{"annotation_id":"ebff1922-5593-4cb7-a71b-cc086ad49e02","file_hash":"4bd2842a3f18fffb0b6959a1d0dd6bf30876f47edeee6a7d9bccef158cb0e731","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"f1b6b6d1-0927-4888-830e-dd1b0d95e5da","block_type":"box","text":"iShares U.S. ETF Trust","page_number":1,"box":{"x":418,"y":69,"width":167,"height":10}},{"id":"9fb9c057-1da0-428c-b271-bc84423d799f","block_type":"box","text":"Supplement dated October 9, 2026","page_number":1,"box":{"x":372,"y":92,"width":260,"height":13}},{"id":"7137f028-dfde-4d33-9c9c-cb3d917014ff","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":1,"box":{"x":268,"y":108,"width":467,"height":13}},{"id":"178a63dd-3fe5-4b90-8169-d5a0f0a76985","block_type":"box","text":"Statement of Additional Information (“SAI”) for the","page_number":1,"box":{"x":314,"y":123,"width":376,"height":13}},{"id":"d93c79b8-ce0e-4e5d-9bf8-5a89ac2985ca","block_type":"box","text":"iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) (the “Fund”)","page_number":1,"box":{"x":220,"y":139,"width":564,"height":13}},{"id":"93a57f33-b78d-4bca-90b3-60e888240f64","block_type":"box","text":"The Board of Trustees has approved the following changes for the Fund that are expected to take effect","page_number":1,"box":{"x":116,"y":162,"width":756,"height":13}},{"id":"ba176216-1c6e-41d6-a634-107860b0309b","block_type":"box","text":"on or around December 11, 2026:","page_number":1,"box":{"x":116,"y":178,"width":250,"height":11}},{"id":"50afd383-0b33-4b77-bf58-c98b26e500db","block_type":"box","text":"Current New","page_number":1,"box":{"x":183,"y":199,"width":563,"height":9}},{"id":"ad6b9d8e-3713-4701-a012-395d8ddee0f6","block_type":"box","text":"Fund Name","page_number":1,"box":{"x":141,"y":227,"width":89,"height":10}},{"id":"b1babf2d-13a1-4572-b14f-b5af22a23f65","block_type":"box","text":"iShares Bloomberg Roll Select Commodity","page_number":1,"box":{"x":257,"y":219,"width":309,"height":13}},{"id":"bc0c945c-bc76-42f3-892b-819a526fd441","block_type":"box","text":"Strategy ETF","page_number":1,"box":{"x":363,"y":235,"width":96,"height":12}},{"id":"6cb759d4-15cb-4cc1-92fb-8710e0bfce28","block_type":"box","text":"iShares Bloomberg Enhanced Roll Yield","page_number":1,"box":{"x":584,"y":219,"width":287,"height":13}},{"id":"4f794dd3-45ca-4b5a-95c1-69e60fbdfba5","block_type":"box","text":"Commodity Strategy ETF","page_number":1,"box":{"x":643,"y":235,"width":186,"height":12}},{"id":"8dba9ab9-8094-44e9-8ccf-a0f37ac91028","block_type":"box","text":"Underlying Index","page_number":1,"box":{"x":120,"y":266,"width":132,"height":12}},{"id":"43a83a47-e39a-4611-b4e1-0af64d3b0ade","block_type":"box","text":"Bloomberg Roll Select Commodity Total","page_number":1,"box":{"x":265,"y":258,"width":293,"height":12}},{"id":"fc894a79-ee81-44e2-b51b-0e47bbf61225","block_type":"box","text":"Return Index","page_number":1,"box":{"x":363,"y":273,"width":96,"height":10}},{"id":"fd647423-0013-44d5-b03c-da55e65ab4dd","block_type":"box","text":"Bloomberg Enhanced Roll Yield Total","page_number":1,"box":{"x":592,"y":258,"width":271,"height":12}},{"id":"f8c20925-62b2-47eb-87d6-10908ecb4288","block_type":"box","text":"Return Index","page_number":1,"box":{"x":688,"y":273,"width":96,"height":10}},{"id":"8702ee32-b853-4700-b81a-d7200ec479bb","block_type":"box","text":"Š","page_number":1,"box":{"x":116,"y":307,"width":9,"height":6}},{"id":"4e95f78c-3d94-4841-af95-0d8393f0f2bb","block_type":"box","text":"The Principal Investment Strategies section in the Fund’s Summary Prospectus and Prospectus are","page_number":1,"box":{"x":136,"y":304,"width":750,"height":13}},{"id":"ac3fcef5-7c7e-40be-a572-83b1f5062f8e","block_type":"box","text":"deleted in their entirety and replaced with the following:","page_number":1,"box":{"x":137,"y":320,"width":426,"height":12}},{"id":"86d8f01a-d0f6-4fa8-8a64-7416239d1a52","block_type":"box","text":"The Fund seeks to track the investment results of the Bloomberg Enhanced Roll Yield Total Return","page_number":1,"box":{"x":156,"y":343,"width":716,"height":13}},{"id":"60a316db-9468-49dc-bba2-ad9bf26641b9","block_type":"box","text":"Index (the “Underlying Index”), which measures the performance of futures contracts across the","page_number":1,"box":{"x":158,"y":359,"width":703,"height":12}},{"id":"c0f8b374-31a6-4579-ac4f-e67391002122","block_type":"box","text":"following six physical commodity groups: energy, precious metals, industrial metals, grains and","page_number":1,"box":{"x":156,"y":374,"width":696,"height":13}},{"id":"a9f9310d-8d8b-4830-a602-f61c18904f15","block_type":"box","text":"derived grains, softs, and livestock, as determined by Bloomberg Index Services Limited","page_number":1,"box":{"x":157,"y":390,"width":636,"height":12}},{"id":"dfba5702-c8c8-4854-90cd-7eb424ac6eac","block_type":"box","text":"(“Bloomberg” or the “Index Provider”). The Underlying Index, which is rebalanced annually,","page_number":1,"box":{"x":157,"y":405,"width":665,"height":13}},{"id":"b475c09c-58da-4b12-8005-88ea59a6a49c","block_type":"box","text":"provides broad-based exposure to commodities as an asset class by using liquidity factors and","page_number":1,"box":{"x":157,"y":421,"width":689,"height":12}},{"id":"71357a72-be9a-43c8-8de8-02435efaf3f1","block_type":"box","text":"sector caps to avoid over-concentration in any single commodity or commodity sector.","page_number":1,"box":{"x":157,"y":436,"width":636,"height":13}},{"id":"024c4469-fa79-4f6f-a72c-a34fb9264959","block_type":"box","text":"The Fund, through its Subsidiary (as defined below), invests in financial instruments providing","page_number":1,"box":{"x":156,"y":459,"width":686,"height":13}},{"id":"891488de-84d2-4941-a202-8ad0bffdbd25","block_type":"box","text":"exposure to commodities and not in the physical commodities themselves. In seeking to achieve its","page_number":1,"box":{"x":157,"y":475,"width":724,"height":12}},{"id":"a13cfa11-9f6d-4c22-9690-2dba2a5988b4","block_type":"box","text":"investment objective, the Fund expects to obtain a substantial portion of its exposure to the","page_number":1,"box":{"x":157,"y":490,"width":668,"height":13}},{"id":"b289bcca-8b76-4472-851b-8ce7a66318cd","block_type":"box","text":"investment results of the Underlying Index through total return swaps referencing the Underlying","page_number":1,"box":{"x":157,"y":506,"width":708,"height":12}},{"id":"e1919b97-51b5-48e1-8d46-5e6ad1fddfa5","block_type":"box","text":"Index and/or the commodity futures contracts represented in the Underlying Index. The Fund is","page_number":1,"box":{"x":158,"y":521,"width":698,"height":13}},{"id":"89277f1e-9eea-46b1-af01-57209e6027c4","block_type":"box","text":"expected to enter into new total return swap contracts on an ongoing basis and replace expiring","page_number":1,"box":{"x":157,"y":537,"width":702,"height":12}},{"id":"b9d805d5-66bd-442c-8337-0706784153f5","block_type":"box","text":"contracts as necessary to maintain exposure to the Underlying Index. Total return swaps","page_number":1,"box":{"x":157,"y":552,"width":646,"height":13}},{"id":"747ee826-c5e4-4ac5-86a6-ed2d7f642598","block_type":"box","text":"subsequently acquired by the Fund may have terms that differ from those previously held by the","page_number":1,"box":{"x":157,"y":568,"width":701,"height":12}},{"id":"2ece9fc3-779a-4d05-8c0b-64c6e1fbf5c4","block_type":"box","text":"Fund. The Fund generally expects to pay a fixed payment rate and swap-related fees to each","page_number":1,"box":{"x":157,"y":583,"width":673,"height":13}},{"id":"e7835cb7-9244-492c-99bc-9f30b550a035","block_type":"box","text":"counterparty and receive the total return of the Underlying Index. Although the Underlying Index","page_number":1,"box":{"x":157,"y":599,"width":704,"height":13}},{"id":"03eedfcf-abff-41f7-bba6-63a2582ae1cb","block_type":"box","text":"measures the performance of futures contracts, the Fund is not required to hold those futures","page_number":1,"box":{"x":157,"y":614,"width":685,"height":13}},{"id":"491327b9-a9b3-4706-ac6b-c303cce4573c","block_type":"box","text":"contracts directly in order to obtain its exposure to the Underlying Index.","page_number":1,"box":{"x":157,"y":630,"width":530,"height":13}},{"id":"825149f2-1097-4888-8f29-be88200e7f33","block_type":"box","text":"The Fund may also invest in swaps on commodity futures contracts and other commodity-linked","page_number":1,"box":{"x":156,"y":653,"width":709,"height":13}},{"id":"05467a4e-ad11-4d59-894f-00db3f76218e","block_type":"box","text":"swaps, exchange-traded commodity futures contracts, options on futures contracts, forward","page_number":1,"box":{"x":157,"y":669,"width":673,"height":12}},{"id":"6f1b8afe-cd45-4f35-afde-224c9ae660ae","block_type":"box","text":"contracts and other commodity-linked instruments that provide exposure to commodities","page_number":1,"box":{"x":157,"y":684,"width":653,"height":13}},{"id":"2a4c2b66-2ee8-47cf-a0a2-825d3588efcc","block_type":"box","text":"represented in, or related to, the Underlying Index (collectively, “Commodity Investments”). The","page_number":1,"box":{"x":157,"y":700,"width":693,"height":12}},{"id":"2f4b4e80-9a6a-4d51-a227-ec36a5e45767","block_type":"box","text":"Fund invests in Commodity Investments solely through its Subsidiary. Investing in Commodity","page_number":1,"box":{"x":157,"y":715,"width":682,"height":13}},{"id":"f2accd4a-4ead-4191-95f2-680bcb09fa2d","block_type":"box","text":"Investments may have a leveraging effect on the Fund.","page_number":1,"box":{"x":158,"y":731,"width":395,"height":12}},{"id":"9180efa5-40a4-4462-b426-f0a487c468f7","block_type":"box","text":"The Fund also seeks to generate interest income and capital appreciation on the cash balances","page_number":1,"box":{"x":156,"y":754,"width":687,"height":13}},{"id":"6b271578-c394-47fb-84fb-8c02ef892540","block_type":"box","text":"arising from its investment in Commodity Investments through a cash management strategy","page_number":1,"box":{"x":157,"y":769,"width":673,"height":13}},{"id":"a79d2c07-99b7-4745-aefb-f6aa193707a3","block_type":"box","text":"consisting of investments in cash and cash equivalents, short term government obligations and","page_number":1,"box":{"x":157,"y":785,"width":691,"height":13}},{"id":"aae5b0b6-c241-47f3-836f-63bd939b13ba","block_type":"box","text":"short-term investment grade fixed-income securities (collectively, “Fixed-Income Investments”).","page_number":1,"box":{"x":157,"y":800,"width":698,"height":13}},{"id":"cc461ea0-bcaa-41f3-8c4f-a3e1c39af284","block_type":"box","text":"The Fund invests in Fixed-Income Investments for investment purposes and to provide sufficient","page_number":1,"box":{"x":156,"y":816,"width":701,"height":13}},{"id":"68a541cc-7dee-4b76-9d99-c820a59faf51","block_type":"box","text":"assets to account for (or “cover”) mark-to-market changes and to collateralize the Subsidiary’s","page_number":1,"box":{"x":157,"y":831,"width":692,"height":13}},{"id":"8976e059-d699-46b6-b63b-d44ef7ae24f2","block_type":"box","text":"investments in derivatives on a day-to-day basis. As part of its cash management strategy, the Fund","page_number":1,"box":{"x":157,"y":847,"width":729,"height":13}},{"id":"74e779e9-961d-4a0d-a8b3-3e54dbc6e2cd","block_type":"box","text":"may also invest in repurchase agreements, money market instruments, U.S. government and","page_number":1,"box":{"x":157,"y":862,"width":676,"height":13}},{"id":"f7472082-33b3-4183-bce8-1a690ea6623c","block_type":"box","text":"agency securities, Treasury Inflation-Protected Securities, sovereign debt obligations of non-U.S.","page_number":1,"box":{"x":157,"y":878,"width":702,"height":13}},{"id":"635f47a9-8e10-4c09-b1e1-6be4b6c2ef58","block_type":"box","text":"countries and investment-grade corporate bonds.","page_number":1,"box":{"x":157,"y":893,"width":365,"height":13}},{"id":"9f786041-3db0-4c7b-803a-b6e819fd3e93","block_type":"box","text":"In order to maintain exposure to a futures contract on a particular commodity, an investor must sell","page_number":2,"box":{"x":158,"y":69,"width":726,"height":13}},{"id":"43882bde-cd78-428b-8e32-0ad8f352022a","block_type":"box","text":"the position in the expiring contract and buy a new position in a contract with a later delivery","page_number":2,"box":{"x":156,"y":85,"width":679,"height":12}},{"id":"a5183135-1132-4b2e-a3b4-5359d64d7694","block_type":"box","text":"month, which is referred to as “rolling.” The Underlying Index employs a multi-contract roll","page_number":2,"box":{"x":157,"y":100,"width":663,"height":13}},{"id":"f6e63d00-8225-43e2-a553-6e52bce2bc90","block_type":"box","text":"schedule to spread risk across three to four futures contracts per commodity, e.g., three futures","page_number":2,"box":{"x":157,"y":116,"width":697,"height":12}},{"id":"f4dde11e-252d-447f-811d-cb1f036edfd9","block_type":"box","text":"contracts per precious metal commodity and four futures contracts per commodity in all other","page_number":2,"box":{"x":157,"y":131,"width":691,"height":13}},{"id":"5e348417-7bac-4cd6-aba1-47143d1024d1","block_type":"box","text":"commodity groups, with a roll period of ten business days. The Underlying Index rolls and","page_number":2,"box":{"x":157,"y":147,"width":654,"height":12}},{"id":"5b0f8d85-9964-4190-8569-1cdb0ca6e221","block_type":"box","text":"rebalances these contracts monthly back to equal weightings on a price-percentage basis. If the","page_number":2,"box":{"x":157,"y":162,"width":699,"height":13}},{"id":"2386cefe-f12e-4e5a-af09-9312e792ffdc","block_type":"box","text":"price for the new futures contract is less than the price of the expiring contract, then the market for","page_number":2,"box":{"x":157,"y":178,"width":724,"height":12}},{"id":"83264c04-b9f4-42de-b965-62f4081097fc","block_type":"box","text":"the commodity is said to be in “backwardation.” In these markets, roll returns are positive, which is","page_number":2,"box":{"x":156,"y":193,"width":722,"height":13}},{"id":"14c6126b-043c-403a-ad06-9afdb17b8156","block_type":"box","text":"referred to as “positive carry.” The term “contango” is used to describe a market in which the price","page_number":2,"box":{"x":157,"y":209,"width":720,"height":12}},{"id":"43b5d1e1-e889-4676-ad3f-2e06782897d2","block_type":"box","text":"for a new futures contract is more than the price of the expiring contract. In these markets, roll","page_number":2,"box":{"x":156,"y":224,"width":692,"height":13}},{"id":"4d3da392-e607-4c4f-a322-db27adebc106","block_type":"box","text":"returns are negative, which is referred to as “negative carry.” The Underlying Index seeks to employ","page_number":2,"box":{"x":157,"y":240,"width":724,"height":12}},{"id":"85504810-a3b2-4d4d-b569-03597dee6b0a","block_type":"box","text":"a positive carry strategy that emphasizes commodities and futures contract months with the","page_number":2,"box":{"x":157,"y":255,"width":676,"height":13}},{"id":"9af2525d-c8a2-4f55-8975-e6cee8ffd1f5","block_type":"box","text":"greatest degree of backwardation and lowest degree of contango, resulting in net gains through","page_number":2,"box":{"x":157,"y":271,"width":702,"height":12}},{"id":"43771cfc-9850-4027-bf6d-32dda7a8ebce","block_type":"box","text":"positive roll returns.","page_number":2,"box":{"x":157,"y":286,"width":147,"height":13}},{"id":"c5fc3b54-b068-4b3c-a42a-0fe5ff6a5a4a","block_type":"box","text":"As of August 31, 2026, the Underlying Index had approximately 102 constituents, and a significant","page_number":2,"box":{"x":156,"y":309,"width":720,"height":13}},{"id":"76b7d9bf-b6f0-405f-8e0f-2eff2f15232f","block_type":"box","text":"portion of the Underlying Index was represented by the energy and agriculture commodity groups.","page_number":2,"box":{"x":157,"y":325,"width":719,"height":13}},{"id":"2c3919ea-d57b-4091-8d0d-cc150e6c9eb4","block_type":"box","text":"The components of the Underlying Index are likely to change over time.","page_number":2,"box":{"x":156,"y":340,"width":523,"height":13}},{"id":"57597f71-bd50-4d8a-97ad-a45b3692b5af","block_type":"box","text":"The Fund gains exposure to Commodity Investments by investing through a wholly owned","page_number":2,"box":{"x":156,"y":364,"width":663,"height":12}},{"id":"14954de6-f5bd-404b-9d7e-54785176ad2c","block_type":"box","text":"subsidiary organized in the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by BFA and","page_number":2,"box":{"x":157,"y":379,"width":727,"height":13}},{"id":"977d0b95-dc62-463d-9e37-726167f6ed98","block_type":"box","text":"has the same investment objective as the Fund. Unlike the Fund, the Subsidiary is not an investment","page_number":2,"box":{"x":157,"y":395,"width":729,"height":12}},{"id":"a6a1cbe7-d5ab-4114-a93e-5f5df4769c05","block_type":"box","text":"company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and,","page_number":2,"box":{"x":157,"y":410,"width":730,"height":13}},{"id":"37171356-be6b-4059-be3f-4f3e73d644d9","block_type":"box","text":"unless otherwise noted in this Prospectus, is not subject to the investor protections of the 1940 Act.","page_number":2,"box":{"x":157,"y":426,"width":728,"height":12}},{"id":"dd70b737-c973-4889-923e-67f028f44e5a","block_type":"box","text":"The Subsidiary invests solely in Commodity Investments and cash and cash equivalents.","page_number":2,"box":{"x":156,"y":441,"width":643,"height":13}},{"id":"22f58218-e639-4f09-800b-715803c92f2a","block_type":"box","text":"In compliance with Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal","page_number":2,"box":{"x":158,"y":464,"width":721,"height":13}},{"id":"ba501211-e440-40d6-aae7-972db55abb9c","block_type":"box","text":"Revenue Code”), the Fund may invest up to 25% of its total assets in the Subsidiary. The Fund’s","page_number":2,"box":{"x":157,"y":480,"width":696,"height":13}},{"id":"a468c450-f9b0-44e1-849b-ebd86490f24e","block_type":"box","text":"Commodity Investments held in the Subsidiary are intended to provide the Fund with exposure to","page_number":2,"box":{"x":157,"y":495,"width":711,"height":13}},{"id":"85c2794a-578b-47bd-af39-d9fa2f5550e9","block_type":"box","text":"broad commodities consistent with current U.S. federal income tax laws applicable to investment","page_number":2,"box":{"x":157,"y":511,"width":709,"height":13}},{"id":"6b7f16b5-2961-429b-b71a-f1d17d0cb9db","block_type":"box","text":"companies such as the Fund, which limit the ability of investment companies to invest directly in","page_number":2,"box":{"x":157,"y":526,"width":704,"height":13}},{"id":"006f2803-a4b3-407e-a408-d5ab50fcc4a9","block_type":"box","text":"Commodity Investments.","page_number":2,"box":{"x":157,"y":542,"width":186,"height":13}},{"id":"781611f4-c56e-41fc-9eea-547bf21fc7ba","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does","page_number":2,"box":{"x":157,"y":565,"width":704,"height":13}},{"id":"59b71ec2-9c79-4671-80e6-295e2a60c477","block_type":"box","text":"not try to “beat” the index it tracks and does not seek temporary defensive positions when markets","page_number":2,"box":{"x":157,"y":581,"width":723,"height":12}},{"id":"5c1a079c-db7e-45bd-8e0b-de8c18a3e5ba","block_type":"box","text":"decline or appear overvalued.","page_number":2,"box":{"x":157,"y":596,"width":217,"height":13}},{"id":"918624b3-59ff-4a33-b540-02f9a4483ac4","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index","page_number":2,"box":{"x":158,"y":620,"width":726,"height":12}},{"id":"6d0345c8-4f21-41fd-bfc1-34b491d4892d","block_type":"box","text":"but also may reduce some of the risks of active management, such as poor selection of securities","page_number":2,"box":{"x":157,"y":635,"width":709,"height":13}},{"id":"2c004233-6a5c-496d-aa4b-71f5d22e7485","block_type":"box","text":"and/or other instruments. Indexing seeks to achieve lower costs and better after-tax performance","page_number":2,"box":{"x":157,"y":651,"width":714,"height":12}},{"id":"390934d3-a18b-44e7-bfbe-0bc9dd206c99","block_type":"box","text":"by aiming to keep portfolio turnover low in comparison to actively managed investment companies.","page_number":2,"box":{"x":157,"y":666,"width":724,"height":13}},{"id":"37f1d579-befa-4e0e-9baf-6c45d10e2dc9","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of","page_number":2,"box":{"x":156,"y":689,"width":721,"height":13}},{"id":"c18a8c5b-9133-4930-89d3-2f90b808f97b","block_type":"box","text":"the Fund. BFA uses a representative sampling indexing strategy to manage the Fund.","page_number":2,"box":{"x":156,"y":705,"width":615,"height":12}},{"id":"97336a14-e25f-4a48-bf2b-bc0bc02fdcd9","block_type":"box","text":"“Representative sampling” is an indexing strategy that involves investing in a representative sample","page_number":2,"box":{"x":157,"y":720,"width":721,"height":13}},{"id":"0ada0cae-6f31-43fb-ac79-ee6f4f69038b","block_type":"box","text":"of securities or other instruments intended to collectively have an investment profile similar to that","page_number":2,"box":{"x":157,"y":736,"width":715,"height":12}},{"id":"4ab41772-26ef-4015-92fc-4bf298f99eaa","block_type":"box","text":"of an applicable underlying index. 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The Fund may use derivatives to gain or reduce exposure","page_number":2,"box":{"x":156,"y":813,"width":716,"height":13}},{"id":"c6038b15-93df-4876-a94a-25068549a886","block_type":"box","text":"to the components of the Underlying Index or exposure to one or more market risk factors","page_number":2,"box":{"x":156,"y":829,"width":660,"height":12}},{"id":"97a49d5d-f2eb-45a7-b229-10a58fec2bbf","block_type":"box","text":"associated with such components. 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The Fund invests in Fixed-Income Investments for","page_number":11,"box":{"x":83,"y":767,"width":415,"height":11}},{"id":"43a5d88e-ca19-4c00-9719-44771337777f","block_type":"box","text":"investment purposes and to provide sufficient assets to account","page_number":11,"box":{"x":83,"y":781,"width":410,"height":11}},{"id":"b9e69ab1-56f8-41db-aa41-60f24d56b5ec","block_type":"box","text":"for (or “cover”) mark-to-market changes and to collateralize the","page_number":11,"box":{"x":82,"y":795,"width":408,"height":11}},{"id":"cb877b1f-6019-4fd5-aba3-b60681369eed","block_type":"box","text":"Subsidiary’s investments in derivatives on a day-to-day basis.","page_number":11,"box":{"x":83,"y":809,"width":392,"height":11}},{"id":"cc287e4e-344d-4f54-8677-fdfcb1f505ed","block_type":"box","text":"In order to maintain exposure to a futures contract on a particular","page_number":11,"box":{"x":83,"y":831,"width":421,"height":11}},{"id":"5df6de0d-a779-49b4-8e8f-edfef326732e","block_type":"box","text":"commodity, an investor must sell the position in the expiring","page_number":11,"box":{"x":83,"y":846,"width":386,"height":10}},{"id":"34fe8d15-c7c2-4114-b8f7-68e52d94b97a","block_type":"box","text":"contract and buy a new position in a contract with a later delivery","page_number":11,"box":{"x":83,"y":860,"width":418,"height":11}},{"id":"a4c688dc-8bab-43fc-81ad-2e1e868c5528","block_type":"box","text":"month, which is referred to as “rolling.” If the price for the new","page_number":11,"box":{"x":83,"y":874,"width":400,"height":11}},{"id":"6cefb4e4-aa29-4803-9010-c9eb1aeadcfa","block_type":"box","text":"futures contract is less than the price of the expiring contract,","page_number":11,"box":{"x":549,"y":23,"width":396,"height":11}},{"id":"9d7e84a7-4d84-4dfe-abe4-b0dc4cd0df19","block_type":"box","text":"then the market for the commodity is said to be in","page_number":11,"box":{"x":549,"y":37,"width":319,"height":11}},{"id":"69aaa2b6-ad5f-47a5-982f-92c745e08bf0","block_type":"box","text":"“backwardation.” In these markets, roll returns are positive, which","page_number":11,"box":{"x":549,"y":51,"width":422,"height":11}},{"id":"e3320799-4177-4dcf-b837-cd2f03cafc6c","block_type":"box","text":"is referred to as “positive carry.” The term “contango” is used to","page_number":11,"box":{"x":549,"y":66,"width":408,"height":10}},{"id":"d76d4d58-7188-4a47-bd92-0529cec885ad","block_type":"box","text":"describe a market in which the price for a new futures contract is","page_number":11,"box":{"x":549,"y":80,"width":416,"height":11}},{"id":"ba3aa786-9850-4ba2-95bc-009f146222c0","block_type":"box","text":"more than the price of the expiring contract. 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Unlike the Fund,","page_number":11,"box":{"x":549,"y":251,"width":413,"height":11}},{"id":"574349d8-09bc-4063-88cc-c91cc889b096","block_type":"box","text":"the Subsidiary is not an investment company registered under the","page_number":11,"box":{"x":549,"y":265,"width":422,"height":11}},{"id":"486dc901-f5d7-487c-9080-a1c436dbe8e9","block_type":"box","text":"Investment Company Act of 1940, as amended (the “1940 Act”)","page_number":11,"box":{"x":550,"y":280,"width":405,"height":10}},{"id":"2c838617-8322-45a0-b205-02f9b6253a69","block_type":"box","text":"and, unless otherwise noted in this Prospectus, is not subject to","page_number":11,"box":{"x":549,"y":294,"width":409,"height":10}},{"id":"8b86fd11-24cf-41dc-adb2-7467e529ccd8","block_type":"box","text":"the investor protections of the 1940 Act. The Subsidiary invests","page_number":11,"box":{"x":549,"y":308,"width":406,"height":11}},{"id":"7fe3aeb0-4b59-41de-9425-31f31d295315","block_type":"box","text":"solely in Commodity Investments and cash and cash equivalents.","page_number":11,"box":{"x":549,"y":322,"width":415,"height":11}},{"id":"08df6248-7656-446a-bb01-cae44ee335a1","block_type":"box","text":"In compliance with Subchapter M of the Internal Revenue Code of","page_number":11,"box":{"x":550,"y":344,"width":420,"height":11}},{"id":"12887118-affd-4f85-a1b5-be9be5856a7b","block_type":"box","text":"1986, as amended (the “Internal Revenue Code”), the Fund may","page_number":11,"box":{"x":551,"y":358,"width":406,"height":11}},{"id":"a8cd8bcc-cd12-4443-a860-a3b7c03d7379","block_type":"box","text":"invest up to 25% of its total assets in the Subsidiary. The Fund’s","page_number":11,"box":{"x":549,"y":372,"width":405,"height":11}},{"id":"bb438ea8-ad52-44f8-97b8-85b21f398079","block_type":"box","text":"Commodity Investments held in the Subsidiary are intended to","page_number":11,"box":{"x":549,"y":387,"width":399,"height":10}},{"id":"cc6c2671-bef9-4321-9b8f-e3ae026d9bd0","block_type":"box","text":"provide the Fund with exposure to broad commodities consistent","page_number":11,"box":{"x":549,"y":401,"width":417,"height":10}},{"id":"396f0865-20b2-4605-a4d4-8b36deb69372","block_type":"box","text":"with current U.S. federal income tax laws applicable to investment","page_number":11,"box":{"x":549,"y":415,"width":424,"height":11}},{"id":"82cbb995-b841-438c-8f7e-a6c1b959ad2a","block_type":"box","text":"companies such as the Fund, which limit the ability of investment","page_number":11,"box":{"x":549,"y":429,"width":417,"height":11}},{"id":"630ec8e3-7315-4f1f-b667-5d6f1b28f041","block_type":"box","text":"companies to invest directly in Commodity Investments.","page_number":11,"box":{"x":549,"y":443,"width":359,"height":11}},{"id":"8c709806-510c-4840-add2-756c7abc4e0a","block_type":"box","text":"The remainder of the Fund’s assets are invested directly by the","page_number":11,"box":{"x":549,"y":465,"width":401,"height":11}},{"id":"8986864b-6e47-41a5-9663-4d2f8aaa9ebb","block_type":"box","text":"Fund, primarily in Fixed-Income Investments, including","page_number":11,"box":{"x":550,"y":479,"width":348,"height":11}},{"id":"1673b9f7-b42f-4150-81f9-294f7b9a9b93","block_type":"box","text":"repurchase agreements, money market instruments, U.S.","page_number":11,"box":{"x":549,"y":494,"width":366,"height":10}},{"id":"ec546139-ff4a-44c5-9c15-e5bdb7136a49","block_type":"box","text":"government and agency securities, Treasury Inflation-Protected","page_number":11,"box":{"x":549,"y":508,"width":405,"height":11}},{"id":"03f05cd9-06fb-45e4-b83c-78dbe4be2a35","block_type":"box","text":"Securities, sovereign debt obligations of non-U.S. countries and","page_number":11,"box":{"x":549,"y":522,"width":407,"height":11}},{"id":"b4f86d1e-c444-4c97-a91b-a0f781a96335","block_type":"box","text":"investment-grade corporate bonds.","page_number":11,"box":{"x":549,"y":536,"width":225,"height":11}},{"id":"dc2508ca-b068-45d0-adee-8916928a7a55","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":11,"box":{"x":550,"y":559,"width":376,"height":11}},{"id":"3341ae2f-524d-4134-9e0e-fb89d5d4e9f1","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":11,"box":{"x":549,"y":573,"width":417,"height":11}},{"id":"f368d698-5adf-4b66-b558-c97f639a8342","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":11,"box":{"x":549,"y":588,"width":396,"height":10}},{"id":"d368c8c9-0178-4042-a1c1-09735b54a8c5","block_type":"box","text":"markets decline or appear overvalued.","page_number":11,"box":{"x":549,"y":602,"width":244,"height":11}},{"id":"7bc996d0-a0e7-4e10-85ec-3c7b64e4fcf1","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":11,"box":{"x":550,"y":625,"width":420,"height":11}},{"id":"5296f8fa-49e5-47bd-ba22-215367244d48","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":11,"box":{"x":549,"y":639,"width":421,"height":11}},{"id":"99e77d6b-771f-4ea9-813a-a6041f96a20b","block_type":"box","text":"risks of active management, such as poor selection of securities","page_number":11,"box":{"x":549,"y":653,"width":410,"height":11}},{"id":"533cf9d9-fffe-4469-a484-243fb968d741","block_type":"box","text":"and/or other instruments. Indexing seeks to achieve lower costs","page_number":11,"box":{"x":549,"y":668,"width":414,"height":10}},{"id":"779b402b-fe22-4e54-b4b6-94dfc9723292","block_type":"box","text":"and better after-tax performance by aiming to keep portfolio","page_number":11,"box":{"x":549,"y":682,"width":386,"height":11}},{"id":"8fdb9f16-9d28-43fa-bec6-3863f8814098","block_type":"box","text":"turnover low in comparison to actively managed investment","page_number":11,"box":{"x":549,"y":696,"width":382,"height":11}},{"id":"81fa3529-2d3b-49f7-baa5-afe2011caf6b","block_type":"box","text":"companies.","page_number":11,"box":{"x":549,"y":710,"width":72,"height":11}},{"id":"a274d4d8-6a99-4dd9-a8f3-6d36d1054909","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":11,"box":{"x":550,"y":733,"width":411,"height":11}},{"id":"19441798-a5c2-4682-8b01-cd116aadae5d","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":11,"box":{"x":549,"y":747,"width":411,"height":11}},{"id":"b82db607-b34b-4010-8434-ffb2abe9db74","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":11,"box":{"x":549,"y":762,"width":424,"height":10}},{"id":"1322f4e0-a97b-4fa5-bef4-6df74489e247","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":11,"box":{"x":549,"y":776,"width":410,"height":11}},{"id":"dab20e27-5753-4eda-b3e6-bdf2615e3f96","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":11,"box":{"x":549,"y":790,"width":408,"height":11}},{"id":"ab167be5-572c-4f22-9381-0af151448e26","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":11,"box":{"x":549,"y":804,"width":423,"height":11}},{"id":"45ea871d-d78f-4556-b656-5bf7a10bbb17","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":11,"box":{"x":549,"y":818,"width":415,"height":11}},{"id":"bfab0c46-c4bd-43f5-9ab5-a1dd1544f37f","block_type":"box","text":"fundamental characteristics (such as return variability, duration,","page_number":11,"box":{"x":549,"y":832,"width":409,"height":11}},{"id":"3f05c7f0-2f44-4c53-b442-4f5663740041","block_type":"box","text":"maturity, credit ratings and yield) and liquidity measures similar to","page_number":11,"box":{"x":549,"y":847,"width":423,"height":11}},{"id":"0f40aa80-e0da-4ea3-b7d3-579772f4837f","block_type":"box","text":"those of an applicable underlying index. The Fund may or may not","page_number":11,"box":{"x":549,"y":861,"width":419,"height":11}},{"id":"aaeda0b0-0718-49f4-a598-609dfc2147eb","block_type":"box","text":"hold all of the components of the Underlying Index.","page_number":11,"box":{"x":549,"y":875,"width":326,"height":11}},{"id":"abfd56f8-fa22-4bc7-b330-82e6475e767c","block_type":"box","text":"S-2","page_number":11,"box":{"x":525,"y":920,"width":20,"height":9}},{"id":"b6546533-b902-444f-9ef5-d9f51a46823b","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) has","page_number":12,"box":{"x":82,"y":23,"width":372,"height":11}},{"id":"e43d2092-be6f-4001-b486-9381157c2b75","block_type":"box","text":"adopted certain requirements that subject registered investment","page_number":12,"box":{"x":83,"y":37,"width":415,"height":11}},{"id":"32d7e8fc-0c59-4666-8179-a542d55d4afd","block_type":"box","text":"companies and their advisers to regulation by the CFTC if a","page_number":12,"box":{"x":83,"y":51,"width":376,"height":11}},{"id":"2e771dc4-cf29-4d01-b935-131f0a4b1144","block_type":"box","text":"registered investment company invests more than a prescribed","page_number":12,"box":{"x":83,"y":66,"width":404,"height":11}},{"id":"865bcf54-0484-4ed6-aab6-700de269c5ee","block_type":"box","text":"level of its net asset value in CFTC-regulated futures, options and","page_number":12,"box":{"x":83,"y":80,"width":416,"height":11}},{"id":"942a4b22-8f76-4254-a921-2f5bb28ffef4","block_type":"box","text":"swaps, or if a registered investment company markets itself as","page_number":12,"box":{"x":83,"y":94,"width":400,"height":11}},{"id":"2d77ceeb-e5bc-4eb4-a3bc-96826c0d2648","block_type":"box","text":"providing investment exposure to such instruments. Due to the","page_number":12,"box":{"x":83,"y":108,"width":403,"height":11}},{"id":"5ac20576-6e1e-4acb-b7eb-e75f4b3a09c3","block_type":"box","text":"Fund’s potential use of such instruments above the prescribed","page_number":12,"box":{"x":84,"y":122,"width":397,"height":11}},{"id":"98c17a9c-6041-4b70-a99c-02de3e196643","block_type":"box","text":"levels, it is considered a “commodity pool” under the Commodity","page_number":12,"box":{"x":83,"y":137,"width":415,"height":10}},{"id":"0e107847-13db-4c29-a327-dd86a9094909","block_type":"box","text":"Exchange Act (“CEA”). The Subsidiary is also deemed a","page_number":12,"box":{"x":84,"y":151,"width":348,"height":11}},{"id":"3bd0d8d3-e78e-4b66-9617-264568daf615","block_type":"box","text":"commodity pool. BFA is considered a commodity pool operator","page_number":12,"box":{"x":83,"y":165,"width":402,"height":11}},{"id":"61cb7cce-1ce5-4acc-97d1-a3c7c914d66e","block_type":"box","text":"(“CPO”) with respect to the Fund and the Subsidiary and is","page_number":12,"box":{"x":83,"y":179,"width":374,"height":11}},{"id":"216bf5d0-45fe-4d5c-8ce8-f5c0c1352e31","block_type":"box","text":"subject to regulation by the CFTC and the National Futures","page_number":12,"box":{"x":83,"y":193,"width":375,"height":11}},{"id":"bc7bf6ab-ed25-4a44-9f9d-089fad258ff9","block_type":"box","text":"Association (“NFA”).","page_number":12,"box":{"x":82,"y":207,"width":128,"height":11}},{"id":"f675d903-b62a-458c-beef-dbe927436812","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg Index Services","page_number":12,"box":{"x":82,"y":231,"width":409,"height":10}},{"id":"df392d90-a5ce-4f54-a005-7c8604158b5c","block_type":"box","text":"Limited (the “Index Provider” or “Bloomberg”), which","page_number":12,"box":{"x":84,"y":245,"width":335,"height":11}},{"id":"73e1dd74-9fbd-46c6-8d90-10dff806ede7","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":12,"box":{"x":83,"y":259,"width":354,"height":11}},{"id":"ce1d82b2-8696-4518-90a9-b233ab6460ed","block_type":"box","text":"determines the composition and relative weightings of the","page_number":12,"box":{"x":83,"y":273,"width":372,"height":11}},{"id":"051d7a2d-5f7b-4d62-8090-8a0e88b71c5d","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":12,"box":{"x":83,"y":287,"width":401,"height":11}},{"id":"a2489d79-30c1-483f-b429-ca850c824449","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":12,"box":{"x":83,"y":302,"width":327,"height":10}},{"id":"2d70bea8-7aa0-42b9-a8e2-1eaf9f8e96ac","block_type":"box","text":"Summary of Principal Risks","page_number":12,"box":{"x":83,"y":331,"width":235,"height":13}},{"id":"d880605e-33e1-4cee-9378-53e4638826c7","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":12,"box":{"x":82,"y":356,"width":363,"height":11}},{"id":"97c89101-9751-42e4-8082-833294e4731e","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":12,"box":{"x":83,"y":370,"width":402,"height":11}},{"id":"2cc46cb1-6dff-414d-9f1a-2fe650cb23ab","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":12,"box":{"x":83,"y":384,"width":396,"height":11}},{"id":"5ed563f1-9707-49ec-b676-6b60e968de3c","block_type":"box","text":"including the principal risks noted below (either directly or","page_number":12,"box":{"x":83,"y":398,"width":373,"height":11}},{"id":"f1084e22-133f-4d90-ba04-f67f93dd5d66","block_type":"box","text":"through its investments in the Subsidiary) any of which may","page_number":12,"box":{"x":83,"y":412,"width":381,"height":11}},{"id":"8b6908c6-9e64-4e4f-a8f7-09e1c7ff0aa2","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":12,"box":{"x":83,"y":427,"width":392,"height":10}},{"id":"ca6fc576-e598-4679-885b-b66a2ec82185","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":12,"box":{"x":83,"y":441,"width":416,"height":11}},{"id":"8846dda6-1447-4cda-b1a4-e63b7b0e1940","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":12,"box":{"x":83,"y":455,"width":387,"height":11}},{"id":"61f540c4-9a24-4da0-857e-517a8d49f3d0","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":12,"box":{"x":82,"y":469,"width":426,"height":11}},{"id":"9f2aef2e-d491-4ef6-95e6-6fab476d03d0","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":12,"box":{"x":83,"y":483,"width":404,"height":11}},{"id":"c10bd6d8-f6c7-4d05-8a7c-0ae25bd4b1ce","block_type":"box","text":"review each risk factor carefully.","page_number":12,"box":{"x":83,"y":498,"width":206,"height":10}},{"id":"968a5a3d-c76b-4ae3-8cc1-ce670be0b2a2","block_type":"box","text":"Commodity-Linked Derivatives Risk.","page_number":12,"box":{"x":83,"y":521,"width":244,"height":11}},{"id":"9d6c9b8e-a410-4923-a1cf-51555208dcbf","block_type":"box","text":"The value of a commodity","page_number":12,"box":{"x":332,"y":521,"width":169,"height":11}},{"id":"f6284a75-064d-4867-a0bb-b556d21813f0","block_type":"box","text":"linked derivative instrument (including swaps based on such","page_number":12,"box":{"x":83,"y":535,"width":384,"height":11}},{"id":"9b419c46-4407-4e19-a57f-8c669155d798","block_type":"box","text":"instruments) typically is based upon the price movements of the","page_number":12,"box":{"x":83,"y":549,"width":410,"height":11}},{"id":"4fe6c8f0-a8c5-4fa6-8274-ad536def576e","block_type":"box","text":"underlying commodity or an economic variable linked to such","page_number":12,"box":{"x":83,"y":563,"width":391,"height":11}},{"id":"16428559-0197-45c6-90f7-9df5718569c1","block_type":"box","text":"price movements. The current market prices, or “spot prices,” and","page_number":12,"box":{"x":83,"y":577,"width":422,"height":11}},{"id":"e02dbcec-3bd4-486f-abc4-ea5253bbb9c0","block_type":"box","text":"the price at a specified future date implied by the value of certain","page_number":12,"box":{"x":83,"y":592,"width":416,"height":10}},{"id":"aa4a77bc-eeea-4cda-a126-e544ecd973e4","block_type":"box","text":"commodity-linked derivatives (including swaps based on such","page_number":12,"box":{"x":83,"y":606,"width":394,"height":11}},{"id":"c729c90d-b6b6-466e-81c2-84597fb74010","block_type":"box","text":"instruments), or the “futures prices,” for commodities will vary","page_number":12,"box":{"x":83,"y":620,"width":400,"height":11}},{"id":"568fea59-0b8b-4496-ac7b-d4e1701435f0","block_type":"box","text":"depending upon expectations regarding market conditions. The","page_number":12,"box":{"x":83,"y":634,"width":404,"height":11}},{"id":"feb4622d-364a-476a-8971-64929c33259e","block_type":"box","text":"value of commodity-linked investments tied to both spot and","page_number":12,"box":{"x":82,"y":648,"width":388,"height":11}},{"id":"2dfa3851-0c1b-44e3-ac32-57d6dca6ad6d","block_type":"box","text":"futures prices of commodities may fluctuate quickly and","page_number":12,"box":{"x":82,"y":662,"width":359,"height":11}},{"id":"46fe9044-dc84-4b9a-b77f-940f3638d067","block_type":"box","text":"dramatically as a result of changes affecting a particular","page_number":12,"box":{"x":83,"y":677,"width":359,"height":11}},{"id":"9721fd03-0325-4c93-ba29-81df130a62ac","block_type":"box","text":"commodity and may not correlate to price movements in other","page_number":12,"box":{"x":83,"y":691,"width":401,"height":11}},{"id":"0d3c467d-1169-4b04-a278-09ec45e542e2","block_type":"box","text":"asset classes, such as stocks, bonds and cash. Commodity-linked","page_number":12,"box":{"x":83,"y":705,"width":420,"height":11}},{"id":"6fc5e6d4-2999-4187-b890-7d08cad78626","block_type":"box","text":"derivatives are subject to the risk that the counterparty to the","page_number":12,"box":{"x":83,"y":719,"width":395,"height":11}},{"id":"d6525723-de89-4ac8-b737-82001be5770b","block_type":"box","text":"transaction, the exchange or trading facility on which they trade","page_number":12,"box":{"x":83,"y":733,"width":408,"height":11}},{"id":"a57ebbd8-b292-40fd-a30f-860b5bbbbecd","block_type":"box","text":"or the applicable clearing house may default or otherwise fail to","page_number":12,"box":{"x":83,"y":748,"width":407,"height":10}},{"id":"212d7281-75b1-4dc4-bfb1-33f0f0cd86c5","block_type":"box","text":"perform. The Fund’s use of commodity-linked derivatives may also","page_number":12,"box":{"x":83,"y":762,"width":423,"height":11}},{"id":"49ddf70f-2e5f-48bf-afbc-6cf64c86e26f","block_type":"box","text":"have a leveraging effect on the Fund’s portfolio because of the","page_number":12,"box":{"x":83,"y":776,"width":399,"height":11}},{"id":"b385758d-9b9e-471d-b8c6-2eb90ff8f252","block_type":"box","text":"leverage inherent in the use of derivatives. 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Neither the Fund nor BFA can offer","page_number":12,"box":{"x":549,"y":711,"width":406,"height":11}},{"id":"40c402c3-e638-4b29-af2e-24f68410d321","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":12,"box":{"x":549,"y":726,"width":408,"height":10}},{"id":"a09429b0-9d45-49f5-a0bf-0786223db061","block_type":"box","text":"information will provide an accurate assessment of included","page_number":12,"box":{"x":549,"y":740,"width":384,"height":10}},{"id":"5113d813-4a68-4bfb-95c6-35c77225b053","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":12,"box":{"x":549,"y":754,"width":388,"height":11}},{"id":"b507b540-cf10-4d18-b57f-cdac54f395a7","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":12,"box":{"x":549,"y":768,"width":366,"height":11}},{"id":"11f01335-d115-4c0d-b2a8-b575bf6d6f79","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":12,"box":{"x":549,"y":782,"width":377,"height":11}},{"id":"b28e31ab-8b57-4d63-b607-d6996972cb1e","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":12,"box":{"x":549,"y":796,"width":413,"height":11}},{"id":"8c1b5871-3a9e-466f-8798-87860c8699a7","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":12,"box":{"x":549,"y":811,"width":396,"height":10}},{"id":"43efdaea-f719-42fb-b01a-4dba25cb8971","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":12,"box":{"x":549,"y":825,"width":367,"height":11}},{"id":"2bc1efed-0d0a-47ce-8b05-c81f5c6c81e1","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":12,"box":{"x":549,"y":839,"width":400,"height":11}},{"id":"52e7b9a2-bb7c-4616-a81a-f41805994e6f","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":12,"box":{"x":549,"y":853,"width":409,"height":11}},{"id":"7f8ebd0f-d2a3-4f7f-804f-6b553d40cda5","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":12,"box":{"x":549,"y":867,"width":414,"height":11}},{"id":"b2276876-7148-45e1-ab39-f16fecde7dbb","block_type":"box","text":"S-3","page_number":12,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"37f913ea-5bfe-4dc9-84c1-8f47d70999e7","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":13,"box":{"x":83,"y":23,"width":362,"height":11}},{"id":"8854bbc9-f02d-46d8-a0de-1bb14f74774e","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":13,"box":{"x":83,"y":37,"width":423,"height":11}},{"id":"d5017dc6-072c-4622-827d-18da456d11b1","block_type":"box","text":"Asset Class Risk.","page_number":13,"box":{"x":81,"y":60,"width":115,"height":9}},{"id":"5b4582b4-c571-42ad-a93b-637872dc6638","block_type":"box","text":"The securities and other assets in the","page_number":13,"box":{"x":202,"y":61,"width":239,"height":8}},{"id":"02da44d9-dfd3-48f6-8972-d540fd8812e2","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":13,"box":{"x":83,"y":75,"width":406,"height":11}},{"id":"72ba661d-8261-499e-8e1d-3ae19a20bf48","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":13,"box":{"x":83,"y":89,"width":405,"height":11}},{"id":"c1216d8b-4699-46f3-9a6f-ec914c8bec36","block_type":"box","text":"market, another index, or other asset classes.","page_number":13,"box":{"x":83,"y":103,"width":292,"height":10}},{"id":"13129c6a-928b-4eb6-8413-58f1294f2f26","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":13,"box":{"x":81,"y":126,"width":290,"height":11}},{"id":"a22c8a8d-a953-4f3a-9258-fed918ad0f9b","block_type":"box","text":"An “Authorized","page_number":13,"box":{"x":381,"y":126,"width":93,"height":9}},{"id":"5dffab90-6c46-4c96-a2cb-374c2bf086fa","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":13,"box":{"x":84,"y":140,"width":379,"height":11}},{"id":"4a7a06db-3a06-4242-baa8-f7e1b460f403","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":13,"box":{"x":83,"y":155,"width":411,"height":10}},{"id":"0cdad39c-a118-4f4b-aad2-1e100db9b533","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":13,"box":{"x":84,"y":169,"width":395,"height":11}},{"id":"d4a0f3d0-7563-4db9-8648-629697f193ec","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":13,"box":{"x":84,"y":183,"width":399,"height":11}},{"id":"ea28869f-c09c-4e26-bc87-e363151e0294","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":13,"box":{"x":83,"y":197,"width":407,"height":11}},{"id":"26c2d26b-5860-4a19-a479-d342000ede01","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":13,"box":{"x":83,"y":211,"width":409,"height":11}},{"id":"65e3f6b1-7729-4285-bd33-16ff6b573b42","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":13,"box":{"x":83,"y":225,"width":412,"height":11}},{"id":"7942c050-0892-4307-ae41-120acfada0e5","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":13,"box":{"x":83,"y":240,"width":403,"height":11}},{"id":"2d5d645c-e379-47f4-8fda-709825127909","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":13,"box":{"x":83,"y":254,"width":378,"height":11}},{"id":"97ab1858-f267-4e4e-aab3-c0171c87d336","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":13,"box":{"x":84,"y":268,"width":379,"height":11}},{"id":"ceab38e7-d294-47ff-9209-fde865b06878","block_type":"box","text":"transactions. 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Further, the Fund may face increased","page_number":13,"box":{"x":83,"y":419,"width":389,"height":11}},{"id":"0018249b-fbd9-42e8-b86c-0cee42541921","block_type":"box","text":"credit risk with respect to the bank or other counterparty holding","page_number":13,"box":{"x":83,"y":433,"width":416,"height":11}},{"id":"857fafc0-e2fa-41b7-b635-ae4221203151","block_type":"box","text":"such assets and the risk that the counterparty may be unable or","page_number":13,"box":{"x":83,"y":447,"width":409,"height":11}},{"id":"1135dfee-40da-498a-abfa-11a10d2e3435","block_type":"box","text":"unwilling (or perceived as such) to honor its obligations.","page_number":13,"box":{"x":83,"y":461,"width":356,"height":11}},{"id":"dab8e742-23ac-46fb-9526-8e103d31d6eb","block_type":"box","text":"Commodity Market Disruption Risk.","page_number":13,"box":{"x":83,"y":485,"width":242,"height":10}},{"id":"fd437f4d-ff90-4efb-b992-96b211a1783e","block_type":"box","text":"The commodity markets","page_number":13,"box":{"x":331,"y":485,"width":154,"height":10}},{"id":"8723c6b8-3ea7-4d2b-9891-9e4d6c8398b2","block_type":"box","text":"are subject to temporary distortions and other disruptions due to,","page_number":13,"box":{"x":83,"y":499,"width":420,"height":11}},{"id":"4126378e-5686-4f11-8254-9a79a5f97efa","block_type":"box","text":"among other factors, lack of liquidity, the participation of","page_number":13,"box":{"x":83,"y":513,"width":364,"height":11}},{"id":"b77c7a79-f494-460f-9a03-6e28668fa387","block_type":"box","text":"speculators, and government regulation, intervention and other","page_number":13,"box":{"x":83,"y":527,"width":405,"height":11}},{"id":"e635c09c-9183-46b5-b603-48746fea7f1e","block_type":"box","text":"actions. U.S. futures exchanges and some foreign exchanges limit","page_number":13,"box":{"x":83,"y":541,"width":421,"height":11}},{"id":"62e1851f-faf4-44eb-9bd3-a7044c5d4a24","block_type":"box","text":"the amount of fluctuation in futures contract prices that may","page_number":13,"box":{"x":83,"y":555,"width":387,"height":11}},{"id":"23203eff-5afe-433e-885a-0357c3641ee4","block_type":"box","text":"occur in a single business day (generally referred to as “daily price","page_number":13,"box":{"x":83,"y":570,"width":423,"height":10}},{"id":"203709aa-9dcd-4f78-82d1-98f831047965","block_type":"box","text":"fluctuation limits”). 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The","page_number":13,"box":{"x":83,"y":655,"width":406,"height":11}},{"id":"faec108d-cf95-4ed3-813f-435e83696335","block_type":"box","text":"CFTC and the U.S. commodities exchanges are also authorized to","page_number":13,"box":{"x":83,"y":669,"width":418,"height":11}},{"id":"c46ce062-83e3-4ce7-8a2e-5b7910fae79d","block_type":"box","text":"take other actions in the event of a market emergency, including,","page_number":13,"box":{"x":83,"y":683,"width":416,"height":11}},{"id":"0aabfacb-5d1f-465f-970a-f95491b51e8a","block_type":"box","text":"for example, the imposition of higher margin requirements and","page_number":13,"box":{"x":82,"y":697,"width":401,"height":11}},{"id":"b36c7c48-1b89-4993-b8b4-eef77e32316c","block_type":"box","text":"the suspension of trading. 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The Fund may be negatively impacted by","page_number":13,"box":{"x":83,"y":763,"width":403,"height":11}},{"id":"a168920b-c2b1-454b-8511-ac940520b9c9","block_type":"box","text":"the cessation of trading in futures contracts included in the Fund’s","page_number":13,"box":{"x":83,"y":777,"width":424,"height":11}},{"id":"89c85d15-5b9c-4eab-863b-8abf774927c5","block_type":"box","text":"Underlying Index or by a futures exchange imposing a limit price.","page_number":13,"box":{"x":83,"y":791,"width":413,"height":11}},{"id":"cedeea9c-3717-4810-b2cb-ba04d53c2144","block_type":"box","text":"Commodity Risk.","page_number":13,"box":{"x":83,"y":815,"width":113,"height":10}},{"id":"364e455d-ac85-4bbf-bf53-f410faae7ccb","block_type":"box","text":"The Fund has substantial exposure to","page_number":13,"box":{"x":202,"y":815,"width":238,"height":10}},{"id":"94fd2ed5-bb34-492d-ac30-2d074d5ecb4a","block_type":"box","text":"commodities. The Fund invests in instruments that are","page_number":13,"box":{"x":83,"y":829,"width":347,"height":8}},{"id":"1752bdb3-29de-429e-b9ce-4d31bc05de68","block_type":"box","text":"susceptible to fluctuations in certain commodity markets and to","page_number":13,"box":{"x":83,"y":843,"width":409,"height":11}},{"id":"9fb2062b-09a8-4c90-a779-42fe4f5d7a81","block_type":"box","text":"price changes due to trade relations, including the imposition of","page_number":13,"box":{"x":83,"y":857,"width":408,"height":11}},{"id":"29980219-c7ed-47ac-8177-489827e9a37c","block_type":"box","text":"tariffs by the U.S. and other countries. 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The Fund may be adversely affected if an investment","page_number":13,"box":{"x":549,"y":589,"width":406,"height":11}},{"id":"cd3e68ad-5fed-4413-897b-d225f8ddeb7d","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":13,"box":{"x":549,"y":603,"width":324,"height":11}},{"id":"caef1056-c340-4fe4-8a6d-e496262a6130","block_type":"box","text":"Derivatives Risk.","page_number":13,"box":{"x":549,"y":626,"width":111,"height":9}},{"id":"befc1eed-caa0-40a9-8582-c84deffa0f50","block_type":"box","text":"The Fund’s use of derivatives (","page_number":13,"box":{"x":666,"y":626,"width":193,"height":11}},{"id":"a2f2e2de-437f-4003-ad4f-bba0c4963082","block_type":"box","text":"e.g","page_number":13,"box":{"x":860,"y":629,"width":19,"height":8}},{"id":"c9a18fc6-fbca-4e5c-aa13-14aba759108b","block_type":"box","text":"., futures,","page_number":13,"box":{"x":880,"y":626,"width":59,"height":10}},{"id":"cc7c7f92-958a-4e33-96f3-d45285fdda8e","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":13,"box":{"x":549,"y":640,"width":384,"height":11}},{"id":"b538928f-24eb-44fc-a644-1dd4c5a51778","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":13,"box":{"x":549,"y":655,"width":411,"height":10}},{"id":"3b243b18-c730-4d61-893a-e058c1d59494","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":13,"box":{"x":549,"y":669,"width":424,"height":11}},{"id":"51089f7b-2bdc-42d4-9904-80e21b456eeb","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":13,"box":{"x":549,"y":683,"width":365,"height":11}},{"id":"7e27f85f-16e1-46b4-b756-c4d399efffb8","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":13,"box":{"x":548,"y":697,"width":391,"height":11}},{"id":"91946f52-c785-463d-869d-3231c70dce80","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":13,"box":{"x":549,"y":711,"width":398,"height":11}},{"id":"4f4b9f9c-d024-4c40-b587-e169d0cb3648","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":13,"box":{"x":549,"y":725,"width":406,"height":11}},{"id":"dda2ffad-4f4b-419e-b30a-6b47e4aa6e73","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":13,"box":{"x":549,"y":740,"width":363,"height":10}},{"id":"3347c14b-3911-4180-8539-cfecf0cfa9f9","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":13,"box":{"x":550,"y":754,"width":418,"height":11}},{"id":"28cf2e6e-7fd7-4331-a085-c53acfc92c60","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":13,"box":{"x":549,"y":768,"width":400,"height":11}},{"id":"33625d71-d168-47d3-86df-c378933112af","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":13,"box":{"x":550,"y":782,"width":380,"height":11}},{"id":"e8fd87ca-e0a0-4319-bca3-b0d157201492","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":13,"box":{"x":548,"y":796,"width":419,"height":11}},{"id":"fb8a042a-76bc-4011-95b1-418abfc8bb60","block_type":"box","text":"the instrument. 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Swaps may be leveraged and","page_number":15,"box":{"x":83,"y":447,"width":400,"height":11}},{"id":"5763b28c-b5c9-42f8-94ae-2a5f5576d288","block_type":"box","text":"are subject to counterparty risk, credit risk and pricing risk.","page_number":15,"box":{"x":83,"y":461,"width":379,"height":11}},{"id":"0e75923a-ddd1-4962-8593-29a85944e35b","block_type":"box","text":"Swaps may be subject to illiquidity risk, and it may not be possible","page_number":15,"box":{"x":83,"y":476,"width":424,"height":10}},{"id":"bf9dd440-9dc0-45b9-af0e-72ebde57b533","block_type":"box","text":"for the Fund to liquidate a swap position at an advantageous time","page_number":15,"box":{"x":82,"y":490,"width":419,"height":11}},{"id":"a8c9b3ad-90d0-4d74-b9fe-a544edc4733a","block_type":"box","text":"or price, which may result in significant losses. 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These requirements may raise","page_number":15,"box":{"x":83,"y":603,"width":401,"height":11}},{"id":"6a8a4aea-26b2-4783-b37d-518fccbe2223","block_type":"box","text":"the costs for the Fund’s investment in swaps.","page_number":15,"box":{"x":83,"y":617,"width":289,"height":11}},{"id":"e5250679-0d15-4299-9072-8591b17c47e3","block_type":"box","text":"Subsidiary Risk.","page_number":15,"box":{"x":82,"y":641,"width":108,"height":10}},{"id":"15b60125-60f7-43bb-9e1b-1467877cdfd9","block_type":"box","text":"By investing in the Subsidiary, the Fund is","page_number":15,"box":{"x":196,"y":641,"width":265,"height":10}},{"id":"f7fb0dea-7e1b-4e6e-a440-85e135826718","block_type":"box","text":"indirectly exposed to the risks associated with the Subsidiary’s","page_number":15,"box":{"x":83,"y":655,"width":402,"height":11}},{"id":"5d418802-a960-4d49-80f9-ed2186a37cf2","block_type":"box","text":"investments. 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Tracking error may occur due to a number of","page_number":15,"box":{"x":549,"y":245,"width":425,"height":11}},{"id":"8d2f3c90-1534-4db8-a5e9-f2d35add9850","block_type":"box","text":"factors, including differences between the securities and other","page_number":15,"box":{"x":549,"y":259,"width":401,"height":11}},{"id":"d82b0221-474d-4b24-b46e-0543f1c38a50","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":15,"box":{"x":549,"y":273,"width":381,"height":11}},{"id":"9cb4e3f6-4bb4-49e4-9de0-fbc035b7782f","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":15,"box":{"x":550,"y":287,"width":396,"height":11}},{"id":"48b6905e-c2c1-41c6-83c9-af941eef973f","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":15,"box":{"x":549,"y":301,"width":408,"height":11}},{"id":"1ff38f41-d903-4aa7-9d04-80804542cb23","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":15,"box":{"x":549,"y":316,"width":400,"height":10}},{"id":"f9b5824b-1ead-4bf4-879c-8504319ba963","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":15,"box":{"x":549,"y":330,"width":421,"height":11}},{"id":"309541ff-f6fe-4435-943a-4753b28dde57","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":15,"box":{"x":549,"y":344,"width":374,"height":11}},{"id":"08187fd4-c928-4046-b274-e7e47d619f9a","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":15,"box":{"x":549,"y":358,"width":370,"height":11}},{"id":"e0cd339c-24b3-4c66-bc9d-6c48b499b3ef","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":15,"box":{"x":549,"y":372,"width":372,"height":11}},{"id":"dbc13e23-8d8c-421a-ba2e-48eea0af74e9","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":15,"box":{"x":549,"y":386,"width":420,"height":11}},{"id":"ef37855f-5d19-48a1-8df8-3eec3f40e7f0","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":15,"box":{"x":549,"y":401,"width":387,"height":11}},{"id":"6c5c5c86-c844-4e3d-8b25-508548e6fa1f","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":15,"box":{"x":549,"y":415,"width":377,"height":11}},{"id":"2e512d45-d1ba-4046-8928-72ff83d2378c","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":15,"box":{"x":549,"y":429,"width":380,"height":11}},{"id":"862cd8e6-3beb-4f40-ba36-082402026ab6","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":15,"box":{"x":549,"y":443,"width":366,"height":11}},{"id":"8042739d-9f09-4828-ba7f-230662735c9a","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":15,"box":{"x":549,"y":457,"width":414,"height":11}},{"id":"a8106d16-80de-4c46-a751-a64aa3e7ed29","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":15,"box":{"x":550,"y":472,"width":386,"height":10}},{"id":"40354e1a-ec90-4f94-9849-6e209b352920","block_type":"box","text":"certain regulatory requirements or limits. 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The price received by the Fund also may differ from","page_number":15,"box":{"x":549,"y":651,"width":418,"height":11}},{"id":"553c6088-3eda-4118-b9f2-d3f3caed6efe","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":15,"box":{"x":549,"y":665,"width":406,"height":11}},{"id":"39bfc486-8de9-4864-9e51-8cb0b7ccc7f1","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":15,"box":{"x":549,"y":679,"width":411,"height":11}},{"id":"19abe54f-56fc-415b-b3ca-3f2a2bbaf099","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":15,"box":{"x":549,"y":693,"width":392,"height":11}},{"id":"168f7a1b-b690-4f06-95b3-f8f9d00f54e3","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":15,"box":{"x":549,"y":707,"width":414,"height":11}},{"id":"67de070a-aac4-4a0b-9e70-7c9e02702195","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":15,"box":{"x":549,"y":722,"width":394,"height":10}},{"id":"82cc4864-ffdf-4ca3-a29a-240ff411f2b0","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":15,"box":{"x":548,"y":736,"width":383,"height":11}},{"id":"651a03cf-130c-4cc8-a1eb-fcb49f9ae395","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":15,"box":{"x":549,"y":750,"width":414,"height":11}},{"id":"d5104b29-3822-4627-a565-7d717060cd8f","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":15,"box":{"x":549,"y":764,"width":392,"height":9}},{"id":"73ac0540-1717-4518-a501-a0499bc50de5","block_type":"box","text":"valued or been valued using a different methodology. 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The performance information below prior to","page_number":16,"box":{"x":84,"y":48,"width":849,"height":10}},{"id":"21946932-ea62-44da-80d9-e393c9692a28","block_type":"box","text":"March 1, 2021 is based on the performance of the Fund when BFA used an investment strategy substantially similar to the methodology of","page_number":16,"box":{"x":83,"y":62,"width":885,"height":11}},{"id":"2fe34742-a3ff-46c3-a4d2-9c065929aafb","block_type":"box","text":"the Underlying Index. The performance information below illustrates how the Fund’s performance has varied over different periods and","page_number":16,"box":{"x":83,"y":76,"width":862,"height":11}},{"id":"260ca58d-e35f-4a9d-b77b-8c3b6a22c203","block_type":"box","text":"provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one","page_number":16,"box":{"x":83,"y":90,"width":874,"height":11}},{"id":"b0223461-f680-495b-accb-d01504daf19e","block_type":"box","text":"calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based","page_number":16,"box":{"x":83,"y":104,"width":846,"height":11}},{"id":"0547d5f2-b3fc-4ffc-9a67-9ca9fa5a8506","block_type":"box","text":"securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns","page_number":16,"box":{"x":83,"y":119,"width":884,"height":10}},{"id":"730ce995-71ae-4a93-a92b-42d99f116ff5","block_type":"box","text":"reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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The Fund is subject to certain risks,","page_number":20,"box":{"x":83,"y":318,"width":396,"height":11}},{"id":"bfb4ccd5-b305-46c8-912e-e2e23dc0c66f","block_type":"box","text":"including the principal risks noted below (either directly or","page_number":20,"box":{"x":83,"y":333,"width":373,"height":10}},{"id":"fc2d7ce5-b328-4eb2-a893-d3b6a528a005","block_type":"box","text":"through its investments in the Subsidiary) any of which may","page_number":20,"box":{"x":83,"y":347,"width":381,"height":11}},{"id":"b4bbc26f-43a7-433d-b060-4cec5ebc5f6c","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":20,"box":{"x":83,"y":361,"width":392,"height":11}},{"id":"c1397bf8-e6c9-4f05-aa00-9ba27e1536b2","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":20,"box":{"x":83,"y":375,"width":416,"height":11}},{"id":"88841589-a035-4c68-b372-2e6d93f4e29a","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":20,"box":{"x":83,"y":389,"width":387,"height":11}},{"id":"935a3e04-9fa8-4a1f-bdfb-ee8138909c80","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":20,"box":{"x":82,"y":403,"width":426,"height":11}},{"id":"61527f01-cc3e-474d-9c8a-2a9403b2e546","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":20,"box":{"x":83,"y":418,"width":404,"height":10}},{"id":"1b2e6340-aff8-4107-968f-e1b70e78d0ff","block_type":"box","text":"review each risk factor carefully.","page_number":20,"box":{"x":83,"y":432,"width":206,"height":11}},{"id":"cadb6af6-f6fa-44f7-a922-ba4027be397e","block_type":"box","text":"Commodity-Linked Derivatives Risk.","page_number":20,"box":{"x":83,"y":455,"width":244,"height":11}},{"id":"eed1700e-2342-4d3c-8ba1-1940179137b9","block_type":"box","text":"The value of a commodity","page_number":20,"box":{"x":332,"y":455,"width":169,"height":11}},{"id":"f20342e5-0dcf-45ad-8301-0b00eb10f25c","block_type":"box","text":"linked derivative instrument typically is based upon the price","page_number":20,"box":{"x":83,"y":469,"width":387,"height":11}},{"id":"fb80509e-951c-452f-9951-a8a555e6bef9","block_type":"box","text":"movements of the underlying commodity or an economic variable","page_number":20,"box":{"x":83,"y":483,"width":419,"height":11}},{"id":"d52d9c10-388c-428f-acf8-28137cc08ab1","block_type":"box","text":"linked to such price movements. The prices of commodity-linked","page_number":20,"box":{"x":83,"y":497,"width":412,"height":11}},{"id":"00546ee0-0f43-45cb-868f-897f7ff6a2f7","block_type":"box","text":"investments may fluctuate quickly and dramatically as a result of","page_number":20,"box":{"x":83,"y":512,"width":415,"height":10}},{"id":"04f758be-2241-484d-9fb6-18b38bffdd47","block_type":"box","text":"changes affecting a particular commodity and may not correlate","page_number":20,"box":{"x":83,"y":526,"width":409,"height":11}},{"id":"06977bc5-1544-491d-aabc-0d6ed11a1fb1","block_type":"box","text":"to price movements in other asset classes, such as stocks, bonds","page_number":20,"box":{"x":83,"y":540,"width":419,"height":11}},{"id":"49b0e61f-dde6-464f-af86-3e41b217e662","block_type":"box","text":"and cash. 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The Fund’s use of commodity","page_number":20,"box":{"x":83,"y":597,"width":424,"height":11}},{"id":"554f8833-9d1f-4a93-8550-397f5b45deb9","block_type":"box","text":"linked derivatives may also have a leveraging effect on the Fund’s","page_number":20,"box":{"x":83,"y":611,"width":418,"height":11}},{"id":"788c6bb7-1d6e-44da-bf7e-e7826f5076ac","block_type":"box","text":"portfolio because of the leverage inherent in the use of","page_number":20,"box":{"x":83,"y":625,"width":351,"height":11}},{"id":"3d329da3-5891-4d9d-bd8d-dd6a64bf4dcd","block_type":"box","text":"derivatives. 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Each of these factors and events could have a","page_number":20,"box":{"x":83,"y":696,"width":370,"height":8}},{"id":"8b303372-43e2-4c14-a52a-0f444460b419","block_type":"box","text":"significant negative impact on the Fund.","page_number":20,"box":{"x":83,"y":710,"width":255,"height":11}},{"id":"d99e659d-e522-4c29-af1e-9e262c5d4438","block_type":"box","text":"Futures Contract Risk.","page_number":20,"box":{"x":83,"y":733,"width":150,"height":9}},{"id":"5456ce08-4d90-4291-a8b1-182c0852a92d","block_type":"box","text":"Futures contracts may involve risks","page_number":20,"box":{"x":240,"y":733,"width":225,"height":11}},{"id":"ae5649d8-3003-4d42-b07c-7854f655d304","block_type":"box","text":"different from, and possibly greater than, the risks associated with","page_number":20,"box":{"x":83,"y":748,"width":424,"height":10}},{"id":"d645886a-b00a-4236-85fb-f23dd6cb3cb6","block_type":"box","text":"investing directly in the underlying assets. 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Errors in index data, index computations or the","page_number":20,"box":{"x":549,"y":697,"width":366,"height":11}},{"id":"08e63279-9665-4223-8a05-ba8072d11d3b","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":20,"box":{"x":549,"y":711,"width":377,"height":11}},{"id":"807b1174-9963-4edf-b542-8496149752a7","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":20,"box":{"x":549,"y":726,"width":413,"height":10}},{"id":"78961ccc-e8c1-4156-b35b-35d884ca1d72","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":20,"box":{"x":549,"y":740,"width":396,"height":11}},{"id":"cc0c1eeb-d46b-432b-b19a-f30790fe3a84","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":20,"box":{"x":549,"y":754,"width":367,"height":11}},{"id":"3f790206-64ea-4007-8433-b78bcb20a4b6","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":20,"box":{"x":549,"y":768,"width":400,"height":11}},{"id":"89e6f505-3e59-4079-ba93-73e2e3e7dc4d","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":20,"box":{"x":549,"y":782,"width":409,"height":11}},{"id":"a1f79324-66fa-403a-bac9-4ef47bac6f9c","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":20,"box":{"x":549,"y":796,"width":414,"height":11}},{"id":"60c02f75-1c9a-49d7-af4f-0654956bf260","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":20,"box":{"x":549,"y":811,"width":363,"height":10}},{"id":"110c85aa-0a7e-4a65-956b-8cc43359b0e8","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":20,"box":{"x":550,"y":825,"width":422,"height":11}},{"id":"e8e0e187-e156-4021-8042-5e46ec185c81","block_type":"box","text":"Asset Class Risk.","page_number":20,"box":{"x":548,"y":848,"width":114,"height":8}},{"id":"75a4ef46-85a3-4c2d-a9e3-1b9598b98f9c","block_type":"box","text":"The securities and other assets in the","page_number":20,"box":{"x":668,"y":848,"width":239,"height":8}},{"id":"1d3d89eb-276b-46a1-a4f3-ce3f2ae47510","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":20,"box":{"x":550,"y":862,"width":405,"height":11}},{"id":"2d90c0d1-e1f4-4f8c-99b2-103487f51842","block_type":"box","text":"S-11","page_number":20,"box":{"x":522,"y":920,"width":25,"height":9}},{"id":"9aa60dfd-e1e7-40c7-a4e5-eaf72511cd23","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":21,"box":{"x":83,"y":23,"width":405,"height":11}},{"id":"41d2639c-2b20-4eee-af77-d11b10ffe59a","block_type":"box","text":"market, another index, or other asset classes.","page_number":21,"box":{"x":83,"y":37,"width":292,"height":10}},{"id":"d3c5a597-61dc-49a1-bfe8-766bd788bbfa","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":21,"box":{"x":81,"y":60,"width":290,"height":11}},{"id":"9dcb36ce-58e4-43ef-9b95-e73925baf4b7","block_type":"box","text":"An “Authorized","page_number":21,"box":{"x":381,"y":61,"width":93,"height":8}},{"id":"cc0886e1-c292-4e8d-a8e2-99e63bb44b51","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":21,"box":{"x":84,"y":75,"width":379,"height":11}},{"id":"daa057df-96e3-4a89-a84c-898129b942a7","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":21,"box":{"x":83,"y":89,"width":411,"height":11}},{"id":"7898eba3-6188-4ffc-8f14-b0f0a699be1c","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":21,"box":{"x":84,"y":103,"width":395,"height":11}},{"id":"a6ed462d-0ce9-4b96-834d-2a18d7cc59b1","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":21,"box":{"x":84,"y":117,"width":399,"height":11}},{"id":"18e98af9-1f0b-4929-a975-37bce6462fa9","block_type":"box","text":"creation units (“Creation Units”). 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No Authorized","page_number":21,"box":{"x":83,"y":188,"width":378,"height":11}},{"id":"8b3a7d00-d728-46ce-8f1d-036d0580eb57","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":21,"box":{"x":84,"y":202,"width":379,"height":11}},{"id":"5c601596-db4f-41a6-84b0-d66f9c01ea67","block_type":"box","text":"transactions. To the extent that Authorized Participants exit the","page_number":21,"box":{"x":83,"y":217,"width":404,"height":10}},{"id":"7c065052-8b58-402d-99f9-a393d168303e","block_type":"box","text":"business or do not place creation or redemption orders for the","page_number":21,"box":{"x":83,"y":231,"width":399,"height":10}},{"id":"ecee43ff-0ebf-4278-9d0d-b24ac3b9a628","block_type":"box","text":"Fund and no other Authorized Participant places orders, Fund","page_number":21,"box":{"x":84,"y":245,"width":391,"height":11}},{"id":"fdaa40c5-0a17-47b1-90a1-a44c5c60a395","block_type":"box","text":"shares are more likely to trade at a premium or discount to NAV","page_number":21,"box":{"x":83,"y":259,"width":408,"height":11}},{"id":"cb6173cc-5568-4d20-83d0-8f2dc66b1958","block_type":"box","text":"and possibly face trading halts or delisting.","page_number":21,"box":{"x":83,"y":273,"width":273,"height":11}},{"id":"47478f5c-8b29-4507-a1f5-1d7444da356d","block_type":"box","text":"Cash Management Risk","page_number":21,"box":{"x":83,"y":296,"width":161,"height":11}},{"id":"7d829829-0c2c-4e2e-bd7b-27a69912424e","block_type":"box","text":".","page_number":21,"box":{"x":244,"y":303,"width":2,"height":2}},{"id":"171cbc92-c6bb-4ff5-8c19-c4c9e4aa20b3","block_type":"box","text":"If a significant amount of the Fund’s","page_number":21,"box":{"x":252,"y":296,"width":228,"height":11}},{"id":"4aa443a6-2adc-4555-8846-c4edecbbbd3c","block_type":"box","text":"assets is invested in cash and cash equivalents, the Fund may","page_number":21,"box":{"x":83,"y":311,"width":396,"height":10}},{"id":"4004a22d-fb7d-4b31-a107-6dba33279e0d","block_type":"box","text":"underperform other funds that do not similarly invest in cash and","page_number":21,"box":{"x":83,"y":325,"width":415,"height":11}},{"id":"a7aae6e0-c63b-47ae-b2e0-293fe57c3ef8","block_type":"box","text":"cash equivalents for investment purposes and/or to collateralize","page_number":21,"box":{"x":83,"y":339,"width":414,"height":11}},{"id":"185afc60-3d9a-445c-8724-10e6d5a2fe4d","block_type":"box","text":"derivative instruments. Further, the Fund may face increased","page_number":21,"box":{"x":83,"y":353,"width":389,"height":11}},{"id":"74887ddd-9976-436e-b093-4d584f4fc988","block_type":"box","text":"credit risk with respect to the bank or other counterparty holding","page_number":21,"box":{"x":83,"y":367,"width":416,"height":11}},{"id":"c1b51476-07bf-493f-9029-776828f62757","block_type":"box","text":"such assets and the risk that the counterparty may be unable or","page_number":21,"box":{"x":83,"y":381,"width":409,"height":11}},{"id":"ba1da1da-7916-4e6c-b05e-28778f7ab257","block_type":"box","text":"unwilling (or perceived as such) to honor its obligations.","page_number":21,"box":{"x":83,"y":396,"width":356,"height":10}},{"id":"9c820a65-028b-4eab-a18f-55e386b55e77","block_type":"box","text":"Cash Transactions Risk","page_number":21,"box":{"x":83,"y":419,"width":157,"height":8}},{"id":"11926480-e52a-479e-a453-4f2112222921","block_type":"box","text":".","page_number":21,"box":{"x":240,"y":425,"width":3,"height":2}},{"id":"a12a8573-132c-48c1-b011-a42823c6e2c6","block_type":"box","text":"The Fund’s creation and redemption","page_number":21,"box":{"x":248,"y":419,"width":230,"height":11}},{"id":"cc6e2710-c35e-490e-81a5-f4bec2f190e9","block_type":"box","text":"transactions generally are expected to be effected in cash, rather","page_number":21,"box":{"x":83,"y":433,"width":418,"height":11}},{"id":"5515563a-bdeb-4196-8a0c-d70904fbc6c8","block_type":"box","text":"than as in-kind transactions in which portfolio securities or other","page_number":21,"box":{"x":83,"y":447,"width":414,"height":11}},{"id":"2273b563-f8f0-43a3-8ff2-8efac085d5d2","block_type":"box","text":"investments are delivered. As a result, the Fund may have to sell","page_number":21,"box":{"x":83,"y":461,"width":411,"height":11}},{"id":"6928bb3f-6373-4c6c-9b31-8a821b83ab28","block_type":"box","text":"investments at inopportune times in order to obtain the cash","page_number":21,"box":{"x":83,"y":476,"width":388,"height":10}},{"id":"8a0ecd56-bc6a-474b-9693-368e8aae8298","block_type":"box","text":"needed to meet redemption orders. Such sales may cause the","page_number":21,"box":{"x":83,"y":490,"width":397,"height":11}},{"id":"f1578459-a08a-448e-af1b-6d681813004b","block_type":"box","text":"Fund to recognize capital gains or losses that might not have been","page_number":21,"box":{"x":84,"y":504,"width":422,"height":11}},{"id":"5c630899-1b69-47d1-b3b9-f5b9499975e5","block_type":"box","text":"incurred if the redemption had been transacted in-kind. This may","page_number":21,"box":{"x":83,"y":518,"width":415,"height":11}},{"id":"f12561bb-8b99-4eac-806c-274da8ee4131","block_type":"box","text":"decrease the tax efficiency of the Fund compared with that of","page_number":21,"box":{"x":83,"y":532,"width":394,"height":11}},{"id":"18f7682e-3e7b-48e0-b080-737d93ad6e8e","block_type":"box","text":"ETFs that use in-kind redemptions. The use of cash creations and","page_number":21,"box":{"x":84,"y":546,"width":415,"height":11}},{"id":"f16b54f7-2379-47f4-8cd6-7d25a6d5057a","block_type":"box","text":"redemptions also may cause the Fund’s shares to trade in the","page_number":21,"box":{"x":83,"y":561,"width":394,"height":10}},{"id":"87961a12-9d03-4610-9670-82cb96b488d4","block_type":"box","text":"market at wider bid-ask spreads or greater premiums or discounts","page_number":21,"box":{"x":83,"y":575,"width":424,"height":11}},{"id":"73e5292b-aa11-4650-a404-72a957177d51","block_type":"box","text":"to the Fund’s NAV.","page_number":21,"box":{"x":83,"y":589,"width":116,"height":8}},{"id":"ff888c16-67af-4f53-8923-0fc91ce86e24","block_type":"box","text":"Commodity Risk.","page_number":21,"box":{"x":83,"y":612,"width":113,"height":11}},{"id":"5b97c8b2-e67c-458d-ba75-67237be4ec4d","block_type":"box","text":"The Fund invests in instruments that are","page_number":21,"box":{"x":202,"y":612,"width":257,"height":9}},{"id":"92bb4d56-4b4a-4a6b-a5d4-c06b71edcea9","block_type":"box","text":"susceptible to fluctuations in certain commodity markets and to","page_number":21,"box":{"x":83,"y":626,"width":409,"height":11}},{"id":"32674424-0a92-4fd3-80ec-3a7846760d13","block_type":"box","text":"price changes due to trade relations, including the imposition of","page_number":21,"box":{"x":83,"y":641,"width":408,"height":10}},{"id":"69b3e24c-08b5-4285-9025-ef694f34c459","block_type":"box","text":"tariffs by the U.S. and other importing countries. Any negative","page_number":21,"box":{"x":83,"y":655,"width":396,"height":11}},{"id":"3c1c194b-c04e-480e-9613-0ef8007ab406","block_type":"box","text":"changes in commodity markets that may be due to changes in","page_number":21,"box":{"x":83,"y":669,"width":396,"height":11}},{"id":"d3d7d067-bd69-46e1-9f19-69449e873d3c","block_type":"box","text":"supply and demand for commodities, market events, war,","page_number":21,"box":{"x":83,"y":683,"width":366,"height":11}},{"id":"32755f3c-3c46-4d4b-9397-e0f060e16e70","block_type":"box","text":"regulatory developments, political instability, other catastrophic","page_number":21,"box":{"x":83,"y":697,"width":408,"height":11}},{"id":"e9c771c0-8e3d-4217-910c-275ef9316fbf","block_type":"box","text":"events, or other factors that the Fund cannot control could have","page_number":21,"box":{"x":83,"y":711,"width":409,"height":11}},{"id":"b2ec9440-b0df-4f52-95e7-d1e0f661c925","block_type":"box","text":"an adverse impact on Commodity-Linked Investments in which","page_number":21,"box":{"x":83,"y":726,"width":400,"height":10}},{"id":"566ff0e6-3156-4c41-b414-c37d4eb06a8e","block_type":"box","text":"the Fund invests.","page_number":21,"box":{"x":83,"y":740,"width":108,"height":8}},{"id":"7c7cbc80-8aa2-46a5-a180-17ba2b08c5e0","block_type":"box","text":"Concentration Risk.","page_number":21,"box":{"x":83,"y":763,"width":132,"height":8}},{"id":"3bbc7511-b607-4abe-a567-2eb1e9aa0f5a","block_type":"box","text":"The Fund may be susceptible to an","page_number":21,"box":{"x":220,"y":763,"width":222,"height":11}},{"id":"d1f1da57-82ae-4027-8a12-a6275d576fc6","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":21,"box":{"x":83,"y":777,"width":419,"height":11}},{"id":"391e0930-7334-4669-af36-8395eac71f8c","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":21,"box":{"x":83,"y":791,"width":408,"height":10}},{"id":"1c512e9e-73ee-4420-bded-d07763319b76","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":21,"box":{"x":83,"y":806,"width":417,"height":8}},{"id":"9d90b0e4-13b5-45be-81dc-c9af7ce9692c","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":21,"box":{"x":83,"y":820,"width":395,"height":10}},{"id":"6d2fee9f-6be6-41ae-929b-b293da8512df","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":21,"box":{"x":83,"y":834,"width":388,"height":11}},{"id":"70626b8f-3be5-4b35-b6fe-20d1414a6a75","block_type":"box","text":"asset classes.","page_number":21,"box":{"x":83,"y":848,"width":88,"height":9}},{"id":"c960aea9-dadd-4ffa-9e66-ec28a91a9b25","block_type":"box","text":"Counterparty Risk.","page_number":21,"box":{"x":549,"y":23,"width":125,"height":11}},{"id":"88ca5591-c2d6-4d05-b7a5-c481c089f70d","block_type":"box","text":"Certain commodity-linked derivative","page_number":21,"box":{"x":681,"y":23,"width":230,"height":11}},{"id":"8a6c1925-8f53-4c37-9cf3-4652331daf2f","block_type":"box","text":"instruments, uncleared swaps and other forms of financial","page_number":21,"box":{"x":549,"y":37,"width":371,"height":11}},{"id":"67295750-7c50-4446-9d88-a5cbf85a9d29","block_type":"box","text":"instruments that involve counterparties subject the Fund to the","page_number":21,"box":{"x":549,"y":51,"width":405,"height":11}},{"id":"fbc795ea-d4a6-4f6f-9df1-d49816e129c4","block_type":"box","text":"risk that the counterparty could default on its obligations under","page_number":21,"box":{"x":549,"y":66,"width":405,"height":10}},{"id":"798912fd-39be-46bc-9bc1-6d15ec9686e8","block_type":"box","text":"the agreement, either through the counterparty’s bankruptcy or","page_number":21,"box":{"x":549,"y":80,"width":407,"height":11}},{"id":"2fe6e0d8-7971-4fba-b5e5-2e914019a55c","block_type":"box","text":"failure to perform its obligations. In the event of a counterparty","page_number":21,"box":{"x":549,"y":94,"width":404,"height":11}},{"id":"11f8d607-dd66-43fd-b881-cc127b814668","block_type":"box","text":"default, the Fund could experience lengthy delays in recovering","page_number":21,"box":{"x":549,"y":108,"width":404,"height":11}},{"id":"28735cc5-12c0-4af6-b2ca-e74b8f84baf9","block_type":"box","text":"some or all of its assets or obtain no recovery at all and, if the","page_number":21,"box":{"x":549,"y":122,"width":395,"height":11}},{"id":"21c6f315-9c5b-4c25-af80-b07e1e814eb8","block_type":"box","text":"counterparty is subject to specified types of resolution","page_number":21,"box":{"x":549,"y":136,"width":348,"height":11}},{"id":"bec6b0a1-8a1e-45fb-a4d5-c4c0469b865e","block_type":"box","text":"proceedings, the Fund may be subject to stays that limit its ability","page_number":21,"box":{"x":549,"y":151,"width":421,"height":10}},{"id":"45ee4a3f-5939-432e-87a7-c93b942a2212","block_type":"box","text":"to close out positions and limit risk. The Fund’s investments in the","page_number":21,"box":{"x":549,"y":165,"width":422,"height":11}},{"id":"8871066a-7630-4106-9417-d1e7a457a78b","block_type":"box","text":"futures markets also introduce the risk that its futures","page_number":21,"box":{"x":549,"y":179,"width":346,"height":8}},{"id":"7e001aa9-476a-460e-885e-e982a8935854","block_type":"box","text":"commission merchant (“FCM”) could default on an obligation set","page_number":21,"box":{"x":549,"y":193,"width":414,"height":11}},{"id":"8742e322-796d-495c-864e-0552a85dbe2e","block_type":"box","text":"forth in an agreement between the Fund and the FCM, including","page_number":21,"box":{"x":549,"y":207,"width":408,"height":11}},{"id":"8bc976fd-ced1-4923-a2fa-34a070e3bb0d","block_type":"box","text":"the FCM’s obligation to return margin posted in connection with","page_number":21,"box":{"x":549,"y":222,"width":408,"height":10}},{"id":"708abf6b-f621-4b1c-b1e3-295d36f81d50","block_type":"box","text":"the Fund’s futures contracts.","page_number":21,"box":{"x":549,"y":236,"width":184,"height":8}},{"id":"aca950ce-d449-4700-a83a-98e912d3d8df","block_type":"box","text":"Credit Risk","page_number":21,"box":{"x":549,"y":259,"width":75,"height":8}},{"id":"bae566ce-8e8b-46b4-b54d-eab47e6b365d","block_type":"box","text":".","page_number":21,"box":{"x":624,"y":265,"width":2,"height":2}},{"id":"dd1322f6-0713-4369-bf80-2424a18bc56b","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":21,"box":{"x":632,"y":259,"width":311,"height":11}},{"id":"a79ee4fd-d12a-4aae-81ee-c947f6f3901c","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":21,"box":{"x":549,"y":273,"width":391,"height":11}},{"id":"3aa1ebab-fbe8-41fb-b7ca-005e4be5932f","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":21,"box":{"x":549,"y":287,"width":395,"height":11}},{"id":"a42865f7-2098-48b2-81f3-1fa6347ebafa","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":21,"box":{"x":549,"y":301,"width":410,"height":11}},{"id":"7a0edbf4-603f-4608-baf6-edf2fbbb08ba","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer","page_number":21,"box":{"x":549,"y":316,"width":424,"height":10}},{"id":"8ab2fffd-5a9d-4389-93f9-e82301711d50","block_type":"box","text":"does not necessarily reflect the issuer’s current financial","page_number":21,"box":{"x":549,"y":330,"width":361,"height":11}},{"id":"3b19f1b4-df86-487d-9432-13c60e9044d5","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or","page_number":21,"box":{"x":549,"y":344,"width":395,"height":11}},{"id":"28328dab-382e-4fea-9de9-11a6e4fcc3e6","block_type":"box","text":"perceived decline in an issuer’s creditworthiness may result in a","page_number":21,"box":{"x":549,"y":358,"width":408,"height":11}},{"id":"d874e068-0fd1-4ce1-9a92-b4ed188b5ccd","block_type":"box","text":"decrease in the value and liquidity of its securities as well as","page_number":21,"box":{"x":549,"y":372,"width":385,"height":11}},{"id":"fc6fdb71-9d68-4334-80d4-efc1fe5223b4","block_type":"box","text":"greater price volatility, which may make it difficult to sell the","page_number":21,"box":{"x":549,"y":386,"width":385,"height":11}},{"id":"60a8d4ad-36c9-49ab-aa9e-7c0873f3ca84","block_type":"box","text":"securities. The Fund may be adversely affected if an investment","page_number":21,"box":{"x":549,"y":401,"width":406,"height":10}},{"id":"69403994-f970-408a-a525-418f9d48a48d","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":21,"box":{"x":549,"y":415,"width":324,"height":11}},{"id":"eb17133f-84b1-4a9d-81c9-ac6f80d6dff2","block_type":"box","text":"Currency Risk","page_number":21,"box":{"x":549,"y":438,"width":96,"height":11}},{"id":"ac83e098-b181-48fe-9829-16cf8ca7bca0","block_type":"box","text":".","page_number":21,"box":{"x":645,"y":445,"width":2,"height":1}},{"id":"af91e2e2-2d74-4dbb-a352-97d3421eb8ce","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":21,"box":{"x":653,"y":438,"width":292,"height":9}},{"id":"1a9c34d5-d6f0-468b-90a5-f3fc3e4d1872","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":21,"box":{"x":549,"y":452,"width":388,"height":11}},{"id":"dde3dc2d-7a71-4c31-ab19-ec01c1080114","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":21,"box":{"x":549,"y":466,"width":395,"height":11}},{"id":"c176fea4-023a-4585-9649-7185edabddab","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":21,"box":{"x":549,"y":481,"width":415,"height":10}},{"id":"c0966d73-3367-41bc-a2d4-ffe3ccb54e9c","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":21,"box":{"x":549,"y":495,"width":404,"height":11}},{"id":"0a452263-71a6-4c12-9778-84bf0aeb5f45","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":21,"box":{"x":549,"y":509,"width":395,"height":11}},{"id":"02113632-1849-404b-a1b2-6c1c30080dd2","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":21,"box":{"x":549,"y":523,"width":398,"height":11}},{"id":"9fc77068-acdf-4718-a752-4541e9734080","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":21,"box":{"x":549,"y":537,"width":392,"height":11}},{"id":"0e47d95d-85f0-4a1e-819b-9d72519fad18","block_type":"box","text":"dollars and foreign currencies.","page_number":21,"box":{"x":549,"y":551,"width":193,"height":11}},{"id":"6315f349-8db4-4951-93c7-0a77b2c81d63","block_type":"box","text":"Derivatives Risk.","page_number":21,"box":{"x":549,"y":575,"width":111,"height":8}},{"id":"85d4d758-d532-41ba-b00e-35037f4610b5","block_type":"box","text":"The Fund’s use of derivatives (","page_number":21,"box":{"x":666,"y":575,"width":193,"height":10}},{"id":"6bcb2335-0755-4966-bbf3-0a7de5414cb0","block_type":"box","text":"e.g","page_number":21,"box":{"x":860,"y":577,"width":19,"height":9}},{"id":"d486d740-abab-45b0-97a7-c5438a1737f7","block_type":"box","text":"., futures,","page_number":21,"box":{"x":880,"y":575,"width":59,"height":10}},{"id":"35ee791b-5090-4abf-9521-8f651a741a52","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":21,"box":{"x":549,"y":589,"width":384,"height":11}},{"id":"407e9a93-03ec-4bb9-a2a1-ea5687c85dce","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":21,"box":{"x":549,"y":603,"width":411,"height":11}},{"id":"ee8c8bcd-7c41-43b5-974a-3db62658392f","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":21,"box":{"x":549,"y":617,"width":424,"height":11}},{"id":"ca0c17da-9ff9-4ea2-bc3a-ee54ad8dc76e","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":21,"box":{"x":549,"y":631,"width":365,"height":11}},{"id":"4eb6b98e-c80e-4011-b4fe-109c6ecd11e1","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":21,"box":{"x":548,"y":646,"width":391,"height":10}},{"id":"436b7a7b-bd51-414c-8764-77cdc0541fa6","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":21,"box":{"x":549,"y":660,"width":398,"height":11}},{"id":"688e6063-13b7-479c-95f3-57cdb316efc5","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":21,"box":{"x":549,"y":674,"width":406,"height":11}},{"id":"f975e30f-b890-4f43-b08d-96eab43ac11a","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":21,"box":{"x":549,"y":688,"width":363,"height":11}},{"id":"9d80a4c4-b623-42d9-a6a0-48a15b381781","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":21,"box":{"x":550,"y":702,"width":418,"height":11}},{"id":"179b00f0-8959-40df-9ae4-7e11e19f13f4","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":21,"box":{"x":549,"y":716,"width":400,"height":11}},{"id":"b6a81b1f-1db9-4485-bed8-21a40708bf9f","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":21,"box":{"x":550,"y":731,"width":380,"height":10}},{"id":"8b8cc4d2-8172-4b16-8d22-fe5f123e3030","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":21,"box":{"x":548,"y":745,"width":419,"height":11}},{"id":"a581dda4-d154-4a4a-88a2-0709515efd0b","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":21,"box":{"x":549,"y":759,"width":401,"height":11}},{"id":"19680a8f-4489-4d32-b304-80fb6b6a8046","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":21,"box":{"x":549,"y":773,"width":404,"height":11}},{"id":"aa142735-8a7a-4b16-822f-d809fff4d8e0","block_type":"box","text":"not fulfill its contractual obligations. The use of derivatives also","page_number":21,"box":{"x":549,"y":787,"width":402,"height":11}},{"id":"e9399003-faaf-41f6-a3a3-ffa39cc3bb64","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":21,"box":{"x":549,"y":802,"width":372,"height":10}},{"id":"5bb0ef17-9865-4e8f-9ad1-0f3386a2027d","block_type":"box","text":"Energy Sector Risk.","page_number":21,"box":{"x":549,"y":825,"width":130,"height":11}},{"id":"63a5bd9d-ce5f-419c-8112-eb36da41dbed","block_type":"box","text":"The performance of energy-related","page_number":21,"box":{"x":685,"y":825,"width":222,"height":11}},{"id":"460268c4-1bae-42f8-873c-618b09a3d08e","block_type":"box","text":"commodities is generally cyclical and highly dependent on energy","page_number":21,"box":{"x":549,"y":839,"width":419,"height":11}},{"id":"a9f1fda7-b24c-4601-936c-59439603b0b5","block_type":"box","text":"prices. The market value of energy-related commodities may","page_number":21,"box":{"x":549,"y":853,"width":388,"height":11}},{"id":"15e83717-5cae-4aee-8479-611456c0956c","block_type":"box","text":"decline for many reasons, including, among others, changes in","page_number":21,"box":{"x":549,"y":867,"width":398,"height":11}},{"id":"0a2b9ed9-c800-4070-9df1-41b86249bfaa","block_type":"box","text":"S-12","page_number":21,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"7b51fbf4-1e76-4c80-a73d-0dce1d256448","block_type":"box","text":"energy prices, energy supply and demand, global political","page_number":22,"box":{"x":83,"y":23,"width":365,"height":11}},{"id":"4977d0d8-e3a9-49b5-a48d-261888fa0ba6","block_type":"box","text":"changes, terrorism, natural disasters and other catastrophes;","page_number":22,"box":{"x":83,"y":37,"width":392,"height":11}},{"id":"63d3b90e-8e78-4bcc-89e5-95995588f9c9","block_type":"box","text":"government regulations, taxation policies and energy","page_number":22,"box":{"x":83,"y":52,"width":339,"height":10}},{"id":"445dd375-8aa0-4c11-8e7e-0bb7156739e5","block_type":"box","text":"conservation efforts. 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As the Fund will not fully replicate the","page_number":22,"box":{"x":83,"y":839,"width":362,"height":11}},{"id":"e406f0d2-2ffb-4b57-92a4-101b26e649f9","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":22,"box":{"x":83,"y":853,"width":388,"height":11}},{"id":"257f26fd-0f3b-4e2f-b951-27dc3d27df06","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":22,"box":{"x":83,"y":867,"width":409,"height":11}},{"id":"db5344dd-b325-4f0b-8efb-d3e46d80e3ff","block_type":"box","text":"investment strategy of BFA and the Sub-Adviser may not produce","page_number":22,"box":{"x":549,"y":23,"width":417,"height":11}},{"id":"c443d205-7e59-4dad-8fa2-455e268110a1","block_type":"box","text":"the intended results. There is no guarantee that the Fund’s","page_number":22,"box":{"x":549,"y":37,"width":374,"height":11}},{"id":"5985a8a4-20a7-4b4c-95c4-ea2a8bcc54d6","block_type":"box","text":"investment results will have a high degree of correlation to those","page_number":22,"box":{"x":549,"y":51,"width":414,"height":11}},{"id":"b8594678-8a6b-40f9-8a64-951c0191fbd6","block_type":"box","text":"of the Underlying Index or that the Fund will achieve its","page_number":22,"box":{"x":549,"y":66,"width":352,"height":10}},{"id":"1274e737-722e-4b72-b5b1-c315f8b9a8c2","block_type":"box","text":"investment objective.","page_number":22,"box":{"x":549,"y":80,"width":136,"height":10}},{"id":"e7490aa7-3444-47a3-81eb-86eec45c9197","block_type":"box","text":"Market Trading Risk","page_number":22,"box":{"x":549,"y":103,"width":136,"height":11}},{"id":"5e133129-8db5-4d11-b016-acde39ff07a2","block_type":"box","text":".","page_number":22,"box":{"x":685,"y":109,"width":2,"height":2}},{"id":"232094b7-1102-4d86-89c2-b2e5dcc77f5e","block_type":"box","text":"The Fund faces numerous market trading","page_number":22,"box":{"x":692,"y":103,"width":264,"height":11}},{"id":"e31a70fc-4d37-4f39-bb38-f474ca7bf053","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":22,"box":{"x":549,"y":117,"width":394,"height":11}},{"id":"3e81b46f-9f9a-4408-afe9-3e12ae83723d","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":22,"box":{"x":549,"y":131,"width":401,"height":11}},{"id":"3505b183-84cc-4f80-8e3e-c15d2ce1bf2a","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":22,"box":{"x":549,"y":145,"width":404,"height":11}},{"id":"ee392f7f-7a73-402f-ac57-e81302b75fb5","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":22,"box":{"x":549,"y":160,"width":416,"height":10}},{"id":"3a195882-f236-4747-a9d6-f9996651f9a1","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":22,"box":{"x":549,"y":174,"width":404,"height":11}},{"id":"c77b6afb-ccd1-457f-b0ec-27ec83f9f77e","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":22,"box":{"x":549,"y":188,"width":411,"height":11}},{"id":"efa1f388-236a-4069-adb5-33720a53340a","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. 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The impact of a closed foreign","page_number":22,"box":{"x":549,"y":367,"width":376,"height":11}},{"id":"c2d5f942-de55-4b74-93a0-0ffd2e430b3d","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":22,"box":{"x":549,"y":381,"width":420,"height":11}},{"id":"7ad23fbd-ee71-4c42-b109-d428a01815c9","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":22,"box":{"x":549,"y":395,"width":403,"height":11}},{"id":"376470ed-f109-475f-b54c-e6f611f86bac","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":22,"box":{"x":549,"y":410,"width":360,"height":11}},{"id":"696d02e9-19d8-4ec9-9d92-6a094c1ade14","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":22,"box":{"x":549,"y":424,"width":398,"height":11}},{"id":"e4900370-1665-423c-aa00-ecd407c12715","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":22,"box":{"x":550,"y":438,"width":410,"height":11}},{"id":"b802c1a2-cc20-43d3-9aff-8e4c221bee36","block_type":"box","text":"Non-U.S. Securities Risk","page_number":22,"box":{"x":549,"y":461,"width":165,"height":9}},{"id":"63525b7c-7ed9-49d2-94d7-affc4efc6986","block_type":"box","text":".","page_number":22,"box":{"x":714,"y":468,"width":2,"height":2}},{"id":"4a5dd9fc-45cf-45d2-b506-a3bc0e354acf","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":22,"box":{"x":722,"y":461,"width":236,"height":11}},{"id":"ff84dd67-b2c0-4c3b-a52f-bdde3ac90dd6","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":22,"box":{"x":549,"y":475,"width":382,"height":11}},{"id":"91b19069-42ce-4f28-98ad-9af424a71bd4","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":22,"box":{"x":549,"y":490,"width":406,"height":10}},{"id":"f12a4ec0-c6a6-49f7-b7cd-8afc7b37c595","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":22,"box":{"x":549,"y":504,"width":369,"height":11}},{"id":"fbaeb4ee-4d82-49af-8d2f-4cb1eb0a7ba8","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":22,"box":{"x":548,"y":518,"width":356,"height":11}},{"id":"6ccb1a0d-bd98-42fd-9531-719c5086cba9","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":22,"box":{"x":549,"y":532,"width":407,"height":11}},{"id":"92562dc2-5acc-4a85-915a-6dc9e903556f","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":22,"box":{"x":549,"y":546,"width":397,"height":11}},{"id":"88d2ce8f-7e9d-430d-8af4-f55a4ffb7383","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":22,"box":{"x":549,"y":560,"width":403,"height":11}},{"id":"94f39d37-c2c1-4d78-8442-71e70125057e","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":22,"box":{"x":549,"y":575,"width":371,"height":11}},{"id":"b861135b-1bbc-4b1d-9f8a-4f492394351d","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":22,"box":{"x":549,"y":589,"width":386,"height":11}},{"id":"2d353891-92e5-49dc-a523-2cc043dc61ae","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":22,"box":{"x":549,"y":603,"width":391,"height":11}},{"id":"cb339388-ad06-4f7d-8b9f-9520e0a9d48d","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":22,"box":{"x":549,"y":617,"width":351,"height":11}},{"id":"3d882658-95a5-426b-b00d-eea91a9aa0a7","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":22,"box":{"x":549,"y":631,"width":413,"height":11}},{"id":"65ddbe03-9e64-41e8-965b-763adde054a4","block_type":"box","text":"engage in portfolio transactions. To the extent that investments","page_number":22,"box":{"x":549,"y":646,"width":405,"height":10}},{"id":"e79ace57-afb6-4744-9f9a-fdd5c3be1f25","block_type":"box","text":"are made in a limited number of countries, events in those","page_number":22,"box":{"x":549,"y":660,"width":372,"height":10}},{"id":"17b3abbe-988e-4334-b22c-69c0bc3f550a","block_type":"box","text":"countries will have a more significant impact on the Fund.","page_number":22,"box":{"x":549,"y":674,"width":368,"height":11}},{"id":"070bd3b2-92b6-4780-a66c-11bf0475fa3f","block_type":"box","text":"Operational and Technology Risks","page_number":22,"box":{"x":549,"y":697,"width":230,"height":11}},{"id":"630cc322-9aef-4fe0-a710-9edc5f0e6267","block_type":"box","text":".","page_number":22,"box":{"x":780,"y":704,"width":2,"height":2}},{"id":"4f4e2ccf-7acb-468a-83d9-60802829e6c1","block_type":"box","text":"The Fund is directly and","page_number":22,"box":{"x":787,"y":697,"width":152,"height":11}},{"id":"fa232264-09d1-4bf0-baeb-50d5127b6640","block_type":"box","text":"indirectly susceptible to operational and technology risks,","page_number":22,"box":{"x":549,"y":711,"width":368,"height":11}},{"id":"8c8401ed-bb64-4f4c-97b0-3fd78fcd7990","block_type":"box","text":"including those related to human errors, processing errors,","page_number":22,"box":{"x":549,"y":726,"width":376,"height":10}},{"id":"5dd710d1-ce39-44fd-bc11-094d729a5b15","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents,","page_number":22,"box":{"x":549,"y":740,"width":413,"height":10}},{"id":"a95685db-6653-4550-96fe-62a56cc4d861","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”),","page_number":22,"box":{"x":549,"y":754,"width":404,"height":11}},{"id":"f856cb6e-3cc9-4bd2-b16e-6c8e70fc2d8d","block_type":"box","text":"which may result in losses for the Fund and its shareholders or","page_number":22,"box":{"x":549,"y":768,"width":401,"height":11}},{"id":"5efea2a4-4d5a-4abf-81b0-14f710b9c710","block_type":"box","text":"may impair the Fund’s operations. While the Fund’s service","page_number":22,"box":{"x":549,"y":782,"width":377,"height":11}},{"id":"7b3fe0b6-f4c7-456d-b3b1-f5305d222afb","block_type":"box","text":"providers are required to have appropriate operational,","page_number":22,"box":{"x":549,"y":796,"width":350,"height":11}},{"id":"67441853-65c4-438a-ba3f-e69ab2f1b5e0","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":22,"box":{"x":549,"y":811,"width":414,"height":10}},{"id":"80b0ce54-b9f0-4609-9d08-4fcb1aa0570e","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":22,"box":{"x":549,"y":825,"width":397,"height":11}},{"id":"b9081673-563d-4e80-8c8e-f9556ffbd20c","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":22,"box":{"x":549,"y":839,"width":411,"height":11}},{"id":"f688a5df-5f05-4ec1-9f7a-ebbabca2055e","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":22,"box":{"x":549,"y":853,"width":391,"height":9}},{"id":"e9cc64d1-5dce-4914-8677-dbb3e1f9d89d","block_type":"box","text":"S-13","page_number":22,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"12aac842-5eb4-4a21-8635-0261e2b62fb5","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":23,"box":{"x":83,"y":23,"width":421,"height":11}},{"id":"558f4639-d096-4dfe-bd42-6004686f01fd","block_type":"box","text":"investments in such issuers to lose value.","page_number":23,"box":{"x":83,"y":37,"width":264,"height":9}},{"id":"efa45fad-9628-4f23-a6a0-1e9c423add89","block_type":"box","text":"Privately Issued Securities Risk.","page_number":23,"box":{"x":83,"y":60,"width":215,"height":11}},{"id":"9de3d2a7-3f89-45b8-9213-53892e391550","block_type":"box","text":"Privately issued securities are","page_number":23,"box":{"x":305,"y":61,"width":190,"height":10}},{"id":"401984d8-c669-4df1-bed8-1a6c1e4464a7","block_type":"box","text":"securities that have not been registered under the Securities Act","page_number":23,"box":{"x":83,"y":75,"width":413,"height":11}},{"id":"c2aa38cd-16b1-482a-90fb-e4a583a72b95","block_type":"box","text":"of 1933, as amended (the “1933 Act”). Such securities typically","page_number":23,"box":{"x":83,"y":89,"width":404,"height":11}},{"id":"edf3eb3c-f043-41a7-a1a7-fe0353e6b1e4","block_type":"box","text":"are subject to legal restrictions on resale and generally are not","page_number":23,"box":{"x":83,"y":103,"width":400,"height":11}},{"id":"1bb80c15-1e1a-4b8c-a063-3668064415b4","block_type":"box","text":"traded in established public markets. As a result, privately issued","page_number":23,"box":{"x":83,"y":117,"width":415,"height":11}},{"id":"402989ec-22cc-44c4-849d-ec8e29ae11c0","block_type":"box","text":"securities may be deemed to be illiquid investments, may be more","page_number":23,"box":{"x":83,"y":131,"width":423,"height":11}},{"id":"bc8b255e-0d0a-4e8e-9124-705219f3c716","block_type":"box","text":"difficult to value than publicly traded securities, may be subject to","page_number":23,"box":{"x":83,"y":146,"width":421,"height":10}},{"id":"b6f378b4-510a-4c5f-a386-04b6cdd47b4d","block_type":"box","text":"wide fluctuations in value and may have higher transaction costs.","page_number":23,"box":{"x":82,"y":160,"width":417,"height":11}},{"id":"c154ba2f-ac9f-4af8-9024-ea7047a5722c","block_type":"box","text":"There can be no assurance that a trading market will exist at any","page_number":23,"box":{"x":82,"y":174,"width":413,"height":11}},{"id":"ceb3dd07-0a80-4ebb-9f36-562a08be2ab6","block_type":"box","text":"time for any particular privately issued security. Difficulty in selling","page_number":23,"box":{"x":83,"y":188,"width":424,"height":11}},{"id":"85999617-c322-4db8-8ab8-bf59b25bdce8","block_type":"box","text":"such securities at a desirable time or price may result in a loss to","page_number":23,"box":{"x":83,"y":202,"width":415,"height":11}},{"id":"98f09372-50d2-455e-8d28-7c0a623af3ad","block_type":"box","text":"the Fund.","page_number":23,"box":{"x":83,"y":217,"width":59,"height":8}},{"id":"ae20739d-d70c-42ed-ab84-328a3006f502","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":23,"box":{"x":83,"y":240,"width":228,"height":10}},{"id":"bd246208-9ddd-432b-82b4-342f2a0709b1","block_type":"box","text":".","page_number":23,"box":{"x":311,"y":246,"width":3,"height":2}},{"id":"a3b14fcc-5949-4743-bc14-33e97cc20a5c","block_type":"box","text":"The Fund invests in countries","page_number":23,"box":{"x":319,"y":240,"width":186,"height":8}},{"id":"f5178032-a225-4746-85d2-af0aab2912c4","block_type":"box","text":"or regions whose economies are heavily dependent upon trading","page_number":23,"box":{"x":83,"y":254,"width":413,"height":11}},{"id":"e437bcd6-98b9-4c69-b985-c80edc4f4d01","block_type":"box","text":"with key partners. Any reduction in this trading may have an","page_number":23,"box":{"x":82,"y":268,"width":383,"height":11}},{"id":"6d470d80-4d94-429a-895a-6f80825bca5c","block_type":"box","text":"adverse impact on the Fund’s investments. Through its holdings of","page_number":23,"box":{"x":83,"y":282,"width":424,"height":11}},{"id":"69886532-5314-4d4b-a588-32bb0421acbd","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":23,"box":{"x":83,"y":296,"width":404,"height":11}},{"id":"8cbd03d4-e285-47b6-8a9b-c24bdf6e504e","block_type":"box","text":"North American Economic Risk","page_number":23,"box":{"x":83,"y":311,"width":217,"height":8}},{"id":"6155b314-33e6-452a-9305-67ecd26fde98","block_type":"box","text":".","page_number":23,"box":{"x":301,"y":318,"width":2,"height":1}},{"id":"8e42874f-e430-4ae3-a83a-dcec2a99d4db","block_type":"box","text":"Risk of Investing in Agriculture and Livestock","page_number":23,"box":{"x":83,"y":334,"width":308,"height":11}},{"id":"5ac4f892-66a4-4d5f-bccb-39173cc6e1b5","block_type":"box","text":".","page_number":23,"box":{"x":391,"y":340,"width":3,"height":2}},{"id":"f1323a19-c9e2-4a65-a3f2-6ad7c0367054","block_type":"box","text":"Investments in","page_number":23,"box":{"x":400,"y":334,"width":92,"height":8}},{"id":"ac459aa0-9e41-4da3-9969-34463f311498","block_type":"box","text":"the agricultural and livestock sectors may be volatile and change","page_number":23,"box":{"x":83,"y":348,"width":414,"height":11}},{"id":"b8aaf63c-b054-45c2-874b-641a401c7b94","block_type":"box","text":"unpredictably as a result of many factors, such as legislative or","page_number":23,"box":{"x":83,"y":362,"width":402,"height":11}},{"id":"b034fe28-bbe5-454b-90fa-a8d8214cd925","block_type":"box","text":"regulatory developments relating to food safety, the imposition of","page_number":23,"box":{"x":83,"y":376,"width":420,"height":11}},{"id":"ac9dde4a-e348-4162-bce7-2c06173a8d74","block_type":"box","text":"tariffs or other trade restraints, and the supply and demand of","page_number":23,"box":{"x":83,"y":390,"width":396,"height":11}},{"id":"b2bb9e2e-6edf-48d2-93fb-a5c27e709201","block_type":"box","text":"each commodity. Increased competition and changes in consumer","page_number":23,"box":{"x":83,"y":405,"width":425,"height":11}},{"id":"b3a01ea1-5e7a-41fe-82d9-a0b6ed72bfb0","block_type":"box","text":"tastes and spending can also influence the demand for","page_number":23,"box":{"x":83,"y":419,"width":350,"height":11}},{"id":"e2a2ab7e-97e4-4048-8e6b-8c76cfc785db","block_type":"box","text":"agricultural and livestock products, affecting the price of such","page_number":23,"box":{"x":83,"y":433,"width":395,"height":11}},{"id":"14d45cad-7ac9-4389-9ddc-71c528c85fb9","block_type":"box","text":"commodities and the performance of the Fund.","page_number":23,"box":{"x":83,"y":447,"width":301,"height":11}},{"id":"a9c2b235-b4aa-4cf5-86e5-94b937eae555","block_type":"box","text":"Risk of Investing in Developed Countries","page_number":23,"box":{"x":83,"y":470,"width":276,"height":11}},{"id":"0b51b700-da51-47d0-9c42-278c2da9a7de","block_type":"box","text":".","page_number":23,"box":{"x":360,"y":477,"width":2,"height":2}},{"id":"5aa5a449-7d67-4a4a-b418-47be19175b38","block_type":"box","text":"The Fund’s","page_number":23,"box":{"x":367,"y":470,"width":69,"height":9}},{"id":"b7d8f042-181f-4cc0-8f84-62f7720b382d","block_type":"box","text":"investment in developed country issuers will subject the Fund to","page_number":23,"box":{"x":83,"y":485,"width":415,"height":10}},{"id":"81c38c34-669b-42f9-895c-fd7db881206e","block_type":"box","text":"legal, regulatory, political, currency, security, economic and other","page_number":23,"box":{"x":83,"y":499,"width":419,"height":11}},{"id":"cef75f74-5f3d-49b7-a16b-177fd0776f5b","block_type":"box","text":"risks associated with developed countries. Developed countries","page_number":23,"box":{"x":83,"y":513,"width":407,"height":11}},{"id":"e570cdcf-fb88-438b-9084-3d490ffd4395","block_type":"box","text":"tend to represent a significant portion of the global economy and","page_number":23,"box":{"x":83,"y":527,"width":415,"height":11}},{"id":"d98d2a1a-49b1-42d9-b7f1-31b4ac5b2f04","block_type":"box","text":"have generally experienced slower economic growth than some","page_number":23,"box":{"x":83,"y":541,"width":406,"height":11}},{"id":"8c999bfe-3557-44d2-8ba9-39d553a12684","block_type":"box","text":"less developed countries. Certain developed countries have","page_number":23,"box":{"x":83,"y":555,"width":381,"height":11}},{"id":"0090cb02-ffef-4ab1-8f95-a3175bae96ba","block_type":"box","text":"experienced security concerns, such as war, terrorism and","page_number":23,"box":{"x":83,"y":570,"width":373,"height":10}},{"id":"72efe233-0a08-4613-b14b-26fd8c999e15","block_type":"box","text":"strained international relations. Incidents involving a country’s or","page_number":23,"box":{"x":83,"y":584,"width":415,"height":11}},{"id":"82b72f22-555b-4db5-a487-e018b4d8b994","block_type":"box","text":"region’s security may cause uncertainty in its markets and may","page_number":23,"box":{"x":83,"y":598,"width":403,"height":11}},{"id":"d3297724-75da-4287-99b4-ab3e20a7b11f","block_type":"box","text":"adversely affect its economy and the Fund’s investments. In","page_number":23,"box":{"x":83,"y":612,"width":382,"height":11}},{"id":"d94fdcfb-3322-47ad-8015-712ffbc7a143","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":23,"box":{"x":83,"y":626,"width":387,"height":11}},{"id":"a8ee594f-e9c9-4490-bc64-fd869c13130f","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":23,"box":{"x":83,"y":641,"width":371,"height":10}},{"id":"3ccea410-6a5e-4a3f-865a-e25ac49cc829","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":23,"box":{"x":83,"y":655,"width":381,"height":11}},{"id":"d477e77c-24a2-404f-90f4-658b4e54c0a5","block_type":"box","text":"availability of certain commodities.","page_number":23,"box":{"x":83,"y":669,"width":222,"height":11}},{"id":"f7f350ef-2741-4c35-a0bf-f52fd3d49ae6","block_type":"box","text":"Risk of Investing in the U.S","page_number":23,"box":{"x":83,"y":692,"width":182,"height":11}},{"id":"3698b647-6022-4e3d-a220-3d00ddb2f58a","block_type":"box","text":".","page_number":23,"box":{"x":266,"y":699,"width":2,"height":2}},{"id":"e7d5b06b-5b68-4575-9571-e0016d897aa0","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":23,"box":{"x":274,"y":692,"width":210,"height":11}},{"id":"c4386bf1-bb60-41d0-a2e9-07ffa3c9ee22","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":23,"box":{"x":83,"y":706,"width":391,"height":11}},{"id":"ecb7bd43-947e-4677-8963-b8f0f4e82557","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":23,"box":{"x":83,"y":720,"width":423,"height":11}},{"id":"32f949a3-0599-4cbd-a98f-67e8892db073","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":23,"box":{"x":83,"y":735,"width":413,"height":10}},{"id":"fbb81363-9560-4a16-a8a9-de43c233aff0","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":23,"box":{"x":82,"y":749,"width":397,"height":11}},{"id":"e1e9dbcf-7459-423b-a56e-141510147cc0","block_type":"box","text":"Risk of Swap Agreements.","page_number":23,"box":{"x":83,"y":772,"width":175,"height":11}},{"id":"23808481-64b1-4c58-baa5-47b89526d73b","block_type":"box","text":"A swap is a two-party contract that","page_number":23,"box":{"x":263,"y":772,"width":225,"height":11}},{"id":"2ebaa879-c01c-4782-ba92-a7584a096bbc","block_type":"box","text":"generally obligates each counterparty to exchange periodic","page_number":23,"box":{"x":83,"y":786,"width":378,"height":11}},{"id":"54d1c10e-7b73-460f-882e-a39fb2507b83","block_type":"box","text":"payments based on a pre-determined underlying investment or","page_number":23,"box":{"x":83,"y":800,"width":403,"height":11}},{"id":"2a993408-3379-4f3d-9273-d60f86b837d8","block_type":"box","text":"notional amount and to exchange collateral to secure the","page_number":23,"box":{"x":83,"y":815,"width":365,"height":10}},{"id":"ebec1d2f-d1dc-4ef4-ada8-43f4abdd5d14","block_type":"box","text":"obligations of each counterparty. Swaps may be leveraged and","page_number":23,"box":{"x":83,"y":829,"width":400,"height":11}},{"id":"93e67661-1d1c-4e2b-bf88-a0a63c9c2a3e","block_type":"box","text":"are subject to counterparty risk, credit risk and pricing risk.","page_number":23,"box":{"x":83,"y":843,"width":379,"height":11}},{"id":"8aec824f-c021-4a53-8eab-9a27cfd7c47c","block_type":"box","text":"Swaps may be subject to illiquidity risk, and it may not be possible","page_number":23,"box":{"x":83,"y":857,"width":424,"height":11}},{"id":"fc5719b5-6a4e-45c4-bac4-cd0f6d50aef3","block_type":"box","text":"for the Fund to liquidate a swap position at an advantageous time","page_number":23,"box":{"x":82,"y":871,"width":419,"height":11}},{"id":"7161aeb5-a39d-4545-8b85-f1f3cd10645a","block_type":"box","text":"or price, which may result in significant losses. Certain","page_number":23,"box":{"x":549,"y":23,"width":348,"height":11}},{"id":"3eaee840-ef8a-4f93-aa22-e9f1fbc6f67c","block_type":"box","text":"standardized interest rate and credit default swaps are required to","page_number":23,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"72fbd2c1-6679-4da9-a238-eeb07dd41f68","block_type":"box","text":"be traded on an exchange or trading platform and centrally","page_number":23,"box":{"x":549,"y":51,"width":377,"height":11}},{"id":"4c565789-9a85-454f-af0c-609f0c6a1f55","block_type":"box","text":"cleared. Most other swaps are entered into a negotiated, bi-lateral","page_number":23,"box":{"x":549,"y":66,"width":424,"height":10}},{"id":"ccf1bfca-5d13-4e3f-8177-d12328a60d69","block_type":"box","text":"basis and traded in the over-the-counter market. Swaps are","page_number":23,"box":{"x":549,"y":80,"width":381,"height":10}},{"id":"1cd74089-c601-4216-978f-809d71741d62","block_type":"box","text":"subject to bi-lateral variation margin. The Fund is required by","page_number":23,"box":{"x":549,"y":94,"width":389,"height":11}},{"id":"71673a3f-e174-4fe7-9875-c60fd391af75","block_type":"box","text":"financial regulators to post initial margin in connection with","page_number":23,"box":{"x":549,"y":108,"width":379,"height":11}},{"id":"52f710ec-6404-41f5-9b35-5e7676652a36","block_type":"box","text":"trading over-the-counter swaps. These requirements may raise","page_number":23,"box":{"x":549,"y":122,"width":401,"height":11}},{"id":"43bd6f41-4158-402f-9917-f40405d7722d","block_type":"box","text":"the costs for the Fund’s investment in swaps.","page_number":23,"box":{"x":549,"y":136,"width":289,"height":11}},{"id":"c86145be-c3bc-4590-a831-615d2245fd1b","block_type":"box","text":"Subsidiary Risk.","page_number":23,"box":{"x":548,"y":160,"width":108,"height":10}},{"id":"28e45dba-8377-4aa3-9ec2-cb2a0a74e819","block_type":"box","text":"By investing in the Subsidiary, the Fund is","page_number":23,"box":{"x":662,"y":160,"width":265,"height":10}},{"id":"9ea57d1d-1f01-4439-b512-75c1f66e7a08","block_type":"box","text":"indirectly exposed to the risks associated with the Subsidiary’s","page_number":23,"box":{"x":549,"y":174,"width":402,"height":11}},{"id":"7632f1b0-6a39-4a96-a72d-e097e4f159a9","block_type":"box","text":"investments. The Subsidiary is not registered under the 1940 Act,","page_number":23,"box":{"x":549,"y":188,"width":418,"height":11}},{"id":"1a0e5215-4961-4407-86a5-4ca6188e9659","block_type":"box","text":"and, unless otherwise noted in this Prospectus, is not subject to","page_number":23,"box":{"x":549,"y":202,"width":409,"height":11}},{"id":"cfde5ab2-579b-4be3-a6d0-b81dcd9e9266","block_type":"box","text":"the investor protections of the 1940 Act. Changes in the laws of","page_number":23,"box":{"x":549,"y":216,"width":408,"height":11}},{"id":"d0432c9c-7f14-46fe-b711-36dc9dad3f1b","block_type":"box","text":"the U.S. and/or the Cayman Islands could result in the inability of","page_number":23,"box":{"x":549,"y":231,"width":420,"height":10}},{"id":"36a18b80-d622-4c14-9d1b-0a173497c5d7","block_type":"box","text":"the Fund and/or the Subsidiary to operate as described in the","page_number":23,"box":{"x":549,"y":245,"width":397,"height":11}},{"id":"eb3b5e7f-8483-429d-a5de-bd7ffd157073","block_type":"box","text":"Prospectus and the Statement of Additional Information (“SAI”),","page_number":23,"box":{"x":550,"y":259,"width":407,"height":11}},{"id":"df87b359-2d95-45ac-9ed9-b1f4e313d8d4","block_type":"box","text":"and could adversely affect the Fund.","page_number":23,"box":{"x":549,"y":273,"width":231,"height":11}},{"id":"0f2b5fd6-051a-4945-b198-f2032eed275a","block_type":"box","text":"Tax Risk.","page_number":23,"box":{"x":550,"y":296,"width":56,"height":9}},{"id":"07cc417a-0947-44be-ad6f-ae4b64811dd3","block_type":"box","text":"The Fund invests in commodity-linked derivatives","page_number":23,"box":{"x":612,"y":296,"width":315,"height":11}},{"id":"edf315ac-f189-43e9-a174-c8f0ea6ac5e8","block_type":"box","text":"indirectly through the Subsidiary because income from these","page_number":23,"box":{"x":549,"y":310,"width":389,"height":11}},{"id":"66b847b5-f8d8-42ca-8697-528b23fef5dd","block_type":"box","text":"investments, if made directly, might not be treated as “qualifying","page_number":23,"box":{"x":549,"y":325,"width":413,"height":10}},{"id":"2dc7435f-72e2-428d-9469-ef3fa6ac4764","block_type":"box","text":"income” for purposes of the Fund qualifying as a regulated","page_number":23,"box":{"x":549,"y":339,"width":373,"height":11}},{"id":"6201f0bd-dac3-4c75-a539-568113aa89bf","block_type":"box","text":"investment company (“RIC”) for U.S. federal income tax purposes.","page_number":23,"box":{"x":549,"y":353,"width":423,"height":11}},{"id":"3279052d-3d46-456c-be14-c8796dc0f9b1","block_type":"box","text":"Based on final regulations issued by the U.S. Internal Revenue","page_number":23,"box":{"x":550,"y":367,"width":395,"height":11}},{"id":"0c9e6875-ba5d-4e2f-9f86-263b223fcdd8","block_type":"box","text":"Service (“IRS”) on which taxpayers may rely for taxable years","page_number":23,"box":{"x":549,"y":381,"width":390,"height":11}},{"id":"cc586be0-75b4-476c-9127-1df75f24f212","block_type":"box","text":"beginning after September 28, 2016, the Fund expects its income","page_number":23,"box":{"x":549,"y":396,"width":418,"height":10}},{"id":"b875609f-bbb5-4191-b8a2-d0b73c14e973","block_type":"box","text":"with respect to the Subsidiary to be qualifying income. In the","page_number":23,"box":{"x":549,"y":410,"width":388,"height":11}},{"id":"e7817d0c-be4a-4c46-941a-60a63ebf8f66","block_type":"box","text":"future, if the IRS issues new regulations or other guidance, or","page_number":23,"box":{"x":549,"y":424,"width":392,"height":11}},{"id":"6605f20e-227b-49a4-9a1e-9236cfc81102","block_type":"box","text":"Congress enacts legislation, limiting the circumstances in which","page_number":23,"box":{"x":549,"y":438,"width":409,"height":11}},{"id":"560138f2-5fb6-4b83-9074-3683b0552810","block_type":"box","text":"the Fund’s income with respect to the Subsidiary will be","page_number":23,"box":{"x":549,"y":452,"width":357,"height":11}},{"id":"02702cac-0823-44ee-8887-dff4ea62038b","block_type":"box","text":"considered “qualifying income,” the Fund might be required to","page_number":23,"box":{"x":549,"y":466,"width":397,"height":11}},{"id":"334d47b5-a73d-4bcf-b22e-864328c8ef2b","block_type":"box","text":"make changes to its operations, which could reduce the Fund’s","page_number":23,"box":{"x":549,"y":481,"width":403,"height":10}},{"id":"e0688aa5-b36e-4f47-9ddc-f2bd7e573749","block_type":"box","text":"ability to gain investment exposure to commodities. Fund","page_number":23,"box":{"x":549,"y":495,"width":366,"height":11}},{"id":"199d414e-d15d-4fe3-ad88-789849229095","block_type":"box","text":"shareholders could also experience adverse tax consequences in","page_number":23,"box":{"x":549,"y":509,"width":415,"height":11}},{"id":"6e403abe-a241-4a4e-860c-c6f77b15b2f2","block_type":"box","text":"such circumstances.","page_number":23,"box":{"x":549,"y":523,"width":130,"height":9}},{"id":"39024430-645a-490d-89e8-a528fb924aa8","block_type":"box","text":"Tracking Error Risk","page_number":23,"box":{"x":550,"y":546,"width":128,"height":11}},{"id":"cedea9a9-22d2-4f94-b93a-94eed9c79468","block_type":"box","text":".","page_number":23,"box":{"x":678,"y":553,"width":3,"height":2}},{"id":"5037b502-8b58-462a-9282-83f01b1837bd","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":23,"box":{"x":686,"y":546,"width":284,"height":11}},{"id":"fffdad28-fe4f-496a-892a-746f65ec6e4a","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":23,"box":{"x":549,"y":560,"width":404,"height":11}},{"id":"f6f07276-ba7d-4392-9f44-caf09937589c","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":23,"box":{"x":549,"y":575,"width":425,"height":11}},{"id":"181bfafe-3f38-4851-af83-e3e7b7d6180c","block_type":"box","text":"factors, including differences between the securities and other","page_number":23,"box":{"x":549,"y":589,"width":401,"height":11}},{"id":"da1c5e06-b221-4c0c-bd5c-f82d6dc7b1a7","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":23,"box":{"x":549,"y":603,"width":381,"height":11}},{"id":"6e4eabc7-61f5-4f4d-b0ff-cdec0b028d59","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":23,"box":{"x":550,"y":617,"width":396,"height":11}},{"id":"c344016e-6355-4c9c-8ae2-d051c3b712c2","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":23,"box":{"x":549,"y":631,"width":408,"height":11}},{"id":"6d7b08cf-221b-4f55-89c7-30dab8771d3b","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":23,"box":{"x":549,"y":646,"width":400,"height":10}},{"id":"b22b4fd5-7972-4703-b614-7f1357552516","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":23,"box":{"x":549,"y":660,"width":421,"height":11}},{"id":"91d5ccb6-454a-4864-8d97-4f7e63e9937b","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":23,"box":{"x":549,"y":674,"width":374,"height":11}},{"id":"bb4ba25a-13d0-4b15-b22f-c83d4db5a110","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":23,"box":{"x":549,"y":688,"width":370,"height":11}},{"id":"0f6fd82f-41c2-49ea-a42d-d97a6662fd21","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":23,"box":{"x":549,"y":702,"width":372,"height":11}},{"id":"4663c405-7246-4c7b-99b3-500555bd525a","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":23,"box":{"x":549,"y":716,"width":420,"height":11}},{"id":"61a27353-c21d-45fe-9ce4-8dc3f9a8e573","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":23,"box":{"x":549,"y":731,"width":387,"height":10}},{"id":"ccba9ce4-52f5-4f8f-8861-8805748445c0","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":23,"box":{"x":549,"y":745,"width":377,"height":11}},{"id":"5bd10039-36af-44f9-99aa-1c448b66db47","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":23,"box":{"x":549,"y":759,"width":380,"height":11}},{"id":"76f40a3b-1e25-4c6f-8ff7-c0fce77c141e","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":23,"box":{"x":549,"y":773,"width":366,"height":11}},{"id":"19d52108-0c66-45ff-86fc-6f225240d605","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":23,"box":{"x":549,"y":787,"width":414,"height":11}},{"id":"9b20ba0a-faec-41f8-81d3-dd27f06863fc","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":23,"box":{"x":550,"y":802,"width":386,"height":10}},{"id":"f487e95f-a61a-46d7-b7e9-da079961e4ff","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":23,"box":{"x":549,"y":816,"width":414,"height":11}},{"id":"0ca53904-32c3-481b-9ba3-d08dbaf7acce","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":23,"box":{"x":549,"y":830,"width":420,"height":11}},{"id":"f7daf28d-8328-48a6-8ca1-c98256d0543d","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":23,"box":{"x":549,"y":844,"width":383,"height":9}},{"id":"fcef8f32-78da-4b6b-993e-9a4c8e20dc27","block_type":"box","text":"S-14","page_number":23,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"335ca316-f67b-46c5-ba0b-edc02ded4bb4","block_type":"box","text":"exposure to swaps, options, futures and/or other derivatives may","page_number":24,"box":{"x":83,"y":23,"width":420,"height":11}},{"id":"c20a1c29-05cd-45f3-919e-e8349e81ab26","block_type":"box","text":"experience higher tracking error than ETFs that do not track such","page_number":24,"box":{"x":83,"y":37,"width":417,"height":11}},{"id":"cb9bf596-c06a-47a1-841b-f172fe950076","block_type":"box","text":"indexes.","page_number":24,"box":{"x":83,"y":52,"width":51,"height":8}},{"id":"bbad62c5-dd18-4ca4-8e18-2fe692a22cd5","block_type":"box","text":"Valuation Risk","page_number":24,"box":{"x":84,"y":75,"width":96,"height":8}},{"id":"07dd0b65-2c01-4725-a823-68b8fa626d00","block_type":"box","text":".","page_number":24,"box":{"x":180,"y":81,"width":2,"height":2}},{"id":"230b0740-160f-4dd4-923c-68f375a3d1ac","block_type":"box","text":"The price that the Fund could receive upon the","page_number":24,"box":{"x":187,"y":75,"width":298,"height":10}},{"id":"02aba2cc-bef2-41c5-97dd-aeaeecfd9798","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":24,"box":{"x":83,"y":89,"width":408,"height":11}},{"id":"6c2a111f-c296-4f78-9eb2-58d9d3a5b27d","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":24,"box":{"x":82,"y":103,"width":356,"height":11}},{"id":"d75bf4a4-7f7e-493e-8d61-16d859487d90","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":24,"box":{"x":83,"y":117,"width":418,"height":11}},{"id":"6ee61435-f7b2-4631-b45d-e233b5a1f127","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":24,"box":{"x":83,"y":131,"width":347,"height":11}},{"id":"d9ae0843-3c83-4f0a-8c4d-e1a5f996c623","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":24,"box":{"x":83,"y":146,"width":418,"height":10}},{"id":"d6dba93e-933d-4954-829d-91f26e436092","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":24,"box":{"x":83,"y":160,"width":406,"height":11}},{"id":"3a28d6f4-e1d0-49d5-9464-8c377cd0f9da","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":24,"box":{"x":83,"y":174,"width":411,"height":11}},{"id":"788bfa71-c4d3-42a3-a0b2-a5cb0d513a25","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":24,"box":{"x":549,"y":23,"width":392,"height":11}},{"id":"b21f7e55-853b-4782-966a-4b734c12d053","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":24,"box":{"x":549,"y":37,"width":414,"height":11}},{"id":"f32cbd63-5bf0-4a64-a66f-db279a6253e0","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":24,"box":{"x":549,"y":51,"width":394,"height":11}},{"id":"7c202bc1-2a36-46c1-b499-8227de39f8b5","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":24,"box":{"x":548,"y":66,"width":383,"height":10}},{"id":"016a238f-1374-4383-b12a-0ca031b8046a","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":24,"box":{"x":549,"y":80,"width":414,"height":11}},{"id":"c44af1ab-a8a7-43e7-8c56-7cfe0d3afda4","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":24,"box":{"x":549,"y":94,"width":392,"height":8}},{"id":"1bc9fbf9-0d49-4e3f-ae82-9ac0c4e43033","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":24,"box":{"x":548,"y":108,"width":425,"height":11}},{"id":"fb43232d-6cf5-48a8-b19c-ff5a53dd37bf","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":24,"box":{"x":548,"y":122,"width":400,"height":11}},{"id":"b8b1e167-f6fe-4f44-86a6-fe9a99328968","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":24,"box":{"x":549,"y":137,"width":405,"height":10}},{"id":"939b4ef8-a9d9-409a-b7e1-e877de606813","block_type":"box","text":"S-15","page_number":24,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"ab78780d-b94f-4b73-8e6c-4adae912bc96","block_type":"box","text":"Performance Information","page_number":25,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"1604b4e0-d659-4cdf-a3cb-fd530e91858c","block_type":"box","text":"Prior to March 1, 2021, the Fund did not seek to track the investment results of an index. The performance information below prior to","page_number":25,"box":{"x":84,"y":48,"width":849,"height":10}},{"id":"2ea10ab7-f183-42f1-92df-5cbb6c914f4b","block_type":"box","text":"March 1, 2021 is based on the performance of the Fund when BFA used an investment strategy substantially similar to the methodology of","page_number":25,"box":{"x":83,"y":61,"width":885,"height":10}},{"id":"67a1a1c4-7fc0-445e-aa0c-dcf1744adc25","block_type":"box","text":"the applicable Underlying Index at the time. The performance information below illustrates how the Fund’s performance has varied over","page_number":25,"box":{"x":83,"y":73,"width":868,"height":11}},{"id":"cebcc1ae-d0f0-47e9-9e48-6bcbef4dcf23","block_type":"box","text":"different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund","page_number":25,"box":{"x":83,"y":86,"width":881,"height":11}},{"id":"2553bf49-f78e-4a64-82de-ee1fdcc7d614","block_type":"box","text":"has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an","page_number":25,"box":{"x":83,"y":99,"width":814,"height":11}},{"id":"9dc66b11-d48b-4318-87a8-01e7b2e0f296","block_type":"box","text":"appropriate broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":25,"box":{"x":83,"y":112,"width":835,"height":11}},{"id":"2356b18e-e97b-47aa-86c9-72ba3047068f","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if","page_number":25,"box":{"x":83,"y":125,"width":889,"height":11}},{"id":"235d7458-75ee-4979-af5e-cb6863b15939","block_type":"box","text":"not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 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Ask your","page_number":26,"box":{"x":549,"y":289,"width":361,"height":10}},{"id":"df400729-a311-489a-b530-10f8c7372e58","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":26,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"1f696dd1-045e-4f7b-84a9-c6cce6267df6","block_type":"box","text":"information.","page_number":26,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"1fd1075e-dbc4-433c-9399-7eca85dfa1be","block_type":"box","text":"S-17","page_number":26,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"787084f6-1124-40a5-8a4a-4d03b2f8df5a","block_type":"box","text":"Portfolio Managers.","page_number":26,"box":{"x":83,"y":99,"width":135,"height":11}},{"id":"be78e42f-81f7-4462-9f3c-0744db5d8f40","block_type":"box","text":"Orlando Montalvo, Richard Mejzak,","page_number":26,"box":{"x":224,"y":99,"width":222,"height":11}},{"id":"bd67b292-c68a-41ba-98c9-d9a6ccf34280","block_type":"box","text":"Erin Armstrong and Kyle Peppo (the “Portfolio Managers”) are","page_number":26,"box":{"x":84,"y":113,"width":393,"height":11}},{"id":"1b34f9fa-c949-4023-b2e4-5fd372b28a82","block_type":"box","text":"primarily responsible for the day-to-day management of the","page_number":26,"box":{"x":83,"y":127,"width":380,"height":11}},{"id":"08c91e7a-fe28-40ce-9d21-67d7a94c26ea","block_type":"box","text":"Fund. Mr. Montalvo, Mr. Mejzak, Ms. Armstrong and Mr. Peppo","page_number":26,"box":{"x":84,"y":141,"width":399,"height":11}},{"id":"ada233a7-45e7-4643-9664-a4ce125a0fae","block_type":"box","text":"have been Portfolio Managers of the Fund since 2023, 2016,","page_number":26,"box":{"x":83,"y":155,"width":385,"height":11}},{"id":"90667d07-3f26-4e92-a626-338bab529b4c","block_type":"box","text":"2025 and 2026, respectively.","page_number":26,"box":{"x":83,"y":169,"width":186,"height":10}},{"id":"006dd3f2-0bcc-4f5e-b778-7f29f9b8217f","block_type":"box","text":"Ticker: ISTM","page_number":27,"box":{"x":292,"y":53,"width":86,"height":10}},{"id":"0b4aa79e-a354-4234-ba59-d92dde039a35","block_type":"box","text":"Stock Exchange: Nasdaq","page_number":27,"box":{"x":590,"y":53,"width":175,"height":12}},{"id":"6de2ea48-f411-4dd8-a9ed-3c8c56022346","block_type":"box","text":"Investment Objective","page_number":27,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"2fa79f37-de87-481d-b7c8-10ab8a96cc0d","block_type":"box","text":"Fees and Expenses","page_number":27,"box":{"x":84,"y":174,"width":160,"height":13}},{"id":"4f0e1899-3f34-4ec9-b7d1-80f82363846c","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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The Fund uses Fixed-Income Investments as","page_number":28,"box":{"x":550,"y":226,"width":379,"height":11}},{"id":"72e6d292-fac4-4f8c-94c9-7a4a92967057","block_type":"box","text":"investments and to provide liquidity, serve as margin and/or","page_number":28,"box":{"x":549,"y":240,"width":387,"height":11}},{"id":"232a3fbd-09e6-419a-aef1-1b39ae00cff6","block_type":"box","text":"collateralize the Subsidiary’s Commodity-Linked Investments","page_number":28,"box":{"x":549,"y":254,"width":390,"height":11}},{"id":"958c4d58-1377-4938-98c9-1db359b95216","block_type":"box","text":"exposure on a day-to-day basis.","page_number":28,"box":{"x":549,"y":268,"width":202,"height":11}},{"id":"6021c149-52c8-4e64-abc7-300d431a3778","block_type":"box","text":"The Fund gains exposure to Commodity-Linked Investments by","page_number":28,"box":{"x":549,"y":290,"width":402,"height":11}},{"id":"67dd1f22-6bc1-4315-9f67-a5fa8135c5e1","block_type":"box","text":"investing through a wholly owned subsidiary organized in the","page_number":28,"box":{"x":549,"y":304,"width":388,"height":11}},{"id":"4e87c60a-102c-44d0-bcfd-02a4dc30cb32","block_type":"box","text":"Cayman Islands (the “Subsidiary”). The Subsidiary is advised","page_number":28,"box":{"x":549,"y":318,"width":386,"height":11}},{"id":"61cdba72-c132-44ea-b5d5-7c362371f75c","block_type":"box","text":"by BFA and has the same investment objective as the Fund.","page_number":28,"box":{"x":549,"y":332,"width":380,"height":11}},{"id":"31d30b2a-571c-4e0f-bfdb-8015aaa55470","block_type":"box","text":"Unlike the Fund, the Subsidiary is not an investment company","page_number":28,"box":{"x":550,"y":346,"width":395,"height":11}},{"id":"a61eb437-574b-4537-9ca7-38c18c9f6151","block_type":"box","text":"registered under the Investment Company Act of 1940, as","page_number":28,"box":{"x":549,"y":360,"width":370,"height":11}},{"id":"28665873-b1bf-464b-af24-3062f60e8741","block_type":"box","text":"amended (the “1940 Act”) and, unless otherwise noted in","page_number":28,"box":{"x":549,"y":374,"width":366,"height":11}},{"id":"f7052aa5-dfdb-4fb1-9eae-a86f9aab5171","block_type":"box","text":"this Prospectus, is not subject to the investor protections of","page_number":28,"box":{"x":549,"y":388,"width":384,"height":11}},{"id":"9f9a6057-b709-4e9e-932c-4b69e1fec1e5","block_type":"box","text":"the 1940 Act. The Subsidiary will invest solely in Commodity","page_number":28,"box":{"x":549,"y":402,"width":389,"height":10}},{"id":"1d8800ad-a6ab-4a28-9984-8b75b08185d7","block_type":"box","text":"Linked Investments and cash and cash equivalents.","page_number":28,"box":{"x":550,"y":416,"width":327,"height":10}},{"id":"20759b8d-5cee-418b-bdd5-02f80955ea0d","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":28,"box":{"x":550,"y":705,"width":420,"height":11}},{"id":"cb7d5726-f5bf-4fcb-99cf-741b6d8b5b20","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":28,"box":{"x":549,"y":719,"width":421,"height":11}},{"id":"fd71150c-a8b8-4f2b-ad60-aea1d623bb80","block_type":"box","text":"risks of active management, such as poor selection of securities","page_number":28,"box":{"x":549,"y":734,"width":410,"height":11}},{"id":"2165eb02-9d75-4c80-949c-1e6ad9017ef8","block_type":"box","text":"and/or other instruments. Indexing seeks to achieve lower costs","page_number":28,"box":{"x":549,"y":748,"width":414,"height":11}},{"id":"747d4462-9ab7-4f4f-8c03-4f35da37ddf2","block_type":"box","text":"and better after-tax performance by aiming to keep portfolio","page_number":28,"box":{"x":549,"y":762,"width":385,"height":11}},{"id":"5dace0b5-6d68-4405-a0d9-af07f57db3fb","block_type":"box","text":"turnover low in comparison to actively managed investment","page_number":28,"box":{"x":549,"y":776,"width":382,"height":11}},{"id":"1e9d19e2-9dda-44da-9bae-642ffc229635","block_type":"box","text":"companies.","page_number":28,"box":{"x":549,"y":790,"width":72,"height":11}},{"id":"009fd209-52c6-4366-b70c-545f8deadf17","block_type":"box","text":"Because the Fund uses a strategy of investing in the same or","page_number":28,"box":{"x":549,"y":815,"width":388,"height":11}},{"id":"0790d5e6-1bd7-4f92-9942-ebc1531bd6b5","block_type":"box","text":"similar metals futures contracts as the Underlying Index, it can be","page_number":28,"box":{"x":549,"y":829,"width":420,"height":11}},{"id":"fbd98bc9-c1e0-4705-922e-bd5feee1ac67","block_type":"box","text":"expected to have a larger tracking error than if it used a","page_number":28,"box":{"x":549,"y":844,"width":355,"height":11}},{"id":"371ec550-d0ac-43ec-82f3-cdfcf6130235","block_type":"box","text":"replication indexing strategy. “Replication” is an indexing strategy","page_number":29,"box":{"x":83,"y":23,"width":420,"height":11}},{"id":"e92608c4-8046-4155-a1c3-1da4d02062b9","block_type":"box","text":"in which a fund invests in substantially all of the components of its","page_number":29,"box":{"x":83,"y":37,"width":424,"height":11}},{"id":"da13dcc7-918b-41d9-99cd-b93111b00974","block_type":"box","text":"underlying index in approximately the same proportions as in the","page_number":29,"box":{"x":83,"y":52,"width":414,"height":10}},{"id":"47080251-f4ac-4d8c-bdd8-e908894b82d5","block_type":"box","text":"underlying index.","page_number":29,"box":{"x":83,"y":66,"width":107,"height":11}},{"id":"bfc5f9e9-a774-4a66-9659-83e6ceb01bda","block_type":"box","text":"The Fund will invest at least 80% of its assets, plus the amounts of","page_number":29,"box":{"x":82,"y":88,"width":423,"height":10}},{"id":"a0522a5f-bded-4938-944e-2c0467787d09","block_type":"box","text":"any borrowings for investment purposes, in the same or similar","page_number":29,"box":{"x":83,"y":102,"width":403,"height":11}},{"id":"9ef4a6fa-37a0-4414-a75c-86f59fcb3e39","block_type":"box","text":"metals futures contracts as the Underlying Index. Cash and cash","page_number":29,"box":{"x":83,"y":116,"width":412,"height":11}},{"id":"d9260dcd-ca23-45e4-a4b6-0da99631ab50","block_type":"box","text":"equivalent investments associated with a futures contract will be","page_number":29,"box":{"x":83,"y":130,"width":414,"height":11}},{"id":"8c8e4b3b-a5c6-4c53-98ef-4699de004f56","block_type":"box","text":"treated as part of that position for purposes of calculating the","page_number":29,"box":{"x":83,"y":144,"width":394,"height":11}},{"id":"0bde0b15-48ae-4cd2-9505-4b19829fae0d","block_type":"box","text":"percentage of investments included in the same or similar metals","page_number":29,"box":{"x":83,"y":158,"width":417,"height":11}},{"id":"069176d4-7698-4e48-a529-b22a29a56158","block_type":"box","text":"futures contracts as the Underlying Index.","page_number":29,"box":{"x":82,"y":173,"width":268,"height":11}},{"id":"1944bfad-20c5-4215-a521-8b191cae9fcc","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) has","page_number":29,"box":{"x":82,"y":195,"width":372,"height":10}},{"id":"00538d48-f4ac-41da-bbde-55580cb41e4f","block_type":"box","text":"adopted certain requirements that subject registered investment","page_number":29,"box":{"x":83,"y":209,"width":415,"height":11}},{"id":"4f2ff60d-5b76-42be-bde4-2fb488b505e6","block_type":"box","text":"companies and their advisers to regulation by the CFTC if a","page_number":29,"box":{"x":83,"y":223,"width":376,"height":11}},{"id":"fe90898a-a23b-486e-8cd9-e0f8772d1fb2","block_type":"box","text":"registered investment company invests more than a prescribed","page_number":29,"box":{"x":83,"y":237,"width":404,"height":11}},{"id":"393b12e6-f070-47d3-8ada-7b7a9a53955a","block_type":"box","text":"level of its net asset value in CFTC-regulated futures, options and","page_number":29,"box":{"x":83,"y":251,"width":416,"height":11}},{"id":"65a456fb-7813-4569-8aec-172e2a3f1189","block_type":"box","text":"swaps, or if a registered investment company markets itself as","page_number":29,"box":{"x":83,"y":265,"width":400,"height":11}},{"id":"44a3ccf9-ab07-4ad5-8d9d-c7e11880f2e5","block_type":"box","text":"providing investment exposure to such instruments. Due to the","page_number":29,"box":{"x":83,"y":280,"width":403,"height":11}},{"id":"c0278cb2-5d7f-4696-bb03-120a56bee497","block_type":"box","text":"Fund’s potential use of such instruments above the prescribed","page_number":29,"box":{"x":84,"y":294,"width":397,"height":11}},{"id":"93c5d803-e0af-46c4-b7b3-c4e3a13f71d9","block_type":"box","text":"levels, it is considered a “commodity pool” under the Commodity","page_number":29,"box":{"x":83,"y":308,"width":415,"height":11}},{"id":"9056581a-c80a-4406-aad0-e5f4e0f31ce9","block_type":"box","text":"Exchange Act (“CEA”). The Subsidiary is also deemed a","page_number":29,"box":{"x":84,"y":322,"width":348,"height":11}},{"id":"ce06f89f-f6c4-4ca3-ade4-0f70b5fba55c","block_type":"box","text":"commodity pool. BFA is considered a commodity pool operator","page_number":29,"box":{"x":83,"y":336,"width":402,"height":11}},{"id":"7a4940ff-5f33-46e9-814b-36bf53ca743b","block_type":"box","text":"(“CPO”) with respect to the Fund and the Subsidiary and is","page_number":29,"box":{"x":83,"y":351,"width":374,"height":10}},{"id":"a3b58fcf-d717-45b6-91e6-28ac18d1ab53","block_type":"box","text":"subject to regulation by the CFTC and the National Futures","page_number":29,"box":{"x":83,"y":365,"width":375,"height":11}},{"id":"05a3c399-1a91-42be-848a-aff4d8601b22","block_type":"box","text":"Association (“NFA”).","page_number":29,"box":{"x":82,"y":379,"width":128,"height":11}},{"id":"0028de23-84c4-4dbd-81b4-814fdd429524","block_type":"box","text":"The Underlying Index is sponsored by IDI, which is independent of","page_number":29,"box":{"x":82,"y":402,"width":422,"height":11}},{"id":"0b77432b-69a5-477e-ab09-475ba6c473a0","block_type":"box","text":"the Fund and BFA. The Index Provider determines the composition","page_number":29,"box":{"x":83,"y":416,"width":422,"height":11}},{"id":"6abc3bfe-6272-4964-8c3c-32f485bcc14d","block_type":"box","text":"and relative weightings of the components of the Underlying Index","page_number":29,"box":{"x":83,"y":430,"width":424,"height":11}},{"id":"71c8cc6f-52de-4098-986d-55732486c72e","block_type":"box","text":"and publishes information regarding the market value of the","page_number":29,"box":{"x":83,"y":445,"width":382,"height":10}},{"id":"00090414-b16e-4eff-8c69-9d1ec49b3897","block_type":"box","text":"Underlying Index.","page_number":29,"box":{"x":83,"y":459,"width":110,"height":11}},{"id":"95c8591a-dea5-4a9b-9469-9c08262ed6c5","block_type":"box","text":"Industry Concentration Policy.","page_number":29,"box":{"x":83,"y":481,"width":210,"height":11}},{"id":"72bb1e2c-eb82-4271-90ca-d23b77c2bec3","block_type":"box","text":"The Fund will concentrate its","page_number":29,"box":{"x":298,"y":481,"width":185,"height":8}},{"id":"7e44871d-cdb3-4970-adfd-bc750f05b433","block_type":"box","text":"investments (","page_number":29,"box":{"x":83,"y":495,"width":85,"height":11}},{"id":"0f80416a-1ea7-4126-8e4c-de5b53cd8b5a","block_type":"box","text":"i.e.","page_number":29,"box":{"x":169,"y":495,"width":17,"height":8}},{"id":"6db2efb6-012f-43dd-bbc2-8816ad0ea6fb","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":29,"box":{"x":189,"y":495,"width":264,"height":11}},{"id":"2cc0897f-c44c-42bb-807f-aafeaaa97595","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":29,"box":{"x":83,"y":509,"width":394,"height":11}},{"id":"ab6a0b13-fa2c-4ecd-8f86-d60e913a7d04","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":29,"box":{"x":83,"y":523,"width":377,"height":11}},{"id":"80ae7e95-5873-40b1-b7e9-a08e1167129e","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":29,"box":{"x":83,"y":537,"width":389,"height":11}},{"id":"1c100415-8a4c-4a7f-b63d-65c717d26bc6","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":29,"box":{"x":83,"y":552,"width":389,"height":10}},{"id":"6e50b3c2-3b08-48a4-ae8f-0f216b536433","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":29,"box":{"x":83,"y":566,"width":410,"height":11}},{"id":"d2370afe-3ab7-4ce1-afe8-af474c3f6847","block_type":"box","text":"considered to be issued by members of any industry.","page_number":29,"box":{"x":83,"y":580,"width":337,"height":11}},{"id":"83d8ff2f-20a3-4684-80e8-c9034a9f6990","block_type":"box","text":"Summary of Principal Risks","page_number":29,"box":{"x":83,"y":609,"width":235,"height":13}},{"id":"2b839dad-2173-48b8-996d-c13d0d1366f9","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":29,"box":{"x":82,"y":634,"width":363,"height":11}},{"id":"7d64b03f-8486-4a08-9fd5-532b8d824c84","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":29,"box":{"x":83,"y":648,"width":402,"height":11}},{"id":"6063ab1d-690c-4aaf-a17d-9bc8c2b4cf49","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":29,"box":{"x":83,"y":663,"width":396,"height":10}},{"id":"52d8129c-7f64-4074-8eb5-72ad2902864f","block_type":"box","text":"including the principal risks noted below (either directly or","page_number":29,"box":{"x":83,"y":677,"width":373,"height":11}},{"id":"4fd2b331-b530-4f97-9608-6e120cd5cd98","block_type":"box","text":"through its investments in the Subsidiary) any of which may","page_number":29,"box":{"x":83,"y":691,"width":381,"height":11}},{"id":"b140cf7e-25db-4e65-9a10-451685dee7fd","block_type":"box","text":"adversely affect the Fund’s NAV, trading price, yield, total return","page_number":29,"box":{"x":83,"y":705,"width":409,"height":11}},{"id":"28376ca0-e84e-4519-bc4d-21de148d2d3d","block_type":"box","text":"and ability to meet its investment objective. Certain key risks are","page_number":29,"box":{"x":83,"y":719,"width":415,"height":11}},{"id":"7c75058f-81a8-48b7-9431-8d80b0caefd7","block_type":"box","text":"prioritized below (with others following in alphabetical order), but","page_number":29,"box":{"x":83,"y":734,"width":416,"height":11}},{"id":"bd7ced2f-d934-4c5d-b536-43e050a58850","block_type":"box","text":"the relative significance of any risk is difficult to predict and may","page_number":29,"box":{"x":82,"y":748,"width":413,"height":11}},{"id":"352bdef1-62b1-4d78-bed6-561e56c22e4a","block_type":"box","text":"change over time. You should review each risk factor carefully.","page_number":29,"box":{"x":83,"y":763,"width":398,"height":11}},{"id":"0cbd8b7a-2e35-4525-8798-c49f47f1ed83","block_type":"box","text":"Re-Industrialization Metals Risk.","page_number":29,"box":{"x":82,"y":786,"width":218,"height":8}},{"id":"b851ce01-a59b-4f68-a26b-256e582da618","block_type":"box","text":"Futures Contract Risk.","page_number":29,"box":{"x":549,"y":282,"width":150,"height":8}},{"id":"5fc02053-d971-4244-9899-21bbb92391f7","block_type":"box","text":"Futures contracts may involve risks","page_number":29,"box":{"x":706,"y":282,"width":225,"height":11}},{"id":"c56fa708-7289-4964-8b42-217b458ffb40","block_type":"box","text":"different from, and possibly greater than, the risks associated with","page_number":29,"box":{"x":549,"y":296,"width":424,"height":11}},{"id":"857f4fdc-f264-4fef-a6c0-d8d12f5d803c","block_type":"box","text":"investing directly in the underlying assets. Swaps or other","page_number":29,"box":{"x":549,"y":310,"width":369,"height":11}},{"id":"fb2aa0c7-df48-49aa-a0b6-d8ea39b0e5e8","block_type":"box","text":"derivatives on futures contracts also may be adversely impacted","page_number":29,"box":{"x":549,"y":324,"width":411,"height":11}},{"id":"5e505ef5-ecfb-45dc-b09d-7c7cbdd0718f","block_type":"box","text":"by these risks. 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In certain market conditions, the sale price of a","page_number":29,"box":{"x":549,"y":574,"width":406,"height":11}},{"id":"fd1e381e-83f1-4f6f-bf20-e8f17cb73a4c","block_type":"box","text":"near-term month contract can be lower than the purchase price of","page_number":29,"box":{"x":549,"y":589,"width":424,"height":10}},{"id":"bf0e9858-5862-4502-bf74-004fd676ca5b","block_type":"box","text":"a longer-term contract, resulting in a cost to “roll” the futures","page_number":29,"box":{"x":549,"y":603,"width":392,"height":11}},{"id":"d411844e-1ee8-45ba-9d57-ff15b83651ad","block_type":"box","text":"contract.","page_number":29,"box":{"x":549,"y":618,"width":56,"height":7}},{"id":"e16eb176-4635-4f90-b2f7-d00f8bba40b6","block_type":"box","text":"Commodity-Linked Derivatives Risk.","page_number":29,"box":{"x":549,"y":640,"width":244,"height":11}},{"id":"eb387d0f-14c8-47a0-b271-a783a4e4f486","block_type":"box","text":"The value of a commodity","page_number":29,"box":{"x":798,"y":640,"width":169,"height":11}},{"id":"ff1f37cb-6755-4d72-848f-7015311a40e6","block_type":"box","text":"linked derivative instrument typically is based upon the price","page_number":29,"box":{"x":549,"y":654,"width":387,"height":11}},{"id":"bbc4dfb1-0d4a-4cdb-988e-c940cdabc3b2","block_type":"box","text":"movements of the underlying commodity or an economic variable","page_number":29,"box":{"x":549,"y":668,"width":419,"height":11}},{"id":"d7d1efd0-037b-4517-baca-ae2eb1920304","block_type":"box","text":"linked to such price movements. The prices of commodity-linked","page_number":29,"box":{"x":549,"y":683,"width":412,"height":10}},{"id":"91aeb5ff-04e2-4b6e-bb9f-8b210d69fa85","block_type":"box","text":"investments may fluctuate quickly and dramatically as a result of","page_number":29,"box":{"x":549,"y":697,"width":415,"height":11}},{"id":"fdc5248e-3d4d-4786-ad67-811727ab387f","block_type":"box","text":"S-20","page_number":29,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"dadc91ea-5d59-4ee8-b6ee-c147bfd862c7","block_type":"box","text":"The performance of re","page_number":29,"box":{"x":306,"y":786,"width":147,"height":11}},{"id":"ff968d9d-2beb-44c9-9cd0-1c24742bae1a","block_type":"box","text":"industrialization metals (i.e., metals used to facilitate AI","page_number":29,"box":{"x":83,"y":800,"width":354,"height":11}},{"id":"76f04d4c-66d1-4f32-8fb6-60b65ae937c4","block_type":"box","text":"infrastructure, manufacturing, energy production and distribution,","page_number":29,"box":{"x":83,"y":814,"width":420,"height":11}},{"id":"ccb4a982-ec70-4c5f-8c56-1059b7323350","block_type":"box","text":"and national security) is highly dependent on manufacturing","page_number":29,"box":{"x":83,"y":828,"width":383,"height":11}},{"id":"b287f9ba-8a20-40a2-b8a9-0ba55aca9f4a","block_type":"box","text":"reshoring, amplified battery production, increased defense","page_number":29,"box":{"x":83,"y":842,"width":374,"height":11}},{"id":"c1ae6d75-fe98-47f2-b920-ed71ca575ede","block_type":"box","text":"spending and the expansion of AI infrastructure. Investments","page_number":29,"box":{"x":549,"y":23,"width":390,"height":11}},{"id":"399e170e-98e7-4f57-a887-5962a770904c","block_type":"box","text":"in re-industrialization metals may be speculative and subject","page_number":29,"box":{"x":549,"y":37,"width":387,"height":11}},{"id":"a01018ed-4070-41d2-9985-f9bfae77f512","block_type":"box","text":"to greater price volatility than investments in other types of","page_number":29,"box":{"x":549,"y":51,"width":380,"height":11}},{"id":"fa8f8944-a579-43f6-8b95-4a991c050314","block_type":"box","text":"assets. The market value of re-industrialization metals may","page_number":29,"box":{"x":549,"y":65,"width":376,"height":11}},{"id":"74baca3f-27fd-4002-950f-bb60e7da09c9","block_type":"box","text":"be significantly affected for many reasons, including, among","page_number":29,"box":{"x":549,"y":79,"width":384,"height":11}},{"id":"96fe733b-70e3-47f2-a976-846a735dccef","block_type":"box","text":"others, obsolescence of existing technology, changes in energy","page_number":29,"box":{"x":549,"y":93,"width":405,"height":11}},{"id":"77b71250-c86e-43c8-b940-2f246fc077df","block_type":"box","text":"prices, worldwide metal prices and extraction and production","page_number":29,"box":{"x":549,"y":107,"width":391,"height":10}},{"id":"9004c43e-b168-4a8e-be36-1739505e04f6","block_type":"box","text":"costs, global political changes, terrorism, war, natural disasters","page_number":29,"box":{"x":549,"y":121,"width":404,"height":10}},{"id":"65f84416-7d26-4503-82b9-64c8523772f8","block_type":"box","text":"and other catastrophes, government regulations and subsidies,","page_number":29,"box":{"x":549,"y":135,"width":403,"height":10}},{"id":"be6fae84-a96f-4300-8eb1-181989f62b27","block_type":"box","text":"supply chains, and taxation policies. Worldwide metal prices","page_number":29,"box":{"x":549,"y":149,"width":384,"height":10}},{"id":"5092dafe-c598-414d-a7c8-f4c9ca47f34c","block_type":"box","text":"may fluctuate substantially over short periods of time, and as a","page_number":29,"box":{"x":549,"y":162,"width":402,"height":11}},{"id":"c91c40b9-35ad-4e3d-bf8f-d43bc2df504f","block_type":"box","text":"result, the Fund’s share price may be more volatile than other","page_number":29,"box":{"x":549,"y":176,"width":394,"height":11}},{"id":"ffaa9ded-7124-4f7d-8547-b98f83f6482a","block_type":"box","text":"types of investments. Such risks may be heightened to the extent","page_number":29,"box":{"x":549,"y":190,"width":419,"height":11}},{"id":"a61dd333-b5d7-4213-8007-0069f5f6662c","block_type":"box","text":"the Fund’s Commodity-Linked Investments provide exposure to","page_number":29,"box":{"x":549,"y":204,"width":405,"height":11}},{"id":"c520090e-8d18-4e1f-b9bb-466b244b92aa","block_type":"box","text":"emerging markets. In addition, the industry is relatively nascent","page_number":29,"box":{"x":549,"y":218,"width":406,"height":11}},{"id":"28f84c66-e062-4504-b045-fa308bab75f1","block_type":"box","text":"and under-researched in comparison to more established and","page_number":29,"box":{"x":549,"y":232,"width":394,"height":11}},{"id":"0f65ed10-d35e-4d61-9d70-ba09877cfde0","block_type":"box","text":"mature sectors, and should therefore be regarded as having","page_number":29,"box":{"x":549,"y":246,"width":383,"height":11}},{"id":"394445c7-c24e-4d1b-b9a0-5a80086088cd","block_type":"box","text":"greater investment risk.","page_number":29,"box":{"x":549,"y":260,"width":151,"height":11}},{"id":"3473a150-bc40-4e76-96c5-e321dd9d688b","block_type":"box","text":"changes affecting a particular commodity and may not correlate","page_number":29,"box":{"x":549,"y":712,"width":410,"height":11}},{"id":"8b880e6a-4587-4ebd-9fad-b79922c884d3","block_type":"box","text":"to price movements in other asset classes, such as stocks, bonds","page_number":29,"box":{"x":549,"y":726,"width":419,"height":11}},{"id":"dd066fde-daa4-433b-8225-2e1f1fb0be87","block_type":"box","text":"and cash. Commodity-linked derivatives are subject to the risk","page_number":29,"box":{"x":549,"y":740,"width":399,"height":11}},{"id":"e893e491-d147-4d09-b391-25162fe017d3","block_type":"box","text":"that the counterparty to the transaction, the exchange or trading","page_number":29,"box":{"x":549,"y":754,"width":414,"height":11}},{"id":"e5234580-97ce-4d31-b260-396a1a9f6410","block_type":"box","text":"facility on which they trade or the applicable clearing house may","page_number":29,"box":{"x":549,"y":769,"width":411,"height":10}},{"id":"e22587e3-0e43-4d56-9c32-ba8d51e6b4a1","block_type":"box","text":"default or otherwise fail to perform. The Fund’s use of commodity","page_number":29,"box":{"x":549,"y":783,"width":424,"height":11}},{"id":"bae66e8c-b644-4e6d-b03e-37df13035a9e","block_type":"box","text":"linked derivatives may also have a leveraging effect on the Fund’s","page_number":29,"box":{"x":549,"y":797,"width":418,"height":11}},{"id":"7918c33e-c69f-4dab-bfa1-8060fc4ceba2","block_type":"box","text":"portfolio because of the leverage inherent in the use of","page_number":29,"box":{"x":549,"y":811,"width":351,"height":11}},{"id":"caff56c1-adb9-48a4-b07e-c28d58737183","block_type":"box","text":"derivatives. Leverage generally magnifies the effect of a change in","page_number":29,"box":{"x":549,"y":825,"width":421,"height":11}},{"id":"08329c50-250e-4f62-8b36-77f9f31e6d90","block_type":"box","text":"the value of an asset and creates a risk of loss of value on a larger","page_number":29,"box":{"x":549,"y":839,"width":422,"height":11}},{"id":"659c16bb-df71-4885-bbe6-54b5084e64a2","block_type":"box","text":"pool of assets than the Fund would otherwise have had. The Fund","page_number":30,"box":{"x":83,"y":23,"width":418,"height":11}},{"id":"8940dad6-d358-4796-9433-9abc2871dae7","block_type":"box","text":"is required to post margin with respect to its holdings in","page_number":30,"box":{"x":83,"y":37,"width":356,"height":11}},{"id":"5165ff2a-6661-4d51-9e05-f6793596fe9c","block_type":"box","text":"derivatives. Each of these factors and events could have a","page_number":30,"box":{"x":83,"y":51,"width":370,"height":9}},{"id":"37baccd3-4d12-4e85-880c-71a023e0051b","block_type":"box","text":"significant negative impact on the Fund.","page_number":30,"box":{"x":83,"y":66,"width":255,"height":11}},{"id":"c315ce3f-ecc8-494f-ba52-ce4321d6c624","block_type":"box","text":"Market Risk","page_number":30,"box":{"x":83,"y":89,"width":82,"height":8}},{"id":"d9ea3e9f-c0fb-4bdb-884a-5c831f4f3e32","block_type":"box","text":".","page_number":30,"box":{"x":165,"y":95,"width":2,"height":2}},{"id":"b0581e18-ddba-4c75-b56d-27f477ff0904","block_type":"box","text":"The Fund could lose money over short periods due","page_number":30,"box":{"x":172,"y":89,"width":323,"height":11}},{"id":"5176fe79-4f5e-4a31-b482-10f4c6e1817d","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":30,"box":{"x":83,"y":103,"width":413,"height":11}},{"id":"e8f602f1-6e9d-4040-bf56-f453992a2a28","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":30,"box":{"x":83,"y":117,"width":382,"height":11}},{"id":"b6448bd2-cd28-4a5d-8b14-05cbd14b089f","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":30,"box":{"x":83,"y":131,"width":411,"height":11}},{"id":"630d3092-aac3-45d9-b4b1-d1dc32dc43bb","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":30,"box":{"x":83,"y":146,"width":370,"height":10}},{"id":"df212774-06ed-4dad-8376-208800c51527","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":30,"box":{"x":83,"y":160,"width":404,"height":11}},{"id":"4a346485-6708-4c12-ba23-f61c0cee3351","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":30,"box":{"x":83,"y":174,"width":395,"height":11}},{"id":"a7c12929-1393-4e76-9ee8-94ac87117221","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":30,"box":{"x":83,"y":188,"width":395,"height":11}},{"id":"39cb797c-5de5-44e3-a395-2a60832057fb","block_type":"box","text":"NAV.","page_number":30,"box":{"x":84,"y":202,"width":27,"height":9}},{"id":"714fbd44-4831-4344-a18c-0cc0f64f3491","block_type":"box","text":"Index-Related Risk.","page_number":30,"box":{"x":83,"y":225,"width":129,"height":9}},{"id":"78f83a16-9d3b-44ed-bc41-b7536b611bcc","block_type":"box","text":"The Index Provider may rely on various","page_number":30,"box":{"x":217,"y":226,"width":247,"height":10}},{"id":"90fc5776-fc79-4fdd-9e36-df9232d3f2c6","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":30,"box":{"x":83,"y":240,"width":423,"height":10}},{"id":"9be5202f-aa8d-4277-9aa9-7929a146f40b","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":30,"box":{"x":83,"y":254,"width":392,"height":11}},{"id":"1c615b8d-d83f-450e-96f0-fe7f83ea7a63","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":30,"box":{"x":83,"y":268,"width":406,"height":11}},{"id":"17f38366-cabc-42c7-85ba-2457d695f473","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":30,"box":{"x":83,"y":282,"width":408,"height":11}},{"id":"4db5f162-853a-4f8b-85b8-0eb212cc0181","block_type":"box","text":"information will provide an accurate assessment of included","page_number":30,"box":{"x":83,"y":296,"width":384,"height":11}},{"id":"bcd492ab-e129-4e41-b7ae-4c4d50e047d8","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":30,"box":{"x":83,"y":311,"width":387,"height":10}},{"id":"98bb975f-707f-4b13-92a2-8ebb7f897444","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":30,"box":{"x":83,"y":325,"width":366,"height":11}},{"id":"b0c73588-4e7a-4e24-8889-2e72b57c7467","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":30,"box":{"x":83,"y":339,"width":377,"height":11}},{"id":"1c5f7a79-754b-4fef-a27c-3272d1304d9b","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":30,"box":{"x":83,"y":353,"width":413,"height":11}},{"id":"13a2fe10-6ddc-4a7b-85ee-f6c4e17e2f42","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":30,"box":{"x":83,"y":367,"width":396,"height":11}},{"id":"a46ec351-4769-4e5f-a01d-90932346a441","block_type":"box","text":"impact on the Fund and its shareholders. 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The use of cash creations and","page_number":30,"box":{"x":550,"y":310,"width":415,"height":11}},{"id":"0346cd78-3bd4-453e-9d5e-300ce2db4810","block_type":"box","text":"redemptions also may cause the Fund’s shares to trade in the","page_number":30,"box":{"x":549,"y":325,"width":394,"height":10}},{"id":"37a58004-c777-4647-ac3e-5f2cd8698944","block_type":"box","text":"market at wider bid-ask spreads or greater premiums or discounts","page_number":30,"box":{"x":549,"y":339,"width":424,"height":11}},{"id":"143c920f-313a-42eb-b1c2-c5762de23a40","block_type":"box","text":"to the Fund’s NAV.","page_number":30,"box":{"x":549,"y":353,"width":116,"height":8}},{"id":"37884d00-d6e0-4cfe-89ad-bd6dc6b03eca","block_type":"box","text":"Commodity Risk.","page_number":30,"box":{"x":549,"y":376,"width":114,"height":11}},{"id":"49f69f0a-b334-42af-adc5-9853a70fa535","block_type":"box","text":"The Fund invests in instruments that are","page_number":30,"box":{"x":668,"y":376,"width":257,"height":9}},{"id":"87c8f178-7a76-4241-8e00-6b16a09cc261","block_type":"box","text":"susceptible to fluctuations in certain commodity markets and to","page_number":30,"box":{"x":549,"y":390,"width":409,"height":11}},{"id":"0f4c15a1-94e7-400e-855e-ad19e55c1763","block_type":"box","text":"price changes due to trade relations, including the imposition of","page_number":30,"box":{"x":549,"y":404,"width":408,"height":11}},{"id":"9b87d8ff-095c-471f-8b1c-285a6f1450e5","block_type":"box","text":"tariffs by the U.S. and other importing countries. 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The Fund’s investments in the","page_number":30,"box":{"x":549,"y":778,"width":422,"height":10}},{"id":"8b02b32f-b1e1-4d63-817c-6ee4a5e756cb","block_type":"box","text":"futures markets also introduce the risk that its futures","page_number":30,"box":{"x":549,"y":792,"width":346,"height":8}},{"id":"fe67b157-05fc-4d92-b34f-1e957f57ac7a","block_type":"box","text":"commission merchant (“FCM”) could default on an obligation set","page_number":30,"box":{"x":549,"y":806,"width":414,"height":11}},{"id":"eb08fe0e-3996-429d-9e8f-709bacddbd32","block_type":"box","text":"forth in an agreement between the Fund and the FCM, including","page_number":30,"box":{"x":549,"y":820,"width":408,"height":11}},{"id":"89f54e88-bb9f-4a33-9714-b5c7141adf2f","block_type":"box","text":"the FCM’s obligation to return margin posted in connection with","page_number":30,"box":{"x":549,"y":834,"width":408,"height":11}},{"id":"d0898124-96a5-4186-b21f-0308978504b6","block_type":"box","text":"the Fund’s futures contracts.","page_number":30,"box":{"x":549,"y":849,"width":184,"height":8}},{"id":"9e29cfa0-ac08-413f-9e25-3ea46d256e8b","block_type":"box","text":"Credit Risk","page_number":31,"box":{"x":83,"y":23,"width":75,"height":9}},{"id":"f2ec994f-45f3-47aa-9bd2-2e215bc30ac0","block_type":"box","text":".","page_number":31,"box":{"x":158,"y":30,"width":2,"height":2}},{"id":"a13f61ae-dfca-4623-b85c-33b0784531f1","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":31,"box":{"x":166,"y":23,"width":311,"height":11}},{"id":"d08a9702-8d39-4d97-9a95-bb38a3c3e5fc","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":31,"box":{"x":83,"y":37,"width":391,"height":11}},{"id":"e502a71a-ef19-42ad-a06b-be3a164fbfb7","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":31,"box":{"x":83,"y":52,"width":395,"height":10}},{"id":"a42a6dee-474d-4526-9914-ddc624892ee4","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":31,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"48f7afd7-990c-40ed-b126-a3960fa1c29d","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer","page_number":31,"box":{"x":83,"y":80,"width":424,"height":11}},{"id":"e99d8372-85b8-4bb9-a97a-0d9ef7aa49fa","block_type":"box","text":"does not necessarily reflect the issuer’s current financial","page_number":31,"box":{"x":83,"y":94,"width":361,"height":11}},{"id":"f6b0f629-94b9-4545-b076-14d8cec8b238","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or","page_number":31,"box":{"x":83,"y":108,"width":395,"height":11}},{"id":"c63bfbe4-0259-42e2-96e1-27bf2687d412","block_type":"box","text":"perceived decline in an issuer’s creditworthiness may result in a","page_number":31,"box":{"x":83,"y":122,"width":408,"height":11}},{"id":"c3f0e6ec-ed48-4524-84dc-d032add9244f","block_type":"box","text":"decrease in the value and liquidity of its securities as well as","page_number":31,"box":{"x":83,"y":137,"width":385,"height":10}},{"id":"9cd76ce4-51bb-4ee6-9997-06371e8076c4","block_type":"box","text":"greater price volatility, which may make it difficult to sell the","page_number":31,"box":{"x":83,"y":151,"width":385,"height":11}},{"id":"d4121df4-bbc5-4eca-8ff5-a41ef4c51116","block_type":"box","text":"securities. The Fund may be adversely affected if an investment","page_number":31,"box":{"x":83,"y":165,"width":406,"height":11}},{"id":"488ae5c9-973c-42d2-bb99-dfc2cbbf2821","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":31,"box":{"x":83,"y":179,"width":324,"height":11}},{"id":"b1fa7626-55ef-47c3-9594-a4d502764870","block_type":"box","text":"Currency Risk","page_number":31,"box":{"x":83,"y":202,"width":96,"height":11}},{"id":"6f49f817-59a0-4054-9cf6-faa07e48d2aa","block_type":"box","text":".","page_number":31,"box":{"x":179,"y":209,"width":2,"height":2}},{"id":"73ccd95e-0024-46c0-bddd-d2f27a06127a","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":31,"box":{"x":187,"y":202,"width":292,"height":9}},{"id":"c93d5743-ca2d-47c6-b4a6-581c6d59976a","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":31,"box":{"x":83,"y":217,"width":388,"height":10}},{"id":"e257227b-c4ea-44fc-9b1b-63da31eaf85a","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":31,"box":{"x":83,"y":231,"width":395,"height":11}},{"id":"cef34fb3-b787-4eb3-a4e6-2df97c8ea19c","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":31,"box":{"x":83,"y":245,"width":415,"height":11}},{"id":"83d84b2f-42a3-42aa-b30a-2d4735c66f79","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":31,"box":{"x":83,"y":259,"width":404,"height":11}},{"id":"6dd0b8b7-125f-4a6e-a491-0d9270ac6e6e","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":31,"box":{"x":83,"y":273,"width":394,"height":11}},{"id":"ab78031b-dba8-4f82-aedd-317ae90edc17","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":31,"box":{"x":83,"y":287,"width":398,"height":11}},{"id":"f845f9d6-eb3c-4e07-be38-9ffcba6e6165","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":31,"box":{"x":83,"y":302,"width":392,"height":10}},{"id":"160f9ef4-813d-4b17-a26d-80d195e26a99","block_type":"box","text":"dollars and foreign currencies.","page_number":31,"box":{"x":83,"y":316,"width":193,"height":11}},{"id":"b4dc17d4-c774-4a0e-a837-88da27d3ac56","block_type":"box","text":"Derivatives Risk.","page_number":31,"box":{"x":83,"y":339,"width":111,"height":8}},{"id":"cf7288eb-c27f-404c-bac1-982589c60eda","block_type":"box","text":"The Fund’s use of derivatives (","page_number":31,"box":{"x":200,"y":339,"width":193,"height":11}},{"id":"6fa653c0-d211-416d-bf3c-f69faa359dab","block_type":"box","text":"e.g","page_number":31,"box":{"x":394,"y":341,"width":19,"height":9}},{"id":"39f82d58-17ae-4487-b4e4-d5b820926e87","block_type":"box","text":"., futures,","page_number":31,"box":{"x":414,"y":339,"width":59,"height":10}},{"id":"19c60614-6c09-417b-af32-9facb130e18f","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":31,"box":{"x":82,"y":353,"width":385,"height":11}},{"id":"ebb15df5-6d02-4d9b-a3e3-35f1499a11ee","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":31,"box":{"x":83,"y":367,"width":411,"height":11}},{"id":"e509aa59-f900-4121-ab15-b9ac48d2d9c9","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":31,"box":{"x":83,"y":382,"width":424,"height":10}},{"id":"29d7fd08-0c7e-4578-a0de-fdaa247920d7","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":31,"box":{"x":83,"y":396,"width":365,"height":11}},{"id":"edc83b92-5b4c-4120-9747-2d635fbc867e","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":31,"box":{"x":82,"y":410,"width":390,"height":11}},{"id":"1403bce7-c5fc-4969-b02f-4854d8df3279","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":31,"box":{"x":83,"y":424,"width":398,"height":11}},{"id":"6ef40b40-b884-44f1-bb93-9089d42a6b7b","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":31,"box":{"x":82,"y":438,"width":407,"height":11}},{"id":"b6e11a0d-35f0-41af-b790-45cab976dea9","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":31,"box":{"x":83,"y":452,"width":363,"height":11}},{"id":"8faad7e9-a942-4381-9517-bb41cce32098","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":31,"box":{"x":83,"y":467,"width":419,"height":10}},{"id":"cf95326b-a0cd-4ce7-b292-a2adabecc5f1","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":31,"box":{"x":83,"y":481,"width":400,"height":11}},{"id":"48036b3f-5748-4cd8-9242-75c668412188","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":31,"box":{"x":83,"y":495,"width":381,"height":11}},{"id":"a4c17e53-9e37-498e-b71c-1266ea313a53","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":31,"box":{"x":82,"y":509,"width":418,"height":11}},{"id":"0894ab07-8393-409d-baad-198edaea1b94","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":31,"box":{"x":83,"y":523,"width":401,"height":11}},{"id":"dcdfad6e-1ae6-4c5e-bc42-5a10cf51bc29","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":31,"box":{"x":83,"y":538,"width":403,"height":10}},{"id":"66703c96-fe69-440a-b71e-3935fca67042","block_type":"box","text":"not fulfill its contractual obligations. The use of derivatives also","page_number":31,"box":{"x":83,"y":552,"width":402,"height":10}},{"id":"af02c694-b87e-464a-92d5-c138bcb4278d","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":31,"box":{"x":83,"y":566,"width":372,"height":11}},{"id":"9744a1c4-6fb4-4c87-a43f-0b038272edec","block_type":"box","text":"Interest Rate Risk","page_number":31,"box":{"x":83,"y":589,"width":121,"height":9}},{"id":"785d5758-e8f0-4747-8859-f7d1c5f68a4d","block_type":"box","text":".","page_number":31,"box":{"x":204,"y":596,"width":2,"height":1}},{"id":"08e7b687-a295-472a-9001-b1066927bfe1","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":31,"box":{"x":212,"y":589,"width":233,"height":9}},{"id":"7f263b8d-103a-4974-b395-7b1de2273b89","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":31,"box":{"x":82,"y":603,"width":425,"height":11}},{"id":"b4995a82-5eeb-4a9d-bd7a-c0d9d35a90ab","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":31,"box":{"x":83,"y":617,"width":417,"height":11}},{"id":"0d74bdda-4c29-493b-a219-f52bbe465f5b","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":31,"box":{"x":83,"y":632,"width":388,"height":10}},{"id":"f31674f2-c2ad-4516-ae30-f427e3fef710","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":31,"box":{"x":82,"y":646,"width":402,"height":11}},{"id":"349ba72d-637e-4b8e-bef2-8b5c23e4cf81","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":31,"box":{"x":83,"y":660,"width":391,"height":11}},{"id":"67ad99f4-57fd-464f-aa41-b11e44df8731","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":31,"box":{"x":82,"y":674,"width":424,"height":11}},{"id":"db2020a3-7c33-4f00-9297-57657fca9da3","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":31,"box":{"x":83,"y":688,"width":407,"height":9}},{"id":"e6a621ab-f8d2-4d18-9020-2bc591924439","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":31,"box":{"x":82,"y":702,"width":424,"height":11}},{"id":"ea9cfc2e-c66d-4fb1-8132-ff6e076e14ac","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":31,"box":{"x":83,"y":717,"width":409,"height":10}},{"id":"4a8637b8-3d39-4601-9863-7a1589390207","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":31,"box":{"x":83,"y":731,"width":397,"height":11}},{"id":"546c7cf4-04e4-4faf-a13f-b2ab5bb2e925","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":31,"box":{"x":83,"y":745,"width":411,"height":11}},{"id":"9602c848-4129-457c-8d3d-bac8107b32c6","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":31,"box":{"x":83,"y":759,"width":363,"height":11}},{"id":"2ad3f567-1653-4128-ba1a-6d9068581353","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":31,"box":{"x":83,"y":774,"width":385,"height":10}},{"id":"c5684f9e-5d3b-4a7d-bbca-90827451ab8f","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":31,"box":{"x":83,"y":788,"width":404,"height":11}},{"id":"cd2d8a09-1b78-44af-b3e3-0c8295d744a7","block_type":"box","text":"dividends to shareholders.","page_number":31,"box":{"x":83,"y":802,"width":167,"height":8}},{"id":"70767c55-16fe-4ceb-9c89-48a40a4d450c","block_type":"box","text":"Issuer Risk","page_number":31,"box":{"x":82,"y":825,"width":76,"height":9}},{"id":"6bc67e48-0741-4dbe-b1e9-125b12549376","block_type":"box","text":".","page_number":31,"box":{"x":158,"y":832,"width":2,"height":2}},{"id":"b13b46cb-6671-452e-93e2-c69000a74f23","block_type":"box","text":"The performance of the Fund depends on the","page_number":31,"box":{"x":165,"y":825,"width":289,"height":11}},{"id":"b5ae63e2-585a-4ec3-aaea-dfeab4a1b7de","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":31,"box":{"x":83,"y":839,"width":411,"height":11}},{"id":"56efa7e6-54f4-44dc-abff-edd871efe5f3","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":31,"box":{"x":83,"y":853,"width":402,"height":11}},{"id":"99553643-bcf3-4c69-b9bd-2b34334f756a","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":31,"box":{"x":83,"y":868,"width":418,"height":10}},{"id":"64e0ed3f-863f-4a5f-b9ce-2a77e5dca313","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":31,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"069d6190-5514-4ba4-892d-9ba073c12752","block_type":"box","text":"counterparty.","page_number":31,"box":{"x":549,"y":38,"width":84,"height":10}},{"id":"8633de55-74c5-481f-b019-c25eb2dc962d","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":31,"box":{"x":549,"y":61,"width":360,"height":10}},{"id":"4812f121-ae62-4ee4-ba88-77601394e1db","block_type":"box","text":"Certain","page_number":31,"box":{"x":915,"y":61,"width":45,"height":8}},{"id":"911a2bcb-11d0-44b3-bf18-2a8a60378bb4","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":31,"box":{"x":549,"y":75,"width":405,"height":11}},{"id":"b433d84c-437b-4702-b1a7-190885220edc","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":31,"box":{"x":549,"y":89,"width":409,"height":11}},{"id":"d4f02b82-7342-4431-9185-11cc291594cf","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":31,"box":{"x":549,"y":103,"width":419,"height":11}},{"id":"bdc0f63b-e2e6-4de5-ab8f-f26c677c3e29","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":31,"box":{"x":549,"y":117,"width":417,"height":11}},{"id":"02906449-e4a4-43d0-9e10-d12f9c770782","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":31,"box":{"x":549,"y":131,"width":424,"height":11}},{"id":"e4404313-75a9-43b3-933c-4da2238f984a","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":31,"box":{"x":549,"y":146,"width":387,"height":10}},{"id":"8ff75b5e-4284-4e76-8df4-0e4eb2ed5777","block_type":"box","text":"shareholders would not redeem their investment. Redemptions of","page_number":31,"box":{"x":549,"y":160,"width":421,"height":11}},{"id":"836b7841-9f6d-4eee-a81b-bda7c4069395","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":31,"box":{"x":549,"y":174,"width":413,"height":11}},{"id":"b8ed0fd8-3bd1-4e93-88db-a7d94773abef","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":31,"box":{"x":549,"y":188,"width":416,"height":11}},{"id":"9c217954-a8e0-4670-8dea-8427ffde5490","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":31,"box":{"x":549,"y":202,"width":411,"height":11}},{"id":"38d8870d-f004-42ba-8b63-0a1a353625b2","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":31,"box":{"x":549,"y":217,"width":415,"height":8}},{"id":"eaed11b1-1975-4e62-9f2c-1673c20a626b","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":31,"box":{"x":549,"y":231,"width":400,"height":10}},{"id":"412c2174-312a-415f-b3b5-1ea097365730","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":31,"box":{"x":549,"y":245,"width":404,"height":11}},{"id":"9a31f13c-1957-414b-b652-7fb0b58ece11","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":31,"box":{"x":549,"y":259,"width":415,"height":11}},{"id":"30b84629-99ed-462e-b378-b5ada175c4a5","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":31,"box":{"x":549,"y":273,"width":412,"height":11}},{"id":"e0bd4e8a-75c1-448e-95b3-0d2e17833fa5","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":31,"box":{"x":549,"y":287,"width":352,"height":11}},{"id":"f1106cf6-eb14-41f5-9385-013677d13fb1","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":31,"box":{"x":549,"y":302,"width":415,"height":10}},{"id":"e1627202-c0a5-4ba1-8866-3cda7f58b251","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":31,"box":{"x":549,"y":316,"width":416,"height":11}},{"id":"5c8ee644-0816-4ab7-95d2-e07ce54d7c20","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":31,"box":{"x":549,"y":330,"width":387,"height":11}},{"id":"7fbff28b-eb80-4b6e-ba9e-f5b21e3e2329","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":31,"box":{"x":549,"y":344,"width":419,"height":11}},{"id":"9abae770-0a97-40f4-933e-893d0faf517d","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":31,"box":{"x":549,"y":358,"width":389,"height":11}},{"id":"a5a5d2a5-8fc3-4fe5-9c37-f17ec0f29722","block_type":"box","text":"price of Fund shares.","page_number":31,"box":{"x":549,"y":372,"width":133,"height":11}},{"id":"f1a3177d-32d0-4f9a-aba1-91bfef8eda5b","block_type":"box","text":"Management Risk","page_number":31,"box":{"x":549,"y":396,"width":123,"height":10}},{"id":"0709341f-8707-48a7-9378-baf5cf7b7cc3","block_type":"box","text":".","page_number":31,"box":{"x":672,"y":402,"width":2,"height":2}},{"id":"383f8737-fe03-449a-8e2d-a2afdddddcb7","block_type":"box","text":"The Fund generally does not attempt to take","page_number":31,"box":{"x":679,"y":396,"width":283,"height":11}},{"id":"dec04d84-acc9-45cc-8e6a-16d3e8579a2f","block_type":"box","text":"defensive positions under any market conditions, including","page_number":31,"box":{"x":549,"y":410,"width":376,"height":11}},{"id":"6a943fb0-31f0-40ed-893a-b539ee07d2d8","block_type":"box","text":"declining markets. 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These","page_number":31,"box":{"x":549,"y":854,"width":360,"height":10}},{"id":"62cb1319-3cb2-4504-beb3-d4077e0e9fe6","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":32,"box":{"x":83,"y":23,"width":398,"height":11}},{"id":"62d07b0c-3c15-46c1-8bea-7fb081ef6b6d","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":32,"box":{"x":84,"y":37,"width":410,"height":11}},{"id":"8c1ccc86-4c93-47c3-9885-0a8f072ac2e3","block_type":"box","text":"Non-Diversification Risk","page_number":32,"box":{"x":83,"y":60,"width":165,"height":9}},{"id":"a185d1e8-5023-4a2f-adc3-0adc0a053c7d","block_type":"box","text":".","page_number":32,"box":{"x":248,"y":67,"width":2,"height":2}},{"id":"9c81d7db-c6b5-4dc9-9c00-83c3c059f56e","block_type":"box","text":"The Fund is classified as “non","page_number":32,"box":{"x":255,"y":61,"width":193,"height":8}},{"id":"3f00caa6-30ba-4eed-b847-9dfdd0178a5f","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":32,"box":{"x":83,"y":75,"width":377,"height":10}},{"id":"d5928c13-8757-4e0f-8433-6087743a15e8","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":32,"box":{"x":83,"y":89,"width":358,"height":11}},{"id":"4702f504-c825-44a4-9e22-27db9c1a33ad","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":32,"box":{"x":83,"y":103,"width":370,"height":11}},{"id":"34529e9b-19dd-44fd-b856-53a768c372a4","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":32,"box":{"x":83,"y":117,"width":422,"height":11}},{"id":"552cca26-5f3d-43c9-b96e-945f04f95a18","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":32,"box":{"x":83,"y":131,"width":379,"height":11}},{"id":"9a59b38a-d369-40ab-a868-967d9a1fcbc3","block_type":"box","text":"particular issuers or counterparties. 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While the Fund’s service","page_number":32,"box":{"x":83,"y":532,"width":376,"height":11}},{"id":"5220daa1-5993-4c8d-ba5e-44e5a9d74188","block_type":"box","text":"providers are required to have appropriate operational,","page_number":32,"box":{"x":83,"y":546,"width":350,"height":11}},{"id":"df117b77-3cd6-403e-9144-ce51bbe319cc","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":32,"box":{"x":83,"y":561,"width":414,"height":10}},{"id":"f98b06e2-52e3-42d8-af3f-fc0c6435f134","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":32,"box":{"x":83,"y":575,"width":397,"height":11}},{"id":"58f6f26b-4c40-4a55-b36c-ea0a586a1106","block_type":"box","text":"from those of the Fund. Operational and technology risks for the","page_number":32,"box":{"x":82,"y":589,"width":411,"height":11}},{"id":"307cc39f-ae8a-4a9f-8c5b-dc31ab3194a7","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":32,"box":{"x":83,"y":603,"width":391,"height":9}},{"id":"7ae95c2b-0ef6-4f91-a4d5-de8232186bec","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":32,"box":{"x":83,"y":617,"width":421,"height":11}},{"id":"1e59d2be-8781-48ce-a695-1694b5be86da","block_type":"box","text":"investments in such issuers to lose value.","page_number":32,"box":{"x":83,"y":632,"width":264,"height":8}},{"id":"c2d6c2af-dc1e-48d8-831d-9142ca637107","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":32,"box":{"x":83,"y":655,"width":228,"height":10}},{"id":"0e5f7542-1c6c-4989-8163-cd558f948f45","block_type":"box","text":".","page_number":32,"box":{"x":311,"y":661,"width":3,"height":2}},{"id":"f7d4e8bb-f72f-49c4-a5f1-fc9526d215ce","block_type":"box","text":"The Fund invests in countries","page_number":32,"box":{"x":319,"y":655,"width":186,"height":8}},{"id":"8841922f-2262-4a84-b4e9-f8ba2376f82c","block_type":"box","text":"or regions whose economies are heavily dependent upon trading","page_number":32,"box":{"x":83,"y":669,"width":413,"height":11}},{"id":"59a7f9cf-595e-4bcd-92f3-43fc5eef31c8","block_type":"box","text":"with key partners. 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Tracking error may occur due to a number of","page_number":32,"box":{"x":549,"y":820,"width":425,"height":11}},{"id":"bb6ed9bf-fa18-479c-b2d0-0bd548bceb5e","block_type":"box","text":"factors, including differences between the securities and other","page_number":32,"box":{"x":548,"y":834,"width":402,"height":11}},{"id":"a0d73f69-f472-4bfc-8466-0b55d9d03d52","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":32,"box":{"x":549,"y":848,"width":381,"height":11}},{"id":"02dc6619-da33-478e-946a-ba490b9fe42f","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":32,"box":{"x":549,"y":863,"width":397,"height":10}},{"id":"3939479c-1015-4d9c-8866-861ace3f15e7","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":32,"box":{"x":549,"y":877,"width":407,"height":10}},{"id":"a2812e6f-f81a-4ee3-9ea7-931db5198aef","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":33,"box":{"x":83,"y":23,"width":400,"height":11}},{"id":"88c2f146-ce35-4df5-b692-24800247b9bb","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":33,"box":{"x":83,"y":37,"width":421,"height":11}},{"id":"c042f49a-dafe-4821-bed2-20918ae58eb3","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":33,"box":{"x":83,"y":51,"width":374,"height":11}},{"id":"2ef5e640-546e-4e30-b260-85c8b6d03635","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":33,"box":{"x":83,"y":66,"width":370,"height":10}},{"id":"79912139-ae64-4f4b-a17b-13822bf9374d","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":33,"box":{"x":83,"y":80,"width":372,"height":11}},{"id":"7d2af36b-5cef-4d8a-a13e-9bbddf3efd5a","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":33,"box":{"x":83,"y":94,"width":420,"height":11}},{"id":"81cbfc19-c5f5-489c-b348-f40af2f36a31","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":33,"box":{"x":83,"y":108,"width":387,"height":11}},{"id":"cc3cd7a9-0a59-4434-8a83-2a02ddd3de89","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":33,"box":{"x":82,"y":122,"width":378,"height":11}},{"id":"2725ec64-93d7-49ee-8670-d99d62de0471","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":33,"box":{"x":83,"y":136,"width":380,"height":11}},{"id":"392ae177-8ba2-4a17-be14-74fae609e9a3","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":33,"box":{"x":83,"y":151,"width":366,"height":11}},{"id":"bd90c694-1edb-4047-a980-6a0c5327ddd3","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":33,"box":{"x":83,"y":165,"width":414,"height":11}},{"id":"d6ea71b1-cfa5-45dc-876e-2f9bbeb2e32c","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":33,"box":{"x":83,"y":179,"width":387,"height":11}},{"id":"29f24f6c-8997-4811-b30e-a3f0756dd8ff","block_type":"box","text":"certain regulatory requirements or limits. 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Until the Fund reaches greater scale, it may experience","page_number":33,"box":{"x":83,"y":264,"width":410,"height":11}},{"id":"405abf06-1426-4c11-ab19-b0d30150d1e9","block_type":"box","text":"higher tracking error than is typical for similar index ETFs.","page_number":33,"box":{"x":83,"y":278,"width":368,"height":11}},{"id":"161e847e-7689-43c6-99b0-ca15167c7bcd","block_type":"box","text":"Valuation Risk","page_number":33,"box":{"x":84,"y":301,"width":96,"height":9}},{"id":"3ed33aaa-6ea2-48bc-9bbb-0297609c663d","block_type":"box","text":".","page_number":33,"box":{"x":180,"y":308,"width":2,"height":2}},{"id":"875ffd63-76ee-4710-9dd5-10ba5c5113a4","block_type":"box","text":"The price that the Fund could receive upon the","page_number":33,"box":{"x":187,"y":302,"width":298,"height":10}},{"id":"bce8fd3a-4dfd-40c9-b4d8-a96f10c3ed1c","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":33,"box":{"x":83,"y":316,"width":408,"height":11}},{"id":"50f3c80c-07f1-4978-a801-c4fa32021e31","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":33,"box":{"x":82,"y":330,"width":356,"height":11}},{"id":"43c93277-d139-4ded-8eac-991ba8aa2d22","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":33,"box":{"x":549,"y":23,"width":418,"height":11}},{"id":"f138219a-b620-4e14-a2e7-bfe06d129c77","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":33,"box":{"x":549,"y":37,"width":347,"height":11}},{"id":"12e0eb42-1ce8-421f-9ebb-444eaf9991ba","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":33,"box":{"x":549,"y":51,"width":418,"height":11}},{"id":"45376989-4e01-4b19-8ba3-b73e56b3f576","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":33,"box":{"x":549,"y":66,"width":406,"height":10}},{"id":"b0527a3b-1ef1-4bc0-b977-005f6350cc40","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":33,"box":{"x":549,"y":80,"width":411,"height":11}},{"id":"acfac270-c335-4d5c-b833-ce4cd50082d4","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":33,"box":{"x":549,"y":94,"width":392,"height":11}},{"id":"6778f2dd-886c-4fc3-b919-cd6dca755d7f","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":33,"box":{"x":549,"y":108,"width":414,"height":11}},{"id":"0d406d4e-0070-4181-84e9-c4c8dcf96e7e","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":33,"box":{"x":549,"y":122,"width":394,"height":11}},{"id":"fedbad58-43e7-449a-a20d-ddb492214fd3","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":33,"box":{"x":548,"y":136,"width":383,"height":11}},{"id":"2d04e0da-4f41-437c-ad6e-547da4fbc2c2","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":33,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"40ad3934-3104-4803-8db2-df7a80c41ee6","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":33,"box":{"x":549,"y":165,"width":392,"height":8}},{"id":"a73e6af7-e7fe-47b0-8b95-e457f6ac28fc","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":33,"box":{"x":548,"y":179,"width":425,"height":11}},{"id":"05dde121-28c8-4398-8771-14a82d2b11b4","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":33,"box":{"x":548,"y":193,"width":400,"height":11}},{"id":"287789d1-aec7-4e97-a8e3-19c375086ec9","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":33,"box":{"x":549,"y":207,"width":405,"height":11}},{"id":"2939079f-699b-4ff3-83d2-1db0dd8b7126","block_type":"box","text":"S-24","page_number":33,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"a48c8fc6-f3a5-4e38-8e59-95dc62f562a7","block_type":"box","text":"Performance Information","page_number":34,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"cf00e15e-5b6b-428e-b1b4-562ad60b9b77","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":34,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"32116bb2-5bff-4fe0-babc-3266973dc20f","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":34,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"852177d5-8dd5-4f78-b099-d3c3b86dd03f","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":34,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"a6d327c3-55aa-42d3-9c7b-aff4ce07ac91","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":34,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"ca09d521-e198-47a3-8057-b635fb36ce17","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":34,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"22adc05f-f318-4d43-89fb-a7b8e8e32bae","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":34,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"5c8f5c6c-c159-4916-b9b6-ebd46c58deb0","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":34,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"724c588c-5ad2-4a12-ae43-3684d733a5aa","block_type":"box","text":"Calendar Year-by-Year Returns","page_number":34,"box":{"x":422,"y":155,"width":212,"height":10}},{"id":"d2e5930a-6f45-4996-b19b-7a65307c63d5","block_type":"box","text":"80%","page_number":34,"box":{"x":332,"y":201,"width":21,"height":7}},{"id":"729249a8-8ffa-449d-a0ae-bbb018af8f12","block_type":"box","text":"60%","page_number":34,"box":{"x":332,"y":226,"width":21,"height":7}},{"id":"173eae60-2516-4f36-99a3-a44b65b6357e","block_type":"box","text":"40%","page_number":34,"box":{"x":332,"y":250,"width":21,"height":7}},{"id":"958f0d37-f33b-4704-b8ed-5805474cb650","block_type":"box","text":"20%","page_number":34,"box":{"x":332,"y":275,"width":21,"height":7}},{"id":"3133ef27-263f-4bd1-8748-a1860f3058d7","block_type":"box","text":"0%","page_number":34,"box":{"x":339,"y":299,"width":14,"height":7}},{"id":"2d730324-c5ef-4b65-8050-6ec58dea4752","block_type":"box","text":"2","page_number":34,"box":{"x":458,"y":321,"width":6,"height":7}},{"id":"185b2543-1255-4858-aee6-7d7b8c3ca974","block_type":"box","text":"0","page_number":34,"box":{"x":465,"y":321,"width":6,"height":7}},{"id":"53086fb6-4386-4d93-932c-050ea24bfab8","block_type":"box","text":"2","page_number":34,"box":{"x":473,"y":321,"width":5,"height":7}},{"id":"8d724426-0daf-401c-b244-a3e7c188f383","block_type":"box","text":"4","page_number":34,"box":{"x":479,"y":321,"width":7,"height":7}},{"id":"ee8fb31a-ffbb-40e3-908d-30f860c3cf0d","block_type":"box","text":"2","page_number":34,"box":{"x":594,"y":321,"width":5,"height":7}},{"id":"92bdeeff-ca7d-4262-9165-e60000cc2c29","block_type":"box","text":"0","page_number":34,"box":{"x":601,"y":321,"width":6,"height":7}},{"id":"36c570d8-983e-47a4-91d6-ee853fecb286","block_type":"box","text":"2","page_number":34,"box":{"x":609,"y":321,"width":5,"height":7}},{"id":"54dac3ed-0e63-4e9d-a068-0fc99c30d5bd","block_type":"box","text":"5","page_number":34,"box":{"x":616,"y":321,"width":5,"height":7}},{"id":"2ef354df-c1c7-4db8-8221-79fff86b039d","block_type":"box","text":"7.28%","page_number":34,"box":{"x":458,"y":282,"width":28,"height":6}},{"id":"520d727e-671a-42fe-abea-6fafc1ca2f0a","block_type":"box","text":"53.83%","page_number":34,"box":{"x":591,"y":226,"width":33,"height":6}},{"id":"1d1d889f-e253-48db-9181-8e6cf941ea85","block_type":"box","text":"Return (%) Period Ended","page_number":34,"box":{"x":553,"y":348,"width":171,"height":9}},{"id":"1c0c9c7f-ffc4-41a9-9a3a-f5940e2e41b3","block_type":"box","text":"During the period shown in the chart:","page_number":34,"box":{"x":318,"y":366,"width":232,"height":9}},{"id":"8f8c4fda-5d26-409b-98a4-b393e4d05785","block_type":"box","text":"Best Quarter","page_number":34,"box":{"x":331,"y":379,"width":72,"height":7}},{"id":"cb70965e-8e20-40cb-b7a8-947cca8305d7","block_type":"box","text":"23.55% December 31, 2025","page_number":34,"box":{"x":564,"y":379,"width":175,"height":9}},{"id":"742f89cc-3e55-4741-9fb4-02b427b41d7e","block_type":"box","text":"Worst Quarter","page_number":34,"box":{"x":330,"y":391,"width":80,"height":8}},{"id":"87271e4d-066b-4593-ab0a-a06e183ea501","block_type":"box","text":"-7.40% December 31, 2024","page_number":34,"box":{"x":569,"y":392,"width":170,"height":8}},{"id":"4c9ef0a3-4b79-4605-99ed-cb95b356e07a","block_type":"box","text":"Average Annual Total Returns","page_number":34,"box":{"x":425,"y":420,"width":206,"height":11}},{"id":"974cba6f-f28d-44bc-b8de-866ad54c89aa","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":34,"box":{"x":378,"y":434,"width":301,"height":11}},{"id":"62df80ce-2179-4541-8427-ef10eb6c4580","block_type":"box","text":"One Year","page_number":34,"box":{"x":789,"y":464,"width":56,"height":7}},{"id":"c59248c9-a0bb-4a3e-8c93-e3111ec1a7d0","block_type":"box","text":"Since Fund","page_number":34,"box":{"x":866,"y":451,"width":67,"height":7}},{"id":"4a6c88e5-9ace-4d71-a950-2be78ede7aa2","block_type":"box","text":"Inception","page_number":34,"box":{"x":871,"y":464,"width":57,"height":9}},{"id":"b5a929d9-1342-492b-a73e-15c70149c7b2","block_type":"box","text":"(Inception Date: 9/26/2023)","page_number":34,"box":{"x":123,"y":482,"width":179,"height":9}},{"id":"3e612c73-2337-4e17-b97c-5d42716dd4d1","block_type":"box","text":"Return Before Taxes","page_number":34,"box":{"x":124,"y":493,"width":112,"height":8}},{"id":"5c79cb05-bc66-4bba-ac62-ee14ce0dc95c","block_type":"box","text":"53.83% 26.93%","page_number":34,"box":{"x":796,"y":493,"width":124,"height":8}},{"id":"ac9752cb-5860-4fb3-a380-00558bcd3aa3","block_type":"box","text":"Return After Taxes on Distributions","page_number":34,"box":{"x":124,"y":505,"width":197,"height":7}},{"id":"ac2b9571-73bb-4e27-a6d9-e5cd32ec14ca","block_type":"box","text":"45.19% 18.38%","page_number":34,"box":{"x":799,"y":505,"width":121,"height":7}},{"id":"a7a71d6a-9a4f-4517-99c6-3962e6d139cb","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares","page_number":34,"box":{"x":124,"y":517,"width":339,"height":7}},{"id":"da180b76-c8e4-46e5-b2e0-e541cc839960","block_type":"box","text":"31.49% 16.68%","page_number":34,"box":{"x":799,"y":517,"width":121,"height":7}},{"id":"b4608063-5d18-42e4-8f1d-5a03795a86e5","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":34,"box":{"x":124,"y":528,"width":216,"height":10}},{"id":"4ecff1f6-4d05-42e8-b677-35e1a470e2e9","block_type":"box","text":"1,2","page_number":34,"box":{"x":343,"y":527,"width":11,"height":6}},{"id":"335662c2-476a-4408-a223-3fe6678c1f26","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes except","page_number":34,"box":{"x":360,"y":528,"width":395,"height":10}},{"id":"12ccc8d6-bd28-4a7e-b2d3-90a863ecb009","block_type":"box","text":"for withholding taxes on reinvested dividends)","page_number":34,"box":{"x":136,"y":541,"width":261,"height":10}},{"id":"19afd6db-25b8-4b1d-9ab6-cb8d22c4c81a","block_type":"box","text":"22.34%","page_number":34,"box":{"x":797,"y":541,"width":40,"height":8}},{"id":"f5130c3b-ac7a-4b28-b866-8015a6ed7be2","block_type":"box","text":"23.18%","page_number":34,"box":{"x":882,"y":541,"width":38,"height":8}},{"id":"d55261cb-01e7-4e5e-a14f-0db95e5c01c2","block_type":"box","text":"ICE Strategic Re-Industrialization Metals Index (Spliced)","page_number":34,"box":{"x":124,"y":553,"width":342,"height":9}},{"id":"d48abd62-6ae5-4f09-afa5-c3c34d3220fb","block_type":"box","text":"3","page_number":34,"box":{"x":467,"y":551,"width":4,"height":5}},{"id":"86de62bd-22f0-4261-86d3-c2af9b972a7a","block_type":"box","text":"(Returns do not reflect deductions for fees,","page_number":34,"box":{"x":476,"y":553,"width":246,"height":9}},{"id":"78e6f7aa-e4d2-4606-9871-324c3675a61f","block_type":"box","text":"expenses or taxes)","page_number":34,"box":{"x":136,"y":566,"width":107,"height":9}},{"id":"9cc79388-d063-4fa4-bb53-3297ed1862fb","block_type":"box","text":"54.12%","page_number":34,"box":{"x":799,"y":566,"width":38,"height":7}},{"id":"5842bfe1-e969-4a56-be93-f80c14e50168","block_type":"box","text":"27.56%","page_number":34,"box":{"x":881,"y":566,"width":39,"height":7}},{"id":"f2565ced-a7d3-4620-8181-641e21f2d878","block_type":"box","text":"ICE BofA US Broad Market Index","page_number":34,"box":{"x":124,"y":578,"width":199,"height":8}},{"id":"5c54637a-1f3b-4178-96de-46811ac54a6e","block_type":"box","text":"2","page_number":34,"box":{"x":324,"y":577,"width":4,"height":5}},{"id":"7ab5413c-0986-4d21-a40f-84860e7b74cc","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes)","page_number":34,"box":{"x":334,"y":578,"width":356,"height":10}},{"id":"de8234de-0043-4662-9b5b-7bae2a24043a","block_type":"box","text":"7.15% 6.66%","page_number":34,"box":{"x":809,"y":579,"width":111,"height":7}},{"id":"d9099dd7-c279-4c21-9f78-3ec4cd335f6c","block_type":"box","text":"1","page_number":34,"box":{"x":94,"y":612,"width":2,"height":4}},{"id":"2e209825-ae9f-41eb-9f77-6941584b11b9","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable","page_number":34,"box":{"x":102,"y":613,"width":855,"height":10}},{"id":"85368bd6-8980-4b15-852c-d120607b9fbc","block_type":"box","text":"to","page_number":34,"box":{"x":962,"y":614,"width":10,"height":7}},{"id":"a377d9ce-86fc-44b0-a84d-0c600c5cff64","block_type":"box","text":"non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates t","page_number":34,"box":{"x":93,"y":626,"width":858,"height":10}},{"id":"a82e1287-982f-46fc-b308-7ed648437db7","block_type":"box","text":"o","page_number":34,"box":{"x":952,"y":628,"width":6,"height":6}},{"id":"2a6217eb-5e07-4066-94f8-4c10b14aa6df","block_type":"box","text":"which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index","page_number":34,"box":{"x":92,"y":639,"width":828,"height":10}},{"id":"828c1649-2d43-48d0-9f5a-e20c82b0c9ee","block_type":"box","text":"performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":34,"box":{"x":93,"y":652,"width":560,"height":10}},{"id":"f6057931-580c-443a-8ec6-f7736fe2fe56","block_type":"box","text":"2","page_number":34,"box":{"x":93,"y":669,"width":4,"height":4}},{"id":"6ff53e1d-fd03-4508-9476-9502e144057a","block_type":"box","text":"The Fund now compares its performance to the MSCI All Country World Index (Net) as it represents the broad global equity market and will no longer","page_number":34,"box":{"x":102,"y":670,"width":848,"height":10}},{"id":"996e8658-c64c-445e-a10d-91afe9c4638c","block_type":"box","text":"compare its performance to the ICE BofA US Broad Market Index.","page_number":34,"box":{"x":93,"y":683,"width":372,"height":9}},{"id":"969b49b2-f9db-4293-ac52-285dd7e60433","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":34,"box":{"x":82,"y":736,"width":882,"height":11}},{"id":"52ddac8f-4205-470b-a4ba-e89aa8a5167f","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":34,"box":{"x":83,"y":750,"width":871,"height":11}},{"id":"058bfdda-9b14-45ea-9a68-fa6d43f246f0","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":34,"box":{"x":83,"y":764,"width":860,"height":11}},{"id":"838c2ddc-a123-4d12-9838-bc58dabbba4f","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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Risk","page_number":38,"box":{"x":81,"y":284,"width":51,"height":8}},{"id":"2601c583-bf1a-498e-a7d3-ac95a7e83f95","block_type":"box","text":"Tracking Error Risk","page_number":38,"box":{"x":81,"y":302,"width":119,"height":10}},{"id":"b3567b77-06d1-4c4e-bac3-dd1b43f520a5","block_type":"box","text":"Valuation Risk","page_number":38,"box":{"x":81,"y":320,"width":90,"height":8}},{"id":"24782207-0d1c-43a7-9518-348b96b79150","block_type":"box","text":"Asset Class Risk.","page_number":38,"box":{"x":76,"y":353,"width":117,"height":9}},{"id":"bf02e930-f496-4659-851e-1ce9afd5d585","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":38,"box":{"x":198,"y":353,"width":706,"height":11}},{"id":"92a4ed8a-f0dc-44e5-b11e-b3000c6eb634","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":38,"box":{"x":76,"y":368,"width":878,"height":11}},{"id":"79e431fd-b789-4a75-9620-b6a513200919","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":38,"box":{"x":76,"y":382,"width":869,"height":11}},{"id":"00cecc4e-da0c-451a-bd30-ae37f33a1c76","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":38,"box":{"x":76,"y":396,"width":857,"height":11}},{"id":"c4f2a4af-5fca-4f1c-8f39-bc3b02debecd","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":38,"box":{"x":76,"y":410,"width":900,"height":11}},{"id":"7bbd1164-266a-4f3c-bf2b-785f20a70b2f","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":38,"box":{"x":76,"y":424,"width":512,"height":11}},{"id":"39cc31b9-ee3f-4fa8-802b-5f65624f95a4","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":38,"box":{"x":76,"y":448,"width":273,"height":10}},{"id":"a3c5d096-edcc-4595-a4e6-bb204a9008ed","block_type":"box","text":"From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser, an affiliate","page_number":38,"box":{"x":355,"y":448,"width":613,"height":10}},{"id":"4f5dd74e-0ef8-404a-bab1-4659491b168a","block_type":"box","text":"of a Fund’s adviser, or another fund may invest in a Fund and hold its investment for a specific period of time to allow the Fund to achieve","page_number":38,"box":{"x":76,"y":462,"width":879,"height":11}},{"id":"a687dc6b-188e-4292-80a2-c1e2ac6b6004","block_type":"box","text":"size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be","page_number":38,"box":{"x":76,"y":476,"width":841,"height":11}},{"id":"1df064e8-9fe1-455b-88fa-2f759868b2ac","block_type":"box","text":"maintained at such levels, which could negatively impact the Fund.","page_number":38,"box":{"x":76,"y":490,"width":426,"height":11}},{"id":"184b26e5-991c-4c7c-8032-16b2f1b8ab07","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":38,"box":{"x":76,"y":513,"width":296,"height":11}},{"id":"17ab061d-5308-4c2f-aee1-8aeb96e3d266","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":38,"box":{"x":378,"y":513,"width":578,"height":11}},{"id":"605c9f47-db60-4b80-a731-45f217f32bac","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":38,"box":{"x":76,"y":528,"width":894,"height":10}},{"id":"13246b3c-4554-4e56-bce0-011ec97aeb76","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":38,"box":{"x":76,"y":542,"width":882,"height":11}},{"id":"c76a96e2-c3a5-4c30-a45d-28b129d4bfbb","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":38,"box":{"x":76,"y":556,"width":888,"height":11}},{"id":"348f85e8-5514-4d53-9192-119ac0e0835c","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":38,"box":{"x":76,"y":570,"width":889,"height":11}},{"id":"746325e6-883a-4da9-966f-15ff3f43ec2c","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":38,"box":{"x":77,"y":584,"width":885,"height":11}},{"id":"9d2c0521-8a88-4573-86f3-5a3df6dc7652","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":38,"box":{"x":76,"y":598,"width":893,"height":11}},{"id":"3f68d02c-0e6b-4ee3-abd6-a49ba1c147eb","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":38,"box":{"x":76,"y":613,"width":521,"height":10}},{"id":"85b3e867-34ab-4ad9-8308-77b54500a1ef","block_type":"box","text":"Carry Strategy Risk.","page_number":38,"box":{"x":76,"y":636,"width":138,"height":11}},{"id":"e256c61f-a05e-426a-b4ee-d6c7470a3f5d","block_type":"box","text":"The futures market for a commodity in which the price for a new futures contract is less than the price of an expiring","page_number":38,"box":{"x":219,"y":636,"width":746,"height":11}},{"id":"6edf61c3-9df0-41ba-aa75-62ab798f4f0a","block_type":"box","text":"contract, known as a market trading in a state of “backwardation,” may not continue to trade with the same degree of backwardation or with","page_number":38,"box":{"x":76,"y":650,"width":900,"height":11}},{"id":"1ddaae4e-9e4f-4585-92fe-85bcaad7b129","block_type":"box","text":"the resulting returns. To the extent that a commodity futures market is not trading in a state of backwardation (or is trading in such a state,","page_number":38,"box":{"x":76,"y":664,"width":888,"height":11}},{"id":"749d0a5a-2e9a-4446-90c6-679a03652d6b","block_type":"box","text":"but to a lesser degree), the Fund’s cost to maintain exposure to the commodity may increase, the positive carry strategy may prove","page_number":38,"box":{"x":76,"y":678,"width":841,"height":11}},{"id":"d7f5bd3b-86a9-4255-a183-57434ea9760e","block_type":"box","text":"unsuccessful, and the investment performance of the Fund may suffer.","page_number":38,"box":{"x":77,"y":693,"width":451,"height":10}},{"id":"46a59f1a-e135-41d8-a697-708c6fdc0be8","block_type":"box","text":"Cash Management Risk.","page_number":38,"box":{"x":76,"y":716,"width":166,"height":11}},{"id":"5c6d7f13-3a92-4f13-ad2b-5b64a22b74b0","block_type":"box","text":"A Fund may maintain cash and cash equivalent positions as part of its investment strategy, for other portfolio","page_number":38,"box":{"x":247,"y":716,"width":700,"height":11}},{"id":"c1b0c021-0cde-4c33-9614-811132e24288","block_type":"box","text":"management purposes and/or as collateral for derivative instruments. These cash and cash equivalent positions could constitute a","page_number":38,"box":{"x":76,"y":730,"width":839,"height":11}},{"id":"2fbadfa5-510f-441c-86f9-0870b17f1d60","block_type":"box","text":"significant portion of a Fund’s investments. A Fund that holds cash may earn reduced income (if any) on the cash and is subject to any fees","page_number":38,"box":{"x":76,"y":744,"width":890,"height":11}},{"id":"f0dce4b0-f85f-4148-92a5-1e2fbc3e3089","block_type":"box","text":"imposed on large cash balances. If a significant amount of a Fund’s assets is invested in cash and cash equivalents, the Fund may","page_number":38,"box":{"x":76,"y":758,"width":830,"height":11}},{"id":"b186bf07-6ae1-45a4-a7f7-3d7ccb21d58c","block_type":"box","text":"underperform other funds that do not similarly invest in cash and cash equivalents. In addition, a Fund is subject to (i) the credit risk of the","page_number":38,"box":{"x":77,"y":772,"width":886,"height":11}},{"id":"dac2813a-ee17-42e8-a230-b89a34f6a2b5","block_type":"box","text":"bank or other counterparty holding the cash and (ii) the risk that the counterparty may be unable or unwilling (or perceived as such) to honor","page_number":38,"box":{"x":76,"y":787,"width":901,"height":10}},{"id":"58cd7ad5-9c1f-48a7-9e18-d3edee4431b0","block_type":"box","text":"its obligations.","page_number":38,"box":{"x":76,"y":801,"width":92,"height":11}},{"id":"355e57ea-e04b-4331-9340-08dbc3fd1f80","block_type":"box","text":"Cash may be invested in institutional money market funds, including funds advised by BFA or its affiliates. An institutional money market fund","page_number":38,"box":{"x":76,"y":824,"width":904,"height":11}},{"id":"debf8e27-e619-4f46-a3b0-2af31064cfd2","block_type":"box","text":"does not maintain a stable $1.00 net asset value per share; rather, the fund’s net asset value fluctuates with changes in the values of the","page_number":38,"box":{"x":76,"y":837,"width":875,"height":12}},{"id":"965c1957-5109-4efa-9934-c550303b7398","block_type":"box","text":"securities in which the fund invests, and the fund’s shares may be worth more or less than their original purchase price. An institutional","page_number":38,"box":{"x":76,"y":852,"width":864,"height":11}},{"id":"82a6e1f5-28a3-4741-94a9-1b7709f5e83a","block_type":"box","text":"money market fund is permitted to impose a liquidity fee on the redemption of its shares and generally is required to impose a liquidity fee","page_number":38,"box":{"x":76,"y":867,"width":885,"height":10}},{"id":"814fa930-03a2-4a29-8126-65f1dbd659a7","block_type":"box","text":"when daily net redemptions exceed certain levels.","page_number":38,"box":{"x":76,"y":881,"width":319,"height":11}},{"id":"18cc26f1-69a1-4088-be0e-cad971a5c940","block_type":"box","text":"3","page_number":38,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"bf6f6bdd-a909-4b45-8d43-1ed780ad83c4","block_type":"box","text":"Risk of Investing in Agriculture and Livestock","page_number":38,"box":{"x":82,"y":119,"width":286,"height":11}},{"id":"bbc12c6d-2c59-414c-8467-b01e8bc35dfc","block_type":"box","text":"iShares","page_number":38,"box":{"x":889,"y":46,"width":51,"height":9}},{"id":"5647ab25-adeb-4256-be19-79f835d1650e","block_type":"box","text":"Strategic Metals","page_number":38,"box":{"x":859,"y":58,"width":114,"height":11}},{"id":"f15c8558-e5c8-4898-a90b-4f9154e742c6","block_type":"box","text":"ETF","page_number":38,"box":{"x":903,"y":70,"width":23,"height":8}},{"id":"2803d410-1908-4ee4-8ca5-aa9b0e89e71c","block_type":"box","text":"Cash Transactions Risk.","page_number":39,"box":{"x":76,"y":23,"width":164,"height":9}},{"id":"e14d2dfe-707e-4db4-b262-9b765270328a","block_type":"box","text":"Certain Funds expect to effect their creation and redemption transactions in cash, rather than as in-kind","page_number":39,"box":{"x":245,"y":23,"width":668,"height":11}},{"id":"a1a498ee-35ac-4b95-8ea3-57f2e0dd0287","block_type":"box","text":"transactions. Paying redemption proceeds in cash rather than through in-kind delivery may require a Fund to sell investments at an","page_number":39,"box":{"x":76,"y":37,"width":838,"height":11}},{"id":"740f16f9-31f6-469c-81ed-e8a7d318bd06","block_type":"box","text":"inopportune time to obtain the cash needed to meet redemption orders. As a result, the Fund may recognize capital gains or losses that","page_number":39,"box":{"x":76,"y":52,"width":869,"height":10}},{"id":"ebbd0bd2-0e36-4cec-82ea-ffd6175397f6","block_type":"box","text":"might not have been incurred if it had made an in-kind redemption, and it may pay out higher or lower annual capital gains distributions than","page_number":39,"box":{"x":76,"y":66,"width":897,"height":11}},{"id":"e34141ef-23eb-4727-a51b-243045c9a122","block_type":"box","text":"ETFs that redeem in-kind. This may decrease the tax efficiency of the Fund compared with that of ETFs that use in-kind redemptions. The use","page_number":39,"box":{"x":77,"y":80,"width":902,"height":11}},{"id":"6deb4a1b-69c8-449a-a6c6-7c6ffc8661c8","block_type":"box","text":"of cash creations and redemptions also may cause a Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or","page_number":39,"box":{"x":76,"y":94,"width":897,"height":11}},{"id":"95621148-ee36-4c5e-a0c3-78218d9b9f71","block_type":"box","text":"discounts to the Fund’s NAV. Furthermore, a Fund may not be able to purchase or sell investments in connection with cash creations and","page_number":39,"box":{"x":76,"y":108,"width":876,"height":11}},{"id":"08f9a19a-f075-4d8f-b2aa-a47bfe4c70c1","block_type":"box","text":"redemptions, respectively, at the same price used to determine the Fund’s NAV for such creations or redemptions. To the extent that the","page_number":39,"box":{"x":77,"y":122,"width":873,"height":11}},{"id":"667f8366-2458-4e88-a0dc-4033297c43c1","block_type":"box","text":"maximum additional charge for creation or redemption transactions that can be allocated to Authorized Participants is insufficient to cover","page_number":39,"box":{"x":76,"y":137,"width":888,"height":10}},{"id":"e6ad17a2-7a81-4657-b739-574c6fe123de","block_type":"box","text":"the execution costs of a cash transaction, a Fund’s performance could be negatively impacted.","page_number":39,"box":{"x":76,"y":151,"width":606,"height":11}},{"id":"1f401ab3-e455-4e4c-b1e3-af9bb80195f3","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":39,"box":{"x":76,"y":174,"width":336,"height":8}},{"id":"3b959666-4bea-424b-a8f1-63ffbb0864ae","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":39,"box":{"x":418,"y":174,"width":562,"height":11}},{"id":"b372d352-aab6-448b-89f6-e97dc63f8831","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":39,"box":{"x":76,"y":188,"width":880,"height":11}},{"id":"6bfed70d-cd3c-4311-9c15-8560e1b9bae4","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":39,"box":{"x":76,"y":202,"width":881,"height":11}},{"id":"94effb9f-a46c-4d4a-85a5-ad79e8cf81a4","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":39,"box":{"x":76,"y":216,"width":896,"height":11}},{"id":"9699fc81-5bf2-42ce-89ed-d8d91c097c5e","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":39,"box":{"x":76,"y":231,"width":889,"height":11}},{"id":"e813e3e9-aef9-44f9-a5d5-d089642c2e4d","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":39,"box":{"x":76,"y":245,"width":903,"height":11}},{"id":"8ff17faa-3092-4148-972f-7154cfa87f38","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":39,"box":{"x":76,"y":259,"width":231,"height":9}},{"id":"83cec2fc-4a90-44a3-a07c-ae1b01583c87","block_type":"box","text":"Commodity-Linked Derivatives Risk.","page_number":39,"box":{"x":76,"y":282,"width":251,"height":11}},{"id":"f9edac78-2f82-488e-ad51-5c7750ef6a37","block_type":"box","text":"The value of a commodity-linked derivative instrument (including swaps based on such instruments)","page_number":39,"box":{"x":332,"y":282,"width":640,"height":11}},{"id":"16307ebe-f0cc-4eea-9494-6f5faebbbd4a","block_type":"box","text":"typically is based upon the price movements of the underlying commodity or an economic variable linked to such price movements.","page_number":39,"box":{"x":76,"y":296,"width":841,"height":11}},{"id":"eb694f0f-8020-4b3d-898c-52ed58fcd1c3","block_type":"box","text":"Therefore, the value of commodity-linked derivative instruments may be affected by changes in overall economic conditions, interest rates,","page_number":39,"box":{"x":76,"y":311,"width":889,"height":10}},{"id":"36b7fe56-46eb-43f8-92fa-798a88d5c51a","block_type":"box","text":"or factors affecting a particular commodity or industry, such as production, disease, climate conditions, supply or demand, politics,","page_number":39,"box":{"x":76,"y":325,"width":839,"height":11}},{"id":"ddf131e1-527c-4e4d-a8fe-e58282ff553f","block_type":"box","text":"geopolitics, changes in international balance of payments and trade, currency devaluations and revaluations, market liquidity, and economic,","page_number":39,"box":{"x":76,"y":339,"width":900,"height":11}},{"id":"fe375dd1-aec0-4310-a19b-3eec3b0f8d1b","block_type":"box","text":"political and regulatory developments. The current market prices, or “spot prices,” and the price at a specified future date implied by the","page_number":39,"box":{"x":76,"y":353,"width":872,"height":11}},{"id":"f94bf94d-3742-4583-8ac2-b50c556e0175","block_type":"box","text":"value of certain commodity-linked derivatives (including swaps based on such instruments), or the “futures prices,” for commodities will vary","page_number":39,"box":{"x":76,"y":367,"width":902,"height":11}},{"id":"6010cd58-bbe3-4e40-b692-95d5700a5d68","block_type":"box","text":"depending upon expectations regarding market conditions. The value of commodity-linked investments tied to both spot and futures prices of","page_number":39,"box":{"x":76,"y":382,"width":907,"height":10}},{"id":"e74203a0-ad0b-4ce8-af9a-6a0b88378801","block_type":"box","text":"commodities may fluctuate quickly and dramatically as a result of changes affecting a particular commodity and may or may not correlate to","page_number":39,"box":{"x":76,"y":396,"width":899,"height":11}},{"id":"9d73604c-ede7-44e7-8bea-c77018a5dbb3","block_type":"box","text":"price movements in other asset classes, such as stocks, bonds and cash. Investments in commodity-linked derivatives may be subject to","page_number":39,"box":{"x":76,"y":410,"width":876,"height":11}},{"id":"6d7fc6b8-7681-4780-b5a1-55c71510bfac","block_type":"box","text":"greater volatility than non-derivative based investments because of the leverage inherent in the use of derivatives. A highly liquid secondary","page_number":39,"box":{"x":76,"y":424,"width":895,"height":11}},{"id":"ec240394-e0ea-4b5d-97ad-077d924ea38d","block_type":"box","text":"market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked","page_number":39,"box":{"x":76,"y":438,"width":863,"height":11}},{"id":"dfd251ab-10a4-47f0-8749-35f0b8099535","block_type":"box","text":"derivatives also may be subject to credit and interest rate risks that in general affect the values of fixed-income securities. Therefore, at","page_number":39,"box":{"x":76,"y":452,"width":869,"height":11}},{"id":"2e093994-0bf0-4bed-aaef-b926ef15a264","block_type":"box","text":"maturity, the Fund may receive more or less principal than it originally invested. The Fund might receive interest payments that are more or","page_number":39,"box":{"x":76,"y":467,"width":891,"height":10}},{"id":"e10edd45-1c85-405c-8c3a-f23040b76bfa","block_type":"box","text":"less than the stated coupon interest payments. Commodity derivatives are subject to the risk that the counterparty to the transaction, the","page_number":39,"box":{"x":77,"y":481,"width":883,"height":11}},{"id":"1eee88a7-189d-4aba-9df5-476d01ede6f1","block_type":"box","text":"exchange or trading facility on which they trade or the applicable clearing house may default or otherwise fail to perform. In addition, each","page_number":39,"box":{"x":76,"y":495,"width":884,"height":11}},{"id":"31a123b9-6af5-4de8-b9d0-52ec407aeb86","block_type":"box","text":"exchange or trading facility on which derivatives are traded has the right to suspend or limit trading in all futures or other instruments that it","page_number":39,"box":{"x":76,"y":509,"width":896,"height":11}},{"id":"159c88de-8e05-4bdc-9a97-9690d2b9d69d","block_type":"box","text":"lists. The Fund’s use of commodity-linked derivatives can result in large amounts of financial leverage. Although the Fund will not borrow","page_number":39,"box":{"x":77,"y":523,"width":872,"height":11}},{"id":"65d6d360-9556-40c9-9484-ac97762c73e8","block_type":"box","text":"money in order to increase the amount of its trading, the low margin deposits normally required in futures trading permit a high degree of","page_number":39,"box":{"x":76,"y":537,"width":879,"height":11}},{"id":"688a90d5-81d7-4b24-9a3b-c0e9ff84328c","block_type":"box","text":"leverage on the investment itself. Accordingly, a relatively small price movement in a futures contract may result in immediate and","page_number":39,"box":{"x":77,"y":552,"width":832,"height":11}},{"id":"65ee1982-7624-4f33-ad34-24063835e026","block_type":"box","text":"substantial losses to the Fund. Like other leveraged investments, any trade may result in losses in excess of the amount invested. Each of","page_number":39,"box":{"x":76,"y":566,"width":882,"height":11}},{"id":"d781caae-57f6-413c-ac29-d2204b6e80b6","block_type":"box","text":"these factors and events could have a significant negative impact on the Fund.","page_number":39,"box":{"x":76,"y":580,"width":502,"height":11}},{"id":"c1709ec1-da01-4cfe-8ed2-4b77adfe8e92","block_type":"box","text":"Commodity Market Disruption Risk.","page_number":39,"box":{"x":76,"y":603,"width":248,"height":11}},{"id":"e242925b-d99a-4fbe-b5e7-9fbb06691ac7","block_type":"box","text":"The commodity markets are subject to temporary distortions and other disruptions due to, among","page_number":39,"box":{"x":329,"y":603,"width":629,"height":11}},{"id":"d8723bcb-7d24-45d6-aa26-6c39ff014930","block_type":"box","text":"other factors, lack of liquidity, the participation of speculators, and government regulation, intervention and other actions. U.S. futures","page_number":39,"box":{"x":76,"y":617,"width":861,"height":11}},{"id":"d79c21ce-e047-438c-af0c-ca7a70288f4c","block_type":"box","text":"exchanges and some foreign exchanges limit the amount of fluctuation in futures contract prices that may occur in a single business day","page_number":39,"box":{"x":76,"y":632,"width":874,"height":10}},{"id":"f4ca7c09-df3c-491e-8c50-be1cf61360cd","block_type":"box","text":"(generally referred to as “daily price fluctuation limits”). The maximum or minimum price of a contract as a result of these limits is referred to","page_number":39,"box":{"x":77,"y":646,"width":901,"height":11}},{"id":"229e4af7-0708-444d-89ae-9736674feae3","block_type":"box","text":"as a “limit price.” If the limit price has been reached in a particular contract, no trades may be executed beyond the limit price. Limit prices","page_number":39,"box":{"x":76,"y":660,"width":889,"height":11}},{"id":"7b4c2c55-0d6c-4344-b90b-36e157202d6e","block_type":"box","text":"have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices. The","page_number":39,"box":{"x":77,"y":674,"width":882,"height":11}},{"id":"fab12e29-1cc7-479c-a37f-725e4c37d9d8","block_type":"box","text":"CFTC and the U.S. commodities exchanges are also authorized to take other actions in the event of a market emergency, including, for","page_number":39,"box":{"x":76,"y":688,"width":862,"height":11}},{"id":"ea5dcfa0-24d8-47f6-ba6c-4e320f4b6e9d","block_type":"box","text":"example, the imposition of higher margin requirements and the suspension of trading. Any of those actions, if taken, could adversely affect","page_number":39,"box":{"x":76,"y":702,"width":888,"height":11}},{"id":"5788aeff-390f-420a-ad10-3eb9cedc7e79","block_type":"box","text":"the returns of the Fund.","page_number":39,"box":{"x":76,"y":717,"width":150,"height":8}},{"id":"a22d455d-6544-4a2b-a8e4-710b14593778","block_type":"box","text":"The constituents of the Underlying Index may experience such disruptions in trading. The Fund may be negatively impacted by the cessation","page_number":39,"box":{"x":76,"y":740,"width":895,"height":11}},{"id":"2d1063cb-f7dd-4a8d-8c15-4b66a95f9937","block_type":"box","text":"of trading in futures contracts included in the Fund’s Underlying Index or by a futures exchange imposing a limit price. If there is a market","page_number":39,"box":{"x":76,"y":754,"width":879,"height":11}},{"id":"5e023177-64e4-4918-b61d-0555dfee3a25","block_type":"box","text":"disruption event on a day when the Fund enters into or terminates a swap transaction tied to the Underlying Index, there could be an adverse","page_number":39,"box":{"x":76,"y":768,"width":903,"height":11}},{"id":"9926c0f6-06d0-4f5e-b23b-0ed11a62e1b1","block_type":"box","text":"impact on the Fund’s portfolio and the performance of the Fund. Market disruption events may delay payments on swaps tied to the futures","page_number":39,"box":{"x":76,"y":782,"width":894,"height":11}},{"id":"8f652e2b-042e-482f-a91e-10beb0ba4446","block_type":"box","text":"market. In order to meet redemption requests, the Fund may be forced to terminate swaps tied to the futures market at disadvantageous","page_number":39,"box":{"x":76,"y":797,"width":877,"height":10}},{"id":"7604c39a-3158-4a0e-9ad9-4d87f8c11908","block_type":"box","text":"times or prices if a market disruption event persists beyond two consecutive business days.","page_number":39,"box":{"x":76,"y":811,"width":586,"height":11}},{"id":"ebecf64f-8ba8-44cd-bccc-f57f8880f078","block_type":"box","text":"In the event of a market disruption event, the execution price the Fund will pay or receive upon the settlement of a swap transaction tied to","page_number":39,"box":{"x":77,"y":834,"width":889,"height":11}},{"id":"6add1544-7de9-4355-9eb9-84a6787d959d","block_type":"box","text":"the Underlying Index may differ from the Fund’s initial valuation of the swap, which is based on the official closing price of the Underlying","page_number":39,"box":{"x":76,"y":848,"width":876,"height":11}},{"id":"5df8cf2c-8b5b-4e30-90f8-2c214df5b5bd","block_type":"box","text":"Index, which uses the limit price of the affected contract. Authorized Participants who purchase or redeem shares on a day when one or more","page_number":39,"box":{"x":77,"y":862,"width":905,"height":11}},{"id":"58ebc24b-0cc7-423b-b5f4-c38db66f65ec","block_type":"box","text":"constituents of the Underlying Index is experiencing a market disruption event could bear additional costs associated with increased market","page_number":39,"box":{"x":76,"y":877,"width":897,"height":10}},{"id":"7d7b4488-c66c-4f50-a427-fe0761dc8b38","block_type":"box","text":"4","page_number":39,"box":{"x":525,"y":921,"width":8,"height":8}},{"id":"f03baa80-1f43-4318-98cb-5597fca61ae9","block_type":"box","text":"risk because the execution price of the swap may differ from the value assigned to the swap on the day the Authorized Participant submits","page_number":40,"box":{"x":77,"y":23,"width":885,"height":11}},{"id":"69cb4a22-00be-48cc-807f-b60982e8bb33","block_type":"box","text":"their creation or redemption order. Such market disruption events may have an adverse effect on the value of the Fund shares.","page_number":40,"box":{"x":76,"y":37,"width":811,"height":11}},{"id":"53084d0a-12fd-4bf6-913c-3af5bae14721","block_type":"box","text":"Commodity Risk.","page_number":40,"box":{"x":76,"y":61,"width":117,"height":10}},{"id":"5c7360c3-8deb-40d1-9c8c-2734f04a910b","block_type":"box","text":"Commodity prices may be influenced or characterized by unpredictable factors, including, where applicable, high","page_number":40,"box":{"x":198,"y":61,"width":723,"height":10}},{"id":"612bf38e-23dc-47c3-8ccc-939b0872747e","block_type":"box","text":"volatility, changes in supply and demand relationships, weather, agriculture, trade, pestilence, political instability, war, catastrophic even","page_number":40,"box":{"x":76,"y":75,"width":873,"height":11}},{"id":"98de97f0-595e-4d6a-97da-89e19652062e","block_type":"box","text":"ts,","page_number":40,"box":{"x":951,"y":76,"width":14,"height":9}},{"id":"f24d7094-9625-4d88-a6de-de305d24eb59","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":40,"box":{"x":76,"y":89,"width":895,"height":11}},{"id":"0df668f5-ac90-41c0-bc48-7817dc1156b3","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":40,"box":{"x":76,"y":103,"width":890,"height":11}},{"id":"1af68514-566a-4401-b902-42c02b93624e","block_type":"box","text":"even higher volatility attributable to commodity prices.","page_number":40,"box":{"x":76,"y":117,"width":349,"height":11}},{"id":"e66f9c6b-1e5d-4d28-83db-caf7eb0e7d74","block_type":"box","text":"Concentration Risk.","page_number":40,"box":{"x":76,"y":140,"width":136,"height":9}},{"id":"d1e5705b-7430-4e95-8ffd-6d8aa4486787","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":40,"box":{"x":217,"y":140,"width":744,"height":11}},{"id":"542c00ef-fc31-476e-864d-4cb3e9efa5c8","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":40,"box":{"x":76,"y":155,"width":903,"height":10}},{"id":"685a8945-764f-4b66-9856-4ba417093e77","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":40,"box":{"x":76,"y":169,"width":853,"height":11}},{"id":"6c45c593-95a4-4073-8dcf-9c5aff7b3cf8","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":40,"box":{"x":76,"y":183,"width":897,"height":11}},{"id":"0d8eb520-3390-4684-b3ac-c4eb1b1336e1","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":40,"box":{"x":76,"y":197,"width":905,"height":11}},{"id":"c4b9a4ec-a092-4658-9ce9-65504bda0613","block_type":"box","text":"its investments.","page_number":40,"box":{"x":76,"y":211,"width":100,"height":9}},{"id":"36431dbb-c894-4bd9-ab15-1763b37e74ef","block_type":"box","text":"Counterparty Risk.","page_number":40,"box":{"x":76,"y":235,"width":129,"height":10}},{"id":"ed6c2837-4e03-401a-aebc-0472862329be","block_type":"box","text":"Certain commodity-linked derivative instruments, uncleared swaps and other forms of financial instruments that involve","page_number":40,"box":{"x":211,"y":235,"width":767,"height":10}},{"id":"b8fb2e27-0e25-4e27-b52b-4838d26ba759","block_type":"box","text":"counterparties subject the Fund to the risk that the counterparty could default on its obligations under the agreement, either through the","page_number":40,"box":{"x":76,"y":249,"width":877,"height":11}},{"id":"5fca6535-6539-4a9b-afc4-3f36934d0599","block_type":"box","text":"counterparty’s bankruptcy or failure to perform its obligations. In the event of a counterparty default, the Fund could experience lengthy","page_number":40,"box":{"x":76,"y":263,"width":871,"height":11}},{"id":"d1edb748-0673-4662-8765-d0e02a2e474e","block_type":"box","text":"delays in recovering some or all of its assets or obtain no recovery at all and, if the counterparty is subject to specified types of resolution","page_number":40,"box":{"x":76,"y":277,"width":880,"height":11}},{"id":"3a97b056-7f7a-4b5a-bb0a-f4ea3dea9c1c","block_type":"box","text":"proceedings, the Fund may be subject to stays that limit its ability to close out positions and limit risk. The Fund may deposit funds required","page_number":40,"box":{"x":76,"y":291,"width":894,"height":11}},{"id":"79d26377-6108-478d-9aee-5cca13394f7c","block_type":"box","text":"to margin open positions in the derivative instruments subject to the CEA with a clearing broker registered as an FCM, which is an entity that","page_number":40,"box":{"x":76,"y":305,"width":901,"height":11}},{"id":"b0e82e0e-6c13-4701-8d32-31274f4c82ba","block_type":"box","text":"solicits or accepts orders to buy or sell commodity futures, options, swaps or forward contracts and accepts money or other assets from","page_number":40,"box":{"x":76,"y":320,"width":875,"height":10}},{"id":"6d04a54b-9ca5-4249-9891-da5cb5940679","block_type":"box","text":"customers to support such orders. The FCM could default on an obligation set forth in an agreement between the Fund and the FCM,","page_number":40,"box":{"x":76,"y":334,"width":849,"height":11}},{"id":"544883ed-02c3-4979-aeb0-acfc1886d5ea","block_type":"box","text":"including the FCM’s obligation to return margin posted in connection with the Fund’s futures contracts. If a counterparty defaults on its","page_number":40,"box":{"x":76,"y":348,"width":864,"height":11}},{"id":"ed73bff5-239d-44ed-8bb3-e497651a1cad","block_type":"box","text":"payment obligations, the Fund may lose money and the value of an investment in Fund shares may decrease. In addition, the Fund may","page_number":40,"box":{"x":76,"y":362,"width":864,"height":11}},{"id":"07e79484-2b09-4fc8-a22a-505a8c277c80","block_type":"box","text":"engage in such investment transactions with a limited number of counterparties, which may increase the Fund’s exposure to counterparty","page_number":40,"box":{"x":76,"y":376,"width":883,"height":11}},{"id":"283b9633-637f-49ce-94a4-6be792e21dff","block_type":"box","text":"credit risk.","page_number":40,"box":{"x":76,"y":391,"width":67,"height":8}},{"id":"475711c5-7bd3-4106-a072-5eb1d4beb99d","block_type":"box","text":"Credit Risk.","page_number":40,"box":{"x":76,"y":414,"width":79,"height":8}},{"id":"7cae37e4-b9d2-461c-8f4b-4fa68582396c","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or unwilling, or may","page_number":40,"box":{"x":161,"y":414,"width":818,"height":11}},{"id":"23fae467-67d7-478a-98a9-ad5562a20c8e","block_type":"box","text":"be perceived as unable or unwilling (whether by market participants, ratings agencies, pricing services or otherwise), to make timely principal","page_number":40,"box":{"x":76,"y":428,"width":904,"height":11}},{"id":"ffccd5df-10ec-48c8-b215-e28e773d9265","block_type":"box","text":"and/or interest payments or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating","page_number":40,"box":{"x":76,"y":442,"width":877,"height":11}},{"id":"3d8d6fce-6582-4493-8f9c-1eba1af5d68d","block_type":"box","text":"agency; generally, lower credit quality issuers present higher credit risks. The credit rating assigned to a security or its issuer does not","page_number":40,"box":{"x":76,"y":456,"width":858,"height":11}},{"id":"39525f2f-bda6-4824-9825-6a4c1f3d997b","block_type":"box","text":"necessarily reflect the issuer’s current financial condition or an investment’s volatility or liquidity. An actual or perceived decline in an","page_number":40,"box":{"x":76,"y":470,"width":853,"height":11}},{"id":"aff3d1e6-0e59-45bc-a977-48e242e128cd","block_type":"box","text":"issuer’s creditworthiness may result in a decrease in the value and liquidity of its securities as well as greater price volatility, which may make","page_number":40,"box":{"x":76,"y":485,"width":906,"height":10}},{"id":"5f873a78-c1c3-4718-8c60-79afad294ea7","block_type":"box","text":"it difficult for a Fund to sell the securities and otherwise have an adverse impact on the Fund. It is possible that the ability of an issuer to","page_number":40,"box":{"x":76,"y":499,"width":872,"height":11}},{"id":"28cee00f-b266-4172-8b2f-4c2c797372cc","block_type":"box","text":"meet its obligations will decline substantially during the period when a Fund owns securities of the issuer or that the issuer will default on its","page_number":40,"box":{"x":76,"y":513,"width":897,"height":11}},{"id":"f4cc7278-40ad-4549-9fc5-0792907912b5","block_type":"box","text":"obligations or that the obligations of the issuer will be limited or restructured. A Fund may be adversely affected if an investment that it holds","page_number":40,"box":{"x":76,"y":527,"width":903,"height":11}},{"id":"9746fd91-ec60-4251-b849-c1a36abf4ad6","block_type":"box","text":"experiences a downgrade or a default.","page_number":40,"box":{"x":76,"y":541,"width":244,"height":11}},{"id":"07532cba-8433-49bd-96f6-8644a10518b5","block_type":"box","text":"Currency Risk.","page_number":40,"box":{"x":76,"y":565,"width":100,"height":10}},{"id":"7a356def-5b1b-4265-9e4c-5f9f7bcefd9e","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":40,"box":{"x":182,"y":565,"width":782,"height":10}},{"id":"da72eb04-f714-4fdd-8fc4-6f3d2bb44c95","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":40,"box":{"x":77,"y":579,"width":871,"height":11}},{"id":"28891550-a035-4d0f-bfd4-ad12fd8d6f7d","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":40,"box":{"x":76,"y":593,"width":867,"height":11}},{"id":"891f5398-d917-4389-922d-fdf2ba43499a","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":40,"box":{"x":76,"y":607,"width":892,"height":11}},{"id":"efcb995d-b008-4736-8f59-5d7d5c207eb7","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":40,"box":{"x":76,"y":621,"width":470,"height":11}},{"id":"8d329e64-0a7f-404d-9980-17a03e678f3c","block_type":"box","text":"Derivatives Risk.","page_number":40,"box":{"x":77,"y":644,"width":115,"height":9}},{"id":"1380a65e-3b83-4df8-a3fa-13f40ab01926","block_type":"box","text":"A Fund’s use of derivatives (","page_number":40,"box":{"x":197,"y":644,"width":179,"height":11}},{"id":"bad895b7-2685-4de3-97f5-60294f560bcf","block_type":"box","text":"e.g.","page_number":40,"box":{"x":377,"y":647,"width":21,"height":8}},{"id":"43b45b3c-5674-4864-83cb-78f00ff93668","block_type":"box","text":", futures, forwards, swaps, options) may be riskier than other types of investments and","page_number":40,"box":{"x":400,"y":644,"width":555,"height":11}},{"id":"f9b7f593-14ba-4066-a8fd-6459470a3a47","block_type":"box","text":"may not have the intended effect on a Fund’s performance. Derivatives can be sensitive to changes in economic and market conditions, and","page_number":40,"box":{"x":76,"y":659,"width":896,"height":11}},{"id":"63da586a-95ec-4dca-abfd-76467ade0f9f","block_type":"box","text":"they may increase a Fund’s volatility. A Fund also may experience reduced returns as a result of transaction costs and losses on derivatives","page_number":40,"box":{"x":76,"y":673,"width":891,"height":11}},{"id":"c01ad1d5-4d02-41c8-89c2-8363c4937be4","block_type":"box","text":"positions. There is the risk of imperfect correlation between the value of a derivative and that of the asset underlying the derivative.","page_number":40,"box":{"x":76,"y":687,"width":841,"height":11}},{"id":"2f32c4d6-823d-480a-a770-f41b54dd4cad","block_type":"box","text":"Derivatives may create investment leverage, which could result in losses that significantly exceed a Fund’s original investment. Due to their","page_number":40,"box":{"x":77,"y":701,"width":891,"height":11}},{"id":"a4a356ac-6f3a-4302-bf99-e354117c83b4","block_type":"box","text":"complexity, derivatives are subject to the risk of mispricing or improper valuation. The possible lack of a liquid secondary market for","page_number":40,"box":{"x":76,"y":715,"width":845,"height":11}},{"id":"ad08d202-7a9a-4349-b27d-646f40d4690b","block_type":"box","text":"derivatives and the resulting inability of a Fund to sell or otherwise close a derivatives position could expose a Fund to losses and could make","page_number":40,"box":{"x":76,"y":730,"width":904,"height":10}},{"id":"9194aa0f-0767-41eb-b096-a341e338e637","block_type":"box","text":"derivatives more difficult for a Fund to value accurately.","page_number":40,"box":{"x":76,"y":744,"width":355,"height":11}},{"id":"2c339c3d-bf8c-42bc-9e2f-a5516b7b2e2a","block_type":"box","text":"Certain derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual","page_number":40,"box":{"x":76,"y":767,"width":863,"height":11}},{"id":"b229d05a-72e1-4fe0-a843-6f43a0c289e9","block_type":"box","text":"obligations. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard","page_number":40,"box":{"x":76,"y":781,"width":895,"height":11}},{"id":"24941ea8-13f3-4ae1-8fbf-3fe98c0058ee","block_type":"box","text":"to such derivatives, a Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Regulatory","page_number":40,"box":{"x":76,"y":795,"width":838,"height":11}},{"id":"784d48af-32ec-44ae-a4f0-457a931b4b41","block_type":"box","text":"requirements may delay or restrict a Fund’s exercise of remedies if a derivative counterparty were to default, which could adversely impact","page_number":40,"box":{"x":77,"y":809,"width":888,"height":11}},{"id":"0c63463c-e72d-48e7-84d7-8843e2ec9409","block_type":"box","text":"the Fund.","page_number":40,"box":{"x":76,"y":824,"width":59,"height":8}},{"id":"562a0a5b-0848-4dc5-98c0-05c355c99b65","block_type":"box","text":"The use of derivatives exposes a Fund to operational risks, such as documentation and settlement issues, systems failures, inadequate","page_number":40,"box":{"x":76,"y":847,"width":863,"height":11}},{"id":"6e348351-986f-41e1-b777-3a6ffa701c23","block_type":"box","text":"controls and human error. Derivatives also involve legal risks, including insufficient documentation, insufficient capacity or authority of a","page_number":40,"box":{"x":76,"y":861,"width":872,"height":11}},{"id":"4be0fccc-7902-49f0-8429-2ccb9cbd151b","block_type":"box","text":"5","page_number":40,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"629a5fab-44b9-4713-ad34-7ed1f34b5308","block_type":"box","text":"counterparty, and the legality and enforceability of a contract. Derivatives expose a Fund to derivative liquidity risks relating to potential","page_number":41,"box":{"x":76,"y":23,"width":869,"height":11}},{"id":"0a7fdba4-9276-408c-8a8d-b3e2f8393ce2","block_type":"box","text":"liquidity demands for a Fund to make margin, collateral, or settlement payments.","page_number":41,"box":{"x":77,"y":37,"width":515,"height":11}},{"id":"9bf29ed7-4654-4d29-907c-5190c5ae97d5","block_type":"box","text":"Energy Sector Risk.","page_number":41,"box":{"x":77,"y":61,"width":133,"height":10}},{"id":"5763087c-840f-41f3-92ca-23e628f642f2","block_type":"box","text":"The performance of energy-related commodities is generally cyclical and highly dependent on energy prices. Energy","page_number":41,"box":{"x":215,"y":61,"width":743,"height":10}},{"id":"78af7bae-8305-460b-9858-016d969bc3f0","block_type":"box","text":"prices may fluctuate significantly due to, among other things, national and international political changes, Organization of Petroleum","page_number":41,"box":{"x":76,"y":75,"width":845,"height":11}},{"id":"a14978db-2507-48cb-8adf-4bee7aeb6b56","block_type":"box","text":"Exporting Countries (“OPEC”) and non-OPEC energy exporters, such as the Russian Federation, policies and relationships, and the","page_number":41,"box":{"x":77,"y":89,"width":831,"height":11}},{"id":"8d94e4ef-34cb-4496-9d5e-eac533a86b82","block_type":"box","text":"economies of key energy-consuming countries. The market value of energy-related commodities may decline for many reasons, including,","page_number":41,"box":{"x":76,"y":103,"width":881,"height":11}},{"id":"c413e85a-a96e-4364-93c9-ac2dd93df8c3","block_type":"box","text":"among other things: changes in the levels and volatility of global energy prices, energy supply and demand, and capital expenditures on","page_number":41,"box":{"x":76,"y":117,"width":865,"height":11}},{"id":"460963f4-246a-4f8d-bd7e-a07899d86f68","block_type":"box","text":"exploration and production of energy sources; exchange rates, interest rates, economic conditions, and tax treatment; terrorism, natural","page_number":41,"box":{"x":76,"y":131,"width":874,"height":11}},{"id":"efbc27fe-e07f-48e8-ae22-bff6b3ee02d8","block_type":"box","text":"disasters and other catastrophes; and energy conservation efforts, increased competition and technological advances. The energy sector","page_number":41,"box":{"x":76,"y":146,"width":879,"height":10}},{"id":"3493227b-d364-4d47-887c-895ee3d579ae","block_type":"box","text":"may also be subject to substantial government regulation and contractual fixed pricing. In 2020, in the context of the COVID-19 outbreak and","page_number":41,"box":{"x":76,"y":160,"width":905,"height":11}},{"id":"f887fc52-c537-431e-b330-8384e3a827aa","block_type":"box","text":"disputes among oil-producing countries regarding potential limits on the production of crude oil, the energy sector has experienced","page_number":41,"box":{"x":76,"y":174,"width":840,"height":11}},{"id":"358b12a8-8aed-4350-b4ff-e8acbaf90416","block_type":"box","text":"increased volatility. In particular, significant market volatility occurred in the crude oil markets as well as the oil futures markets, which","page_number":41,"box":{"x":76,"y":188,"width":861,"height":11}},{"id":"6a46ae83-d21c-4b87-a094-b538f2418c97","block_type":"box","text":"resulted in the market price of the front month WTI crude oil futures contract falling below zero for a period of time.","page_number":41,"box":{"x":77,"y":202,"width":737,"height":11}},{"id":"e02ce198-d213-4612-b136-c1c4bd11a48a","block_type":"box","text":"European Economic Risk.","page_number":41,"box":{"x":77,"y":226,"width":174,"height":10}},{"id":"34216de9-3386-47d1-bce6-9211ec44e927","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the EU requires compliance by member states that are","page_number":41,"box":{"x":256,"y":226,"width":704,"height":10}},{"id":"361e16da-5a85-4b0e-8410-93dffd4bf9e3","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":41,"box":{"x":76,"y":240,"width":893,"height":11}},{"id":"82fbb358-5a86-4eff-84c7-6782d129fed3","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":41,"box":{"x":76,"y":254,"width":899,"height":11}},{"id":"036c96de-22a9-42f3-bfba-a5978c970c39","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":41,"box":{"x":77,"y":268,"width":888,"height":11}},{"id":"da2dad72-f493-4a97-938e-ce360029c196","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":41,"box":{"x":77,"y":282,"width":879,"height":11}},{"id":"8560361d-b6bb-4673-8630-48c5e8cab099","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":41,"box":{"x":76,"y":296,"width":887,"height":11}},{"id":"8f34c2cb-0a53-4611-af56-9fbe9596c14f","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":41,"box":{"x":76,"y":311,"width":874,"height":10}},{"id":"187f2613-580d-4323-bbff-67a62baf982a","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":41,"box":{"x":76,"y":325,"width":889,"height":11}},{"id":"98fee5c9-bf7f-4f86-ab66-666ca069214b","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":41,"box":{"x":76,"y":339,"width":899,"height":11}},{"id":"29ee9dbe-686a-41fe-a31e-967d906ac1c2","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":41,"box":{"x":76,"y":353,"width":904,"height":11}},{"id":"344a0cfe-c2f6-4df3-9e83-61d88d576f5c","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":41,"box":{"x":76,"y":367,"width":857,"height":11}},{"id":"b9498c93-1026-440e-83c9-2309108efc42","block_type":"box","text":"countries.","page_number":41,"box":{"x":76,"y":382,"width":63,"height":8}},{"id":"77571eba-89f5-4298-9180-46631415909b","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":41,"box":{"x":77,"y":405,"width":878,"height":11}},{"id":"719935d5-6777-4ab9-859d-0cfbb2b0cac3","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":41,"box":{"x":76,"y":419,"width":858,"height":11}},{"id":"ed4e4914-c2b9-45e4-8354-4cb12657945a","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":41,"box":{"x":76,"y":433,"width":882,"height":11}},{"id":"efd3995d-6bcb-4cf2-b982-4f1cd6b1cebc","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":41,"box":{"x":76,"y":447,"width":859,"height":11}},{"id":"dec7b17c-0b0f-40e5-ae91-a2f1c25d9178","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":41,"box":{"x":76,"y":461,"width":866,"height":11}},{"id":"0122443a-fd01-4fd1-b7e6-ef5db065c74e","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":41,"box":{"x":77,"y":476,"width":894,"height":10}},{"id":"1997096b-c784-47f5-bdbf-6776fa359d89","block_type":"box","text":"l","page_number":41,"box":{"x":973,"y":476,"width":1,"height":8}},{"id":"e955caf2-c8e4-4329-96a8-ec0fdfc20000","block_type":"box","text":"markets.","page_number":41,"box":{"x":76,"y":490,"width":55,"height":8}},{"id":"d3640403-8ce8-4cc1-9f10-b1e4d4b05165","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":41,"box":{"x":76,"y":513,"width":880,"height":11}},{"id":"1bbfb1f1-a261-425b-8370-49d0d51b7e5d","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":41,"box":{"x":76,"y":527,"width":896,"height":11}},{"id":"dab4e6cd-b436-4ca2-a7ee-6d43c9804f86","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":41,"box":{"x":76,"y":541,"width":845,"height":11}},{"id":"6473391c-e794-474b-a298-5a9096c411d3","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":41,"box":{"x":76,"y":556,"width":871,"height":10}},{"id":"91217be5-e6af-40b6-bc6d-1bcdf45e81c8","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":41,"box":{"x":76,"y":570,"width":872,"height":11}},{"id":"7ad02064-d5c1-46ea-b0cf-22cf83867abe","block_type":"box","text":"investments.","page_number":41,"box":{"x":76,"y":584,"width":81,"height":8}},{"id":"7cd5032f-1f64-4a54-b7f0-3c50f8ada4a4","block_type":"box","text":"Russian Invasion of Ukraine","page_number":41,"box":{"x":76,"y":607,"width":172,"height":9}},{"id":"3f3347da-693f-4a22-bd38-41d3bfed0e6e","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":41,"box":{"x":250,"y":607,"width":720,"height":11}},{"id":"f7f406c5-8bb5-4eb7-bcbd-114e5dacdd75","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":41,"box":{"x":76,"y":621,"width":893,"height":11}},{"id":"bbd4c8a9-3d64-40b7-b09a-88928ed0a50b","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":41,"box":{"x":76,"y":635,"width":887,"height":11}},{"id":"c8c7d13b-a6de-4438-8ee9-a22c118406fa","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":41,"box":{"x":76,"y":650,"width":886,"height":10}},{"id":"ca05a070-9a9c-4e23-953d-24ab191ae2bd","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":41,"box":{"x":76,"y":664,"width":894,"height":11}},{"id":"282e537f-8d24-4a43-a48d-c2a7afcd5bbb","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":41,"box":{"x":76,"y":678,"width":891,"height":11}},{"id":"a150e633-7dce-449e-9c72-8370f38e3349","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":41,"box":{"x":76,"y":692,"width":885,"height":11}},{"id":"5f45d4db-4759-41c4-ba16-6455cf552596","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":41,"box":{"x":76,"y":706,"width":892,"height":11}},{"id":"29a81e52-aacc-4f4f-ace6-2a9e41c93b89","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":41,"box":{"x":77,"y":721,"width":431,"height":10}},{"id":"b98bb271-7b37-4753-96e5-d0aeabebdc2e","block_type":"box","text":"Futures Contract Risk.","page_number":41,"box":{"x":77,"y":744,"width":154,"height":8}},{"id":"a45a3832-dd4d-49e6-aa51-0d8cfaee1e59","block_type":"box","text":"Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing","page_number":41,"box":{"x":237,"y":744,"width":718,"height":11}},{"id":"6a565c57-c907-4300-9704-83644cfd4557","block_type":"box","text":"directly in the underlying assets. Swaps or other derivatives on futures contracts also may be adversely impacted by these risks. The primary","page_number":41,"box":{"x":76,"y":758,"width":901,"height":11}},{"id":"25c3aa2a-16eb-4a21-ab4d-0b3e5233ff8d","block_type":"box","text":"risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and that of the underlying asset; (ii)","page_number":41,"box":{"x":77,"y":772,"width":890,"height":11}},{"id":"58a60162-4946-4bcb-89a8-402846b7a754","block_type":"box","text":"resale restrictions or the lack of a liquid secondary market and the resulting inability to close a futures contract when desired; (iii) losses","page_number":41,"box":{"x":77,"y":786,"width":873,"height":11}},{"id":"0c0f27c1-1ae2-4eb9-a869-912a70cd05f0","block_type":"box","text":"from unanticipated market movements, which are potentially unlimited; (iv) BFA’s inability to predict correctly the direction of the prices of","page_number":41,"box":{"x":76,"y":800,"width":886,"height":11}},{"id":"0634fc81-f826-4b35-8ed1-3a4a66a34f5a","block_type":"box","text":"futures contracts and other financial and economic factors; (v) a counterparty’s default in the performance of its obligations; (vi) the","page_number":41,"box":{"x":76,"y":815,"width":845,"height":10}},{"id":"3a13682b-4c1b-41d0-9f32-e245b172607f","block_type":"box","text":"obligation to make daily cash payments to maintain the required margin for the futures contract; and (vii) the possibility that a failure to close","page_number":41,"box":{"x":76,"y":829,"width":904,"height":11}},{"id":"16e6cc80-97e9-45d3-87e2-4fe83795ae5c","block_type":"box","text":"a position may result in delivery of an illiquid commodity.","page_number":41,"box":{"x":76,"y":843,"width":362,"height":11}},{"id":"0db6ae5a-3700-4d87-b0c1-59afb6f1ff90","block_type":"box","text":"A Fund that rolls futures contracts is subject to additional risk. If the market for the futures contracts is in “contango,” meaning that the price","page_number":41,"box":{"x":76,"y":866,"width":904,"height":11}},{"id":"37c2f01f-75cf-4447-8b41-58c21fa555ef","block_type":"box","text":"of futures contracts in nearer months is lower than the price of contracts in distant months, the sale of a near-term month contract will be at","page_number":41,"box":{"x":76,"y":880,"width":901,"height":11}},{"id":"180f3f6d-ea54-4177-ae96-c217e4320a35","block_type":"box","text":"6","page_number":41,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"53b2b25c-7b12-482d-91f8-710fd20d9c8d","block_type":"box","text":"a lower price than the cost of the longer-term contract, resulting in a cost to roll the contract. A Fund may also lose money in rolling a","page_number":42,"box":{"x":76,"y":23,"width":858,"height":11}},{"id":"95a76fc4-24a5-481a-baa6-3a209d84de5c","block_type":"box","text":"futures contract if the two contracts are trading at different prices as compared to fair value – for example, if the futures contract held by the","page_number":42,"box":{"x":76,"y":37,"width":903,"height":11}},{"id":"93b9ba49-a601-4f3b-b4e8-4d8ef61ae8f4","block_type":"box","text":"Fund is trading at a discount to fair value and the new contract being rolled into is trading at a premium to fair value. A Fund may not roll","page_number":42,"box":{"x":77,"y":51,"width":871,"height":11}},{"id":"db617aee-3acc-4fc5-94a0-18dc3943ce97","block_type":"box","text":"futures contracts on a predefined schedule; instead, BFA may determine to roll to another futures contract in an attempt to generate","page_number":42,"box":{"x":76,"y":66,"width":849,"height":11}},{"id":"be7204fe-d530-482e-ab98-cc88bd328c0d","block_type":"box","text":"maximum yield. There can be no guarantee that such a strategy will produce the desired results.","page_number":42,"box":{"x":76,"y":80,"width":615,"height":11}},{"id":"96b6f965-3c33-4ef0-a351-dfcb82c0e2dc","block_type":"box","text":"In addition, U.S. regulations limit the types of foreign-listed futures contracts that U.S. investors are allowed to invest in. As a result, a Fund","page_number":42,"box":{"x":77,"y":103,"width":891,"height":11}},{"id":"78629a9d-b5be-4833-9d3b-499ecc896ed4","block_type":"box","text":"may not be able to gain the exposure it seeks through certain non-U.S. futures contracts.","page_number":42,"box":{"x":76,"y":117,"width":570,"height":11}},{"id":"82308884-0bcf-424b-b7c2-11c9f58eb390","block_type":"box","text":"Geographic and Security Risks.","page_number":42,"box":{"x":76,"y":140,"width":216,"height":11}},{"id":"75b61558-3fd8-4897-813b-b2869388b96c","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":42,"box":{"x":298,"y":140,"width":668,"height":11}},{"id":"21ec03c7-ba7b-4c73-bd46-ecbba5e82449","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":42,"box":{"x":76,"y":155,"width":885,"height":10}},{"id":"7dfa38c8-996a-49cf-a0f5-d7cf0d607d01","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":42,"box":{"x":76,"y":169,"width":840,"height":11}},{"id":"c13f23b1-c377-4dda-98e8-ed2c3f230616","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":42,"box":{"x":76,"y":183,"width":845,"height":11}},{"id":"70eb44e0-819c-4386-b7c7-211ac08ac6d3","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":42,"box":{"x":76,"y":197,"width":570,"height":11}},{"id":"0b687a23-4ea7-4d1a-8d61-4f0515dd7a31","block_type":"box","text":"Illiquid Investments Risk.","page_number":42,"box":{"x":77,"y":220,"width":174,"height":11}},{"id":"02af66ee-1b43-41a4-90f0-cc62b7f1b2bd","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":42,"box":{"x":256,"y":220,"width":719,"height":11}},{"id":"bcd33a44-0ff8-476c-b6d3-3c70ee3a4202","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":42,"box":{"x":76,"y":235,"width":883,"height":10}},{"id":"e8d3e9b0-8426-4985-8c52-662332165de4","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":42,"box":{"x":76,"y":249,"width":885,"height":11}},{"id":"b7b4c719-afe8-4142-93e8-d854d09d4ed3","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":42,"box":{"x":76,"y":263,"width":902,"height":11}},{"id":"75c69755-a046-4ee4-ac96-0e7003f4e450","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":42,"box":{"x":76,"y":277,"width":890,"height":11}},{"id":"80ad25a7-2cdb-458b-85e0-8be1f1060f0a","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":42,"box":{"x":77,"y":291,"width":751,"height":11}},{"id":"7f54ddaa-4848-4775-ae61-2e1d730cb4d1","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":42,"box":{"x":77,"y":314,"width":884,"height":11}},{"id":"7c979ab9-3a80-49b7-8902-e27e3bb79a7f","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":42,"box":{"x":76,"y":329,"width":900,"height":10}},{"id":"029e583f-a5cd-4708-b819-daf9e3fbf1ee","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":42,"box":{"x":76,"y":343,"width":867,"height":11}},{"id":"151b2115-5b4c-46ca-b45f-ff67cd0e9db7","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":42,"box":{"x":77,"y":366,"width":900,"height":11}},{"id":"7faedd82-b962-4e3d-bd0a-d4ad79fe3654","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":42,"box":{"x":76,"y":380,"width":890,"height":11}},{"id":"08777518-7ef8-4db0-9a8e-3724e530d13a","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":42,"box":{"x":76,"y":394,"width":828,"height":11}},{"id":"36c9e65e-dd78-4472-b578-1d90b615572b","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":42,"box":{"x":77,"y":409,"width":873,"height":10}},{"id":"f4edf3ee-2180-41fc-b8cf-33b8187bf407","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":42,"box":{"x":77,"y":423,"width":887,"height":11}},{"id":"4d264167-e9f9-45fe-8441-df0f146baaf8","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":42,"box":{"x":77,"y":437,"width":896,"height":11}},{"id":"04650b8f-f0bb-46de-9652-e562f3ab38be","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":42,"box":{"x":76,"y":451,"width":869,"height":11}},{"id":"fa7338de-e93f-4f27-b998-32fef539c157","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":42,"box":{"x":77,"y":465,"width":886,"height":11}},{"id":"baf35bd3-ee13-4a4e-8d02-a5535a60a3c1","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":42,"box":{"x":77,"y":479,"width":858,"height":11}},{"id":"7c426a7f-442b-4b41-a3fa-1291f3afa658","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":42,"box":{"x":76,"y":494,"width":254,"height":10}},{"id":"e1874e2f-0843-4d67-82d3-4f7f8612df7a","block_type":"box","text":"Income Risk.","page_number":42,"box":{"x":77,"y":517,"width":87,"height":8}},{"id":"ce086fbb-b06f-4bcc-a237-7093de2e7e92","block_type":"box","text":"A Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund may be required to","page_number":42,"box":{"x":169,"y":517,"width":811,"height":11}},{"id":"ceba8a8c-5255-43d6-af1e-e1b065dc9260","block_type":"box","text":"invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is prepaid or when the Fund","page_number":42,"box":{"x":76,"y":531,"width":843,"height":11}},{"id":"8e85af4c-82bc-46a1-987e-1aa2ec121626","block_type":"box","text":"otherwise needs to purchase additional bonds, such as due to a substitution in the underlying index for an index fund.","page_number":42,"box":{"x":76,"y":545,"width":752,"height":11}},{"id":"f8ce8a73-554b-4102-9579-d5d8db681883","block_type":"box","text":"Index-Related Risk.","page_number":42,"box":{"x":77,"y":568,"width":132,"height":9}},{"id":"d3080c53-7c51-4bc4-b3f5-a607c70c1d43","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":42,"box":{"x":214,"y":568,"width":728,"height":11}},{"id":"1edfd85b-fa15-47a5-8a66-304a284d06cd","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":42,"box":{"x":76,"y":583,"width":869,"height":10}},{"id":"6a7b6550-7072-47c4-8f7e-2466778b323d","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":42,"box":{"x":77,"y":597,"width":872,"height":11}},{"id":"c90e8f7c-4522-4c6c-9d4b-0595e6457a1b","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":42,"box":{"x":77,"y":611,"width":862,"height":11}},{"id":"0078b0a2-5d37-41dc-b22f-79b8ea67d89b","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":42,"box":{"x":76,"y":625,"width":897,"height":11}},{"id":"f6994769-98e3-4487-b230-0c8c07f52872","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":42,"box":{"x":76,"y":639,"width":881,"height":11}},{"id":"a6dd503c-07e6-4983-8e0c-481b7d5b90f7","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":42,"box":{"x":76,"y":663,"width":852,"height":10}},{"id":"f5e57408-1144-457b-b559-c9599a40d4ba","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":42,"box":{"x":76,"y":677,"width":850,"height":11}},{"id":"d16b78b4-2464-421f-a538-4237906fa348","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":42,"box":{"x":76,"y":691,"width":877,"height":11}},{"id":"7c9c3d6b-aed3-4648-bb99-164e8bcdd2d1","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":42,"box":{"x":76,"y":705,"width":906,"height":11}},{"id":"d8fe4ec7-5632-4390-b68e-eb5f7116ccd5","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":42,"box":{"x":76,"y":719,"width":904,"height":11}},{"id":"3ee9dc47-2f27-4bdc-a3c6-700340b8d3f4","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":42,"box":{"x":76,"y":733,"width":894,"height":11}},{"id":"a1812b02-7ca5-4d55-aff2-d360e6f361ae","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":42,"box":{"x":76,"y":748,"width":877,"height":10}},{"id":"cdcd0721-a9a0-4e9c-bf7b-05c2b5f80af3","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":42,"box":{"x":76,"y":762,"width":881,"height":11}},{"id":"04ea5e61-003f-4d05-a19e-20168d2d2903","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":42,"box":{"x":76,"y":776,"width":844,"height":11}},{"id":"4726f677-6b47-46b7-96cc-53ea6f7e87af","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":42,"box":{"x":77,"y":790,"width":879,"height":11}},{"id":"e05d15ce-c614-494a-97a0-2a566a2701fe","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":42,"box":{"x":76,"y":804,"width":340,"height":11}},{"id":"57d8a951-91aa-48bb-be17-d36831b2cf24","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":42,"box":{"x":77,"y":828,"width":857,"height":10}},{"id":"6fa60665-bb70-4689-9472-4903c869d815","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":42,"box":{"x":77,"y":842,"width":880,"height":11}},{"id":"36a92c03-8843-4dfd-a236-68a7d457eaff","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":42,"box":{"x":76,"y":856,"width":902,"height":11}},{"id":"763a912d-10b5-43c6-80d6-73b2e85a772d","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":42,"box":{"x":76,"y":870,"width":905,"height":11}},{"id":"55489ec4-de21-44b0-a48f-245474a603c8","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":42,"box":{"x":76,"y":884,"width":889,"height":11}},{"id":"4efa00d0-fedb-4007-961c-8c1e5bb7a56e","block_type":"box","text":"7","page_number":42,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"886e28c5-d395-4ea3-b05c-91bde1d1a389","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":43,"box":{"x":76,"y":23,"width":890,"height":11}},{"id":"042475ad-0990-4935-86f1-264efa48278c","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":43,"box":{"x":76,"y":37,"width":723,"height":11}},{"id":"45ee3813-0687-4075-b8a9-907398240428","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":43,"box":{"x":77,"y":61,"width":899,"height":10}},{"id":"c6247b8f-c52f-48d1-ac60-414d01cf5ead","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":43,"box":{"x":76,"y":75,"width":876,"height":10}},{"id":"f274aef2-4e27-40e3-8b21-5479c6fe837f","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":43,"box":{"x":76,"y":89,"width":865,"height":11}},{"id":"89d3fe08-2470-4db5-85a1-e998dcf479ed","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":43,"box":{"x":76,"y":103,"width":897,"height":11}},{"id":"24dc9ae0-a087-4a74-a563-a55e0680fb41","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":43,"box":{"x":76,"y":117,"width":213,"height":11}},{"id":"01ac8244-324e-4e13-bc0e-2f3bfff48505","block_type":"box","text":"Interest Rate Risk.","page_number":43,"box":{"x":77,"y":140,"width":127,"height":9}},{"id":"90a33f8c-2f70-47e6-9442-148004075c93","block_type":"box","text":"Interest rate changes can be sudden and unpredictable and are influenced by a number of factors, including government","page_number":43,"box":{"x":210,"y":140,"width":770,"height":11}},{"id":"b002addf-f771-4e04-9584-6aa0251348ef","block_type":"box","text":"policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for fixed-income securities. Changes in interest","page_number":43,"box":{"x":76,"y":155,"width":889,"height":10}},{"id":"caeaad28-bcc7-4ca7-aecf-ef75a16b2296","block_type":"box","text":"rates may have unpredictable effects on fixed-income markets and may result in heightened volatility and lower liquidity for certain","page_number":43,"box":{"x":77,"y":169,"width":837,"height":11}},{"id":"9d8ff585-d99a-4a8d-b04a-a2ea1553a622","block_type":"box","text":"instruments, which may adversely affect a Fund’s performance. When interest rates rise, the value of fixed-income securities or other","page_number":43,"box":{"x":76,"y":183,"width":854,"height":11}},{"id":"805b62e7-ba50-4ea4-8386-bcf78af8231c","block_type":"box","text":"instruments sensitive to interest rates typically decreases. Duration is a measure of how sensitive a bond is to interest rate changes. Fixed","page_number":43,"box":{"x":76,"y":197,"width":892,"height":11}},{"id":"0263e009-cb30-4b7f-830e-594d6cc4f3bf","block_type":"box","text":"income securities with longer durations tend to be more sensitive to interest rate changes, and their prices usually are more volatile than","page_number":43,"box":{"x":76,"y":211,"width":876,"height":11}},{"id":"5a1522c8-21a9-479d-a94b-279bda53a536","block_type":"box","text":"those of shorter-duration securities. For example, if a bond has a duration of five years and interest rates rise, the price of the bond will likely","page_number":43,"box":{"x":76,"y":226,"width":902,"height":10}},{"id":"c60a3422-ba0d-4c7c-b502-63a5dc9bcfee","block_type":"box","text":"decline by a greater percentage than for a bond with a one-year duration. To the extent a Fund invests a substantial portion of its assets in","page_number":43,"box":{"x":76,"y":240,"width":883,"height":11}},{"id":"800a0562-ffbd-4e5a-aff3-c49329b2e797","block_type":"box","text":"fixed-income securities with longer duration, rising interest rates may cause the value of the Fund’s investments to decline significantly,","page_number":43,"box":{"x":76,"y":254,"width":869,"height":11}},{"id":"6b731deb-d00a-477f-8b5d-0b95fbce3c3d","block_type":"box","text":"which would adversely affect the Fund’s performance.","page_number":43,"box":{"x":76,"y":268,"width":345,"height":11}},{"id":"83bd05b0-a7f7-49df-b93c-00a646bc3d79","block_type":"box","text":"In addition, changes in prevailing interest rates, particularly sudden and significant changes, may lead to fluctuations in the value of floating","page_number":43,"box":{"x":77,"y":291,"width":896,"height":11}},{"id":"de781f59-2cd0-4f5b-a02b-1d8e4c13f51b","block_type":"box","text":"rate debt securities, because the rates for those securities typically reset only periodically. Additionally, during periods of very low or","page_number":43,"box":{"x":77,"y":305,"width":848,"height":11}},{"id":"248b8f9a-814b-4e7f-af90-4da1615b5c49","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders. Under certain market conditions","page_number":43,"box":{"x":76,"y":320,"width":900,"height":10}},{"id":"2a4ad413-4d58-4689-a05c-c451d65bef81","block_type":"box","text":"when interest rates are set at low levels and the market prices of portfolio securities have increased, a Fund may have a very low or even","page_number":43,"box":{"x":76,"y":334,"width":875,"height":11}},{"id":"5844ecf0-ed55-49da-aa23-cbd3f183e2a5","block_type":"box","text":"negative yield, which would cause the Fund to lose money under certain conditions.","page_number":43,"box":{"x":76,"y":348,"width":534,"height":11}},{"id":"e1559f8c-78b7-4387-895b-6814e9807a46","block_type":"box","text":"Decreases in market-making capacity for fixed-income dealers may lead to lower trading volume, heightened volatility, wider bid-ask spreads","page_number":43,"box":{"x":77,"y":371,"width":902,"height":11}},{"id":"7dc1470b-f7de-43fb-be37-e0b4302ebe82","block_type":"box","text":"and less transparent pricing in certain fixed-income markets.","page_number":43,"box":{"x":76,"y":385,"width":389,"height":11}},{"id":"63422b9e-b6fd-476a-b077-b0ba1b3a574b","block_type":"box","text":"Issuer Risk.","page_number":43,"box":{"x":77,"y":409,"width":79,"height":8}},{"id":"382b6de3-6f8f-47f9-9d94-a812418c5730","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":43,"box":{"x":161,"y":409,"width":755,"height":10}},{"id":"00f6b934-cece-4fd0-8336-fa1e0e1b554c","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":43,"box":{"x":76,"y":423,"width":861,"height":11}},{"id":"2b9300f0-fc0d-4d77-be18-957c56a06dcb","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":43,"box":{"x":76,"y":437,"width":406,"height":11}},{"id":"20e5aff9-e66f-48a6-b1f0-1af56d707c53","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":43,"box":{"x":77,"y":460,"width":368,"height":11}},{"id":"650ab255-725f-4145-a923-64bbb86d825e","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":43,"box":{"x":450,"y":460,"width":518,"height":11}},{"id":"1b5c2e56-fb65-44c4-bbf5-ac7053008175","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":43,"box":{"x":76,"y":474,"width":875,"height":11}},{"id":"acc7a9a4-4921-49ce-aff2-7a0accacd03a","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":43,"box":{"x":76,"y":489,"width":899,"height":10}},{"id":"0e22f921-2f11-418f-aa9f-13fcd8f2f1af","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":43,"box":{"x":76,"y":503,"width":901,"height":11}},{"id":"5a6c2815-51eb-4bd6-b5a4-aa7ecb6bd39b","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":43,"box":{"x":76,"y":517,"width":888,"height":11}},{"id":"4d46bff2-ae88-4b4e-8e00-9456bc697c23","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":43,"box":{"x":76,"y":531,"width":882,"height":11}},{"id":"51eb50ef-eeb2-4dbc-bfc2-b5fd73da692a","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":43,"box":{"x":76,"y":545,"width":889,"height":11}},{"id":"b0d68f6f-685b-4625-9a36-0a22128e3d07","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":43,"box":{"x":76,"y":559,"width":906,"height":11}},{"id":"07c1edc7-466e-4181-bbbd-d5727fdef2f0","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":43,"box":{"x":76,"y":574,"width":904,"height":10}},{"id":"ddef104b-341b-40a3-95d1-c0b8bc2d6cb9","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":43,"box":{"x":76,"y":588,"width":855,"height":11}},{"id":"4e6bf150-7007-4f40-8e28-64fb3ec9e85d","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":43,"box":{"x":77,"y":602,"width":892,"height":11}},{"id":"8b1b2d26-558c-4765-927e-085d08187b05","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":43,"box":{"x":77,"y":616,"width":901,"height":11}},{"id":"37c7f937-5399-4749-b576-ae395f60580a","block_type":"box","text":"to price.","page_number":43,"box":{"x":76,"y":630,"width":52,"height":11}},{"id":"8c5a995b-e33a-4232-9551-26830483f2b2","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":43,"box":{"x":76,"y":654,"width":840,"height":10}},{"id":"990c1498-b6cc-4b7e-98ed-d3a01cdaa106","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":43,"box":{"x":76,"y":668,"width":898,"height":11}},{"id":"2b832fe7-4e41-473f-a9b6-19e3176d4c4e","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":43,"box":{"x":76,"y":682,"width":878,"height":11}},{"id":"f974eb73-e48d-440a-afa1-9833f262fdf7","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":43,"box":{"x":76,"y":696,"width":792,"height":11}},{"id":"5f508f5e-e7b9-4693-ab4a-b23a9a4fba63","block_type":"box","text":"Management Risk.","page_number":43,"box":{"x":77,"y":719,"width":126,"height":11}},{"id":"5691f9b5-bda2-4626-8021-5362c52b919f","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":43,"box":{"x":208,"y":719,"width":757,"height":11}},{"id":"7cf173ab-9750-49ce-80c5-8fd2f534985c","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":43,"box":{"x":76,"y":733,"width":863,"height":11}},{"id":"3bd8cacb-de08-4866-8eaa-f355ef184639","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":43,"box":{"x":76,"y":748,"width":864,"height":10}},{"id":"e0fa21b3-e905-4751-8171-143c000fb664","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":43,"box":{"x":77,"y":762,"width":898,"height":11}},{"id":"64f7d884-2800-4b96-a788-eb97174e01b6","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":43,"box":{"x":76,"y":776,"width":837,"height":11}},{"id":"3b1ac617-bd03-46b8-b608-6c802e96509e","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":43,"box":{"x":77,"y":790,"width":888,"height":11}},{"id":"377e3cbe-9ccf-4928-9182-ecee06af55cf","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":43,"box":{"x":77,"y":804,"width":883,"height":11}},{"id":"9a57a869-b01c-4ea7-8745-11b148a8ddfa","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":43,"box":{"x":76,"y":819,"width":889,"height":10}},{"id":"3b8eeba0-1780-460b-851a-aa264afa1b52","block_type":"box","text":"its investment objective.","page_number":43,"box":{"x":76,"y":833,"width":156,"height":10}},{"id":"2f14163a-2194-4341-a564-0d314f77d54f","block_type":"box","text":"Market Risk.","page_number":43,"box":{"x":77,"y":856,"width":85,"height":8}},{"id":"9c7a5132-7f64-4963-b865-993a23d37612","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":43,"box":{"x":167,"y":856,"width":764,"height":11}},{"id":"287cc3ca-4464-4cdd-817e-8fe24005d5bf","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":43,"box":{"x":76,"y":870,"width":879,"height":11}},{"id":"45c542d8-8721-4fe2-973d-9aa899c07f21","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":43,"box":{"x":76,"y":884,"width":884,"height":11}},{"id":"90219a10-24c3-4199-970c-3009c0cbdd95","block_type":"box","text":"8","page_number":43,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"e3ecf830-b65e-4115-8d39-2d1206406496","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":44,"box":{"x":76,"y":23,"width":904,"height":11}},{"id":"b59f169a-eb83-4746-a921-3d83bda92909","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":44,"box":{"x":76,"y":37,"width":858,"height":11}},{"id":"35658453-3027-4033-87e6-124503143f32","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":44,"box":{"x":76,"y":51,"width":869,"height":11}},{"id":"dc953e52-08e5-4aec-98e0-abb67c9ab1fc","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":44,"box":{"x":76,"y":66,"width":885,"height":11}},{"id":"b98065ac-fd55-49cb-9fdb-dd05d3779ddb","block_type":"box","text":"and assets.","page_number":44,"box":{"x":76,"y":80,"width":71,"height":8}},{"id":"cac214de-8929-4715-844d-ba4c3e483023","block_type":"box","text":"Market Trading Risk.","page_number":44,"box":{"x":77,"y":103,"width":140,"height":11}},{"id":"900938b9-eedf-4b05-ad54-116c536772cb","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":44,"box":{"x":222,"y":103,"width":753,"height":11}},{"id":"561b60d8-279c-4fc1-ae31-9b5679a88040","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":44,"box":{"x":76,"y":117,"width":896,"height":11}},{"id":"1faa4238-be02-4c7a-aaaa-01d5fb5b50a8","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":44,"box":{"x":76,"y":131,"width":877,"height":11}},{"id":"a8ac79e1-10e1-45b1-bd6f-cb4524c07ad7","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":44,"box":{"x":77,"y":146,"width":446,"height":10}},{"id":"04e6a360-d760-495e-ac94-88555a67bf18","block_type":"box","text":"Absence of an Active Primary Market.","page_number":44,"box":{"x":75,"y":169,"width":236,"height":11}},{"id":"c1349ebc-3898-4d1b-9691-387fd5c7f4e3","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":44,"box":{"x":317,"y":169,"width":663,"height":11}},{"id":"8ef88dc9-4829-40d3-91ef-776cbf910386","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":44,"box":{"x":76,"y":183,"width":826,"height":11}},{"id":"7b373e99-567c-4294-b6dd-012df6712838","block_type":"box","text":"Secondary Listing Risks.","page_number":44,"box":{"x":76,"y":206,"width":151,"height":11}},{"id":"7a7ea99e-b178-4247-aac4-488f8b73d996","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":44,"box":{"x":233,"y":206,"width":732,"height":11}},{"id":"9734c7b0-2580-4881-a9ef-77fca643679e","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":44,"box":{"x":76,"y":220,"width":841,"height":11}},{"id":"98d3dbe4-a7f7-452d-9d20-2bd391db1041","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":44,"box":{"x":76,"y":235,"width":890,"height":10}},{"id":"99a3e709-6fad-4455-af30-fb0f20cd87e4","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":44,"box":{"x":76,"y":249,"width":880,"height":11}},{"id":"032cb398-ea71-4379-92ba-4d6dbe4dc644","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":44,"box":{"x":76,"y":263,"width":872,"height":11}},{"id":"4e6826cd-a23f-428b-b34f-ef4bdf6d6cd4","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":44,"box":{"x":76,"y":277,"width":897,"height":11}},{"id":"c471bea4-b3e4-4b92-9595-9252f35ddc04","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":44,"box":{"x":76,"y":291,"width":862,"height":11}},{"id":"f183bebb-7e96-4a26-a213-92a855ca3b68","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":44,"box":{"x":76,"y":305,"width":579,"height":11}},{"id":"54405b8e-ba62-483c-901c-a9c0a5f63937","block_type":"box","text":"Secondary Market Trading Risk.","page_number":44,"box":{"x":76,"y":329,"width":196,"height":10}},{"id":"5a49cc37-c2da-4c38-ab3f-58e4d78da583","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":44,"box":{"x":279,"y":329,"width":703,"height":10}},{"id":"b1803de2-5264-4975-a076-2ad4d893c53d","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":44,"box":{"x":76,"y":343,"width":896,"height":11}},{"id":"6999bc96-143d-41f8-97b9-05807bb4e561","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":44,"box":{"x":76,"y":357,"width":880,"height":11}},{"id":"3ac52142-d237-436d-8a03-d1bff43b2108","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":44,"box":{"x":76,"y":371,"width":900,"height":11}},{"id":"6ad6bf43-bedd-473e-9b77-3e02682d09ea","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":44,"box":{"x":76,"y":385,"width":893,"height":11}},{"id":"102e16a0-0e0b-4d94-ba61-86cea208327b","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":44,"box":{"x":76,"y":400,"width":581,"height":10}},{"id":"bb91dab7-ff69-498a-a855-544c98dbe56f","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":44,"box":{"x":77,"y":423,"width":900,"height":11}},{"id":"aa2930fb-fd20-4f34-a5a7-51e92d07d22d","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":44,"box":{"x":76,"y":437,"width":547,"height":11}},{"id":"2601025e-8341-4fa4-976f-7e7917694348","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":44,"box":{"x":76,"y":460,"width":894,"height":11}},{"id":"1e3196f5-9d77-4e79-8a91-feb2b0d76e21","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":44,"box":{"x":76,"y":474,"width":905,"height":11}},{"id":"37e1e911-c7b1-4817-8e95-16344aa297b2","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":44,"box":{"x":77,"y":489,"width":874,"height":10}},{"id":"f0f06344-ad2d-42bd-a347-1b1d0d3f09b3","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":44,"box":{"x":76,"y":503,"width":890,"height":11}},{"id":"fd31b19b-beea-43a9-9984-a867d9badefb","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":44,"box":{"x":76,"y":517,"width":857,"height":11}},{"id":"0147fd17-e2e2-4fb3-851b-0b46df98b7a3","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":44,"box":{"x":76,"y":531,"width":891,"height":11}},{"id":"361ab783-6e49-406a-b3f9-de28f42afd05","block_type":"box","text":"substantial trading losses.","page_number":44,"box":{"x":76,"y":545,"width":166,"height":11}},{"id":"19d20519-b8dc-4432-967f-c0d71ab9ca3d","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":44,"box":{"x":76,"y":568,"width":874,"height":11}},{"id":"90f642e5-c115-43f1-92f1-ad609517638c","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":44,"box":{"x":76,"y":583,"width":893,"height":10}},{"id":"7cc60ad4-0416-4380-9382-0525a82652db","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":44,"box":{"x":76,"y":597,"width":658,"height":11}},{"id":"fda80b2f-3068-439e-8912-79492eefdd35","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":44,"box":{"x":76,"y":620,"width":310,"height":11}},{"id":"d37c0ed3-12d1-4e2c-80a3-de469db88cb2","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":44,"box":{"x":385,"y":620,"width":572,"height":11}},{"id":"95d89dc4-65a9-44bf-8c18-673ecd27772e","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":44,"box":{"x":77,"y":634,"width":852,"height":11}},{"id":"dc882804-3ccf-4e16-b981-8b1a7c8a8386","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":44,"box":{"x":76,"y":648,"width":892,"height":11}},{"id":"8b8f0303-3f15-4e79-88c4-7ce5736ad339","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":44,"box":{"x":77,"y":663,"width":885,"height":10}},{"id":"432f777f-c8e4-4d4a-8b57-0c41de18061c","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":44,"box":{"x":76,"y":677,"width":792,"height":11}},{"id":"9ac5014c-1861-478d-84b6-0eba56f4f497","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":44,"box":{"x":77,"y":700,"width":886,"height":11}},{"id":"78739137-e666-4478-acf6-cff01891604c","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":44,"box":{"x":77,"y":714,"width":891,"height":11}},{"id":"1a6f4102-845f-4b74-be02-3c4a9d89956f","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":44,"box":{"x":76,"y":728,"width":899,"height":11}},{"id":"837f0a6e-4301-4de1-b68f-90f8e27a449e","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":44,"box":{"x":77,"y":742,"width":899,"height":11}},{"id":"efa02521-c170-49b6-8c26-80d70c489cc2","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":44,"box":{"x":76,"y":757,"width":878,"height":10}},{"id":"ddf35b41-6f91-4d14-b608-d6dec457f54e","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":44,"box":{"x":76,"y":771,"width":902,"height":11}},{"id":"6c4dc609-72f7-46b8-b95a-11e25e809405","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":44,"box":{"x":76,"y":785,"width":891,"height":11}},{"id":"b2507c58-23fc-4545-b1ab-e719f51fadc8","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":44,"box":{"x":76,"y":799,"width":849,"height":11}},{"id":"b02676dc-9f4a-4fe8-b1ad-fe1749f4f275","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":44,"box":{"x":76,"y":813,"width":622,"height":11}},{"id":"62bab0a8-8e99-4922-b500-2e7d3958259d","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":44,"box":{"x":76,"y":837,"width":245,"height":10}},{"id":"b2253b1d-9dac-4466-b8b1-3cfa5c42f659","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":44,"box":{"x":328,"y":837,"width":636,"height":10}},{"id":"a7ff1f41-b7d3-4b20-982f-305f6865f3d3","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":44,"box":{"x":76,"y":851,"width":853,"height":11}},{"id":"8f3c70a8-fe14-467d-9dd1-48bec6cd3a86","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":44,"box":{"x":76,"y":865,"width":895,"height":11}},{"id":"267a0d27-4811-44ce-951b-02f302e07868","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":44,"box":{"x":76,"y":879,"width":865,"height":11}},{"id":"c7787834-3c33-42e4-bde9-f74292761439","block_type":"box","text":"9","page_number":44,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"9bb3d25e-9987-41e3-a7d6-4736ffad1627","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":45,"box":{"x":76,"y":23,"width":885,"height":11}},{"id":"b0ab9594-ecd0-40ad-bdb9-bb0eea0bf54e","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":45,"box":{"x":77,"y":37,"width":891,"height":11}},{"id":"4813d03a-4016-46f1-96f3-05e50a1bc811","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":45,"box":{"x":76,"y":51,"width":901,"height":11}},{"id":"9db99781-1afc-4b19-a120-18b7bfff329b","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":45,"box":{"x":76,"y":66,"width":858,"height":11}},{"id":"9d22c0c1-799d-4799-8d15-4ac21b04e729","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":45,"box":{"x":77,"y":80,"width":418,"height":11}},{"id":"03aca72a-9122-44a5-a482-0a98cbb77e67","block_type":"box","text":"National Closed Market Trading Risk.","page_number":45,"box":{"x":77,"y":103,"width":254,"height":11}},{"id":"5d7b3e9a-b7b9-463a-9314-d5d80148bd3c","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":45,"box":{"x":336,"y":103,"width":637,"height":11}},{"id":"e22f3f1b-3b41-4675-87d8-bc1d47c933bb","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":45,"box":{"x":76,"y":117,"width":905,"height":11}},{"id":"8b806c15-f486-4d82-86df-4ce46b26079e","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":45,"box":{"x":76,"y":131,"width":332,"height":11}},{"id":"9616969d-6610-48cf-869a-6847766648c8","block_type":"box","text":"i.e","page_number":45,"box":{"x":408,"y":131,"width":15,"height":9}},{"id":"90cf49f9-652d-4929-a7a2-c0533d637da6","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":45,"box":{"x":425,"y":131,"width":508,"height":11}},{"id":"b405cee4-877b-4582-a45b-637874fa3f41","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":45,"box":{"x":76,"y":146,"width":863,"height":10}},{"id":"9a831ae6-6582-4f0a-8916-0473192bce58","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":45,"box":{"x":76,"y":160,"width":862,"height":11}},{"id":"55a20b7f-58ec-4d43-9a9d-59fb7db65cec","block_type":"box","text":"greater than those experienced by other funds.","page_number":45,"box":{"x":76,"y":174,"width":300,"height":11}},{"id":"883f612d-3df4-4bd8-8395-f12cc5ed7650","block_type":"box","text":"Non-Diversification Risk.","page_number":45,"box":{"x":77,"y":197,"width":170,"height":9}},{"id":"e5e461a2-8893-4c17-b713-56245244c061","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":45,"box":{"x":252,"y":197,"width":711,"height":11}},{"id":"fb2a6552-9542-49d4-bdc6-246890f81d10","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":45,"box":{"x":76,"y":211,"width":855,"height":11}},{"id":"e735a7f6-1e67-4724-8f52-5ed96a84ad35","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":45,"box":{"x":76,"y":226,"width":886,"height":10}},{"id":"aafdb049-4bdc-4a7a-b3a0-435c39b9bba7","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":45,"box":{"x":76,"y":240,"width":879,"height":11}},{"id":"e32dc658-cec3-49b4-bc8e-55fbec261b4e","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":45,"box":{"x":77,"y":254,"width":390,"height":11}},{"id":"21925c20-ab40-444a-9e4d-46dc8dd13781","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":45,"box":{"x":77,"y":277,"width":171,"height":9}},{"id":"4a990b7f-5984-47fb-b103-c63a49bab915","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":45,"box":{"x":253,"y":277,"width":698,"height":11}},{"id":"9a2ab7bc-3eab-4142-85ea-b99381bcf446","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":45,"box":{"x":76,"y":291,"width":889,"height":11}},{"id":"5bb30643-ca4e-4c7d-af3b-fcaab1084708","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":45,"box":{"x":76,"y":305,"width":880,"height":11}},{"id":"c0e778d8-0aaf-47c6-89db-5e2350dbaaa0","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":45,"box":{"x":76,"y":320,"width":402,"height":10}},{"id":"c51ea535-c032-4a27-86ba-745778c2dff2","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":45,"box":{"x":114,"y":338,"width":445,"height":11}},{"id":"03e59bec-aa18-4845-81bb-29a9e4681de6","block_type":"box","text":"Greater market volatility;","page_number":45,"box":{"x":113,"y":356,"width":158,"height":11}},{"id":"98fc711a-2636-4693-9235-97bd0f50ee94","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":45,"box":{"x":113,"y":374,"width":383,"height":11}},{"id":"be7fbc9a-8b0f-42ac-90db-a915980627dc","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":45,"box":{"x":113,"y":392,"width":348,"height":11}},{"id":"b3554df4-a4ff-44d5-b21b-78878d3b1f9c","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":45,"box":{"x":114,"y":410,"width":316,"height":11}},{"id":"2bae3ac4-22e2-4afb-bd97-2b79a474c3cc","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":45,"box":{"x":114,"y":428,"width":319,"height":11}},{"id":"9e362b0b-3038-42f1-aacb-da4193df5451","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":45,"box":{"x":114,"y":446,"width":257,"height":11}},{"id":"1e508e1a-d12d-4457-9ffa-334830f84cba","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":45,"box":{"x":114,"y":464,"width":265,"height":11}},{"id":"ee0413fc-537a-4b41-a86a-930ec01c21c8","block_type":"box","text":"Higher transaction and custody costs;","page_number":45,"box":{"x":114,"y":482,"width":241,"height":11}},{"id":"d52db735-502f-48d2-aefd-38de5ce28bf5","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":45,"box":{"x":114,"y":500,"width":852,"height":11}},{"id":"6198a8ee-4ec8-4700-90f4-a0abf6ff1736","block_type":"box","text":"engage in portfolio transactions;","page_number":45,"box":{"x":113,"y":514,"width":206,"height":11}},{"id":"7843aa18-e1e9-4106-bdcd-a43fae248374","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":45,"box":{"x":114,"y":532,"width":386,"height":11}},{"id":"19a49802-e8c8-4f13-9df2-18215396e6c7","block_type":"box","text":"Less availability of public information about issuers;","page_number":45,"box":{"x":114,"y":550,"width":329,"height":11}},{"id":"cc255b99-fdcd-4755-b0ad-d98f80a6d99e","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":45,"box":{"x":113,"y":568,"width":803,"height":11}},{"id":"c66c0736-37ec-4cf1-afaa-ae77c8bce747","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":45,"box":{"x":114,"y":586,"width":328,"height":11}},{"id":"b6819815-6ac2-47a4-9dda-f616427d4d04","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":45,"box":{"x":114,"y":605,"width":853,"height":10}},{"id":"d2cdfe73-1d55-43c8-a8b7-d26445bdae00","block_type":"box","text":"than those that apply in the U.S.","page_number":45,"box":{"x":113,"y":619,"width":205,"height":11}},{"id":"16229467-4f23-46f2-be29-3539b41bf9e7","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":45,"box":{"x":77,"y":642,"width":188,"height":11}},{"id":"3b2ced47-98c5-4378-9e4a-f45316f54b14","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":45,"box":{"x":265,"y":642,"width":674,"height":11}},{"id":"52bccc9f-b24f-4024-996e-6738f158ac08","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":45,"box":{"x":76,"y":656,"width":905,"height":11}},{"id":"ad8dcd17-6357-45c3-85cb-9608cd8ece4c","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":45,"box":{"x":76,"y":670,"width":898,"height":11}},{"id":"80770cce-2f34-4f4b-b330-61b96d9e41c2","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":45,"box":{"x":76,"y":684,"width":892,"height":11}},{"id":"7b6dcce9-186c-42a2-9631-f695d81218bc","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":45,"box":{"x":76,"y":699,"width":840,"height":10}},{"id":"21ad4124-d8ed-4b21-8ada-bede5317869d","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":45,"box":{"x":76,"y":713,"width":901,"height":11}},{"id":"fe07ec3a-9f9c-43ec-a958-ac9f401b80e0","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":45,"box":{"x":76,"y":727,"width":897,"height":11}},{"id":"d0a5b313-1aad-4621-9328-a9e31c272436","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":45,"box":{"x":77,"y":741,"width":882,"height":11}},{"id":"fc15aed9-2df5-4467-ab70-8761466af0bc","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":45,"box":{"x":76,"y":755,"width":906,"height":11}},{"id":"9929fe94-4bf1-40f6-914f-b60701ba9c74","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":45,"box":{"x":77,"y":770,"width":636,"height":10}},{"id":"63b5e396-624b-4d97-924b-164abd780853","block_type":"box","text":"North American Economic Risk","page_number":45,"box":{"x":77,"y":793,"width":215,"height":8}},{"id":"c30fb4c4-657b-4ba0-9f8f-f87cf4f471fe","block_type":"box","text":". A decrease in imports or exports, changes in trade regulations or an economic recession in any North","page_number":45,"box":{"x":293,"y":793,"width":657,"height":11}},{"id":"a9746be9-b73c-4409-a625-3cc722b48b4d","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":45,"box":{"x":76,"y":807,"width":866,"height":11}},{"id":"25e6c1a7-312d-4090-b8bf-f12d46ef0336","block_type":"box","text":"countries in which a Fund invests.","page_number":45,"box":{"x":76,"y":821,"width":215,"height":9}},{"id":"f7787eb3-947d-47f8-8c0d-36f91baf0a61","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":45,"box":{"x":76,"y":844,"width":903,"height":11}},{"id":"fbc81592-e1ca-4221-a621-7291d6fd1799","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":45,"box":{"x":76,"y":858,"width":852,"height":11}},{"id":"40d8d761-dc61-4842-b0f4-79227cc027f5","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":45,"box":{"x":76,"y":873,"width":891,"height":11}},{"id":"870adc9b-118b-4a42-968e-61c8a0f9e2c7","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":45,"box":{"x":76,"y":887,"width":847,"height":11}},{"id":"27f2b0e8-d3ce-434a-b0c5-f836e049f58e","block_type":"box","text":"10","page_number":45,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"03494719-fe5b-48dc-93f3-a5b8e1fdb187","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":46,"box":{"x":77,"y":23,"width":883,"height":11}},{"id":"1a375973-5cbd-4a01-9d29-47d3d8418bed","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":46,"box":{"x":76,"y":37,"width":888,"height":11}},{"id":"5ce595f0-875b-477e-ac37-47f140e4b70e","block_type":"box","text":"as well as on the value of certain securities held by a Fund.","page_number":46,"box":{"x":76,"y":51,"width":375,"height":11}},{"id":"288c6992-22c8-4a04-8f7e-5df42cbb0c0a","block_type":"box","text":"Operational and Technology Risks.","page_number":46,"box":{"x":76,"y":75,"width":239,"height":11}},{"id":"dd0f5457-2737-48fd-998b-88bc2e39fe89","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":46,"box":{"x":320,"y":75,"width":648,"height":11}},{"id":"a84259f0-874a-4d22-b700-e65b4ff6ac62","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":46,"box":{"x":76,"y":89,"width":842,"height":11}},{"id":"166baf8d-ff12-4d30-a7c9-99d4aaacce9c","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":46,"box":{"x":76,"y":103,"width":877,"height":11}},{"id":"17c66cfd-fb2b-4370-bfef-c2b2825fbb84","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":46,"box":{"x":76,"y":117,"width":844,"height":11}},{"id":"471e7fdd-d460-403d-8c4a-45c7f603b751","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":46,"box":{"x":76,"y":131,"width":866,"height":11}},{"id":"a81012e0-7c3e-4b1d-a54e-5332cc3338da","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":46,"box":{"x":76,"y":146,"width":892,"height":10}},{"id":"afeba612-463b-4500-b5d7-9cabf72751fa","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":46,"box":{"x":76,"y":160,"width":889,"height":11}},{"id":"4f36b2a0-8445-47bd-b00d-1dfb082a1be6","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":46,"box":{"x":76,"y":174,"width":870,"height":11}},{"id":"cce26778-ac16-4ec5-bb69-d0a81ba3b054","block_type":"box","text":"risks.","page_number":46,"box":{"x":77,"y":188,"width":32,"height":9}},{"id":"3b07e94e-e4b6-4921-a2ad-a7798916d21a","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":46,"box":{"x":76,"y":211,"width":895,"height":11}},{"id":"34fc31fe-4b3c-490b-b6d9-c3da9ba026ea","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":46,"box":{"x":76,"y":226,"width":878,"height":10}},{"id":"87161d6e-ef8a-478e-83a1-8f97d7080054","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":46,"box":{"x":76,"y":240,"width":905,"height":11}},{"id":"eb6e3927-75eb-4aef-9894-1b11308edd9a","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":46,"box":{"x":76,"y":254,"width":885,"height":11}},{"id":"1b345047-d1b3-45b8-a29f-4e51e4c2163b","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":46,"box":{"x":76,"y":268,"width":828,"height":11}},{"id":"6de193b5-7ea9-42ee-b969-05ea6ed2cbff","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":46,"box":{"x":76,"y":282,"width":898,"height":11}},{"id":"50315884-6271-46e3-be83-4404b795251f","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":46,"box":{"x":76,"y":296,"width":884,"height":11}},{"id":"adf836a1-f8df-4a5b-ad7f-30b1ec05aff6","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":46,"box":{"x":77,"y":311,"width":880,"height":10}},{"id":"547ff4fc-0311-467b-973f-6e6175b8411c","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":46,"box":{"x":77,"y":325,"width":898,"height":11}},{"id":"95a43df4-469a-4644-9ae3-167f8fe586eb","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":46,"box":{"x":76,"y":339,"width":866,"height":11}},{"id":"bf2c9511-1ae5-45c6-a498-2754fde0c9db","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":46,"box":{"x":76,"y":353,"width":906,"height":11}},{"id":"3338135d-1e03-4016-a591-e4b60fe6d1bf","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":46,"box":{"x":76,"y":367,"width":904,"height":11}},{"id":"e4a6346d-26f3-4656-afc4-3ad2c1e968cc","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":46,"box":{"x":76,"y":382,"width":885,"height":10}},{"id":"ac008d38-6fd0-4b3b-bb55-7c6a08644444","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":46,"box":{"x":77,"y":396,"width":872,"height":11}},{"id":"f0d1dcad-f2f6-4dcf-b2c4-ecfd9a303c38","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":46,"box":{"x":76,"y":410,"width":855,"height":11}},{"id":"e68c2a4b-41c9-4587-9db2-7532c2c20eaa","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":46,"box":{"x":76,"y":424,"width":857,"height":11}},{"id":"2934853a-8cd6-49d1-bcf1-cffa2207e651","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":46,"box":{"x":76,"y":438,"width":897,"height":11}},{"id":"ad2efaa9-a39e-4e83-a6c7-0d1121225592","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":46,"box":{"x":76,"y":452,"width":886,"height":11}},{"id":"c730723b-c7a7-4274-989d-d035764b081e","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":46,"box":{"x":76,"y":467,"width":876,"height":10}},{"id":"3bee1fb7-9404-4885-be0d-e8a614318743","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":46,"box":{"x":76,"y":481,"width":585,"height":11}},{"id":"57a0d040-3473-4da6-974c-18da35a4eeec","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":46,"box":{"x":76,"y":504,"width":864,"height":11}},{"id":"c1d11025-2f46-49fe-b279-6a7a3884df4f","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":46,"box":{"x":76,"y":518,"width":889,"height":11}},{"id":"44781346-eea7-4e65-9f46-f2337c9104df","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":46,"box":{"x":77,"y":532,"width":839,"height":11}},{"id":"e0c2704a-97b8-4329-b42e-8e00bf55181d","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":46,"box":{"x":76,"y":547,"width":862,"height":10}},{"id":"bc79e7a9-e210-492e-9b99-da75a4f5d957","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":46,"box":{"x":77,"y":561,"width":863,"height":11}},{"id":"dbe831cb-429e-49de-97b5-19776a2c959e","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":46,"box":{"x":76,"y":575,"width":871,"height":11}},{"id":"b3986658-8b7b-4a67-baae-a9ce7b3d64f2","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":46,"box":{"x":76,"y":589,"width":895,"height":11}},{"id":"b456b354-23f8-4448-a3f6-f212120ba1b2","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":46,"box":{"x":76,"y":603,"width":882,"height":11}},{"id":"5d65bd17-211f-4357-a941-9c071549f88e","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":46,"box":{"x":76,"y":617,"width":659,"height":11}},{"id":"f59a1ded-7958-4c01-aef8-593fdf468c91","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":46,"box":{"x":77,"y":641,"width":830,"height":10}},{"id":"91d06657-dfbf-41d3-9a61-3d65f9b63d34","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":46,"box":{"x":75,"y":655,"width":905,"height":11}},{"id":"08c99a70-e282-41d4-a8d3-687170eca80e","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":46,"box":{"x":77,"y":669,"width":756,"height":11}},{"id":"428edf22-2839-4a57-89f0-aa63e7ad75c0","block_type":"box","text":"Ownership Limitations Risk.","page_number":46,"box":{"x":76,"y":692,"width":195,"height":11}},{"id":"d934ee47-c692-4e8d-b376-56b91588c673","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":46,"box":{"x":277,"y":692,"width":697,"height":11}},{"id":"0aba7dd4-cce9-40ed-99ec-5edef359e301","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":46,"box":{"x":77,"y":706,"width":900,"height":11}},{"id":"1b40769e-cfdf-4816-a875-f5cab3a51146","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":46,"box":{"x":76,"y":721,"width":851,"height":10}},{"id":"05575da9-0f38-4184-b2ea-ce97a5eaa1a8","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":46,"box":{"x":77,"y":735,"width":866,"height":11}},{"id":"fef59f25-2b26-45a4-826b-aa4a47ef8002","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":46,"box":{"x":76,"y":749,"width":903,"height":11}},{"id":"a92b6e24-52ae-4086-8224-28417560ae46","block_type":"box","text":"holdings.","page_number":46,"box":{"x":77,"y":763,"width":55,"height":11}},{"id":"1b96273c-71af-43b9-8cce-e775c2689683","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":46,"box":{"x":77,"y":786,"width":851,"height":11}},{"id":"f892b379-3086-40fa-b722-e715e948dd50","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":46,"box":{"x":76,"y":800,"width":890,"height":11}},{"id":"90365281-bd74-44f3-b16b-01226d910177","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":46,"box":{"x":76,"y":815,"width":870,"height":10}},{"id":"ba4fa018-a61c-43a4-b94a-87f6e4e09e3d","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":46,"box":{"x":76,"y":829,"width":884,"height":11}},{"id":"d9fee136-bd5c-4619-8da7-1bb21788415c","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":46,"box":{"x":76,"y":843,"width":906,"height":11}},{"id":"31f24295-57ed-4603-9d6c-905c42d4d85a","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":46,"box":{"x":76,"y":857,"width":886,"height":11}},{"id":"48676fc0-edf4-47c5-b1be-011602ecbc09","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":46,"box":{"x":76,"y":871,"width":896,"height":11}},{"id":"361984aa-ab65-4b93-b63f-a38b30aca29b","block_type":"box","text":"11","page_number":46,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"8ae0c339-0c33-407f-b846-76b9e094d4d7","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":47,"box":{"x":76,"y":23,"width":885,"height":11}},{"id":"c10a4d92-2935-4058-9b7b-83455ae2c48d","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":47,"box":{"x":76,"y":37,"width":854,"height":11}},{"id":"86dba81e-11fb-42f8-99c1-8243f9d7050d","block_type":"box","text":"disapproval that was obtained.","page_number":47,"box":{"x":76,"y":52,"width":195,"height":10}},{"id":"48cb176c-10b9-4cc6-9bc4-b3c7f4f69733","block_type":"box","text":"Privately Issued Securities Risk.","page_number":47,"box":{"x":77,"y":75,"width":222,"height":11}},{"id":"24a2ca4a-491f-4852-9296-ecbcb10107d1","block_type":"box","text":"Privately issued securities are securities that have not been registered under the 1933 Act, including","page_number":47,"box":{"x":305,"y":75,"width":643,"height":11}},{"id":"d5522e63-61ff-4b30-a76a-b22b8d81c9a0","block_type":"box","text":"securities that are normally purchased pursuant to Rule 144A or Regulation S under the 1933 Act. Such securities typically are subject to","page_number":47,"box":{"x":76,"y":89,"width":876,"height":11}},{"id":"4e6b4c6f-018c-4a8a-934c-fbf786364273","block_type":"box","text":"legal restrictions on resale and generally are not traded in established public markets. As a result, privately issued securities may be deemed","page_number":47,"box":{"x":77,"y":103,"width":899,"height":11}},{"id":"cba002cf-3955-45e5-83a4-dfed11b73008","block_type":"box","text":"to be illiquid investments, may be more difficult to value than publicly traded securities, may be subject to wide fluctuations in value and may","page_number":47,"box":{"x":76,"y":117,"width":903,"height":11}},{"id":"14fa916f-5127-4252-a392-738d8d2dff82","block_type":"box","text":"have higher transaction costs. There can be no assurance that a trading market will exist at any time for any particular privately issued","page_number":47,"box":{"x":77,"y":131,"width":858,"height":11}},{"id":"80fedc45-f63d-4d2a-b23c-0bda69f60c5a","block_type":"box","text":"security, especially under adverse market or economic conditions or if there are adverse events related to the issuer. Because there may be","page_number":47,"box":{"x":76,"y":146,"width":895,"height":10}},{"id":"bac96a03-13fc-4388-9b07-5f83cf323c84","block_type":"box","text":"relatively few potential purchasers for privately issued securities, a Fund may find it more difficult to sell such securities when it may be","page_number":47,"box":{"x":77,"y":160,"width":865,"height":11}},{"id":"0698cb9f-cd5f-4474-848b-8f85a488460c","block_type":"box","text":"advisable to do so, or a Fund may be able to sell such securities only at prices that are lower than if such securities were more widely held","page_number":47,"box":{"x":76,"y":174,"width":882,"height":11}},{"id":"d5cd970f-3817-44c2-ae48-9acf51004e7e","block_type":"box","text":"and traded. Difficulty in selling such securities at a desirable time or price may result in a loss to a Fund.","page_number":47,"box":{"x":76,"y":188,"width":665,"height":11}},{"id":"3a2a8ae9-b673-4ef6-b1a2-221c85ed70c4","block_type":"box","text":"At times, it may be more difficult to determine the fair value of privately issued securities for purposes of computing a Fund’s NAV due to the","page_number":47,"box":{"x":76,"y":211,"width":899,"height":11}},{"id":"4ed29ee2-b9c8-4f1a-b428-1448f11469a6","block_type":"box","text":"absence of an active trading market. There can be no assurance that a privately issued security that is deemed to be liquid when purchased","page_number":47,"box":{"x":76,"y":226,"width":892,"height":10}},{"id":"4adbbadd-20f4-433a-903f-ba3a82fa9179","block_type":"box","text":"will continue to be liquid for as long as it is held by a Fund, and its value may decline as a result, which may adversely affect the Fund.","page_number":47,"box":{"x":76,"y":240,"width":853,"height":11}},{"id":"c5008162-a0ff-452e-a657-4ca41eee82e7","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":47,"box":{"x":77,"y":425,"width":235,"height":11}},{"id":"7fd362f5-b7fe-4000-b502-b94345482239","block_type":"box","text":"The economies of some countries or regions depend on trading with certain key trading partners. A","page_number":47,"box":{"x":317,"y":425,"width":636,"height":11}},{"id":"b2eef753-6960-4295-8160-3c1dcd641363","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":47,"box":{"x":77,"y":440,"width":873,"height":10}},{"id":"719e9231-8810-47f0-8b8c-92414068a7a0","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":47,"box":{"x":76,"y":454,"width":893,"height":11}},{"id":"97760d80-8ecf-4467-b25f-c42fc46cdd9f","block_type":"box","text":"regions and may negatively impact the performance of a Fund with exposure to those countries or regions.","page_number":47,"box":{"x":77,"y":468,"width":681,"height":11}},{"id":"ba2dc368-e804-47b3-9367-559d1874f652","block_type":"box","text":"Risk of Investing in Agriculture and Livestock.","page_number":47,"box":{"x":77,"y":491,"width":318,"height":11}},{"id":"88ecdae0-d3e5-41a1-ad4d-dd9906f68534","block_type":"box","text":"The agricultural and livestock sectors are subject to government subsidy policies and","page_number":47,"box":{"x":401,"y":491,"width":546,"height":11}},{"id":"1429e8ac-33a2-4473-80bc-bc2294b89858","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":47,"box":{"x":76,"y":505,"width":904,"height":11}},{"id":"672d021c-90e8-4923-97f2-877ff0aaec35","block_type":"box","text":"export restrictions on agricultural commodities, commodity products and livestock, can influence the profitability of investing in agriculture","page_number":47,"box":{"x":76,"y":519,"width":890,"height":11}},{"id":"a39bdc73-a901-4496-9657-20804e79d79d","block_type":"box","text":"and livestock. Import restrictions and tariffs that have recently been imposed by foreign countries on U.S. agricultural and livestock products","page_number":47,"box":{"x":76,"y":534,"width":901,"height":10}},{"id":"c0904d7f-d29c-4b71-84ed-9c18ef721b49","block_type":"box","text":"are expected to negatively impact the profitability of investing in these products. These industries may also be adversely affected by changes","page_number":47,"box":{"x":76,"y":548,"width":902,"height":11}},{"id":"7f85e3b7-74b9-4ea4-aec8-21405025b091","block_type":"box","text":"in commercial and consumer demand for their products. A growing competitive landscape and increased availability of such commodities","page_number":47,"box":{"x":76,"y":562,"width":883,"height":11}},{"id":"04e51432-ccd5-40b3-8b1f-48d74d6c4707","block_type":"box","text":"can influence: (i) the planting and raising of certain crops/livestock versus other uses of resources; (ii) the location and size of crop and","page_number":47,"box":{"x":76,"y":576,"width":869,"height":11}},{"id":"417ba2ee-ff9c-4543-bcd7-d55daa70bff8","block_type":"box","text":"livestock production; (iii) whether unprocessed or processed commodity products are traded; and (iv) the volume and types of imports and","page_number":47,"box":{"x":77,"y":590,"width":887,"height":11}},{"id":"d956e841-3638-4a06-bff9-24748f99960a","block_type":"box","text":"exports. Economic recession or labor difficulties may also lead to a decrease in demand for the products and services involved in agriculture.","page_number":47,"box":{"x":76,"y":605,"width":902,"height":10}},{"id":"54e26487-3d82-4e02-b6d8-bebcca847ba5","block_type":"box","text":"As a result, the price of agricultural or livestock commodities could decline, which would affect the performance of the Fund.","page_number":47,"box":{"x":76,"y":619,"width":797,"height":11}},{"id":"e8bdcd68-b200-47a2-a8ed-8375a4badc70","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":47,"box":{"x":76,"y":642,"width":864,"height":11}},{"id":"7ee17ca4-97dd-45a2-b806-4853d67d9f72","block_type":"box","text":"disasters and other factors, such as disease outbreaks and pollution.","page_number":47,"box":{"x":76,"y":656,"width":440,"height":11}},{"id":"94e08150-6aa5-44c5-bea7-a6389617825b","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":47,"box":{"x":77,"y":679,"width":285,"height":11}},{"id":"7df672e0-39d0-4825-872e-7dcf859a80d8","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":47,"box":{"x":368,"y":679,"width":568,"height":11}},{"id":"9a2a9dce-9d26-4aed-86b7-cc66b5adca6e","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":47,"box":{"x":76,"y":694,"width":878,"height":10}},{"id":"ca762c7c-7880-4592-adcb-82aea4e941d4","block_type":"box","text":"sectors (","page_number":47,"box":{"x":76,"y":708,"width":55,"height":10}},{"id":"48bd5d9b-a64d-4bd3-9f0d-657d13165859","block_type":"box","text":"e.g.,","page_number":47,"box":{"x":132,"y":710,"width":25,"height":9}},{"id":"3896f2b9-731d-4ead-a11e-bbc4b6530a03","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":47,"box":{"x":163,"y":708,"width":817,"height":11}},{"id":"4740790b-9825-41d2-858c-e3c67a9fa916","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":47,"box":{"x":76,"y":722,"width":887,"height":11}},{"id":"4b449876-8aca-4b2c-a49e-27eee85932c5","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":47,"box":{"x":76,"y":736,"width":884,"height":11}},{"id":"909e83aa-14f7-4286-9e79-6771b491c05e","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":47,"box":{"x":76,"y":750,"width":874,"height":11}},{"id":"78824901-3a16-4c6e-a24f-c877471f1f37","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":47,"box":{"x":76,"y":764,"width":868,"height":11}},{"id":"f051663e-c957-498a-91f3-0b8bc73e61ed","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":47,"box":{"x":76,"y":779,"width":897,"height":10}},{"id":"5ba092fc-c9a5-4d54-bfa5-da7681bf1fc9","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":47,"box":{"x":77,"y":793,"width":899,"height":11}},{"id":"93f7ace1-f483-4f8b-88a9-8e68fea41175","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":47,"box":{"x":76,"y":807,"width":860,"height":11}},{"id":"65663e7e-6fee-4470-a550-8a17cabd71cb","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":47,"box":{"x":76,"y":821,"width":877,"height":11}},{"id":"231431b7-fd3d-4a73-853f-cf723c708fae","block_type":"box","text":"country economies.","page_number":47,"box":{"x":76,"y":835,"width":126,"height":11}},{"id":"1da8e631-5409-4050-941e-bbdd79387976","block_type":"box","text":"12","page_number":47,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"da95a6c3-0c31-45cf-9850-63c0205994b6","block_type":"box","text":"The performance of re-industrialization metals (i.e., metals used to facilitate AI infrastructure,","page_number":47,"box":{"x":304,"y":263,"width":598,"height":11}},{"id":"bc4f6dcd-bf11-47cf-bc75-77d5a5907d8e","block_type":"box","text":"manufacturing, energy production and distribution, and national security) is highly dependent on manufacturing reshoring, amplified battery","page_number":47,"box":{"x":76,"y":277,"width":895,"height":11}},{"id":"850f0595-10ab-4877-8c7a-1ba4a100e902","block_type":"box","text":"production, increased defense spending and the expansion of AI infrastructure. Investments in re-industrialization metals may be speculative","page_number":47,"box":{"x":76,"y":291,"width":902,"height":11}},{"id":"cbdc057a-88b6-4f10-94c5-b4568ff8916a","block_type":"box","text":"and subject to greater price volatility than investments in other types of assets. The market value of re-industrialization metals may be","page_number":47,"box":{"x":76,"y":305,"width":859,"height":11}},{"id":"5aab3fbd-990f-482e-84db-a0031388171b","block_type":"box","text":"significantly affected for many reasons, including, among others, obsolescence of existing technology, changes in energy prices, worldwide","page_number":47,"box":{"x":76,"y":319,"width":890,"height":10}},{"id":"e8334653-cbd1-4f34-b681-83ac051b1e3e","block_type":"box","text":"metal prices and extraction and production costs, global political changes, terrorism, war, natural disasters and other catastrophes,","page_number":47,"box":{"x":76,"y":333,"width":842,"height":10}},{"id":"caa732dc-fbb6-477c-beb6-f2e1e39f056f","block_type":"box","text":"government regulations and subsidies, supply chains, and taxation policies. Worldwide metal prices may fluctuate substantially over short","page_number":47,"box":{"x":76,"y":346,"width":881,"height":11}},{"id":"436b6836-43c2-430e-ad1d-c8bf14f8e4a1","block_type":"box","text":"periods of time, and as a result, the Fund’s share price may be more volatile than other types of investments. Such risks may be heightened","page_number":47,"box":{"x":76,"y":360,"width":893,"height":11}},{"id":"40243fc7-3b0e-47c2-8055-262cd9c8f4b8","block_type":"box","text":"to the extent the Fund’s Commodity-Linked Investments provide exposure to emerging markets. In addition, the industry is relatively","page_number":47,"box":{"x":76,"y":374,"width":848,"height":11}},{"id":"f8462ec9-7328-4b14-83d0-b62593027127","block_type":"box","text":"nascent and under-researched in comparison to more established and mature sectors, and should therefore be regarded as having greater","page_number":47,"box":{"x":76,"y":388,"width":888,"height":11}},{"id":"69bd0017-1679-4caa-8b75-350187dca3db","block_type":"box","text":"investment risk.","page_number":47,"box":{"x":76,"y":402,"width":101,"height":9}},{"id":"3b81971d-d2b0-42af-ac1e-24ceebc455d6","block_type":"box","text":"Re-Industrialization Metals Risk.","page_number":47,"box":{"x":77,"y":263,"width":222,"height":8}},{"id":"bd410467-da0a-43cc-9527-f27cc0c385e2","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":48,"box":{"x":76,"y":221,"width":904,"height":11}},{"id":"d9d80f29-37dc-41b1-9665-5b848f9d4e19","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":48,"box":{"x":76,"y":235,"width":902,"height":11}},{"id":"80f5dea4-4fed-4817-b488-b2b7970031d4","block_type":"box","text":"small number of countries and regions.","page_number":48,"box":{"x":76,"y":249,"width":249,"height":11}},{"id":"733962a1-9fc9-4c56-a873-1359345813ba","block_type":"box","text":"Risk of Investing in Precious Metals.","page_number":48,"box":{"x":77,"y":272,"width":251,"height":11}},{"id":"d8e615f3-4873-4924-8175-86b0228a71b0","block_type":"box","text":"Prices of precious metals and of precious metal-related financial instruments historically have been","page_number":48,"box":{"x":334,"y":272,"width":637,"height":11}},{"id":"aab9a595-f704-4436-9fe6-239c55716bb0","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":48,"box":{"x":76,"y":286,"width":890,"height":11}},{"id":"da66bf20-fab6-4000-9d0e-f319e15990c5","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":48,"box":{"x":76,"y":301,"width":882,"height":11}},{"id":"14f23def-0869-424a-b3d3-3ff89509479a","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":48,"box":{"x":76,"y":315,"width":900,"height":11}},{"id":"d78a1eb3-6049-452a-9c25-f9c60353fc6b","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":48,"box":{"x":76,"y":329,"width":874,"height":11}},{"id":"693f645f-e0d0-4613-af50-a0af5857d67e","block_type":"box","text":"inflation, the outlook for inflation and changes in industrial and commercial demand for precious metals.","page_number":48,"box":{"x":76,"y":343,"width":667,"height":11}},{"id":"e8f05ab4-0a1b-4b36-92bc-03f97f5774cd","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":48,"box":{"x":76,"y":366,"width":886,"height":11}},{"id":"8c1e6c1e-7b7a-483b-a2fb-d689ca21b20e","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":48,"box":{"x":76,"y":381,"width":893,"height":10}},{"id":"56694f48-5ef0-4261-81a5-b7c5219d120e","block_type":"box","text":"ability to benefit from future increases in the price of precious metals, thereby lowering returns to the Fund.","page_number":48,"box":{"x":76,"y":395,"width":689,"height":11}},{"id":"cde49eac-e572-4b86-b999-cc74ee4e73b9","block_type":"box","text":"Additionally, increased environmental or labor costs may depress the value of mining and metal investments.","page_number":48,"box":{"x":76,"y":418,"width":697,"height":11}},{"id":"911128ec-76f6-4227-a4f1-89f8ec58b044","block_type":"box","text":"Risk of Investing in the U.S.","page_number":48,"box":{"x":77,"y":441,"width":190,"height":11}},{"id":"6596ae42-887a-4cba-8259-1e0fcd416399","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":48,"box":{"x":273,"y":441,"width":683,"height":11}},{"id":"9c841e09-d590-4005-aeed-2d21f2f8d407","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":48,"box":{"x":76,"y":455,"width":897,"height":11}},{"id":"1c8c6ff0-d10e-4743-a147-0bf6aa67fc16","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":48,"box":{"x":76,"y":470,"width":902,"height":10}},{"id":"ac952bbb-5013-465d-96d3-87d9dd2fa740","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":48,"box":{"x":76,"y":484,"width":887,"height":11}},{"id":"14e1013e-f744-449d-86a2-178d9d97620c","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":48,"box":{"x":76,"y":498,"width":894,"height":11}},{"id":"388b7e53-2210-4620-a639-aaf0e37126a1","block_type":"box","text":"financial markets or issuers.","page_number":48,"box":{"x":76,"y":512,"width":179,"height":9}},{"id":"c52308ec-2728-4c15-b6f1-ca69b242b796","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":48,"box":{"x":76,"y":535,"width":868,"height":11}},{"id":"7c2554fc-1d38-4391-97fb-793ef517519d","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":48,"box":{"x":77,"y":549,"width":867,"height":11}},{"id":"2fdd1f53-8d04-49c2-8b32-e070b10a4008","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":48,"box":{"x":76,"y":564,"width":868,"height":11}},{"id":"f3a0c67e-01b4-4020-9002-558796614dd7","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":48,"box":{"x":77,"y":578,"width":899,"height":11}},{"id":"91cb202d-ad42-4bd9-9d69-786bc3903dcf","block_type":"box","text":"system.","page_number":48,"box":{"x":76,"y":593,"width":49,"height":10}},{"id":"6aa38faa-3c67-4e9c-ae7c-86053a72eaea","block_type":"box","text":"Risk of Swap Agreements.","page_number":48,"box":{"x":77,"y":615,"width":180,"height":11}},{"id":"ee34af22-16dc-4b04-a2e5-29c8c1c69c95","block_type":"box","text":"Swaps can involve greater risks than direct investment in securities or physical commodities because swaps","page_number":48,"box":{"x":262,"y":615,"width":695,"height":11}},{"id":"7288318f-81b0-46a4-b2d8-071a27f3db1b","block_type":"box","text":"may be leveraged and are subject to counterparty risk (","page_number":48,"box":{"x":76,"y":629,"width":354,"height":11}},{"id":"a3061812-c473-4672-8412-ea112c0cabb3","block_type":"box","text":"e.g.","page_number":48,"box":{"x":431,"y":632,"width":21,"height":8}},{"id":"a0d04b53-ab17-4ac1-ba0a-e71f83121f50","block_type":"box","text":", the risk of a counterparty defaulting on the obligation or bankruptcy), credit risk","page_number":48,"box":{"x":454,"y":629,"width":519,"height":11}},{"id":"03c08805-f893-46b7-b721-2613131c57c1","block_type":"box","text":"and pricing risk (","page_number":48,"box":{"x":76,"y":644,"width":106,"height":10}},{"id":"e85b8656-8615-4a33-a554-b41be6533065","block_type":"box","text":"i.e.","page_number":48,"box":{"x":182,"y":644,"width":18,"height":8}},{"id":"942663f4-aa27-419a-99a5-0143c6620034","block_type":"box","text":", swaps may be difficult to value). Swaps may be subject to illiquidity risk, and it may not be possible for the Fund to","page_number":48,"box":{"x":202,"y":644,"width":744,"height":10}},{"id":"c531e594-377b-476f-81ec-0ff7c3533d1e","block_type":"box","text":"liquidate a swap position at an advantageous time or price, which may result in significant losses. Certain standardized interest rate and","page_number":48,"box":{"x":77,"y":658,"width":868,"height":11}},{"id":"3a556051-0371-4261-a442-7e1053ced117","block_type":"box","text":"credit default swaps are required to be traded on an exchange or trading platform and centrally cleared. Most other swaps are entered into","page_number":48,"box":{"x":76,"y":672,"width":889,"height":11}},{"id":"b9a6ed43-8729-4411-bca1-a6b60379b6ba","block_type":"box","text":"on a negotiated, bi-lateral basis and traded in the over-the-counter market. Swaps are subject to bi-lateral variation margin. The Fund is","page_number":48,"box":{"x":76,"y":686,"width":867,"height":11}},{"id":"e00dd518-c524-4334-9b79-f623e4273420","block_type":"box","text":"required by financial regulators to post initial margin in connection with trading over-the-counter swaps. These requirements may raise the","page_number":48,"box":{"x":77,"y":700,"width":886,"height":11}},{"id":"004f3f29-41f7-4857-956e-ca011e9a7b88","block_type":"box","text":"costs for the Fund’s investment in swaps. Central clearing is expected to reduce counterparty credit risk and increase liquidity, but central","page_number":48,"box":{"x":76,"y":714,"width":884,"height":11}},{"id":"41f7c590-dce6-47a6-a97f-6e806316b587","block_type":"box","text":"clearing does not make swap transactions risk-free. Swaps entered into by the Fund through its Subsidiary are not expected to be centrally","page_number":48,"box":{"x":76,"y":729,"width":891,"height":11}},{"id":"ec14126c-f749-4afd-b18b-fdd34ffaadf0","block_type":"box","text":"cleared and thus will expose the Fund to counter-party default risk and illiquidity risk, as liquidity depends on the willingness of","page_number":48,"box":{"x":76,"y":743,"width":812,"height":11}},{"id":"4d7d689f-d0a3-497c-9f8a-293ba170fc37","block_type":"box","text":"counterparties to enter into, and the ability of counterparties to hedge the risks of, such contracts. All swaps require posting of collateral,","page_number":48,"box":{"x":76,"y":757,"width":879,"height":11}},{"id":"6ee1e653-c486-45a7-b648-82f3ba520669","block_type":"box","text":"which may restrict the ability of the Fund to invest the assets in different ways and which involve costs to the Fund. Swaps provide","page_number":48,"box":{"x":76,"y":771,"width":834,"height":11}},{"id":"1c948775-f86a-4991-b530-eb1c9c7faf8a","block_type":"box","text":"customized contractual terms, which may not, in all cases, provide the hedging or other intended benefits.","page_number":48,"box":{"x":76,"y":785,"width":679,"height":11}},{"id":"ac5c18bc-6fbc-4ad6-a3b1-dfcf3fb820b7","block_type":"box","text":"13","page_number":48,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"6fd228f4-2e96-4d04-8611-6684ca63487e","block_type":"box","text":"Risk of Investing in Gold.","page_number":48,"box":{"x":77,"y":23,"width":171,"height":11}},{"id":"79158299-a441-4ea4-a840-96b861c5bce3","block_type":"box","text":"The Fund has exposure to gold through its investments in total return swaps on the Underlying Index. Thus, the","page_number":48,"box":{"x":253,"y":23,"width":710,"height":11}},{"id":"e9ad529f-5498-48a7-83c9-e9d2bc0defbf","block_type":"box","text":"Fund’s portfolio may be adversely affected by changes or trends in the price of gold. The price of gold and of gold-related instruments","page_number":48,"box":{"x":77,"y":37,"width":853,"height":11}},{"id":"fb9b06f1-acee-489d-a356-63219565f715","block_type":"box","text":"historically has been volatile. Governments, central banks, or other large holders can influence the production and sale of gold, which may","page_number":48,"box":{"x":77,"y":52,"width":883,"height":11}},{"id":"5f35f677-1b87-4e3e-b3ec-ac470ff3847e","block_type":"box","text":"adversely affect the supply and price of gold, and thus, the performance of the Fund. Unpredictable economic, financial, social, and political","page_number":48,"box":{"x":76,"y":66,"width":894,"height":11}},{"id":"359dc1db-e101-4da2-a8a7-9f4a98625c93","block_type":"box","text":"factors may also affect the price of gold.","page_number":48,"box":{"x":76,"y":80,"width":257,"height":11}},{"id":"49543e82-62b3-46e4-95a9-742518f08336","block_type":"box","text":"Investments related to gold are considered to be speculative. The price of gold may fluctuate sharply over short periods of time due to,","page_number":48,"box":{"x":77,"y":103,"width":861,"height":11}},{"id":"0b4d2ff6-ba4f-458b-913a-b64811139d6d","block_type":"box","text":"among other things: (i) changes in inflation or expectations regarding inflation in various countries; (ii) the availability of supply; (iii) chang","page_number":48,"box":{"x":76,"y":117,"width":881,"height":11}},{"id":"ee6e98a2-fb70-4c79-9bbc-125608c4d7dd","block_type":"box","text":"es","page_number":48,"box":{"x":958,"y":120,"width":13,"height":6}},{"id":"b698ef5a-6f6e-4f9d-978b-2688810b357c","block_type":"box","text":"in demand; (iv) investment speculation and political uncertainty; and (v) monetary and other economic policies of various governments.","page_number":48,"box":{"x":76,"y":132,"width":865,"height":10}},{"id":"e87cfabd-d535-42e6-9dc5-074c647904c1","block_type":"box","text":"Risk of Investing in Industrial Metals.","page_number":48,"box":{"x":77,"y":155,"width":257,"height":11}},{"id":"7854a992-6b66-4bec-8a18-82bad8c00b1e","block_type":"box","text":"The price of industrial metals may be adversely affected by unpredictable international economic","page_number":48,"box":{"x":339,"y":155,"width":622,"height":11}},{"id":"c29afa38-2f42-4e50-84d0-e1e39fa71af3","block_type":"box","text":"and political policies, such as currency devaluations or revaluations, economic and social conditions within an individual country, trade","page_number":48,"box":{"x":76,"y":169,"width":861,"height":11}},{"id":"37375f71-a858-4859-a0f1-f96f79c9cff7","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":48,"box":{"x":76,"y":183,"width":878,"height":11}},{"id":"d8a55ec8-32f7-45c3-bf71-6f93be7a0cc0","block_type":"box","text":"substantial price fluctuations over short periods of time.","page_number":48,"box":{"x":76,"y":197,"width":358,"height":11}},{"id":"f0cdfaa9-199b-48a4-8cd7-e6fdc4b5a990","block_type":"box","text":"or Congress enacts legislation, limiting the circumstances in which each Fund’s income with respect to the Subsidiary will be considered","page_number":49,"box":{"x":76,"y":312,"width":873,"height":10}},{"id":"21f660d5-403e-4326-99b3-3cb28d91f0e9","block_type":"box","text":"“qualifying income,” the Fund might be required to make changes to its operations, which could reduce the Fund’s ability to gain investment","page_number":49,"box":{"x":76,"y":326,"width":895,"height":11}},{"id":"86fc30c1-8f24-4c6a-9bf1-210a6e0f7bd2","block_type":"box","text":"exposure to commodities. Fund shareholders could also experience adverse tax consequences in such circumstances. Moreover, changes in","page_number":49,"box":{"x":76,"y":340,"width":900,"height":11}},{"id":"300d5d31-c556-47b8-94f6-a692e815cc64","block_type":"box","text":"the laws of the U.S. and/or the Cayman Islands could result in the inability of each Fund and/or Subsidiary to operate as described in the","page_number":49,"box":{"x":76,"y":354,"width":880,"height":11}},{"id":"117a1877-6afe-4c0c-9b66-b8cf5c9e3fd8","block_type":"box","text":"Prospectus and in the SAI, and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income,","page_number":49,"box":{"x":77,"y":368,"width":872,"height":11}},{"id":"a900fd5a-ebdb-45fb-be0d-a9bff6b8f97b","block_type":"box","text":"corporate or capital gains taxes, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes","page_number":49,"box":{"x":76,"y":382,"width":874,"height":11}},{"id":"50dac74a-f3ae-4d71-8602-2e9be92d2d2e","block_type":"box","text":"such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely experience decreased investment returns.","page_number":49,"box":{"x":76,"y":397,"width":840,"height":10}},{"id":"d16e899f-fe2c-496e-a3e7-bc7ee421b138","block_type":"box","text":"Tracking Error Risk.","page_number":49,"box":{"x":76,"y":420,"width":135,"height":11}},{"id":"694282d0-3525-465c-84f8-9e98e4571a26","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":49,"box":{"x":216,"y":420,"width":749,"height":11}},{"id":"c848b017-7f73-4767-b34f-fedb2395ec08","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities and","page_number":49,"box":{"x":76,"y":434,"width":871,"height":11}},{"id":"a0f663db-92f3-4ecf-94f4-81c25d7a8eef","block_type":"box","text":"other assets held in a Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value","page_number":49,"box":{"x":76,"y":448,"width":897,"height":11}},{"id":"cb26f777-e871-4746-8bc4-07ad0f91e352","block_type":"box","text":"securities and other assets; transaction costs and other expenses incurred by a Fund that the Underlying Index does not incur; a Fund’s","page_number":49,"box":{"x":76,"y":462,"width":868,"height":11}},{"id":"0f1ed3b2-75c7-412e-9987-e9e7f3df722b","block_type":"box","text":"holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by a Fund or","page_number":49,"box":{"x":77,"y":477,"width":823,"height":10}},{"id":"3759c65c-7941-47a9-b5c5-cd0f4374f68b","block_type":"box","text":"distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends","page_number":49,"box":{"x":76,"y":491,"width":905,"height":11}},{"id":"8b9fc81a-26e6-4177-b23b-af5cdce1127c","block_type":"box","text":"reflected in the Underlying Index from a Fund’s obligation, if any, for foreign withholding taxes; the requirements for a Fund to maintain pass","page_number":49,"box":{"x":77,"y":505,"width":901,"height":11}},{"id":"d95539e5-e1cd-4f79-94c3-e5bc50dd223b","block_type":"box","text":"through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of","page_number":49,"box":{"x":76,"y":519,"width":869,"height":11}},{"id":"8bdebb8e-28cd-4a97-995f-4ab6412dd67c","block_type":"box","text":"custom baskets; changes to the Underlying Index, such as during a rebalancing or reconstitution; and impacts to a Fund of complying with","page_number":49,"box":{"x":76,"y":533,"width":884,"height":11}},{"id":"370392bb-5896-463f-b3c0-25aab997fed5","block_type":"box","text":"certain regulatory requirements or limits. A Fund that tracks an index composed of a large number of securities or other assets may","page_number":49,"box":{"x":76,"y":548,"width":844,"height":10}},{"id":"bb0f10a0-4f55-497e-850b-423cdecb8167","block_type":"box","text":"experience greater tracking error than a Fund that tracks a more narrow index. Tracking error risk may be heightened during times of","page_number":49,"box":{"x":76,"y":562,"width":851,"height":11}},{"id":"6233fd08-5eea-40fb-ac60-a7c6fd689d33","block_type":"box","text":"increased market volatility or other unusual market conditions.","page_number":49,"box":{"x":76,"y":576,"width":401,"height":11}},{"id":"919938ad-eedc-4fcd-9312-db774acbe853","block_type":"box","text":"Valuation Risk.","page_number":49,"box":{"x":76,"y":599,"width":102,"height":9}},{"id":"6595b925-0870-4452-8a79-f0a2b34d90f4","block_type":"box","text":"The price that a Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the","page_number":49,"box":{"x":183,"y":599,"width":756,"height":11}},{"id":"e8035483-39cb-4b38-b31e-55aeba493574","block_type":"box","text":"Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that","page_number":49,"box":{"x":77,"y":613,"width":889,"height":11}},{"id":"be7ba791-5275-404a-913e-cb6b50fdbd0d","block_type":"box","text":"are valued using a fair value methodology. The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":49,"box":{"x":76,"y":628,"width":857,"height":10}},{"id":"25f65a78-53ee-4f5a-93a6-1fc4c5035aea","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":49,"box":{"x":76,"y":642,"width":898,"height":11}},{"id":"af7e516c-4323-42b6-bcb0-645e7d9650fb","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":49,"box":{"x":76,"y":656,"width":849,"height":11}},{"id":"9f345636-1f9a-424e-bd0a-ea4de5a31e5b","block_type":"box","text":"purchase or sell Fund shares.","page_number":49,"box":{"x":76,"y":670,"width":187,"height":11}},{"id":"f7104ca5-a293-496b-a330-40d199e541a7","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":49,"box":{"x":77,"y":693,"width":886,"height":11}},{"id":"37148876-9ca1-460b-ae90-08e2bd021d26","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":49,"box":{"x":76,"y":707,"width":890,"height":11}},{"id":"a7abb93b-4ddb-42d9-8657-97d5145e71c8","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":49,"box":{"x":76,"y":722,"width":847,"height":11}},{"id":"baf04490-b9cc-4bac-ad0f-466657c65c87","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":49,"box":{"x":76,"y":736,"width":895,"height":11}},{"id":"78746006-e4c0-4847-93fa-5f6579766ea8","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":49,"box":{"x":76,"y":750,"width":892,"height":11}},{"id":"51667d29-c637-41e7-ab75-71efbc606dd3","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":49,"box":{"x":77,"y":764,"width":857,"height":11}},{"id":"45a63fe6-5c7b-4068-afc8-0965ba9d42a1","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":49,"box":{"x":76,"y":778,"width":772,"height":11}},{"id":"fce09dc6-32ef-484b-9566-26f329bb407b","block_type":"box","text":"Portfolio Holdings Information","page_number":49,"box":{"x":78,"y":807,"width":296,"height":17}},{"id":"e84993e1-2a96-4c36-b391-55e9fbe61a4f","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":49,"box":{"x":76,"y":836,"width":896,"height":11}},{"id":"8d89963a-66ec-457f-85b8-e0356bffdff9","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":49,"box":{"x":76,"y":851,"width":906,"height":10}},{"id":"cfc81a4a-782b-43a7-b0ff-5fd94efd5311","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":49,"box":{"x":77,"y":865,"width":893,"height":11}},{"id":"47e2a1d7-1308-46a7-9bd6-7fe4dc457a54","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":49,"box":{"x":76,"y":879,"width":256,"height":11}},{"id":"858c9bbb-95dc-4b2e-bb38-ffdbffddefa3","block_type":"box","text":"14","page_number":49,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"ebcc23a1-7c3f-409d-bd45-58868ae4d3e0","block_type":"box","text":"Small Fund Risk.","page_number":49,"box":{"x":76,"y":24,"width":114,"height":8}},{"id":"43c70c8d-0ce9-451d-8017-0bd2ed463b75","block_type":"box","text":"When a Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. A Fund’s","page_number":49,"box":{"x":195,"y":24,"width":704,"height":10}},{"id":"cf50a4be-1544-4b6d-bce3-6566c37380e9","block_type":"box","text":"performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. A Fund that holds","page_number":49,"box":{"x":76,"y":38,"width":898,"height":11}},{"id":"bdda8c11-4bd1-40fa-add6-30ef96b0da82","block_type":"box","text":"fixed-income securities may buy smaller-sized bonds known as “odd lots,” which may be purchased or sold at a discount to similar “round","page_number":49,"box":{"x":76,"y":52,"width":880,"height":11}},{"id":"52785c30-3bc8-4227-9920-b1a5db092726","block_type":"box","text":"lot” bonds. The prices used by the Fund may differ from the value that would be realized if these securities were sold, and the impact of such","page_number":49,"box":{"x":77,"y":66,"width":898,"height":11}},{"id":"483dc96b-7082-4e43-ada4-42cd1700a257","block_type":"box","text":"pricing differences on a Fund’s performance may be heightened when the Fund’s size is small. In addition, a Fund may face the risk of being","page_number":49,"box":{"x":76,"y":80,"width":894,"height":11}},{"id":"c0120464-1283-49ad-85c9-e3cf761cee32","block_type":"box","text":"delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from the listing exchange, the","page_number":49,"box":{"x":76,"y":94,"width":890,"height":11}},{"id":"a2287e7c-f7d7-4473-957f-4ef012e1ad73","block_type":"box","text":"Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a Fund could lead to elevated","page_number":49,"box":{"x":77,"y":109,"width":893,"height":10}},{"id":"9cce2ce2-f6d8-45e6-b820-262f6baa2282","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":49,"box":{"x":76,"y":123,"width":530,"height":11}},{"id":"27805546-6edd-44a8-b460-a3ae166fa724","block_type":"box","text":"Subsidiary Risk.","page_number":49,"box":{"x":76,"y":146,"width":111,"height":11}},{"id":"080c575c-6015-410b-904a-d6fbf3e463a3","block_type":"box","text":"In compliance with Subchapter M of the Internal Revenue Code, a Fund may invest up to 25% of its total assets, as","page_number":49,"box":{"x":193,"y":146,"width":731,"height":11}},{"id":"2c78124d-f33e-4096-8d26-e6b1b1c349bc","block_type":"box","text":"determined at the end of the Fund’s fiscal quarters, in a Subsidiary. 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The Trust’s Board of Trustees has oversight responsibility","page_number":49,"box":{"x":76,"y":189,"width":895,"height":10}},{"id":"1c53f0c5-127e-421c-a017-119c43e81c1d","block_type":"box","text":"for the investment activities of each Fund, including its investment in a Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary.","page_number":49,"box":{"x":76,"y":203,"width":897,"height":11}},{"id":"49483700-013e-48b5-8941-79bc30a01c29","block_type":"box","text":"Each Subsidiary follows the same compliance policies and procedures as the Funds. Each Subsidiary’s financial statements are consolidated","page_number":49,"box":{"x":77,"y":217,"width":898,"height":11}},{"id":"3f8247e0-1908-4e8e-a25e-e9bf6bc89687","block_type":"box","text":"with the applicable Fund’s financial statements.","page_number":49,"box":{"x":76,"y":231,"width":304,"height":11}},{"id":"b9909780-1a42-4692-b510-aa7a7142c957","block_type":"box","text":"Tax Risk.","page_number":49,"box":{"x":76,"y":254,"width":60,"height":9}},{"id":"8f4f7989-75ac-44d4-93bd-56c79a3c3a54","block_type":"box","text":"Each Fund invests in commodity-linked derivatives indirectly through the Subsidiary because income from these investments, if","page_number":49,"box":{"x":142,"y":254,"width":815,"height":11}},{"id":"7630b95d-00c9-437f-9c03-72b3bfd83ded","block_type":"box","text":"made directly, might not be treated as “qualifying income” for purposes of the Fund qualifying as a RIC for U.S. federal income tax purposes.","page_number":49,"box":{"x":76,"y":268,"width":898,"height":11}},{"id":"bc710d37-3a07-419c-b987-c6ff16fe6df1","block_type":"box","text":"Based on final regulations issued by the IRS on which taxpayers may rely for taxable years beginning after September 28, 2016, each Fund","page_number":49,"box":{"x":77,"y":283,"width":883,"height":11}},{"id":"2078ef29-ccd6-441f-a810-cc882b383607","block_type":"box","text":"expects its income with respect to the Subsidiary to be qualifying income. In the future, if the IRS issues new regulations or other guidance,","page_number":49,"box":{"x":76,"y":297,"width":892,"height":11}},{"id":"24d1b666-4f8f-4357-9bfe-20000e57147f","block_type":"box","text":"Management of the Funds","page_number":50,"box":{"x":78,"y":22,"width":258,"height":17}},{"id":"4c5a2201-90bc-4435-948d-381b28519d65","block_type":"box","text":"Investment Adviser","page_number":50,"box":{"x":77,"y":51,"width":135,"height":9}},{"id":"47889183-234a-47bc-b340-27157e055604","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":50,"box":{"x":76,"y":75,"width":839,"height":11}},{"id":"c2bed8f8-6826-4923-9a0b-afe3c47bed2d","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":50,"box":{"x":76,"y":89,"width":899,"height":11}},{"id":"d037c2b9-a959-46f1-873f-fa65ad953fd6","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":50,"box":{"x":76,"y":103,"width":886,"height":11}},{"id":"943788b7-88fa-4e1d-8343-52812fdcbda5","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":50,"box":{"x":77,"y":117,"width":852,"height":11}},{"id":"fadb6a75-25be-4911-a4c2-c4a170b7ff01","block_type":"box","text":"Under the Commodity Exchange Act, BFA is considered a commodity pool operator (“CPO”) with respect to each Fund listed below and its","page_number":50,"box":{"x":77,"y":140,"width":882,"height":11}},{"id":"910bd2b9-00ed-463b-8dbc-6929dccd0ddd","block_type":"box","text":"Subsidiary. BFA is subject to regulation by the Commodity Futures Trading Commission and the National Futures Association with respect to","page_number":50,"box":{"x":76,"y":155,"width":897,"height":10}},{"id":"d4b8f5b9-a021-49f6-bea3-1fccaf76e95f","block_type":"box","text":"its activities as a CPO.","page_number":50,"box":{"x":76,"y":169,"width":142,"height":8}},{"id":"5698d593-05b4-4eda-96d7-b81ecd8edaf3","block_type":"box","text":"iShares Bloomberg Roll Select Commodity Strategy ETF","page_number":50,"box":{"x":137,"y":192,"width":355,"height":11}},{"id":"de840d5c-f0f9-4dee-a151-050a180aee8a","block_type":"box","text":"iShares GSCI Commodity Dynamic Roll Strategy ETF","page_number":50,"box":{"x":137,"y":206,"width":334,"height":11}},{"id":"e02727b4-7a23-4b94-ada0-44cdd73eaf3e","block_type":"box","text":"iShares Strategic Metals ETF","page_number":50,"box":{"x":137,"y":220,"width":183,"height":11}},{"id":"f2e0fb65-e87c-4535-9add-1ca30c26ba45","block_type":"box","text":"BFA is a consolidated subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105. 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Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees","page_number":50,"box":{"x":76,"y":558,"width":886,"height":11}},{"id":"f93aae6c-db89-43b3-a035-287d5eee5d08","block_type":"box","text":"and Expenses, if any.","page_number":50,"box":{"x":76,"y":572,"width":132,"height":11}},{"id":"1457662c-e69c-405e-a4a7-8215ade07b8c","block_type":"box","text":"A discussion regarding the basis for the approval by the Trust’s Board of Trustees (the “Board”) of the Investment Advisory Agreement with","page_number":50,"box":{"x":76,"y":596,"width":886,"height":10}},{"id":"30a4a3a0-a45a-436d-ba0a-570f470e9f02","block_type":"box","text":"BFA and, as applicable, the Sub-Advisory Agreement between BFA and BIL is available in the Funds’ Form N-CSR filed with the SEC for the","page_number":50,"box":{"x":77,"y":610,"width":881,"height":11}},{"id":"4921d2e4-9623-4c00-8bc2-b63bb8af544f","block_type":"box","text":"period ended October 31 and in the applicable financial statements and additional information documents posted at www.iShares.com.","page_number":50,"box":{"x":76,"y":624,"width":865,"height":11}},{"id":"a0098279-4f63-4bb5-9205-4bed5a7ee61b","block_type":"box","text":"For its investment advisory services to each Fund, for the fiscal year ended October 31, 2025, BFA was paid a management fee from each","page_number":50,"box":{"x":77,"y":647,"width":878,"height":11}},{"id":"c98176ce-0552-42eb-80b7-97475daa4981","block_type":"box","text":"Fund, as a percentage of the Fund’s average daily net assets, net of any applicable waivers, at the annual rate set forth in the table below. 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BFA","page_number":51,"box":{"x":76,"y":642,"width":879,"height":11}},{"id":"eac8fced-0ad0-4ef8-b949-4f2dee6ab6c2","block_type":"box","text":"and its Affiliates act, or may act, as an investor, research provider, investment manager, commodity pool operator, commodity trading","page_number":51,"box":{"x":76,"y":656,"width":858,"height":11}},{"id":"2b4962b1-4176-4516-9bfd-ed5cca2f70ae","block_type":"box","text":"advisor, financier, underwriter, adviser, trader, lender, index provider, agent and/or principal. BFA and its Affiliates may have other direct and","page_number":51,"box":{"x":76,"y":671,"width":903,"height":11}},{"id":"444835e4-f581-457a-935a-2b3754ebdab6","block_type":"box","text":"indirect interests in securities, currencies, commodities, derivatives and other assets in which a Fund may directly or indirectly invest.","page_number":51,"box":{"x":76,"y":685,"width":856,"height":11}},{"id":"3228ceda-a4df-4a62-9c35-f7f09f94d886","block_type":"box","text":"BFA and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment objectives similar to those","page_number":51,"box":{"x":77,"y":707,"width":902,"height":11}},{"id":"75fc39b9-4e7c-4855-9ac7-312597a40c41","block_type":"box","text":"of a Fund and/or that engage in and compete for transactions in the same or similar types of securities, currencies and other assets as are","page_number":51,"box":{"x":76,"y":721,"width":890,"height":11}},{"id":"cf817083-d7cf-466d-846c-0be08c7f34b8","block_type":"box","text":"held by a Fund. This may include transactions in securities issued by other open-end and closed-end investment companies, including","page_number":51,"box":{"x":77,"y":735,"width":855,"height":11}},{"id":"3964600d-1019-4909-ac40-1596cace9ee0","block_type":"box","text":"investment companies that are affiliated with the Fund and BFA, to the extent permitted under the Investment Company Act of 1940, as","page_number":51,"box":{"x":76,"y":749,"width":868,"height":11}},{"id":"4e3acd40-f9c6-4c08-b104-51d079a76227","block_type":"box","text":"amended (the “1940 Act”). The trading activities of BFA and its Affiliates are carried out without reference to positions held directly or","page_number":51,"box":{"x":76,"y":763,"width":855,"height":11}},{"id":"09b79725-380c-44e2-8983-917aad764a83","block_type":"box","text":"indirectly by a Fund. These activities may result in BFA or an Affiliate having positions in assets that are senior or junior to, or that have","page_number":51,"box":{"x":76,"y":778,"width":861,"height":11}},{"id":"7f8b4e18-73c6-44f1-8d0e-3749c0905858","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":51,"box":{"x":76,"y":792,"width":411,"height":11}},{"id":"27772717-c65a-4da5-8111-cf5726f8860c","block_type":"box","text":"A Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has significant debt or equity","page_number":51,"box":{"x":76,"y":814,"width":891,"height":11}},{"id":"867c2d3c-5533-4654-9f0a-c558e702f6d2","block_type":"box","text":"investments or other interests. A Fund may also invest in issuances (such as debt offerings or structured notes) for which an Affiliate is","page_number":51,"box":{"x":76,"y":828,"width":864,"height":11}},{"id":"766728bc-9e7f-42b3-ade8-446c6079a164","block_type":"box","text":"compensated for providing advisory, cash management or other services. A Fund also may invest in securities of, or engage in other","page_number":51,"box":{"x":76,"y":842,"width":845,"height":11}},{"id":"dbe87ad0-3a17-43e6-a6ee-0005b3ee1c60","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":51,"box":{"x":76,"y":856,"width":695,"height":11}},{"id":"92f50eba-3a46-4551-a0bc-5a39a594cd2f","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":51,"box":{"x":76,"y":878,"width":871,"height":11}},{"id":"cfbfb112-e121-43b6-bc05-81fa88b1e80c","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":51,"box":{"x":77,"y":892,"width":347,"height":11}},{"id":"91c87aca-a33b-45e5-aa47-0df084bec262","block_type":"box","text":"16","page_number":51,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"80c27289-41c5-46a6-b51f-7726bf19521e","block_type":"box","text":"iShares","page_number":51,"box":{"x":87,"y":510,"width":46,"height":9}},{"id":"18b93baa-ab2e-4a49-828a-48c8fb07d24c","block_type":"box","text":"Strategic","page_number":51,"box":{"x":139,"y":510,"width":56,"height":11}},{"id":"0d0f5800-2a51-42c6-a5a5-124065d8a219","block_type":"box","text":"Metals","page_number":51,"box":{"x":201,"y":510,"width":41,"height":9}},{"id":"313444f4-cf7e-4d4d-9b0c-257ecb7da125","block_type":"box","text":"ETF*","page_number":51,"box":{"x":248,"y":510,"width":29,"height":8}},{"id":"5e765ed3-f760-45d1-b552-14b6153c4ca8","block_type":"box","text":"Kyle Peppo has been employed by BFA or its affiliates as a portfolio manager since 2017. He is a Director of BlackRock, Inc.","page_number":51,"box":{"x":77,"y":321,"width":789,"height":10}},{"id":"42a9457f-a315-4fa8-a12c-d2473cd86af8","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with a Fund. As a result, an","page_number":52,"box":{"x":77,"y":23,"width":891,"height":11}},{"id":"6c66f11c-26fa-4cc0-bcf4-e33ee4ad0597","block_type":"box","text":"Affiliate may compete with a Fund for appropriate investment opportunities. The results of a Fund’s investment activities, therefore, may","page_number":52,"box":{"x":76,"y":37,"width":873,"height":11}},{"id":"8f9a1287-4dc9-40b3-b6da-c31ec3b0555b","block_type":"box","text":"differ from those of an Affiliate and of other accounts managed by an Affiliate. It is possible that a Fund could sustain losses during periods in","page_number":52,"box":{"x":76,"y":51,"width":903,"height":11}},{"id":"76f8f0f2-581f-48d1-9709-f278ea770a4f","block_type":"box","text":"which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also","page_number":52,"box":{"x":76,"y":66,"width":897,"height":11}},{"id":"ca5c19de-13dd-4556-b9e1-864a926686be","block_type":"box","text":"possible.","page_number":52,"box":{"x":76,"y":80,"width":56,"height":11}},{"id":"cd6f9392-6300-447a-8617-08b448133a98","block_type":"box","text":"In addition, a Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or clients have an adverse","page_number":52,"box":{"x":77,"y":103,"width":888,"height":11}},{"id":"35153b32-6dc3-40a3-a440-8c59eec45711","block_type":"box","text":"interest. A Fund may be adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers,","page_number":52,"box":{"x":76,"y":117,"width":857,"height":11}},{"id":"44968190-866d-4173-ac25-69b9b1e1c615","block_type":"box","text":"employees or clients.","page_number":52,"box":{"x":76,"y":131,"width":135,"height":11}},{"id":"08c38c11-8ed9-4159-93a1-f7fa4680d4c8","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance with applicable law,","page_number":52,"box":{"x":77,"y":155,"width":876,"height":10}},{"id":"20c68c85-d016-4636-a115-1fa4f7272364","block_type":"box","text":"purchase and hold shares of a Fund. The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by","page_number":52,"box":{"x":76,"y":169,"width":851,"height":11}},{"id":"1ced609b-bb27-4aff-a23a-7f585a8b653e","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":52,"box":{"x":76,"y":183,"width":440,"height":11}},{"id":"18804cc9-4a36-471d-abd3-7951021a915b","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":52,"box":{"x":76,"y":206,"width":901,"height":11}},{"id":"efa79a8b-5747-43bb-9fa5-cea4e86b6849","block_type":"box","text":"such restrictions.","page_number":52,"box":{"x":76,"y":220,"width":110,"height":9}},{"id":"b5f4e1fc-fafb-44ac-8f85-522a390739b8","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":52,"box":{"x":77,"y":244,"width":863,"height":10}},{"id":"2ff243d7-abe9-484e-a1e3-e3c5b983531d","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":52,"box":{"x":77,"y":258,"width":854,"height":11}},{"id":"25fbbdc6-3cad-499c-a6e5-b1b74d073c8d","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":52,"box":{"x":77,"y":272,"width":862,"height":11}},{"id":"bc7a3cd2-a579-410a-a0a0-e8c59cecb8eb","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":52,"box":{"x":77,"y":286,"width":876,"height":11}},{"id":"d3101072-2f3b-4dcb-a3ff-486a07597b92","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":52,"box":{"x":76,"y":300,"width":363,"height":11}},{"id":"4a2c4c6f-3d12-44f9-829e-b2c7a14ee3de","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":52,"box":{"x":77,"y":323,"width":894,"height":11}},{"id":"68cc01fa-a3c4-4199-b994-d0e0ed873f66","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":52,"box":{"x":76,"y":338,"width":860,"height":11}},{"id":"27710946-0f60-4862-a645-5e9f1b95f9c4","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":52,"box":{"x":77,"y":352,"width":854,"height":11}},{"id":"ffb06ecf-4bc4-4286-a905-813c38e7b17f","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":52,"box":{"x":76,"y":366,"width":894,"height":11}},{"id":"fafb0dde-fcc1-413a-8049-07aaf23c47cb","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":52,"box":{"x":76,"y":380,"width":871,"height":11}},{"id":"5b1152a6-8813-4ef9-aae1-a1799a43fb35","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":52,"box":{"x":76,"y":394,"width":848,"height":11}},{"id":"77ba499a-e596-41af-aab2-b8febbcd3e0a","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":52,"box":{"x":77,"y":409,"width":342,"height":10}},{"id":"0d2fab23-a3de-4d89-b056-91062544ec2c","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":52,"box":{"x":77,"y":432,"width":893,"height":11}},{"id":"19935c85-8673-40e6-aaa1-a9c11b045658","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":52,"box":{"x":76,"y":446,"width":885,"height":11}},{"id":"c18de938-b583-4b21-9e05-17b55236be2b","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":52,"box":{"x":76,"y":460,"width":897,"height":11}},{"id":"1f8f524c-ce3e-4b59-86dd-a796ce511a5c","block_type":"box","text":"licensees.","page_number":52,"box":{"x":77,"y":474,"width":61,"height":9}},{"id":"7c9fb565-3212-4e51-afda-9f95588966f8","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":52,"box":{"x":76,"y":498,"width":875,"height":10}},{"id":"6abb9371-c961-42a8-a944-3bf0c441844c","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":52,"box":{"x":76,"y":512,"width":886,"height":11}},{"id":"7d3237be-a852-4d2a-8fe2-6d9a48e6b891","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":52,"box":{"x":76,"y":526,"width":326,"height":8}},{"id":"6dc1ecb1-cb48-4205-bc37-c2d50bd695ef","block_type":"box","text":"Shareholder Information","page_number":52,"box":{"x":77,"y":555,"width":240,"height":13}},{"id":"26574976-abd8-4ba2-b90a-0921399e2871","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":52,"box":{"x":75,"y":584,"width":821,"height":11}},{"id":"4e367b36-1fe9-4e6d-b15a-df8d40f65314","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":52,"box":{"x":78,"y":598,"width":383,"height":11}},{"id":"a9b8e02a-d953-4a09-9f8d-d0e0dd48c2ff","block_type":"box","text":"Buying and Selling Shares","page_number":52,"box":{"x":77,"y":621,"width":180,"height":11}},{"id":"28565ea8-ad9f-4724-9c22-2e66ef93b20f","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":52,"box":{"x":76,"y":644,"width":839,"height":11}},{"id":"f903618d-817c-42ae-89fb-c81fce51e54a","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":52,"box":{"x":76,"y":659,"width":584,"height":10}},{"id":"5bef7aa9-036d-4396-b264-96953ef40b45","block_type":"box","text":"i.e","page_number":52,"box":{"x":661,"y":659,"width":14,"height":8}},{"id":"0ea17e69-904d-4a8c-beb6-3ad757505702","block_type":"box","text":"., financial institutions that are authorized to","page_number":52,"box":{"x":677,"y":659,"width":282,"height":10}},{"id":"f44ebd5b-1f69-4229-a52f-a0fd7a0d9b70","block_type":"box","text":"participate in such transactions), as described in the","page_number":52,"box":{"x":76,"y":673,"width":335,"height":11}},{"id":"c999463d-55fc-470d-81c3-37a2af97cc98","block_type":"box","text":"Creations and Redemptions","page_number":52,"box":{"x":417,"y":673,"width":173,"height":11}},{"id":"5de04543-bd2f-453c-a87f-05f659741fce","block_type":"box","text":"section below.","page_number":52,"box":{"x":595,"y":673,"width":90,"height":8}},{"id":"59fb401a-84e6-40bf-9de4-b9733a8f7301","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":52,"box":{"x":77,"y":696,"width":904,"height":11}},{"id":"09c5c818-a07b-40e6-a2aa-f24a3b01b388","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":52,"box":{"x":77,"y":710,"width":860,"height":11}},{"id":"6067d97a-0d0b-45b1-b470-27a438ee9bcb","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":52,"box":{"x":76,"y":724,"width":857,"height":11}},{"id":"5ac44840-7ad1-4d3d-9a30-d838bd1aff04","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":52,"box":{"x":76,"y":739,"width":598,"height":10}},{"id":"1cfff823-0ba5-4178-8dd7-9f41cc47f5bf","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":52,"box":{"x":77,"y":762,"width":899,"height":11}},{"id":"c0bcd26c-501c-4d3b-b4d7-3072eb14813b","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":52,"box":{"x":76,"y":776,"width":869,"height":11}},{"id":"418be75c-5bf2-4755-91cf-c1a73f09e043","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":52,"box":{"x":76,"y":790,"width":888,"height":11}},{"id":"2431236b-43c1-4e32-b0c6-f3d16c02ccc5","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":52,"box":{"x":76,"y":804,"width":884,"height":11}},{"id":"215bf732-cc50-4975-9ad0-836120c866c9","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":52,"box":{"x":76,"y":819,"width":904,"height":10}},{"id":"ca129fd6-e678-4dcf-b52c-bbee3429c741","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":52,"box":{"x":76,"y":833,"width":897,"height":11}},{"id":"02c19693-ca3f-4ce2-9404-265b2e461d11","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":52,"box":{"x":76,"y":847,"width":887,"height":11}},{"id":"3a62939c-8738-4b90-a32b-95799b6ff7af","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":52,"box":{"x":76,"y":861,"width":713,"height":11}},{"id":"296ed4df-96ea-4666-8334-f2d8f73d4daa","block_type":"box","text":"17","page_number":52,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"8de7bc17-b52f-47e6-9961-cae7399ac55b","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":53,"box":{"x":76,"y":23,"width":902,"height":11}},{"id":"2a1f4748-6b27-4f40-acc0-56564de80775","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":53,"box":{"x":76,"y":37,"width":856,"height":11}},{"id":"b6dddbbd-e9d0-4b6f-810b-7e2df9d30319","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":53,"box":{"x":77,"y":52,"width":612,"height":10}},{"id":"0151f1b6-e85e-4b87-bceb-d3ca5806ef30","block_type":"box","text":"Investments in Investment Companies","page_number":53,"box":{"x":77,"y":75,"width":268,"height":10}},{"id":"2d16d1e0-1f50-4602-971c-3728f3db9305","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":53,"box":{"x":76,"y":98,"width":873,"height":11}},{"id":"8f354c77-f7c5-4efc-b4a8-f5d916d7eae2","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":53,"box":{"x":76,"y":112,"width":889,"height":11}},{"id":"4a2deda1-deb9-491c-95e2-f05976ff4c3a","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":53,"box":{"x":76,"y":126,"width":847,"height":11}},{"id":"43bae3d4-1174-474d-8c63-27ef720a6b57","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":53,"box":{"x":76,"y":140,"width":897,"height":11}},{"id":"0cd70a59-ae40-40a6-a3fb-856e1ad65c03","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":53,"box":{"x":76,"y":155,"width":890,"height":10}},{"id":"71dcc543-ba3e-42b4-bc21-d2badfca4bf5","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":53,"box":{"x":76,"y":169,"width":904,"height":11}},{"id":"2dae9241-5a3c-41cb-8dd0-4e1efbc5c6c4","block_type":"box","text":"investment companies and companies controlled by them.","page_number":53,"box":{"x":76,"y":183,"width":374,"height":11}},{"id":"bd217ddf-9f2f-4c34-82c1-c7b8f07b5b43","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":53,"box":{"x":77,"y":206,"width":867,"height":11}},{"id":"911037d2-4636-48b1-8a8a-341976598ed6","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":53,"box":{"x":78,"y":220,"width":871,"height":11}},{"id":"a80463d9-2956-43de-a5eb-cb78e397c363","block_type":"box","text":"Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund invests","page_number":53,"box":{"x":77,"y":235,"width":855,"height":10}},{"id":"3dd4d85b-952d-4150-bc10-c14397658566","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":53,"box":{"x":76,"y":249,"width":874,"height":11}},{"id":"21fe4acb-5a70-48a0-b965-51578f136983","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":53,"box":{"x":78,"y":263,"width":894,"height":11}},{"id":"55175124-fcfd-4028-9907-7419425ac4c0","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":53,"box":{"x":76,"y":277,"width":367,"height":11}},{"id":"73b84b44-6438-4efb-b1d4-dc3abbac0459","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":53,"box":{"x":77,"y":300,"width":883,"height":11}},{"id":"b4ac2e20-bcfc-44aa-ba1b-17250ef3bf9b","block_type":"box","text":"SEC no-action relief.","page_number":53,"box":{"x":76,"y":314,"width":130,"height":9}},{"id":"b04a2068-2b40-4af2-9cb5-8d841a6894f8","block_type":"box","text":"Book Entry","page_number":53,"box":{"x":77,"y":338,"width":76,"height":10}},{"id":"9c4bec28-4be8-4316-9ca3-656d94461598","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":53,"box":{"x":76,"y":361,"width":892,"height":11}},{"id":"ceab144c-231f-47d5-b3e4-8dfd34a16dd7","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":53,"box":{"x":76,"y":375,"width":832,"height":11}},{"id":"90144a5b-83b5-4490-b3f3-927668aa5716","block_type":"box","text":"outstanding shares of the Funds.","page_number":53,"box":{"x":76,"y":389,"width":209,"height":11}},{"id":"78daa46b-4ee0-42a3-bf49-da1cfa7f5a57","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":53,"box":{"x":77,"y":412,"width":885,"height":11}},{"id":"a1e356cc-bb3f-4eda-966a-93b55e85fbb3","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":53,"box":{"x":76,"y":427,"width":863,"height":10}},{"id":"34e3d5c1-a581-4883-b8e5-0304e5a53652","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":53,"box":{"x":77,"y":441,"width":888,"height":11}},{"id":"27b530cf-1567-4559-968e-13417a09c2c5","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":53,"box":{"x":76,"y":455,"width":874,"height":11}},{"id":"569ca7fe-2e72-4a5e-bdeb-67c72452b43a","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":53,"box":{"x":77,"y":469,"width":899,"height":11}},{"id":"c5aba221-b164-41a7-85e2-631f21881e09","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":53,"box":{"x":76,"y":483,"width":330,"height":11}},{"id":"b8c31ea2-fdf3-405c-bd31-01e36afebbad","block_type":"box","text":"Share Prices","page_number":53,"box":{"x":76,"y":507,"width":87,"height":8}},{"id":"9195420b-d914-4635-85b1-d4ae61598555","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":53,"box":{"x":76,"y":530,"width":894,"height":11}},{"id":"87012e5a-1052-4fe4-940c-dd4e126e4724","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":53,"box":{"x":76,"y":544,"width":876,"height":11}},{"id":"8edb8cb4-4b96-4ef3-a9d6-9214b1f8c804","block_type":"box","text":"conditions.","page_number":53,"box":{"x":76,"y":558,"width":69,"height":9}},{"id":"b48b176a-af47-4c75-9afb-edf20a13985b","block_type":"box","text":"Determination of Net Asset Value","page_number":53,"box":{"x":77,"y":581,"width":233,"height":9}},{"id":"4dda1d5e-e846-426c-8f55-ea8f2cb58720","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":53,"box":{"x":76,"y":605,"width":872,"height":10}},{"id":"5dfd4de4-c446-4439-89c6-000240c81442","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":53,"box":{"x":76,"y":619,"width":904,"height":11}},{"id":"15129949-36d1-4c5e-bfc0-a5f766544880","block_type":"box","text":"on prices at the time of closing.","page_number":53,"box":{"x":76,"y":633,"width":201,"height":11}},{"id":"90352645-3d31-42c9-a2fa-a11912c481ee","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":53,"box":{"x":76,"y":656,"width":883,"height":11}},{"id":"9873cdb6-9f77-4b2d-94db-7e5050098a91","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":53,"box":{"x":76,"y":670,"width":554,"height":11}},{"id":"d839d298-3715-49c8-8d49-143a3b1c6ced","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":53,"box":{"x":76,"y":693,"width":501,"height":11}},{"id":"81c10013-4386-4562-91d7-321bae3c5c33","block_type":"box","text":"i.e","page_number":53,"box":{"x":578,"y":694,"width":14,"height":8}},{"id":"2f0e2367-e2a6-4a56-b8e7-3a13b4eacf07","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":53,"box":{"x":594,"y":693,"width":353,"height":11}},{"id":"b42a6848-692a-4ce2-a104-b3e366a0919d","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":53,"box":{"x":77,"y":708,"width":857,"height":11}},{"id":"6ba59a4f-e654-4f31-80ca-cca9fd408050","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":53,"box":{"x":77,"y":722,"width":883,"height":11}},{"id":"f7eead42-fd2d-42b0-8014-4f01771d0ddb","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":53,"box":{"x":77,"y":736,"width":881,"height":11}},{"id":"34a3dd71-2d7a-45f0-9c0b-bc86e189c13f","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":53,"box":{"x":77,"y":759,"width":867,"height":11}},{"id":"3f04f480-35b5-446c-9ab1-81e89a5c503f","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":53,"box":{"x":76,"y":773,"width":896,"height":11}},{"id":"80b701c9-e446-4120-a8c8-933a43fa2427","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":53,"box":{"x":77,"y":788,"width":903,"height":10}},{"id":"6ddf2c1f-5845-4489-8645-a861c9737dde","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":53,"box":{"x":76,"y":802,"width":897,"height":11}},{"id":"213e0241-966c-4e0e-a3f6-a04d832467ae","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":53,"box":{"x":76,"y":816,"width":887,"height":11}},{"id":"9a90a957-49be-49a0-beeb-373a77089c15","block_type":"box","text":"price.","page_number":53,"box":{"x":76,"y":830,"width":35,"height":11}},{"id":"25c745d3-6076-4557-894b-a1bde522cc70","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":53,"box":{"x":77,"y":853,"width":904,"height":11}},{"id":"5f74143f-0386-48f1-ae97-03df62d0990c","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":53,"box":{"x":76,"y":868,"width":891,"height":10}},{"id":"f1a37d77-d923-449b-8df4-6a759a48c80d","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":53,"box":{"x":76,"y":882,"width":861,"height":11}},{"id":"2c5eb0f7-17c7-4eae-91df-3388d0b58598","block_type":"box","text":"18","page_number":53,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"b3a3bfd0-1fe4-4c0d-a650-afa2f2a18ebe","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":54,"box":{"x":76,"y":23,"width":901,"height":11}},{"id":"be62803e-ca1d-419a-a8dd-9dd41d295ba7","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":54,"box":{"x":77,"y":37,"width":904,"height":11}},{"id":"f4029e76-2d49-48c6-9cf8-1926f56a23bd","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":54,"box":{"x":77,"y":51,"width":899,"height":11}},{"id":"17cb1e7e-5a47-48eb-a8c6-08ec7c3d8914","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":54,"box":{"x":77,"y":66,"width":902,"height":11}},{"id":"f8385e6c-9e0e-4af4-833c-1d1c650ff5df","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":54,"box":{"x":77,"y":80,"width":491,"height":11}},{"id":"76619a51-8df2-4b7e-8173-59b2d7ce8fe3","block_type":"box","text":"Generally, trading in certain instruments (","page_number":54,"box":{"x":76,"y":103,"width":265,"height":11}},{"id":"eae6f052-52e6-47f2-a8b3-493e5c9dba32","block_type":"box","text":"e.g","page_number":54,"box":{"x":343,"y":105,"width":19,"height":9}},{"id":"9a083080-b973-4b51-b09d-598c72f89aa4","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":54,"box":{"x":362,"y":103,"width":599,"height":11}},{"id":"9d5dca6b-9def-4436-9ff2-7a23f8d8d7be","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":54,"box":{"x":76,"y":117,"width":869,"height":11}},{"id":"9f94d85f-20a1-439a-979d-a3ffdc4a6eaa","block_type":"box","text":"determined as of such times.","page_number":54,"box":{"x":76,"y":131,"width":185,"height":9}},{"id":"90fda9d1-c858-4c6b-9a7e-2fab4f55d108","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":54,"box":{"x":77,"y":155,"width":885,"height":10}},{"id":"eff682ca-6d9b-4729-b949-12aed52404f5","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":54,"box":{"x":76,"y":169,"width":901,"height":11}},{"id":"4f715880-2e66-4518-b415-3d32484af9b9","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":54,"box":{"x":76,"y":183,"width":904,"height":11}},{"id":"5c74a30d-9b23-4a16-bf89-43cce6a2ca4c","block_type":"box","text":"a Fund’s pricing time.","page_number":54,"box":{"x":76,"y":197,"width":136,"height":11}},{"id":"4288c649-3d91-4e02-a40d-3fd97ea1760b","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":54,"box":{"x":76,"y":220,"width":877,"height":11}},{"id":"67955ff4-1be8-4265-baef-e49d92b3388c","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":54,"box":{"x":76,"y":235,"width":392,"height":10}},{"id":"d23f6f64-2b63-4805-927b-50be9c6044c7","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":54,"box":{"x":76,"y":258,"width":837,"height":11}},{"id":"a5e30078-079c-4298-a4bf-273be627002a","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":54,"box":{"x":76,"y":272,"width":874,"height":11}},{"id":"10748fc7-c912-4d56-91b0-131504215725","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":54,"box":{"x":76,"y":286,"width":879,"height":11}},{"id":"e3f2859e-19f4-4257-b80b-813dc3fdc72d","block_type":"box","text":"length transaction.","page_number":54,"box":{"x":77,"y":300,"width":118,"height":11}},{"id":"07ed393e-e1c9-4aea-a00d-73b5177fb2cd","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":54,"box":{"x":77,"y":323,"width":531,"height":11}},{"id":"cfbcc014-97d0-4b8d-ae27-313e29f62300","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":54,"box":{"x":113,"y":342,"width":582,"height":10}},{"id":"37767685-090e-4298-9715-95cc569551ff","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":54,"box":{"x":113,"y":360,"width":767,"height":10}},{"id":"6a7beca0-09ce-4ec1-93e4-ad4710d6d621","block_type":"box","text":"An asset or liability is thinly traded;","page_number":54,"box":{"x":113,"y":378,"width":223,"height":10}},{"id":"e36c7ba6-3758-4e6f-af10-a021913352e9","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":54,"box":{"x":113,"y":396,"width":508,"height":11}},{"id":"ff81951e-8c87-494d-9514-578c9d87cdbb","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":54,"box":{"x":113,"y":414,"width":853,"height":11}},{"id":"e64dc470-4ed5-4290-8245-7c4d96d39062","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":54,"box":{"x":76,"y":437,"width":874,"height":11}},{"id":"57c1ce62-9552-4f9c-9185-fc786b6c4ae6","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":54,"box":{"x":76,"y":451,"width":876,"height":11}},{"id":"bf974149-d747-4481-ab99-951b11ad36ff","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":54,"box":{"x":76,"y":465,"width":246,"height":9}},{"id":"dc71eda1-c1cd-43b0-abb2-ef31d7ecffc2","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":54,"box":{"x":76,"y":489,"width":890,"height":10}},{"id":"7a966e48-e309-415c-b1f6-1b159ef56a56","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":54,"box":{"x":76,"y":503,"width":888,"height":11}},{"id":"ffe039cf-45ec-4a08-a186-d0560b60a8ed","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":54,"box":{"x":76,"y":517,"width":896,"height":11}},{"id":"9b371e23-03bc-44e6-86ba-73c58eebe737","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":54,"box":{"x":77,"y":531,"width":870,"height":11}},{"id":"75c10fa1-8ae4-4713-8642-9c31f85a0c3e","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":54,"box":{"x":77,"y":545,"width":414,"height":11}},{"id":"eeb13c02-7506-472c-ae89-dedb749c49c1","block_type":"box","text":"Dividends and Distributions","page_number":54,"box":{"x":77,"y":568,"width":192,"height":9}},{"id":"212aed7c-ddb0-4b21-8c60-417bf36e121d","block_type":"box","text":"General Policies.","page_number":54,"box":{"x":76,"y":592,"width":103,"height":8}},{"id":"2c9479c7-4a2b-4a46-b391-17c0c4e1a69f","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":54,"box":{"x":185,"y":592,"width":782,"height":10}},{"id":"62454e80-fe6c-41a3-9ea9-9f9a2b482b65","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis","page_number":54,"box":{"x":77,"y":606,"width":887,"height":11}},{"id":"6d65a4ad-3985-434e-83a9-868900487953","block_type":"box","text":"for a Fund. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to","page_number":54,"box":{"x":76,"y":620,"width":904,"height":11}},{"id":"d7cf3d2f-861d-4087-808b-abf2c098b1a5","block_type":"box","text":"preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on undistributed income","page_number":54,"box":{"x":76,"y":634,"width":893,"height":11}},{"id":"5c2616cd-8859-4ab9-9058-dec480c91cde","block_type":"box","text":"or realized gains.","page_number":54,"box":{"x":76,"y":648,"width":107,"height":11}},{"id":"b6ddcc1b-1cc9-4698-a51f-87f9974a9941","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":54,"box":{"x":77,"y":672,"width":885,"height":10}},{"id":"68bd30ef-6ab3-49ec-9594-e5f1bb2d7080","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":54,"box":{"x":76,"y":686,"width":856,"height":11}},{"id":"1c010bc0-0d81-4b96-831b-895c40c83a3b","block_type":"box","text":"received from the Funds.","page_number":54,"box":{"x":77,"y":700,"width":157,"height":8}},{"id":"8cbb6474-696b-41eb-82ae-83b5767a60ae","block_type":"box","text":"Dividend Reinvestment Service.","page_number":54,"box":{"x":76,"y":723,"width":197,"height":9}},{"id":"e2ebf719-9ca9-4a59-a5cb-ae5456f1c97a","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":54,"box":{"x":280,"y":723,"width":667,"height":11}},{"id":"25894379-0745-407c-96f9-4a6f05edf12d","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":54,"box":{"x":77,"y":737,"width":899,"height":11}},{"id":"a3e432e1-6e01-4720-85f8-8c5be2a0096f","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":54,"box":{"x":76,"y":751,"width":869,"height":11}},{"id":"8e28ce75-8c7f-4ffd-9173-7f2c3bc8a82c","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":54,"box":{"x":76,"y":766,"width":895,"height":11}},{"id":"d7b499ab-56f3-4b82-9ef5-de3d5b2230cf","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":54,"box":{"x":76,"y":780,"width":617,"height":11}},{"id":"aaae5290-87ff-48ad-a9bc-c2e78c95cdd4","block_type":"box","text":"Note on Tax Information.","page_number":54,"box":{"x":76,"y":803,"width":167,"height":9}},{"id":"8a0ad6fe-8e21-49ae-996b-e62d2ce2f41a","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":54,"box":{"x":249,"y":803,"width":723,"height":11}},{"id":"84adc355-8fb5-45f4-b9d9-8c8fc0f2103d","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":54,"box":{"x":76,"y":817,"width":905,"height":11}},{"id":"bb3cdcc3-726d-4798-95eb-5270cb020eec","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":54,"box":{"x":76,"y":831,"width":893,"height":11}},{"id":"e069cdaf-a052-4d21-b679-8d80e22f1453","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":54,"box":{"x":76,"y":846,"width":893,"height":10}},{"id":"08a5c4e9-2269-4feb-9e9f-845eb1725a93","block_type":"box","text":"laws.","page_number":54,"box":{"x":76,"y":860,"width":30,"height":8}},{"id":"f2e0c0da-3f07-4b97-99c9-c1ba096a78ad","block_type":"box","text":"19","page_number":54,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"5034abac-f8de-49b8-b5fa-8b44c835f4e9","block_type":"box","text":"Taxes","page_number":55,"box":{"x":76,"y":23,"width":38,"height":9}},{"id":"f80995f5-2568-4537-8e5a-a0651a858d0a","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":55,"box":{"x":76,"y":46,"width":874,"height":11}},{"id":"95bfcd48-4be4-477b-bfeb-f36485c0fb49","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":55,"box":{"x":76,"y":61,"width":877,"height":10}},{"id":"0f749dee-5870-4ea8-897b-a60fabb44e4e","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":55,"box":{"x":76,"y":75,"width":895,"height":11}},{"id":"98e9608f-51ab-48be-ae66-91ad69c35778","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":55,"box":{"x":76,"y":89,"width":594,"height":11}},{"id":"e13d338e-e335-41b6-b775-0fa1d2c3988d","block_type":"box","text":"Taxes on Fund Distributions","page_number":55,"box":{"x":76,"y":112,"width":194,"height":9}},{"id":"9396af9e-34c0-459e-8834-69db7698d0fd","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":55,"box":{"x":76,"y":135,"width":863,"height":11}},{"id":"43bcd48e-f5ad-41fb-be3d-8c2d34c3d51f","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":55,"box":{"x":76,"y":149,"width":873,"height":11}},{"id":"e571ba46-e289-4821-a0ed-1a5251e13c4e","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":55,"box":{"x":76,"y":164,"width":713,"height":10}},{"id":"6de4ebac-ce2f-4445-bc45-ccd3c9b59c76","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":55,"box":{"x":77,"y":187,"width":902,"height":11}},{"id":"2f0a3ca8-1716-4ec5-b6ee-a935345c342a","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":55,"box":{"x":76,"y":201,"width":365,"height":11}},{"id":"64681ab9-6cb1-4af3-b510-5c7abb3cad80","block_type":"box","text":"Capital Gains.","page_number":55,"box":{"x":76,"y":224,"width":86,"height":11}},{"id":"def68a97-d3f3-4f4d-9e9f-53d429b82bd3","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":55,"box":{"x":169,"y":224,"width":785,"height":11}},{"id":"3f57bc5b-1b5f-47d0-972e-8fc7e55f13b5","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":55,"box":{"x":76,"y":238,"width":857,"height":11}},{"id":"7b86d385-7b0d-4e4e-9ef7-317958e465ec","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":55,"box":{"x":76,"y":253,"width":878,"height":10}},{"id":"84635e0e-d099-41f5-a8c4-0c3a26f86dc7","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":55,"box":{"x":77,"y":267,"width":871,"height":11}},{"id":"5a647124-a863-476b-9142-78d1e17ca3cb","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":55,"box":{"x":76,"y":281,"width":892,"height":11}},{"id":"204b6e4c-6292-4c1e-b13c-07aed60ca7cf","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":55,"box":{"x":76,"y":295,"width":878,"height":11}},{"id":"af785c19-f481-4a74-b070-97c5d26de77f","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":55,"box":{"x":77,"y":309,"width":289,"height":11}},{"id":"96304288-37ca-4bd5-9dba-40f7539c9554","block_type":"box","text":"Return of Capital.","page_number":55,"box":{"x":76,"y":333,"width":108,"height":10}},{"id":"d7ac0282-5af0-4a31-b379-7491f0cdf166","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":55,"box":{"x":191,"y":333,"width":775,"height":10}},{"id":"90511b88-cd2a-4371-ae30-8c46d531b7a6","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":55,"box":{"x":76,"y":347,"width":904,"height":11}},{"id":"5a4e02ab-ac96-45b4-9d96-3615af9782b1","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":55,"box":{"x":76,"y":361,"width":888,"height":11}},{"id":"080368c6-f0f2-4e7b-ae89-544025b026d5","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":55,"box":{"x":76,"y":375,"width":843,"height":11}},{"id":"344d8e4e-b319-4425-8b2a-3a93d0a32ef2","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":55,"box":{"x":76,"y":389,"width":874,"height":11}},{"id":"fb67a2df-b921-4800-8499-7c4ed48017a6","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":55,"box":{"x":76,"y":403,"width":803,"height":11}},{"id":"a60d3d7c-c759-4eaf-b579-ef48fb543838","block_type":"box","text":"Qualified Dividend Income.","page_number":55,"box":{"x":76,"y":427,"width":167,"height":8}},{"id":"8c07f220-9707-41de-9379-795dbd0c6b66","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":55,"box":{"x":249,"y":427,"width":702,"height":10}},{"id":"c3fea0ce-c9e5-4e0b-98bd-8ac725f6cc62","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":55,"box":{"x":76,"y":441,"width":848,"height":11}},{"id":"64e3fadc-d83c-41f9-8501-b021ff2e8423","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":55,"box":{"x":76,"y":455,"width":846,"height":11}},{"id":"69eddddb-5574-45d4-a0f2-d84df7f3c339","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":55,"box":{"x":76,"y":469,"width":872,"height":11}},{"id":"87e1c2e4-798d-4fa4-80c6-24df765f8d0a","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":55,"box":{"x":76,"y":483,"width":892,"height":11}},{"id":"5c261d9f-ea3f-4f26-9c49-d961a3e2f6a7","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":55,"box":{"x":76,"y":498,"width":886,"height":10}},{"id":"d9e8b9cb-6cb0-4b17-9ffc-e71ef95ab3e6","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":55,"box":{"x":76,"y":512,"width":854,"height":11}},{"id":"333ee597-ca13-4ff3-8532-8f62429b6c55","block_type":"box","text":"company.","page_number":55,"box":{"x":76,"y":528,"width":60,"height":9}},{"id":"a6f531fb-eebe-453e-8de4-8f146c5e021a","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":55,"box":{"x":77,"y":549,"width":904,"height":11}},{"id":"478820a6-6887-41e2-a61c-f9041fd7ea3d","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":55,"box":{"x":76,"y":563,"width":901,"height":11}},{"id":"22637012-250f-40c8-9610-ea4edf43a2f1","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":55,"box":{"x":76,"y":577,"width":865,"height":11}},{"id":"98d4b559-78a8-45df-84d0-1b1fcf60b059","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":55,"box":{"x":76,"y":592,"width":895,"height":10}},{"id":"523e28de-79c0-468a-a620-da3aef37da3a","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":55,"box":{"x":76,"y":606,"width":428,"height":11}},{"id":"a221304f-f523-4e5f-a07d-e6a436086f20","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":55,"box":{"x":77,"y":629,"width":891,"height":11}},{"id":"448b4665-5e9f-440b-b4b8-289cb804cc8c","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":55,"box":{"x":77,"y":643,"width":861,"height":11}},{"id":"9e7fc4b3-06dd-4a13-9e15-bb750f3d2b5d","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":55,"box":{"x":76,"y":657,"width":883,"height":11}},{"id":"5766b2f8-9f83-43e0-bb99-69086ff6c0f7","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":55,"box":{"x":76,"y":672,"width":682,"height":10}},{"id":"605ff429-64b2-43b0-8f6a-6c5472709980","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":55,"box":{"x":77,"y":695,"width":872,"height":11}},{"id":"981da908-91db-4764-899e-e36eccb39814","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":55,"box":{"x":77,"y":709,"width":603,"height":11}},{"id":"3f8b7ef7-db77-4c4d-ad12-52253323a1cd","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":55,"box":{"x":76,"y":732,"width":876,"height":11}},{"id":"ad44e6b8-78b9-48f3-8b49-7d6b5aa101f4","block_type":"box","text":"Medicare Tax.","page_number":55,"box":{"x":76,"y":755,"width":85,"height":9}},{"id":"590f9517-c646-434b-bb99-35be27b32a65","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":55,"box":{"x":167,"y":755,"width":791,"height":11}},{"id":"38facb1e-2a17-47e2-aa05-5caf3b1719ca","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":55,"box":{"x":76,"y":769,"width":876,"height":11}},{"id":"b5370718-bed5-498f-9274-5cba66a74d35","block_type":"box","text":"trusts.","page_number":55,"box":{"x":76,"y":785,"width":40,"height":7}},{"id":"46aa7e5a-49fb-4f76-8fe8-07358b0a5223","block_type":"box","text":"Alternative Minimum Tax.","page_number":55,"box":{"x":75,"y":807,"width":157,"height":8}},{"id":"ddc4d52a-9ffa-4664-9707-b312ec487999","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":55,"box":{"x":238,"y":807,"width":738,"height":11}},{"id":"ded108b6-a79f-402b-acc7-a60bf034faac","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":55,"box":{"x":76,"y":821,"width":833,"height":11}},{"id":"4c56833f-97a8-44a3-bc4f-c56e37c1d217","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":55,"box":{"x":76,"y":835,"width":877,"height":11}},{"id":"1221f3d3-5980-4cb9-9ebb-39e57d364814","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":55,"box":{"x":77,"y":849,"width":903,"height":11}},{"id":"50b6f446-c005-4fd2-890b-38b60f941567","block_type":"box","text":"liability and the regular income tax liability.","page_number":55,"box":{"x":77,"y":864,"width":271,"height":10}},{"id":"a6ca2b71-a7e0-4682-b96b-b2ec05101e76","block_type":"box","text":"20","page_number":55,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"0c167799-3f13-4464-a71a-78e4bf60f68f","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":56,"box":{"x":76,"y":23,"width":406,"height":11}},{"id":"f81859d3-8a75-4cd7-9f7c-eefc367997a2","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":56,"box":{"x":76,"y":46,"width":892,"height":11}},{"id":"c7e94bb9-6384-4c65-9af7-3dbeac80e237","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":56,"box":{"x":76,"y":61,"width":874,"height":10}},{"id":"170f502f-c9a3-4f90-b601-1c620d60c3fc","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":56,"box":{"x":76,"y":75,"width":864,"height":11}},{"id":"9165869e-6b1c-4a03-ab39-f67de21111ed","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":56,"box":{"x":76,"y":89,"width":895,"height":11}},{"id":"a90a7bfb-84e8-4d83-ac49-1ed2e994c34a","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":56,"box":{"x":77,"y":103,"width":896,"height":11}},{"id":"fee83e60-809d-49ce-8e9d-281a077e27f8","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":56,"box":{"x":76,"y":117,"width":905,"height":11}},{"id":"7890ae33-6bca-45f4-bce0-75b8e32a367f","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":56,"box":{"x":76,"y":131,"width":707,"height":11}},{"id":"54d7a931-71a8-4b97-9556-966016bee72b","block_type":"box","text":"Market Discount Bonds","page_number":56,"box":{"x":77,"y":155,"width":162,"height":8}},{"id":"ec61be22-b0cf-47b1-bf4a-4f8c751e8709","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":56,"box":{"x":76,"y":178,"width":898,"height":11}},{"id":"578dd976-fb9b-45b7-ac97-9a432acfa84d","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":56,"box":{"x":76,"y":192,"width":903,"height":11}},{"id":"9a9014d9-4fc4-4912-8fc5-8fd794d7de4c","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":56,"box":{"x":76,"y":206,"width":898,"height":11}},{"id":"43fc83c4-6a5a-4425-a9f9-3438e793d2d1","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":56,"box":{"x":76,"y":220,"width":626,"height":11}},{"id":"38622ec2-904f-419e-98e5-894feae07482","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":56,"box":{"x":77,"y":244,"width":307,"height":10}},{"id":"fdbadbfc-4937-4143-ab6d-f8988a9fbc6b","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":56,"box":{"x":76,"y":267,"width":874,"height":11}},{"id":"31b0c142-4a1b-45e2-8e15-9c30beb9d51d","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":56,"box":{"x":76,"y":281,"width":860,"height":11}},{"id":"f07e08e9-9c5a-40c4-bb6b-03a23cfdb2de","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":56,"box":{"x":77,"y":295,"width":852,"height":11}},{"id":"7a033488-6f56-4192-916f-e024cf3dac40","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":56,"box":{"x":76,"y":309,"width":863,"height":11}},{"id":"a978707d-45c2-4af3-ba37-fb849f17e6ed","block_type":"box","text":"Non-U.S. Income Taxes","page_number":56,"box":{"x":77,"y":333,"width":158,"height":8}},{"id":"0b1bc732-5397-452a-8249-0a1b32fe36e8","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":56,"box":{"x":77,"y":356,"width":837,"height":11}},{"id":"12ab6bbf-d62f-45a8-a7a9-ee32c3aba458","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":56,"box":{"x":76,"y":370,"width":863,"height":11}},{"id":"d1eff9a1-abbc-4230-a5e0-e6ab28afe946","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":56,"box":{"x":77,"y":384,"width":865,"height":11}},{"id":"3ceaef8f-0afd-44fc-9307-2db366d56ac5","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":56,"box":{"x":77,"y":398,"width":875,"height":11}},{"id":"a61e0376-6c09-49e3-bf40-7c630fdc50a0","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":56,"box":{"x":77,"y":412,"width":895,"height":11}},{"id":"3e81c4e2-72a9-4873-b4dc-8b910714bfb1","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":56,"box":{"x":76,"y":427,"width":888,"height":10}},{"id":"55b46c5b-4d6e-4395-bf40-23d658cba2c3","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":56,"box":{"x":76,"y":441,"width":875,"height":11}},{"id":"9b70ce24-b619-46c5-9575-86255b8108db","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":56,"box":{"x":76,"y":455,"width":896,"height":11}},{"id":"56b69476-863f-4680-9456-c031f969e1ba","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":56,"box":{"x":76,"y":469,"width":635,"height":11}},{"id":"767476cd-45a8-4c21-a184-4a1e2da6eba1","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":56,"box":{"x":77,"y":492,"width":896,"height":11}},{"id":"7865bfc9-21aa-4ee7-810e-55c09f236620","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":56,"box":{"x":76,"y":507,"width":903,"height":10}},{"id":"8754ece8-1d89-457a-8271-92354e3d99b9","block_type":"box","text":"could be reduced.","page_number":56,"box":{"x":76,"y":521,"width":114,"height":8}},{"id":"49b211ad-ab84-43c9-a303-095dc7f6cbad","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":56,"box":{"x":77,"y":544,"width":853,"height":11}},{"id":"16ecf353-2eda-41a4-81c2-efb5ff4ea109","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":56,"box":{"x":76,"y":558,"width":900,"height":11}},{"id":"a591bec4-817e-46ff-b866-921a7125b0ae","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":56,"box":{"x":76,"y":572,"width":876,"height":11}},{"id":"c2b0ef4d-fa1e-4e98-9157-7afcf24d24ec","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":56,"box":{"x":76,"y":586,"width":509,"height":11}},{"id":"0d4421e3-2d4c-4842-aeee-38317ac2b25a","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":56,"box":{"x":77,"y":610,"width":879,"height":11}},{"id":"b6459280-f37e-4482-a68d-e164897107a8","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":56,"box":{"x":76,"y":624,"width":407,"height":11}},{"id":"f88c0d07-f701-4976-8b2a-89d64f77d4ad","block_type":"box","text":"Non-U.S. Shareholders","page_number":56,"box":{"x":77,"y":647,"width":156,"height":9}},{"id":"e6f00074-ec3d-4d9a-a637-195d1fc13327","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":56,"box":{"x":77,"y":670,"width":888,"height":11}},{"id":"0f71d584-7ab7-4d5a-ada7-968fb7c66200","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":56,"box":{"x":77,"y":684,"width":904,"height":11}},{"id":"7bcaed3a-53b1-4bbc-aab4-551424cd308c","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":56,"box":{"x":77,"y":699,"width":868,"height":10}},{"id":"cd085a0d-0a4f-4ce1-9479-bf8a8b6a862d","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by a Fund as capital gain","page_number":56,"box":{"x":76,"y":713,"width":903,"height":11}},{"id":"db2b1078-2c63-4ce3-93af-fd5286df8c08","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends.","page_number":56,"box":{"x":76,"y":727,"width":468,"height":11}},{"id":"b7578929-5d72-47bf-9f83-41bb4a781cea","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":56,"box":{"x":76,"y":750,"width":896,"height":11}},{"id":"1d6baa12-987d-4f61-b572-f6b1098e0acc","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":56,"box":{"x":76,"y":764,"width":894,"height":11}},{"id":"b29240b1-e1a2-426a-a384-baefb6c91d9e","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":56,"box":{"x":77,"y":779,"width":262,"height":10}},{"id":"9bf92927-7e2f-49d3-9fc3-dc7e8a5a38f3","block_type":"box","text":"Backup Withholding","page_number":56,"box":{"x":77,"y":802,"width":139,"height":11}},{"id":"196e519a-835f-4887-a4de-b35e73163043","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":56,"box":{"x":77,"y":825,"width":890,"height":11}},{"id":"09c3afe7-c08c-4cb1-b835-62c62cc3a07f","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":56,"box":{"x":76,"y":839,"width":789,"height":11}},{"id":"5ef66a08-666e-4d72-9958-5a1e01edc8bf","block_type":"box","text":"21","page_number":56,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"ae4df968-482f-45ab-8967-c6c8a49f2036","block_type":"box","text":"Securities Lending","page_number":57,"box":{"x":76,"y":23,"width":129,"height":11}},{"id":"4e015b76-033f-4590-8543-ba1308b91502","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":57,"box":{"x":77,"y":46,"width":901,"height":11}},{"id":"602260f0-2b51-404c-a86a-59531de5d7bb","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":57,"box":{"x":76,"y":61,"width":892,"height":10}},{"id":"6445657c-9d68-411e-b3dd-c26053128a57","block_type":"box","text":"through by the Fund.","page_number":57,"box":{"x":76,"y":75,"width":132,"height":11}},{"id":"0f2aae9a-9b05-4297-a5ff-718bf8c87ecb","block_type":"box","text":"Fund of Funds","page_number":57,"box":{"x":77,"y":98,"width":98,"height":8}},{"id":"0da85349-57fe-43b7-8efc-fb18b9e5e944","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":57,"box":{"x":77,"y":121,"width":844,"height":11}},{"id":"05f4b94e-bd5b-4c09-830d-8d9388a53941","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":57,"box":{"x":76,"y":135,"width":870,"height":11}},{"id":"1325c0bb-ace7-4dcb-a131-8eb759f44006","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":57,"box":{"x":77,"y":149,"width":864,"height":11}},{"id":"c6e00389-f284-4803-984d-9cbc7e599035","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":57,"box":{"x":76,"y":164,"width":643,"height":10}},{"id":"6f6d7ee3-97d3-40d5-87f9-de47fa726c99","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":57,"box":{"x":76,"y":187,"width":350,"height":11}},{"id":"62176d94-b5f9-4617-b07d-446a2b6afdda","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":57,"box":{"x":76,"y":210,"width":876,"height":11}},{"id":"804948fa-adf3-4e9d-afe9-15a8cf11719b","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":57,"box":{"x":77,"y":224,"width":896,"height":11}},{"id":"53dfcafa-04d2-49fa-806a-48b961576719","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":57,"box":{"x":76,"y":238,"width":870,"height":11}},{"id":"71c817f0-9da1-4097-8caa-92a5e476154b","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":57,"box":{"x":77,"y":253,"width":892,"height":10}},{"id":"892a8147-9b94-4ac4-aa8e-3203ed18b7e0","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":57,"box":{"x":76,"y":267,"width":892,"height":11}},{"id":"64bf6b05-1d11-4f03-be5d-e18d9c8185b3","block_type":"box","text":"contribution tax mentioned above.","page_number":57,"box":{"x":76,"y":281,"width":219,"height":8}},{"id":"4b631708-5464-4b8a-b2b6-48bdb8154621","block_type":"box","text":"Creations and Redemptions","page_number":57,"box":{"x":76,"y":304,"width":193,"height":11}},{"id":"09b5ffb2-bf37-40f5-a53c-b8f2a6e236d9","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":57,"box":{"x":77,"y":327,"width":693,"height":11}},{"id":"a750e6be-2834-4453-8ff7-a7220d2630ce","block_type":"box","text":"i.e.","page_number":57,"box":{"x":771,"y":327,"width":17,"height":9}},{"id":"736105fd-c19d-46c2-aadb-a3f06a4b70e6","block_type":"box","text":", market makers, large","page_number":57,"box":{"x":790,"y":327,"width":143,"height":11}},{"id":"706b9cfb-80aa-4bc3-84cd-270e7c084a91","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":57,"box":{"x":76,"y":342,"width":866,"height":10}},{"id":"efb00835-3007-4bbb-bdb8-5e0efaed2d0a","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":57,"box":{"x":76,"y":356,"width":650,"height":11}},{"id":"18b16fa4-21a4-403b-ad3e-fcb7b3cf7530","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":57,"box":{"x":77,"y":379,"width":832,"height":11}},{"id":"07ede8ec-fb79-460a-aae7-590e02301b0a","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":57,"box":{"x":76,"y":393,"width":891,"height":11}},{"id":"990e610f-ed99-411a-902b-6627ec0a6029","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":57,"box":{"x":76,"y":407,"width":874,"height":11}},{"id":"17407a15-b2c9-4eaa-a7c0-c81204945939","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":57,"box":{"x":76,"y":421,"width":904,"height":11}},{"id":"f125784c-bc78-4bfe-8ea5-8c5752dc5f85","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":57,"box":{"x":76,"y":445,"width":875,"height":11}},{"id":"60fcc7bd-63eb-46f4-9a47-e14d26690f22","block_type":"box","text":"cash.","page_number":57,"box":{"x":76,"y":459,"width":33,"height":8}},{"id":"4b1cc463-6cd3-4945-b59c-38dff2b8943d","block_type":"box","text":"In-Kind","page_number":57,"box":{"x":76,"y":482,"width":45,"height":9}},{"id":"340b238c-b354-490d-94a7-f09dd918ec5b","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":57,"box":{"x":122,"y":482,"width":860,"height":11}},{"id":"cbaab323-14c8-42d8-a1e0-e769bac8396d","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":57,"box":{"x":76,"y":496,"width":898,"height":11}},{"id":"408589ce-1400-4568-b051-022abde621ba","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":57,"box":{"x":77,"y":510,"width":851,"height":11}},{"id":"69d0b15c-4f63-4ec8-af1e-3e8ed5d3661d","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":57,"box":{"x":76,"y":525,"width":686,"height":10}},{"id":"16aeb04f-6a30-4979-b8c1-1a1be3428614","block_type":"box","text":"Partial Cash","page_number":57,"box":{"x":76,"y":548,"width":74,"height":8}},{"id":"70500663-0c51-4d7c-8c7e-b648a85dc498","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":57,"box":{"x":152,"y":548,"width":806,"height":11}},{"id":"f4d4f3df-056c-4f33-99e3-9b0726080cba","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":57,"box":{"x":76,"y":562,"width":870,"height":11}},{"id":"28181695-fd38-4e6f-8864-c5b1a40260fe","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":57,"box":{"x":77,"y":576,"width":870,"height":11}},{"id":"7c6c256d-017b-4af4-aa21-0ff03f7cbc9a","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":57,"box":{"x":77,"y":590,"width":380,"height":11}},{"id":"85691c05-49cb-4dda-8119-d2a7a615e915","block_type":"box","text":"All Cash","page_number":57,"box":{"x":75,"y":614,"width":51,"height":8}},{"id":"ddc3dde5-77bd-4056-b7f1-9a02d8951074","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":57,"box":{"x":128,"y":614,"width":833,"height":10}},{"id":"258d1eb8-7e54-4d0e-abb4-4c5e8aba81e2","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":57,"box":{"x":76,"y":628,"width":869,"height":10}},{"id":"58399787-4de3-4c79-bac8-72dcfaae7456","block_type":"box","text":"specified amount of cash.","page_number":57,"box":{"x":76,"y":642,"width":164,"height":11}},{"id":"12cb2b63-76c6-44a5-83a7-4c713971ff4b","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":57,"box":{"x":76,"y":665,"width":845,"height":11}},{"id":"79a80c2e-5804-4108-a2bb-e94a5ef74ff3","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":57,"box":{"x":76,"y":679,"width":408,"height":11}},{"id":"3e86b671-1d6e-41fa-8d43-25c0a0e8dc52","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":57,"box":{"x":77,"y":703,"width":855,"height":10}},{"id":"0a6a163f-3488-4848-8418-deba184855dd","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":57,"box":{"x":76,"y":717,"width":455,"height":11}},{"id":"0f3c8d68-7c6e-4f0a-954f-4f37db9a189e","block_type":"box","text":"e.g.","page_number":57,"box":{"x":532,"y":719,"width":21,"height":9}},{"id":"c22ff4ce-9dac-4a60-9cc6-41259cab3806","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":57,"box":{"x":555,"y":717,"width":354,"height":11}},{"id":"31043973-907c-45e2-83a9-aa8acd96ffe7","block_type":"box","text":"Fund","page_number":57,"box":{"x":87,"y":748,"width":33,"height":8}},{"id":"5825cb9e-2dd5-4efd-b0d0-f9ed1e25b901","block_type":"box","text":"In-Kind Partial All Cash","page_number":57,"box":{"x":621,"y":748,"width":296,"height":8}},{"id":"64db909e-b727-4074-848a-924caad272ab","block_type":"box","text":"iShares Bloomberg Roll Select Commodity Strategy ETF","page_number":57,"box":{"x":87,"y":766,"width":355,"height":11}},{"id":"bd0e588d-d10e-4d87-b2dc-07d102a625f2","block_type":"box","text":"iShares GSCI Commodity Dynamic Roll Strategy ETF","page_number":57,"box":{"x":87,"y":784,"width":334,"height":11}},{"id":"83ef15e9-2619-4bcc-a2a0-3ea140cca69c","block_type":"box","text":"iShares Strategic Metals ETF","page_number":57,"box":{"x":87,"y":802,"width":183,"height":11}},{"id":"98ce7802-ca70-4f0b-be51-79948775d5d4","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":57,"box":{"x":76,"y":832,"width":897,"height":11}},{"id":"0d85cc36-6e1d-4297-9ffb-6e4ff79dbfc2","block_type":"box","text":"is tendered in an acceptable form under the Authorized Participant agreement. 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The Board","page_number":58,"box":{"x":76,"y":61,"width":848,"height":10}},{"id":"7f7ce6fd-10f9-4b90-bb05-b4f88727e3eb","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":58,"box":{"x":76,"y":75,"width":876,"height":11}},{"id":"aa05efa4-bb05-48a3-99c1-0bad2c6b56cf","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":58,"box":{"x":76,"y":89,"width":894,"height":11}},{"id":"56921357-4819-489e-989c-d3649850e6d5","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. 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Further, the vast majority of trading in Fund shares occurs on the secondary market, which does not involve the","page_number":58,"box":{"x":76,"y":160,"width":900,"height":11}},{"id":"da06f04c-c96b-47cd-8caf-4a8d8ae6a088","block_type":"box","text":"Funds directly, and such trading is unlikely to cause many of the harmful effects of frequent cash purchases or redemptions of Fund shares.","page_number":58,"box":{"x":77,"y":174,"width":892,"height":11}},{"id":"43b0d95c-af7a-4370-aa38-d8f0e0eaf9ab","block_type":"box","text":"To the extent a Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities laws in accepting securities","page_number":58,"box":{"x":76,"y":197,"width":898,"height":11}},{"id":"73f93049-1604-43c6-a7c8-b152dc9db392","block_type":"box","text":"for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit","page_number":58,"box":{"x":76,"y":211,"width":896,"height":11}},{"id":"aa785b91-3705-4a23-b78a-e6ebe099a719","block_type":"box","text":"and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the 1933","page_number":58,"box":{"x":76,"y":226,"width":880,"height":10}},{"id":"e81a1b02-df35-4991-bce6-a0a5bb24dbc3","block_type":"box","text":"Act. 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Broker-dealers and other persons are cautioned that some activities on their part may, depending on","page_number":58,"box":{"x":77,"y":291,"width":902,"height":11}},{"id":"a3a8d71d-2093-4318-8402-9a11d43cd854","block_type":"box","text":"the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters","page_number":58,"box":{"x":76,"y":305,"width":868,"height":11}},{"id":"203d4d85-decc-46c8-87c0-213e8428b866","block_type":"box","text":"subject to the prospectus delivery and liability provisions of the 1933 Act. Any determination of whether one is an underwriter must take into","page_number":58,"box":{"x":76,"y":320,"width":901,"height":10}},{"id":"b1314a1f-fd39-4f8a-bd9c-9ba71be6489a","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":58,"box":{"x":76,"y":334,"width":464,"height":11}},{"id":"31d5bf3b-4d71-4a83-a868-aadba8535a94","block_type":"box","text":"Broker-dealers should also note that dealers who are not “underwriters” but are participating in a distribution (as contrasted to ordinary","page_number":58,"box":{"x":77,"y":357,"width":868,"height":11}},{"id":"41809199-ab85-4f67-a8e0-79b5977564f5","block_type":"box","text":"secondary transactions), and thus dealing with shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of the","page_number":58,"box":{"x":76,"y":371,"width":889,"height":11}},{"id":"0741d20c-f8b0-46c6-9b73-3a60839d5a3c","block_type":"box","text":"1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933 Act. 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Householding is a method of delivery, based on the preference of the individual","page_number":58,"box":{"x":77,"y":460,"width":903,"height":11}},{"id":"f9551e89-6c49-4deb-8c4d-4feece6966f1","block_type":"box","text":"investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their","page_number":58,"box":{"x":76,"y":474,"width":880,"height":11}},{"id":"33ffa0ae-090c-4874-926f-17719f3202c1","block_type":"box","text":"accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and","page_number":58,"box":{"x":76,"y":489,"width":862,"height":10}},{"id":"65148d01-234f-4b7c-89f8-d29c899c2995","block_type":"box","text":"receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to","page_number":58,"box":{"x":77,"y":503,"width":855,"height":11}},{"id":"6f29a6a3-7731-4ca6-b1cc-5608c5acdf5f","block_type":"box","text":"change your householding status.","page_number":58,"box":{"x":76,"y":517,"width":214,"height":11}},{"id":"7b9d8ce2-aae4-4b61-a474-e954f87073d6","block_type":"box","text":"23","page_number":58,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"561fe05f-fec1-4f02-9c9f-c311bf840d9a","block_type":"box","text":"Distribution","page_number":59,"box":{"x":78,"y":22,"width":113,"height":14}},{"id":"259c6f71-83d8-4235-88e9-5e1d476feb54","block_type":"box","text":"The Distributor or its agent distributes Creation Units for the Funds on an agency basis. The Distributor does not maintain a secondary","page_number":59,"box":{"x":76,"y":51,"width":859,"height":11}},{"id":"377dacf0-4607-49ab-a65c-1ed8a1ede675","block_type":"box","text":"market in shares of the Funds. The Distributor has no role in determining the policies of the Funds or the securities or other assets (as","page_number":59,"box":{"x":76,"y":66,"width":857,"height":11}},{"id":"eb654d92-d454-4f47-9d83-0c46307ec29f","block_type":"box","text":"applicable) that are purchased or sold by the Funds. 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Such payments, which may be significant to the intermediary, are not made by the Funds.","page_number":59,"box":{"x":76,"y":146,"width":871,"height":10}},{"id":"a04a7f87-5478-4284-816c-0646b8853fb6","block_type":"box","text":"Rather, such payments are made by BFA or its affiliates from their own resources, which come directly or indirectly in part from fees paid by","page_number":59,"box":{"x":77,"y":160,"width":894,"height":11}},{"id":"7c27056c-bba0-4143-bc58-61d56b87bcd8","block_type":"box","text":"the Funds. Payments of this type are sometimes referred to as revenue-sharing payments. 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Therefore, such payments or other financial incentives that are offered or","page_number":59,"box":{"x":76,"y":202,"width":896,"height":11}},{"id":"6aa1d335-7fd2-4888-89ce-fbb57c9ec94f","block_type":"box","text":"made to an intermediary create conflicts of interest between the intermediary and its customers and may cause the intermediary to","page_number":59,"box":{"x":76,"y":216,"width":844,"height":11}},{"id":"347777f8-4594-4c99-8464-9e97b158a5a6","block_type":"box","text":"recommend the Funds over another investment. More information regarding these payments is contained in the applicable SAI.","page_number":59,"box":{"x":77,"y":231,"width":814,"height":11}},{"id":"1d31e7be-5818-4b4f-b83d-0db49c3eeca6","block_type":"box","text":"Please","page_number":59,"box":{"x":897,"y":231,"width":44,"height":8}},{"id":"eefe2fcf-fcdf-43ce-9cd1-5de181dbd1d3","block_type":"box","text":"contact your salesperson or other investment professional for more information regarding any such payments that their firm","page_number":59,"box":{"x":76,"y":245,"width":879,"height":11}},{"id":"7c46bee6-6b10-46ef-80bb-9c7ce528946f","block_type":"box","text":"may receive from BFA or its affiliates.","page_number":59,"box":{"x":76,"y":259,"width":263,"height":11}},{"id":"d663a29b-2af8-47ec-80bc-68f8c231926c","block_type":"box","text":"Financial Highlights","page_number":59,"box":{"x":78,"y":288,"width":191,"height":17}},{"id":"bda6236e-3b98-413d-a119-0533cd3a39ff","block_type":"box","text":"The financial highlights table for each Fund is intended to help you understand the Fund’s financial performance for the past five fiscal years","page_number":59,"box":{"x":76,"y":317,"width":895,"height":11}},{"id":"bfeaaf34-fa09-409a-89d8-2b8778c00690","block_type":"box","text":"or, if shorter, the period since the Fund’s inception. Certain information reflects financial results for a single Fund share. The total return","page_number":59,"box":{"x":76,"y":331,"width":870,"height":11}},{"id":"242c189b-c691-4054-8acc-b6e7ca6b0326","block_type":"box","text":"information represents the rate that an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of all","page_number":59,"box":{"x":76,"y":345,"width":865,"height":11}},{"id":"d95da12e-1321-4229-b2ad-630d49b4d61b","block_type":"box","text":"dividends and distributions. This information has been audited by PricewaterhouseCoopers LLP, whose report, along with each Fund’s","page_number":59,"box":{"x":76,"y":360,"width":856,"height":10}},{"id":"e0160285-ed28-47f0-b501-0e8d936158b1","block_type":"box","text":"financial statements, is included in each Fund’s Form N-CSR (available upon request).","page_number":59,"box":{"x":76,"y":374,"width":547,"height":11}},{"id":"6fd86d57-f926-4335-8b06-f828d0b638c7","block_type":"box","text":"24","page_number":59,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"c35b0ee5-cb33-45ef-86e2-953c9139e8fb","block_type":"box","text":"Consolidated Financial Highlights","page_number":60,"box":{"x":76,"y":23,"width":233,"height":11}},{"id":"8948d28c-0045-42d9-a3e9-1bdc831b3cdf","block_type":"box","text":"For a share outstanding throughout each period:","page_number":60,"box":{"x":77,"y":45,"width":339,"height":11}},{"id":"14170d2d-d096-4e83-a8a3-efd965283d7f","block_type":"box","text":"iShares Bloomberg Roll Select Commodity 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