwide price of gold and the costs of extraction and production of gold. The price of gold may be affected by changes in inflation rates,","page_number":62,"box":{"x":76,"y":183,"width":882,"height":11}},{"id":"0450906d-7704-4d0a-81ed-0fb853dfde50","block_type":"box","text":"interest rates, monetary policy, economic conditions and political stability. A significant portion of the world’s gold reserves are held by","page_number":62,"box":{"x":76,"y":197,"width":865,"height":11}},{"id":"62fbe638-4761-4839-b366-172f75451692","block_type":"box","text":"governments, central banks and related institutions. If one or more of these institutions sold their holdings of gold in significant quantities, it","page_number":62,"box":{"x":76,"y":211,"width":898,"height":11}},{"id":"cf593f12-b034-43e1-a51b-4dfd9ac3c646","block_type":"box","text":"could cause gold prices to fall. Worldwide gold prices may fluctuate substantially over short periods of time, so the Fund’s share price may be","page_number":62,"box":{"x":76,"y":226,"width":904,"height":10}},{"id":"cf58681f-9c8a-42d9-92cd-10e34f7239be","block_type":"box","text":"more volatile than other types of investments. The price of the equity securities of these companies and the price of gold may not always be","page_number":62,"box":{"x":76,"y":240,"width":895,"height":11}},{"id":"cd7bdbe7-4b30-4846-a2ce-c1718a9983d3","block_type":"box","text":"closely correlated.","page_number":62,"box":{"x":76,"y":254,"width":117,"height":11}},{"id":"a029032d-4172-40ed-95c6-5ef021f3ddc4","block_type":"box","text":"Gold mining companies may be adversely affected by changes in exchange rates, interest rates, economic conditions, tax treatment,","page_number":62,"box":{"x":76,"y":277,"width":848,"height":11}},{"id":"effa05a2-0450-499d-afe9-035f5ed33697","block_type":"box","text":"government regulation and intervention, and world events in the regions in which the companies operate (","page_number":62,"box":{"x":76,"y":291,"width":678,"height":11}},{"id":"12d71025-0652-4be8-9ac1-6d676c1e061b","block_type":"box","text":"e.g.","page_number":62,"box":{"x":755,"y":294,"width":21,"height":8}},{"id":"8568b451-c571-41af-9d53-dfed16f9d4ba","block_type":"box","text":", expropriation, nationalization,","page_number":62,"box":{"x":779,"y":291,"width":196,"height":11}},{"id":"de9c2305-526a-451f-ac01-ebc85eb48b34","block_type":"box","text":"confiscation of assets and property, repatriation of capital, military coups, social unrest, violence and labor unrest). The U.S. or foreign","page_number":62,"box":{"x":76,"y":305,"width":860,"height":11}},{"id":"99b955e9-8756-4b13-a8b9-09df17d2ed09","block_type":"box","text":"governments may pass laws or regulations limiting gold investments for strategic or other policy reasons. Gold mining companies may also","page_number":62,"box":{"x":76,"y":320,"width":889,"height":10}},{"id":"95b27012-acda-481e-9c22-94449e9f1809","block_type":"box","text":"be subject to the effects of competitive pressures in the gold mining sub-industry.","page_number":62,"box":{"x":76,"y":334,"width":524,"height":11}},{"id":"0a1881de-ef86-40e7-b937-aec18554232f","block_type":"box","text":"Healthcare Companies Risk.","page_number":62,"box":{"x":77,"y":357,"width":194,"height":11}},{"id":"90e880a0-5311-401e-a7c3-a6c5a36fad29","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":62,"box":{"x":276,"y":357,"width":688,"height":11}},{"id":"0e7a4c5e-be44-433d-babc-abb982254492","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":62,"box":{"x":76,"y":371,"width":879,"height":11}},{"id":"2fc8eda1-42c6-40bb-923c-2a1c43bfb9dd","block_type":"box","text":"services, pricing pressure, a limited number of products, labor shortages, supply chain issues and industry innovation. Many new products in","page_number":62,"box":{"x":76,"y":385,"width":899,"height":11}},{"id":"1abbfda2-3060-4ca8-ba5e-b31dcdbd0d0c","block_type":"box","text":"the healthcare sector entail significant research and development and require regulatory approval, all of which may be long and costly, and","page_number":62,"box":{"x":76,"y":400,"width":888,"height":10}},{"id":"26a70829-142c-4100-b264-427842e256f9","block_type":"box","text":"such efforts ultimately may be unsuccessful. Many healthcare companies depend heavily on obtaining and defending patents, which can be","page_number":62,"box":{"x":76,"y":414,"width":891,"height":11}},{"id":"736bd665-92d3-47df-8de8-e5f54aa0f112","block_type":"box","text":"costly, and may be adversely affected by the expiration of patents. Healthcare companies also are subject to extensive litigation based on","page_number":62,"box":{"x":76,"y":428,"width":882,"height":11}},{"id":"16bbcb74-b758-40d8-ab84-ccb6549687d8","block_type":"box","text":"product liability and similar claims.","page_number":62,"box":{"x":76,"y":442,"width":221,"height":11}},{"id":"a8b3396c-b362-4d6f-8bab-a443052d38ec","block_type":"box","text":"Illiquid Investments Risk.","page_number":62,"box":{"x":77,"y":465,"width":174,"height":11}},{"id":"d2d4eec3-138e-43e1-970e-f5e3374b621c","block_type":"box","text":"An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current","page_number":62,"box":{"x":256,"y":465,"width":719,"height":11}},{"id":"94667ef0-e56c-4f57-9969-3a7adb8e38ce","block_type":"box","text":"market conditions in seven calendar days or less without significantly changing the market value of the investment. An investment may be","page_number":62,"box":{"x":76,"y":479,"width":883,"height":11}},{"id":"9e382e8d-3a8f-41f1-b119-2256d62e16dd","block_type":"box","text":"illiquid due to, among other things, fewer participants or less capacity to make a market in the investment, the lack of an active market for","page_number":62,"box":{"x":76,"y":494,"width":885,"height":11}},{"id":"a9ad179a-f83a-49ce-b162-e9fbfc144a11","block_type":"box","text":"the investment, capital controls, delays or limits on repatriation of local currency, and the insolvency of local governments. To the extent that","page_number":62,"box":{"x":76,"y":508,"width":902,"height":11}},{"id":"7848d46e-24db-4652-89cb-d9c31e735b04","block_type":"box","text":"a Fund invests in securities or other assets with substantial market and/or credit risk, the Fund will tend to have increased exposure to the","page_number":62,"box":{"x":76,"y":522,"width":890,"height":11}},{"id":"9f6a312e-a6db-4f16-b076-8c276a65bea0","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":62,"box":{"x":77,"y":536,"width":751,"height":11}},{"id":"622f3c5d-fd38-4ace-8c2d-0bdccd082159","block_type":"box","text":"Liquid investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be no assurance","page_number":62,"box":{"x":77,"y":559,"width":884,"height":11}},{"id":"c420b2fb-1dfc-4bf9-b830-4bde32667b76","block_type":"box","text":"that a security or other asset that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by a Fund, and any","page_number":62,"box":{"x":76,"y":574,"width":900,"height":10}},{"id":"7d3a07b3-e4d1-4d69-8c72-aed3624de9ab","block_type":"box","text":"security or other asset held by a Fund may be deemed an illiquid investment pursuant to the Fund’s liquidity risk management program.","page_number":62,"box":{"x":76,"y":588,"width":867,"height":11}},{"id":"4f532301-8d23-4dc7-bc02-21a3834d5e82","block_type":"box","text":"Holdings of illiquid investments may reduce a Fund’s returns because the Fund may be unable to transact at advantageous times or prices. If","page_number":62,"box":{"x":77,"y":611,"width":900,"height":11}},{"id":"8c5fc941-90ed-4e37-aa7f-8bd113ace837","block_type":"box","text":"a Fund is forced to sell underlying investments at reduced prices or under unfavorable conditions to meet redemption requests or for other","page_number":62,"box":{"x":76,"y":625,"width":890,"height":11}},{"id":"d30ccd60-a608-417b-8708-48da56ad58ab","block_type":"box","text":"cash needs, the Fund may suffer a loss. This may be magnified in a rising interest rate environment or other circumstances where","page_number":62,"box":{"x":76,"y":639,"width":828,"height":11}},{"id":"9cd76de6-16f4-4a64-828e-bd6a6f4621c9","block_type":"box","text":"redemptions of Fund shares may be greater than normal. If other market participants attempt to liquidate holdings at the same time as a","page_number":62,"box":{"x":77,"y":654,"width":873,"height":10}},{"id":"52acad44-b14d-402f-b888-8aea18253d73","block_type":"box","text":"Fund, this will lead to an increased supply of the Fund’s underlying investments in the market and contribute to greater illiquid investments","page_number":62,"box":{"x":77,"y":668,"width":887,"height":11}},{"id":"3962cd71-69da-4b96-9dff-d7311c1cd33d","block_type":"box","text":"risk and downward pricing pressure. In addition, if a Fund is limited in its ability to sell illiquid investments during periods when shareholders","page_number":62,"box":{"x":77,"y":682,"width":896,"height":11}},{"id":"a5f7af70-4b04-4f51-9ab8-15ef29b229d0","block_type":"box","text":"are redeeming their shares, the Fund will need to sell liquid securities to meet redemption requests, and illiquid securities will become a","page_number":62,"box":{"x":76,"y":696,"width":869,"height":11}},{"id":"24240ea8-910c-475a-9a91-00ddf1ece46f","block_type":"box","text":"larger portion of the Fund’s holdings. During periods of market volatility, liquidity in the market for a Fund’s shares may be impacted by the","page_number":62,"box":{"x":77,"y":710,"width":886,"height":11}},{"id":"12887b50-f486-43d9-8d98-87237a20ca95","block_type":"box","text":"liquidity in the market for the underlying securities or other assets held by the Fund, which could lead to the Fund’s shares trading at a","page_number":62,"box":{"x":77,"y":724,"width":858,"height":11}},{"id":"7a420e25-355c-43aa-8dd4-c385e3882c92","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":62,"box":{"x":76,"y":739,"width":254,"height":10}},{"id":"9e6b9910-40d0-47ff-8926-ff623c46705b","block_type":"box","text":"Index-Related Risk.","page_number":62,"box":{"x":77,"y":762,"width":132,"height":8}},{"id":"a985b7f7-a290-43f3-b39a-94ae0063f44c","block_type":"box","text":"A Fund that tracks an Underlying Index seeks to achieve a return that corresponds generally to the price and yield","page_number":62,"box":{"x":214,"y":762,"width":728,"height":11}},{"id":"aeebcad0-593e-4d04-8976-38ad3251ec4a","block_type":"box","text":"performance, before fees and expenses, of its Underlying Index as published by the Index Provider. There is no assurance that the Index","page_number":62,"box":{"x":76,"y":776,"width":869,"height":11}},{"id":"e4473712-4c68-414a-9997-16f3b998f8f9","block_type":"box","text":"Provider or its agents will construct or calculate the Underlying Index accurately. While the Index Provider describes what the Underlying","page_number":62,"box":{"x":77,"y":790,"width":872,"height":11}},{"id":"4b4f368b-ec83-4feb-8cbb-025047bb6268","block_type":"box","text":"Index is designed to achieve, neither the Index Provider nor its agents provide any warranty or accept any liability regarding the quality,","page_number":62,"box":{"x":77,"y":804,"width":862,"height":11}},{"id":"5820334e-9b2d-49eb-9ec6-e7ea276378c9","block_type":"box","text":"accuracy or completeness of the Underlying Index or its related data, and they do not guarantee that the Underlying Index will be in line with","page_number":62,"box":{"x":76,"y":819,"width":897,"height":10}},{"id":"a0800754-34af-4c30-be11-5fb42af280fd","block_type":"box","text":"the Index Provider’s methodology. BFA also does not provide any warranty or guarantee against the Index Provider’s or any agent’s errors.","page_number":62,"box":{"x":76,"y":833,"width":881,"height":11}},{"id":"60fcd476-227a-4e4a-a92f-86e1ed4f4ac4","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including","page_number":62,"box":{"x":76,"y":856,"width":852,"height":11}},{"id":"1687cda6-93d6-44e1-b898-0be76058cc82","block_type":"box","text":"information that may be based on assumptions and estimates. Neither a Fund nor BFA can offer assurances that the Index Provider’s","page_number":62,"box":{"x":76,"y":870,"width":850,"height":11}},{"id":"294c6736-4fbe-4659-951f-89b24a245d97","block_type":"box","text":"methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its","page_number":62,"box":{"x":76,"y":884,"width":877,"height":11}},{"id":"4e40d598-871c-4c27-849a-8601f4f59f8f","block_type":"box","text":"8","page_number":62,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"4afa8f3e-281b-4afb-a214-cd9d27048e87","block_type":"box","text":"investment objective. Errors in index data, index computations or the construction of an Underlying Index in accordance with its methodology","page_number":63,"box":{"x":76,"y":23,"width":906,"height":11}},{"id":"bbc49720-8f48-4d30-b8b4-3038a5b4ff12","block_type":"box","text":"may occur, and the Index Provider may not identify or correct them promptly or at all, particularly for indexes that are less commonly used as","page_number":63,"box":{"x":76,"y":37,"width":904,"height":11}},{"id":"f2e6139b-c320-49c4-9c89-925c7626791f","block_type":"box","text":"benchmarks. In addition, there may be heightened risks associated with the adequacy and reliability of information about emerging markets","page_number":63,"box":{"x":76,"y":51,"width":894,"height":11}},{"id":"4b9f5658-9b15-49ce-aa0f-71fafa621bb2","block_type":"box","text":"constituents, as such markets may have less information available or less regulatory oversight. Errors related to an Underlying Index may","page_number":63,"box":{"x":76,"y":66,"width":877,"height":11}},{"id":"e1f9d498-c970-4e74-b503-1dd531f837ed","block_type":"box","text":"negatively or positively impact a Fund and its shareholders. For example, if the Underlying Index contains incorrect constituents, the Fund","page_number":63,"box":{"x":76,"y":80,"width":881,"height":11}},{"id":"1d5c4eae-d9da-458d-9c19-b9f6be97e62c","block_type":"box","text":"will have exposure to such constituents and will be underexposed to the Underlying Index’s other constituents. Shareholders should","page_number":63,"box":{"x":76,"y":94,"width":844,"height":11}},{"id":"14108684-e8fe-4c5c-9e88-dc26bbd56558","block_type":"box","text":"understand that any gains from an Index Provider’s errors will be kept by the Fund and its shareholders and any losses or costs from such","page_number":63,"box":{"x":77,"y":108,"width":879,"height":11}},{"id":"ca828b98-217c-4c4b-9acf-cb8a3792f124","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":63,"box":{"x":76,"y":122,"width":340,"height":11}},{"id":"3a2ea49b-d118-439e-98c2-362b4f270e5b","block_type":"box","text":"Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact an Index","page_number":63,"box":{"x":77,"y":146,"width":857,"height":10}},{"id":"0a0bc0ba-5167-44e6-ae5b-5454e024a77f","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance to an Underlying Index. This","page_number":63,"box":{"x":77,"y":160,"width":880,"height":11}},{"id":"0962cf26-09b4-4ba5-815b-b81176a71802","block_type":"box","text":"could cause the Underlying Index to vary from its normal or expected composition. If a scheduled rebalance is postponed, index constituents","page_number":63,"box":{"x":76,"y":174,"width":902,"height":11}},{"id":"1c66cee6-6654-451d-98f8-f058a93e0a71","block_type":"box","text":"that would otherwise be removed at the rebalance (due to, for example, changes in market capitalization or issuer credit ratings) may remain,","page_number":63,"box":{"x":76,"y":188,"width":905,"height":11}},{"id":"93c1b557-e394-45d4-8895-ffba9cea289f","block_type":"box","text":"causing the performance and constituents of the Underlying Index to vary from those expected under normal conditions. In addition, to the","page_number":63,"box":{"x":76,"y":202,"width":889,"height":11}},{"id":"7fa0aa30-25b9-43b9-88f5-2a39404d0577","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":63,"box":{"x":76,"y":217,"width":890,"height":10}},{"id":"87fc06e8-6ca1-4c41-b612-5265e45e5155","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":63,"box":{"x":76,"y":231,"width":723,"height":11}},{"id":"26577ec4-836a-4f87-b9aa-08604433610c","block_type":"box","text":"In addition to scheduled rebalances, an Index Provider or its agents may carry out ad hoc index rebalances due to reaching certain weighting","page_number":63,"box":{"x":77,"y":254,"width":899,"height":11}},{"id":"3473dcba-5ab5-494d-90e6-54978bbdb431","block_type":"box","text":"constraints, unusual market conditions, corporate events, or corrections of errors. The relevant Fund will in turn rebalance its portfolio to","page_number":63,"box":{"x":76,"y":268,"width":876,"height":11}},{"id":"f6aff92a-9550-4ab3-96f8-923ce31dfdbd","block_type":"box","text":"attempt to increase the correlation between the portfolio and the Underlying Index. The Fund and its shareholders will directly bear any","page_number":63,"box":{"x":76,"y":282,"width":865,"height":11}},{"id":"6dcf4e7d-d873-4856-a18b-32b50a74a472","block_type":"box","text":"transaction costs and market exposure from such portfolio rebalancing. Therefore, index-related errors and ad hoc rebalances may increase","page_number":63,"box":{"x":76,"y":296,"width":897,"height":11}},{"id":"423e15f3-dce3-4ba0-a342-027ff3fae62f","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":63,"box":{"x":76,"y":311,"width":213,"height":10}},{"id":"d8280a1d-b21c-45e6-b20e-aea6c0c67f71","block_type":"box","text":"Industrial Companies Risk.","page_number":63,"box":{"x":77,"y":334,"width":184,"height":11}},{"id":"4b293ac6-7694-45c4-bf72-2e51c8727e83","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":63,"box":{"x":267,"y":334,"width":673,"height":11}},{"id":"74c1445e-75a8-4388-957a-9c410f7d777c","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":63,"box":{"x":76,"y":348,"width":889,"height":11}},{"id":"cbc34aa1-21a7-4f8b-87f2-3d8ab47d245b","block_type":"box","text":"materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The products of","page_number":63,"box":{"x":76,"y":362,"width":878,"height":11}},{"id":"743f6382-fae1-4b7f-8fed-9bf9f59c2d43","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":63,"box":{"x":76,"y":376,"width":873,"height":11}},{"id":"38b18e75-0299-4fc6-a8b1-50ea73ceada2","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":63,"box":{"x":76,"y":391,"width":902,"height":10}},{"id":"07fc572f-aac0-4841-873f-d71b11761153","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":63,"box":{"x":76,"y":405,"width":872,"height":11}},{"id":"688aa8c0-dc5c-4b50-be37-e5f9accf672e","block_type":"box","text":"Industrial companies may depend on public or private sector financing, which may become difficult to obtain due to government spending","page_number":63,"box":{"x":77,"y":419,"width":881,"height":11}},{"id":"9073c3bb-c889-47b9-9f83-de5f296a8fab","block_type":"box","text":"constraints or reduced availability of capital. Such companies may be unable to protect their intellectual property rights or may be liable for","page_number":63,"box":{"x":76,"y":433,"width":892,"height":11}},{"id":"fb4d737f-d6dc-476a-b7b3-d4cd9650c88d","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":63,"box":{"x":76,"y":447,"width":322,"height":11}},{"id":"6279e1c2-bf71-480b-8a92-241d01c00e4c","block_type":"box","text":"Issuers with high carbon intensity or high switching costs associated with the transition to low carbon alternatives may be more impacted by","page_number":63,"box":{"x":77,"y":470,"width":899,"height":11}},{"id":"228a2fcc-23e0-4fec-a87f-4b0d8ff1f553","block_type":"box","text":"climate transition risks. There may be increased impact on a Fund’s performance to the extent that its investments are concentrated in","page_number":63,"box":{"x":76,"y":485,"width":864,"height":10}},{"id":"fbc479d2-db47-40e3-9184-940470e7315c","block_type":"box","text":"locations that are more susceptible to adverse physical events.","page_number":63,"box":{"x":77,"y":499,"width":402,"height":11}},{"id":"200ce211-d770-4fa4-b186-c836700c8fa3","block_type":"box","text":"Issuer Risk.","page_number":63,"box":{"x":77,"y":522,"width":79,"height":9}},{"id":"aef2146c-1066-45b5-be91-17fbef0bc572","block_type":"box","text":"The performance of a Fund depends on the performance of individual securities or other assets to which the Fund has","page_number":63,"box":{"x":161,"y":522,"width":755,"height":11}},{"id":"4b7345da-8382-4a95-90e1-a09879066f02","block_type":"box","text":"exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the","page_number":63,"box":{"x":76,"y":536,"width":861,"height":11}},{"id":"a127b459-77a6-4984-a144-6f0ea497760c","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":63,"box":{"x":76,"y":550,"width":406,"height":11}},{"id":"dc6da310-bcaa-4b2a-a35d-80b597713502","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":63,"box":{"x":77,"y":574,"width":256,"height":10}},{"id":"d90bea19-d5b0-4a8f-8d2e-ae5221cf287f","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":63,"box":{"x":340,"y":574,"width":630,"height":10}},{"id":"2c7d85cf-8461-40f7-a890-0e2de308e52d","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":63,"box":{"x":76,"y":588,"width":881,"height":11}},{"id":"4829d113-0db1-40a6-83bf-ec7dbe947fda","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":63,"box":{"x":76,"y":602,"width":890,"height":11}},{"id":"ad4f1039-d1b8-4d10-93a2-1ae442333bc1","block_type":"box","text":"performance of the broader securities markets.","page_number":63,"box":{"x":76,"y":616,"width":303,"height":11}},{"id":"71fc8587-702e-4308-ba45-11d30fa68c5d","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":63,"box":{"x":77,"y":639,"width":368,"height":11}},{"id":"8cd3d520-f7aa-4465-921f-204c8dea9ec8","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":63,"box":{"x":450,"y":639,"width":518,"height":11}},{"id":"c7d9e5f8-332b-4a3b-9646-7e09a446f6a6","block_type":"box","text":"investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to time own or manage a","page_number":63,"box":{"x":76,"y":654,"width":875,"height":10}},{"id":"bc4ce3c6-88d7-4475-b8f5-3287c54ed2db","block_type":"box","text":"substantial amount of Fund shares or may hold their investment in the Fund for a limited period of time. These shareholders may also pledge","page_number":63,"box":{"x":76,"y":668,"width":899,"height":11}},{"id":"5f1c4ceb-fc24-4165-bc5b-4cab9e5d3f90","block_type":"box","text":"or loan Fund shares (to secure financing or otherwise), which may result in the shares becoming concentrated in another party. There can be","page_number":63,"box":{"x":76,"y":682,"width":901,"height":11}},{"id":"491159df-af14-4f4c-ad41-53b7dfe68270","block_type":"box","text":"no assurance that any large shareholder or large group of shareholders would not redeem their investment or that the size of a Fund would","page_number":63,"box":{"x":76,"y":696,"width":888,"height":11}},{"id":"de5f9b5c-ce8e-450a-adf7-6177b97ffaff","block_type":"box","text":"be maintained. Redemptions of a large number of Fund shares may adversely affect a Fund’s liquidity and net assets. To the extent a Fund","page_number":63,"box":{"x":76,"y":710,"width":882,"height":11}},{"id":"5916e175-67b0-45b7-98c1-f53a7c278016","block_type":"box","text":"permits redemptions in cash, these redemptions may force the Fund to sell portfolio securities or other assets when it might not otherwise","page_number":63,"box":{"x":76,"y":724,"width":889,"height":11}},{"id":"cfb81994-f489-4475-8c7f-04f63a436928","block_type":"box","text":"do so, which may negatively impact the Fund’s NAV, have a material effect on the market price of Fund shares, increase the Fund’s brokerage","page_number":63,"box":{"x":76,"y":739,"width":906,"height":10}},{"id":"f68129e3-43af-4105-85c8-9d74e3715919","block_type":"box","text":"costs, accelerate the realization of taxable income and/or capital gains, and cause the Fund to make taxable distributions to its shareholders","page_number":63,"box":{"x":76,"y":753,"width":904,"height":11}},{"id":"75f94783-afda-49d8-ad4d-decf262d5f33","block_type":"box","text":"earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as","page_number":63,"box":{"x":76,"y":767,"width":855,"height":11}},{"id":"8616b6d6-fe01-4b79-81b2-5e096fd8efd8","block_type":"box","text":"receiving a disproportionately large taxable distribution during or with respect to such tax year. A Fund also may be required to sell its more","page_number":63,"box":{"x":77,"y":781,"width":892,"height":11}},{"id":"ceab6c05-26b1-4805-94bf-bec023f09c47","block_type":"box","text":"liquid investments to meet a large redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult","page_number":63,"box":{"x":77,"y":795,"width":901,"height":11}},{"id":"a26e672b-f854-4281-a994-979ec3a4b745","block_type":"box","text":"to price.","page_number":63,"box":{"x":76,"y":810,"width":52,"height":10}},{"id":"e7ee4b58-9c90-47a8-b8a0-9bd77bc36503","block_type":"box","text":"To the extent these large shareholders transact in Fund shares on the secondary market, such transactions may account for a large","page_number":63,"box":{"x":76,"y":833,"width":840,"height":11}},{"id":"39b1ce2c-3ce0-4e4a-a824-ea7ceaf54996","block_type":"box","text":"percentage of the trading volume for Fund shares and may, therefore, have a material upward or downward effect on the market price of the","page_number":63,"box":{"x":76,"y":847,"width":898,"height":11}},{"id":"c15bcff4-b990-43cd-a407-cb6b85a1e693","block_type":"box","text":"shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in","page_number":63,"box":{"x":76,"y":861,"width":878,"height":11}},{"id":"ec75699e-c6fe-4655-a007-5a2a0157a8b0","block_type":"box","text":"investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.","page_number":63,"box":{"x":76,"y":875,"width":792,"height":11}},{"id":"d155baa2-a00d-4c10-ae95-0ca0d049b237","block_type":"box","text":"9","page_number":63,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"cc8ac06c-4b29-4146-9edc-6cc509eacb7a","block_type":"box","text":"Low Volatility Risk.","page_number":64,"box":{"x":77,"y":23,"width":130,"height":11}},{"id":"9d498a31-ecf5-4a82-b925-8700f4e65536","block_type":"box","text":"A low volatility strategy may underperform the broader market during periods of strong, rising or speculative stock","page_number":64,"box":{"x":212,"y":23,"width":733,"height":11}},{"id":"e5a20d91-65ca-4941-a6e7-1498a000d462","block_type":"box","text":"prices. In addition, there is a risk that a Fund with such an investment strategy may experience more than minimum volatility. Securities in a","page_number":64,"box":{"x":76,"y":37,"width":895,"height":11}},{"id":"92582700-fb1f-44f4-b6d3-5d7dc9578ade","block_type":"box","text":"Fund’s portfolio may be subject to price volatility, and their prices may not be less volatile (and could be more volatile) than the market as a","page_number":64,"box":{"x":77,"y":51,"width":892,"height":11}},{"id":"1c7e642c-c0c5-4b80-8ead-a00ed9e0885e","block_type":"box","text":"whole, which could adversely affect the Fund’s NAV.","page_number":64,"box":{"x":76,"y":66,"width":331,"height":10}},{"id":"61d5025d-e35b-47ea-86fd-c5fe1f1cb704","block_type":"box","text":"Management Risk.","page_number":64,"box":{"x":77,"y":89,"width":126,"height":11}},{"id":"c601e4d2-1be2-4f74-8e70-4bdf23f1160f","block_type":"box","text":"An index Fund invests in securities or other assets included in, or representative of, its Underlying Index, regardless of","page_number":64,"box":{"x":208,"y":89,"width":757,"height":11}},{"id":"03313e7c-61aa-40ae-b782-581834c9511b","block_type":"box","text":"their investment merits. Such a Fund may be affected by a general decline in market segments related to its Underlying Index, and BFA","page_number":64,"box":{"x":76,"y":103,"width":863,"height":11}},{"id":"3012345b-9576-4493-b309-0230c028ebfd","block_type":"box","text":"generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets.","page_number":64,"box":{"x":76,"y":117,"width":864,"height":11}},{"id":"b4031525-f1d7-4246-960a-12a829fdc2ce","block_type":"box","text":"Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in","page_number":64,"box":{"x":77,"y":131,"width":898,"height":11}},{"id":"7cd695a5-74da-475b-aa07-5a1b3b7076a4","block_type":"box","text":"order to track its Underlying Index. Because BFA uses a representative sampling indexing strategy, a Fund will not fully replicate its","page_number":64,"box":{"x":76,"y":146,"width":837,"height":10}},{"id":"4cf08c54-0e78-4b2a-8625-37f1346d4827","block_type":"box","text":"Underlying Index and may hold securities or other assets not included in the Underlying Index. As a result, a Fund is subject to the risk that","page_number":64,"box":{"x":77,"y":160,"width":888,"height":11}},{"id":"9fcf1267-d9d2-4067-9675-8e80b089756c","block_type":"box","text":"BFA’s investment strategy, whose implementation is subject to a number of constraints, may not produce the intended results. There is no","page_number":64,"box":{"x":77,"y":174,"width":883,"height":11}},{"id":"b3f58e31-e17f-4284-bc8c-f5474b6c3b1e","block_type":"box","text":"guarantee that a Fund’s investment results will have a high degree of correlation to those of its Underlying Index or that a Fund will achieve","page_number":64,"box":{"x":76,"y":188,"width":889,"height":11}},{"id":"4f8de149-961f-4007-add9-3ca4690e84c7","block_type":"box","text":"its investment objective.","page_number":64,"box":{"x":76,"y":202,"width":156,"height":11}},{"id":"d9e1fc31-5eb3-4ead-94c0-b6110e1dcbd6","block_type":"box","text":"Market Risk.","page_number":64,"box":{"x":77,"y":226,"width":85,"height":8}},{"id":"799f40ed-5d5c-4338-9e0b-cd3c103b0bee","block_type":"box","text":"A Fund could lose money over short periods due to short-term market movements and over longer periods during more","page_number":64,"box":{"x":167,"y":226,"width":764,"height":10}},{"id":"29a3cea9-2be5-4bc6-a324-9b85d58a4491","block_type":"box","text":"prolonged market downturns. The value of a financial instrument or other asset may decline due to changes in general market conditions,","page_number":64,"box":{"x":76,"y":240,"width":879,"height":11}},{"id":"edf259ec-fab9-4bd4-b28c-596fbcaf9d87","block_type":"box","text":"economic trends or events that are not specifically related to the particular instrument or asset, or factors that affect one or more issuers,","page_number":64,"box":{"x":76,"y":254,"width":884,"height":11}},{"id":"1428d833-5e25-4afa-ad77-b67e2cc657ff","block_type":"box","text":"counterparties, exchanges, countries or other geographic units, markets, industries, or asset classes. Local, regional or global events such as","page_number":64,"box":{"x":76,"y":268,"width":904,"height":11}},{"id":"d210c0ba-4571-4f2e-9b84-d4f7e0a030e5","block_type":"box","text":"war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other","page_number":64,"box":{"x":76,"y":282,"width":858,"height":11}},{"id":"aa238adc-1636-4ec5-ba63-51513028d5ae","block_type":"box","text":"financial crisis, or other events could have a significant impact on a Fund and its investments and could result in increased premiums or","page_number":64,"box":{"x":76,"y":296,"width":869,"height":11}},{"id":"371679c5-342e-4fe6-9861-d69d414ea71a","block_type":"box","text":"discounts to a Fund’s NAV. Changes in market and economic conditions generally do not have the same impact on all types of instruments","page_number":64,"box":{"x":76,"y":311,"width":885,"height":10}},{"id":"d6f81270-93b4-44ef-9e04-10b52731803c","block_type":"box","text":"and assets.","page_number":64,"box":{"x":76,"y":325,"width":71,"height":8}},{"id":"01a4351d-085e-44a5-88a9-b72f88f4faf5","block_type":"box","text":"Market Trading Risk.","page_number":64,"box":{"x":77,"y":348,"width":140,"height":11}},{"id":"8af8ad04-76f5-4b2b-85af-288ca960c62f","block_type":"box","text":"A Fund faces numerous market trading risks, any of which may lead to its shares trading in the secondary market at a","page_number":64,"box":{"x":222,"y":348,"width":753,"height":11}},{"id":"4d8b23ec-a829-4078-a536-15a027ef1c7a","block_type":"box","text":"premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price","page_number":64,"box":{"x":76,"y":362,"width":896,"height":11}},{"id":"d49107f5-6c56-4321-926d-8f89dd043403","block_type":"box","text":"is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to the NAV, you may pay significantly more or","page_number":64,"box":{"x":76,"y":376,"width":877,"height":11}},{"id":"217419dd-c988-4f16-9eda-cf557298985c","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":64,"box":{"x":77,"y":391,"width":446,"height":10}},{"id":"4d664558-8a70-4602-b60c-7c1f323108e8","block_type":"box","text":"Absence of an Active Primary Market.","page_number":64,"box":{"x":75,"y":414,"width":236,"height":11}},{"id":"e006f86a-aec3-4624-96d9-0c8e8576f367","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":64,"box":{"x":317,"y":414,"width":663,"height":11}},{"id":"8d5833e5-7ee0-428d-99e6-a2da7e85bc59","block_type":"box","text":"that an active primary trading market for Fund shares will develop or be maintained by market makers or Authorized Participants.","page_number":64,"box":{"x":76,"y":428,"width":826,"height":11}},{"id":"bd246993-bc19-4e52-9bc1-10df0d3eb822","block_type":"box","text":"Secondary Listing Risks.","page_number":64,"box":{"x":76,"y":451,"width":151,"height":11}},{"id":"a577dfd2-8434-422c-9843-3928bb211da7","block_type":"box","text":"A Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other than the U.S. stock exchange","page_number":64,"box":{"x":233,"y":451,"width":732,"height":11}},{"id":"7a4b7253-e67d-4c38-ae30-ebd26593d6c4","block_type":"box","text":"where the Fund’s primary listing is maintained. Fund shares also may be available to non-U.S. investors through funds or structured","page_number":64,"box":{"x":76,"y":465,"width":841,"height":11}},{"id":"cccdc7c4-a4e4-4dae-8985-e71f8bcad910","block_type":"box","text":"investment vehicles similar to depositary receipts. There can be no assurance that a Fund’s shares will continue to trade on any such stock","page_number":64,"box":{"x":76,"y":480,"width":890,"height":10}},{"id":"43e1f447-4ef3-4622-a283-ad646d1088f3","block_type":"box","text":"exchange or in any market or that a Fund’s shares will continue to meet the requirements for exchange listing or market trading. A Fund’s","page_number":64,"box":{"x":76,"y":494,"width":880,"height":11}},{"id":"94f036e8-f546-4c52-8e9b-b5936300874c","block_type":"box","text":"shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and","page_number":64,"box":{"x":76,"y":508,"width":872,"height":11}},{"id":"86f63983-982f-4248-b6d0-23dbb990194e","block_type":"box","text":"market standards of the market where they or their broker direct their trades for execution. Certain information that is available to investors","page_number":64,"box":{"x":76,"y":522,"width":897,"height":11}},{"id":"29b4c87a-c0ae-4e74-852c-1257a8420bc9","block_type":"box","text":"who trade Fund shares on a U.S. stock exchange during regular U.S. market hours may not be available to investors who trade in other","page_number":64,"box":{"x":76,"y":536,"width":862,"height":11}},{"id":"5f34a344-df21-48c5-b20a-697edbe69661","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":64,"box":{"x":76,"y":550,"width":579,"height":11}},{"id":"6575c5a0-401d-467f-9d1f-b76903caf985","block_type":"box","text":"Secondary Market Trading Risk.","page_number":64,"box":{"x":76,"y":574,"width":196,"height":10}},{"id":"f3100804-c18e-4cb1-8441-77f429a6069f","block_type":"box","text":"Shares of a Fund may trade in the secondary market at times when the Fund does not accept orders to create","page_number":64,"box":{"x":279,"y":574,"width":703,"height":10}},{"id":"0d489db9-2b34-4cd4-a390-c285a2994c8f","block_type":"box","text":"or redeem shares. At such times, shares may trade in the secondary market with more significant premiums or discounts to NAV than might","page_number":64,"box":{"x":76,"y":588,"width":896,"height":11}},{"id":"e4170c43-67ce-4a8e-b2fa-082d305c543e","block_type":"box","text":"be experienced at times when the Fund accepts creation and redemption orders. Securities held by a Fund may be traded in markets that","page_number":64,"box":{"x":76,"y":602,"width":880,"height":11}},{"id":"9917eeea-5057-4f46-ae36-f46d385cec37","block_type":"box","text":"close at a different time than an exchange on which Fund shares are traded. Liquidity in those securities may be reduced after the applicable","page_number":64,"box":{"x":76,"y":616,"width":900,"height":11}},{"id":"d22ab133-dfcb-4e9b-bace-aa60d7d66703","block_type":"box","text":"closing time. As a result, during the time when the exchange is open but after the applicable market closing, fixing or settlement time, there","page_number":64,"box":{"x":76,"y":630,"width":893,"height":11}},{"id":"38c59f64-2296-4943-a8d5-484eae15122f","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":64,"box":{"x":76,"y":645,"width":581,"height":10}},{"id":"bdbf67c6-4916-46b6-9c4e-cf935ff740e1","block_type":"box","text":"In stressed market conditions, the market for a Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for","page_number":64,"box":{"x":77,"y":668,"width":900,"height":11}},{"id":"7ab090bb-5291-4a3b-8683-5ad4b088e3db","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":64,"box":{"x":76,"y":682,"width":547,"height":11}},{"id":"2303a160-4427-4d62-ac75-4f46ec95c6f8","block_type":"box","text":"Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or for other reasons. In times of","page_number":64,"box":{"x":76,"y":705,"width":894,"height":11}},{"id":"223e81ee-2337-402d-8b6f-c0a590991e15","block_type":"box","text":"extraordinary market volatility, Fund shares may be subject to trading halts pursuant to “circuit breaker” rules of a stock exchange or market.","page_number":64,"box":{"x":76,"y":719,"width":905,"height":11}},{"id":"328a8487-2d9a-4ac8-835d-da53e0ecfe4a","block_type":"box","text":"If there is a trading halt or unanticipated closure of an exchange or market, an investor may be unable to purchase or sell Fund shares. In","page_number":64,"box":{"x":77,"y":733,"width":874,"height":11}},{"id":"db1b50c2-8411-44c9-b449-f3c13c9e4306","block_type":"box","text":"addition, if trading in certain securities or financial instruments is restricted, this may disrupt a Fund’s creation/redemption process, affect","page_number":64,"box":{"x":76,"y":748,"width":890,"height":10}},{"id":"1652dc95-0905-4d41-9f1b-0d385b7f1600","block_type":"box","text":"the price at which Fund shares trade in the secondary market, and result in a Fund being unable to trade certain securities or financial","page_number":64,"box":{"x":76,"y":762,"width":857,"height":11}},{"id":"38c15088-8404-4c75-b80d-9d927c5f7952","block_type":"box","text":"instruments. In such circumstances, a Fund may be unable to rebalance its portfolio or accurately price its portfolio holdings and may incur","page_number":64,"box":{"x":76,"y":776,"width":891,"height":11}},{"id":"67d1500d-90de-4740-9bdb-095c5a9ee2cf","block_type":"box","text":"substantial trading losses.","page_number":64,"box":{"x":76,"y":790,"width":166,"height":11}},{"id":"89fde7db-f894-4ea8-938b-c7c9e512797f","block_type":"box","text":"Shares of a Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of","page_number":64,"box":{"x":76,"y":813,"width":874,"height":11}},{"id":"077a2d80-26fa-493d-a292-179b4d62b66a","block_type":"box","text":"increased volatility and price decreases associated with being sold short. In addition, trading activity in derivative products based on a Fund","page_number":64,"box":{"x":76,"y":828,"width":893,"height":10}},{"id":"00792f7f-17a5-48a9-85b2-ce4feb8a0128","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":64,"box":{"x":76,"y":842,"width":658,"height":11}},{"id":"125655e0-dfeb-4412-be00-24a009cfca88","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":64,"box":{"x":76,"y":865,"width":310,"height":11}},{"id":"02accb30-2201-47e4-a663-806b453ea574","block_type":"box","text":"V. Shares of a Fund trade on stock exchanges at prices at, above or below the Fund’s most","page_number":64,"box":{"x":385,"y":865,"width":572,"height":11}},{"id":"860e3d41-99cb-4882-b67e-b12607400a76","block_type":"box","text":"recent NAV. A Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s","page_number":64,"box":{"x":77,"y":879,"width":852,"height":11}},{"id":"c3c15d25-7116-4957-98ca-09c7bc1414b9","block_type":"box","text":"10","page_number":64,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"32ff7b53-d82a-4118-a9d5-692ba4304cc1","block_type":"box","text":"portfolio holdings. The trading price of a Fund’s shares fluctuates throughout trading hours based on both market supply of and demand for","page_number":65,"box":{"x":76,"y":23,"width":892,"height":11}},{"id":"fea5e5f7-30f6-48c4-8f56-ef38e91e79a9","block_type":"box","text":"Fund shares and the underlying value of the Fund’s portfolio holdings or NAV. As a result, the trading prices of a Fund’s shares may deviate","page_number":65,"box":{"x":77,"y":37,"width":885,"height":11}},{"id":"259a5d60-7aa5-4a17-abb1-7c252aa637f7","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":65,"box":{"x":76,"y":51,"width":792,"height":11}},{"id":"960fd18e-a166-4c2b-9c40-c33aafb0ba93","block_type":"box","text":"However, because Fund shares can be created and redeemed in Creation Units at NAV, BFA believes that large discounts or premiums to a","page_number":65,"box":{"x":77,"y":75,"width":886,"height":11}},{"id":"5b848d01-9aef-4599-b013-877fe0844b68","block_type":"box","text":"Fund’s NAV are not likely to be sustained over the long term (unlike shares of many closed-end funds, which frequently trade at appreciable","page_number":65,"box":{"x":77,"y":89,"width":891,"height":11}},{"id":"3036f80a-37e3-4163-9976-9ec87c9bae7f","block_type":"box","text":"discounts from, and sometimes at premiums to, their NAVs). While the creation/redemption feature is designed to make it more likely that a","page_number":65,"box":{"x":76,"y":103,"width":899,"height":11}},{"id":"6ce72a9c-d5ec-4aea-bb6d-021c7ba504f3","block_type":"box","text":"Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to","page_number":65,"box":{"x":77,"y":117,"width":899,"height":11}},{"id":"a54045c1-df01-4576-9bcd-0ede1d20cfff","block_type":"box","text":"correlate exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to","page_number":65,"box":{"x":76,"y":131,"width":878,"height":11}},{"id":"b36caad7-ebf0-4395-9f05-9b3e298c9d79","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":65,"box":{"x":76,"y":146,"width":902,"height":10}},{"id":"652b2f8c-7e18-4263-b906-a3ff36e1dfeb","block_type":"box","text":"of significant market volatility, may result in trading prices for shares of a Fund that differ significantly from its NAV. Authorized Participants","page_number":65,"box":{"x":76,"y":160,"width":891,"height":11}},{"id":"7471bcee-ab51-4335-8662-8ffc6e5f5838","block_type":"box","text":"may be less willing to create or redeem a Fund’s shares if there is a lack of an active market for such shares or the Fund’s underlying","page_number":65,"box":{"x":76,"y":174,"width":849,"height":11}},{"id":"1402d59e-9b22-4ed4-af70-d0ed1637289f","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":65,"box":{"x":76,"y":188,"width":622,"height":11}},{"id":"bebd3bbd-c390-4cce-a0e0-8a6ec547e199","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":65,"box":{"x":76,"y":211,"width":245,"height":11}},{"id":"ffcb5914-2d4a-441b-b67e-e9fecf595dee","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":65,"box":{"x":328,"y":211,"width":636,"height":11}},{"id":"dee97f53-d392-44a4-8330-aa61ec15be48","block_type":"box","text":"transactions. When buying or selling Fund shares through a broker, you will likely incur a brokerage commission and other charges. In","page_number":65,"box":{"x":76,"y":226,"width":853,"height":10}},{"id":"84643fcb-2069-4a73-835f-b04f1bebc481","block_type":"box","text":"addition, you may incur the cost of the “spread,” which is the difference between what investors are willing to pay for Fund shares (the “bid”","page_number":65,"box":{"x":76,"y":240,"width":895,"height":11}},{"id":"c8668a66-7e25-4c95-85f4-e389e8cffa5b","block_type":"box","text":"price) and the price at which they are willing to sell Fund shares (the “ask” price). The spread varies over time for Fund shares based on","page_number":65,"box":{"x":76,"y":254,"width":865,"height":11}},{"id":"2769cd1b-9b3c-44f3-941c-7f345c0cc19b","block_type":"box","text":"trading volume and market liquidity. It is generally narrower if a Fund has more trading volume and market liquidity and wider if a Fund has","page_number":65,"box":{"x":76,"y":268,"width":885,"height":11}},{"id":"6a26b9c0-d278-4251-ac40-42a15f3090d5","block_type":"box","text":"less trading volume and market liquidity. Increased market volatility also may cause wider spreads. In addition, there may be regulatory and","page_number":65,"box":{"x":77,"y":282,"width":891,"height":11}},{"id":"6c06cc9f-c8d1-4085-9035-79fb9aec0fa1","block_type":"box","text":"other charges that are incurred as a result of trading activity. Because of the costs inherent in buying or selling Fund shares, frequent trading","page_number":65,"box":{"x":76,"y":296,"width":901,"height":11}},{"id":"c8e415f2-be4a-41b7-8014-ab39f34eac7e","block_type":"box","text":"may detract significantly from investment results, and an investment in Fund shares may not be advisable for investors who anticipate","page_number":65,"box":{"x":76,"y":311,"width":858,"height":10}},{"id":"eb427109-0399-436e-abd9-5dc7171d50ef","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":65,"box":{"x":77,"y":325,"width":418,"height":11}},{"id":"f6d46eb3-2138-44ed-93c9-29a407c7e305","block_type":"box","text":"Materials Companies Risk.","page_number":65,"box":{"x":77,"y":348,"width":182,"height":11}},{"id":"2dd942b5-1959-4a3a-86de-a1af5fec1fb0","block_type":"box","text":"The materials sector tends to be closely tied to the economic cycle and can be significantly affected by supply","page_number":65,"box":{"x":264,"y":348,"width":710,"height":11}},{"id":"1927be94-b884-48ec-93ce-4afbeb09a7e8","block_type":"box","text":"demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social and","page_number":65,"box":{"x":76,"y":362,"width":868,"height":11}},{"id":"321677c8-9e24-42b1-8553-2d781648f784","block_type":"box","text":"political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical advances,","page_number":65,"box":{"x":76,"y":376,"width":897,"height":11}},{"id":"2565b810-fb96-4a97-b71b-93185713da62","block_type":"box","text":"labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for environmental","page_number":65,"box":{"x":77,"y":391,"width":868,"height":10}},{"id":"74f14af2-c719-4b67-a4e3-e80153d2df8c","block_type":"box","text":"damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":65,"box":{"x":76,"y":405,"width":676,"height":11}},{"id":"197c3638-1fe6-43f2-8617-c20e123e04af","block_type":"box","text":"Metals and Mining Industry Risk.","page_number":65,"box":{"x":77,"y":428,"width":226,"height":11}},{"id":"e8ff83d6-96de-4398-83f0-62f6043a8860","block_type":"box","text":"Investments in metals and mining companies may be speculative and subject to greater price volatility","page_number":65,"box":{"x":309,"y":428,"width":657,"height":11}},{"id":"0af49d65-9234-43d2-8d24-06987b24b217","block_type":"box","text":"than investments in other types of companies. The profitability of companies in the metals and mining industry is related to, among other","page_number":65,"box":{"x":76,"y":442,"width":878,"height":11}},{"id":"66ec9212-5991-4f17-877e-dae24d652d4d","block_type":"box","text":"things, worldwide metal prices and extraction and production costs. Worldwide metal prices may fluctuate substantially over short periods of","page_number":65,"box":{"x":76,"y":456,"width":903,"height":11}},{"id":"ace5223f-a9b9-44a1-bcac-ffcf3218f215","block_type":"box","text":"time, and as a result, the Fund’s share price may be more volatile than other types of investments. In addition, metals and mining companies","page_number":65,"box":{"x":76,"y":470,"width":900,"height":11}},{"id":"4faa3e33-176a-4f9d-b304-a1800661365b","block_type":"box","text":"may be significantly affected by changes in global demand for certain metals, economic developments, energy conservation, the success of","page_number":65,"box":{"x":76,"y":485,"width":894,"height":10}},{"id":"e4f7dee8-ef10-40b0-9775-f2ae9946985b","block_type":"box","text":"exploration projects, changes in exchange rates, interest rates, economic conditions, tax treatment, trade treaties, and government","page_number":65,"box":{"x":76,"y":499,"width":843,"height":11}},{"id":"9baa1799-9ad5-4cde-a0af-4549b0936afa","block_type":"box","text":"regulation and intervention, and events in the regions that the companies to which the Fund has exposure operate (","page_number":65,"box":{"x":77,"y":513,"width":738,"height":11}},{"id":"c872165b-2c07-4687-926d-d23d03c6f7f7","block_type":"box","text":"e.g.","page_number":65,"box":{"x":816,"y":515,"width":21,"height":9}},{"id":"52b97630-5a48-4204-bb3d-2158f7388aa9","block_type":"box","text":", expropriation,","page_number":65,"box":{"x":839,"y":513,"width":96,"height":11}},{"id":"dd12f562-1a4a-4ef6-89b6-fa89b14c1767","block_type":"box","text":"nationalization, confiscation of assets and property, the imposition of restrictions on foreign investments or repatriation of capital, military","page_number":65,"box":{"x":76,"y":527,"width":886,"height":11}},{"id":"55bf40fd-758c-4367-9579-029874f45360","block_type":"box","text":"coups, social or political unrest, violence and labor unrest). Metals and mining companies may also be subject to the effects of competitive","page_number":65,"box":{"x":76,"y":541,"width":890,"height":11}},{"id":"a083b776-36ec-45f0-a028-433cd27d08ea","block_type":"box","text":"pressures in the metals and mining industry.","page_number":65,"box":{"x":76,"y":556,"width":283,"height":10}},{"id":"717e917c-541d-46e7-ae5b-b68a3a1c3de7","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":65,"box":{"x":77,"y":579,"width":243,"height":10}},{"id":"cc605e32-00b9-40b8-8668-30a92084585a","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":65,"box":{"x":326,"y":579,"width":607,"height":11}},{"id":"e76284b6-d40d-4aac-90eb-e9070c3c1332","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":65,"box":{"x":76,"y":593,"width":875,"height":11}},{"id":"890282cb-6d9e-4ca4-b7f6-f4240752c3b8","block_type":"box","text":"may have more limited product lines, markets, financial resources and management experience. As a result, they generally are more","page_number":65,"box":{"x":76,"y":607,"width":847,"height":11}},{"id":"40424a0d-fd73-425a-879d-b98360b5db30","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":65,"box":{"x":76,"y":621,"width":889,"height":11}},{"id":"a8a1c94e-21d7-431a-ac42-68d9a99f1761","block_type":"box","text":"shorter business track record, with relatively less information available to investors. The securities of mid-sized companies may trade less","page_number":65,"box":{"x":76,"y":635,"width":882,"height":11}},{"id":"dc57a1b9-2f64-480b-87e3-2df0180657c4","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":65,"box":{"x":76,"y":650,"width":473,"height":10}},{"id":"81715ca5-b702-45fa-9c1f-5e41f072e185","block_type":"box","text":"National Closed Market Trading Risk.","page_number":65,"box":{"x":77,"y":673,"width":254,"height":11}},{"id":"8e22ee62-894f-401d-803f-134a3b011590","block_type":"box","text":"To the extent that securities or other assets held by a Fund trade on foreign exchanges or in foreign","page_number":65,"box":{"x":336,"y":673,"width":637,"height":11}},{"id":"9c2654cd-f3c9-4c71-bcb0-9b993e9996bd","block_type":"box","text":"markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between","page_number":65,"box":{"x":76,"y":687,"width":905,"height":11}},{"id":"3c080689-7f4a-4d6d-bf23-07210e88f85e","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":65,"box":{"x":76,"y":701,"width":332,"height":11}},{"id":"32c6316f-cdad-4232-ab0a-4fb066af7354","block_type":"box","text":"i.e","page_number":65,"box":{"x":408,"y":701,"width":15,"height":9}},{"id":"1af4310e-0b58-4bc4-b606-5905a2c2594b","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":65,"box":{"x":425,"y":701,"width":508,"height":11}},{"id":"36fdcd2f-e9b0-40d1-8240-5b97e5684c9f","block_type":"box","text":"foreign market on a Fund is likely to be greater where a large portion of the Fund’s holdings trade on a closed foreign market or when a","page_number":65,"box":{"x":76,"y":715,"width":863,"height":11}},{"id":"9adf9177-7f80-4bd2-a59f-ee059da45bb6","block_type":"box","text":"foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to a Fund’s NAV that may be","page_number":65,"box":{"x":76,"y":730,"width":862,"height":10}},{"id":"967712ec-af74-4cf2-b48d-116f5f19b2a9","block_type":"box","text":"greater than those experienced by other funds.","page_number":65,"box":{"x":76,"y":744,"width":300,"height":11}},{"id":"d4be6746-06c9-4f4a-8e3e-2f6393ca6eab","block_type":"box","text":"Non-Diversification Risk.","page_number":65,"box":{"x":77,"y":767,"width":170,"height":8}},{"id":"3d2b4a23-1a41-4af1-8e43-05b36e078a1f","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater percentage of its assets in securities or other","page_number":65,"box":{"x":252,"y":767,"width":711,"height":11}},{"id":"6b370fb8-7360-4699-85ba-811eb8109d70","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A non","page_number":65,"box":{"x":76,"y":781,"width":855,"height":11}},{"id":"edf45b5e-c129-4f7d-9248-a19643530bb3","block_type":"box","text":"diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and losses","page_number":65,"box":{"x":76,"y":795,"width":886,"height":11}},{"id":"02f91b5c-ad14-4903-a48a-5e142257d650","block_type":"box","text":"on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a diversified","page_number":65,"box":{"x":76,"y":809,"width":879,"height":11}},{"id":"59b31c30-efab-4f48-92b6-dae83295ac24","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":65,"box":{"x":77,"y":824,"width":390,"height":10}},{"id":"32c6ca42-e415-452a-92e4-c3807fadd275","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":65,"box":{"x":77,"y":847,"width":171,"height":8}},{"id":"a0d2cff9-3464-4efb-b3f1-ec78e52c676d","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":65,"box":{"x":253,"y":847,"width":698,"height":11}},{"id":"3032e179-8f4f-442c-9bc3-94ed3c06bcbd","block_type":"box","text":"political, economic, and market risks than securities issued by U.S. issuers. To the extent that investments are made in a limited number of","page_number":65,"box":{"x":76,"y":861,"width":889,"height":11}},{"id":"40e8300a-fdb1-40c9-9b2e-8d3b8f743fe1","block_type":"box","text":"11","page_number":65,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"b4a6bcb6-4753-4073-bdc7-4ca5ed1716aa","block_type":"box","text":"countries, events in those countries will have a more significant impact on a Fund. The risks of investing in non-U.S. securities include the","page_number":66,"box":{"x":76,"y":23,"width":880,"height":11}},{"id":"c750af01-d94d-4a37-8408-fb2b7b1bcec3","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":66,"box":{"x":76,"y":37,"width":402,"height":11}},{"id":"15e770ed-1f44-4d1d-8b97-e1fa899b3e83","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":66,"box":{"x":114,"y":55,"width":445,"height":11}},{"id":"c720b378-bb19-4625-b65a-f425965249e4","block_type":"box","text":"Greater market volatility;","page_number":66,"box":{"x":113,"y":73,"width":158,"height":11}},{"id":"539e24de-7ff1-4734-8c04-5948a9bf4039","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":66,"box":{"x":113,"y":91,"width":383,"height":11}},{"id":"0a72b0ea-42bb-4a07-b8b8-e143b965b513","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":66,"box":{"x":113,"y":109,"width":348,"height":11}},{"id":"f8502630-3dc2-41f5-993d-20fcc7680055","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":66,"box":{"x":114,"y":128,"width":316,"height":10}},{"id":"14c3875c-3249-4326-ace0-d8ef915e0397","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":66,"box":{"x":114,"y":146,"width":319,"height":10}},{"id":"d958326e-1a6e-4f2c-b492-085c17c82883","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":66,"box":{"x":114,"y":164,"width":257,"height":10}},{"id":"c3b9530c-363c-4936-89d2-28692d25be46","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":66,"box":{"x":114,"y":182,"width":265,"height":10}},{"id":"ad55df99-66c9-4c95-9b36-87fd600da14a","block_type":"box","text":"Higher transaction and custody costs;","page_number":66,"box":{"x":114,"y":200,"width":241,"height":11}},{"id":"f9519e25-d76a-4502-b993-31d54a822d66","block_type":"box","text":"Foreign market trading hours, different clearing and settlement procedures, and holiday schedules, which may limit a Fund’s ability to","page_number":66,"box":{"x":114,"y":218,"width":852,"height":11}},{"id":"2c1d07f2-7841-4c37-8bd3-1ae1098c6e6f","block_type":"box","text":"engage in portfolio transactions;","page_number":66,"box":{"x":113,"y":232,"width":206,"height":11}},{"id":"b5dc0a65-c5cf-45ea-b319-44d50514bfde","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":66,"box":{"x":114,"y":250,"width":386,"height":11}},{"id":"a2097655-bfc6-4248-9734-10d3ee97ce7a","block_type":"box","text":"Less availability of public information about issuers;","page_number":66,"box":{"x":114,"y":268,"width":329,"height":11}},{"id":"e35ff233-5491-40ca-962e-b0b532dd5115","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":66,"box":{"x":113,"y":286,"width":803,"height":11}},{"id":"7098699a-a0f4-4387-885b-e9527e1194aa","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":66,"box":{"x":114,"y":304,"width":328,"height":11}},{"id":"bd7e17e8-2aeb-46d3-b721-07586749d1ca","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":66,"box":{"x":114,"y":322,"width":853,"height":11}},{"id":"0ab56d25-2f38-4b1f-9849-7eeae2d24628","block_type":"box","text":"than those that apply in the U.S.","page_number":66,"box":{"x":113,"y":336,"width":205,"height":11}},{"id":"82f9d47d-8499-4053-a675-ff95c3fb55b1","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":66,"box":{"x":77,"y":360,"width":188,"height":10}},{"id":"80b17acb-ada1-4962-a198-bef181d13da7","block_type":"box","text":". A Fund that holds non-U.S. securities may file claims to recover withholding tax on dividend and interest","page_number":66,"box":{"x":265,"y":360,"width":674,"height":10}},{"id":"5d63b2e9-7055-42ee-b8ee-b3e935895bbf","block_type":"box","text":"income (if any) received from issuers in certain countries where such withholding tax reclaim is possible. Whether or when a Fund will receive","page_number":66,"box":{"x":76,"y":374,"width":905,"height":11}},{"id":"48afa1c3-4d56-4223-8ed1-c8c9ced63cb1","block_type":"box","text":"a withholding tax refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding tax based","page_number":66,"box":{"x":76,"y":388,"width":898,"height":11}},{"id":"a6e62761-de53-4279-bf8f-24cd295bdcaf","block_type":"box","text":"on a continuous assessment of the probability of recovery, the Fund’s NAV generally includes accruals for such tax refunds. Funds continue","page_number":66,"box":{"x":76,"y":402,"width":892,"height":11}},{"id":"df047941-dc8e-4b70-94cb-63e702bf8f55","block_type":"box","text":"to evaluate tax developments for potential impact to the probability of recovery. If the likelihood of receiving a tax refund materially","page_number":66,"box":{"x":76,"y":416,"width":840,"height":11}},{"id":"dd67cb88-6255-4afc-a9f7-48f30b4db1cb","block_type":"box","text":"decreases, such as due to a change in tax regulation or approach, accruals in a Fund’s NAV for such refunds may be written down partially or","page_number":66,"box":{"x":76,"y":430,"width":901,"height":11}},{"id":"e1b687e7-238e-459f-afa2-9a40678ee421","block_type":"box","text":"in full, which will adversely affect the Fund’s NAV. Investors in a Fund at the time when an accrual is written down will bear the impact of any","page_number":66,"box":{"x":76,"y":445,"width":897,"height":10}},{"id":"74fabdfb-a41b-4102-ad65-5943036c3b6e","block_type":"box","text":"resulting reduction in NAV regardless of whether they were investors during the accrual period. Conversely, if a Fund receives a tax refund","page_number":66,"box":{"x":77,"y":459,"width":882,"height":11}},{"id":"06140cc8-7cfc-460f-8add-1ba01bc6e76a","block_type":"box","text":"that was not previously accrued, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s","page_number":66,"box":{"x":76,"y":473,"width":906,"height":11}},{"id":"9bf5c7d7-fac7-4aed-861c-43d7dcb44614","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":66,"box":{"x":77,"y":487,"width":636,"height":11}},{"id":"b7f46737-6b95-4e3f-8b46-759f6e8b4f8e","block_type":"box","text":"North American Economic Risk","page_number":66,"box":{"x":77,"y":510,"width":215,"height":9}},{"id":"d07d884a-2c2f-4784-ad3d-3bec583d1afe","block_type":"box","text":". A decrease in imports or exports, changes in trade regulations or an economic recession in any North","page_number":66,"box":{"x":293,"y":510,"width":657,"height":11}},{"id":"76ad4969-08a2-4c40-83da-b60cda68a6bb","block_type":"box","text":"American country can have a significant economic effect on the entire North American region and on some or all of the North American","page_number":66,"box":{"x":76,"y":525,"width":866,"height":10}},{"id":"293a2d42-ddde-4a38-b0b2-3c9fccd029a5","block_type":"box","text":"countries in which a Fund invests.","page_number":66,"box":{"x":76,"y":539,"width":215,"height":8}},{"id":"31f4d557-b0ea-4ab1-a180-edd653559f20","block_type":"box","text":"The U.S. is Canada’s and Mexico’s largest trading and investment partner. The Canadian and Mexican economies are significantly affected by","page_number":66,"box":{"x":76,"y":562,"width":903,"height":11}},{"id":"1a79ba80-354f-4fdb-8047-659a9291ad7c","block_type":"box","text":"developments in the U.S. economy. Since the implementation of the North American Free Trade Agreement (“NAFTA”) in 1994 among","page_number":66,"box":{"x":76,"y":576,"width":852,"height":11}},{"id":"81b928bd-ed20-4d78-9789-7e06dbb0ef27","block_type":"box","text":"Canada, the U.S. and Mexico, total merchandise trade among the three countries has increased. However, political developments including","page_number":66,"box":{"x":76,"y":590,"width":891,"height":11}},{"id":"98fe6413-7f8a-4aaa-86c5-1398fedc23d7","block_type":"box","text":"the implementation of tariffs by the U.S. and the renegotiation of NAFTA in the form of the United States-Mexico-Canada Agreement","page_number":66,"box":{"x":76,"y":605,"width":847,"height":10}},{"id":"c275d27e-8ba0-4a04-b216-e1b02b343c09","block_type":"box","text":"(“USMCA”), which replaced NAFTA on July 1, 2020, could negatively affect North America’s economic outlook and, as a result, the value of","page_number":66,"box":{"x":77,"y":619,"width":883,"height":11}},{"id":"be7163ae-4462-42fb-a300-8d4905d366f4","block_type":"box","text":"securities held by a Fund. Policy and legislative changes in one country may have a significant effect on North American markets generally,","page_number":66,"box":{"x":76,"y":633,"width":888,"height":11}},{"id":"d073d302-4f20-4c27-8889-30c7a766e497","block_type":"box","text":"as well as on the value of certain securities held by a Fund.","page_number":66,"box":{"x":76,"y":647,"width":375,"height":11}},{"id":"7fbd344e-31dc-40b0-8ea9-f83710db3924","block_type":"box","text":"Operational and Technology Risks.","page_number":66,"box":{"x":76,"y":670,"width":239,"height":11}},{"id":"8e13d32d-fe2c-44a9-9ea4-974457cf6c21","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":66,"box":{"x":320,"y":670,"width":648,"height":11}},{"id":"2dce46de-feaa-46ae-8cf7-9de416a0b300","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":66,"box":{"x":76,"y":684,"width":842,"height":11}},{"id":"25db35be-cf97-4dc9-a1b7-14d0ac7c180e","block_type":"box","text":"incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or","page_number":66,"box":{"x":76,"y":699,"width":877,"height":10}},{"id":"7e0d8735-f76f-4054-ad50-48e600522476","block_type":"box","text":"impair the Fund’s operations. These entities include, but are not limited to, a Fund’s adviser, administrator, distributor, other service","page_number":66,"box":{"x":76,"y":713,"width":844,"height":11}},{"id":"49d55d88-522b-4794-a69d-5ffb91a3e883","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":66,"box":{"x":76,"y":727,"width":866,"height":11}},{"id":"374171a3-1dda-4bb3-834b-b3425f0df403","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":66,"box":{"x":76,"y":741,"width":892,"height":11}},{"id":"f4a2a635-b679-42c2-b2e7-366db96f9e70","block_type":"box","text":"technology risks for the issuers in which a Fund invests could also result in material adverse consequences for such issuers and may cause","page_number":66,"box":{"x":76,"y":755,"width":889,"height":11}},{"id":"c1f6401f-5468-4da1-badf-9bda8a8085ca","block_type":"box","text":"the Fund’s investments in such issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology","page_number":66,"box":{"x":76,"y":770,"width":870,"height":10}},{"id":"b7412e61-0335-4a3f-baab-e203910b7e4b","block_type":"box","text":"risks.","page_number":66,"box":{"x":77,"y":784,"width":32,"height":8}},{"id":"c2e0b0f4-7868-4ef9-a25e-f13241c74d16","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests, the Fund or any","page_number":66,"box":{"x":76,"y":807,"width":895,"height":11}},{"id":"360706f7-9745-4ab7-b24a-822a9d6dd903","block_type":"box","text":"of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive","page_number":66,"box":{"x":76,"y":821,"width":878,"height":11}},{"id":"2bf558a0-c2a1-4e8b-8514-75f1e8166c72","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":66,"box":{"x":76,"y":835,"width":905,"height":11}},{"id":"f96586e3-7629-4a3c-9734-2d2cc0ce6592","block_type":"box","text":"of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":66,"box":{"x":76,"y":849,"width":885,"height":11}},{"id":"9f602edf-0101-4e96-a53f-1e5567480591","block_type":"box","text":"any of the following: financial losses; interference with a Fund’s ability to calculate its NAV; disclosure of confidential information;","page_number":66,"box":{"x":76,"y":864,"width":828,"height":10}},{"id":"801e14da-1560-4929-82a9-d56df75472b5","block_type":"box","text":"impediments to trading; submission of erroneous trades by a Fund or erroneous subscription or redemption orders; the inability of a Fund or","page_number":66,"box":{"x":76,"y":878,"width":898,"height":11}},{"id":"5220547a-d5d3-447f-a65c-4a0e514ed1d2","block_type":"box","text":"12","page_number":66,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"010af692-8384-49d7-9f64-b3437f5b466c","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":67,"box":{"x":76,"y":23,"width":884,"height":11}},{"id":"5571b1d1-7d98-42e8-933c-2faa14972797","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":67,"box":{"x":77,"y":37,"width":880,"height":11}},{"id":"af2f72ca-a719-4214-ac62-1d5e9c966493","block_type":"box","text":"records of a Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to","page_number":67,"box":{"x":77,"y":51,"width":898,"height":11}},{"id":"149441b4-d5ee-4691-8c70-8976287af91b","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":67,"box":{"x":76,"y":66,"width":866,"height":11}},{"id":"c3c1615a-eec9-46a7-bc13-4df28cffd77c","block_type":"box","text":"errors that threaten information and technology systems relied upon by a Fund or its service providers, as well as market events that occur at","page_number":67,"box":{"x":76,"y":80,"width":906,"height":11}},{"id":"d23f6318-266c-47ed-b8bc-e7e7e25a5ff2","block_type":"box","text":"a pace that overloads these systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":67,"box":{"x":76,"y":94,"width":904,"height":11}},{"id":"1e926b39-22af-4ac3-adbf-f4c2b1b0d336","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally","page_number":67,"box":{"x":76,"y":108,"width":885,"height":11}},{"id":"fbf6eb71-705f-42de-a1bd-ff838ba77310","block_type":"box","text":"highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or","page_number":67,"box":{"x":77,"y":122,"width":872,"height":11}},{"id":"843938e4-0cdb-490a-8fa5-be04fff0cf98","block_type":"box","text":"practicable to incorporate all relevant data into such technologies. The output or results of any such AI technologies may therefore be","page_number":67,"box":{"x":76,"y":137,"width":855,"height":10}},{"id":"af1a7783-beb3-4375-8458-13d093323864","block_type":"box","text":"incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are","page_number":67,"box":{"x":76,"y":151,"width":857,"height":11}},{"id":"b9857740-dc5d-4bb1-a7bb-7a16ee1ff0a0","block_type":"box","text":"generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. A Fund and its","page_number":67,"box":{"x":76,"y":165,"width":897,"height":11}},{"id":"6481797f-9c9b-4a48-9027-cf793177bae5","block_type":"box","text":"shareholders could be negatively impacted as a result of these risks associated with AI technologies. AI technologies and their current and","page_number":67,"box":{"x":76,"y":179,"width":886,"height":11}},{"id":"23736a5f-7c4b-4e8a-8980-020e73f26345","block_type":"box","text":"potential future applications, and the regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to","page_number":67,"box":{"x":76,"y":193,"width":876,"height":11}},{"id":"6ff80699-4e35-4523-9ce4-5c61147dfe01","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":67,"box":{"x":76,"y":207,"width":585,"height":11}},{"id":"24cdf8e8-894d-4829-b6e3-8c4147768afb","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":67,"box":{"x":76,"y":231,"width":864,"height":11}},{"id":"025b3d74-fbd8-4fad-9afd-907a848330cb","block_type":"box","text":"policies and procedures, their methods of risk management may differ from those of the Fund in the setting of priorities, the personnel and","page_number":67,"box":{"x":76,"y":245,"width":889,"height":11}},{"id":"d6fbfabb-5b3e-41cb-8b32-f5de5c6fb2ac","block_type":"box","text":"resources available or the effectiveness of relevant controls. Each Fund and its adviser seek to reduce these risks through controls,","page_number":67,"box":{"x":77,"y":259,"width":839,"height":11}},{"id":"e74d61fd-76c7-473b-8a40-9ab66e1b97a3","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":67,"box":{"x":76,"y":273,"width":862,"height":11}},{"id":"7015c4cc-6773-4ffc-8559-6e0333f65ec4","block_type":"box","text":"limitations in such plans and systems, including the possibility that certain risks that may affect a Fund have not been identified or may","page_number":67,"box":{"x":77,"y":287,"width":863,"height":11}},{"id":"c372b2a8-5f05-45f1-add8-fbcb7ddeee3e","block_type":"box","text":"emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or","page_number":67,"box":{"x":76,"y":302,"width":871,"height":10}},{"id":"ecf96f17-0a6f-4aea-9a60-6340b1f6925a","block_type":"box","text":"information security disruptions or failures or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or","page_number":67,"box":{"x":76,"y":316,"width":895,"height":11}},{"id":"efa15ce4-87ee-4ee5-b6aa-a2394941f36c","block_type":"box","text":"that incidents will go undetected. A Fund cannot control the systems, information security or other cybersecurity of the issuers in which it","page_number":67,"box":{"x":76,"y":330,"width":882,"height":11}},{"id":"9aed37fc-9eb5-45b8-9dd0-78d453048b76","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":67,"box":{"x":76,"y":344,"width":659,"height":11}},{"id":"47d44ceb-bedd-470b-a771-bb65b62372c9","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":67,"box":{"x":77,"y":367,"width":830,"height":11}},{"id":"b2c5d387-f555-43ee-8322-eb66aef543af","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":67,"box":{"x":75,"y":382,"width":905,"height":10}},{"id":"be1f7e42-7f63-4691-b494-a2c1eafb1be8","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":67,"box":{"x":77,"y":396,"width":756,"height":11}},{"id":"f67b0373-a2de-475a-9482-4a9caa3db079","block_type":"box","text":"Ownership Limitations Risk.","page_number":67,"box":{"x":76,"y":419,"width":195,"height":11}},{"id":"e6092721-13c9-48f1-954a-25810b11eb1b","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":67,"box":{"x":277,"y":419,"width":697,"height":11}},{"id":"5c697fff-1bab-4660-a801-cedfec413fd1","block_type":"box","text":"BFA, its affiliates or a Fund, or as a result of third-party transactions or actions by an issuer or regulator, the ability of BFA and its affiliates on","page_number":67,"box":{"x":77,"y":433,"width":900,"height":11}},{"id":"bc86f6bd-f8f0-4434-9150-2a51e67e8dcf","block_type":"box","text":"behalf of clients (including a Fund) to purchase or dispose of investments, exercise rights or undertake business transactions may be","page_number":67,"box":{"x":76,"y":447,"width":851,"height":11}},{"id":"cbe7aaeb-fd6a-43a1-adad-a1291b6e3f05","block_type":"box","text":"restricted by law, regulation or rules or otherwise impaired. The capacity of a Fund to invest in certain securities or other assets may be","page_number":67,"box":{"x":77,"y":461,"width":866,"height":11}},{"id":"d34199ff-bef1-4876-a1ae-a6e666215804","block_type":"box","text":"affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and performance of a Fund’s portfolio","page_number":67,"box":{"x":76,"y":476,"width":903,"height":10}},{"id":"ac36f134-586a-451a-9097-5b6396d785a9","block_type":"box","text":"holdings.","page_number":67,"box":{"x":77,"y":490,"width":55,"height":11}},{"id":"5f659bd0-9475-48a1-91a0-d6f290288abe","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in certain international","page_number":67,"box":{"x":77,"y":513,"width":851,"height":11}},{"id":"a514aca9-415e-41b3-ab4a-55aa9c8e2aa5","block_type":"box","text":"markets. Such limits also may apply where the investing entity (such as a Fund) is subject to corporate or regulatory ownership restrictions","page_number":67,"box":{"x":76,"y":527,"width":890,"height":11}},{"id":"b338a8e1-fbb5-4bcf-ab07-0364b4259bd2","block_type":"box","text":"or invests in certain futures or other derivative transactions. In certain circumstances, aggregate and/or fund-level amounts invested or","page_number":67,"box":{"x":76,"y":541,"width":870,"height":11}},{"id":"2609360f-d6f2-4834-9b10-ea193182f139","block_type":"box","text":"voted by BFA and its affiliates for client funds and accounts managed by BFA (including a Fund) may not exceed the relevant limits without","page_number":67,"box":{"x":76,"y":556,"width":884,"height":10}},{"id":"79158a99-52b8-482b-b9f1-58a6039432be","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no guarantee that","page_number":67,"box":{"x":76,"y":570,"width":906,"height":11}},{"id":"27f18ff9-bb0a-4618-885e-058445348abe","block_type":"box","text":"permission will be granted or that, once granted, it will not be modified or revoked at a later date with minimal or no notice. In other cases,","page_number":67,"box":{"x":76,"y":584,"width":886,"height":11}},{"id":"d17eef48-521f-4adc-80de-eaf22f311b9c","block_type":"box","text":"exceeding such thresholds may cause BFA and its affiliates, a Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":67,"box":{"x":76,"y":598,"width":896,"height":11}},{"id":"80b22fdf-a77c-4386-8144-b35cb286cd28","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BFA’s intent to either comply with or be granted permission to exceed","page_number":67,"box":{"x":76,"y":621,"width":885,"height":11}},{"id":"f62044bf-4396-4091-b6af-839bb53e0abc","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or non","page_number":67,"box":{"x":76,"y":635,"width":854,"height":11}},{"id":"32beed7e-587f-4028-ab2d-72d7ceba27f3","block_type":"box","text":"disapproval that was obtained.","page_number":67,"box":{"x":76,"y":650,"width":195,"height":10}},{"id":"efd66eb3-ba26-4b18-ae85-2a11f0bb1288","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":67,"box":{"x":77,"y":673,"width":235,"height":11}},{"id":"62cdd1a3-0c53-43f3-9281-011154f73e6d","block_type":"box","text":"The economies of some countries or regions depend on trading with certain key trading partners. A","page_number":67,"box":{"x":317,"y":673,"width":636,"height":11}},{"id":"d5eb8b0a-63a4-4cea-96ad-cd64576163f4","block_type":"box","text":"reduction in spending on the products and services of these countries or regions, the institution of tariffs or other trade barriers by a key","page_number":67,"box":{"x":77,"y":687,"width":873,"height":11}},{"id":"c20b22af-6c15-4fe8-aa80-16a445da02d6","block_type":"box","text":"trading partner or a slowdown in the economy of a key trading partner may cause an adverse impact on the economies of such countries or","page_number":67,"box":{"x":76,"y":701,"width":893,"height":11}},{"id":"e459f6b3-4a53-453a-bc72-87bd7a95fd48","block_type":"box","text":"regions and may negatively impact the performance of a Fund with exposure to those countries or regions.","page_number":67,"box":{"x":77,"y":715,"width":681,"height":11}},{"id":"f619f8f2-6bfe-4131-80b1-4d618a6c6230","block_type":"box","text":"Risk of Investing in Agriculture and Livestock.","page_number":67,"box":{"x":77,"y":739,"width":318,"height":10}},{"id":"89c91d73-199f-4178-b30c-3349ad26a6ed","block_type":"box","text":"The agricultural and livestock sectors are subject to government subsidy policies and","page_number":67,"box":{"x":401,"y":739,"width":546,"height":10}},{"id":"1186ab8c-cf56-4045-aedf-36a2e431b3fe","block_type":"box","text":"environmental, health and safety laws and regulations. Specific governmental policies, such as taxes, tariffs, duties, subsidies and import and","page_number":67,"box":{"x":76,"y":753,"width":904,"height":11}},{"id":"28dcc770-4bfb-4fdd-928a-07fced409767","block_type":"box","text":"export restrictions on agricultural commodities, commodity products and livestock, can influence the profitability of investing in agriculture","page_number":67,"box":{"x":76,"y":767,"width":890,"height":11}},{"id":"6068979d-e865-44b2-b92d-2b049366bcac","block_type":"box","text":"and livestock. These industries may also be adversely affected by changes in commercial and consumer demand for their products. A","page_number":67,"box":{"x":76,"y":781,"width":857,"height":11}},{"id":"32682ec8-9ffc-40c3-b56c-56703dfb39fe","block_type":"box","text":"growing competitive landscape and increased availability of such commodities can influence: (i) the planting and raising of certain","page_number":67,"box":{"x":76,"y":795,"width":831,"height":11}},{"id":"6f702f0d-1e2d-47ac-9dac-3dee921d8566","block_type":"box","text":"crops/livestock versus other uses of resources; (ii) the location and size of crop and livestock production; (iii) whether unprocessed or","page_number":67,"box":{"x":76,"y":809,"width":862,"height":11}},{"id":"b81f2f10-a754-46ab-b663-901a3414abc0","block_type":"box","text":"processed commodity products are traded; and (iv) the volume and types of imports and exports. Economic recession or labor difficulties","page_number":67,"box":{"x":76,"y":824,"width":879,"height":10}},{"id":"dd38e9ae-fa21-4ffb-9d35-9ae07db96934","block_type":"box","text":"may also lead to a decrease in demand for the products and services involved in agriculture. As a result, the price of agricultural or livestock","page_number":67,"box":{"x":76,"y":838,"width":896,"height":11}},{"id":"6b770027-b2d3-407c-8f06-c50f4aedb028","block_type":"box","text":"commodities could decline, which would affect the performance of the Fund.","page_number":67,"box":{"x":76,"y":852,"width":491,"height":11}},{"id":"f068e878-7ff1-48ba-9198-ef853872f7b1","block_type":"box","text":"13","page_number":67,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"ce1b5378-29c8-41cb-9d47-9236292540b0","block_type":"box","text":"The agricultural and livestock sectors also are particularly sensitive to changing weather conditions, such as floods or droughts, natural","page_number":68,"box":{"x":76,"y":23,"width":864,"height":11}},{"id":"ef8ccc01-28f5-40ea-b065-5a27c3c9d1b1","block_type":"box","text":"disasters and other factors, such as disease outbreaks and pollution.","page_number":68,"box":{"x":76,"y":37,"width":440,"height":11}},{"id":"babe7919-661e-4db7-898e-29076487d1f3","block_type":"box","text":"Risk of Investing in Australia.","page_number":68,"box":{"x":77,"y":60,"width":202,"height":11}},{"id":"adfc5d36-ae3b-45ea-82a4-33d27479db22","block_type":"box","text":"Investing in Australian issuers involves legal, regulatory, political, currency, security, and economic risks that","page_number":68,"box":{"x":285,"y":61,"width":696,"height":10}},{"id":"e55fe3fc-42cc-48a5-ab0e-6508a6a20159","block_type":"box","text":"are specific to Australia. The Australian economy depends heavily on exports from the energy, agricultural and mining sectors and, as a","page_number":68,"box":{"x":76,"y":75,"width":864,"height":11}},{"id":"5847ab83-28be-4baf-adba-f25200e2d923","block_type":"box","text":"result, is susceptible to fluctuations in the commodity markets. The Australian economy also increasingly depends on its growing services","page_number":68,"box":{"x":77,"y":89,"width":880,"height":11}},{"id":"d70b1e68-fb8d-4767-9397-39c05f575e94","block_type":"box","text":"industry. Intensifying natural disasters in Australia, including drought and bushfires, could adversely impact the value of investments in","page_number":68,"box":{"x":76,"y":103,"width":861,"height":11}},{"id":"4ea50abd-468b-4add-bdc7-93d349f82737","block_type":"box","text":"Australian issuers. The Australian economy depends on trading with key trading partners, including China, Japan, South Korea, the U.S., and","page_number":68,"box":{"x":76,"y":117,"width":893,"height":11}},{"id":"c84bad34-91a5-42fc-9ac3-291988f7c5af","block_type":"box","text":"certain European countries. Reduced spending by any of these trading partners on Australian products and services, or negative changes in","page_number":68,"box":{"x":76,"y":131,"width":892,"height":11}},{"id":"8350a82c-a7d0-42c6-98aa-9ee35e99ec86","block_type":"box","text":"any of these economies, may have an adverse impact on the Australian economy. Economic events in key trading countries can have a","page_number":68,"box":{"x":76,"y":146,"width":861,"height":10}},{"id":"4a3c6907-12d2-488c-870e-d64ca85f9dc7","block_type":"box","text":"significant effect on the Australian economy.","page_number":68,"box":{"x":76,"y":160,"width":285,"height":11}},{"id":"9e316996-1ad3-4816-b991-c09fb72d2393","block_type":"box","text":"Risk of Investing in Canada.","page_number":68,"box":{"x":77,"y":183,"width":191,"height":11}},{"id":"edd5fe00-58bd-487f-bddf-84593488b281","block_type":"box","text":"Investing in Canadian issuers involves legal, regulatory, political, economic, currency, geographic and security","page_number":68,"box":{"x":274,"y":183,"width":703,"height":11}},{"id":"ac549201-f1a6-4281-9d12-bab3ff854f25","block_type":"box","text":"risks that are specific to Canada. The U.S. is Canada’s largest trading and investment partner, and the Canadian economy may be","page_number":68,"box":{"x":77,"y":197,"width":827,"height":11}},{"id":"eec23a96-d993-47fa-9b3e-527bfeab6912","block_type":"box","text":"significantly affected by developments in the U.S. economy and U.S. trade policy changes. The U.S. and Canada are particularly","page_number":68,"box":{"x":76,"y":211,"width":816,"height":11}},{"id":"4802a7a9-a086-4240-99b0-cd58a2d66750","block_type":"box","text":"interdependent with respect to their energy, timber and manufacturing sectors. Canada’s other key trading partners include China, Mexico,","page_number":68,"box":{"x":76,"y":226,"width":890,"height":10}},{"id":"2973b0a1-efa5-4592-a8dd-3e1f1eef84d3","block_type":"box","text":"the United Kingdom and Japan. In addition, Canada is a large supplier of natural resources, including oil, natural gas and agricultural","page_number":68,"box":{"x":76,"y":240,"width":842,"height":11}},{"id":"dcc9239b-5a13-405e-ae9c-c9d76701cd18","block_type":"box","text":"products. As a result, the Canadian economy is sensitive to fluctuations in certain commodity prices. Other risks facing the Canadian","page_number":68,"box":{"x":76,"y":254,"width":850,"height":11}},{"id":"cc1dda31-a744-4809-921f-a62ecb686566","block_type":"box","text":"economy include persistent inflation and low productivity.","page_number":68,"box":{"x":76,"y":268,"width":368,"height":11}},{"id":"07423b0d-9030-48f4-9cf4-c15d9a889045","block_type":"box","text":"Risk of Investing in China.","page_number":68,"box":{"x":77,"y":291,"width":178,"height":11}},{"id":"580bd2bb-7cb4-4136-b98b-cfea2fc0dce3","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject a Fund","page_number":68,"box":{"x":261,"y":291,"width":711,"height":11}},{"id":"3a15bba2-06de-4818-8cf0-cfcfeae96929","block_type":"box","text":"to risks specific to China. China is subject to a considerable degree of economic, political and social instability.","page_number":68,"box":{"x":76,"y":305,"width":708,"height":11}},{"id":"a82976d3-2f17-43ac-b8a5-4bb94d9254b7","block_type":"box","text":"Political and Social Risk.","page_number":68,"box":{"x":76,"y":329,"width":151,"height":8}},{"id":"c242c253-5dc2-4c99-af58-5a95b19f403b","block_type":"box","text":"The Chinese government is authoritarian and has periodically used force to suppress civil dissent. Disparities of","page_number":68,"box":{"x":233,"y":329,"width":713,"height":10}},{"id":"1303d034-bee4-4e11-a0c0-3d6ed5c32fe3","block_type":"box","text":"wealth and the pace of economic liberalization may lead to social turmoil, violence and labor unrest. In addition, China continues to","page_number":68,"box":{"x":76,"y":343,"width":839,"height":11}},{"id":"3904f7e3-4cd2-4778-941b-2fa412ac2eea","block_type":"box","text":"experience disagreements related to integration with Hong Kong and religious and nationalist disputes in Tibet and Xinjiang. There is also a","page_number":68,"box":{"x":76,"y":357,"width":888,"height":11}},{"id":"f384ea84-81a8-4823-829e-f12e2d3271fd","block_type":"box","text":"greater risk in China than in many other countries of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher","page_number":68,"box":{"x":76,"y":371,"width":892,"height":11}},{"id":"bc96dc06-707b-4075-bc10-fad204af8f68","block_type":"box","text":"rates of inflation as a result of internal social unrest or conflicts with other countries. Unanticipated political or social developments may","page_number":68,"box":{"x":77,"y":385,"width":873,"height":11}},{"id":"a0712adc-b100-4e06-810c-9073291601f8","block_type":"box","text":"result in sudden and significant investment losses. China’s income inequality, rapidly aging population and significant environmental issues","page_number":68,"box":{"x":77,"y":400,"width":888,"height":10}},{"id":"dc0b086c-7590-4b18-b6ab-67ba7e6688a2","block_type":"box","text":"also are factors that may affect the Chinese economy.","page_number":68,"box":{"x":76,"y":414,"width":345,"height":11}},{"id":"725415b9-e8b7-4e40-bab9-31cc7aa9b31c","block_type":"box","text":"Government Control and Regulations.","page_number":68,"box":{"x":76,"y":437,"width":234,"height":11}},{"id":"d3097486-1768-43d6-9e92-b6f5db0d9351","block_type":"box","text":"Despite the Chinese government’s implementation of economic and market reforms in recent decades,","page_number":68,"box":{"x":317,"y":437,"width":659,"height":11}},{"id":"cda578ec-ed2d-46d8-b9f3-6e97fdae18cf","block_type":"box","text":"government control over certain sectors and enterprises and significant regulation of investment and industry are still pervasive. China has","page_number":68,"box":{"x":76,"y":451,"width":889,"height":11}},{"id":"295d8df7-b55d-4db6-8a89-37caadde6a6d","block_type":"box","text":"restrictions on investment in companies or industries deemed to be sensitive to particular national interests, trading of securities of Chinese","page_number":68,"box":{"x":77,"y":465,"width":898,"height":11}},{"id":"e98d020f-913d-4559-a68e-2bc3b72e01ab","block_type":"box","text":"issuers, foreign ownership of Chinese corporations and/or the repatriation of assets by foreign investors. Restrictions on foreign ownership","page_number":68,"box":{"x":76,"y":479,"width":894,"height":11}},{"id":"83c87d5a-abe6-412e-96b8-aa86192af21b","block_type":"box","text":"of Chinese securities may have adverse effects on a Fund’s liquidity and performance and could lead to higher tracking error. Chinese","page_number":68,"box":{"x":76,"y":494,"width":855,"height":11}},{"id":"0542079f-f9ae-46f8-ab93-48ac8cd2b9bd","block_type":"box","text":"government intervention in the market may have a negative impact on market sentiment, which may in turn affect the performance of the","page_number":68,"box":{"x":76,"y":508,"width":880,"height":11}},{"id":"6544968d-9778-460e-8b74-df0810730124","block_type":"box","text":"Chinese economy and a Fund’s investments. Chinese markets generally continue to experience inefficiency, lack of publicly available","page_number":68,"box":{"x":76,"y":522,"width":850,"height":11}},{"id":"6b65236a-ff57-4d40-92d0-d782e77d6cc3","block_type":"box","text":"information, and political and social instability and may be subject to volatility and pricing anomalies resulting from governmental influence.","page_number":68,"box":{"x":76,"y":536,"width":893,"height":11}},{"id":"9c408f04-4818-44fc-a35a-39006295363a","block_type":"box","text":"Chinese companies, such as those in the financial services, technology and potentially other sectors, are also subject to the risk that Chinese","page_number":68,"box":{"x":76,"y":550,"width":905,"height":11}},{"id":"376a38e4-3daa-432d-9e27-95bce849d983","block_type":"box","text":"authorities can intervene in their operations and structure, which may negatively affect the value of a Fund’s investments.","page_number":68,"box":{"x":76,"y":565,"width":778,"height":10}},{"id":"1258eb30-18d7-4e1f-9780-714e5ee2eb4e","block_type":"box","text":"Economic Risk.","page_number":68,"box":{"x":76,"y":588,"width":94,"height":8}},{"id":"c64ac7fa-4f30-47ca-b5ed-3cbd7ae04017","block_type":"box","text":"The Chinese economy is highly reliant on trade and may be adversely affected by, among other things, a deterioration in","page_number":68,"box":{"x":176,"y":588,"width":766,"height":11}},{"id":"aabbe43d-649a-45be-9d06-5b798e8805f7","block_type":"box","text":"global demand and spending for Chinese exports or a contraction in spending on domestic goods by Chinese consumers. The institution of","page_number":68,"box":{"x":76,"y":602,"width":887,"height":11}},{"id":"00796c9e-2854-4055-b588-69f178979a93","block_type":"box","text":"additional tariffs or other trade barriers (including as a result of heightened trade tensions between China and the U.S. or in response to","page_number":68,"box":{"x":76,"y":616,"width":869,"height":11}},{"id":"198b695c-28d8-4b7d-840d-ae227e26ceb6","block_type":"box","text":"actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s key trading partners may have an adverse impact","page_number":68,"box":{"x":76,"y":630,"width":893,"height":11}},{"id":"65f56da7-73ea-4bd7-b494-53575eec237d","block_type":"box","text":"on the Chinese economy and companies in which a Fund invests. The current political climate has intensified concerns about a potential","page_number":68,"box":{"x":76,"y":644,"width":871,"height":11}},{"id":"329b9251-5b3f-4926-a42d-77ec422f9038","block_type":"box","text":"trade war between China and the U.S. as each country has imposed tariffs on the other. These actions and their consequences (which are","page_number":68,"box":{"x":76,"y":659,"width":881,"height":10}},{"id":"7690681b-8376-4b8f-a840-a816c46f9416","block_type":"box","text":"difficult to predict) could have a negative impact on a Fund’s performance. It is unclear whether further tariffs or other escalating actions","page_number":68,"box":{"x":76,"y":673,"width":876,"height":11}},{"id":"0efe73e6-191e-4b94-a2dd-b78547582131","block_type":"box","text":"may occur.","page_number":68,"box":{"x":76,"y":689,"width":69,"height":9}},{"id":"a581ddd7-78eb-4bae-b911-bef0eb7ad906","block_type":"box","text":"In addition, certain Chinese companies (which may change from time to time) are directly or indirectly subject to economic or trade","page_number":68,"box":{"x":77,"y":710,"width":840,"height":11}},{"id":"89938025-ff96-43a9-be18-6a80d55aab0b","block_type":"box","text":"restrictions imposed by the U.S. or other governments due to national security, human rights or other concerns of such government. For","page_number":68,"box":{"x":77,"y":724,"width":872,"height":11}},{"id":"c683293a-063b-40a4-9453-bbf28f8ce5eb","block_type":"box","text":"example, certain foreign technology companies are subject to export controls as those companies are believed to pose a risk to U.S.","page_number":68,"box":{"x":76,"y":739,"width":848,"height":10}},{"id":"69f458e1-af09-4c41-a233-29c656a0d8c1","block_type":"box","text":"interests. The U.S. also bans imports of goods produced in certain regions of China or by certain Chinese companies due to concerns about","page_number":68,"box":{"x":76,"y":753,"width":893,"height":11}},{"id":"3775826e-9b6d-4442-995a-2a6d8ceba687","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that targets","page_number":68,"box":{"x":76,"y":767,"width":898,"height":11}},{"id":"6c40a321-44f1-4631-aeab-886a3e8f99dc","block_type":"box","text":"Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions. A","page_number":68,"box":{"x":76,"y":781,"width":863,"height":11}},{"id":"6e6261f3-a1cd-4f95-b0c5-400e2e6a1d22","block_type":"box","text":"Fund’s Underlying Index may include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed","page_number":68,"box":{"x":77,"y":795,"width":897,"height":11}},{"id":"e013948a-88bd-4ddf-bec0-c362ed6554bf","block_type":"box","text":"by the U.S. or other governments. So long as these restrictions do not include restrictions on investments, a Fund is generally expected to","page_number":68,"box":{"x":76,"y":810,"width":884,"height":10}},{"id":"d51586d0-c7b6-4845-af09-9059965eee07","block_type":"box","text":"invest in such companies, consistent with its objective to track the performance of its Underlying Index. Other economic challenges for China","page_number":68,"box":{"x":76,"y":824,"width":905,"height":11}},{"id":"3a9dee64-7a7c-4de0-82d7-79da89aeca84","block_type":"box","text":"include indebtedness, weak consumer demand, and an aging population. China continues to face pressure from its trading partners over its","page_number":68,"box":{"x":76,"y":838,"width":893,"height":11}},{"id":"b24d4955-6f5c-4f5f-99d3-c524fb0040f8","block_type":"box","text":"exporting of its excess industrial capacity and overall approach to economic management.","page_number":68,"box":{"x":76,"y":852,"width":578,"height":11}},{"id":"89660e63-8915-465d-8a2f-5459d66cae8f","block_type":"box","text":"14","page_number":68,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"1fc17199-c123-410e-9d15-3338c2e7a29e","block_type":"box","text":"Expropriation Risk.","page_number":69,"box":{"x":76,"y":23,"width":116,"height":11}},{"id":"94e52544-c120-460f-85ef-3ae8c415fbf5","block_type":"box","text":"The Chinese government maintains a major role in economic policymaking, and investing in China involves risk of loss due","page_number":69,"box":{"x":198,"y":23,"width":781,"height":11}},{"id":"386c7343-2bbc-4002-9719-7d1ec25c5b33","block_type":"box","text":"to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on","page_number":69,"box":{"x":76,"y":37,"width":841,"height":11}},{"id":"530d20a9-8f7d-4b97-ad8b-8133620a49fe","block_type":"box","text":"repatriation of capital invested.","page_number":69,"box":{"x":77,"y":51,"width":198,"height":11}},{"id":"c74aa63f-1643-4037-a53a-144b86b491aa","block_type":"box","text":"Security Risk.","page_number":69,"box":{"x":76,"y":75,"width":83,"height":10}},{"id":"acb54ba7-5ecc-4c78-a1cf-a0bc5e892580","block_type":"box","text":"China has strained international relations with Taiwan, Japan, the Philippines, India, and other neighbors due to territorial","page_number":69,"box":{"x":166,"y":75,"width":770,"height":11}},{"id":"087f4d35-9663-45c5-98da-6b8b119735b0","block_type":"box","text":"disputes, historical animosities, defense concerns and other security concerns. China has a complex territorial dispute regarding the","page_number":69,"box":{"x":76,"y":89,"width":848,"height":11}},{"id":"5f55a67c-5f3e-45be-838a-a73cd8daa467","block_type":"box","text":"sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary. The Chinese military has conducted military","page_number":69,"box":{"x":76,"y":103,"width":898,"height":11}},{"id":"96287a39-aaef-42b4-be5b-03b629ebb4d0","block_type":"box","text":"drills around Taiwan in connection with China’s claim to Taiwan. Taiwan-based companies and individuals are significant investors in China.","page_number":69,"box":{"x":76,"y":117,"width":886,"height":11}},{"id":"c3ced853-e896-4ad4-afe5-f104a9726591","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on their economies and markets and on the value of a Fund’s","page_number":69,"box":{"x":76,"y":131,"width":879,"height":11}},{"id":"d46fd07f-e29c-48c0-bca1-a7de27687b56","block_type":"box","text":"investments in China, Taiwan or the region, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may","page_number":69,"box":{"x":76,"y":146,"width":887,"height":10}},{"id":"d3e4f092-c248-4dcb-827d-7a5f35a9ab57","block_type":"box","text":"otherwise make such investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a","page_number":69,"box":{"x":76,"y":160,"width":883,"height":11}},{"id":"4de4e83c-ba71-4474-b026-a9c00fbbd1a2","block_type":"box","text":"risk of escalation potentially leading to military conflict.","page_number":69,"box":{"x":77,"y":174,"width":353,"height":11}},{"id":"79eecb4c-bbfb-4054-a3ba-b38a47400597","block_type":"box","text":"Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments.","page_number":69,"box":{"x":76,"y":197,"width":866,"height":11}},{"id":"14717316-6bac-4635-ba11-650c7e9a8e4d","block_type":"box","text":"Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export","page_number":69,"box":{"x":76,"y":211,"width":876,"height":11}},{"id":"2943ca88-df99-45e1-97f8-6c2e1aebbdfe","block_type":"box","text":"controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers in","page_number":69,"box":{"x":76,"y":226,"width":871,"height":10}},{"id":"c6e46cd6-cb0c-45fd-ba77-02f9c47dc0ed","block_type":"box","text":"which a Fund invests. It may be impossible or impracticable for a Fund to hold, transact in or value securities of sanctioned companies, and","page_number":69,"box":{"x":76,"y":240,"width":891,"height":11}},{"id":"84036705-fbb0-4ddf-b1da-b565f5250d3e","block_type":"box","text":"there may be a significant decrease in the valuation of such securities. Relations between China’s Han ethnic majority and other ethnic","page_number":69,"box":{"x":76,"y":254,"width":863,"height":11}},{"id":"9e915d1e-2666-4075-b9ee-2cc9d636e748","block_type":"box","text":"groups in China, including Tibetans and Uighurs, are also strained and have been marked, historically, by protests and violence. These","page_number":69,"box":{"x":76,"y":268,"width":855,"height":11}},{"id":"4ebf6893-2ffb-4508-8ca1-d263cff2d759","block_type":"box","text":"situations may cause uncertainty in the Chinese markets and may adversely affect the Chinese economy. In addition, conflict on the Korean","page_number":69,"box":{"x":76,"y":282,"width":893,"height":11}},{"id":"a8439574-ad38-4b25-b3c3-1aab86343e5d","block_type":"box","text":"Peninsula could adversely affect the Chinese economy. Such risks, among others, may adversely affect the value of a Fund’s investments.","page_number":69,"box":{"x":77,"y":296,"width":879,"height":11}},{"id":"fad8e060-4750-4958-af8e-344d69e53b83","block_type":"box","text":"Chinese Equity Markets.","page_number":69,"box":{"x":76,"y":320,"width":151,"height":10}},{"id":"7017308b-154c-41e2-a795-a597b6b9dc65","block_type":"box","text":"There are several types of Chinese equity securities, including H-shares, A-shares, B-shares, Red-Chips and/or P","page_number":69,"box":{"x":233,"y":320,"width":726,"height":10}},{"id":"ac5e11df-215c-4c04-8439-90082d4e6f97","block_type":"box","text":"Chips. The issuance of B-shares and H-shares by Chinese companies and the ability to obtain a “back-door listing” through Red-Chips or P","page_number":69,"box":{"x":76,"y":334,"width":889,"height":11}},{"id":"15398231-75fd-4164-91f7-eef0fdd086b0","block_type":"box","text":"Chips is still regarded by the Chinese authorities as an experiment in economic reform. “Back-door listing” is a means by which a mainland","page_number":69,"box":{"x":76,"y":348,"width":887,"height":11}},{"id":"32b93a4d-4304-468d-93be-192c05df1e5a","block_type":"box","text":"Chinese company issues Red-Chips or P-Chips to obtain quick access to international listing and international capital. These share","page_number":69,"box":{"x":76,"y":362,"width":834,"height":11}},{"id":"5c7d482d-3f78-4612-96b6-63d5cead3c70","block_type":"box","text":"mechanisms are subject to the political and economic policies in China. In the Chinese securities markets, a small number of issuers may","page_number":69,"box":{"x":76,"y":376,"width":880,"height":11}},{"id":"c823dc41-c263-4b7d-a3d2-74da5beaabe2","block_type":"box","text":"represent a large portion of the entire market. The Chinese securities markets also may be subject to more frequent trading halts, low trading","page_number":69,"box":{"x":77,"y":391,"width":905,"height":10}},{"id":"b224c453-889c-4312-b625-69ccdee162f7","block_type":"box","text":"volume and price volatility.","page_number":69,"box":{"x":76,"y":405,"width":170,"height":11}},{"id":"c48a177e-6813-49ad-abc3-8561492673ac","block_type":"box","text":"Hong Kong Political Risk.","page_number":69,"box":{"x":76,"y":428,"width":154,"height":11}},{"id":"e9b49f79-3659-49bd-bba0-53933f4299a9","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region (“SAR”) of the","page_number":69,"box":{"x":237,"y":428,"width":692,"height":11}},{"id":"387781a0-2cb4-4b4b-8fda-1eeb76cd50f5","block_type":"box","text":"People’s Republic of China (“PRC”) under the principle of “one country, two systems.” Although China is obligated by treaty to maintain the","page_number":69,"box":{"x":77,"y":442,"width":887,"height":11}},{"id":"410acfb5-334c-4523-990b-de0d12328246","block_type":"box","text":"current capitalist economic and social system of Hong Kong through June 30, 2047, the continuation of economic and social freedoms","page_number":69,"box":{"x":76,"y":456,"width":861,"height":11}},{"id":"509674f5-27a6-42d0-9561-44601a8efd8e","block_type":"box","text":"enjoyed in Hong Kong is dependent on the government of China. Hong Kong has experienced protests and unrest related to China’s control,","page_number":69,"box":{"x":76,"y":470,"width":895,"height":11}},{"id":"24817af1-a3de-4242-a50e-c5991fea4037","block_type":"box","text":"and tensions have increased between China and Hong Kong. Due to the interconnected nature of the Hong Kong and Chinese economies,","page_number":69,"box":{"x":76,"y":485,"width":881,"height":10}},{"id":"033d9d26-1e94-411f-8178-49443d4ab878","block_type":"box","text":"instability in Hong Kong may adversely affect the Hong Kong and Chinese markets. Other countries’ perceptions of the degree of","page_number":69,"box":{"x":76,"y":499,"width":823,"height":11}},{"id":"ef0a83c8-edfb-4492-992c-cdf491df866a","block_type":"box","text":"convergence between China and Hong Kong, such as with respect to trade, and resulting actions also may impact both economies. In","page_number":69,"box":{"x":76,"y":513,"width":853,"height":11}},{"id":"64f23d2f-5c95-4d7d-993b-62f2cf0c9040","block_type":"box","text":"addition, the Hong Kong dollar trades at a fixed exchange rate in relation to (or is “pegged” to) the U.S. dollar, which has contributed to the","page_number":69,"box":{"x":76,"y":527,"width":888,"height":11}},{"id":"1eeffc6c-85f0-4efe-81a6-46a67c8ec26e","block_type":"box","text":"growth and stability of the Hong Kong economy. However, it is uncertain how long the currency peg will continue or what effect the","page_number":69,"box":{"x":76,"y":541,"width":838,"height":11}},{"id":"8c1480cd-6187-4ab9-8761-9cd687029af9","block_type":"box","text":"establishment of an alternative exchange rate system would have on Hong Kong’s economy. Such a change could result in a decline in a","page_number":69,"box":{"x":76,"y":556,"width":869,"height":10}},{"id":"b7ebb4ee-3823-433e-a407-dd4ba42f6d7b","block_type":"box","text":"Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":69,"box":{"x":77,"y":570,"width":384,"height":8}},{"id":"22de588e-6a2b-4b9e-b102-f37a21c86c9a","block_type":"box","text":"Limited Information, Legal Remedies and VIE Structure Risk.","page_number":69,"box":{"x":76,"y":593,"width":376,"height":11}},{"id":"d762af5a-9dd3-44dd-a9db-c1c0d928f927","block_type":"box","text":"Chinese companies, including Chinese companies that are listed on U.S.","page_number":69,"box":{"x":459,"y":593,"width":462,"height":11}},{"id":"2c6144f2-4824-4129-9058-1815cdb8297a","block_type":"box","text":"exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more","page_number":69,"box":{"x":76,"y":607,"width":896,"height":11}},{"id":"34f867ee-ca82-4e15-9b0c-60fd0fdca6eb","block_type":"box","text":"developed countries. As a result, information about the Chinese securities in which the Fund invests may be less reliable or complete.","page_number":69,"box":{"x":76,"y":621,"width":855,"height":11}},{"id":"93c181b5-39fd-4a7e-b520-f0b8826ae589","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor","page_number":69,"box":{"x":76,"y":635,"width":864,"height":11}},{"id":"7429ef2e-d780-4e31-b86f-ca2c78c57f77","block_type":"box","text":"oversight requirements, or for other reasons, which would significantly decrease the liquidity and value of the securities. There may be","page_number":69,"box":{"x":76,"y":650,"width":859,"height":10}},{"id":"3a82918b-a8bf-4e28-824c-df83786a291b","block_type":"box","text":"significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders","page_number":69,"box":{"x":76,"y":664,"width":876,"height":11}},{"id":"f9fb8568-09bf-4b88-961c-66a46ba910f5","block_type":"box","text":"may have limited legal remedies. The Funds do not select investments based on investor protection considerations.","page_number":69,"box":{"x":76,"y":678,"width":738,"height":11}},{"id":"b5b0d1f1-87b1-4ed0-b810-613d709c7463","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of foreign ownership","page_number":69,"box":{"x":77,"y":701,"width":888,"height":11}},{"id":"92218cfe-7875-40f8-9e4c-5ad489a7562e","block_type":"box","text":"restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another jurisdiction to issue stock to public","page_number":69,"box":{"x":77,"y":715,"width":869,"height":11}},{"id":"c324f9ee-bea7-4ab9-a1a8-2e4eedd6a7a3","block_type":"box","text":"shareholders. When a VIE structure is used by a Chinese company to list its stock in the U.S., instead of owning the equity securities of the","page_number":69,"box":{"x":76,"y":730,"width":888,"height":10}},{"id":"ea551371-7464-4374-8086-961e458f5a88","block_type":"box","text":"Chinese company, the U.S.-listed shell company directly or indirectly enters into contracts with the Chinese operating company under","page_number":69,"box":{"x":76,"y":744,"width":858,"height":11}},{"id":"b95c90ee-09b7-414c-9a91-9da0b82ea5f2","block_type":"box","text":"Chinese law. These contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":69,"box":{"x":76,"y":758,"width":852,"height":11}},{"id":"70893048-8700-4904-9893-c5c09495aa37","block_type":"box","text":"represent equity ownership in the operating company.","page_number":69,"box":{"x":77,"y":772,"width":344,"height":11}},{"id":"ea055b00-0617-442c-b2ea-e8f629bee398","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been formally recognized under","page_number":69,"box":{"x":76,"y":795,"width":888,"height":11}},{"id":"3c021f5f-af3c-4322-9cbe-4518332846f2","block_type":"box","text":"Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based companies raising capital offshore,","page_number":69,"box":{"x":76,"y":809,"width":906,"height":11}},{"id":"462baf11-14f1-445e-a76d-4d186dea7d24","block_type":"box","text":"including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”) released new rules that permit the use of VIE","page_number":69,"box":{"x":76,"y":824,"width":849,"height":11}},{"id":"328e9ec0-b806-4a04-b590-e15f653bfbc3","block_type":"box","text":"structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo","page_number":69,"box":{"x":76,"y":838,"width":890,"height":11}},{"id":"b5aaf627-9b20-41a6-9a03-6a3e61b1a98f","block_type":"box","text":"greater scrutiny and add costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":69,"box":{"x":76,"y":852,"width":855,"height":11}},{"id":"f272a009-1e9f-45e1-a40b-3cb7e6aa4a50","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s business in China, the","page_number":69,"box":{"x":76,"y":866,"width":898,"height":11}},{"id":"c29822e8-1948-4fb6-b660-b126bfe5aad6","block_type":"box","text":"enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese company and the value of the U.S.-listed stock.","page_number":69,"box":{"x":76,"y":880,"width":892,"height":11}},{"id":"b3f6f847-9aa7-4b2a-8104-95fb8d29c2dd","block_type":"box","text":"15","page_number":69,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"c45a79ce-3a8b-43e7-94d5-891fa3aa8884","block_type":"box","text":"Further, the VIE contractual arrangement would likely be subject to Chinese law and jurisdiction, and remedies available to the U.S.-listed","page_number":70,"box":{"x":77,"y":23,"width":879,"height":11}},{"id":"7907eee7-bf46-4406-b74e-0ff86469c30d","block_type":"box","text":"shell company are uncertain and could be ineffective. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":70,"box":{"x":76,"y":37,"width":904,"height":11}},{"id":"0cf390e5-b0b4-43a8-a2fa-b8a486c81434","block_type":"box","text":"arrangements or the legal or regulatory environment in China, generally or with respect to specific industries, could result in significant, and","page_number":70,"box":{"x":76,"y":51,"width":894,"height":11}},{"id":"e0d712ce-c561-4654-8c54-7e4e1235b972","block_type":"box","text":"possibly permanent and/or total, losses to a Fund.","page_number":70,"box":{"x":76,"y":66,"width":324,"height":10}},{"id":"8c0b604f-bae9-48bf-9a58-26d64c7a486a","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":70,"box":{"x":77,"y":89,"width":285,"height":11}},{"id":"5477024a-fd34-4037-8ef9-558578ca8407","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":70,"box":{"x":368,"y":89,"width":568,"height":11}},{"id":"411d0ed8-0abd-4ae8-94a4-6286594c26ed","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":70,"box":{"x":76,"y":103,"width":878,"height":11}},{"id":"35c4158e-e300-450a-8cd6-e8ed847d9f51","block_type":"box","text":"sectors (","page_number":70,"box":{"x":76,"y":117,"width":55,"height":11}},{"id":"8c0155f7-5968-4378-9fb1-1c19cfb22d12","block_type":"box","text":"e.g.,","page_number":70,"box":{"x":132,"y":120,"width":25,"height":8}},{"id":"502702fd-e3a9-4944-b3a6-2e199a025470","block_type":"box","text":"the financial services sector) as the primary means of economic growth. A prolonged slowdown in one or more services sectors","page_number":70,"box":{"x":163,"y":117,"width":817,"height":11}},{"id":"56e14a50-8bb7-4fc3-b096-cf9c21b3ca1f","block_type":"box","text":"is likely to have a negative impact on economies of certain developed countries, although economies of individual developed countries can","page_number":70,"box":{"x":76,"y":131,"width":887,"height":11}},{"id":"ec41b81e-cb3b-4b6f-b103-58883c5a1af0","block_type":"box","text":"be impacted by slowdowns in other sectors. In the past, certain developed countries have been targets of terrorism, and some geographic","page_number":70,"box":{"x":76,"y":146,"width":884,"height":10}},{"id":"7b342a99-02f2-44ec-93c1-4cc94e35c098","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":70,"box":{"x":76,"y":160,"width":874,"height":11}},{"id":"f45871cd-086e-4171-8199-324dc31f1d8b","block_type":"box","text":"concerns and other security concerns. These situations may cause uncertainty in the financial markets in these countries or geographic","page_number":70,"box":{"x":76,"y":174,"width":868,"height":11}},{"id":"6aa2710e-251a-4efa-bcd8-9c381c0e2cee","block_type":"box","text":"areas and may adversely affect the performance of the issuers to which a Fund has exposure. Heavy regulation of certain markets, including","page_number":70,"box":{"x":76,"y":188,"width":897,"height":11}},{"id":"03fafa33-ac37-4196-8dbf-4b148c20bbb3","block_type":"box","text":"labor and product markets, may have an adverse effect on certain issuers. Such regulations may negatively affect economic growth or cause","page_number":70,"box":{"x":77,"y":202,"width":899,"height":11}},{"id":"3a3ef83f-e890-4f8d-9f9f-38973386229a","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":70,"box":{"x":76,"y":216,"width":860,"height":11}},{"id":"0909a534-158e-43d4-9877-5b417050c7f4","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":70,"box":{"x":76,"y":231,"width":877,"height":11}},{"id":"ed34d4fb-47de-4269-aae8-5c40b7ee983e","block_type":"box","text":"country economies.","page_number":70,"box":{"x":76,"y":245,"width":126,"height":11}},{"id":"37021d6c-25bb-47d3-9b7f-bb5074dcdf69","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":70,"box":{"x":77,"y":268,"width":266,"height":11}},{"id":"26e02703-6dfb-491a-a8a4-6f189c3e2e47","block_type":"box","text":"Investments in emerging market issuers may be subject to a greater risk of loss than investments","page_number":70,"box":{"x":349,"y":268,"width":625,"height":11}},{"id":"e30ebb5e-173e-40e4-a19e-aaf42f386910","block_type":"box","text":"in issuers located or operating in more developed markets. This is due to, among other things, the potential for greater market volatility,","page_number":70,"box":{"x":76,"y":282,"width":869,"height":11}},{"id":"012909d6-ec09-4012-868e-933791afbc74","block_type":"box","text":"lower trading volume, higher levels of inflation, social, political or economic instability, greater risk of a market shutdown and more","page_number":70,"box":{"x":77,"y":296,"width":836,"height":11}},{"id":"7d85b50d-d736-4bbd-9c24-198ba70f0462","block_type":"box","text":"governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets.","page_number":70,"box":{"x":76,"y":311,"width":838,"height":10}},{"id":"ec2cbbda-7649-4112-99d5-2aa20b71ffe9","block_type":"box","text":"Some emerging market countries may experience economic instability, including instability resulting from substantial rates of inflation or","page_number":70,"box":{"x":76,"y":334,"width":876,"height":11}},{"id":"43008fdf-5055-4632-be8f-d8551f81ac33","block_type":"box","text":"significant devaluations of their currency, or economic recessions, which would have a negative effect on the economies and financial","page_number":70,"box":{"x":76,"y":348,"width":856,"height":11}},{"id":"5d7d8db3-ff5d-42ce-9b98-50140b445948","block_type":"box","text":"markets of their economies. Some of these countries may impose restrictions on the exchange or export of currency or adverse currency","page_number":70,"box":{"x":76,"y":362,"width":879,"height":11}},{"id":"934e91fc-e149-4811-a770-64016c5fa217","block_type":"box","text":"exchange rates, and there may be a lack of available currency hedging instruments.","page_number":70,"box":{"x":76,"y":376,"width":533,"height":11}},{"id":"a0f58fe5-779c-49c2-9e8a-1d4a2aa37b7e","block_type":"box","text":"Disparities of wealth, the pace and success of democratization and ethnic, religious and racial disaffection, among other factors, may","page_number":70,"box":{"x":77,"y":400,"width":852,"height":10}},{"id":"795e50ca-47e8-4327-b603-fce8d08c2f9f","block_type":"box","text":"exacerbate unrest or violence in certain countries. Unanticipated or sudden political or social developments may result in sudden and","page_number":70,"box":{"x":76,"y":414,"width":854,"height":11}},{"id":"204ab242-1235-4c5c-b7db-84142413cf1c","block_type":"box","text":"significant investment losses.","page_number":70,"box":{"x":76,"y":428,"width":188,"height":11}},{"id":"e7274260-66c2-4734-87e3-63230b8ded7a","block_type":"box","text":"Companies in many emerging markets are not subject to the same degree of regulatory requirements, accounting standards or auditor","page_number":70,"box":{"x":76,"y":451,"width":863,"height":11}},{"id":"c0a04eaa-5cc9-45a1-b8e8-cca2af4b29d4","block_type":"box","text":"oversight as companies in more developed countries, and as a result, information about the securities in which a Fund invests may be less","page_number":70,"box":{"x":76,"y":465,"width":884,"height":11}},{"id":"4dec0e0c-752f-41ea-902d-3d53fcfd2e59","block_type":"box","text":"reliable or complete. Moreover, emerging markets often have less reliable securities valuations and greater risks associated with the custody","page_number":70,"box":{"x":77,"y":479,"width":902,"height":11}},{"id":"d76af857-d16b-47b6-ac83-e42e10826750","block_type":"box","text":"of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or","page_number":70,"box":{"x":76,"y":494,"width":854,"height":11}},{"id":"1afe588b-64cb-4131-a669-17f4142fd1fe","block_type":"box","text":"litigation against companies, and shareholders may have limited legal remedies. A Fund’s investments are not selected based on investor","page_number":70,"box":{"x":77,"y":508,"width":878,"height":11}},{"id":"7f3adeb3-9be7-4714-9ae9-6d884340f692","block_type":"box","text":"protection considerations.","page_number":70,"box":{"x":76,"y":522,"width":167,"height":11}},{"id":"7f9ae4b1-3e1b-4bd0-a96c-4003aef7ac5b","block_type":"box","text":"In addition, emerging markets often have greater risk of capital controls through such measures as taxes or interest rate control than","page_number":70,"box":{"x":77,"y":545,"width":851,"height":11}},{"id":"cce01a08-613c-48dd-9e97-ecbef9693771","block_type":"box","text":"developed markets. Certain emerging market countries may also lack the infrastructure necessary to attract large amounts of foreign trade","page_number":70,"box":{"x":76,"y":559,"width":892,"height":11}},{"id":"b8d01d09-c6ce-4368-ba57-162a52cf4c0f","block_type":"box","text":"and investment. Chronic structural public sector deficits in some countries may adversely impact a Fund’s investments.","page_number":70,"box":{"x":76,"y":574,"width":765,"height":10}},{"id":"79d6e4e1-b8b2-4f78-aee9-8060060278da","block_type":"box","text":"Local securities markets in emerging market countries may trade a small number of securities and may be unable to respond effectively to","page_number":70,"box":{"x":77,"y":597,"width":885,"height":11}},{"id":"1dc46e05-2cac-4854-9b74-9b620f54a907","block_type":"box","text":"changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Settlement procedures in","page_number":70,"box":{"x":76,"y":611,"width":857,"height":11}},{"id":"dfb6ab59-d446-450c-a0ab-c70b3c6e20df","block_type":"box","text":"emerging market countries are frequently less developed and reliable than those in the U.S. (and other developed countries). In addition,","page_number":70,"box":{"x":76,"y":625,"width":875,"height":11}},{"id":"9dede36a-c970-4ded-a5f4-1504ecb52b49","block_type":"box","text":"significant delays may occur in certain markets in registering the transfer of securities. Settlement or registration problems may make it","page_number":70,"box":{"x":76,"y":639,"width":870,"height":11}},{"id":"80db669d-8343-4fcb-8c46-b3ae4373c42f","block_type":"box","text":"more difficult for a Fund to value its portfolio securities and could have an adverse effect on a Fund in seeking to achieve its investment","page_number":70,"box":{"x":76,"y":654,"width":867,"height":10}},{"id":"b1b7a156-e15d-4c89-8987-5f8d53ba26a4","block_type":"box","text":"objective.","page_number":70,"box":{"x":76,"y":668,"width":61,"height":10}},{"id":"f49be10d-e4cb-4d51-ad3c-19a4779550c4","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those caused by environmental","page_number":70,"box":{"x":76,"y":691,"width":858,"height":11}},{"id":"f833f009-c2dd-4962-8b5a-dd8d372413f4","block_type":"box","text":"changes, social issues and governance risk. Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":70,"box":{"x":76,"y":705,"width":863,"height":11}},{"id":"d61844a3-314d-4f7b-88d7-41206470f358","block_type":"box","text":"generally less available or transparent in these markets.","page_number":70,"box":{"x":76,"y":719,"width":357,"height":11}},{"id":"bfd71b65-4785-42a4-aa2b-c1a9328f65e5","block_type":"box","text":"Investments in emerging market countries may be subject to loss due to expropriation, nationalization, confiscation of assets and property or","page_number":70,"box":{"x":77,"y":742,"width":904,"height":11}},{"id":"c083c69b-e7f8-4cb0-9a07-441111271b90","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested in such countries.","page_number":70,"box":{"x":76,"y":757,"width":700,"height":10}},{"id":"42486dc7-3d86-4427-8373-b0dbb483d2ce","block_type":"box","text":"Risk of Investing in Industrial Metals.","page_number":70,"box":{"x":77,"y":780,"width":257,"height":11}},{"id":"6e99bff9-2e04-4376-8cf7-d47e732efeb0","block_type":"box","text":"The price of industrial metals may be adversely affected by unpredictable international economic","page_number":70,"box":{"x":339,"y":780,"width":622,"height":11}},{"id":"1f831cf3-e910-4a96-bf9d-4c47f170282f","block_type":"box","text":"and political policies, such as currency devaluations or revaluations, economic and social conditions within an individual country, trade","page_number":70,"box":{"x":76,"y":794,"width":861,"height":11}},{"id":"84d15bf2-c0b3-423c-ab98-1202e99d87c1","block_type":"box","text":"imbalances, or trade or currency restrictions between countries. As a result, the price of industrial metals historically has been subject to","page_number":70,"box":{"x":76,"y":808,"width":878,"height":11}},{"id":"77795c3d-5212-44aa-90a7-de9ba47192fd","block_type":"box","text":"substantial price fluctuations over short periods of time.","page_number":70,"box":{"x":76,"y":822,"width":358,"height":11}},{"id":"1e280efa-648b-4738-8d78-38b16eb9d02a","block_type":"box","text":"This sector also could be adversely affected by changes in exchange rates and inflation, imposition of import controls, increased competition,","page_number":70,"box":{"x":76,"y":846,"width":904,"height":10}},{"id":"eb891b7e-ca29-42a4-8597-95c6606e3e5b","block_type":"box","text":"and changes in industrial and commercial demand for industrial metals as the principal supplies of metal industries may be concentrated in a","page_number":70,"box":{"x":76,"y":860,"width":902,"height":11}},{"id":"c1361239-808d-4599-8cd6-f58b0d62473d","block_type":"box","text":"small number of countries and regions.","page_number":70,"box":{"x":76,"y":874,"width":249,"height":11}},{"id":"eec17994-7135-43fb-8819-b51fc874f63e","block_type":"box","text":"16","page_number":70,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"0135bbef-9c64-4dad-afed-d83f891c6104","block_type":"box","text":"Risk of Investing in Precious Metals.","page_number":71,"box":{"x":77,"y":23,"width":251,"height":11}},{"id":"d01a5af7-d380-4a5e-89ae-40c26dc7843d","block_type":"box","text":"Prices of precious metals and of precious metal-related financial instruments historically have been","page_number":71,"box":{"x":334,"y":23,"width":637,"height":11}},{"id":"fbc25dbf-9bb6-445d-9ad6-5acdaf9264bb","block_type":"box","text":"very volatile. The high volatility of precious metal prices may adversely affect the prices of financial instruments that derive their value from","page_number":71,"box":{"x":76,"y":37,"width":890,"height":11}},{"id":"6abafc14-a6f8-4478-a9cf-1f29eabd6f00","block_type":"box","text":"the price of underlying precious metals. The production and sale of precious metals by governments, central banks or other larger holders","page_number":71,"box":{"x":76,"y":51,"width":882,"height":11}},{"id":"8b696e04-8a5a-4795-8fe7-5c29cbe7ec1f","block_type":"box","text":"can be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on","page_number":71,"box":{"x":76,"y":66,"width":900,"height":11}},{"id":"b36a0ce4-1d8e-4405-9e69-10a47cf03328","block_type":"box","text":"the prices of precious metals. Other factors that may affect the prices of precious metal-related financial instruments include changes in","page_number":71,"box":{"x":76,"y":80,"width":874,"height":11}},{"id":"ea223f35-38b2-4b6a-93b4-0e0d87bd6d3f","block_type":"box","text":"inflation, the outlook for inflation and changes in industrial and commercial demand for precious metals.","page_number":71,"box":{"x":76,"y":94,"width":667,"height":11}},{"id":"e15bca03-c0ca-439a-9d84-06db25e42162","block_type":"box","text":"Some precious metals mining operation companies may hedge, to varying degrees, their exposure to declines in precious metals prices by","page_number":71,"box":{"x":76,"y":117,"width":886,"height":11}},{"id":"17585b39-8e76-4964-8233-d93ebbc492b4","block_type":"box","text":"selling forward future production. This may affect prices of precious metals-related financial instruments, which in turn may limit the Fund’s","page_number":71,"box":{"x":76,"y":131,"width":893,"height":11}},{"id":"831fbd8d-e8de-4f98-bc5e-72243891cff6","block_type":"box","text":"ability to benefit from future increases in the price of precious metals, thereby lowering returns to the Fund.","page_number":71,"box":{"x":76,"y":146,"width":689,"height":10}},{"id":"0e0f28ec-5409-4fd5-bf47-285e7e9d2b91","block_type":"box","text":"Additionally, increased environmental or labor costs may depress the value of mining and metal investments.","page_number":71,"box":{"x":76,"y":169,"width":697,"height":11}},{"id":"f904a8b3-24ad-44bd-875b-8182c1c1b49a","block_type":"box","text":"Risk of Investing in Russia.","page_number":71,"box":{"x":77,"y":192,"width":185,"height":11}},{"id":"fa14de96-d5c5-4169-91ce-6fd7f0b17408","block_type":"box","text":"Investing in Russian securities involves significant risks, in addition to those described under “Risk of Investing","page_number":71,"box":{"x":268,"y":192,"width":708,"height":11}},{"id":"b7f0d0c3-8267-4e6d-924b-1e10cd017c60","block_type":"box","text":"in Emerging Markets” and “Non-U.S. Securities Risk,” that are not typically associated with investing in U.S. securities, including:","page_number":71,"box":{"x":76,"y":206,"width":825,"height":11}},{"id":"49898adc-4bbd-46d3-91c0-a3c14c7054c6","block_type":"box","text":"The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used","page_number":71,"box":{"x":113,"y":224,"width":857,"height":11}},{"id":"80327c77-b546-4f00-b08d-5324750ae7ac","block_type":"box","text":"in Russia;","page_number":71,"box":{"x":113,"y":238,"width":60,"height":11}},{"id":"d8f9f34a-97ed-4ce2-9607-efaff4486d79","block_type":"box","text":"Risks in connection with the maintenance of a Fund’s portfolio securities and cash with foreign sub-custodians and securities","page_number":71,"box":{"x":114,"y":256,"width":800,"height":11}},{"id":"9504f3fd-7c1b-4e58-8156-0fde8845870b","block_type":"box","text":"depositories, including the risk that appropriate sub-custody arrangements will not be available to a Fund;","page_number":71,"box":{"x":113,"y":271,"width":677,"height":10}},{"id":"c9f17adc-dfd2-4a6e-8607-b7d4c0095ab0","block_type":"box","text":"The risk that a Fund’s ownership rights in portfolio securities could be lost through fraud or negligence because ownership in shares of","page_number":71,"box":{"x":113,"y":289,"width":861,"height":11}},{"id":"3217e4f1-f7df-4677-a2a9-367c71800cc1","block_type":"box","text":"Russian companies is recorded by the companies themselves and by registrars, rather than by a central registration system;","page_number":71,"box":{"x":114,"y":303,"width":793,"height":11}},{"id":"a2f38874-8580-4461-a525-d04ee446936f","block_type":"box","text":"The risk that a Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and","page_number":71,"box":{"x":113,"y":321,"width":838,"height":11}},{"id":"efbfbec9-dfb5-4bfe-92aa-f941c57ff3a3","block_type":"box","text":"custody, and because Russian banking institutions and registrars are not guaranteed by the Russian government; and","page_number":71,"box":{"x":113,"y":335,"width":751,"height":11}},{"id":"2f91d43f-1671-4888-b458-d20934e3ca4a","block_type":"box","text":"The risk that various responses by other nation-states to alleged Russian cyber activity will impact Russia’s economy and Russian","page_number":71,"box":{"x":113,"y":353,"width":827,"height":11}},{"id":"7820d927-d591-4f63-b253-a03717541d12","block_type":"box","text":"issuers of securities in which a Fund invests.","page_number":71,"box":{"x":113,"y":367,"width":283,"height":9}},{"id":"6b2d77b2-6966-408a-8319-2cf38095990f","block_type":"box","text":"Russian invasion of Ukraine","page_number":71,"box":{"x":76,"y":391,"width":172,"height":8}},{"id":"d0143433-6379-4922-82df-de01a0de9574","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military","page_number":71,"box":{"x":249,"y":391,"width":720,"height":10}},{"id":"d449879e-2a7a-412f-8d0a-9e59a54f2cdf","block_type":"box","text":"action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against","page_number":71,"box":{"x":76,"y":405,"width":893,"height":11}},{"id":"a6008b88-8d4d-4d88-a3f8-1deb0dbbbc32","block_type":"box","text":"the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or other actions (including","page_number":71,"box":{"x":76,"y":419,"width":887,"height":11}},{"id":"4946b890-4b32-4035-98ec-de4d3efacc27","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":71,"box":{"x":76,"y":433,"width":886,"height":11}},{"id":"d2b63086-83ed-4c45-a65a-67d120d2d6b2","block_type":"box","text":"boycotts or changes in consumer or purchaser preferences, sanctions, import and export restrictions, tariffs or cyberattacks on the Russian","page_number":71,"box":{"x":76,"y":447,"width":894,"height":11}},{"id":"82e87e02-3125-4c48-bb0e-80aa2e9cbcf1","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":71,"box":{"x":76,"y":461,"width":891,"height":11}},{"id":"3d03027d-7a94-425c-a251-0d4970cef68d","block_type":"box","text":"which a Fund invests, or the economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact","page_number":71,"box":{"x":76,"y":476,"width":885,"height":10}},{"id":"58dba702-c92c-416a-87a5-bb5c23c5c65f","block_type":"box","text":"the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":71,"box":{"x":76,"y":490,"width":892,"height":11}},{"id":"37140159-fc25-4ae5-bbce-c0503ccbeec2","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":71,"box":{"x":77,"y":504,"width":431,"height":11}},{"id":"dca895ad-1848-4e6f-9c27-d5b6dfe1b01f","block_type":"box","text":"Russia Sanctions.","page_number":71,"box":{"x":76,"y":527,"width":109,"height":9}},{"id":"50440830-c939-4cb6-a758-cd49f6150848","block_type":"box","text":"Governments, including the U.S., the E.U., the U.K., and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":71,"box":{"x":191,"y":527,"width":783,"height":11}},{"id":"fb9bc86b-fe27-4a94-a4c6-848324480e53","block_type":"box","text":"imposed economic sanctions on certain Russian individuals, including politicians, and Russian corporate and banking entities, including","page_number":71,"box":{"x":76,"y":541,"width":866,"height":11}},{"id":"ac90fb73-2464-44a3-bfbe-fb54a9a2e850","block_type":"box","text":"banning Russia from global payments systems that facilitate cross-border payments. In an effort to curtail Russia’s ability to finance its war","page_number":71,"box":{"x":76,"y":556,"width":891,"height":10}},{"id":"5d8e1d07-b43b-419b-9fec-6d753eb555d5","block_type":"box","text":"effort, the Sanctioning Bodies continue to elevate these measures and may, going forward, institute broader sanctions on Russia. These","page_number":71,"box":{"x":76,"y":570,"width":869,"height":11}},{"id":"354b38a2-1aef-4550-a0a6-7838600fefd6","block_type":"box","text":"sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the","page_number":71,"box":{"x":76,"y":584,"width":904,"height":11}},{"id":"3a36ae0f-6c90-46de-9927-abbb0990bc67","block_type":"box","text":"ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian","page_number":71,"box":{"x":77,"y":598,"width":840,"height":11}},{"id":"16b95894-aab9-455c-90f8-3154605e11e0","block_type":"box","text":"securities and/or funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or","page_number":71,"box":{"x":76,"y":612,"width":884,"height":11}},{"id":"93b6484a-6ac0-4796-a85f-ff3d152ea506","block_type":"box","text":"assets.","page_number":71,"box":{"x":76,"y":627,"width":44,"height":8}},{"id":"c5753700-007d-4808-9860-2dcdd93d7942","block_type":"box","text":"The sanctions against certain Russian issuers include broad asset freezes and prohibitions on transacting or otherwise dealing in select","page_number":71,"box":{"x":76,"y":650,"width":866,"height":10}},{"id":"58e84f7e-3d10-451b-8010-3f40e343d201","block_type":"box","text":"issuances of debt or equity of such issuers, among others. Compliance with each of these sanctions measures has impaired, and may","page_number":71,"box":{"x":76,"y":664,"width":855,"height":11}},{"id":"d3d17638-3f6f-4286-a2c9-ae804406df75","block_type":"box","text":"continue to impair, the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. A Fund","page_number":71,"box":{"x":76,"y":678,"width":898,"height":11}},{"id":"65c52c8f-4025-4f7d-b794-63082b917751","block_type":"box","text":"may also be legally required to block (i.e., freeze) assets in a blocked account and report the accompanying exposure to Sanctioning Bodies.","page_number":71,"box":{"x":76,"y":692,"width":898,"height":11}},{"id":"3b788981-b100-4f6d-a682-dbd3b88274e4","block_type":"box","text":"Sanctions have resulted in Russia taking counter measures or retaliatory actions, which has impaired the value and liquidity of Russian","page_number":71,"box":{"x":76,"y":715,"width":861,"height":11}},{"id":"2addd9ae-43b0-4627-82b2-ce37df79b2ba","block_type":"box","text":"securities. These retaliatory measures include the immediate freeze of Russian assets held by a Fund. Due to the freeze of these assets,","page_number":71,"box":{"x":76,"y":730,"width":870,"height":10}},{"id":"2be91705-1732-4dab-b33a-8344646f32ef","block_type":"box","text":"including depositary receipts, a Fund may need to liquidate non-restricted assets in order to satisfy any Fund redemption orders. The","page_number":71,"box":{"x":76,"y":744,"width":850,"height":11}},{"id":"f769d213-1317-46fe-b411-7d3e20839154","block_type":"box","text":"liquidation of Fund assets during this time may also result in the Fund receiving substantially lower prices for its securities. Russia may","page_number":71,"box":{"x":77,"y":758,"width":861,"height":11}},{"id":"9d094ad6-d808-4165-8a28-6269d13e7a96","block_type":"box","text":"implement additional retaliatory measures, which may further impair the value and liquidity of Russian securities and the ability of a Fund to","page_number":71,"box":{"x":76,"y":772,"width":894,"height":11}},{"id":"2c15db77-2dc7-49b2-95d2-dcddf27d8654","block_type":"box","text":"receive dividend payments. Russia has issued a number of countersanctions, some of which restrict the distribution of profits by limited","page_number":71,"box":{"x":77,"y":786,"width":867,"height":11}},{"id":"d347987e-a36b-408a-bbcb-2466e2a79527","block_type":"box","text":"liability companies (e.g., dividends), and prohibits Russian persons from entering into transactions with designated persons from “unfriendly","page_number":71,"box":{"x":77,"y":800,"width":895,"height":11}},{"id":"dc1dac2a-15d7-407c-b421-f572f3f24c98","block_type":"box","text":"states” as well as the export of raw materials or other products from Russia to certain sanctioned persons. Russian companies may be","page_number":71,"box":{"x":76,"y":815,"width":861,"height":10}},{"id":"10f6d166-bcbd-4270-a566-d747f69e84be","block_type":"box","text":"unable to pay dividends and, if they pay dividends, a Fund may be unable to receive them.","page_number":71,"box":{"x":77,"y":829,"width":572,"height":11}},{"id":"45fdf907-a249-42d8-a7bd-8cc5bc1ff1ba","block_type":"box","text":"These sanctions, the decision by Russia to suspend trading on the Moscow Exchange (MOEX) and prohibit non-resident investors from","page_number":71,"box":{"x":76,"y":852,"width":860,"height":11}},{"id":"02dcc092-3279-4c59-bc46-de6b65a098b4","block_type":"box","text":"executing security sales, and other events have led index providers to remove Russian securities from indexes. Each Fund is currently","page_number":71,"box":{"x":76,"y":866,"width":855,"height":11}},{"id":"bb2b67ac-e500-4064-83ca-747dfefe78ac","block_type":"box","text":"restricted from trading in Russian securities, including those in its portfolio (if any), and the Underlying Indexes have removed Russian","page_number":71,"box":{"x":77,"y":880,"width":855,"height":11}},{"id":"620a14b6-e6af-41ef-809b-ca17de743fba","block_type":"box","text":"17","page_number":71,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"d2e025d9-e5e6-4850-a1db-0473afce76e8","block_type":"box","text":"securities (if any). This disparity will also lead to increased tracking error. The inability of a Fund to trade in Russian securities may adversely","page_number":72,"box":{"x":76,"y":23,"width":896,"height":11}},{"id":"d5bfaf40-de8b-475b-b3d7-d5fda2681b4a","block_type":"box","text":"affect the Fund’s ability to meet its investment objective. It is unknown when, or if, sanctions may be lifted or a Fund’s ability to trade in","page_number":72,"box":{"x":76,"y":37,"width":867,"height":11}},{"id":"576748ca-aa09-4672-ac4c-620887faedda","block_type":"box","text":"Russian securities will resume.","page_number":72,"box":{"x":77,"y":52,"width":195,"height":8}},{"id":"004d41b7-f296-4cde-9b00-c807e602cf09","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":72,"box":{"x":77,"y":75,"width":227,"height":11}},{"id":"52f0095a-940e-48e3-aafa-16610982e65c","block_type":"box","text":"Investing in Saudi Arabian issuers involves legal, regulatory, political, currency, security, and economic","page_number":72,"box":{"x":310,"y":75,"width":657,"height":11}},{"id":"f83c1f1c-becd-45cf-a804-c5be2f3fe32c","block_type":"box","text":"risks that are specific to Saudi Arabia. Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other countries","page_number":72,"box":{"x":77,"y":89,"width":870,"height":11}},{"id":"e960d1e6-440e-422e-b85c-3f2615ddd183","block_type":"box","text":"involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency values and the petroleum market. A","page_number":72,"box":{"x":76,"y":103,"width":901,"height":11}},{"id":"abef2f5a-5cb7-44a9-a6fd-9f8af8f5ebd9","block_type":"box","text":"sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. In addition, Saudi Arabia’s economy","page_number":72,"box":{"x":76,"y":117,"width":875,"height":11}},{"id":"8e37c953-47be-4f61-982b-17edb1754d6d","block_type":"box","text":"relies heavily on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the economy.","page_number":72,"box":{"x":77,"y":131,"width":857,"height":11}},{"id":"88b27ab7-f7bc-46ed-9386-0da1e02c25a0","block_type":"box","text":"Investments in the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":72,"box":{"x":77,"y":155,"width":892,"height":10}},{"id":"04be0d76-4f5d-447e-b881-867805b32a17","block_type":"box","text":"developed countries, which may negatively affect the value of a Fund’s investments. Such heightened risks may include, among others, the","page_number":72,"box":{"x":76,"y":169,"width":889,"height":11}},{"id":"ec9140ec-067c-4f92-a38a-676853093d59","block_type":"box","text":"expropriation and/or nationalization of assets, restrictions on and government intervention in international trade, confiscatory taxation,","page_number":72,"box":{"x":76,"y":183,"width":869,"height":11}},{"id":"45d235fc-e085-4940-9185-0f1f657cc437","block_type":"box","text":"political instability, including authoritarian and/or military involvement in governmental decision-making, armed conflict, crime and instabi","page_number":72,"box":{"x":76,"y":197,"width":886,"height":11}},{"id":"fffe2808-1236-43dd-9f56-c11c565bf3be","block_type":"box","text":"lity","page_number":72,"box":{"x":964,"y":197,"width":18,"height":11}},{"id":"6249e335-f050-428b-b053-5441642a49f5","block_type":"box","text":"as a result of religious, ethnic and/or socioeconomic unrest. The government of Saudi Arabia exercises substantial influence over many","page_number":72,"box":{"x":76,"y":211,"width":868,"height":11}},{"id":"4fe4824b-ffe6-459a-bf0b-7de4ab360100","block_type":"box","text":"aspects of the private sector, and its actions could significantly impact the value of Saudi Arabian securities. Although some economic","page_number":72,"box":{"x":76,"y":226,"width":860,"height":10}},{"id":"1eeed37e-db9d-463a-baed-e592d9d46e17","block_type":"box","text":"reforms (","page_number":72,"box":{"x":77,"y":240,"width":56,"height":11}},{"id":"62b5df5f-0337-49c9-a600-9eabc44da559","block_type":"box","text":"e.g.,","page_number":72,"box":{"x":135,"y":242,"width":24,"height":9}},{"id":"95167ce4-59be-442c-9e0f-f8e1323040fe","block_type":"box","text":"privatization) are underway, restrictions on foreign ownership persist, and the government has an ownership stake in many key","page_number":72,"box":{"x":166,"y":240,"width":812,"height":11}},{"id":"40199b4d-59dd-49c6-998d-0789a72ed964","block_type":"box","text":"industries. Saudi Arabia has experienced strained relations with economic partners worldwide, including other countries in the Middle East,","page_number":72,"box":{"x":76,"y":254,"width":891,"height":11}},{"id":"439567e0-edd7-402c-9cec-e765b92e51ec","block_type":"box","text":"due to geopolitical events. Economic sanctions (or the threat of them) on Saudi Arabian individuals or Saudi Arabian corporate entities may","page_number":72,"box":{"x":76,"y":268,"width":891,"height":11}},{"id":"b449229f-9679-407c-8371-a1cb8667504f","block_type":"box","text":"have an adverse impact on the Saudi Arabian economy and securities.","page_number":72,"box":{"x":77,"y":282,"width":447,"height":11}},{"id":"2deed70c-f327-4c3f-bfef-117a09378e26","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian issuers could be restricted by the Saudi Arabian government at any","page_number":72,"box":{"x":76,"y":305,"width":901,"height":11}},{"id":"db1c1eee-9340-4228-b4e7-72296b4d9ca1","block_type":"box","text":"time, and unforeseen risks could materialize with respect to foreign ownership of such securities. In addition, the Saudi Arabian government","page_number":72,"box":{"x":76,"y":320,"width":896,"height":10}},{"id":"39b09fc5-9c41-42c8-ac24-6ccc7d93625a","block_type":"box","text":"places investment limitations on the ownership of Saudi Arabian issuers by foreign investors. Such limits may prevent a Fund from investing","page_number":72,"box":{"x":76,"y":334,"width":895,"height":11}},{"id":"c240a65f-15ac-4d39-aabe-f6ea84847383","block_type":"box","text":"in accordance with its strategy and result in tracking error for a Fund that tracks an index.","page_number":72,"box":{"x":76,"y":348,"width":574,"height":11}},{"id":"c52eefec-626f-4bdd-a51f-99d7580e4510","block_type":"box","text":"Saudi Arabia Broker Risk","page_number":72,"box":{"x":76,"y":371,"width":155,"height":9}},{"id":"196c532f-b032-4757-bf37-8db39b3113ce","block_type":"box","text":". There are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. A Fund","page_number":72,"box":{"x":231,"y":371,"width":699,"height":11}},{"id":"417e85a1-8f40-4221-a99b-ddc2b6d09a0f","block_type":"box","text":"generally expects to transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a","page_number":72,"box":{"x":76,"y":385,"width":882,"height":11}},{"id":"68d3269e-d5b7-496f-b404-13062d4084ec","block_type":"box","text":"limited number of brokers who can provide services to a Fund, which may have an adverse impact on the prices, quantity or timing of Fund","page_number":72,"box":{"x":77,"y":400,"width":886,"height":10}},{"id":"c71d424e-c92c-4f1f-a428-9deee88f828b","block_type":"box","text":"transactions. A limited number of brokers may impact a Fund’s ability to achieve best execution on transactions. In addition, a Fund may be","page_number":72,"box":{"x":76,"y":414,"width":892,"height":11}},{"id":"1a3b5bfd-6b9e-4672-89b2-caaf26c5f586","block_type":"box","text":"more susceptible to credit loss or trading disruptions in the event of a default or business disruption among the available brokers. If a Fund’s","page_number":72,"box":{"x":76,"y":428,"width":899,"height":11}},{"id":"daee2289-b20b-4624-bd89-bd413e292fad","block_type":"box","text":"use of a broker is disrupted, there could be an adverse impact on the Fund’s operations and, if applicable, its ability to track the Underlying","page_number":72,"box":{"x":77,"y":442,"width":888,"height":11}},{"id":"ec871dfa-50e5-46b8-be22-e7cdf876e965","block_type":"box","text":"Index, and the Fund’s shares could trade at a premium or discount to NAV. A Fund may also incur losses due to the acts or omissions of its","page_number":72,"box":{"x":77,"y":456,"width":885,"height":11}},{"id":"0b1425cc-a2f9-46e0-84c5-412cc6dc66a3","block_type":"box","text":"brokers in the execution or settlement of transactions or in the transfer of funds or securities.","page_number":72,"box":{"x":76,"y":470,"width":599,"height":9}},{"id":"e58dd81e-25a7-433b-971a-65728d33ef14","block_type":"box","text":"Risk of Investing in the U.S.","page_number":72,"box":{"x":77,"y":494,"width":190,"height":10}},{"id":"8bbd06ad-aa2f-4828-9ec9-39dab1c8792c","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":72,"box":{"x":273,"y":494,"width":683,"height":11}},{"id":"f67bbd7b-4adf-40e3-badf-d1bef1d92a49","block_type":"box","text":"specific to the U.S. A decrease in imports or exports, changes in trade regulations, inflation, an economic recession, financial system stress,","page_number":72,"box":{"x":76,"y":508,"width":897,"height":11}},{"id":"aea73da8-06fa-47e7-990f-99255eafcbb9","block_type":"box","text":"or political turmoil, among other risks, may have an adverse effect on the U.S. economy and the securities listed on U.S. exchanges. The U.S.","page_number":72,"box":{"x":76,"y":522,"width":902,"height":11}},{"id":"abe15664-f990-4597-a427-b155a56027ae","block_type":"box","text":"is also subject to the risk of natural disasters, such as droughts, earthquakes, fires and floods. U.S. security risks include acts of terrorism,","page_number":72,"box":{"x":76,"y":536,"width":887,"height":11}},{"id":"a05d60eb-2d3c-4883-85bc-7c81c2dfe86c","block_type":"box","text":"internal unrest and a deterioration in relations between the U.S. and certain countries. Any of these may adversely affect the U.S. economy,","page_number":72,"box":{"x":76,"y":550,"width":894,"height":11}},{"id":"e65e9d56-32d8-4fb7-9001-ff189ff953fa","block_type":"box","text":"financial markets or issuers.","page_number":72,"box":{"x":76,"y":565,"width":179,"height":8}},{"id":"939ed825-cf49-4d28-9a43-c0437e7740b5","block_type":"box","text":"Governmental agencies project that the U.S. will maintain elevated public debt levels for the foreseeable future. Although elevated debt","page_number":72,"box":{"x":76,"y":588,"width":868,"height":11}},{"id":"2e7b2569-a9c1-440f-98aa-327ea7ed7798","block_type":"box","text":"levels do not necessarily indicate or cause economic problems, the costs of servicing such debt may constrain future economic growth.","page_number":72,"box":{"x":77,"y":602,"width":867,"height":11}},{"id":"64ca5105-9c4a-4e0d-95bd-fcacf14f3183","block_type":"box","text":"Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the","page_number":72,"box":{"x":76,"y":616,"width":868,"height":11}},{"id":"63b2895a-ec53-4f64-bceb-f3a75b93f07b","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial","page_number":72,"box":{"x":77,"y":630,"width":899,"height":11}},{"id":"1185a7cc-2eef-4363-837c-bb5f77ec66ac","block_type":"box","text":"system.","page_number":72,"box":{"x":76,"y":645,"width":49,"height":10}},{"id":"7024094e-7966-4a36-9d7e-918fe0dd9781","block_type":"box","text":"Securities Lending Risk.","page_number":72,"box":{"x":76,"y":668,"width":166,"height":11}},{"id":"fd870e1d-612c-459c-a12e-5e6e186bd983","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose money because","page_number":72,"box":{"x":247,"y":668,"width":730,"height":11}},{"id":"930e3d48-8e01-4482-815f-089916cacf07","block_type":"box","text":"the borrower of the loaned securities fails to return the securities in a timely manner or at all. A Fund could also lose money in the event of a","page_number":72,"box":{"x":76,"y":682,"width":898,"height":11}},{"id":"d678ea68-ca4c-481e-8458-bd6c1b306fd3","block_type":"box","text":"decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These","page_number":72,"box":{"x":76,"y":696,"width":892,"height":11}},{"id":"82d80f44-d71b-4840-bb70-804ce26fea24","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":72,"box":{"x":76,"y":710,"width":403,"height":11}},{"id":"1f41c150-60d2-4776-aa6c-eb4395d375b4","block_type":"box","text":"Silver Mining Sub-Industry Risk.","page_number":72,"box":{"x":76,"y":733,"width":222,"height":11}},{"id":"74d1ff8c-eeaf-4e88-8a44-7a612ca3717e","block_type":"box","text":"The profitability of companies in the silver mining sub-industry is related to, among other things, the","page_number":72,"box":{"x":303,"y":733,"width":640,"height":11}},{"id":"10701c16-4af1-42bb-8f88-824aab1e76ab","block_type":"box","text":"worldwide price of silver, and the costs of its extraction and production. The price of silver may be affected by changes in inflation rates,","page_number":72,"box":{"x":76,"y":748,"width":870,"height":10}},{"id":"1d5f965f-97dd-41ef-abf7-7a8f458a0324","block_type":"box","text":"interest rates, monetary policy and political stability. In addition, silver is used in a wide range of industrial applications and an economic","page_number":72,"box":{"x":76,"y":762,"width":873,"height":11}},{"id":"d38cdc89-cf03-4465-a2b2-d925067f13c7","block_type":"box","text":"slowdown could have a negative impact on its demand and, consequently, its price. Worldwide silver prices may fluctuate substantially over","page_number":72,"box":{"x":76,"y":776,"width":893,"height":11}},{"id":"64ee0961-adc7-4da9-a5a9-874e9f1e8401","block_type":"box","text":"short periods of time, so the Fund’s share price may be more volatile than other types of investments. The price of the equity securities of","page_number":72,"box":{"x":76,"y":790,"width":882,"height":11}},{"id":"b34c86d4-54a3-4d58-8173-2647428e4adb","block_type":"box","text":"silver mining companies and silver may not always be closely correlated.","page_number":72,"box":{"x":76,"y":804,"width":463,"height":11}},{"id":"2d3de9c0-d78d-46de-af94-840963ebdd4d","block_type":"box","text":"Silver mining companies may be adversely affected by changes in exchange rates, interest rates, economic conditions, tax treatment,","page_number":72,"box":{"x":76,"y":828,"width":854,"height":10}},{"id":"a3846b9f-4a67-4e74-bef3-68c3b1e33567","block_type":"box","text":"government regulation and intervention and world events in the regions in which the companies operate (","page_number":72,"box":{"x":76,"y":842,"width":674,"height":11}},{"id":"ab603166-feaa-48c8-abc2-245b16c8c448","block_type":"box","text":"e.g.","page_number":72,"box":{"x":751,"y":844,"width":21,"height":9}},{"id":"632b65ff-3633-4c42-a093-9d4467268d21","block_type":"box","text":", expropriation, nationalization,","page_number":72,"box":{"x":775,"y":842,"width":197,"height":10}},{"id":"b712579b-f8cd-43aa-a6cd-1968bbe57295","block_type":"box","text":"confiscation of assets and property, repatriation of capital, military coups, social unrest, violence and labor unrest). The U.S. or foreign","page_number":72,"box":{"x":76,"y":856,"width":860,"height":11}},{"id":"3a228b2f-7716-46c0-b1c9-221fd84bbc5a","block_type":"box","text":"governments may pass laws or regulations limiting silver investments for strategic or other policy reasons. Silver mining companies may also","page_number":72,"box":{"x":76,"y":870,"width":902,"height":11}},{"id":"69c61c79-6bee-4c19-b613-7e5c759f2fed","block_type":"box","text":"be subject to the effects of competitive pressures in the silver mining sub-industry.","page_number":72,"box":{"x":76,"y":884,"width":530,"height":11}},{"id":"d08a92c2-7fce-4811-be96-8f14ea1622a2","block_type":"box","text":"18","page_number":72,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"b1ffc6eb-27b8-4d24-ba7e-088b67d1d355","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":73,"box":{"x":76,"y":23,"width":257,"height":11}},{"id":"7a9541c0-a01d-47b1-a99f-963a1b5d809a","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":73,"box":{"x":339,"y":23,"width":617,"height":11}},{"id":"f1d3dd59-c999-4cc9-aff2-a88ef3490bea","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":73,"box":{"x":76,"y":37,"width":863,"height":11}},{"id":"b7360e52-1830-4c8d-9037-d288c93bcc0a","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":73,"box":{"x":76,"y":51,"width":868,"height":11}},{"id":"10af4224-3894-45f6-bada-2c9e1210a8c1","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":73,"box":{"x":76,"y":66,"width":895,"height":11}},{"id":"46a31c62-3bee-46bd-af3f-b866e7da75e4","block_type":"box","text":"have a short business track record, with relatively less information available to investors. The securities of smaller companies may trade less","page_number":73,"box":{"x":77,"y":80,"width":898,"height":11}},{"id":"e3939c2c-12ca-460f-bc3e-99ace8d5ae44","block_type":"box","text":"frequently and in lower volumes than the securities of larger companies. Some securities of smaller issuers may be illiquid or restricted as to","page_number":73,"box":{"x":76,"y":94,"width":900,"height":11}},{"id":"672373d7-6d15-4411-87d3-ad6b3ddeb7f5","block_type":"box","text":"resale, and their values may have significant volatility. A Fund may be unable to liquidate its positions in such securities at any time, or at a","page_number":73,"box":{"x":77,"y":108,"width":885,"height":11}},{"id":"7d6e0808-9a27-4fbf-9a50-7c2077a48876","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":73,"box":{"x":76,"y":122,"width":354,"height":11}},{"id":"70e99f4a-40ec-490f-b9fc-776876abcd34","block_type":"box","text":"Sustainability Risk.","page_number":73,"box":{"x":76,"y":146,"width":132,"height":10}},{"id":"9bc9d7d9-8da4-425a-a281-4b8a01d1d57f","block_type":"box","text":"Sustainability risk is an inclusive term to designate investment risk (probability or uncertainty of occurrence of material","page_number":73,"box":{"x":214,"y":146,"width":762,"height":10}},{"id":"1101e09f-86b4-4574-871b-b2d4a366b5b2","block_type":"box","text":"losses relative to the expected return of an investment) that relates to environmental, social or governance issues.","page_number":73,"box":{"x":77,"y":160,"width":732,"height":11}},{"id":"b8238d42-a8cc-4158-a9c6-8ce9ed735795","block_type":"box","text":"Sustainability risk around environmental issues includes, but is not limited to, climate risk, both physical and transition risk. Physical risk","page_number":73,"box":{"x":76,"y":183,"width":874,"height":11}},{"id":"11b4066e-1f14-46a1-acda-595438101053","block_type":"box","text":"arises from the physical effects of climate change, acute or chronic. For example, frequent and severe climate-related events can impact","page_number":73,"box":{"x":76,"y":197,"width":875,"height":11}},{"id":"2ffe3bf6-8d01-4ecf-bfda-84d1bd4f1833","block_type":"box","text":"products and services and supply chains. Transition risk – whether policy, technology, market or reputation risk – arises from the adjustment","page_number":73,"box":{"x":76,"y":211,"width":901,"height":11}},{"id":"c91a468d-9b3f-49ca-81b3-cf986b4c6d47","block_type":"box","text":"to a low-carbon economy in order to mitigate climate change. Risks related to social issues can include, but are not limited to, labor rights","page_number":73,"box":{"x":76,"y":226,"width":883,"height":10}},{"id":"63a9a3e7-a3b7-4bd5-9c27-77ce269851dc","block_type":"box","text":"and community relations. Governance-related risks can include but are not limited to risks around board independence, ownership and","page_number":73,"box":{"x":76,"y":240,"width":863,"height":11}},{"id":"e4d0b89e-c61e-4215-924d-5058499f2c70","block_type":"box","text":"control, and audit and tax management. These risks can impact an issuer’s operational effectiveness and resilience as well as its public","page_number":73,"box":{"x":76,"y":254,"width":864,"height":11}},{"id":"6b3bd079-4036-4280-8138-e2e9abe32f29","block_type":"box","text":"perception and reputation, affecting its profitability and, in turn, its capital growth and ultimately impacting the value of holdings in a Fund.","page_number":73,"box":{"x":76,"y":268,"width":886,"height":11}},{"id":"a7fa0f3d-01be-48ff-b92a-c872c87e910f","block_type":"box","text":"These are only examples of sustainability risk factors, and sustainability risk factors do not solely determine the risk profile of the investment.","page_number":73,"box":{"x":76,"y":291,"width":905,"height":11}},{"id":"377dcafc-b2e4-4244-8330-593c0e36ebf0","block_type":"box","text":"The relevance, severity, materiality and time horizon of sustainability risk factors and other risks can differ significantly across Funds.","page_number":73,"box":{"x":76,"y":305,"width":851,"height":11}},{"id":"b5fdbd57-a99f-47b4-969d-bf03ef4f0c5f","block_type":"box","text":"Sustainability risk can manifest itself through different existing risk types including, but not limited to, market, liquidity, concentration, cr","page_number":73,"box":{"x":76,"y":329,"width":875,"height":10}},{"id":"31b25959-2045-4af4-88c8-ebb02781adf5","block_type":"box","text":"edit","page_number":73,"box":{"x":952,"y":329,"width":24,"height":8}},{"id":"5f7d4033-4812-4ad8-850a-933bbb3e35d2","block_type":"box","text":"and asset-liability mismatch risk. For example, a Fund may invest in the securities of an issuer that could face potentially reduced revenues","page_number":73,"box":{"x":76,"y":343,"width":890,"height":11}},{"id":"92f1fb29-e57a-417f-8b2c-24b2acecdfef","block_type":"box","text":"or increased expenditures from physical climate risk (","page_number":73,"box":{"x":76,"y":357,"width":343,"height":11}},{"id":"9bf4bb2d-7a12-418e-b745-9b5cbc735809","block_type":"box","text":"e.g","page_number":73,"box":{"x":420,"y":359,"width":19,"height":9}},{"id":"2d372e0a-4722-4d30-9fa0-f6a76e68816c","block_type":"box","text":"., decreased production capacity due to supply chain perturbations, lower sales due","page_number":73,"box":{"x":440,"y":357,"width":534,"height":11}},{"id":"4065401b-2ba8-497e-bda0-825ac4136e2f","block_type":"box","text":"to demand shocks or higher operating or capital costs) or transition risk (","page_number":73,"box":{"x":76,"y":371,"width":468,"height":11}},{"id":"74611dc8-ee09-4726-aa31-069cca720941","block_type":"box","text":"e.g","page_number":73,"box":{"x":545,"y":374,"width":19,"height":8}},{"id":"fc97e4ba-8401-43ea-8e09-f53dbe5522b2","block_type":"box","text":"., decreased demand for carbon-intensive products and services","page_number":73,"box":{"x":565,"y":371,"width":410,"height":11}},{"id":"1e97db67-b739-4168-aac0-743833d03744","block_type":"box","text":"or increased production costs due to changing input prices). As a result, sustainability risk factors may have a material impact on an","page_number":73,"box":{"x":76,"y":385,"width":845,"height":11}},{"id":"cb3cd7a6-60be-43ea-963f-35d740aeff8b","block_type":"box","text":"investment, may increase volatility, may affect liquidity and may have an adverse impact on the value of shares of a Fund.","page_number":73,"box":{"x":76,"y":400,"width":777,"height":10}},{"id":"f4e54ea2-3be5-4f35-93f8-a9e7ba5f8d75","block_type":"box","text":"The impact of those risks may be higher for Funds with particular sectoral or geographic concentrations. For example, Funds with geographic","page_number":73,"box":{"x":76,"y":423,"width":903,"height":11}},{"id":"4f15f888-b873-459b-a687-91f3d73bafbb","block_type":"box","text":"concentration in locations susceptible to adverse weather conditions where the value of the investments in the Funds may be more","page_number":73,"box":{"x":76,"y":437,"width":840,"height":11}},{"id":"461dd6cd-cc05-4f39-89ff-b713f7070ec6","block_type":"box","text":"susceptible to adverse physical climate events, or Funds with specific sectoral concentrations, such as investing in industries or issuers with","page_number":73,"box":{"x":76,"y":451,"width":898,"height":11}},{"id":"e99ca646-a478-41ab-a125-82b40b9275ed","block_type":"box","text":"high carbon intensity or high switching costs associated with the transition to low carbon alternatives, may be more impacted by climate","page_number":73,"box":{"x":77,"y":465,"width":873,"height":11}},{"id":"db9b9ad9-709e-4833-a72f-2b1310eebf97","block_type":"box","text":"transition risks.","page_number":73,"box":{"x":76,"y":480,"width":98,"height":8}},{"id":"f0a0ab8c-a066-47ee-8569-2395e3b90db6","block_type":"box","text":"All or a combination of these factors may have an unpredictable impact on a Fund’s investments. Under normal market conditions, such","page_number":73,"box":{"x":76,"y":503,"width":869,"height":11}},{"id":"317cfd55-c896-41da-b70c-524988c2d3b5","block_type":"box","text":"events could have a material impact on the value of shares of a Fund.","page_number":73,"box":{"x":76,"y":517,"width":443,"height":11}},{"id":"38ecf948-5e20-47bd-800d-3c80ca7dcb22","block_type":"box","text":"Assessments of sustainability risk are specific to the asset class and to a fund’s investment objective. Different asset classes require","page_number":73,"box":{"x":76,"y":540,"width":850,"height":11}},{"id":"6630f920-0614-4ed3-8a86-a6baec49b26c","block_type":"box","text":"different data and tools to apply heightened scrutiny, assess materiality, and make meaningful differentiation among issuers and assets. To","page_number":73,"box":{"x":76,"y":554,"width":889,"height":11}},{"id":"91820646-1c23-4c5a-87f2-66ea9278f63e","block_type":"box","text":"the extent consistent with a Fund’s investment objective, risks are considered and risk managed concurrently, by prioritizing in part based on","page_number":73,"box":{"x":76,"y":568,"width":903,"height":11}},{"id":"3f1820be-9476-425c-b85e-a0f49485ab71","block_type":"box","text":"materiality and on the Fund’s objective.","page_number":73,"box":{"x":76,"y":583,"width":252,"height":10}},{"id":"c0820ade-e8a6-42b5-9e74-29f652c2cc4b","block_type":"box","text":"The impacts of sustainability risk are likely to develop over time, and new sustainability risks may be identified as further data and","page_number":73,"box":{"x":76,"y":606,"width":829,"height":11}},{"id":"3fac3367-714e-4f82-a7cb-6590effd7eb9","block_type":"box","text":"information regarding sustainability factors and impacts become available.","page_number":73,"box":{"x":76,"y":620,"width":477,"height":11}},{"id":"21c1d18d-326f-4962-9315-20de07ae6d98","block_type":"box","text":"Technology Companies Risk.","page_number":73,"box":{"x":76,"y":643,"width":198,"height":11}},{"id":"cce65ef8-662b-4aaa-9a6e-fa27b03e8a63","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":73,"box":{"x":278,"y":643,"width":693,"height":11}},{"id":"69059acd-3d96-4389-af15-df64f1e98c28","block_type":"box","text":"lines, markets, financial resources and personnel. These companies may face rapid product obsolescence as well as unexpected risks and","page_number":73,"box":{"x":77,"y":657,"width":882,"height":11}},{"id":"104b8ed9-6684-4086-be1a-ceb88cd5693c","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":73,"box":{"x":76,"y":672,"width":888,"height":10}},{"id":"f14b0e0c-a035-40ca-977e-f3aacd9dcacf","block_type":"box","text":"companies may be adversely affected by disruptions to supply chains and distribution networks as well as issues at third-party partners. They","page_number":73,"box":{"x":76,"y":686,"width":905,"height":11}},{"id":"0d81fbbf-1f00-48e6-9383-721bba7a697c","block_type":"box","text":"are heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their","page_number":73,"box":{"x":76,"y":700,"width":891,"height":11}},{"id":"381a51b1-2465-4d57-a329-c9ebc4013db5","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":73,"box":{"x":76,"y":714,"width":868,"height":11}},{"id":"e144959f-a7d8-4b67-8f8d-fa6cc2474a0b","block_type":"box","text":"These companies also may be adversely affected by, among other things, actual or perceived security vulnerabilities or other defects in their","page_number":73,"box":{"x":76,"y":728,"width":898,"height":11}},{"id":"ef9151df-13ef-4e70-a9a6-e32f6391d301","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":73,"box":{"x":76,"y":742,"width":738,"height":11}},{"id":"9d5767d5-c26c-4d22-807f-d964747b7ab2","block_type":"box","text":"Tracking Error Risk.","page_number":73,"box":{"x":76,"y":766,"width":135,"height":10}},{"id":"510f3745-d6a2-429b-9c5b-358a6329ec23","block_type":"box","text":"A Fund that tracks an index is subject to the risk of “tracking error,” which is the divergence of a Fund’s performance","page_number":73,"box":{"x":216,"y":766,"width":749,"height":11}},{"id":"6ebaa2d8-5080-4052-860c-d5e96d033f46","block_type":"box","text":"from that of the Underlying Index. 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Utilities companies may be adversely affected by","page_number":74,"box":{"x":76,"y":226,"width":853,"height":10}},{"id":"e1006428-5644-4d18-b44b-a6a97a5fb7ea","block_type":"box","text":"volatility in the price of certain energy resources.","page_number":74,"box":{"x":76,"y":240,"width":312,"height":11}},{"id":"64e2fe89-f6cd-49ab-9a27-1c48aa445af4","block_type":"box","text":"Utility companies face risks from government regulation and oversight as well as from deregulation (if applicable). Regulators may monitor","page_number":74,"box":{"x":77,"y":263,"width":886,"height":11}},{"id":"eedb00cd-555b-41f7-ac58-13d44be3f8a2","block_type":"box","text":"and control companies’ revenues and costs. There is no assurance that regulators will grant rate increases or that rate levels will be","page_number":74,"box":{"x":76,"y":277,"width":842,"height":11}},{"id":"445ba975-47ec-41e6-b00e-beb729b845ef","block_type":"box","text":"adequate to permit the payment of stock dividends or bond coupon payments. In addition, there may be regulatory restrictions on the ability","page_number":74,"box":{"x":76,"y":291,"width":899,"height":11}},{"id":"fef48402-e5a9-48eb-abe3-a9b843e373ec","block_type":"box","text":"of utility companies to enter new lines of business and geographic areas. Utility companies incur costs in complying with environmental and","page_number":74,"box":{"x":76,"y":305,"width":894,"height":11}},{"id":"7783689d-d0e4-4b8e-bcda-3ccd5172210f","block_type":"box","text":"other regulations and may face significant challenges in obtaining regulatory approval for certain projects, such as nuclear power plants.","page_number":74,"box":{"x":76,"y":320,"width":873,"height":10}},{"id":"4e05d887-fcb3-4afb-b11f-bfbd1c284137","block_type":"box","text":"Utility companies are at risk of liability for environmental harm and other types of damages. Energy conservation, climate change and other","page_number":74,"box":{"x":77,"y":334,"width":891,"height":11}},{"id":"45be000e-d1ff-4d48-8b1e-e73c3427402f","block_type":"box","text":"sustainability policies also may impact utility companies. 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The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":74,"box":{"x":76,"y":414,"width":857,"height":11}},{"id":"3386dfcd-bab5-4729-a13a-45296f62dcce","block_type":"box","text":"applicable). Because non-U.S. exchanges or markets may be open on days or during time periods when a Fund does not price its shares, the","page_number":74,"box":{"x":76,"y":428,"width":898,"height":11}},{"id":"d211e4b3-cdf5-44dc-8a14-445a2aa61b46","block_type":"box","text":"value of the securities or other assets in a Fund’s portfolio may change on days or during time periods when investors are not able to","page_number":74,"box":{"x":76,"y":442,"width":849,"height":11}},{"id":"80cb6edc-2359-4c52-ba7a-5bb0b48fe5ac","block_type":"box","text":"purchase or sell Fund shares.","page_number":74,"box":{"x":76,"y":456,"width":187,"height":11}},{"id":"3253d60b-14a9-4ba9-b757-9e1dff55bbe3","block_type":"box","text":"In addition, for purposes of calculating a Fund’s NAV, the value of assets denominated in non-U.S. currencies (if any) is translated into U.S.","page_number":74,"box":{"x":77,"y":479,"width":886,"height":11}},{"id":"1bcd393b-f848-4168-a93a-f01068f07647","block_type":"box","text":"dollars at the prevailing market rates. For a Fund that tracks an Underlying Index, this may result in a difference between the prices used to","page_number":74,"box":{"x":76,"y":494,"width":890,"height":11}},{"id":"0f740b19-457e-4368-bf59-6ac79dea592c","block_type":"box","text":"calculate the Fund’s NAV and the prices used by the Underlying Index, which, in turn, could result in a difference between the Fund’s","page_number":74,"box":{"x":76,"y":508,"width":847,"height":11}},{"id":"aba59fcc-3049-4572-b17b-b8b379eb6f16","block_type":"box","text":"performance and the performance of the Underlying Index. Authorized Participants that create or redeem Fund shares on days when a Fund","page_number":74,"box":{"x":76,"y":522,"width":895,"height":11}},{"id":"52da5cc1-58da-42e8-9b10-fa6639168b0d","block_type":"box","text":"is holding fair-valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would","page_number":74,"box":{"x":76,"y":536,"width":892,"height":11}},{"id":"152b3927-ea58-4962-b3f0-b0620a6a4556","block_type":"box","text":"have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value","page_number":74,"box":{"x":77,"y":550,"width":857,"height":11}},{"id":"330e31cf-5678-48c4-ae3a-3316f778d616","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":74,"box":{"x":76,"y":565,"width":772,"height":10}},{"id":"7ca3f77b-df35-4508-8d74-50b3ead43a52","block_type":"box","text":"Portfolio Holdings Information","page_number":74,"box":{"x":78,"y":593,"width":296,"height":17}},{"id":"086a32c0-636d-4f6f-8973-d655c67b1e54","block_type":"box","text":"A description of the policies and procedures with respect to the disclosure of the Funds’ portfolio securities and other assets (as applicable)","page_number":74,"box":{"x":76,"y":623,"width":896,"height":10}},{"id":"bee5642b-081f-4839-b8d8-13836c80e0c8","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). Each Fund discloses its portfolio holdings daily at www.iShares.com.","page_number":74,"box":{"x":76,"y":637,"width":906,"height":11}},{"id":"42368afe-4196-4eb2-ac47-e058c115e59f","block_type":"box","text":"Fact sheets providing information about each Fund’s top holdings are posted on www.iShares.com when available and may be requested by","page_number":74,"box":{"x":77,"y":651,"width":893,"height":11}},{"id":"01d37a29-3393-4285-90fe-efece6222baf","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":74,"box":{"x":76,"y":665,"width":256,"height":11}},{"id":"59bfd0ae-0168-4d12-9f08-c3dc8f7a3ea5","block_type":"box","text":"Management of the Funds","page_number":74,"box":{"x":78,"y":694,"width":258,"height":17}},{"id":"07323cec-e6da-4bdc-aca4-b0ff5023f9ed","block_type":"box","text":"Investment Adviser","page_number":74,"box":{"x":77,"y":723,"width":135,"height":9}},{"id":"2b9fff55-243e-43b6-baaf-a200cc0649a3","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and administration of the Funds. BFA provides an","page_number":74,"box":{"x":76,"y":746,"width":839,"height":11}},{"id":"9580aafb-cb9c-4e89-8aeb-883950693a7c","block_type":"box","text":"investment program for the Funds and manages the investment of the Funds’ assets. In seeking to achieve the Funds’ respective investment","page_number":74,"box":{"x":76,"y":761,"width":899,"height":10}},{"id":"4c49c73c-2590-4cc8-a1bc-42f964523e97","block_type":"box","text":"objectives, BFA uses teams of portfolio managers, investment strategists and other investment specialists and may draw upon the trading,","page_number":74,"box":{"x":76,"y":775,"width":886,"height":11}},{"id":"a32cd5aa-24dc-4f7f-974b-ff9cb05e6830","block_type":"box","text":"research and expertise of its affiliates. This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":74,"box":{"x":77,"y":789,"width":852,"height":11}},{"id":"b522903d-a3ec-4459-bbee-1424be3e2a3e","block_type":"box","text":"BFA is an indirect majority-owned subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105.","page_number":74,"box":{"x":77,"y":812,"width":901,"height":11}},{"id":"33b28226-f776-426f-bc0c-ba799579ad1d","block_type":"box","text":"As of September 30, 2025, BFA and its affiliates provided investment advisory services for assets of approximately $13.5 trillion.","page_number":74,"box":{"x":76,"y":825,"width":823,"height":12}},{"id":"73218395-b8b2-41e1-962e-c54d2e390f3c","block_type":"box","text":"From time to time, an employee of BlackRock may express views regarding a particular security or other instrument, asset class, company,","page_number":74,"box":{"x":77,"y":849,"width":887,"height":11}},{"id":"df913963-d4fc-4716-943d-42e33a4eb0d6","block_type":"box","text":"industry, or market sector. Such views are the views of only that individual as of the time expressed. They do not necessarily represent the","page_number":74,"box":{"x":76,"y":864,"width":885,"height":10}},{"id":"75e19dd0-df7f-4106-856f-477c2de10449","block_type":"box","text":"views of BlackRock or any other person within the BlackRock organization. Such views may change at any time based upon market or other","page_number":74,"box":{"x":76,"y":878,"width":892,"height":11}},{"id":"4f6d2dd9-932b-4081-9f83-377da1b57995","block_type":"box","text":"20","page_number":74,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"12dd912b-b75b-4f05-a76c-338396477c77","block_type":"box","text":"conditions, and BlackRock has no responsibility to update such views. You should not rely on any such views as investment advice or as an","page_number":75,"box":{"x":76,"y":23,"width":886,"height":11}},{"id":"3db98cee-8327-4905-a806-23ad6267ec4a","block_type":"box","text":"indication of trading intent on behalf of a Fund.","page_number":75,"box":{"x":76,"y":37,"width":299,"height":11}},{"id":"913299a7-7ce6-4326-a8af-80a6a1da3332","block_type":"box","text":"Fees and Expenses","page_number":75,"box":{"x":77,"y":61,"width":131,"height":10}},{"id":"e4f19298-22d9-421e-a721-0434e3c920b1","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Company (entered into on behalf of the Funds), BFA is responsible for","page_number":75,"box":{"x":77,"y":84,"width":896,"height":11}},{"id":"d8cd0f40-2cb6-41c7-b493-3583ff7bda3b","block_type":"box","text":"substantially all expenses of each Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the","page_number":75,"box":{"x":76,"y":98,"width":858,"height":11}},{"id":"be344093-056c-4a9e-9b0c-ca1ec1b4059c","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution","page_number":75,"box":{"x":76,"y":112,"width":891,"height":11}},{"id":"c87be587-716f-495c-9c77-71aaa2243360","block_type":"box","text":"fees or expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Directors who are not","page_number":75,"box":{"x":76,"y":126,"width":843,"height":11}},{"id":"f321294f-26d4-44c9-923c-60b4dfc73791","block_type":"box","text":"“interested persons” of the Company). 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The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by","page_number":76,"box":{"x":76,"y":662,"width":851,"height":11}},{"id":"05b8ba59-4d36-482b-9699-9a1418f0b789","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":76,"box":{"x":76,"y":676,"width":440,"height":11}},{"id":"f0f949bd-1958-4f13-9018-6352c3bdaaae","block_type":"box","text":"A Fund’s activities may be limited because of regulatory restrictions applicable to BFA or an Affiliate or their policies designed to comply with","page_number":76,"box":{"x":76,"y":699,"width":901,"height":11}},{"id":"556b1656-0fea-4a1e-b9c4-153c1cfc11d4","block_type":"box","text":"such restrictions.","page_number":76,"box":{"x":76,"y":714,"width":110,"height":8}},{"id":"9b1b4b95-52ac-4c76-9b62-c1dd7485cccb","block_type":"box","text":"Under a securities lending program approved by the Board, the Funds have retained BTC, an Affiliate of BFA, to serve as their securities","page_number":76,"box":{"x":77,"y":737,"width":863,"height":11}},{"id":"11030d2f-88a6-4343-a849-e6b8923704fb","block_type":"box","text":"lending agent to the extent that they participate in the securities lending program. For these services, the securities lending agent will","page_number":76,"box":{"x":77,"y":751,"width":854,"height":11}},{"id":"0aa4c0f1-a36b-43bd-8f72-909e74db0030","block_type":"box","text":"receive a fee from the participating Fund based on the returns earned on the Fund’s lending activities, including investment of the cash","page_number":76,"box":{"x":77,"y":765,"width":862,"height":11}},{"id":"1af4b1d1-407f-4b0e-b411-8ee20a513b79","block_type":"box","text":"received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which a Fund may lend its","page_number":76,"box":{"x":77,"y":779,"width":876,"height":11}},{"id":"c8db874c-a3bb-4a99-aa98-ae9bcc587d27","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":76,"box":{"x":76,"y":793,"width":363,"height":11}},{"id":"5934cf41-2ef1-4e32-ba8f-cb523acb8d33","block_type":"box","text":"Under an ETF Services Agreement, certain Funds have retained BlackRock Investments, LLC (the “Distributor” or “BRIL”), an Affiliate of BFA,","page_number":76,"box":{"x":77,"y":817,"width":894,"height":10}},{"id":"47a3c9c8-2a61-4952-80eb-4be44136b6dd","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":76,"box":{"x":76,"y":831,"width":860,"height":11}},{"id":"197d12bd-5652-452a-b535-6928898e74e1","block_type":"box","text":"redemption of Creation Units (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF","page_number":76,"box":{"x":77,"y":845,"width":854,"height":11}},{"id":"71e5566b-648c-477e-9def-4c7537ba129b","block_type":"box","text":"Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants on each creation or redemption order","page_number":76,"box":{"x":76,"y":859,"width":894,"height":11}},{"id":"779a8c3c-1f22-4d63-882e-7037dcae39d3","block_type":"box","text":"from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and received payment from, Citibank on the","page_number":76,"box":{"x":76,"y":873,"width":871,"height":11}},{"id":"6cfe6e75-0f5d-4d0b-980c-a8594e6b9a6c","block_type":"box","text":"22","page_number":76,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"78801565-807d-49c4-8c73-4c06705365cc","block_type":"box","text":"design and development of the ETF Services platform. Citibank has, and from time to time may develop, additional relationships with","page_number":77,"box":{"x":76,"y":23,"width":848,"height":11}},{"id":"07d3bce9-5169-4590-9445-f5bb60692658","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":77,"box":{"x":77,"y":37,"width":342,"height":11}},{"id":"fb89d80a-c4e1-43ff-9b1f-8b32cba45789","block_type":"box","text":"BlackRock and its Affiliates may benefit from a Fund using a BlackRock index by creating increasing acceptance in the marketplace for such","page_number":77,"box":{"x":77,"y":61,"width":893,"height":10}},{"id":"facfc8ea-24de-4062-a68a-1d544895b239","block_type":"box","text":"indexes. BlackRock and its Affiliates are not obligated to license an index to a Fund, and no Fund is under an obligation to use a BlackRock","page_number":77,"box":{"x":76,"y":75,"width":885,"height":11}},{"id":"6cadafb5-d525-4b16-b0b9-784ba5b5281d","block_type":"box","text":"index. The terms of a Fund’s index licensing agreement with BlackRock or its Affiliates may not be as favorable as the terms offered to other","page_number":77,"box":{"x":76,"y":89,"width":897,"height":11}},{"id":"e35998e3-4e0c-4aaa-9af2-55d73bbef4d4","block_type":"box","text":"licensees.","page_number":77,"box":{"x":77,"y":103,"width":61,"height":9}},{"id":"b254c4c2-e995-4328-baf4-b48a12a6c7d8","block_type":"box","text":"The activities of BFA and its Affiliates and their respective directors, officers or employees may give rise to other conflicts of interest that","page_number":77,"box":{"x":76,"y":126,"width":875,"height":11}},{"id":"6e682ee7-7e37-4e3a-ba66-10cb8e0e08a6","block_type":"box","text":"could disadvantage a Fund and its shareholders. BFA has adopted policies and procedures designed to address these potential conflicts of","page_number":77,"box":{"x":76,"y":140,"width":886,"height":11}},{"id":"7ff7311a-6225-44fd-9742-4e9e4577808a","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":77,"box":{"x":76,"y":155,"width":326,"height":8}},{"id":"923edc0b-dbff-4cf0-bc96-0447fab6cefb","block_type":"box","text":"Shareholder Information","page_number":77,"box":{"x":77,"y":183,"width":240,"height":14}},{"id":"7dc0b225-a9a0-4349-893e-bb5688718e1d","block_type":"box","text":"Additional shareholder information, including how to buy and sell shares of the Funds, is available free of charge by calling toll-free","page_number":77,"box":{"x":75,"y":213,"width":821,"height":10}},{"id":"a3e9aae5-48eb-420d-9136-909ea895378f","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":77,"box":{"x":78,"y":227,"width":383,"height":11}},{"id":"88548bab-fc95-413f-9ca0-7caad267b718","block_type":"box","text":"Buying and Selling Shares","page_number":77,"box":{"x":77,"y":250,"width":180,"height":11}},{"id":"241b3edf-d5cc-4891-9f13-c5089b742efe","block_type":"box","text":"Transactions in shares of the Funds occur in the primary market and the secondary market. Primary market transactions, known as","page_number":77,"box":{"x":76,"y":273,"width":839,"height":11}},{"id":"3ac29c42-8eb1-49ff-9a6d-8785ce0676d8","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":77,"box":{"x":76,"y":287,"width":584,"height":11}},{"id":"ba7fea09-1ae4-4447-9888-9fef48e06bd3","block_type":"box","text":"i.e","page_number":77,"box":{"x":661,"y":287,"width":14,"height":9}},{"id":"985f0942-538b-43ef-a6f7-730b4f6f7db9","block_type":"box","text":"., financial institutions that are authorized to","page_number":77,"box":{"x":677,"y":287,"width":282,"height":11}},{"id":"6d541a2c-8bee-4b9f-9d45-abbbdf82a520","block_type":"box","text":"participate in such transactions), as described in the","page_number":77,"box":{"x":76,"y":302,"width":335,"height":10}},{"id":"4ec45abb-32d1-433a-b44f-5c76df16c6b3","block_type":"box","text":"Creations and Redemptions","page_number":77,"box":{"x":417,"y":302,"width":173,"height":10}},{"id":"eac2d5b0-1aa7-4a4e-a814-47e85b15c8d0","block_type":"box","text":"section below.","page_number":77,"box":{"x":595,"y":302,"width":90,"height":8}},{"id":"d662af73-e013-4100-9a8f-40ecec203958","block_type":"box","text":"Fund shares are listed on U.S. national securities exchanges, where they can be bought and sold throughout the trading day at market prices,","page_number":77,"box":{"x":77,"y":325,"width":904,"height":11}},{"id":"40b78b1e-5004-4c60-a701-99aa7a37b2e1","block_type":"box","text":"like shares of other publicly traded companies. A Fund’s shares may also be available in other secondary markets, such as on non-U.S.","page_number":77,"box":{"x":77,"y":339,"width":860,"height":11}},{"id":"2792be60-c819-4bcb-83d0-a51a7040a8ae","block_type":"box","text":"exchanges and through funds or structured investment vehicles similar to depositary receipts. The Funds do not impose any minimum","page_number":77,"box":{"x":76,"y":353,"width":857,"height":11}},{"id":"c4c2e3d4-3493-4c78-bdd5-9db41b9dcf45","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":77,"box":{"x":76,"y":367,"width":598,"height":11}},{"id":"0ae71b4a-dd6d-4df4-948c-f367eaa70469","block_type":"box","text":"Buying or selling Fund shares on an exchange or other secondary market generally involves two types of costs that are common in securities","page_number":77,"box":{"x":77,"y":391,"width":899,"height":10}},{"id":"c133685b-f5ec-4cec-8492-16b6c1144420","block_type":"box","text":"transactions. First, when buying or selling Fund shares through a broker, you may incur a brokerage commission and other charges. The","page_number":77,"box":{"x":76,"y":405,"width":869,"height":11}},{"id":"16707a4d-b48d-4099-963c-852b3ef00e2e","block_type":"box","text":"commission is frequently a fixed amount; it may be a significant proportional cost if you are seeking to buy or sell small amounts of shares.","page_number":77,"box":{"x":76,"y":419,"width":888,"height":11}},{"id":"7efc93a8-e2ff-430a-9e46-94b613d0f8b5","block_type":"box","text":"Second, you may incur the cost of the “spread,” which is any difference between the bid price and the ask price for the shares. The spread","page_number":77,"box":{"x":76,"y":433,"width":884,"height":11}},{"id":"4af72842-00ee-4db8-aeb3-3a1fbadeb884","block_type":"box","text":"varies over time based on a Fund’s trading volume and market liquidity. Generally, the spread is smaller if a Fund has high trading volume and","page_number":77,"box":{"x":76,"y":447,"width":904,"height":11}},{"id":"78ba6b70-58cd-4efe-ac16-e690acc9b454","block_type":"box","text":"market liquidity, and larger if a Fund has lower trading volume and market liquidity. The latter is often the case for newly launched or smaller","page_number":77,"box":{"x":76,"y":461,"width":897,"height":11}},{"id":"b113bf51-3e48-4798-b578-b687b47006c1","block_type":"box","text":"funds. A Fund’s spread may also be impacted by the liquidity (or lack thereof) of the underlying securities or other assets held by the Fund,","page_number":77,"box":{"x":76,"y":476,"width":887,"height":10}},{"id":"418f34ff-4703-44c5-9d62-08a3e1d65601","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":77,"box":{"x":76,"y":490,"width":713,"height":11}},{"id":"cdc2dabe-9989-4013-aa96-51b124ce6e89","block_type":"box","text":"The U.S. national securities exchanges that list Fund shares are open for trading Monday through Friday and are closed on weekends and the","page_number":77,"box":{"x":76,"y":513,"width":902,"height":11}},{"id":"bfe4a6a5-026f-44f3-b5e6-d014548041dc","block_type":"box","text":"following holidays (or the days on which they are observed): New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday,","page_number":77,"box":{"x":76,"y":527,"width":856,"height":11}},{"id":"865469bc-107d-4ac6-ac57-d1e4db5ce412","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":77,"box":{"x":77,"y":541,"width":612,"height":11}},{"id":"f8c1d2a4-1167-4d97-98e0-598fe32ee121","block_type":"box","text":"Investments in Investment Companies","page_number":77,"box":{"x":77,"y":565,"width":268,"height":10}},{"id":"3e1a9a53-8925-40e0-a12c-ce6c7c45833f","block_type":"box","text":"Section 12(d)(1) of the 1940 Act generally restricts investments by investment companies, including foreign and unregistered investment","page_number":77,"box":{"x":76,"y":588,"width":873,"height":11}},{"id":"768294b5-e7ff-476f-819d-14a040117725","block_type":"box","text":"companies, in the securities of other investment companies. For example, a registered investment company (the “Acquired Fund”), such as","page_number":77,"box":{"x":76,"y":602,"width":889,"height":11}},{"id":"864feed9-b8d8-4eba-b457-111a274fca98","block_type":"box","text":"the Funds, may not knowingly sell or otherwise dispose of any security issued by the Acquired Fund to any investment company (the","page_number":77,"box":{"x":76,"y":616,"width":847,"height":11}},{"id":"1a147597-8bc2-49d7-9fed-f53adb470b28","block_type":"box","text":"“Acquiring Fund”) or any company or companies controlled by the Acquiring Fund if, immediately after such sale or disposition: (i) more than","page_number":77,"box":{"x":76,"y":630,"width":897,"height":11}},{"id":"ef68674d-12b2-44bb-94d9-29faf1c690e1","block_type":"box","text":"3% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and any company or companies controlled by","page_number":77,"box":{"x":76,"y":644,"width":890,"height":11}},{"id":"04f01476-b05e-4473-8bb7-a0e0071ac195","block_type":"box","text":"the Acquiring Fund, or (ii) more than 10% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and other","page_number":77,"box":{"x":76,"y":659,"width":904,"height":11}},{"id":"1f6ebb20-2e63-4cc7-9934-3c1066d4ad28","block_type":"box","text":"investment companies and companies controlled by them.","page_number":77,"box":{"x":76,"y":673,"width":374,"height":11}},{"id":"ef06916c-0cee-491f-8f49-8d0bca4b3479","block_type":"box","text":"Notwithstanding the foregoing, registered investment companies are permitted to invest in a Fund beyond the limits set forth in Section","page_number":77,"box":{"x":77,"y":696,"width":867,"height":11}},{"id":"ba8169b5-81c8-4e16-9104-2ffedceec507","block_type":"box","text":"12(d)(1), subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act. To make such an investment in an Acquired","page_number":77,"box":{"x":78,"y":710,"width":871,"height":11}},{"id":"297916fc-ffa4-4811-9e66-34dd760a0dc6","block_type":"box","text":"Fund, a registered investment company must, among other things, enter into an agreement with the Company. If an Acquired Fund invests","page_number":77,"box":{"x":77,"y":724,"width":884,"height":11}},{"id":"5e6b323c-bc8d-4658-a6f9-eb16cc5a8953","block_type":"box","text":"significantly in other registered investment companies in reliance on Rule 12d1-4, an Acquiring Fund will not be permitted to rely on Rule","page_number":77,"box":{"x":76,"y":739,"width":874,"height":10}},{"id":"2b87e332-89b3-4b73-a07a-cbdfa281f1c0","block_type":"box","text":"12d1-4 and invest in the Fund beyond the Section 12(d)(1) limits. Any investment company interested in purchasing shares of a Fund beyond","page_number":77,"box":{"x":78,"y":753,"width":894,"height":11}},{"id":"324fd965-581c-48bd-a971-5cc5794ee769","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":77,"box":{"x":76,"y":767,"width":367,"height":11}},{"id":"d2611d09-4f93-488d-8d27-b69de48e7759","block_type":"box","text":"Foreign investment companies are permitted to invest in a Fund only up to the limits set forth in Section 12(d)(1), subject to any applicable","page_number":77,"box":{"x":77,"y":790,"width":883,"height":11}},{"id":"e68a4d5e-a185-4e66-91ce-51d623ffacb2","block_type":"box","text":"SEC no-action relief.","page_number":77,"box":{"x":76,"y":804,"width":130,"height":9}},{"id":"78c04499-b062-4abb-9455-910d8f4d1eda","block_type":"box","text":"Book Entry","page_number":77,"box":{"x":77,"y":828,"width":76,"height":10}},{"id":"9358d001-e10b-4c2c-9912-eadb6f3ba837","block_type":"box","text":"Shares of the Funds are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company (“DTC”),","page_number":77,"box":{"x":76,"y":851,"width":892,"height":11}},{"id":"43e2a0c1-39f4-4b9b-bae7-b871103b4738","block_type":"box","text":"which serves as the securities depository for shares of the Funds, or its nominee is the record owner of, and holds legal title to, all","page_number":77,"box":{"x":76,"y":865,"width":832,"height":11}},{"id":"9ee3c103-8c32-4f9b-b9ae-b3558d1193ad","block_type":"box","text":"outstanding shares of the Funds.","page_number":77,"box":{"x":76,"y":879,"width":209,"height":11}},{"id":"a82c71fa-c63f-408d-af2f-980bbc2d1820","block_type":"box","text":"23","page_number":77,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"1b90a1ee-bd31-4a15-998a-2cefc879e35c","block_type":"box","text":"Investors owning Fund shares are beneficial owners as shown on the records of DTC or its participants. DTC participants include securities","page_number":78,"box":{"x":77,"y":23,"width":885,"height":11}},{"id":"84979b5d-81a8-4a95-8941-13be64f9c9c0","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":78,"box":{"x":76,"y":37,"width":863,"height":11}},{"id":"8c43e597-1ae3-4594-915e-9087728f0a4a","block_type":"box","text":"relationship with DTC. As a beneficial owner of Fund shares, you are not entitled to receive physical delivery of stock certificates or to have","page_number":78,"box":{"x":77,"y":51,"width":888,"height":11}},{"id":"742a9fbb-cd45-41b2-94d3-f713c0558b53","block_type":"box","text":"shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of","page_number":78,"box":{"x":76,"y":66,"width":874,"height":11}},{"id":"93183ae4-4445-4803-83c4-44ffc6d4c7dd","block_type":"box","text":"Fund shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other","page_number":78,"box":{"x":77,"y":80,"width":899,"height":11}},{"id":"11fc5a93-1b07-48f1-871f-4b053be7e1c0","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":78,"box":{"x":76,"y":94,"width":330,"height":11}},{"id":"08cd89c4-7ad5-4bb5-8857-c03d080abfb8","block_type":"box","text":"Share Prices","page_number":78,"box":{"x":76,"y":117,"width":87,"height":9}},{"id":"f520dea6-2237-4068-85d0-26d864955021","block_type":"box","text":"The trading prices of a Fund’s shares in the secondary market generally differ from the Fund’s daily NAV and are affected by various factors,","page_number":78,"box":{"x":76,"y":140,"width":894,"height":11}},{"id":"90fd951d-fbb0-4e96-9292-62559900384b","block_type":"box","text":"such as the supply of and demand for ETF shares and the securities or other assets held by a Fund as well as other market and economic","page_number":78,"box":{"x":76,"y":155,"width":876,"height":10}},{"id":"5d660d14-09e1-4a9e-946f-0be5725ff5e5","block_type":"box","text":"conditions.","page_number":78,"box":{"x":76,"y":169,"width":69,"height":8}},{"id":"760480fd-fa1b-47e7-98d3-c9da63228ffb","block_type":"box","text":"Determination of Net Asset Value","page_number":78,"box":{"x":77,"y":192,"width":233,"height":9}},{"id":"5169f764-bee4-468b-8863-2dd63ddc9d58","block_type":"box","text":"The NAV of a Fund normally is determined once daily Monday through Friday, on each day that the New York Stock Exchange (“NYSE”) is","page_number":78,"box":{"x":76,"y":215,"width":872,"height":11}},{"id":"b9cbbbc6-1fc3-447c-a1ce-deb5fb4c265c","block_type":"box","text":"open for trading. The NAV generally is determined as of the close of the NYSE’s regular trading hours, normally 4:00 p.m. Eastern time, based","page_number":78,"box":{"x":76,"y":229,"width":904,"height":11}},{"id":"2be18570-403d-4f00-804b-a3908ec8935c","block_type":"box","text":"on prices at the time of closing.","page_number":78,"box":{"x":76,"y":244,"width":201,"height":10}},{"id":"e3211b47-e07f-4a3c-b5f3-4e6cebfed16d","block_type":"box","text":"Any Fund assets or liabilities that are denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing","page_number":78,"box":{"x":76,"y":267,"width":883,"height":11}},{"id":"22609344-0c78-40cf-ac81-51866dca70f6","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":78,"box":{"x":76,"y":281,"width":554,"height":11}},{"id":"bd3a14cd-3fa1-40e9-b02a-19b63f687c9c","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":78,"box":{"x":76,"y":304,"width":501,"height":11}},{"id":"aa32a9d2-c60a-4576-a924-e015388c229e","block_type":"box","text":"i.e","page_number":78,"box":{"x":578,"y":304,"width":14,"height":9}},{"id":"31837925-0c68-466d-8464-7713fa201932","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":78,"box":{"x":594,"y":304,"width":353,"height":11}},{"id":"b3bdbcb8-486e-4c8c-9d65-5a9d054a4503","block_type":"box","text":"underlying fund shares in which the Fund invests, less total liabilities) by the total number of outstanding shares of the Fund, generally","page_number":78,"box":{"x":77,"y":318,"width":857,"height":11}},{"id":"38aed69a-77f4-48b2-9320-86ee71c084d0","block_type":"box","text":"rounded to the nearest cent. The value of a Fund’s assets and liabilities is determined pursuant to BFA’s valuation policies and procedures.","page_number":78,"box":{"x":77,"y":333,"width":883,"height":10}},{"id":"c1db2274-704a-49ef-bb5e-9fa7d9d80c38","block_type":"box","text":"BFA has been designated by the Board as the valuation designee for each Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":78,"box":{"x":77,"y":347,"width":881,"height":11}},{"id":"5b2d3b5a-35c8-44c3-966c-8dbd0d100e59","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized) for which market","page_number":78,"box":{"x":77,"y":370,"width":867,"height":11}},{"id":"3fc1e163-36c1-400e-ba41-158b6f42df99","block_type":"box","text":"quotations are readily available are valued at market value, which is generally determined using the last reported official closing price or, if a","page_number":78,"box":{"x":76,"y":384,"width":896,"height":11}},{"id":"a7758f4b-74d3-4132-9364-9a5cb5527fa7","block_type":"box","text":"reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded","page_number":78,"box":{"x":77,"y":398,"width":903,"height":11}},{"id":"71a9c7d6-f1ee-4863-8b4a-37c89891fece","block_type":"box","text":"at the time of valuation. Shares of underlying open-end funds (including money market funds) that are not traded on an exchange are valued","page_number":78,"box":{"x":76,"y":412,"width":897,"height":11}},{"id":"ba18cc71-6093-4b07-a08e-906fb84354fb","block_type":"box","text":"at net asset value. Shares of underlying ETFs and closed-end funds that trade on exchanges are valued at their most recent market closing","page_number":78,"box":{"x":76,"y":427,"width":887,"height":10}},{"id":"d53c4c0d-2139-4d61-b496-d34948e37ec9","block_type":"box","text":"price.","page_number":78,"box":{"x":76,"y":441,"width":35,"height":11}},{"id":"b64e2225-e23f-4d3a-9bf1-ceb66f4a9cd7","block_type":"box","text":"Fixed-income securities and certain derivative instruments are valued using last available bid prices or current market quotations provided by","page_number":78,"box":{"x":77,"y":464,"width":904,"height":11}},{"id":"46d9db0f-f1c2-4ee9-ab68-720f69c39a75","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third-party pricing services, each in accordance","page_number":78,"box":{"x":76,"y":478,"width":891,"height":11}},{"id":"d833ad4a-f4f7-4386-b4a2-3ed00da65fc2","block_type":"box","text":"with BFA’s valuation policies and procedures. Pricing services may use matrix pricing or valuation models that utilize certain inputs and","page_number":78,"box":{"x":76,"y":492,"width":861,"height":11}},{"id":"94d2beea-9f13-476f-bb0e-776dd2c4d329","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":78,"box":{"x":76,"y":507,"width":901,"height":10}},{"id":"f1b18d6b-37ab-419e-a82c-fe1bf43018e6","block_type":"box","text":"lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at","page_number":78,"box":{"x":77,"y":521,"width":904,"height":11}},{"id":"f35c54c0-8cb4-48b9-a372-df7b656aa484","block_type":"box","text":"lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a","page_number":78,"box":{"x":77,"y":535,"width":899,"height":11}},{"id":"a00c157c-3453-4fbe-a4c9-f7f9fbb4f836","block_type":"box","text":"Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity unless","page_number":78,"box":{"x":77,"y":549,"width":902,"height":11}},{"id":"ccd24e2d-fa26-4c92-a456-997571ca04d3","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":78,"box":{"x":77,"y":563,"width":491,"height":11}},{"id":"eb7e939b-acbc-4310-8935-4e22aead0141","block_type":"box","text":"Generally, trading in certain instruments (","page_number":78,"box":{"x":76,"y":586,"width":265,"height":11}},{"id":"b5feac1b-f0db-44c3-9005-ccdeca682a8b","block_type":"box","text":"e.g","page_number":78,"box":{"x":343,"y":589,"width":19,"height":8}},{"id":"21365a9f-653b-469b-8b35-3e0586de75d1","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":78,"box":{"x":362,"y":586,"width":599,"height":11}},{"id":"49eb4dc4-55f4-42b5-aaa6-e0c1292998c4","block_type":"box","text":"various times prior to the close of the NYSE’s regular trading hours. The values of such instruments used in computing a Fund’s NAV are","page_number":78,"box":{"x":76,"y":601,"width":869,"height":11}},{"id":"23020d8a-060d-4616-8d00-72d8ccb662dd","block_type":"box","text":"determined as of such times.","page_number":78,"box":{"x":76,"y":615,"width":185,"height":8}},{"id":"5fa124b1-a302-475d-b777-0870b596e9db","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary","page_number":78,"box":{"x":77,"y":638,"width":885,"height":11}},{"id":"d9fb6da3-e00f-4572-a0b7-2f18835996d5","block_type":"box","text":"multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the","page_number":78,"box":{"x":76,"y":652,"width":901,"height":11}},{"id":"ccb52266-7d6c-4130-8ea9-1766168fc4a5","block_type":"box","text":"prices of foreign assets in one or more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of","page_number":78,"box":{"x":76,"y":666,"width":904,"height":11}},{"id":"70dcf232-795e-48e4-8f8e-47925cd7773b","block_type":"box","text":"a Fund’s pricing time.","page_number":78,"box":{"x":76,"y":681,"width":136,"height":10}},{"id":"982fe2ab-9f09-4681-86df-8ac4360dfa08","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and other derivatives may be valued using a mathematical","page_number":78,"box":{"x":76,"y":704,"width":877,"height":11}},{"id":"be273fb5-9345-4aa6-ab96-fafd1c89d78f","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":78,"box":{"x":76,"y":718,"width":392,"height":11}},{"id":"23452534-3c0b-42bd-9157-111559b6dc54","block_type":"box","text":"When market quotations are not readily available or are believed by BFA to be unreliable, BFA will fair value a Fund’s investments in","page_number":78,"box":{"x":76,"y":741,"width":837,"height":11}},{"id":"fb5a2b94-d534-4678-a300-d16e48b01f60","block_type":"box","text":"accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. It is the","page_number":78,"box":{"x":76,"y":755,"width":874,"height":11}},{"id":"8116c3f5-b99b-4d0e-b919-4ee96e5747e9","block_type":"box","text":"amount that the Fund might reasonably expect to receive from the current sale of an asset or the cost to extinguish a liability in an arm’s","page_number":78,"box":{"x":76,"y":770,"width":879,"height":10}},{"id":"b98c237d-2ab5-479b-b9f1-4bb045f4af8a","block_type":"box","text":"length transaction.","page_number":78,"box":{"x":77,"y":784,"width":118,"height":11}},{"id":"7072cee3-3718-4e39-807a-711369a4d0ec","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":78,"box":{"x":77,"y":807,"width":531,"height":11}},{"id":"25b6d862-9530-46db-8791-93f7ebe09b25","block_type":"box","text":"An asset or liability does not have a price source due to its lack of trading or other reasons;","page_number":78,"box":{"x":113,"y":825,"width":582,"height":11}},{"id":"2c603048-b1c2-4513-85ab-a08122b14593","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":78,"box":{"x":113,"y":843,"width":767,"height":11}},{"id":"03b16cd1-777e-40a6-99e4-53f8386d9a6e","block_type":"box","text":"An asset or liability is thinly traded;","page_number":78,"box":{"x":113,"y":861,"width":223,"height":11}},{"id":"9503fc57-567f-4cff-a6c8-e5268fc992ea","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":78,"box":{"x":113,"y":879,"width":508,"height":11}},{"id":"dd4583e8-92f5-45e9-ad6c-1a24e1346bbf","block_type":"box","text":"24","page_number":78,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"cd2f46a3-2b5b-4532-8be2-f023b52f6ea0","block_type":"box","text":"The trading market on which an instrument is listed is suspended or closed and no appropriate alternative trading market is available.","page_number":79,"box":{"x":113,"y":23,"width":853,"height":11}},{"id":"354e9ea9-e4f5-4ead-a618-8fb7ec80d0dc","block_type":"box","text":"A “significant event” is deemed to occur if BFA determines, in its reasonable business judgment prior to or at the time of pricing a Fund’s","page_number":79,"box":{"x":76,"y":46,"width":874,"height":11}},{"id":"aede43c2-c0b6-4e1c-aa51-c0d30e49a0b4","block_type":"box","text":"assets or liabilities, that the event is likely to cause a material change to the last exchange closing price or closing market price of one or","page_number":79,"box":{"x":76,"y":61,"width":876,"height":10}},{"id":"c13c6f32-d8f4-4b44-b1a1-6b5fbb43b1ba","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":79,"box":{"x":76,"y":75,"width":246,"height":8}},{"id":"fb9ca3cc-6e3f-40a5-92a2-257aef87d176","block_type":"box","text":"Valuing a Fund’s investments using fair value pricing may result in prices that differ from current market valuations and that may not be the","page_number":79,"box":{"x":76,"y":98,"width":890,"height":11}},{"id":"6ca0344b-a49d-4a95-a5e4-8829fe610244","block_type":"box","text":"prices at which those investments could have been sold during the period for which the particular fair values were used. For an index Fund,","page_number":79,"box":{"x":76,"y":112,"width":888,"height":11}},{"id":"2f18d3ac-c9d9-4f4d-ac16-c79f129939de","block_type":"box","text":"the use of both fair value prices and current market valuations in a particular NAV calculation could result in a difference between the prices","page_number":79,"box":{"x":76,"y":126,"width":896,"height":11}},{"id":"14119302-c90a-4757-ba2c-e133319729f7","block_type":"box","text":"used to calculate a Fund’s NAV and the prices used by the Fund’s underlying index. This could, in turn, result in a difference between the","page_number":79,"box":{"x":77,"y":140,"width":870,"height":11}},{"id":"d660408a-0c01-4706-9354-4b9ac03d2a90","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":79,"box":{"x":77,"y":155,"width":414,"height":10}},{"id":"e1aeacdc-964d-4542-9454-32ee4072004c","block_type":"box","text":"Dividends and Distributions","page_number":79,"box":{"x":77,"y":178,"width":192,"height":8}},{"id":"28b9d062-a09a-44e9-ad42-b2413dc6ccca","block_type":"box","text":"General Policies.","page_number":79,"box":{"x":76,"y":201,"width":103,"height":9}},{"id":"0b7a7072-6521-4968-b422-ef6043e7ff27","block_type":"box","text":"A Fund generally declares and pays dividends from net investment income, if any, at least once a year. Distributions of net","page_number":79,"box":{"x":185,"y":201,"width":782,"height":11}},{"id":"1202aa38-af86-4266-958e-ac3fbbc1df33","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Company may make distributions on a more frequent","page_number":79,"box":{"x":77,"y":215,"width":879,"height":11}},{"id":"804a8af6-3fba-4d65-aed1-7c30eca547d4","block_type":"box","text":"basis for a Fund. The Company reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or","page_number":79,"box":{"x":76,"y":229,"width":890,"height":11}},{"id":"528b304e-0119-479c-aa05-a9a2508c6903","block_type":"box","text":"advisable to preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on","page_number":79,"box":{"x":76,"y":244,"width":834,"height":10}},{"id":"1cb43bc6-463a-478c-b225-48c450896383","block_type":"box","text":"undistributed income or realized gains.","page_number":79,"box":{"x":77,"y":258,"width":247,"height":11}},{"id":"ba44b3e4-3703-404c-b02a-f13ac31e02eb","block_type":"box","text":"Dividends and other distributions on Fund shares are distributed on a pro rata basis to beneficial owners of the shares. Dividend payments","page_number":79,"box":{"x":77,"y":281,"width":885,"height":11}},{"id":"af780401-452b-4f62-b1e5-aadb6ba3c2da","block_type":"box","text":"and other distributions are made through DTC participants and indirect participants to beneficial owners then of record with proceeds","page_number":79,"box":{"x":76,"y":295,"width":856,"height":11}},{"id":"fa1e9872-cdfb-4db2-8806-41d9c4f20dbb","block_type":"box","text":"received from the Funds.","page_number":79,"box":{"x":77,"y":309,"width":157,"height":9}},{"id":"4d11285d-be96-41c7-a87d-42e6364d9c78","block_type":"box","text":"Dividend Reinvestment Service.","page_number":79,"box":{"x":76,"y":333,"width":197,"height":8}},{"id":"d170b0d4-1882-4001-a0b8-f34354e76c8d","block_type":"box","text":"No dividend reinvestment service is provided by the Company. Broker-dealers may make the DTC book-entry","page_number":79,"box":{"x":280,"y":333,"width":695,"height":10}},{"id":"4180b540-d264-4b6f-bb54-ada6b29fe286","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":79,"box":{"x":77,"y":347,"width":899,"height":11}},{"id":"3032c8da-4ea5-4166-a0ae-65e3d17dce90","block_type":"box","text":"contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require beneficial","page_number":79,"box":{"x":76,"y":361,"width":869,"height":11}},{"id":"d37ed44e-1f97-418a-91b5-078302fd7e67","block_type":"box","text":"owners to adhere to specific procedures and timetables. If the program is used, dividend distributions of both income and realized gains will","page_number":79,"box":{"x":76,"y":375,"width":895,"height":11}},{"id":"495693fa-29d3-459c-9740-306379b39a25","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":79,"box":{"x":76,"y":389,"width":617,"height":11}},{"id":"86017481-490e-4d0b-a6e8-0d6a328d992d","block_type":"box","text":"Note on Tax Information.","page_number":79,"box":{"x":76,"y":412,"width":167,"height":9}},{"id":"d7e868cc-7dfd-4c8b-95d1-710c2aaab194","block_type":"box","text":"The following sections summarize some of the consequences under current U.S. federal tax law of an investment in","page_number":79,"box":{"x":249,"y":412,"width":723,"height":11}},{"id":"e2ac01f9-64a7-4114-8500-12f426b2fa9a","block_type":"box","text":"a Fund. This information is not a substitute for personal tax advice. You may also be subject to state and local taxation on Fund distributions and","page_number":79,"box":{"x":76,"y":427,"width":905,"height":10}},{"id":"ecd5feb3-e614-4c67-b193-5740da71447c","block_type":"box","text":"sales of Fund shares. Distributions that are attributable to interest from U.S. federal government obligations may be exempt from certain state","page_number":79,"box":{"x":76,"y":441,"width":893,"height":11}},{"id":"5fa8f281-ca37-4610-9649-c55a312b7e6c","block_type":"box","text":"and local tax. Consult your personal tax advisor about the potential tax consequences of an investment in Fund shares under all applicable tax","page_number":79,"box":{"x":76,"y":455,"width":893,"height":11}},{"id":"a0b1750f-add6-44d6-a750-6a2ca69e082a","block_type":"box","text":"laws.","page_number":79,"box":{"x":76,"y":469,"width":30,"height":9}},{"id":"ea8882c8-0c08-407b-9a90-444f636a8571","block_type":"box","text":"Taxes","page_number":79,"box":{"x":76,"y":493,"width":38,"height":8}},{"id":"82924520-8d51-435e-9304-1bdfb8431b2f","block_type":"box","text":"As with any investment, you should consider how your investment in shares of a Fund will be taxed, including possible tax consequences","page_number":79,"box":{"x":76,"y":516,"width":874,"height":10}},{"id":"a2d8b8b4-56b6-435e-ad40-e1db347fca35","block_type":"box","text":"when a Fund makes distributions or when you sell Fund shares. The tax information in this Prospectus is provided as general information,","page_number":79,"box":{"x":76,"y":530,"width":877,"height":11}},{"id":"731db0f4-7e00-419e-bad2-5819852df743","block_type":"box","text":"based on current law. You should consult your own tax professional about the tax consequences of an investment in shares of a Fund. There","page_number":79,"box":{"x":76,"y":544,"width":895,"height":11}},{"id":"ffe9e6e1-8733-4cee-9fcb-c910546dc93c","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":79,"box":{"x":76,"y":558,"width":594,"height":11}},{"id":"ee2fdadf-868c-4324-9747-8218322b06de","block_type":"box","text":"Taxes on Fund Distributions","page_number":79,"box":{"x":76,"y":581,"width":194,"height":9}},{"id":"d3cec5b4-1159-4206-8c81-07688a2445ad","block_type":"box","text":"Shareholders in a Fund will receive information after the end of each calendar year setting forth the amount of dividends and long-term","page_number":79,"box":{"x":76,"y":605,"width":863,"height":10}},{"id":"19efbd61-f9aa-4017-878d-d70b6a201f92","block_type":"box","text":"capital gains distributed to them by the Fund during the prior year, if any. Likewise, the amount of tax-exempt income, if any, that a Fund","page_number":79,"box":{"x":76,"y":619,"width":873,"height":11}},{"id":"1b047e59-8d03-4e59-bae8-378c4ff34066","block_type":"box","text":"distributes will be reported. Such income must be reported on the shareholder’s U.S. federal income tax return.","page_number":79,"box":{"x":76,"y":633,"width":713,"height":11}},{"id":"2ab0c8d3-97d4-45bb-b1fb-d9b7ff6a3cba","block_type":"box","text":"In general, distributions are subject to U.S. federal income tax for the year when they are paid. Certain distributions paid in January, however,","page_number":79,"box":{"x":77,"y":656,"width":902,"height":11}},{"id":"fcd35f76-0dd5-479c-9ae7-261ef592ac64","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":79,"box":{"x":76,"y":670,"width":365,"height":11}},{"id":"05de6663-696d-4f5e-bb55-18ddf464e303","block_type":"box","text":"Capital Gains.","page_number":79,"box":{"x":76,"y":693,"width":86,"height":11}},{"id":"a1687764-3f07-4c5a-8d74-a3b1361bff8c","block_type":"box","text":"Distributions from a Fund’s net investment income (other than qualified dividend income or from net tax-exempt income, if","page_number":79,"box":{"x":169,"y":693,"width":785,"height":11}},{"id":"ada1067b-130e-444d-84f3-ca318a80327f","block_type":"box","text":"any), including distributions of income from securities lending and distributions out of a Fund’s net short-term capital gains, if any, are","page_number":79,"box":{"x":76,"y":708,"width":857,"height":11}},{"id":"64af6bac-2c68-4ac1-8421-d66a1c63d1ca","block_type":"box","text":"taxable to you as ordinary income. Distributions by a Fund of net long-term capital gains, if any, in excess of net short-term capital losses","page_number":79,"box":{"x":76,"y":722,"width":878,"height":11}},{"id":"c9b8b741-92d8-4785-adfd-b3aacc9776dc","block_type":"box","text":"(capital gain dividends) are taxable to you as long-term capital gains, regardless of how long you have held the Fund’s shares. Long-term","page_number":79,"box":{"x":77,"y":736,"width":871,"height":11}},{"id":"1c27e3e8-4d19-4cd8-8b93-0f9d886b1b2e","block_type":"box","text":"capital gains and qualified dividend income are generally eligible for taxation at preferential rates for non-corporate shareholders. However,","page_number":79,"box":{"x":76,"y":750,"width":892,"height":11}},{"id":"9805ea36-a99d-44d2-b915-d732b639fade","block_type":"box","text":"different preferential rates may apply depending on the type of capital gains, such as Fund distributions of certain amounts received from","page_number":79,"box":{"x":76,"y":764,"width":878,"height":11}},{"id":"a49402fa-9e47-49c3-8f8a-b6adf6aa2ef4","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":79,"box":{"x":77,"y":779,"width":289,"height":10}},{"id":"214594bf-f4c6-4818-b69a-a5fb9707bb6a","block_type":"box","text":"Return of Capital.","page_number":79,"box":{"x":76,"y":802,"width":108,"height":10}},{"id":"bd096c1f-c6e2-4464-a2a3-00db20b09d9b","block_type":"box","text":"If a Fund’s distributions exceed current and accumulated earnings and profits, all or a portion of the distributions made in","page_number":79,"box":{"x":191,"y":802,"width":775,"height":11}},{"id":"8c0997b2-16b4-44b8-9a56-f3a451429d42","block_type":"box","text":"the taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution generally will not be taxable but","page_number":79,"box":{"x":76,"y":816,"width":904,"height":11}},{"id":"51ced4d5-b938-4586-8459-e22b7694cd10","block_type":"box","text":"will reduce the shareholder’s cost basis and result in a higher capital gain or lower capital loss when those shares on which the distribution","page_number":79,"box":{"x":76,"y":830,"width":888,"height":11}},{"id":"1135d0c6-b2f5-4db8-aecc-0b75cd70ae14","block_type":"box","text":"was received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains, if the","page_number":79,"box":{"x":76,"y":844,"width":843,"height":11}},{"id":"7a688867-427d-441b-a1a4-c6dd474d7b44","block_type":"box","text":"shareholder holds shares of the Fund as capital assets. Distributions in excess of a Fund’s minimum distribution requirements, but not in","page_number":79,"box":{"x":76,"y":858,"width":874,"height":11}},{"id":"93fd811c-d0ac-4367-b684-03b438545737","block_type":"box","text":"excess of the Fund’s earnings and profits, will be taxable to shareholders and will not constitute nontaxable returns of capital.","page_number":79,"box":{"x":76,"y":873,"width":803,"height":11}},{"id":"3327d237-922d-40e7-9e98-41488829321a","block_type":"box","text":"25","page_number":79,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"2da0f542-6c7a-4179-a096-1d92bdcceaf4","block_type":"box","text":"Qualified Dividend Income.","page_number":80,"box":{"x":76,"y":23,"width":167,"height":9}},{"id":"6063899b-d8c1-42c6-9211-0c83e267df18","block_type":"box","text":"Distributions by a Fund that qualify as qualified dividend income, if any, are taxable to you at long-term capital","page_number":80,"box":{"x":249,"y":23,"width":702,"height":11}},{"id":"a284bbca-b7d8-44b0-aad4-5ad4f44bfb7d","block_type":"box","text":"gain rates. Dividends will be qualified dividend income to you if they are attributable to qualified dividend income received by a Fund.","page_number":80,"box":{"x":76,"y":37,"width":848,"height":11}},{"id":"8f6f3e96-98d1-472a-96e5-0155d784c8a5","block_type":"box","text":"Generally, qualified dividend income includes dividend income from stock issued by taxable U.S. corporations and qualified non-U.S.","page_number":80,"box":{"x":76,"y":51,"width":846,"height":11}},{"id":"7cf84cb0-8ece-4b23-b4a4-805201356c63","block_type":"box","text":"corporations, provided that the Fund satisfies certain holding period requirements and has not hedged its position in the stock in certain","page_number":80,"box":{"x":76,"y":66,"width":872,"height":11}},{"id":"6fbc4bc2-df54-4437-a582-c9fa0cad0fb4","block_type":"box","text":"ways. For this purpose, a qualified non-U.S. corporation means any non-U.S. corporation that is eligible for benefits under a comprehensive","page_number":80,"box":{"x":76,"y":80,"width":892,"height":11}},{"id":"512bff8f-c491-4082-8b3e-ca198c6b32c4","block_type":"box","text":"income tax treaty with the U.S., which includes an exchange of information program, or if the stock with respect to which the dividend was","page_number":80,"box":{"x":76,"y":94,"width":886,"height":11}},{"id":"366141df-dd82-4629-b2bc-b7e0d8b4cc23","block_type":"box","text":"paid is readily tradable on an established U.S. securities market. The term excludes a corporation that is a passive foreign investment","page_number":80,"box":{"x":76,"y":108,"width":854,"height":11}},{"id":"99cb6106-6d1b-44c6-aabb-bd31979d491c","block_type":"box","text":"company.","page_number":80,"box":{"x":76,"y":125,"width":60,"height":8}},{"id":"57c7c747-7c67-4410-b34b-c7f86711e4bb","block_type":"box","text":"Dividends received by a Fund from a RIC, if any, generally are qualified dividend income only to the extent that such dividend distributions are","page_number":80,"box":{"x":77,"y":146,"width":904,"height":10}},{"id":"b0880560-4d6b-4623-8d0b-9efd0e60ad87","block_type":"box","text":"made out of qualified dividend income received by such RIC. Additionally, it is expected that dividends received by a Fund from a REIT, if any,","page_number":80,"box":{"x":76,"y":160,"width":901,"height":11}},{"id":"c3c2d31c-e228-46fe-83be-8548856490e2","block_type":"box","text":"and distributed to a shareholder generally will be taxable to the shareholder as ordinary income. However, a Fund may report dividends","page_number":80,"box":{"x":76,"y":174,"width":865,"height":11}},{"id":"84e7c07f-3ec9-4219-b62b-88f24e4fd017","block_type":"box","text":"eligible for a 20% “qualified business income” deduction for non-corporate U.S. shareholders to the extent that the Fund’s income is derived","page_number":80,"box":{"x":76,"y":188,"width":895,"height":11}},{"id":"1e19454f-bd74-47e8-a9ae-95c708a82907","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":80,"box":{"x":76,"y":202,"width":428,"height":11}},{"id":"62a42176-d7ec-4613-ad5e-3b1ee0509854","block_type":"box","text":"For a dividend to be treated as qualified dividend income, the dividend must be received with respect to a share of stock held without being","page_number":80,"box":{"x":77,"y":226,"width":891,"height":10}},{"id":"3948ebca-af68-43c4-af7b-78bb66cced57","block_type":"box","text":"hedged by the relevant Fund, and with respect to a share of the Fund held without being hedged by you, for 61 days during the 121-day","page_number":80,"box":{"x":77,"y":240,"width":861,"height":11}},{"id":"6aeae0c7-ce7f-4922-be09-e563ccfe1a93","block_type":"box","text":"period beginning at the date that is 60 days before the date on which such share becomes ex-dividend with respect to such dividend or, in","page_number":80,"box":{"x":76,"y":254,"width":883,"height":11}},{"id":"f6d553da-b393-4384-9210-7d02ea8daaf1","block_type":"box","text":"the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date.","page_number":80,"box":{"x":76,"y":268,"width":682,"height":11}},{"id":"ff832adf-7f25-4464-a60e-78f2fc2d5797","block_type":"box","text":"Fund distributions, to the extent attributable to dividends from U.S. corporations, will be eligible for the dividends received deduction for","page_number":80,"box":{"x":77,"y":291,"width":872,"height":11}},{"id":"3665aabd-a849-4250-ad8b-2f4fd6471e82","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":80,"box":{"x":77,"y":305,"width":603,"height":11}},{"id":"72828396-aec8-4c8c-8ec1-d8d7762317a2","block_type":"box","text":"Substitute dividends received by a Fund with respect to dividends paid on securities lent out, if any, will not be qualified dividend income.","page_number":80,"box":{"x":76,"y":329,"width":876,"height":10}},{"id":"bbf915dc-64d8-4015-87b6-56870c06aedb","block_type":"box","text":"Medicare Tax.","page_number":80,"box":{"x":76,"y":352,"width":85,"height":8}},{"id":"bf4ae083-17d4-41ea-a2ce-88cefab60d30","block_type":"box","text":"A 3.8% U.S. federal Medicare contribution tax is imposed on “net investment income,” including, but not limited to, interest,","page_number":80,"box":{"x":167,"y":352,"width":791,"height":11}},{"id":"1415d621-96c8-4811-a34e-b6094df995cc","block_type":"box","text":"dividends, and net gain, of U.S. individuals with income exceeding $200,000 (or $250,000 if married and filing jointly) and of estates and","page_number":80,"box":{"x":76,"y":365,"width":876,"height":12}},{"id":"7a97797b-580d-419d-965b-ce0bf223dfbc","block_type":"box","text":"trusts.","page_number":80,"box":{"x":76,"y":381,"width":40,"height":8}},{"id":"8c150321-88e3-4fb7-9777-622545e1bdc4","block_type":"box","text":"Alternative Minimum Tax.","page_number":80,"box":{"x":75,"y":403,"width":157,"height":9}},{"id":"66c90b4f-b245-4692-be62-346b111516a3","block_type":"box","text":"The AMT is a separate U.S. federal tax system that operates in parallel to the regular federal income tax system but","page_number":80,"box":{"x":238,"y":403,"width":738,"height":11}},{"id":"af2e1554-1ef0-416c-9539-47af908a0d2d","block_type":"box","text":"eliminates many deductions and exclusions. The AMT has different tax rates and treats as taxable certain types of income that are","page_number":80,"box":{"x":76,"y":418,"width":833,"height":10}},{"id":"5d01b03d-25c0-460d-91d5-76032296c554","block_type":"box","text":"nontaxable for regular income tax purposes, such as the interest on certain “private activity” municipal bonds. If a taxpayer’s overall AMT","page_number":80,"box":{"x":76,"y":432,"width":877,"height":11}},{"id":"53817ded-3601-4e82-9fdd-9924cb7ed43d","block_type":"box","text":"liability is higher than regular income tax liability, then the taxpayer owes the regular income tax liability plus the difference between the AMT","page_number":80,"box":{"x":77,"y":446,"width":903,"height":11}},{"id":"3a9a3fe1-2cf9-45c6-b4c5-acf5d7563ae2","block_type":"box","text":"liability and the regular income tax liability.","page_number":80,"box":{"x":77,"y":460,"width":271,"height":11}},{"id":"9d34601d-8cf9-451f-84a7-795fc165724d","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":80,"box":{"x":76,"y":483,"width":406,"height":11}},{"id":"9afac5c2-8368-4cfa-97e9-d5858cf74f3d","block_type":"box","text":"Accruals of “original issue discount” on bonds that a Fund acquires at a discount and adjustments for inflation to the principal amount of an","page_number":80,"box":{"x":76,"y":507,"width":892,"height":10}},{"id":"0694dce1-a3d5-44bd-9216-d21c40b92cfb","block_type":"box","text":"inflation-protected U.S. Treasury bond held by a Fund may be included for tax purposes in the Fund’s gross income, even though no cash","page_number":80,"box":{"x":76,"y":521,"width":874,"height":11}},{"id":"f5a91265-7f8c-409b-a325-e002c8863db0","block_type":"box","text":"attributable to such gross income has at that point been received by the Fund. In such event, the Fund may be required to make annual","page_number":80,"box":{"x":76,"y":535,"width":864,"height":11}},{"id":"c8379f70-4638-4098-a9a0-9c8cb0e9200e","block_type":"box","text":"distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the Fund may be required to","page_number":80,"box":{"x":76,"y":549,"width":895,"height":11}},{"id":"f98b307d-c4a5-47be-9e74-f36dc27a0ed4","block_type":"box","text":"raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the Fund and additional capital gains","page_number":80,"box":{"x":77,"y":563,"width":896,"height":11}},{"id":"dc2b6e86-1261-4710-994c-1e08e13cc536","block_type":"box","text":"distributions to Fund shareholders. In addition, any deflation-related adjustments during the taxable year to an inflation-indexed bond held by","page_number":80,"box":{"x":76,"y":577,"width":905,"height":11}},{"id":"f6c6d100-f638-48ae-a189-01d99e5a45fb","block_type":"box","text":"a Fund may cause amounts distributed in the taxable year as income to be characterized as a return of capital.","page_number":80,"box":{"x":76,"y":592,"width":707,"height":10}},{"id":"e3d6e614-0f80-4a2b-afa3-ca5c957c4e59","block_type":"box","text":"Market Discount Bonds","page_number":80,"box":{"x":77,"y":615,"width":162,"height":8}},{"id":"54a80c47-a61e-475b-a5ef-d448659d52f4","block_type":"box","text":"Any market discount recognized on a bond, including a tax-exempt interest bond, is taxable as ordinary income. A market discount bond is a","page_number":80,"box":{"x":76,"y":638,"width":898,"height":11}},{"id":"c1b0b67d-506e-4037-8195-2ed7a1c7639f","block_type":"box","text":"bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. To the","page_number":80,"box":{"x":76,"y":652,"width":903,"height":11}},{"id":"aefc9959-f37a-4d64-a028-e6d968d6dc9c","block_type":"box","text":"extent that a Fund does not include the market discount in income as it accrues, gains on the Fund’s disposition of such an obligation will be","page_number":80,"box":{"x":76,"y":666,"width":898,"height":11}},{"id":"9f0bef4f-f42d-4fea-af24-efdaaffd3a79","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":80,"box":{"x":76,"y":681,"width":626,"height":10}},{"id":"79c6ba72-75e1-4d25-9952-f2a4b7b4f5a5","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":80,"box":{"x":77,"y":704,"width":307,"height":11}},{"id":"6bdc32f0-01ac-4c04-974d-321e7737325a","block_type":"box","text":"A Fund may invest in derivatives and other complex instruments, and such investments may be subject to special and complicated rules.","page_number":80,"box":{"x":76,"y":727,"width":874,"height":11}},{"id":"b2013adc-3f46-40e0-9886-ae1b350c971b","block_type":"box","text":"These rules could affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gains, accelerate the","page_number":80,"box":{"x":76,"y":741,"width":860,"height":11}},{"id":"56e175a3-5ebd-4869-8d44-a0e08e20ea0d","block_type":"box","text":"recognition of income to a Fund or defer a Fund’s ability to recognize losses. In addition, these rules may affect the amount, timing or","page_number":80,"box":{"x":77,"y":755,"width":852,"height":11}},{"id":"d36cc482-a3a7-47fd-a09f-54eaa2efda7d","block_type":"box","text":"character of income distributed to you by a Fund. You should consult your personal tax advisor regarding the application of these rules.","page_number":80,"box":{"x":76,"y":770,"width":863,"height":10}},{"id":"f226cb06-f206-4afd-8b49-962825acc441","block_type":"box","text":"Non-U.S. Income Taxes","page_number":80,"box":{"x":77,"y":793,"width":158,"height":8}},{"id":"dd2a2ea2-46ed-471b-beb3-63c79dbfdfeb","block_type":"box","text":"Dividends, interest and capital gains (if any) earned by a Fund with respect to securities issued by non-U.S. issuers may give rise to","page_number":80,"box":{"x":77,"y":816,"width":837,"height":11}},{"id":"6a252266-4189-4aee-9e8c-f2728f86fdc7","block_type":"box","text":"withholding, capital gains and other taxes imposed by non-U.S. countries. Tax conventions between certain countries and the U.S. may","page_number":80,"box":{"x":76,"y":830,"width":863,"height":11}},{"id":"7be88597-9f00-4f8a-a6a6-3bf639281d45","block_type":"box","text":"reduce or eliminate such taxes. If, at the close of a year, more than 50% of a Fund’s total assets consist of non-U.S. stocks or securities","page_number":80,"box":{"x":77,"y":844,"width":865,"height":11}},{"id":"da079837-8829-4a9f-9bab-a1b32f58a473","block_type":"box","text":"(generally, for this purpose, depositary receipts, no matter where traded, of non-U.S. companies are treated as “non-U.S.”), generally the","page_number":80,"box":{"x":77,"y":858,"width":875,"height":11}},{"id":"dd8e1fab-1cdf-494e-adb5-9f3abe1c4dbb","block_type":"box","text":"Fund may “pass through” to you certain non-U.S. income taxes, including withholding taxes, paid by the Fund. This means that you would be","page_number":80,"box":{"x":77,"y":873,"width":895,"height":11}},{"id":"d4466c95-8e30-4961-bd55-30158071eab2","block_type":"box","text":"considered to have received as an additional dividend your share of such non-U.S. taxes, but you may be entitled to either a corresponding","page_number":80,"box":{"x":76,"y":887,"width":888,"height":11}},{"id":"9950f933-d3ff-4c59-9370-6dac030d471f","block_type":"box","text":"26","page_number":80,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"8d7249e9-5492-4017-8f3c-12c0d15f3c3d","block_type":"box","text":"tax deduction in calculating your taxable income or, subject to certain limitations, a credit in calculating your U.S. federal income tax. No","page_number":81,"box":{"x":76,"y":23,"width":875,"height":11}},{"id":"cdee8671-04ab-4d3b-a35e-26287fcfbbb6","block_type":"box","text":"deduction for such taxes will be permitted to individuals in computing their alternative minimum tax liability. If a Fund does not pass through","page_number":81,"box":{"x":76,"y":37,"width":896,"height":11}},{"id":"08ed8e91-6f58-440a-b864-0c5ee29882a2","block_type":"box","text":"non-U.S. taxes, the Fund will be entitled to claim a deduction for certain foreign taxes that it incurs.","page_number":81,"box":{"x":76,"y":51,"width":635,"height":11}},{"id":"2ddb784a-c5a4-42c3-a5be-3629c31e8da8","block_type":"box","text":"Under certain circumstances, if a Fund receives a refund of foreign taxes paid with respect to a prior year, the value of Fund shares could be","page_number":81,"box":{"x":77,"y":75,"width":896,"height":11}},{"id":"80d3a885-14d8-4141-9496-20dcc2491708","block_type":"box","text":"affected or any foreign tax credits or deductions passed through to shareholders with respect to the Fund’s foreign taxes for the current year","page_number":81,"box":{"x":76,"y":89,"width":903,"height":11}},{"id":"06512113-6a63-479a-912c-e41cdb5d767e","block_type":"box","text":"could be reduced.","page_number":81,"box":{"x":76,"y":103,"width":114,"height":9}},{"id":"d57eb9d2-c55c-47f9-bf1a-000af3be784a","block_type":"box","text":"If, at the close of the year, more than 50% of a Fund’s total assets consist of stocks or securities issued by non-U.S. issuers, including","page_number":81,"box":{"x":77,"y":126,"width":853,"height":11}},{"id":"f16d3563-749e-4409-b481-16c1251f7f8d","block_type":"box","text":"depositary receipts (no matter where traded) of non-U.S. companies, or, at the close of each quarter, more than 50% of a Fund’s total assets","page_number":81,"box":{"x":76,"y":140,"width":900,"height":11}},{"id":"b6163ef5-7c16-495e-8cd7-bbf0c0f912ce","block_type":"box","text":"consist of shares of an Underlying Fund, the Fund may “pass-through” to you certain non-U.S. income taxes (including withholding taxes)","page_number":81,"box":{"x":76,"y":155,"width":876,"height":10}},{"id":"f8dd70fc-593e-4074-b272-e27ef7339263","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":81,"box":{"x":76,"y":169,"width":509,"height":11}},{"id":"4e632ef2-5291-47cc-b150-434b3a572aa0","block_type":"box","text":"For purposes of foreign tax credits for U.S. shareholders of a Fund, foreign capital gains taxes may not produce associated foreign source","page_number":81,"box":{"x":77,"y":192,"width":879,"height":11}},{"id":"60de8d96-3325-4760-abe5-96713410dab8","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":81,"box":{"x":76,"y":206,"width":407,"height":11}},{"id":"f1b4b5e6-0dc0-420b-a6f1-b098b101568a","block_type":"box","text":"Non-U.S. Shareholders","page_number":81,"box":{"x":77,"y":229,"width":156,"height":9}},{"id":"085662be-56e2-4c2c-90a7-c6a139f707d6","block_type":"box","text":"If you are neither a resident nor a citizen of the U.S. or if you are a non-U.S. entity (other than a pass-through entity to the extent owned by","page_number":81,"box":{"x":77,"y":253,"width":888,"height":10}},{"id":"5f3404f6-9d2e-4630-adfe-71ba4568b8a2","block_type":"box","text":"U.S. persons), a Fund’s ordinary income dividends, if any, generally will be subject to a 30% U.S. federal withholding tax, unless a lower treaty","page_number":81,"box":{"x":77,"y":267,"width":904,"height":11}},{"id":"68c9dea5-2f9c-46cc-98aa-c01778b563b9","block_type":"box","text":"rate applies. However, withholding tax generally will not apply to any gain or income realized by a non-U.S. shareholder upon the sale or","page_number":81,"box":{"x":77,"y":281,"width":868,"height":11}},{"id":"17a0b0d1-8ded-48c4-9c45-3bc31edc97fe","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by the Fund as capital","page_number":81,"box":{"x":76,"y":295,"width":886,"height":11}},{"id":"4403e4c5-71a5-4883-a652-96f6598fe0bf","block_type":"box","text":"gain dividends, interest-related dividends or short-term capital gain dividends.","page_number":81,"box":{"x":76,"y":309,"width":499,"height":11}},{"id":"0a9ea198-9f93-4bbb-bcde-d96147af98e2","block_type":"box","text":"Separately, a 30% withholding tax may be imposed on Fund distributions (if any) paid to certain foreign entities, unless such entities comply,","page_number":81,"box":{"x":76,"y":333,"width":896,"height":10}},{"id":"deea930e-2539-4089-a8ce-8ed38482e780","block_type":"box","text":"or are deemed compliant, with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of","page_number":81,"box":{"x":76,"y":347,"width":894,"height":11}},{"id":"c05198d5-3102-455a-b86c-bf31852fd378","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":81,"box":{"x":77,"y":361,"width":262,"height":11}},{"id":"7608774e-123b-4ac0-8721-6e5f3d5512fb","block_type":"box","text":"Backup Withholding","page_number":81,"box":{"x":77,"y":384,"width":139,"height":11}},{"id":"e6cd3fe1-491f-4a5b-b837-19ca9931bba9","block_type":"box","text":"If you are a resident or a citizen of the U.S. and you have not provided a taxpayer identification number or social security number and made","page_number":81,"box":{"x":77,"y":407,"width":890,"height":11}},{"id":"7e7424cc-fff5-4d48-aabb-2f8adeea62cd","block_type":"box","text":"other required certifications, by law, backup withholding at a 24% rate will apply to Fund distributions and proceeds (if any).","page_number":81,"box":{"x":76,"y":421,"width":789,"height":11}},{"id":"3e7a19e2-f1a7-4e4a-9402-13c4aee0638f","block_type":"box","text":"Securities Lending","page_number":81,"box":{"x":76,"y":445,"width":129,"height":10}},{"id":"fbdacf1b-08e4-493a-8b49-e7e83a6e1b72","block_type":"box","text":"If your shares of a Fund are loaned out pursuant to a securities lending arrangement, you may lose the ability to treat Fund dividends that are","page_number":81,"box":{"x":77,"y":468,"width":901,"height":11}},{"id":"0cc9e34c-a6bc-44b9-8e0c-0576572df35f","block_type":"box","text":"paid while the shares are held by the borrower as qualified dividend income, and you may lose the ability to use non-U.S. tax credits passed","page_number":81,"box":{"x":76,"y":482,"width":892,"height":11}},{"id":"890e512b-45c3-4ec1-a84b-1b09f11b4d0f","block_type":"box","text":"through by the Fund.","page_number":81,"box":{"x":76,"y":496,"width":132,"height":11}},{"id":"a2c94044-1d55-47d0-823a-18949c233096","block_type":"box","text":"Fund of Funds","page_number":81,"box":{"x":77,"y":519,"width":98,"height":9}},{"id":"985bd988-2dc2-432c-a70a-e78252705abd","block_type":"box","text":"If a Fund invests in an Underlying Fund, short-term capital gains earned by the Underlying Fund, if any, will be ordinary income when","page_number":81,"box":{"x":77,"y":543,"width":844,"height":10}},{"id":"3bad3ba3-4ccd-4013-bd0c-e6345339c8eb","block_type":"box","text":"distributed to the Fund and will not be offset by the Fund’s capital losses. To the extent such Fund is expected to invest in an Underlying","page_number":81,"box":{"x":76,"y":557,"width":870,"height":11}},{"id":"ac3fe708-2118-4d93-a48e-0a5600ec6014","block_type":"box","text":"Fund, the Fund’s realized losses on sales of shares of the Underlying Fund may be indefinitely or permanently deferred as “wash sales.”","page_number":81,"box":{"x":77,"y":571,"width":864,"height":11}},{"id":"dd51b263-72cc-4c77-b8e4-e885f16d5d70","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":81,"box":{"x":76,"y":585,"width":643,"height":11}},{"id":"e82f3ffe-58b4-44e4-8f22-67da49324f18","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":81,"box":{"x":76,"y":608,"width":350,"height":11}},{"id":"371a0f44-080e-4440-a734-47db1a747dcf","block_type":"box","text":"Any capital gain or loss realized upon a sale of Fund shares is generally treated as a long-term capital gain or loss if the shares have been","page_number":81,"box":{"x":76,"y":632,"width":876,"height":10}},{"id":"64f08792-4145-4b8b-bdbd-d1b52d1ae980","block_type":"box","text":"held for more than one year. Any capital gain or loss realized upon a sale of Fund shares that have been held for one year or less is generally","page_number":81,"box":{"x":77,"y":646,"width":896,"height":11}},{"id":"b765db08-0b2e-4c2c-8eb1-cc78e531a446","block_type":"box","text":"treated as a short-term capital gain or loss. However, any capital loss on a sale of Fund shares held for six months or less is treated as a","page_number":81,"box":{"x":76,"y":660,"width":870,"height":11}},{"id":"2ebc9346-7035-41ef-86ec-5f8fcc2597ee","block_type":"box","text":"long-term capital loss to the extent that capital gain dividends were paid with respect to such shares. Any such capital gains, including from","page_number":81,"box":{"x":77,"y":674,"width":892,"height":11}},{"id":"d3d23099-9755-48a9-a434-59afcc5f74f3","block_type":"box","text":"sales of Fund shares or from capital gain dividends, are included in “net investment income” for purposes of the 3.8% U.S. federal Medicare","page_number":81,"box":{"x":76,"y":688,"width":892,"height":11}},{"id":"757b6eb7-77ae-46ac-9794-f57c5f3d5983","block_type":"box","text":"contribution tax mentioned above.","page_number":81,"box":{"x":76,"y":703,"width":219,"height":8}},{"id":"480f8c74-0724-4361-8263-346f6cf24912","block_type":"box","text":"Creations and Redemptions","page_number":81,"box":{"x":76,"y":726,"width":193,"height":10}},{"id":"b396ec44-5420-41fe-bc9f-28cf92a70d5d","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":81,"box":{"x":77,"y":749,"width":693,"height":11}},{"id":"601e5ab3-6c00-4a93-9f5a-f578c904bffa","block_type":"box","text":"i.e.","page_number":81,"box":{"x":771,"y":749,"width":17,"height":8}},{"id":"c96ed6a1-005f-48e0-8478-50274aa7fa44","block_type":"box","text":", market makers, large","page_number":81,"box":{"x":790,"y":749,"width":143,"height":11}},{"id":"2b815b96-ff8e-47a1-b606-a6e1f6b32847","block_type":"box","text":"investors and other financial institutions) in block-size Creation Units or multiples thereof. Fund shares are created or redeemed only in","page_number":81,"box":{"x":76,"y":763,"width":866,"height":11}},{"id":"aa975c80-1bad-49ad-9426-d20cae16bd02","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":81,"box":{"x":76,"y":777,"width":650,"height":11}},{"id":"6f664348-b8bc-48d7-8ede-8a9a82f0d834","block_type":"box","text":"Each Authorized Participant is a member or participant of a clearing agency registered with the SEC and has entered into a written","page_number":81,"box":{"x":77,"y":800,"width":832,"height":11}},{"id":"401448b5-c4bc-4c9e-babf-b02639fe644b","block_type":"box","text":"agreement with the Funds’ Distributor, an affiliate of BFA. The agreement allows the Authorized Participant to place orders for the purchase","page_number":81,"box":{"x":76,"y":815,"width":891,"height":11}},{"id":"42e7ab14-930b-4f7d-bc6a-064086bb925c","block_type":"box","text":"and redemption of Creation Units. Authorized Participants may create or redeem Creation Units for their own accounts or for customers,","page_number":81,"box":{"x":76,"y":829,"width":874,"height":11}},{"id":"5b28a7a2-1302-4ad8-95ff-7ea45c090670","block_type":"box","text":"including, without limitation, affiliates of the Funds. Creation transactions are subject to acceptance by the Distributor and the relevant Fund.","page_number":81,"box":{"x":76,"y":843,"width":904,"height":11}},{"id":"10126f1e-6174-4e6a-848d-98501b358bf3","block_type":"box","text":"Generally, there are three transaction methods for creating and redeeming Fund shares: in-kind securities (“in-kind”), partial cash and all","page_number":81,"box":{"x":76,"y":866,"width":875,"height":11}},{"id":"5e23c67e-5ed3-4cc9-9cda-af8dad1707bd","block_type":"box","text":"cash.","page_number":81,"box":{"x":76,"y":881,"width":33,"height":8}},{"id":"aacce0f3-ad04-4804-b25f-74500bf811cb","block_type":"box","text":"27","page_number":81,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"5e0d4698-1d52-4181-934f-8f9335593605","block_type":"box","text":"In-Kind","page_number":82,"box":{"x":76,"y":23,"width":45,"height":9}},{"id":"b17403a7-ceeb-4bfa-9345-5615baa7971c","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a “creation basket,” which is a portfolio of securities or other","page_number":82,"box":{"x":122,"y":23,"width":860,"height":11}},{"id":"f4c625c3-7a18-4406-be31-4b560a4fcf51","block_type":"box","text":"assets designated by the Fund, as well as a cash amount. The Authorized Participant receives a specified number of Creation Units in return.","page_number":82,"box":{"x":76,"y":37,"width":898,"height":11}},{"id":"ad348e35-971f-4cfe-a053-1975191293e9","block_type":"box","text":"In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a “redemption","page_number":82,"box":{"x":77,"y":51,"width":851,"height":11}},{"id":"636b6395-630d-49b4-8141-7518b098de80","block_type":"box","text":"basket,” which is a portfolio of securities or other assets designated by the Fund, as well as a cash amount.","page_number":82,"box":{"x":76,"y":66,"width":686,"height":11}},{"id":"acb1b2e2-2900-4d05-a0fb-00fefe3e755d","block_type":"box","text":"Partial Cash","page_number":82,"box":{"x":76,"y":89,"width":74,"height":8}},{"id":"706d093d-82d0-46c7-b1ff-3a183438c416","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a creation basket and a cash amount, including cash","page_number":82,"box":{"x":152,"y":89,"width":806,"height":11}},{"id":"116b44ce-0b2f-46d9-9169-78d7e74b49fd","block_type":"box","text":"that replaces a security or other asset in the creation basket, in exchange for Creation Units. In a redemption transaction, an Authorized","page_number":82,"box":{"x":76,"y":103,"width":870,"height":11}},{"id":"109a6020-0f1f-4da0-ba0d-d3a2316dc1ad","block_type":"box","text":"Participant deposits Creation Units with a Fund and receives from the Fund a redemption basket and a cash amount, including cash that","page_number":82,"box":{"x":77,"y":117,"width":870,"height":11}},{"id":"05dab5c3-ca76-457b-ad4e-defd96f1c2e2","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":82,"box":{"x":77,"y":131,"width":380,"height":11}},{"id":"ca91e6dd-8329-44b8-943b-7508082e723c","block_type":"box","text":"All Cash","page_number":82,"box":{"x":75,"y":155,"width":51,"height":8}},{"id":"cbbb74dd-1109-4ff6-bf6e-b0fc5e4e7548","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund an amount of cash specified by the Fund in exchange for","page_number":82,"box":{"x":128,"y":155,"width":833,"height":10}},{"id":"a2bf742d-8cf1-429e-ae77-fa9011b2f945","block_type":"box","text":"Creation Units. In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a","page_number":82,"box":{"x":76,"y":169,"width":869,"height":11}},{"id":"cbb43cd5-e214-4a08-af0a-ed0431ab8efb","block_type":"box","text":"specified amount of cash.","page_number":82,"box":{"x":76,"y":183,"width":164,"height":11}},{"id":"93514874-4671-4304-9f91-ded865a6dbad","block_type":"box","text":"The creation and redemption baskets for a Fund may differ in composition, and certain iShares ETFs accept “custom baskets.” More","page_number":82,"box":{"x":76,"y":206,"width":845,"height":11}},{"id":"2386bcd2-aff4-4381-8879-6cceaf7327b8","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":82,"box":{"x":76,"y":220,"width":408,"height":11}},{"id":"0dca9972-7df1-4d1d-bd2a-e057cd8cdf95","block_type":"box","text":"Each Fund generally engages in creation and redemption transactions according to the method indicated in the table below. In certain","page_number":82,"box":{"x":77,"y":244,"width":855,"height":10}},{"id":"19bd8712-f2a7-4baf-9b05-c656384c86d4","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":82,"box":{"x":76,"y":258,"width":455,"height":11}},{"id":"32a5e70e-daba-475f-9472-33e6b9313250","block_type":"box","text":"e.g.","page_number":82,"box":{"x":532,"y":260,"width":21,"height":9}},{"id":"9af85f72-dd15-4501-b9d3-6e59f4c8af01","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":82,"box":{"x":555,"y":258,"width":354,"height":11}},{"id":"9995e512-1d35-48ed-809d-96f70651fc31","block_type":"box","text":"Fund","page_number":82,"box":{"x":87,"y":289,"width":33,"height":8}},{"id":"f8e60053-b5dd-414a-ad50-710eb36bc593","block_type":"box","text":"In-Kind Partial Cash All Cash","page_number":82,"box":{"x":621,"y":289,"width":296,"height":9}},{"id":"9e9cb216-1d37-47e3-9b11-c1cdf9a391f7","block_type":"box","text":"iShares MSCI Agriculture Producers ETF","page_number":82,"box":{"x":87,"y":307,"width":256,"height":11}},{"id":"51013869-fe0f-453a-b20b-aed05b1bb470","block_type":"box","text":"iShares MSCI Global Gold Miners ETF","page_number":82,"box":{"x":87,"y":325,"width":239,"height":9}},{"id":"0854f473-16c7-4c0d-94b4-0305863d5f0c","block_type":"box","text":"iShares MSCI Global Metals & Mining Producers ETF","page_number":82,"box":{"x":87,"y":343,"width":334,"height":11}},{"id":"d07a3926-3db5-4ed7-8886-96e4649d8948","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF","page_number":82,"box":{"x":87,"y":361,"width":254,"height":9}},{"id":"31ec7109-57fc-426d-ba50-754c79db01ce","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF","page_number":82,"box":{"x":87,"y":379,"width":320,"height":9}},{"id":"659b0e23-2632-4e69-8d0a-9266dacf005e","block_type":"box","text":"The prices at which creations and redemptions occur are based on the next calculation of a Fund’s NAV after a creation or redemption order","page_number":82,"box":{"x":76,"y":409,"width":897,"height":11}},{"id":"d5faa025-22f0-4eda-8422-1a1d7263fe87","block_type":"box","text":"is tendered in an acceptable form under the Authorized Participant agreement. In the event of a system failure or other interruption, including","page_number":82,"box":{"x":76,"y":423,"width":905,"height":11}},{"id":"f9c372f9-476a-4e95-94d7-90199a8515be","block_type":"box","text":"disruptions at market makers or Authorized Participants, creation and redemption orders may not be executed according to a Fund’s","page_number":82,"box":{"x":76,"y":438,"width":849,"height":10}},{"id":"9b3aef37-cbd6-4d39-a236-1604f070e05a","block_type":"box","text":"instructions or may not be executed at all.","page_number":82,"box":{"x":76,"y":452,"width":269,"height":11}},{"id":"24ffe246-1067-43bc-ab0b-fed8d1c11ac2","block_type":"box","text":"Additional information about the creation and redemption of Creation Units (including the cut-off times for the receipt of creation and","page_number":82,"box":{"x":76,"y":475,"width":854,"height":11}},{"id":"5ebb758d-082e-44af-a118-eb786a38f2ab","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":82,"box":{"x":77,"y":489,"width":310,"height":11}},{"id":"9fd51718-a70b-40df-9355-e39744b2a0e9","block_type":"box","text":"The Funds do not impose restrictions on the frequency of purchases and redemptions of Fund shares directly with a Fund. The Board","page_number":82,"box":{"x":76,"y":512,"width":848,"height":11}},{"id":"773d51d6-60bc-43ba-b57b-f885f0f150a9","block_type":"box","text":"determined not to adopt policies and procedures designed to prevent or monitor for frequent purchases and redemptions of Fund shares","page_number":82,"box":{"x":76,"y":527,"width":876,"height":10}},{"id":"6c908645-6aad-4ff8-bd3d-3e4dce481a45","block_type":"box","text":"because each Fund generally sells and redeems its shares directly through transactions that are in-kind and/or for cash, with a deadline for","page_number":82,"box":{"x":76,"y":541,"width":894,"height":11}},{"id":"1f28833f-7e05-4b70-bd8d-c4803d790485","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. However, the Funds have","page_number":82,"box":{"x":76,"y":555,"width":898,"height":11}},{"id":"dd1f8102-2a89-49cd-9456-6c373d0faaf8","block_type":"box","text":"taken certain measures (","page_number":82,"box":{"x":76,"y":569,"width":158,"height":11}},{"id":"c44e62a3-7cf3-4c39-8fc5-367b5368d1b6","block_type":"box","text":"e.g.","page_number":82,"box":{"x":235,"y":571,"width":21,"height":9}},{"id":"cbc879be-ded8-4e90-b85e-7cde9993d18e","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":82,"box":{"x":259,"y":569,"width":694,"height":11}},{"id":"d58cae1f-e323-49a6-a5a9-a58d94c0e664","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":82,"box":{"x":76,"y":583,"width":835,"height":11}},{"id":"4ec66f13-5a65-4089-b7c9-2715a140f6a8","block_type":"box","text":"redemptions by Authorized Participants, such as increased tracking error, disruption of portfolio management, dilution to the Funds, and/or","page_number":82,"box":{"x":77,"y":597,"width":894,"height":11}},{"id":"7ec00cd2-627b-4d9a-8ed0-382900b3327a","block_type":"box","text":"increased transaction costs. 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