{"annotation_id":"ed7f646a-a288-4506-833a-8e1396cfe477","file_hash":"00135b6beba2ba2d36fc3bcaf7b9f5f6f11062c867fedff504964384c7332e83","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"4dc56cb1-ecfe-47ef-b022-50a7beaf947a","block_type":"box","text":"BlackRock ETF Trust","page_number":1,"box":{"x":420,"y":88,"width":164,"height":9}},{"id":"39eea055-4748-45ff-9d42-47920ae4802b","block_type":"box","text":"iShares Managed Futures Active ETF","page_number":1,"box":{"x":372,"y":103,"width":259,"height":12}},{"id":"f07c39d3-76a6-43e4-83f3-07db2b63c262","block_type":"box","text":"(the “Fund”)","page_number":1,"box":{"x":454,"y":118,"width":96,"height":12}},{"id":"b314f072-7005-47fd-ba76-3b683875b91b","block_type":"box","text":"Supplement dated October 16, 2026","page_number":1,"box":{"x":372,"y":148,"width":260,"height":11}},{"id":"8f4c7024-0a8e-474b-83ae-3652d61f5728","block_type":"box","text":"to the Prospectus and Statement of Additional Information (“SAI”)","page_number":1,"box":{"x":258,"y":163,"width":488,"height":12}},{"id":"2ebf0714-86eb-4bc3-b3a2-964644ee1169","block_type":"box","text":"of the Fund dated February 27, 2026, as amended from time to time","page_number":1,"box":{"x":257,"y":179,"width":490,"height":11}},{"id":"91d2038d-d3a5-41aa-a742-8f369a91de6d","block_type":"box","text":"Effective November 16, 2026, the Fund’s Prospectus is amended as follows:","page_number":1,"box":{"x":116,"y":208,"width":543,"height":12}},{"id":"b1e4a64a-aa46-4ed4-a703-21955ea5a82c","block_type":"box","text":"The eleventh paragraph of the section entitled “Management — Conflicts of Interest” is deleted in its","page_number":1,"box":{"x":116,"y":237,"width":729,"height":12}},{"id":"b371fb58-5b6a-4d32-9d01-ca5a1a222d18","block_type":"box","text":"entirety and replaced with the following","page_number":1,"box":{"x":116,"y":253,"width":291,"height":11}},{"id":"9e1e7e35-b52f-4e64-8cf4-4f2c5bc86743","block_type":"box","text":"Under an ETF Services Agreement, the Fund has retained BlackRock Investments, LLC (the “Distributor” or","page_number":1,"box":{"x":116,"y":282,"width":741,"height":12}},{"id":"171eca69-d149-4bc3-a6a3-042a0e5578f0","block_type":"box","text":"“BRIL”), an Affiliate of BFA, to perform certain order processing, Authorized Participant communications, and","page_number":1,"box":{"x":116,"y":298,"width":760,"height":11}},{"id":"ffd93437-8d62-4c6f-b0c9-4afa6caf467d","block_type":"box","text":"related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL has","page_number":1,"box":{"x":116,"y":313,"width":750,"height":12}},{"id":"2d19195d-a87f-4a03-bb75-23f2e11d88aa","block_type":"box","text":"engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF Services. BRIL retains a portion","page_number":1,"box":{"x":116,"y":329,"width":757,"height":11}},{"id":"1be4a936-ae45-4419-b7e4-97631466cef6","block_type":"box","text":"of the standard transaction fee received from Authorized Participants on each creation or redemption order from","page_number":1,"box":{"x":116,"y":344,"width":760,"height":12}},{"id":"ea41161f-4e75-4b6d-b2ed-ec2bbda61e2b","block_type":"box","text":"the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and received payment","page_number":1,"box":{"x":116,"y":360,"width":752,"height":11}},{"id":"ad7b465a-097b-4412-bffc-3f1bec27b668","block_type":"box","text":"from, Citibank on the design and development of the ETF Services platform. Citibank has, and may, from time to","page_number":1,"box":{"x":116,"y":375,"width":770,"height":12}},{"id":"430ed297-3dc1-4a6d-9ff6-1e66ef01c807","block_type":"box","text":"time, develop additional relationships with BlackRock or funds managed by BFA and its Affiliates.","page_number":1,"box":{"x":116,"y":391,"width":675,"height":11}},{"id":"b348a667-adfa-469e-a8b9-a73305c8dc21","block_type":"box","text":"Effective November 16, 2026, the Fund’s SAI is amended as follows:","page_number":1,"box":{"x":116,"y":420,"width":492,"height":11}},{"id":"9f8e934a-322e-44aa-9453-dbad99e22aad","block_type":"box","text":"The fifty-third paragraph of the section entitled “Management — Conflicts of Interest” in the Fund’s SAI","page_number":1,"box":{"x":116,"y":449,"width":763,"height":12}},{"id":"5fc49e7f-6ca3-4084-a981-d1b8eae1c9d6","block_type":"box","text":"is deleted in its entirety and replaced with the following:","page_number":1,"box":{"x":116,"y":465,"width":407,"height":11}},{"id":"4dc1e6d4-b29a-4bf9-b9fa-78138bbf02a4","block_type":"box","text":"Under an ETF Services Agreement, the Fund has retained BRIL, an affiliate of BFA, to perform certain order","page_number":1,"box":{"x":116,"y":494,"width":743,"height":12}},{"id":"b6e00d45-51a9-42e3-8836-3e9fc6b080d1","block_type":"box","text":"processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":1,"box":{"x":116,"y":509,"width":739,"height":12}},{"id":"efe35999-2e3e-40e5-984d-0fb02f19ac36","block_type":"box","text":"redemption of Creation Units (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a","page_number":1,"box":{"x":116,"y":525,"width":679,"height":12}},{"id":"7c74b76a-982a-44e5-a750-d6acd2351142","block_type":"box","text":"subcontractor to provide certain ETF Services. BRIL retains a portion of the standard transaction fee received","page_number":1,"box":{"x":117,"y":540,"width":743,"height":12}},{"id":"7f65baf5-caab-4985-8da6-d020a1bd9846","block_type":"box","text":"from Authorized Participants on each creation or redemption order from the Authorized Participant for the ETF","page_number":1,"box":{"x":116,"y":556,"width":757,"height":12}},{"id":"7993781f-d238-408d-8a57-923df41a4735","block_type":"box","text":"Services provided. BlackRock collaborated with, and received payment from, Citibank on the design and","page_number":1,"box":{"x":116,"y":571,"width":713,"height":12}},{"id":"5a46a71c-5841-4a62-9b48-4b3129fb4aa1","block_type":"box","text":"development of the ETF Services platform. Citibank has, and may, from time to time, develop additional","page_number":1,"box":{"x":116,"y":587,"width":712,"height":12}},{"id":"2a2c65be-ca4c-4f9b-b7f5-59e77915ee80","block_type":"box","text":"relationships with BlackRock or funds managed by BFA and its affiliates.","page_number":1,"box":{"x":116,"y":602,"width":502,"height":12}},{"id":"c07f3fbd-cda6-42ac-9267-da1dbf58ae2e","block_type":"box","text":"The section entitled “Investment Advisory, Administrative and Distribution Services — Administrator,","page_number":1,"box":{"x":116,"y":632,"width":744,"height":11}},{"id":"eb38f3cc-9a0b-4f8f-9513-d454c2626b70","block_type":"box","text":"Custodian and Transfer Agent” in the Fund’s SAI is deleted in its entirety and replaced with the","page_number":1,"box":{"x":116,"y":647,"width":696,"height":12}},{"id":"acc40844-7865-4477-a096-2e03fbf53fbc","block_type":"box","text":"following:","page_number":1,"box":{"x":116,"y":663,"width":70,"height":11}},{"id":"ac673ae7-e5df-45cc-ac69-622a7cac1d10","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":1,"box":{"x":116,"y":692,"width":336,"height":12}},{"id":"1af1de38-3aa7-47e9-9d8f-c753ab1c4dd3","block_type":"box","text":"State Street Bank and Trust Company (“State Street”) serves","page_number":1,"box":{"x":457,"y":692,"width":408,"height":12}},{"id":"677ff0f7-836a-40f4-82de-324a9e260cca","block_type":"box","text":"as administrator, custodian and transfer agent for the Fund under the Master Services Agreement and related","page_number":1,"box":{"x":116,"y":708,"width":731,"height":11}},{"id":"dfbcb33d-1fa0-47af-a70a-7c4105fb8d4f","block_type":"box","text":"Service Schedule (the “Service Module”). State Street’s principal address is One Congress Street, Suite 1,","page_number":1,"box":{"x":116,"y":723,"width":713,"height":12}},{"id":"02262828-ab51-40dc-8b81-d5fa04895972","block_type":"box","text":"Boston, MA 02114. Pursuant to the Service Module for Fund Administration and Accounting Services with the","page_number":1,"box":{"x":116,"y":739,"width":751,"height":11}},{"id":"e72d9491-a838-4a7d-ad66-f4b7538a2fbc","block_type":"box","text":"Trust, State Street provides necessary administrative, legal, tax and accounting and financial reporting services","page_number":1,"box":{"x":116,"y":754,"width":747,"height":12}},{"id":"8b56b294-fa1c-4f27-8afd-928e4a42610e","block_type":"box","text":"for the maintenance and operations of the Trust and the Fund. In addition, State Street makes available the office","page_number":1,"box":{"x":116,"y":770,"width":760,"height":11}},{"id":"5d4e9d8b-2c0d-483e-8a7c-bcb0882fb07f","block_type":"box","text":"space, equipment, personnel and facilities required to provide such services. Pursuant to the Service Module for","page_number":1,"box":{"x":117,"y":785,"width":753,"height":12}},{"id":"91a547ec-171c-4cd7-b315-f7d6dca03c7f","block_type":"box","text":"Custodial Services with the Trust, State Street maintains, in separate accounts, cash, securities and other assets of","page_number":1,"box":{"x":116,"y":801,"width":765,"height":11}},{"id":"de32ecee-f762-426d-8ac7-773322517a89","block_type":"box","text":"the Trust and the Fund, keeps all necessary accounts and records and provides other services. State Street is","page_number":1,"box":{"x":116,"y":816,"width":724,"height":12}},{"id":"9e5f0c95-da78-4e06-816e-4cf959f94269","block_type":"box","text":"required, upon the order of the Trust, to deliver securities held by State Street and to make payments for","page_number":1,"box":{"x":116,"y":832,"width":706,"height":11}},{"id":"05629ee0-a269-4be3-a2eb-2b5dc496e209","block_type":"box","text":"securities purchased by the Trust for the Fund. State Street is authorized to appoint certain foreign custodians or","page_number":1,"box":{"x":117,"y":847,"width":758,"height":12}},{"id":"b1f4d53d-2e21-4ce9-ad94-46db904ba10a","block_type":"box","text":"foreign custody managers for Fund investments outside the U.S. Pursuant to the Service Module for Transfer","page_number":1,"box":{"x":116,"y":863,"width":740,"height":11}},{"id":"388bcbd8-e4ac-4ebe-accc-212cf92637b8","block_type":"box","text":"Agency Services with the Trust, State Street acts as a transfer agent for the Fund’s authorized and issued shares","page_number":1,"box":{"x":116,"y":878,"width":756,"height":12}},{"id":"ae9d0c14-4b54-4621-964a-1708deb3d3e6","block_type":"box","text":"of beneficial interest, and as dividend disbursing agent of the Trust. As compensation for these services, State","page_number":1,"box":{"x":116,"y":894,"width":744,"height":11}},{"id":"f7e509d0-01fd-47d1-b05e-38161c85dbe3","block_type":"box","text":"Street receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid","page_number":1,"box":{"x":116,"y":909,"width":764,"height":12}},{"id":"810ad63c-a3a7-4c41-9b6d-77a82e996868","block_type":"box","text":"NM1026U-6030751-1/43","page_number":1,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"9efbfe5e-3ff2-4274-9239-5ee5daa40fa3","block_type":"box","text":"monthly by BFA. BFA pays the compensation because it has agreed to pay these operating expenses under the","page_number":2,"box":{"x":116,"y":88,"width":749,"height":11}},{"id":"15114501-326d-487d-99b4-f023a929a9d9","block_type":"box","text":"Investment Advisory Agreement as described therein.","page_number":2,"box":{"x":116,"y":103,"width":367,"height":12}},{"id":"8f1b7a92-792d-4413-80df-5fe26bf38204","block_type":"box","text":"The section entitled “Creation and Redemption of Creation Units — Costs Associated with Creation","page_number":2,"box":{"x":116,"y":130,"width":722,"height":11}},{"id":"d25ac9c3-ae10-465e-aeed-ea605c231012","block_type":"box","text":"Transactions” in the Fund’s SAI is deleted in its entirety and replaced with the following:","page_number":2,"box":{"x":116,"y":145,"width":645,"height":12}},{"id":"3ab8fde5-6772-40de-9ee4-dab1c942c8be","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":2,"box":{"x":116,"y":172,"width":330,"height":9}},{"id":"acc9dbaf-2545-40e5-911d-04feb8c711ff","block_type":"box","text":"A standard creation transaction fee is imposed to offset the","page_number":2,"box":{"x":446,"y":172,"width":401,"height":11}},{"id":"8f0a64fc-2829-4f47-9d8d-c58545350c95","block_type":"box","text":"transfer and other transaction costs associated with the issuance of Creation Units.","page_number":2,"box":{"x":116,"y":187,"width":559,"height":9}},{"id":"434cae43-2807-4b68-90e9-2b7acb9c1ff4","block_type":"box","text":"Under an ETF Services Agreement, the Fund has retained BRIL, an affiliate of BFA, to perform certain order","page_number":2,"box":{"x":116,"y":214,"width":743,"height":12}},{"id":"e925b3ba-c445-4c1d-8cac-c1b690dd53cc","block_type":"box","text":"processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":2,"box":{"x":116,"y":229,"width":739,"height":12}},{"id":"cfe78ff5-84d7-4fe4-9930-f7fc5dada0cb","block_type":"box","text":"redemption of Creation Units (“ETF Services”). BRIL will receive from an Authorized Participant a standard","page_number":2,"box":{"x":116,"y":245,"width":741,"height":12}},{"id":"a120d44c-7ef7-4412-997c-25f3dbc6d5a5","block_type":"box","text":"transaction fee on each creation order, which consists of (1) a fee for providing the ETF Services (the “ETF","page_number":2,"box":{"x":116,"y":260,"width":729,"height":12}},{"id":"a5351674-580d-496a-890b-362edcccd99c","block_type":"box","text":"Servicing Fee”) and (2) transfer, processing and other transaction costs charged by the Fund custodian in","page_number":2,"box":{"x":116,"y":276,"width":711,"height":12}},{"id":"5ccebfd1-b4e8-4791-b017-61e35289dfdf","block_type":"box","text":"connection with the issuance of Creation Units for such creation order (“Custody Transaction Costs”). BRIL is","page_number":2,"box":{"x":116,"y":291,"width":751,"height":12}},{"id":"6abc31fc-18e6-4949-a22a-b08f0a36bdd0","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":2,"box":{"x":116,"y":307,"width":753,"height":12}},{"id":"4effcace-93fc-44fa-8dec-73ac59402ac7","block_type":"box","text":"Custody Transaction Costs to the Fund custodian according to the amounts invoiced by such custodian.","page_number":2,"box":{"x":116,"y":322,"width":701,"height":12}},{"id":"81ec37a2-b363-473c-9edd-00453cf7d637","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being purchased, which","page_number":2,"box":{"x":116,"y":349,"width":762,"height":12}},{"id":"d9999007-5f19-43af-b572-ed3bed859416","block_type":"box","text":"amount will vary among different BlackRock-advised funds based on a number of factors, including the","page_number":2,"box":{"x":116,"y":365,"width":706,"height":11}},{"id":"b9faf0a2-3cf0-4d5f-9225-ffcc4178d2a4","block_type":"box","text":"complexity of the order and the types of securities or instruments included in a fund’s Creation Basket, among","page_number":2,"box":{"x":116,"y":380,"width":749,"height":12}},{"id":"9b1f8f41-a534-4b62-b1d5-40ad48a1a6cf","block_type":"box","text":"other variables. The ETF Servicing Fee may be equal to zero in certain instances, such as for creation","page_number":2,"box":{"x":116,"y":396,"width":688,"height":11}},{"id":"197e5783-d365-4a35-b972-4e89c35c8177","block_type":"box","text":"transactions that consist solely of cash. The actual Custody Transaction Costs vary per order based on the number","page_number":2,"box":{"x":116,"y":411,"width":771,"height":12}},{"id":"60618765-8880-43aa-92cb-359590a5b55e","block_type":"box","text":"of trades, underlying markets and settlement locations associated with the issuance of a Creation Unit. The","page_number":2,"box":{"x":116,"y":427,"width":724,"height":11}},{"id":"07008760-fcbd-4721-900f-44f6c0dfcfe3","block_type":"box","text":"following table sets forth for the Fund an estimate of the creation transaction fee that would have been charged as","page_number":2,"box":{"x":116,"y":442,"width":770,"height":12}},{"id":"5901481e-70e4-46c2-8a7a-f063f881394b","block_type":"box","text":"of September 30, 2026 if the Fund had issued a Creation Unit on that date. The actual fee that would have been","page_number":2,"box":{"x":116,"y":458,"width":753,"height":11}},{"id":"698f9899-9411-4fe9-b1dc-573ff3b0aaf1","block_type":"box","text":"charged to an Authorized Participant in connection with a creation order will vary over time depending on the","page_number":2,"box":{"x":116,"y":473,"width":745,"height":12}},{"id":"fc20c298-24fb-4dcd-8dbe-c1659093dd83","block_type":"box","text":"factors discussed above, and may be higher than the fee set forth below.","page_number":2,"box":{"x":116,"y":489,"width":489,"height":11}},{"id":"6abc5351-8b15-4fdf-ad24-5421a8fd1a9c","block_type":"box","text":"In order to defray transaction expenses for the Fund and protect against possible shareholder dilution, if a","page_number":2,"box":{"x":116,"y":515,"width":715,"height":12}},{"id":"f53aff89-fee6-4eb0-a4b1-1e6364093316","block_type":"box","text":"creation transaction consists solely or partially of cash, the Authorized Participant may also be required to cover","page_number":2,"box":{"x":116,"y":531,"width":761,"height":11}},{"id":"033348fa-19ec-430b-8822-01eac2650732","block_type":"box","text":"(up to the maximum amount shown below) certain brokerage, tax, foreign exchange, execution and other costs","page_number":2,"box":{"x":116,"y":546,"width":750,"height":12}},{"id":"329578d6-2ed7-48d9-9cb9-460f72c73d77","block_type":"box","text":"and expenses related to the execution of trades resulting from such transaction (which may, in certain instances,","page_number":2,"box":{"x":116,"y":562,"width":758,"height":11}},{"id":"0785932d-654b-431e-bd9c-f949a16f9495","block_type":"box","text":"be based on a good faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":2,"box":{"x":116,"y":577,"width":741,"height":12}},{"id":"cb2a51bf-0a23-4e5a-8ce4-27ba3e66ab21","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of the market and","page_number":2,"box":{"x":116,"y":593,"width":746,"height":11}},{"id":"e6970011-8c46-45de-b086-e812eea799eb","block_type":"box","text":"anticipated market impact). However, the Fund is not obligated to trade identical securities to the securities","page_number":2,"box":{"x":116,"y":608,"width":727,"height":12}},{"id":"32143b61-0d0a-463a-b312-ff75d314520e","block_type":"box","text":"identified by BlackRock in estimating these transaction and other costs and expenses. In certain cases,","page_number":2,"box":{"x":116,"y":624,"width":693,"height":11}},{"id":"6dd1cde1-671e-4b4f-a452-9e5ac5078490","block_type":"box","text":"BlackRock or an affiliate may determine in its discretion to deviate from the regular charge, subject to the","page_number":2,"box":{"x":116,"y":639,"width":719,"height":12}},{"id":"ad1ed9f3-3cbb-4ed4-90c1-830e775625ab","block_type":"box","text":"maximum amounts shown below.","page_number":2,"box":{"x":116,"y":655,"width":231,"height":9}},{"id":"13746242-bc15-43fa-a088-fb4b875fe1d0","block_type":"box","text":"Authorized Participants will also bear the costs of tra","page_number":2,"box":{"x":116,"y":681,"width":348,"height":12}},{"id":"b822d945-b41b-45ac-98ce-d2236999662b","block_type":"box","text":"nsferring the Deposit Securities to the Fund. Certain fees/costs","page_number":2,"box":{"x":465,"y":681,"width":410,"height":12}},{"id":"9007780e-0900-43ea-bc69-11f899c4584f","block_type":"box","text":"associated with creation transactions may be waived in certain circumstances. Investors who use the services of a","page_number":2,"box":{"x":116,"y":697,"width":745,"height":12}},{"id":"c2eafa57-003e-48fd-9939-660303c8f2ba","block_type":"box","text":"broker or other financial intermediary to acquire Fund shares may be charged a fee for such services.","page_number":2,"box":{"x":116,"y":712,"width":662,"height":12}},{"id":"d9edef2a-c5ee-411f-adab-a69faf177aa0","block_type":"box","text":"The following table sets forth the Fund’s estimated creation transaction fee as of September 30, 2026 and","page_number":2,"box":{"x":116,"y":739,"width":710,"height":12}},{"id":"ac9fc0db-db2d-4eb9-91ee-ce4423977c99","block_type":"box","text":"maximum additional charge (as described above):","page_number":2,"box":{"x":116,"y":755,"width":335,"height":11}},{"id":"a9e80fc1-6a92-4060-9531-490af1688b54","block_type":"box","text":"Standard Creation","page_number":2,"box":{"x":337,"y":778,"width":134,"height":10}},{"id":"67d07b5a-e12b-4ec6-88b2-cfb32f0ed772","block_type":"box","text":"Transaction Fee*","page_number":2,"box":{"x":342,"y":791,"width":123,"height":9}},{"id":"96d34988-def2-4e36-a7b3-ab5b63bfc27f","block_type":"box","text":"Maximum Additional","page_number":2,"box":{"x":526,"y":778,"width":155,"height":10}},{"id":"6115fb1a-a1ce-477a-b12a-da283ba6e00b","block_type":"box","text":"Charge**","page_number":2,"box":{"x":570,"y":791,"width":68,"height":12}},{"id":"4ea6db16-2e89-43d1-8e5c-a9a4813249f6","block_type":"box","text":"$0 7%","page_number":2,"box":{"x":396,"y":812,"width":218,"height":10}},{"id":"f94d0ebe-d96c-4a67-9ec1-7708563af3e6","block_type":"box","text":"* The standard creation transaction fee consists of the ETF Servicing Fee and Custody Transaction Costs. The standard creation","page_number":2,"box":{"x":117,"y":839,"width":704,"height":9}},{"id":"813aeabe-d917-4bd8-9eb3-627728cb483b","block_type":"box","text":"transaction","page_number":2,"box":{"x":824,"y":839,"width":59,"height":7}},{"id":"9c5972b8-9b46-41a6-b7a9-6b73a24f3de2","block_type":"box","text":"fee may vary over time depending on the factors discussed above, and may be higher than the fee set forth above. Estimated fee","page_number":2,"box":{"x":143,"y":852,"width":686,"height":9}},{"id":"16f21b49-f799-4dac-807a-dd29fbc098f6","block_type":"box","text":"as of","page_number":2,"box":{"x":833,"y":852,"width":26,"height":7}},{"id":"af0c7d39-489d-4840-bc8e-87ea21069978","block_type":"box","text":"September 30, 2026.","page_number":2,"box":{"x":143,"y":865,"width":110,"height":9}},{"id":"c92aeaee-f030-47a7-be4b-bdcdf8c14528","block_type":"box","text":"** As a percentage of the net asset value per Creation Unit.","page_number":2,"box":{"x":117,"y":880,"width":328,"height":9}},{"id":"90bd2b33-da2b-4825-8572-b17ce18a373c","block_type":"box","text":"2","page_number":2,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"0389e828-90a9-4827-a6f9-d2b450b3d23f","block_type":"box","text":"NM1026U-6030751-2/43","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"facdb573-1a82-4e53-8f36-e69f8ae718c0","block_type":"box","text":"The section entitled “Creation and Redemption of Creation Units — Costs Associated with Redemption","page_number":3,"box":{"x":116,"y":87,"width":747,"height":12}},{"id":"a08464a0-51ce-44db-b1e3-052ef39a5309","block_type":"box","text":"Transactions” in the Fund’s SAI is deleted in its entirety and replaced with the following:","page_number":3,"box":{"x":116,"y":103,"width":645,"height":12}},{"id":"bce1d964-d4f4-49aa-a994-983abea13a5d","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":3,"box":{"x":116,"y":132,"width":354,"height":11}},{"id":"6fe62b97-4d66-4d16-b8c8-d42bd856111f","block_type":"box","text":"A standard redemption transaction fee is imposed to offset","page_number":3,"box":{"x":471,"y":132,"width":398,"height":11}},{"id":"64e840c0-6f8f-4a08-a5de-d4dcfaf8068e","block_type":"box","text":"transfer and other transaction costs that may be incurred by the Fund.","page_number":3,"box":{"x":116,"y":147,"width":471,"height":12}},{"id":"96faae0f-4038-42ee-91ea-1373a2f616fc","block_type":"box","text":"As described above, under an ETF Services Agreement, the Fund has retained BRIL, an affiliate of BFA, to","page_number":3,"box":{"x":116,"y":176,"width":731,"height":12}},{"id":"3d8137f4-15e6-4740-b285-d4a327eca998","block_type":"box","text":"perform certain ETF Services. BRIL will receive from an Authorized Participant a standard transaction fee on","page_number":3,"box":{"x":116,"y":192,"width":746,"height":11}},{"id":"5780896b-396d-48b7-abf2-6548eff97cdc","block_type":"box","text":"each redemption order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is","page_number":3,"box":{"x":116,"y":207,"width":762,"height":12}},{"id":"ce8c466e-1735-4542-890e-6f0162c6f771","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":3,"box":{"x":116,"y":223,"width":753,"height":11}},{"id":"73bb2602-ed3f-4b9a-9e48-aa431ae40a8d","block_type":"box","text":"Custody Transaction Costs to the Fund custodian according to the amounts invoiced by such custodian.","page_number":3,"box":{"x":116,"y":238,"width":701,"height":12}},{"id":"745abe24-d7b2-4583-87f4-25e3d5e9c280","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being redeemed, which","page_number":3,"box":{"x":116,"y":267,"width":760,"height":11}},{"id":"802a0245-925b-41ba-8747-a46d39891448","block_type":"box","text":"amount will vary among different BlackRock-advised funds based on a number of factors, including the","page_number":3,"box":{"x":116,"y":282,"width":706,"height":12}},{"id":"7b5763b0-ab4b-422e-8452-22d427631934","block_type":"box","text":"complexity of the order and the types of securities or instruments included in a fund’s Redemption Basket,","page_number":3,"box":{"x":116,"y":298,"width":723,"height":11}},{"id":"44229b01-30c2-4ba7-b765-0fe62f637213","block_type":"box","text":"among other variables. The ETF Servicing Fee may be equal to zero in certain instances, such as for redemption","page_number":3,"box":{"x":116,"y":313,"width":761,"height":12}},{"id":"99542458-c457-4725-a919-7e2394706f7f","block_type":"box","text":"transactions that consist solely of cash. The actual Custody Transaction Costs vary per order based on the number","page_number":3,"box":{"x":116,"y":329,"width":771,"height":11}},{"id":"b024fc71-d513-44e5-8561-7163e1983942","block_type":"box","text":"of trades, underlying markets, and settlement locations associated with the redemption of a Creation Unit. The","page_number":3,"box":{"x":116,"y":344,"width":748,"height":12}},{"id":"a9480c7a-a72c-4016-8c83-8f8d70d7657b","block_type":"box","text":"following table sets forth for the Fund an estimate of the redemption transaction fee that would have been","page_number":3,"box":{"x":116,"y":360,"width":716,"height":11}},{"id":"c5870be7-43cb-43dc-9a1e-421f19b81daa","block_type":"box","text":"charged as of September 30, 2026 if the Fund had redeemed a Creation Unit on that date. The actual fee that","page_number":3,"box":{"x":116,"y":375,"width":734,"height":12}},{"id":"21cf5175-aa28-43c4-89a4-ea77f9daa67e","block_type":"box","text":"would have been charged to an Authorized Participant in connection with a redemption order will vary over time","page_number":3,"box":{"x":116,"y":391,"width":766,"height":11}},{"id":"5abe2d98-3f68-4fe3-ae2b-1d8e5faef118","block_type":"box","text":"depending on the factors discussed above, and may be higher than the fee set forth below.","page_number":3,"box":{"x":116,"y":406,"width":609,"height":12}},{"id":"e78f6cef-f954-402c-894f-a73fadb07d13","block_type":"box","text":"In order to defray transaction expenses for the Fund and protect against possible shareholder dilution, if a","page_number":3,"box":{"x":116,"y":435,"width":715,"height":12}},{"id":"fa181eca-924b-4af6-8afa-753eb004bfce","block_type":"box","text":"redemption transaction consists solely or partially of cash, the Authorized Participant may also be required to","page_number":3,"box":{"x":116,"y":451,"width":741,"height":11}},{"id":"2a61bb78-71e6-4aed-87be-ac3f46b72579","block_type":"box","text":"cover (up to the maximum amount shown below) certain brokerage, tax, foreign exchange, execution and other","page_number":3,"box":{"x":116,"y":466,"width":754,"height":12}},{"id":"0c18d9d0-218d-4886-9aff-6f1d31309763","block_type":"box","text":"costs and expenses related to the execution of trades resulting from such transaction (which may, in certain","page_number":3,"box":{"x":116,"y":482,"width":726,"height":11}},{"id":"43713260-21c5-4c7d-b0b5-8228bcce6e7a","block_type":"box","text":"instances, be based on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":3,"box":{"x":116,"y":497,"width":720,"height":12}},{"id":"352b38ca-10ce-428e-9d6c-5946242bda37","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and offer side of the","page_number":3,"box":{"x":116,"y":513,"width":758,"height":11}},{"id":"e1eb4f89-10ef-4b07-b6b5-c30911451c71","block_type":"box","text":"market and anticipated market impact). 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Certain fees/costs associated with redemption transactions may be waived in certain","page_number":3,"box":{"x":116,"y":619,"width":671,"height":12}},{"id":"4f7df29d-9824-4843-93d4-2a293dbcc99a","block_type":"box","text":"circumstances. 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The Cayman Subsidiary may also hold","page_number":8,"box":{"x":516,"y":661,"width":366,"height":12}},{"id":"19522587-74e9-4705-905d-d86c07a63671","block_type":"box","text":"cash and invest in other instruments, including fixed","page_number":8,"box":{"x":515,"y":676,"width":367,"height":12}},{"id":"d785e075-12f8-4175-ac58-5b4ffcdbe81b","block_type":"box","text":"income securities, either as investments or to serve as","page_number":8,"box":{"x":516,"y":692,"width":385,"height":11}},{"id":"bfb80e56-b20e-47d0-8bc4-c4daf3bf400a","block_type":"box","text":"margin or collateral for the Cayman Subsidiary’s","page_number":8,"box":{"x":516,"y":707,"width":340,"height":12}},{"id":"c00a761b-9ecc-42d2-9e37-e8bb07ed39f1","block_type":"box","text":"derivative positions. The Cayman Subsidiary (unlike the","page_number":8,"box":{"x":515,"y":723,"width":395,"height":12}},{"id":"7937c5cc-572e-481a-9394-d9a6142c2d48","block_type":"box","text":"Fund) may invest without limitation in commodity-related","page_number":8,"box":{"x":516,"y":738,"width":398,"height":12}},{"id":"0f50fcf3-a747-4da3-b01c-5256e2982495","block_type":"box","text":"instruments. However, the Cayman Subsidiary is","page_number":8,"box":{"x":516,"y":754,"width":346,"height":12}},{"id":"7a3a2c8a-4c3a-441c-a73e-77ca899e79b0","block_type":"box","text":"otherwise subject to the same fundamental,","page_number":8,"box":{"x":515,"y":769,"width":309,"height":12}},{"id":"06f43c66-d31e-4615-9915-3f309e0f8a5a","block_type":"box","text":"non-fundamental and certain other investment","page_number":8,"box":{"x":516,"y":785,"width":328,"height":9}},{"id":"a11449f6-fd29-4019-b62d-a945271dbb0f","block_type":"box","text":"restrictions as the Fund. The Fund will limit its","page_number":8,"box":{"x":516,"y":800,"width":322,"height":10}},{"id":"0df35232-dd3f-48b6-981d-5b7d9c3eb447","block_type":"box","text":"investments in the Cayman Subsidiary to 25% of its total","page_number":8,"box":{"x":516,"y":816,"width":399,"height":12}},{"id":"bc6ad845-54bd-405d-b1e8-ac01fce08095","block_type":"box","text":"assets, inclusive of leverage.","page_number":8,"box":{"x":515,"y":831,"width":209,"height":12}},{"id":"537ef2cc-9552-4a9c-9282-ad3a63fe6bf2","block_type":"box","text":"Summary of Principal Risks","page_number":8,"box":{"x":515,"y":868,"width":238,"height":12}},{"id":"d6dfc887-155b-4336-9c89-b5f4da679d39","block_type":"box","text":"As with any investment, you could lose all or part of","page_number":8,"box":{"x":515,"y":889,"width":387,"height":12}},{"id":"2e7df6dd-cb32-4c61-80fd-0526c105ae26","block_type":"box","text":"your investment in the Fund, and the Fund’s","page_number":8,"box":{"x":515,"y":904,"width":333,"height":12}},{"id":"8c61cce5-e91d-4037-bb76-30feebac9e64","block_type":"box","text":"S-2","page_number":8,"box":{"x":487,"y":955,"width":30,"height":10}},{"id":"b7cf83ec-79a5-47e3-80c7-1b677f80f43f","block_type":"box","text":"NM1026U-6030751-8/43","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"9eae46fe-5343-4f1c-9b53-3d09dfc526d0","block_type":"box","text":"performance could trail that of other investments. The","page_number":9,"box":{"x":81,"y":56,"width":403,"height":12}},{"id":"752e4221-8cdf-4cb7-842b-b947addc45fa","block_type":"box","text":"Fund is subject to certain risks, including the principal","page_number":9,"box":{"x":82,"y":72,"width":401,"height":12}},{"id":"c7a8580f-73fc-4d76-b5db-9ed599a320c9","block_type":"box","text":"risks noted below, either directly or through its","page_number":9,"box":{"x":81,"y":87,"width":346,"height":12}},{"id":"86650ceb-0b46-4892-b997-30b29cba9404","block_type":"box","text":"investments in the Cayman Subsidiary, any of which","page_number":9,"box":{"x":81,"y":102,"width":393,"height":13}},{"id":"579b4ae3-467f-4e6e-9397-eda538d9f67b","block_type":"box","text":"may adversely affect the Fund’s net asset value per","page_number":9,"box":{"x":81,"y":118,"width":389,"height":12}},{"id":"f9ed1951-cdab-4c57-8d91-e0d4f032fe61","block_type":"box","text":"share (“NAV”), trading price, yield, total return and","page_number":9,"box":{"x":81,"y":134,"width":377,"height":12}},{"id":"68cbb8f7-26d1-423c-9af7-e6553d3100e4","block_type":"box","text":"ability to meet its investment objective. Unlike many","page_number":9,"box":{"x":81,"y":149,"width":389,"height":12}},{"id":"f85798f2-4834-4cae-b7dd-7aa9bb2bfa97","block_type":"box","text":"ETFs, the Fund is not an index-based ETF. Certain","page_number":9,"box":{"x":82,"y":165,"width":384,"height":11}},{"id":"e708e76c-8c7d-46d0-86e9-e50c4a041755","block_type":"box","text":"key risks are prioritized below (with others following in","page_number":9,"box":{"x":81,"y":180,"width":404,"height":12}},{"id":"037086eb-5a28-4eda-9245-f963dc937a9d","block_type":"box","text":"alphabetical order), but the relative significance of any","page_number":9,"box":{"x":81,"y":196,"width":406,"height":12}},{"id":"3465ba4d-5bdc-4104-8440-583feab595d6","block_type":"box","text":"risk is difficult to predict and may change over time.","page_number":9,"box":{"x":81,"y":211,"width":386,"height":12}},{"id":"fab63af7-a37c-4775-b393-42056e7192ed","block_type":"box","text":"You should review each risk factor carefully.","page_number":9,"box":{"x":80,"y":227,"width":333,"height":12}},{"id":"9b6f29ae-768a-4162-8fea-e64926c8b205","block_type":"box","text":"Futures Contract Risk —","page_number":9,"box":{"x":81,"y":258,"width":180,"height":9}},{"id":"8b2b28f4-d5af-498a-a7fd-962fdf5c8c71","block_type":"box","text":"— Futures are standardized,","page_number":9,"box":{"x":261,"y":258,"width":218,"height":11}},{"id":"642b8836-17d1-46f1-83a2-9d45202fb548","block_type":"box","text":"exchange-traded contracts that obligate a purchaser","page_number":9,"box":{"x":81,"y":273,"width":393,"height":12}},{"id":"4eaecffb-546b-427b-9aa5-4ea704e138fa","block_type":"box","text":"to take delivery, and a seller to make delivery, of a","page_number":9,"box":{"x":81,"y":289,"width":378,"height":12}},{"id":"f78d8e04-526b-4669-ad2b-3ffc3afa9d16","block_type":"box","text":"specific amount of an asset at a specified future date","page_number":9,"box":{"x":81,"y":304,"width":397,"height":12}},{"id":"87593d61-a35c-40ba-9ea4-2a161321250b","block_type":"box","text":"at a specified price. Unlike equities, which typically","page_number":9,"box":{"x":81,"y":320,"width":380,"height":12}},{"id":"ffa5c322-7422-4e6d-b9e7-9554591e832b","block_type":"box","text":"entitle the holder to a continuing ownership stake in","page_number":9,"box":{"x":81,"y":335,"width":387,"height":12}},{"id":"bacb1ae7-ebf1-42f0-99e2-93800e1fe58d","block_type":"box","text":"an issuer, futures contracts normally specify a certain","page_number":9,"box":{"x":81,"y":351,"width":401,"height":12}},{"id":"a33c3911-70b1-448a-b864-84a6067d8d12","block_type":"box","text":"date for delivery of the underlying commodity or","page_number":9,"box":{"x":81,"y":366,"width":359,"height":12}},{"id":"3a1bb42f-b794-4b48-a60b-8f90cdce7f48","block_type":"box","text":"settlement in cash based on the level of a reference","page_number":9,"box":{"x":81,"y":382,"width":390,"height":9}},{"id":"28845d54-6ef7-4786-a340-fc13b2bf64cc","block_type":"box","text":"rate. The primary risks associated with the use of","page_number":9,"box":{"x":81,"y":397,"width":370,"height":12}},{"id":"2c69de4a-6f96-4ba9-8b1e-0625e80f1f7b","block_type":"box","text":"futures contracts, or swaps or other derivatives","page_number":9,"box":{"x":80,"y":413,"width":354,"height":12}},{"id":"9ff58d45-d5a8-4228-ae0e-6865b8c05bd3","block_type":"box","text":"referencing futures contracts, are: (i) the imperfect","page_number":9,"box":{"x":81,"y":428,"width":378,"height":12}},{"id":"7229b73f-f6fd-40de-ae59-692d439dc5db","block_type":"box","text":"correlations between the market value of the","page_number":9,"box":{"x":81,"y":444,"width":335,"height":9}},{"id":"04acd2cc-8552-415c-bda7-5ac5478dc2f4","block_type":"box","text":"reference asset underlying the futures contract and","page_number":9,"box":{"x":81,"y":459,"width":384,"height":12}},{"id":"d5dd0555-1e1d-43ec-a0e7-5fe415c8219b","block_type":"box","text":"any related hedging instrument held by the Fund and","page_number":9,"box":{"x":81,"y":475,"width":398,"height":12}},{"id":"b38900ad-46b7-48c6-b124-298aad64d5b2","block_type":"box","text":"the price of the futures contract; (ii) possible lack of a","page_number":9,"box":{"x":81,"y":490,"width":398,"height":12}},{"id":"f1abe41b-60a3-4adb-b4cd-1fb25a2d3c88","block_type":"box","text":"liquid secondary market for a futures contract and the","page_number":9,"box":{"x":81,"y":506,"width":402,"height":12}},{"id":"e35a1a87-020f-4f13-9ab2-28b5ee102e8f","block_type":"box","text":"resulting inability to close a futures contract when","page_number":9,"box":{"x":81,"y":521,"width":371,"height":12}},{"id":"14ed7526-125b-4e1b-9a14-b1d4f9778eea","block_type":"box","text":"desired; (iii) losses caused by unanticipated market","page_number":9,"box":{"x":81,"y":537,"width":386,"height":12}},{"id":"88b64e31-1afa-443b-ba45-3d1e025c90d8","block_type":"box","text":"movements, which are potentially unlimited; (iv) BFA’s","page_number":9,"box":{"x":81,"y":552,"width":407,"height":12}},{"id":"0b287aec-d9e8-4587-8b9d-af23e6eee732","block_type":"box","text":"inability to predict correctly the direction of prices and","page_number":9,"box":{"x":81,"y":568,"width":400,"height":12}},{"id":"92a676c0-8bd6-4c82-a3f9-e0f5a40313de","block_type":"box","text":"other economic factors; and (v) the possibility that the","page_number":9,"box":{"x":81,"y":583,"width":403,"height":12}},{"id":"c9936743-bf95-43d9-a335-83b232e8d60a","block_type":"box","text":"counterparty will default in the performance of its","page_number":9,"box":{"x":81,"y":599,"width":366,"height":12}},{"id":"2704392d-a754-44e8-97b2-0008d010d4a1","block_type":"box","text":"obligations under a swap. To the extent that the Fund","page_number":9,"box":{"x":81,"y":614,"width":402,"height":12}},{"id":"12af1542-f3fd-4f07-9898-2346836737e2","block_type":"box","text":"rolls futures contracts, it may be subject to additional","page_number":9,"box":{"x":81,"y":630,"width":395,"height":12}},{"id":"e60478a4-4e70-432d-b289-49584e5539bf","block_type":"box","text":"risk. In addition, Commodity Futures Trading","page_number":9,"box":{"x":81,"y":645,"width":335,"height":12}},{"id":"2b9d2e00-8d0d-4eb3-86c5-db92ca52d959","block_type":"box","text":"Commission (“CFTC”) regulations limit the types of","page_number":9,"box":{"x":81,"y":661,"width":378,"height":12}},{"id":"487cdb84-1738-4025-b707-8c1d81cf0c83","block_type":"box","text":"foreign listed futures contracts that U.S. investors, like","page_number":9,"box":{"x":80,"y":676,"width":401,"height":12}},{"id":"4a323a65-9f45-4c30-84b4-906c306df83c","block_type":"box","text":"the Fund, are allowed to invest in. As a result, the","page_number":9,"box":{"x":81,"y":692,"width":368,"height":11}},{"id":"22067376-3580-4ec5-8146-2e806a142962","block_type":"box","text":"Fund may not be able to gain the exposure it seeks","page_number":9,"box":{"x":82,"y":707,"width":380,"height":12}},{"id":"2e41f323-6a50-4f3c-87fa-de345d977e9e","block_type":"box","text":"through certain non-U.S. futures contracts. The Fund","page_number":9,"box":{"x":81,"y":723,"width":392,"height":12}},{"id":"99005943-dedf-4ea4-b1c0-735d83fe80f4","block_type":"box","text":"intends to treat any income that it derives from direct","page_number":9,"box":{"x":81,"y":738,"width":391,"height":12}},{"id":"2acae81a-5abc-49f4-95ad-a1435d0aaf3d","block_type":"box","text":"investment in the futures contracts as “qualifying","page_number":9,"box":{"x":81,"y":754,"width":359,"height":12}},{"id":"582c8118-6ef9-4e60-85ea-f10c521c9382","block_type":"box","text":"income” under the annual 90% gross income test the","page_number":9,"box":{"x":81,"y":769,"width":393,"height":12}},{"id":"24533ea0-8b46-46a4-a740-fe552bec8d83","block_type":"box","text":"Fund must satisfy to qualify as a regulated investment","page_number":9,"box":{"x":82,"y":785,"width":400,"height":12}},{"id":"9eb9aedf-d519-4bba-8f03-24547bf3d723","block_type":"box","text":"company (“RIC”). If the Internal Revenue Service","page_number":9,"box":{"x":81,"y":800,"width":364,"height":12}},{"id":"fa3a1107-696d-4f60-aaf2-98586d75ccfa","block_type":"box","text":"successfully challenges this position, the Fund could","page_number":9,"box":{"x":81,"y":816,"width":388,"height":12}},{"id":"8a321662-6d67-4cc5-92e8-8e01810bd62a","block_type":"box","text":"be disqualified as a RIC and taxed as a C corporation,","page_number":9,"box":{"x":81,"y":831,"width":407,"height":12}},{"id":"5756bf83-d8e5-4564-ba13-e0786791b62d","block_type":"box","text":"which could have significant negative tax","page_number":9,"box":{"x":80,"y":847,"width":309,"height":12}},{"id":"0ba01920-db1b-472e-b13c-505ed9c04570","block_type":"box","text":"consequences on the Fund and its shareholders.","page_number":9,"box":{"x":81,"y":862,"width":368,"height":12}},{"id":"162ddc5a-0824-4953-9d99-7220f083b6a2","block_type":"box","text":"Derivatives Risk —","page_number":9,"box":{"x":515,"y":56,"width":134,"height":10}},{"id":"ce2401da-98cb-4367-b520-6474f7e682fd","block_type":"box","text":"— The Fund’s use of derivatives","page_number":9,"box":{"x":649,"y":56,"width":247,"height":10}},{"id":"096bcbcb-3cbe-47c1-8a1b-01e712bb5a88","block_type":"box","text":"may increase its costs, reduce the Fund’s returns","page_number":9,"box":{"x":516,"y":72,"width":370,"height":12}},{"id":"c02cd373-8fa7-4d8b-bc86-aa7b9cff9586","block_type":"box","text":"and/or increase volatility. Derivatives involve","page_number":9,"box":{"x":515,"y":87,"width":335,"height":12}},{"id":"bfc42fab-d09b-41bc-ab1e-e058fb0195de","block_type":"box","text":"significant risks, including:","page_number":9,"box":{"x":515,"y":102,"width":199,"height":13}},{"id":"687fe107-f9f6-4e14-b901-8290ad5be698","block_type":"box","text":"Leverage Risk —","page_number":9,"box":{"x":515,"y":134,"width":112,"height":12}},{"id":"244c21bf-60e8-4275-ab54-303a3662cd41","block_type":"box","text":"— The Fund’s use of derivatives can","page_number":9,"box":{"x":627,"y":134,"width":278,"height":9}},{"id":"7b91749b-271e-4219-81a4-d9dd8b2088de","block_type":"box","text":"magnify the Fund’s gains and losses. Relatively small","page_number":9,"box":{"x":516,"y":149,"width":402,"height":12}},{"id":"d5120362-e4f9-48d4-a653-f6b11facaa1a","block_type":"box","text":"market movements may result in large changes in the","page_number":9,"box":{"x":516,"y":165,"width":403,"height":12}},{"id":"2cb3481e-daa1-48ae-b872-7ffba40e2103","block_type":"box","text":"value of a derivatives position and can result in losses","page_number":9,"box":{"x":515,"y":180,"width":406,"height":12}},{"id":"236e69fb-782e-4b61-bc3a-a80caef3060f","block_type":"box","text":"that greatly exceed the amount originally invested.","page_number":9,"box":{"x":515,"y":196,"width":379,"height":12}},{"id":"cd328722-5d63-4ddb-a193-adc60632fe5a","block_type":"box","text":"Market Risk","page_number":9,"box":{"x":515,"y":227,"width":90,"height":9}},{"id":"0053564d-2109-4627-a7cd-9ea774c1b09f","block_type":"box","text":"k — Some derivatives are more sensitive","page_number":9,"box":{"x":604,"y":227,"width":302,"height":9}},{"id":"416e09fe-cb72-4eba-801d-3a949c89151c","block_type":"box","text":"to interest rate changes and market price fluctuations","page_number":9,"box":{"x":515,"y":242,"width":400,"height":12}},{"id":"e5a5ee8b-3a21-4ca1-b151-899185c5cd0c","block_type":"box","text":"than other securities. The Fund could also suffer","page_number":9,"box":{"x":515,"y":258,"width":365,"height":9}},{"id":"04502140-8385-43ab-9264-4f210ecd7407","block_type":"box","text":"losses related to its derivatives positions as a result of","page_number":9,"box":{"x":516,"y":273,"width":405,"height":12}},{"id":"94842e88-352d-461e-8b73-0d344e404b68","block_type":"box","text":"unanticipated market movements, which losses are","page_number":9,"box":{"x":516,"y":289,"width":385,"height":12}},{"id":"0b4c9eb9-8a48-4c86-b67b-fdb13352a4a7","block_type":"box","text":"potentially unlimited. Finally, BFA may not be able to","page_number":9,"box":{"x":516,"y":304,"width":394,"height":12}},{"id":"d0d3b7ef-0006-45c3-9014-6bf884c62f01","block_type":"box","text":"predict correctly the direction of securities prices,","page_number":9,"box":{"x":516,"y":320,"width":367,"height":12}},{"id":"7675feea-1a2e-4965-905a-2820376558fb","block_type":"box","text":"interest rates and other economic factors, which could","page_number":9,"box":{"x":516,"y":335,"width":406,"height":11}},{"id":"78941717-3fb8-4bef-ae51-ce1a7c67f44c","block_type":"box","text":"cause the Fund’s derivatives positions to lose value.","page_number":9,"box":{"x":515,"y":351,"width":393,"height":12}},{"id":"d03c6ba7-3b8b-48cc-8854-ad16aa263feb","block_type":"box","text":"Counterparty Risk","page_number":9,"box":{"x":516,"y":382,"width":134,"height":12}},{"id":"30742ea9-1b98-4e19-8170-c5b1cd6777be","block_type":"box","text":"k — Derivatives are also subject to","page_number":9,"box":{"x":649,"y":382,"width":256,"height":12}},{"id":"f340c95c-46d8-4b60-97aa-83221ea84f34","block_type":"box","text":"counterparty risk, which is the risk that the other party","page_number":9,"box":{"x":515,"y":397,"width":403,"height":12}},{"id":"40133522-aaf9-4b30-ae90-e09c559d5f21","block_type":"box","text":"in the transaction will be unable or unwilling to fulfill its","page_number":9,"box":{"x":516,"y":413,"width":405,"height":12}},{"id":"5522ada2-a809-4bc5-85b5-3467707829ad","block_type":"box","text":"contractual obligation, and the related risks of having","page_number":9,"box":{"x":515,"y":428,"width":397,"height":12}},{"id":"276787c7-cc46-40eb-95d3-5a891453abfa","block_type":"box","text":"concentrated exposure to such a counterparty.","page_number":9,"box":{"x":515,"y":444,"width":352,"height":12}},{"id":"9a606be6-481b-4d7d-9542-0821b8cf8149","block_type":"box","text":"Illiquidity Risk","page_number":9,"box":{"x":516,"y":475,"width":101,"height":12}},{"id":"17efc2a4-b563-407a-89cd-02f171423bef","block_type":"box","text":"k — The possible lack of a liquid","page_number":9,"box":{"x":616,"y":475,"width":238,"height":12}},{"id":"a74e9084-e514-4bdd-8e8b-36dff65e1717","block_type":"box","text":"secondary market for derivatives and the resulting","page_number":9,"box":{"x":515,"y":490,"width":377,"height":12}},{"id":"6df02ff0-de43-4510-a347-eee1d8f9504a","block_type":"box","text":"inability of the Fund to sell or otherwise close a","page_number":9,"box":{"x":516,"y":506,"width":352,"height":12}},{"id":"ab0fa01b-948f-47af-b157-c44b446edaa6","block_type":"box","text":"derivatives position could expose the Fund to losses","page_number":9,"box":{"x":515,"y":521,"width":393,"height":12}},{"id":"3c24a5ee-b044-4f7d-b5c7-5826808dce3c","block_type":"box","text":"and could make derivatives more difficult for the Fund","page_number":9,"box":{"x":515,"y":537,"width":404,"height":9}},{"id":"da9004ec-e866-402d-8b1f-64135ca91a0a","block_type":"box","text":"to value accurately.","page_number":9,"box":{"x":515,"y":552,"width":149,"height":12}},{"id":"9df0bc72-586f-4281-b872-c6187e585218","block_type":"box","text":"Operational Risk","page_number":9,"box":{"x":516,"y":583,"width":124,"height":12}},{"id":"df3df5a3-17bd-45ae-8970-41e153551061","block_type":"box","text":"k — The use of derivatives includes","page_number":9,"box":{"x":639,"y":583,"width":262,"height":10}},{"id":"ef82e476-8eca-4396-84f6-cea4e37e2d64","block_type":"box","text":"the risk of potential operational issues, including","page_number":9,"box":{"x":515,"y":599,"width":362,"height":12}},{"id":"dbee40f3-0218-40e9-a9ad-b6eb03de7050","block_type":"box","text":"documentation issues, settlement issues, systems","page_number":9,"box":{"x":515,"y":614,"width":378,"height":12}},{"id":"696deab2-eacf-4a5e-afe7-d3b04420766e","block_type":"box","text":"failures, inadequate controls and human error.","page_number":9,"box":{"x":515,"y":630,"width":349,"height":12}},{"id":"c379b384-48eb-483d-8648-2b41dc8fc36a","block_type":"box","text":"Legal Risk","page_number":9,"box":{"x":515,"y":661,"width":79,"height":12}},{"id":"8d5cb908-2731-46d9-9dcd-eaf495ed5084","block_type":"box","text":"— The risk of insufficient documentation,","page_number":9,"box":{"x":598,"y":661,"width":302,"height":11}},{"id":"850db6d7-ba22-4bb7-a93b-e7dabdcf864b","block_type":"box","text":"insufficient capacity or authority of counterparty, or","page_number":9,"box":{"x":516,"y":676,"width":375,"height":12}},{"id":"b5fea0e7-a07f-42dc-a7b3-4eca4b380cae","block_type":"box","text":"legality or enforceability of a 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The commodity","page_number":10,"box":{"x":80,"y":630,"width":386,"height":12}},{"id":"ccbba54b-a67b-433d-9033-db6d36a093e1","block_type":"box","text":"related instruments held by the Subsidiary are","page_number":10,"box":{"x":81,"y":645,"width":354,"height":12}},{"id":"aca619b5-503a-40e5-8cda-d93af0786759","block_type":"box","text":"generally similar to those that are permitted to be","page_number":10,"box":{"x":81,"y":661,"width":372,"height":12}},{"id":"fdf40dc0-f6e5-4901-8475-defc9e6e2d11","block_type":"box","text":"held by the Fund and are subject to the same risks","page_number":10,"box":{"x":81,"y":676,"width":384,"height":12}},{"id":"c5e5e089-c732-4137-bfc5-a9a06822bc59","block_type":"box","text":"that apply to similar investments if held directly by","page_number":10,"box":{"x":81,"y":692,"width":378,"height":12}},{"id":"2347be60-7eec-43f3-ad10-a8385541cc4f","block_type":"box","text":"the Fund. 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The Subsidiary is not registered under the","page_number":10,"box":{"x":81,"y":738,"width":397,"height":12}},{"id":"0e5dee06-d687-4751-8b2b-1b33941ba226","block_type":"box","text":"Investment Company Act of 1940, as amended (the","page_number":10,"box":{"x":82,"y":754,"width":390,"height":12}},{"id":"1a2822ef-99b7-457a-ad06-fe57724c2b9b","block_type":"box","text":"“Investment Company Act”), and, unless otherwise","page_number":10,"box":{"x":81,"y":769,"width":384,"height":12}},{"id":"af9371a8-b588-4d88-a519-bc963f65a296","block_type":"box","text":"noted in this prospectus, is not subject to all the","page_number":10,"box":{"x":81,"y":785,"width":361,"height":12}},{"id":"033e1527-6038-49b3-b9ce-a9461c4d3a91","block_type":"box","text":"investor protections of the Investment Company Act.","page_number":10,"box":{"x":81,"y":800,"width":397,"height":12}},{"id":"7319ba17-b743-4db6-b747-eed3eefe385b","block_type":"box","text":"However, the Fund wholly owns and controls the","page_number":10,"box":{"x":82,"y":816,"width":367,"height":12}},{"id":"8d2d5d07-5085-46a4-bd63-eafcb2de81f9","block_type":"box","text":"Subsidiary, and the Fund and the Subsidiary are","page_number":10,"box":{"x":81,"y":831,"width":372,"height":12}},{"id":"948600c6-09fd-410d-a2a0-2185f976eb6b","block_type":"box","text":"both managed by BFA, making it unlikely that the","page_number":10,"box":{"x":81,"y":847,"width":378,"height":12}},{"id":"05bf0179-ab65-490a-a6a7-a6d3031d1319","block_type":"box","text":"Subsidiary will take action contrary to the interests of","page_number":10,"box":{"x":81,"y":862,"width":405,"height":12}},{"id":"95558474-a9d2-4af1-9d9e-bae9124d1535","block_type":"box","text":"the Fund and its shareholders. 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The Fund’s use of commodity-linked","page_number":11,"box":{"x":516,"y":165,"width":341,"height":12}},{"id":"ad0171b6-b32a-4172-8178-952b39bf46e4","block_type":"box","text":"derivatives may also have a leveraging effect on the","page_number":11,"box":{"x":515,"y":180,"width":392,"height":12}},{"id":"71b03ae6-14de-4df6-8509-028ed5f9e63b","block_type":"box","text":"Fund’s portfolio because of the leverage inherent in","page_number":11,"box":{"x":516,"y":196,"width":386,"height":12}},{"id":"d8fce33e-13d0-4a41-b8f5-ce81d8d268b2","block_type":"box","text":"the use of derivatives. Leverage generally magnifies","page_number":11,"box":{"x":515,"y":211,"width":393,"height":12}},{"id":"118dff70-67e8-4e5d-9c7d-117d7f95b2b8","block_type":"box","text":"the effect of a change in the value of an asset and","page_number":11,"box":{"x":515,"y":227,"width":377,"height":12}},{"id":"831f8249-d040-4be7-961c-679e95212f45","block_type":"box","text":"creates a risk of loss of value on a larger pool of","page_number":11,"box":{"x":515,"y":242,"width":362,"height":12}},{"id":"654588e5-5c95-4b72-9052-9fdf9867a98d","block_type":"box","text":"assets than the Fund would otherwise have had. The","page_number":11,"box":{"x":515,"y":258,"width":399,"height":9}},{"id":"c38ee8fa-d13e-4f10-b8fa-7bbfc348309e","block_type":"box","text":"Fund is required to post margin with respect to its","page_number":11,"box":{"x":516,"y":273,"width":371,"height":12}},{"id":"f09eb370-8e95-46db-9afa-80b377d610be","block_type":"box","text":"holdings in derivatives. 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Any","page_number":11,"box":{"x":516,"y":413,"width":389,"height":12}},{"id":"893b24f1-59ba-43a2-a9ae-13708a3f9a16","block_type":"box","text":"such failure to honor its obligations may cause","page_number":11,"box":{"x":515,"y":428,"width":350,"height":12}},{"id":"b42c9698-0c3c-4165-9686-b5a6e5a476be","block_type":"box","text":"significant losses to the Fund.","page_number":11,"box":{"x":515,"y":444,"width":226,"height":12}},{"id":"296c01aa-e264-4731-84d8-c235ea3b5d34","block_type":"box","text":"Credit Risk","page_number":11,"box":{"x":516,"y":475,"width":89,"height":9}},{"id":"632e61b7-ed81-441d-8312-952aa86324b0","block_type":"box","text":"k — Credit risk refers to the possibility that","page_number":11,"box":{"x":604,"y":475,"width":311,"height":12}},{"id":"9f50a931-f25d-4960-ad46-2ad27013a2d6","block_type":"box","text":"the issuer of a debt security (i.e., the borrower) will be","page_number":11,"box":{"x":515,"y":490,"width":404,"height":12}},{"id":"1c11c4d5-3a98-4bc9-93e6-79148b499f88","block_type":"box","text":"unable or unwilling to make timely payments of","page_number":11,"box":{"x":516,"y":506,"width":352,"height":12}},{"id":"21b91991-6187-4287-ba00-41d09a2f5e15","block_type":"box","text":"interest and principal when due or otherwise honor","page_number":11,"box":{"x":516,"y":521,"width":380,"height":12}},{"id":"2801ae62-587c-4ee5-9e34-aba0d9615bb8","block_type":"box","text":"their obligations. Changes in an issuer’s credit rating","page_number":11,"box":{"x":515,"y":537,"width":394,"height":12}},{"id":"58c4d3f9-abb7-4919-bca0-b85414371f95","block_type":"box","text":"or the market’s perception of an issuer’s","page_number":11,"box":{"x":515,"y":552,"width":303,"height":12}},{"id":"db00b3ca-8d74-4c2f-b050-92b35e12966d","block_type":"box","text":"creditworthiness may also affect the value of the","page_number":11,"box":{"x":515,"y":568,"width":364,"height":12}},{"id":"6db3a8aa-4456-49ad-a59a-f21fd1c08f34","block_type":"box","text":"Fund’s investment in that issuer.","page_number":11,"box":{"x":516,"y":583,"width":245,"height":10}},{"id":"10e00339-9c49-4be1-9715-d73a7819d0ba","block_type":"box","text":"Currency Risk","page_number":11,"box":{"x":516,"y":614,"width":114,"height":12}},{"id":"f0138b15-f90b-4317-85d0-c1fb54a81b45","block_type":"box","text":"k — Because the Fund’s NAV is","page_number":11,"box":{"x":629,"y":614,"width":235,"height":10}},{"id":"1b7118b2-14c6-476f-8195-ced0f8b76097","block_type":"box","text":"determined in U.S. dollars, the NAV could decline if","page_number":11,"box":{"x":515,"y":630,"width":386,"height":11}},{"id":"45ace9d9-7e1a-4a3c-8ae8-678956fb4de7","block_type":"box","text":"the currency of a non-U.S. market in which the Fund","page_number":11,"box":{"x":515,"y":645,"width":394,"height":12}},{"id":"62051d40-311f-4b9b-a6e9-a854445c941c","block_type":"box","text":"invests depreciates against the U.S. dollar or if there","page_number":11,"box":{"x":516,"y":661,"width":388,"height":12}},{"id":"099a617b-ebc3-49b0-8bf2-a5d77b5ba032","block_type":"box","text":"are delays or limits on the repatriation of foreign","page_number":11,"box":{"x":515,"y":676,"width":354,"height":12}},{"id":"e348c4f0-382b-4b1d-8a9e-68e663e5a8b4","block_type":"box","text":"currency. 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In addition, the Fund may incur costs","page_number":11,"box":{"x":515,"y":738,"width":400,"height":12}},{"id":"b89bd9eb-eafa-4c4a-9f8b-58700180c1ab","block_type":"box","text":"in connection with conversions between U.S. dollars","page_number":11,"box":{"x":516,"y":754,"width":386,"height":9}},{"id":"5ed28021-adf7-456a-bf2f-371ecd0a89b8","block_type":"box","text":"and foreign currencies.","page_number":11,"box":{"x":515,"y":769,"width":169,"height":12}},{"id":"6a206b5a-6c3d-4ccd-ab92-ca2ce4df0474","block_type":"box","text":"Depositary Receipts Risk","page_number":11,"box":{"x":515,"y":800,"width":203,"height":12}},{"id":"7fcbc995-4c0d-4465-bf8c-5e3bf930616d","block_type":"box","text":"— Depositary receipts are","page_number":11,"box":{"x":721,"y":800,"width":195,"height":12}},{"id":"2a757fa6-8a7c-4982-b33e-01bdf9bdadcb","block_type":"box","text":"generally subject to the same risks as the foreign","page_number":11,"box":{"x":515,"y":816,"width":364,"height":12}},{"id":"1bbd8921-3a37-452c-810b-f8d1fc21fb90","block_type":"box","text":"securities that they evidence or into which they may","page_number":11,"box":{"x":515,"y":831,"width":389,"height":12}},{"id":"a5c240cb-1302-4e10-adba-cbc0cdc4ea71","block_type":"box","text":"be converted. In addition to investment risks","page_number":11,"box":{"x":516,"y":847,"width":332,"height":9}},{"id":"da257dac-4f42-4254-bc86-a72fd8721907","block_type":"box","text":"associated with the underlying issuer, depositary","page_number":11,"box":{"x":515,"y":862,"width":366,"height":12}},{"id":"2725d3e1-c720-46dc-9df4-6b60637a4d1c","block_type":"box","text":"receipts expose the Fund to additional risks","page_number":11,"box":{"x":516,"y":878,"width":327,"height":12}},{"id":"0871ec99-0463-4ecc-9be9-5e3f271d8595","block_type":"box","text":"associated with the non-uniform terms that apply to","page_number":11,"box":{"x":515,"y":893,"width":385,"height":12}},{"id":"b7566128-2377-4952-a019-b1fd8a72a2a2","block_type":"box","text":"depositary receipt programs, credit exposure to the","page_number":11,"box":{"x":515,"y":909,"width":379,"height":12}},{"id":"c521fa6c-fbf6-4fe1-8088-54c9288be7bf","block_type":"box","text":"S-5","page_number":11,"box":{"x":487,"y":955,"width":30,"height":10}},{"id":"b58379cc-40aa-4b8a-b00d-36f9ad4845dd","block_type":"box","text":"NM1026U-6030751-11/43","page_number":11,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"72948b03-c5f8-4958-b129-f47f48baf3e9","block_type":"box","text":"depository bank and to the sponsors and other parties","page_number":12,"box":{"x":81,"y":56,"width":406,"height":12}},{"id":"2cd6dacf-1e25-473c-99a1-dbf0255ef710","block_type":"box","text":"with whom the depository bank establishes the","page_number":12,"box":{"x":80,"y":72,"width":353,"height":12}},{"id":"0739ec8c-073e-4e8c-b227-ed1b0f12ff8e","block_type":"box","text":"programs, currency risk and the risk of an illiquid","page_number":12,"box":{"x":81,"y":87,"width":365,"height":12}},{"id":"46c006f2-9333-4d75-9257-da4efc28934c","block_type":"box","text":"market for depositary receipts. The issuers of","page_number":12,"box":{"x":81,"y":102,"width":341,"height":13}},{"id":"3417b631-34bb-4cc5-ad32-45c39b723736","block_type":"box","text":"unsponsored depositary receipts are not obligated to","page_number":12,"box":{"x":81,"y":118,"width":396,"height":12}},{"id":"42ec4fec-7e8f-424a-8b39-1f5117702d43","block_type":"box","text":"disclose information that is, in the United States,","page_number":12,"box":{"x":81,"y":134,"width":363,"height":11}},{"id":"07bd09f6-f3e9-4b03-9ecf-b9cbfb639bb8","block_type":"box","text":"considered material. Therefore, there may be less","page_number":12,"box":{"x":81,"y":149,"width":376,"height":12}},{"id":"b4cfb088-c136-4d8e-8bdb-47bb076f9c7e","block_type":"box","text":"information available regarding these issuers and","page_number":12,"box":{"x":81,"y":165,"width":371,"height":12}},{"id":"14951254-b088-485e-9f7c-8cffe8d479fb","block_type":"box","text":"there may not be a correlation between such","page_number":12,"box":{"x":81,"y":180,"width":336,"height":12}},{"id":"4cba2d4d-c6a2-4454-b931-29f305323649","block_type":"box","text":"information and the market value of the depositary","page_number":12,"box":{"x":81,"y":196,"width":378,"height":12}},{"id":"61b9df52-b488-4dc5-849e-9503d44dd1c6","block_type":"box","text":"receipts. While depositary receipts provide an","page_number":12,"box":{"x":81,"y":211,"width":344,"height":12}},{"id":"ebf49879-f1fc-42c0-a26d-67dd0a3b0a35","block_type":"box","text":"alternative to directly purchasing underlying foreign","page_number":12,"box":{"x":81,"y":227,"width":384,"height":12}},{"id":"a214f7aa-e162-4731-b2aa-dd368205d4e6","block_type":"box","text":"securities in their respective markets and currencies,","page_number":12,"box":{"x":81,"y":242,"width":396,"height":12}},{"id":"89e8776f-0ecd-448b-9ca3-5fbc2a00055c","block_type":"box","text":"they continue to be subject to many of the risks","page_number":12,"box":{"x":81,"y":258,"width":355,"height":12}},{"id":"1bd6609a-e9a5-4088-8409-ac0ff3df1a48","block_type":"box","text":"associated with investing directly in foreign securities,","page_number":12,"box":{"x":81,"y":273,"width":402,"height":12}},{"id":"abb3e43b-a5bc-47d4-8537-6afced96a22f","block_type":"box","text":"including political, economic, and currency risk.","page_number":12,"box":{"x":81,"y":289,"width":355,"height":12}},{"id":"6a4b1c1c-5a02-49ed-8a5e-ece2703c07de","block_type":"box","text":"Foreign Securities Risk","page_number":12,"box":{"x":81,"y":314,"width":187,"height":12}},{"id":"cba3b738-2c79-4e59-9530-93c90b5486ff","block_type":"box","text":"k — Foreign investments","page_number":12,"box":{"x":267,"y":315,"width":183,"height":11}},{"id":"7d8c0c4a-3391-4a98-b0aa-bd14fdd6176f","block_type":"box","text":"often involve special risks not present in U.S.","page_number":12,"box":{"x":81,"y":330,"width":339,"height":12}},{"id":"90d3a791-b6e5-4dea-b6d2-f0218e35b877","block_type":"box","text":"investments that can increase the chances that the","page_number":12,"box":{"x":81,"y":346,"width":383,"height":9}},{"id":"91bd457d-44bf-4975-8445-dd4f1d00d07d","block_type":"box","text":"Fund will lose money. These risks include:","page_number":12,"box":{"x":82,"y":361,"width":318,"height":12}},{"id":"192dfd8a-9b48-40b8-9b5e-a8d9a85974d0","block_type":"box","text":"• The Fund generally holds its foreign","page_number":12,"box":{"x":115,"y":384,"width":305,"height":12}},{"id":"e5ff0dd4-04d6-4931-8c75-ea568ffacda8","block_type":"box","text":"securities and cash in foreign banks and","page_number":12,"box":{"x":148,"y":400,"width":305,"height":12}},{"id":"76ae3a8e-26f4-4e18-95b6-bf70d1729e7e","block_type":"box","text":"securities depositories, which may be","page_number":12,"box":{"x":148,"y":415,"width":283,"height":12}},{"id":"6f6bef2d-c2be-4069-aa4f-26f2c58ebf40","block_type":"box","text":"recently organized or new to the foreign","page_number":12,"box":{"x":149,"y":431,"width":299,"height":12}},{"id":"4c99fdfd-00c4-4b93-8710-fc2009537b6e","block_type":"box","text":"custody business and may be subject to only","page_number":12,"box":{"x":148,"y":446,"width":338,"height":12}},{"id":"4b73fa9a-49dd-42dc-9b0e-0716286f2288","block_type":"box","text":"limited or no regulatory oversight.","page_number":12,"box":{"x":149,"y":462,"width":252,"height":12}},{"id":"e7f2593d-c17f-4256-919b-f54c7434d15f","block_type":"box","text":"• Changes in foreign currency exchange rates","page_number":12,"box":{"x":115,"y":480,"width":368,"height":12}},{"id":"00dc6a59-4c97-4631-b66e-4443710fa40c","block_type":"box","text":"can affect the value of the Fund’s portfolio.","page_number":12,"box":{"x":148,"y":495,"width":322,"height":12}},{"id":"08be7607-83fa-4d74-ae88-1bb8067da006","block_type":"box","text":"• The economies of certain foreign markets","page_number":12,"box":{"x":115,"y":513,"width":347,"height":12}},{"id":"4652b82f-d701-4808-8c6d-ad4ae2c10ddd","block_type":"box","text":"may not compare favorably with the","page_number":12,"box":{"x":149,"y":529,"width":269,"height":12}},{"id":"ce81ea6c-d920-48b8-bde5-43ccfd3932d7","block_type":"box","text":"economy of the United States with respect to","page_number":12,"box":{"x":148,"y":544,"width":338,"height":12}},{"id":"e93b3ea2-395c-44d2-932d-8b0c86820420","block_type":"box","text":"such issues as growth of gross national","page_number":12,"box":{"x":148,"y":560,"width":298,"height":12}},{"id":"0885d4a9-24f8-4772-ac4e-f8183e13e0e3","block_type":"box","text":"product, reinvestment of capital, resources","page_number":12,"box":{"x":149,"y":575,"width":321,"height":12}},{"id":"2dc508ca-a4f1-44c2-9f5d-0bd6a080bc48","block_type":"box","text":"and balance of payments position.","page_number":12,"box":{"x":148,"y":591,"width":260,"height":12}},{"id":"191bb9f5-76ae-4ea0-9408-19a4f2491469","block_type":"box","text":"• The governments of certain countries, or the","page_number":12,"box":{"x":115,"y":609,"width":368,"height":12}},{"id":"ba1c8631-3389-4100-b90d-a76f41f3bc0b","block_type":"box","text":"U.S. Government with respect to certain","page_number":12,"box":{"x":149,"y":624,"width":302,"height":12}},{"id":"42e0d2eb-939f-45b8-bd31-76ad4367fdfe","block_type":"box","text":"countries, may prohibit or impose substantial","page_number":12,"box":{"x":148,"y":640,"width":337,"height":12}},{"id":"78d2965c-4ad5-401f-8621-6b63c5460786","block_type":"box","text":"restrictions through capital controls and/or","page_number":12,"box":{"x":149,"y":656,"width":316,"height":12}},{"id":"579bcf67-cbf1-49ad-b727-e2659adc4ce6","block_type":"box","text":"sanctions on foreign investments in the","page_number":12,"box":{"x":148,"y":671,"width":290,"height":12}},{"id":"3b8ad375-c959-44c4-a809-4c0e57c4ee80","block_type":"box","text":"capital markets or certain industries in 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This means you","page_number":13,"box":{"x":515,"y":459,"width":378,"height":12}},{"id":"0b649ab3-fe51-4122-9650-e1587b367cd8","block_type":"box","text":"may lose money.","page_number":13,"box":{"x":516,"y":475,"width":131,"height":12}},{"id":"8d1763c4-2940-410c-8051-a751f478c64b","block_type":"box","text":"Market Trading Risk","page_number":13,"box":{"x":515,"y":506,"width":162,"height":12}},{"id":"b1ea752c-452d-4448-b46b-d0af1ffffd81","block_type":"box","text":"k — The Fund faces numerous","page_number":13,"box":{"x":676,"y":506,"width":227,"height":9}},{"id":"47d48e2e-6625-4c1c-8d49-270dff1d3213","block_type":"box","text":"market trading risks, including the potential lack of an","page_number":13,"box":{"x":516,"y":521,"width":399,"height":12}},{"id":"49b4ec80-398f-4493-a63e-f8eed6aedcd9","block_type":"box","text":"active market for Fund shares (including through a","page_number":13,"box":{"x":515,"y":537,"width":380,"height":12}},{"id":"dc114e40-a2d8-45bd-ad8d-fe77ddf70104","block_type":"box","text":"trading halt), losses from trading in secondary","page_number":13,"box":{"x":515,"y":552,"width":345,"height":12}},{"id":"f0b476c6-0ead-4a23-94ee-8a074dba8a6d","block_type":"box","text":"markets, periods of high volatility, and disruptions in","page_number":13,"box":{"x":516,"y":568,"width":389,"height":12}},{"id":"74c5a010-b366-41f1-b1ee-42700e494bd4","block_type":"box","text":"the process of creating and redeeming Fund shares.","page_number":13,"box":{"x":515,"y":583,"width":395,"height":12}},{"id":"8bf98050-23db-434a-8609-c2590b5da509","block_type":"box","text":"Any of these factors, among others, may lead to the","page_number":13,"box":{"x":515,"y":599,"width":390,"height":12}},{"id":"9cce768b-0407-4f95-bfac-17d5cb872cd1","block_type":"box","text":"Fund’s shares trading in the secondary market at a","page_number":13,"box":{"x":516,"y":614,"width":382,"height":12}},{"id":"65498ab3-c2bc-42a4-9024-1ee4f4d00aff","block_type":"box","text":"premium or discount to NAV or to the intraday value","page_number":13,"box":{"x":516,"y":630,"width":390,"height":12}},{"id":"60456595-c66d-4037-b416-cad0bfef76e4","block_type":"box","text":"of the Fund’s portfolio holdings. 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The Fund’s","page_number":16,"box":{"x":530,"y":189,"width":399,"height":10}},{"id":"dd79a3ba-e867-4a9c-9d7e-cb119d7f613f","block_type":"box","text":"investment objective is a non-fundamental policy and may be changed without shareholder approval.","page_number":16,"box":{"x":61,"y":205,"width":753,"height":12}},{"id":"264c77b3-1187-44be-a345-e53bf855981f","block_type":"box","text":"The Fund is a non-diversified, actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment","page_number":16,"box":{"x":60,"y":236,"width":861,"height":12}},{"id":"e9fd1f36-086d-46ca-b455-63f73b7749f1","block_type":"box","text":"objective by investing pursuant to a managed futures strategy (“trend strategy”). 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The Cayman Subsidiary may also hold cash and invest in other instruments, including fixed income","page_number":17,"box":{"x":61,"y":102,"width":837,"height":13}},{"id":"84e7e5ec-9be9-4355-990c-3ebb14b78701","block_type":"box","text":"securities, either as investments or to serve as margin or collateral for the Cayman Subsidiary’s derivative positions.","page_number":17,"box":{"x":61,"y":118,"width":866,"height":12}},{"id":"a71586f4-597b-4f8b-914b-381fd4e0f3f1","block_type":"box","text":"The Cayman Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments. However,","page_number":17,"box":{"x":60,"y":134,"width":863,"height":12}},{"id":"0d56a21d-8cc7-422b-8f16-c7042be0342f","block_type":"box","text":"the Cayman Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment","page_number":17,"box":{"x":60,"y":149,"width":873,"height":12}},{"id":"919736d2-c2b5-4145-80a7-b97663460afd","block_type":"box","text":"restrictions as the Fund. The Fund will limit its investments in the Cayman Subsidiary to 25% of its total assets,","page_number":17,"box":{"x":61,"y":165,"width":827,"height":12}},{"id":"0fd96d09-478d-4c47-8190-68a485886bd4","block_type":"box","text":"inclusive of leverage.","page_number":17,"box":{"x":61,"y":180,"width":155,"height":12}},{"id":"d3acb642-c891-4420-8212-8c955b3e0929","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment","page_number":17,"box":{"x":60,"y":211,"width":811,"height":12}},{"id":"8f48a90e-67f1-45a2-bd53-a8dfafbfb37b","block_type":"box","text":"strategies.","page_number":17,"box":{"x":61,"y":227,"width":81,"height":12}},{"id":"6a43b90a-be83-4eb4-9395-91cce8637b51","block_type":"box","text":"The Fund is classified as non-diversified under the Investment Company Act.","page_number":17,"box":{"x":60,"y":258,"width":577,"height":12}},{"id":"1d2c4b12-7128-4d82-8dbd-903427615304","block_type":"box","text":"The Fund’s 80% investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’","page_number":17,"box":{"x":60,"y":289,"width":844,"height":12}},{"id":"4e07b2b4-324f-46c8-b86d-76828aae37bf","block_type":"box","text":"notice to shareholders.","page_number":17,"box":{"x":61,"y":304,"width":174,"height":10}},{"id":"73690acf-d637-454c-8454-80444d249217","block_type":"box","text":"Investment Process.","page_number":17,"box":{"x":61,"y":335,"width":162,"height":10}},{"id":"3b6d8da0-de1e-4e58-9e08-f5a6f1fa6a63","block_type":"box","text":"In order to make investment decisions, the Fund uses quantitative approaches to help it","page_number":17,"box":{"x":224,"y":335,"width":661,"height":12}},{"id":"a17bf9bf-32c5-4b56-a42c-0d706d0491a4","block_type":"box","text":"determine which markets are likely to rise in price and which markets are likely to fall in price. Quantitative","page_number":17,"box":{"x":61,"y":351,"width":791,"height":12}},{"id":"284e38c8-8285-4a88-b1ee-492488877409","block_type":"box","text":"approaches refer to the use of statistical and other numerical based approaches to analyze data to identify patterns,","page_number":17,"box":{"x":61,"y":366,"width":865,"height":12}},{"id":"0d78d485-5526-4908-b0e3-5ea8ae14aa24","block_type":"box","text":"relationships or trends that may be predictive of future total return (both positive and negative) or risk characteristics.","page_number":17,"box":{"x":61,"y":382,"width":870,"height":12}},{"id":"cf43f9fc-f2b7-45d2-9006-1ebd82927389","block_type":"box","text":"Such quantitative approaches are designed to direct the strategy to identify trends across securities and markets.","page_number":17,"box":{"x":61,"y":397,"width":845,"height":12}},{"id":"26e1b247-23c5-4c73-a84a-a7d0b23a174b","block_type":"box","text":"The Fund utilizes a quantitative model-based approach to generate return expectations (positive or negative) for a","page_number":17,"box":{"x":60,"y":428,"width":852,"height":12}},{"id":"0b1dae40-be6a-47a5-bd71-5a5f8f4dc5e3","block_type":"box","text":"wide range of futures contracts and other derivatives. These expectations along with various risk statistics, such as","page_number":17,"box":{"x":60,"y":444,"width":858,"height":12}},{"id":"da6fa6bf-da88-418b-b369-eb0c93be2f72","block_type":"box","text":"correlation and volatility, are used to construct long/short positions. These positions provide exposure that the Advisor","page_number":17,"box":{"x":61,"y":459,"width":879,"height":12}},{"id":"135203d4-6037-41cf-9e26-00b8dffa74e2","block_type":"box","text":"believes may be indicative of future total return potential (positive or negative), contribute to risk management, or","page_number":17,"box":{"x":61,"y":475,"width":841,"height":12}},{"id":"8dc5bd98-0682-4ea5-bba0-b430e1d8f644","block_type":"box","text":"impact diversification. The long or short direction of each position is a function of whether such an allocation is desired","page_number":17,"box":{"x":61,"y":490,"width":881,"height":12}},{"id":"d6e0f6ca-a7ec-4d16-a7ec-62e1c635707c","block_type":"box","text":"according to the quantitative modeling and whether a long or short direction is expected to increase total return,","page_number":17,"box":{"x":61,"y":506,"width":832,"height":12}},{"id":"4b70652c-37c7-464e-9963-19314d163065","block_type":"box","text":"contribute to risk management, enhance diversification or benefit the Fund in some other way. The portfolio is","page_number":17,"box":{"x":61,"y":521,"width":818,"height":12}},{"id":"f2907a8b-6189-4a86-beb6-bc8ba26f1d97","block_type":"box","text":"reviewed quantitatively and qualitatively to ensure compliance with portfolio guidelines, desired return and risk","page_number":17,"box":{"x":61,"y":537,"width":820,"height":12}},{"id":"1471bd29-ae53-4f2b-8067-35efb5b95980","block_type":"box","text":"characteristics, and overall positioning.","page_number":17,"box":{"x":61,"y":552,"width":293,"height":12}},{"id":"e8c35c89-f462-4e74-a307-121b0f3a3994","block_type":"box","text":"The investment process leverages fundamentally informed and data-driven insights, which may use a range of factors","page_number":17,"box":{"x":60,"y":583,"width":881,"height":12}},{"id":"d584311a-c97c-4395-89b0-2d6a80ec90c9","block_type":"box","text":"to generate investment ideas, including macroeconomic inputs, company fundamentals, machine learning and","page_number":17,"box":{"x":60,"y":599,"width":823,"height":12}},{"id":"c92a582a-05ed-4f02-aa4e-0b273cf4702c","block_type":"box","text":"artificial intelligence methods including large language models, sentiment analysis, factor and thematic insights, and","page_number":17,"box":{"x":61,"y":614,"width":864,"height":12}},{"id":"b4f3825c-151f-47c7-b28e-403ec668921d","block_type":"box","text":"measures of whether a security is over- or under-valued.","page_number":17,"box":{"x":61,"y":630,"width":425,"height":12}},{"id":"af7b1e60-d7f3-4c37-9d00-cbdeec8bb7b1","block_type":"box","text":"An investment in the Fund is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance","page_number":17,"box":{"x":60,"y":661,"width":867,"height":12}},{"id":"44a2891e-7ef6-4998-895f-71e1ceb7429f","block_type":"box","text":"Corporation or any other government agency, BFA or any of its affiliates.","page_number":17,"box":{"x":61,"y":676,"width":538,"height":12}},{"id":"c31381b9-4b4c-4bff-89e9-286de74ce039","block_type":"box","text":"Other Strategies Applicable to the Fund.","page_number":17,"box":{"x":61,"y":707,"width":320,"height":12}},{"id":"13f5f0a0-b65c-44c2-8150-31771faee417","block_type":"box","text":"In addition to the principal strategies discussed above, the Fund may also","page_number":17,"box":{"x":388,"y":707,"width":546,"height":12}},{"id":"ca3abea1-0ae4-4458-a2a9-aa042ea784f8","block_type":"box","text":"invest or engage in the following investments/strategies:","page_number":17,"box":{"x":61,"y":723,"width":415,"height":12}},{"id":"fe99901b-9e30-4f2c-87af-4b543f789c8c","block_type":"box","text":"•","page_number":17,"box":{"x":95,"y":749,"width":4,"height":3}},{"id":"69ae91c3-dc5f-4d84-abca-b679acb4e310","block_type":"box","text":"Borrowing","page_number":17,"box":{"x":128,"y":746,"width":84,"height":12}},{"id":"5ef78146-b30d-42e0-9517-f0e154bdab0d","block_type":"box","text":"— The Fund may borrow up to the limits set forth under the Investment Company Act, the rules","page_number":17,"box":{"x":216,"y":746,"width":708,"height":12}},{"id":"7ab58773-b8d2-4dec-b35e-f50b7ada7def","block_type":"box","text":"and regulations thereunder and any applicable exemptive relief.","page_number":17,"box":{"x":128,"y":761,"width":471,"height":13}},{"id":"ada16f65-ce3b-412d-9ce9-9b17df99bdc8","block_type":"box","text":"•","page_number":17,"box":{"x":95,"y":783,"width":4,"height":3}},{"id":"c8c996dc-eb5d-4330-ab7c-298866dced0c","block_type":"box","text":"Securities Lending","page_number":17,"box":{"x":128,"y":780,"width":150,"height":12}},{"id":"506a902d-26e9-46ce-a497-dd207ce8dabd","block_type":"box","text":"— The Fund may lend securities representing up to one-third of the value of the Fund’s","page_number":17,"box":{"x":283,"y":780,"width":647,"height":12}},{"id":"1431324e-0cb3-4cae-b2bb-84bd745ccb00","block_type":"box","text":"total assets (including the value of the collateral received).","page_number":17,"box":{"x":128,"y":795,"width":430,"height":12}},{"id":"b909f258-4505-4796-a2e7-1d4aa110337f","block_type":"box","text":"•","page_number":17,"box":{"x":95,"y":816,"width":4,"height":4}},{"id":"34d0e65c-68e5-49d9-8a18-a02f0c5b988f","block_type":"box","text":"Temporary Defensive Strategies","page_number":17,"box":{"x":129,"y":813,"width":256,"height":12}},{"id":"c0d0bff1-5411-4298-8d97-cac565d1a7c4","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse","page_number":17,"box":{"x":389,"y":813,"width":548,"height":12}},{"id":"8880b434-16ad-485e-9d72-c705cd48f227","block_type":"box","text":"market, economic, political or other conditions, the Fund may depart from its principal investment strategies","page_number":17,"box":{"x":129,"y":829,"width":801,"height":12}},{"id":"6e936ebd-6b30-446e-91d2-a0318f34767f","block_type":"box","text":"and may restrict the markets in which it invests and may invest without limitation in cash, cash equivalents,","page_number":17,"box":{"x":128,"y":844,"width":797,"height":12}},{"id":"e4806626-0541-40fc-9ee0-205259ccb896","block_type":"box","text":"money market securities, such as U.S. Treasury and agency obligations, other U.S. Government securities,","page_number":17,"box":{"x":129,"y":860,"width":801,"height":12}},{"id":"f1a5651f-75bb-44fc-8eea-c3d998d889f4","block_type":"box","text":"short-term debt obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial","page_number":17,"box":{"x":128,"y":875,"width":788,"height":12}},{"id":"322d5319-a7e6-4fe0-a12e-580f6b6fe782","block_type":"box","text":"paper (short-term, unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high","page_number":17,"box":{"x":129,"y":891,"width":776,"height":12}},{"id":"03baf201-77cf-4721-b730-7470f4ebc49a","block_type":"box","text":"quality fixed-income securities. Temporary defensive positions may affect the Fund’s ability to achieve its","page_number":17,"box":{"x":128,"y":906,"width":783,"height":12}},{"id":"2ae550f5-1bf7-412e-8cdd-33c72bf62499","block_type":"box","text":"investment objective.","page_number":17,"box":{"x":129,"y":922,"width":154,"height":12}},{"id":"2b2142d2-beb7-4684-9548-fa2ffcf327fb","block_type":"box","text":"2","page_number":17,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"9c1e1360-5a34-4287-ab68-b211591ef85d","block_type":"box","text":"NM1026U-6030751-17/43","page_number":17,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"29ca6a30-e3db-491d-98ad-046d657f4be2","block_type":"box","text":"A Further Discussion of Principal Risks","page_number":18,"box":{"x":60,"y":42,"width":384,"height":15}},{"id":"f26ae88a-7789-4dd8-8d60-a2a897da5bda","block_type":"box","text":"The Fund is subject to various risks, including the principal risks noted below, any of which may adversely affect the","page_number":18,"box":{"x":60,"y":64,"width":865,"height":13}},{"id":"29fff576-aeae-4862-a9ec-a652d4731fb6","block_type":"box","text":"Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. You could lose all or part of","page_number":18,"box":{"x":61,"y":80,"width":863,"height":12}},{"id":"04194a3c-db40-45e2-bc5f-3d106c5c735e","block_type":"box","text":"your investment in the Fund, and the Fund could underperform other investments. The order of the below risk factors","page_number":18,"box":{"x":60,"y":95,"width":873,"height":13}},{"id":"54bf5dba-b1d8-4dbc-8fe6-5b73f4606d85","block_type":"box","text":"does not indicate the significance of any particular risk factor. The Fund discloses its portfolio holdings daily at","page_number":18,"box":{"x":61,"y":111,"width":820,"height":12}},{"id":"6b94b296-c873-46fa-b7a5-bf7c085bec4b","block_type":"box","text":"www.blackrock.com.","page_number":18,"box":{"x":61,"y":127,"width":151,"height":9}},{"id":"7429b94d-c0b2-481d-891e-db634c809dba","block_type":"box","text":"Allocation Risk","page_number":18,"box":{"x":60,"y":156,"width":123,"height":9}},{"id":"567188d2-9c55-4c87-8095-a31579d3ffa9","block_type":"box","text":"k — The Fund’s ability to achieve its investment objective depends upon BFA’s skill in determining the","page_number":18,"box":{"x":182,"y":156,"width":754,"height":12}},{"id":"7133604f-7049-4f6e-87da-d2ddc255db19","block_type":"box","text":"Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There","page_number":18,"box":{"x":61,"y":171,"width":877,"height":12}},{"id":"bb08ac59-bb42-4c56-b940-f73bce039da4","block_type":"box","text":"is a risk that BFA’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view","page_number":18,"box":{"x":61,"y":187,"width":879,"height":12}},{"id":"ba1abdae-621e-459e-9068-056262070e03","block_type":"box","text":"of actual market conditions. In addition, there is no guarantee that the underlying funds will achieve their investment","page_number":18,"box":{"x":61,"y":202,"width":863,"height":12}},{"id":"92313852-f426-45ff-9026-ca404138a07a","block_type":"box","text":"objectives, and the underlying funds’ performance may be lower than the performance of the asset class which they","page_number":18,"box":{"x":61,"y":218,"width":864,"height":12}},{"id":"837c9b34-e952-4fc3-bfc6-5ed748d6a506","block_type":"box","text":"were selected to represent. The underlying funds may change their investment objectives or policies without the","page_number":18,"box":{"x":60,"y":233,"width":836,"height":12}},{"id":"e56b1299-8675-4e2e-876a-d1fda85e0c99","block_type":"box","text":"approval of the Fund. If an underlying fund were to change its investment objective or policies, the Fund might be","page_number":18,"box":{"x":61,"y":249,"width":844,"height":12}},{"id":"d5a83195-c529-4fed-835e-f68c48892489","block_type":"box","text":"forced to withdraw its investment from the underlying fund at a disadvantageous time and price.","page_number":18,"box":{"x":60,"y":264,"width":715,"height":12}},{"id":"15a86b80-39cd-448d-89b3-fc8a918a5c0e","block_type":"box","text":"Authorized Participant Concentration Risk","page_number":18,"box":{"x":60,"y":294,"width":340,"height":11}},{"id":"7ae32f16-10f8-4e4c-9a6c-fd0ea4a5cea0","block_type":"box","text":"k — Only an Authorized Participant (as defined in the","page_number":18,"box":{"x":399,"y":294,"width":392,"height":12}},{"id":"57d580a8-6284-4cf1-92e6-db4bb77381a3","block_type":"box","text":"Creations and","page_number":18,"box":{"x":792,"y":294,"width":108,"height":9}},{"id":"ea7f52bd-6d64-41e9-8adc-1af4b3b591d3","block_type":"box","text":"Redemptions","page_number":18,"box":{"x":61,"y":309,"width":103,"height":12}},{"id":"803c30ad-6adc-4502-9a56-ed065831e102","block_type":"box","text":"section of this Prospectus) may engage in creation or redemption transactions directly with the Fund.","page_number":18,"box":{"x":164,"y":309,"width":754,"height":12}},{"id":"e93acb33-50a3-4a71-a759-447d1c943cb9","block_type":"box","text":"There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency","page_number":18,"box":{"x":60,"y":325,"width":884,"height":12}},{"id":"9f68c712-fb1f-4bbd-abcc-9f3fce58c281","block_type":"box","text":"basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or","page_number":18,"box":{"x":61,"y":340,"width":797,"height":12}},{"id":"4dea13a2-a722-45f8-acda-dfa7c2a2e37d","block_type":"box","text":"redemption transactions. To the extent that Authorized Participants exit the business or do not place creation or","page_number":18,"box":{"x":61,"y":356,"width":832,"height":11}},{"id":"4c8f7791-4c33-429c-bbb0-0524cf88d21c","block_type":"box","text":"redemption orders for the Fund and no other Authorized Participant places orders, Fund shares are more likely to","page_number":18,"box":{"x":61,"y":371,"width":846,"height":12}},{"id":"efd7bb54-8c85-40f3-9d86-732c040a8c21","block_type":"box","text":"trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant","page_number":18,"box":{"x":60,"y":387,"width":782,"height":12}},{"id":"15257af2-1e06-4fda-806f-492d80645804","block_type":"box","text":"concentration risk may be heightened for the Fund because it may invest in securities issued by non-U.S. issuers or","page_number":18,"box":{"x":61,"y":402,"width":864,"height":12}},{"id":"77a2a6f6-f396-4c6e-b45b-b849b73405ad","block_type":"box","text":"instruments with lower trading volume. Such assets often entail greater settlement and operational complexity and","page_number":18,"box":{"x":61,"y":418,"width":852,"height":12}},{"id":"db0afb70-af54-4b33-9fcb-c3ed82c9bdad","block_type":"box","text":"higher capital costs for Authorized Participants, which may limit the number of Authorized Participants that engage","page_number":18,"box":{"x":61,"y":433,"width":853,"height":12}},{"id":"badf3d79-aae4-441a-8b9b-aa9f645e16f7","block_type":"box","text":"with the Fund.","page_number":18,"box":{"x":60,"y":449,"width":111,"height":9}},{"id":"1869f0e9-8bfb-41f6-9c35-7d2fdf3dc3ca","block_type":"box","text":"Cash Transactions Risk","page_number":18,"box":{"x":62,"y":478,"width":190,"height":9}},{"id":"a8cce126-533d-4462-90c2-a3361c5369ef","block_type":"box","text":"k — The Fund may effect part or all of its creations and redemptions for cash, rather than","page_number":18,"box":{"x":251,"y":478,"width":659,"height":12}},{"id":"c209c2b1-0d26-4b60-a33a-168a4fe783cf","block_type":"box","text":"in-kind securities. Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may","page_number":18,"box":{"x":61,"y":493,"width":871,"height":12}},{"id":"2220ad7e-c291-4d06-9e71-bf36e6bce50d","block_type":"box","text":"require the Fund to dispose of or sell portfolio securities or other assets at an inopportune time to obtain the cash","page_number":18,"box":{"x":61,"y":509,"width":843,"height":12}},{"id":"97271b14-a9a6-4d59-8775-17efb17d2031","block_type":"box","text":"needed to meet redemption orders. This may cause the Fund to sell a security and recognize a capital gain or loss","page_number":18,"box":{"x":61,"y":524,"width":854,"height":12}},{"id":"8c590837-8d05-4c75-b79a-41f124cfac8f","block_type":"box","text":"that might not have been incurred if it had made a redemption in-kind. As a result, the Fund may pay out higher or","page_number":18,"box":{"x":60,"y":540,"width":851,"height":12}},{"id":"493b77b5-eed1-460a-b894-f9dea60d4c7d","block_type":"box","text":"lower annual capital gains distributions than ETFs that redeem in-kind. The use of cash creations and redemptions","page_number":18,"box":{"x":61,"y":555,"width":855,"height":12}},{"id":"75e19c5c-a218-43dc-adc2-3341e9080332","block_type":"box","text":"may also cause the Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or discounts","page_number":18,"box":{"x":61,"y":571,"width":875,"height":12}},{"id":"ecc34c9b-ab36-4bf2-8597-929012f9d4dc","block_type":"box","text":"to the Fund’s NAV. Furthermore, the Fund may not be able to execute cash transactions for creation and redemption","page_number":18,"box":{"x":60,"y":586,"width":872,"height":12}},{"id":"c8f3e329-b92b-4d0f-986a-d1cc50f33cad","block_type":"box","text":"purposes at the same price used to determine the Fund’s NAV. To the extent that the maximum additional charge for","page_number":18,"box":{"x":61,"y":602,"width":872,"height":12}},{"id":"7312fdf2-f355-4716-9847-903e2bbbe025","block_type":"box","text":"creation or redemption transactions is insufficient to cover the execution shortfall, the Fund’s performance could be","page_number":18,"box":{"x":61,"y":617,"width":857,"height":12}},{"id":"0442f47d-60b6-4c34-b92f-4723b8cb3a1b","block_type":"box","text":"negatively impacted.","page_number":18,"box":{"x":61,"y":633,"width":157,"height":12}},{"id":"a2e3d22c-cacd-41a5-b1dd-a57acb24f5d8","block_type":"box","text":"Commodity Forward Risk","page_number":18,"box":{"x":62,"y":662,"width":203,"height":12}},{"id":"454bb9b3-949d-471e-b1fd-5a6c48a1389a","block_type":"box","text":"— A commodity forward is a customized, non-standardized agreement that obligates one","page_number":18,"box":{"x":269,"y":662,"width":662,"height":12}},{"id":"cd04e5ca-2b74-4229-a93e-373bc6b33229","block_type":"box","text":"party to buy, and the other party to sell, a specific quantity of an underlying commodity for an agreed-upon price at a","page_number":18,"box":{"x":61,"y":678,"width":862,"height":12}},{"id":"2e7a2a06-99b4-4c19-97ca-07305f891611","block_type":"box","text":"future date, usually for physical delivery. Commodity forwards that are settled by a cash payment at maturity are","page_number":18,"box":{"x":60,"y":693,"width":833,"height":12}},{"id":"65887a6c-23c7-4a40-9be3-85340e87a338","block_type":"box","text":"referred to as a “non-deliverable forward” or NDF. Because commodity forwards do not trade on a centralized","page_number":18,"box":{"x":61,"y":709,"width":811,"height":12}},{"id":"d7b12f53-8cab-444d-bb4d-15d7167770bc","block_type":"box","text":"exchange, they are subject to a higher degree of default risk and, depending upon the underlying commodity, may be","page_number":18,"box":{"x":61,"y":724,"width":870,"height":12}},{"id":"4a508d91-b32f-4614-a979-c50056ee28d1","block_type":"box","text":"less liquid than futures contracts on the same referenced commodity. In addition, use of commodity forwards creates","page_number":18,"box":{"x":61,"y":740,"width":865,"height":12}},{"id":"e5aba747-c0da-4f06-90df-4abc56b5beed","block_type":"box","text":"risk for the Fund because the contracts require the Fund to take or make delivery of a physical commodity, which","page_number":18,"box":{"x":61,"y":755,"width":838,"height":12}},{"id":"ca6c0802-8dcb-4104-ae28-23261e879acb","block_type":"box","text":"involves additional cost as well as delivery risk. Unless the Fund were to close out a contract prior to maturity, any","page_number":18,"box":{"x":61,"y":771,"width":845,"height":12}},{"id":"cfdfcf1b-3e98-4cd6-9be8-381d9d89a735","block_type":"box","text":"failure of the Fund to comply with the contract delivery obligations at maturity would cause the Fund to default, which","page_number":18,"box":{"x":60,"y":786,"width":866,"height":12}},{"id":"d2c88f08-dd1c-42fa-a962-a6e4ca97708c","block_type":"box","text":"could have adverse collateral consequences for investors.","page_number":18,"box":{"x":61,"y":802,"width":430,"height":12}},{"id":"5c7ee1a3-3a43-4b33-bb04-12f9bd13b55f","block_type":"box","text":"Commodity-Linked Derivatives Risk","page_number":18,"box":{"x":62,"y":831,"width":286,"height":12}},{"id":"48273b61-802d-403f-9348-14832451dd90","block_type":"box","text":"k — The value of a commodity-linked derivative instrument (including swaps","page_number":18,"box":{"x":347,"y":831,"width":562,"height":12}},{"id":"980af849-dab1-413c-aa5e-0954c1f6d73d","block_type":"box","text":"based on such instruments) typically is based upon the price movements of the underlying commodity or an economic","page_number":18,"box":{"x":61,"y":846,"width":881,"height":13}},{"id":"953ca3ea-a388-47d2-b247-97f1098ed37e","block_type":"box","text":"variable linked to such price movements. Therefore, the value of commodity-linked derivative instruments may be","page_number":18,"box":{"x":60,"y":862,"width":847,"height":12}},{"id":"a8e52926-e4ce-40ce-ac01-33e2c0adca69","block_type":"box","text":"affected by changes in overall economic conditions, interest rates, or factors affecting a particular commodity or","page_number":18,"box":{"x":61,"y":877,"width":832,"height":13}},{"id":"b5b158cf-3f09-4f55-ba74-7596667cfb04","block_type":"box","text":"industry, such as production, disease, climate conditions, supply or demand, politics, geopolitics, changes in","page_number":18,"box":{"x":61,"y":893,"width":807,"height":12}},{"id":"fe246ffa-cf76-46db-841e-31ca5fa4851d","block_type":"box","text":"international balance of payments and trade, currency devaluations and revaluations, market liquidity, and economic,","page_number":18,"box":{"x":61,"y":908,"width":867,"height":13}},{"id":"79575372-20b4-46a6-b555-763c93781e86","block_type":"box","text":"political and regulatory developments. Spot prices and futures prices for commodities will vary depending upon","page_number":18,"box":{"x":61,"y":924,"width":821,"height":12}},{"id":"28d49dac-7b38-4eb7-9f60-d6ac7c690640","block_type":"box","text":"3","page_number":18,"box":{"x":496,"y":955,"width":13,"height":10}},{"id":"9fdaa283-a91c-43a3-b501-bcdfd94aea69","block_type":"box","text":"NM1026U-6030751-18/43","page_number":18,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"ffcaec98-36c2-439d-9316-e8d67dc829d9","block_type":"box","text":"expectations regarding market conditions. Both spot and futures prices of commodity-related or linked investments","page_number":19,"box":{"x":61,"y":40,"width":854,"height":13}},{"id":"290702ed-435f-4b0c-a711-e6757eb5d6ac","block_type":"box","text":"tied to both spot and futures prices of commodities may fluctuate quickly and dramatically as a result of changes","page_number":19,"box":{"x":60,"y":56,"width":839,"height":12}},{"id":"f7158bf7-8025-4502-b821-f4b0ca0c918a","block_type":"box","text":"affecting a particular commodity and may or may not correlate to price movements in other asset classes, such as","page_number":19,"box":{"x":61,"y":71,"width":851,"height":13}},{"id":"1190725e-fdbc-4271-ab33-8a367eef9284","block_type":"box","text":"stocks, bonds and cash. Investments in commodity-linked derivatives may be subject to greater volatility than","page_number":19,"box":{"x":61,"y":87,"width":815,"height":12}},{"id":"2bc3a90a-0eb1-48f0-8f11-ad52018d7a46","block_type":"box","text":"non-derivative based investments because of the leverage inherent in the use of derivatives. A highly liquid secondary","page_number":19,"box":{"x":61,"y":102,"width":881,"height":13}},{"id":"2e8432b2-4b39-4c75-a988-d7be038e4b0f","block_type":"box","text":"market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop.","page_number":19,"box":{"x":61,"y":118,"width":863,"height":12}},{"id":"1181de8c-e4b8-45c1-adde-b9e974277a84","block_type":"box","text":"Commodity-linked derivatives also may be subject to credit and interest","page_number":19,"box":{"x":61,"y":134,"width":534,"height":12}},{"id":"397a5682-2427-4b40-b6eb-5353a0ecb1b3","block_type":"box","text":"rate risks that in general affect the values of","page_number":19,"box":{"x":596,"y":134,"width":330,"height":12}},{"id":"a04eb9ce-3928-440c-9085-3ff67fe93f58","block_type":"box","text":"fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested.","page_number":19,"box":{"x":60,"y":149,"width":876,"height":12}},{"id":"bb53dc94-98cf-4f08-96be-6c3110880dca","block_type":"box","text":"The Fund might receive interest payments that are more or less than the stated coupon interest payments.","page_number":19,"box":{"x":60,"y":165,"width":797,"height":12}},{"id":"1e48a1a2-f6ba-473b-8c0d-dfa358ca2e23","block_type":"box","text":"Commodity-linked derivatives are subject to the risk that the counterparty to the transaction, the exchange or trading","page_number":19,"box":{"x":61,"y":180,"width":868,"height":12}},{"id":"77a04aad-fd32-48eb-9670-2e697307a9a8","block_type":"box","text":"facility on which they trade or the applicable clearing house may default or otherwise fail to perform. In addition, each","page_number":19,"box":{"x":60,"y":196,"width":873,"height":12}},{"id":"8bff5776-cea7-4ad9-bcc5-1e496b3713b1","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","page_number":19,"box":{"x":61,"y":211,"width":852,"height":12}},{"id":"4a7cfbef-5265-4fac-9812-645f83897609","block_type":"box","text":"other instruments that it lists. The Fund’s use of commodity-linked derivatives can result in large amounts of financial","page_number":19,"box":{"x":61,"y":227,"width":870,"height":12}},{"id":"a1daaf18-9a0d-4a34-b9d4-593fd61d7a7f","block_type":"box","text":"leverage. Although the Fund will not borrow money in order to increase the amount of its trading, the low margin","page_number":19,"box":{"x":61,"y":242,"width":836,"height":12}},{"id":"f4067813-f07c-4433-b492-e6341360a9da","block_type":"box","text":"deposits normally required in futures trading permit a high degree of leverage on the investment itself. Accordingly, a","page_number":19,"box":{"x":61,"y":258,"width":870,"height":12}},{"id":"876787b6-9ace-487e-9794-4861861eacb3","block_type":"box","text":"relatively small price movement in a futures contract may result in immediate and substantial losses to the Fund. Like","page_number":19,"box":{"x":61,"y":273,"width":874,"height":12}},{"id":"994aa44d-bf75-4b86-917e-09e90643ade8","block_type":"box","text":"other leveraged investments, any trade may result in losses in excess of the amount invested. Each of these factors","page_number":19,"box":{"x":61,"y":289,"width":865,"height":12}},{"id":"2c5f3323-7ab4-4832-a850-77c27dd1d77c","block_type":"box","text":"and events could have a significant negative impact on the Fund.","page_number":19,"box":{"x":61,"y":304,"width":488,"height":12}},{"id":"88b6b7be-e189-42b0-b62f-9e14ef1a79bf","block_type":"box","text":"Counterparty Risk —","page_number":19,"box":{"x":62,"y":335,"width":149,"height":12}},{"id":"e7fbd13e-60f9-4f19-96c6-032a5b576150","block_type":"box","text":"— The counterparty to an over-the-counter derivatives contract or a borrower of the Fund’s","page_number":19,"box":{"x":211,"y":335,"width":680,"height":12}},{"id":"089c75d6-583c-468f-9fc9-e89d6a83a47c","block_type":"box","text":"securities may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise to honor","page_number":19,"box":{"x":61,"y":351,"width":871,"height":12}},{"id":"0a835726-4cfb-488e-80f0-b2f4ec9b4c77","block_type":"box","text":"its obligations. Any such failure to honor its obligations may cause significant losses to the Fund.","page_number":19,"box":{"x":61,"y":366,"width":720,"height":12}},{"id":"59847872-0ae3-49a7-ba28-14ed7f6cb828","block_type":"box","text":"Credit Risk","page_number":19,"box":{"x":62,"y":397,"width":88,"height":10}},{"id":"265b2e6b-7369-4b5b-919e-9ffdda96db51","block_type":"box","text":"k — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will be unable or","page_number":19,"box":{"x":149,"y":397,"width":791,"height":12}},{"id":"b961400e-44bd-4a71-9546-3b0375399c7b","block_type":"box","text":"unwilling to make timely payments of interest and principal when due or otherwise honor their obligations. Changes in","page_number":19,"box":{"x":61,"y":413,"width":876,"height":12}},{"id":"ed22d0a7-ea1d-4c5b-b25e-d0371f10ced8","block_type":"box","text":"an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the","page_number":19,"box":{"x":61,"y":428,"width":844,"height":12}},{"id":"2f022285-2fc8-4157-8c6d-50f60cc00eee","block_type":"box","text":"Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and","page_number":19,"box":{"x":61,"y":444,"width":857,"height":12}},{"id":"1926ca54-8f3c-48f5-baf0-94ffd31a196a","block_type":"box","text":"the terms of the obligation.","page_number":19,"box":{"x":60,"y":459,"width":203,"height":12}},{"id":"68a09664-5f65-4556-85b3-007b1e8e315a","block_type":"box","text":"Currency Risk —","page_number":19,"box":{"x":62,"y":490,"width":117,"height":12}},{"id":"ba405f5d-9ecd-45a3-9bb8-e6b8bc39383f","block_type":"box","text":"— Because the Fund’s NAV is determined on the basis of the U.S. dollar, investors may lose money if","page_number":19,"box":{"x":179,"y":490,"width":762,"height":12}},{"id":"1fd051cd-0a88-4b99-8516-4ad59281cb20","block_type":"box","text":"the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar or if there are delays","page_number":19,"box":{"x":60,"y":506,"width":872,"height":12}},{"id":"e5b3a100-8fb5-4477-819e-09d5e1272426","block_type":"box","text":"or limits on repatriation of foreign currency, even if the foreign currency value of the Fund’s holdings in that market","page_number":19,"box":{"x":61,"y":521,"width":852,"height":12}},{"id":"d80e62a6-2ece-4f08-ad52-2536bfddd86e","block_type":"box","text":"increases. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the","page_number":19,"box":{"x":61,"y":537,"width":862,"height":12}},{"id":"443879b9-fc88-49e4-8b2b-8c3608a079e4","block_type":"box","text":"Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with","page_number":19,"box":{"x":61,"y":552,"width":823,"height":12}},{"id":"40a83855-576a-4e83-811d-21a647ea49db","block_type":"box","text":"conversions between U.S. dollars and foreign currencies.","page_number":19,"box":{"x":61,"y":568,"width":429,"height":12}},{"id":"b087e1d7-c304-4bfe-bce3-71717098ec08","block_type":"box","text":"Depositary Receipts Risk","page_number":19,"box":{"x":61,"y":599,"width":202,"height":12}},{"id":"6b403b7d-8b48-4b29-a26a-1f5eedaddbbb","block_type":"box","text":"k — Depositary receipts are generally subject to the same risks as the foreign securities","page_number":19,"box":{"x":262,"y":599,"width":650,"height":12}},{"id":"940d362b-ceef-496b-ad62-1c52800e95ed","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the underlying","page_number":19,"box":{"x":60,"y":614,"width":877,"height":12}},{"id":"27665725-5b10-41db-adef-a196ddab1ff1","block_type":"box","text":"issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms that apply to","page_number":19,"box":{"x":61,"y":630,"width":850,"height":12}},{"id":"dfede8be-b7c9-4214-9d37-0c8a4a4f22f7","block_type":"box","text":"depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom","page_number":19,"box":{"x":61,"y":645,"width":875,"height":12}},{"id":"40113ac7-9921-4212-aa2e-55d027c1d3d9","block_type":"box","text":"the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.","page_number":19,"box":{"x":60,"y":661,"width":860,"height":12}},{"id":"94f8659e-d285-4194-b304-b752b4d8c315","block_type":"box","text":"The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States,","page_number":19,"box":{"x":60,"y":676,"width":865,"height":12}},{"id":"153ab31a-19ca-4042-8a3b-5bdddf5d1800","block_type":"box","text":"considered material. Therefore, there may be less information available regarding these issuers and there may not be","page_number":19,"box":{"x":61,"y":692,"width":873,"height":12}},{"id":"70d5080e-4779-46e8-a593-202776371705","block_type":"box","text":"a correlation between such information and the market value of the depositary receipts. While depositary receipts","page_number":19,"box":{"x":61,"y":707,"width":840,"height":12}},{"id":"397b3dec-36da-409b-9181-4d9c7ab8afe1","block_type":"box","text":"provide an alternative to directly purchasing underlying foreign securities in their respective markets and currencies,","page_number":19,"box":{"x":61,"y":723,"width":857,"height":12}},{"id":"48f76a81-5191-469d-a8b2-cef5ea439e2f","block_type":"box","text":"they continue to be subject to many of the risks associated with investing directly in foreign securities, including","page_number":19,"box":{"x":60,"y":738,"width":824,"height":12}},{"id":"adaa37c1-231f-4bdb-b530-c71455d0ef21","block_type":"box","text":"political, economic, and currency risk.","page_number":19,"box":{"x":61,"y":754,"width":277,"height":12}},{"id":"428fb9c7-1b27-442f-ae32-0e9664aad917","block_type":"box","text":"Derivatives Risk","page_number":19,"box":{"x":61,"y":785,"width":130,"height":9}},{"id":"52e6d918-5796-4aaa-8963-5504e4514531","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or increase","page_number":19,"box":{"x":195,"y":785,"width":733,"height":12}},{"id":"63de14e2-80dd-40c1-a582-fd819cf3db07","block_type":"box","text":"volatility. Derivatives involve significant risks, including:","page_number":19,"box":{"x":60,"y":800,"width":407,"height":12}},{"id":"4eb5dc64-7c6a-4cc3-a073-88d04a8ecbef","block_type":"box","text":"Leverage Risk —","page_number":19,"box":{"x":61,"y":831,"width":111,"height":12}},{"id":"c3d05033-7e7b-468f-9103-2dc306c9c3e9","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":19,"box":{"x":172,"y":831,"width":737,"height":12}},{"id":"86ff97a7-e283-4ef7-936a-7418e7cf6e63","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":19,"box":{"x":61,"y":847,"width":841,"height":12}},{"id":"61fcac64-dc43-4286-9b56-0f561e86781a","block_type":"box","text":"exceed the amount originally invested.","page_number":19,"box":{"x":61,"y":862,"width":290,"height":12}},{"id":"78e66c07-573a-4677-917e-9e4ff1bb4797","block_type":"box","text":"Market Risk","page_number":19,"box":{"x":61,"y":893,"width":89,"height":10}},{"id":"bb91be08-df54-4452-a7d2-45a6324074c1","block_type":"box","text":"k — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other","page_number":19,"box":{"x":149,"y":893,"width":783,"height":12}},{"id":"199fec3e-8585-485a-b6e8-b43c2fd97d8e","block_type":"box","text":"securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market","page_number":19,"box":{"x":61,"y":909,"width":846,"height":12}},{"id":"467ae2be-48a2-48db-bd6c-136c11ff1e4b","block_type":"box","text":"4","page_number":19,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"148533e8-715b-4e8c-b706-abd30be22131","block_type":"box","text":"NM1026U-6030751-19/43","page_number":19,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"24c697ea-5ca7-4856-80d8-3f4e5ca78361","block_type":"box","text":"movements, which losses are potentially unlimited. Finally, BFA may not be able to predict correctly the direction of","page_number":20,"box":{"x":61,"y":40,"width":859,"height":13}},{"id":"a24cb88b-1fc7-4e0a-9d67-5eea564b57ba","block_type":"box","text":"securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives positions to lose","page_number":20,"box":{"x":61,"y":56,"width":880,"height":12}},{"id":"bd1155b3-4525-4273-9cac-f7909acb18b9","block_type":"box","text":"value.","page_number":20,"box":{"x":60,"y":72,"width":50,"height":9}},{"id":"23d7bd31-a087-4504-ab9e-2347f37e1df9","block_type":"box","text":"Counterparty Risk","page_number":20,"box":{"x":62,"y":102,"width":134,"height":13}},{"id":"ca97743d-a1ab-445f-851f-a621e13786f5","block_type":"box","text":"k — Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":20,"box":{"x":195,"y":103,"width":705,"height":12}},{"id":"82b82e8b-eba6-4f71-8619-2daaba7f1594","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":20,"box":{"x":60,"y":118,"width":861,"height":12}},{"id":"ea1280f7-0c9f-4404-8a1e-ba69ca1eda97","block_type":"box","text":"exposure to such a counterparty.","page_number":20,"box":{"x":61,"y":134,"width":249,"height":12}},{"id":"1ef1902c-0074-4fc9-84dd-21829d5baad4","block_type":"box","text":"Illiquidity Risk","page_number":20,"box":{"x":61,"y":165,"width":102,"height":12}},{"id":"f37f5dec-adc4-4117-a453-9f5f7ca07caa","block_type":"box","text":"k — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":20,"box":{"x":162,"y":165,"width":765,"height":12}},{"id":"eaa1dbef-f01a-4035-8f8c-503ae8f01360","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":20,"box":{"x":60,"y":180,"width":849,"height":12}},{"id":"0d18852e-a802-4663-b81e-e7d363e6d814","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":20,"box":{"x":61,"y":196,"width":301,"height":12}},{"id":"4d7bf26e-158c-4bcd-a2c0-ac8f122b2b4f","block_type":"box","text":"Operational Risk","page_number":20,"box":{"x":62,"y":227,"width":123,"height":11}},{"id":"67a91845-852c-4e5a-a3d6-58ee74c3f150","block_type":"box","text":"k — The use of derivatives includes the risk of potential operational issues, including documentation","page_number":20,"box":{"x":184,"y":227,"width":739,"height":12}},{"id":"d88d77ad-fe4c-475e-834b-3a7b22a984d6","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":20,"box":{"x":61,"y":242,"width":611,"height":12}},{"id":"7d55c5cf-e53f-4674-80db-f76cdab403dc","block_type":"box","text":"Legal Risk","page_number":20,"box":{"x":61,"y":273,"width":79,"height":12}},{"id":"5e88b3f6-cd9b-4441-8777-bd0dd9615b05","block_type":"box","text":"k — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":20,"box":{"x":139,"y":273,"width":771,"height":12}},{"id":"5c585f4d-cd6d-4100-998f-0bcdaad6b5bc","block_type":"box","text":"enforceability of a contract.","page_number":20,"box":{"x":61,"y":289,"width":205,"height":12}},{"id":"637702c1-61df-4892-8889-c8939a6c9e2b","block_type":"box","text":"Volatility and Correlation Risk","page_number":20,"box":{"x":62,"y":320,"width":219,"height":12}},{"id":"3edd8ad9-dbf4-4e20-b3ec-6557a964ce66","block_type":"box","text":"k — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":20,"box":{"x":280,"y":320,"width":604,"height":12}},{"id":"d09ec1f4-8f88-414b-a326-575a695d38af","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":20,"box":{"x":60,"y":335,"width":859,"height":12}},{"id":"e6bf7262-9830-4f09-ac97-46ab3efeef4e","block_type":"box","text":"within a short time period. A risk of the Fund’s use","page_number":20,"box":{"x":60,"y":351,"width":377,"height":12}},{"id":"acffc5bc-28f5-4521-8330-6188ad86c2cd","block_type":"box","text":"of derivatives is that the fluctuations in their values may not","page_number":20,"box":{"x":438,"y":351,"width":444,"height":12}},{"id":"bd3cec17-ff76-4143-aa42-f62cf9245492","block_type":"box","text":"correlate with the overall securities markets.","page_number":20,"box":{"x":61,"y":366,"width":331,"height":10}},{"id":"73ec75a6-8532-44a7-a120-5882d7d8ba50","block_type":"box","text":"Valuation Risk","page_number":20,"box":{"x":62,"y":397,"width":106,"height":10}},{"id":"5cc68a4e-9a78-402a-a223-df1eafaffa3b","block_type":"box","text":"k — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":20,"box":{"x":168,"y":397,"width":765,"height":12}},{"id":"39beb4f3-d49d-4acb-a080-0e437a0227be","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":20,"box":{"x":61,"y":413,"width":792,"height":12}},{"id":"e0df3a49-a7a4-429a-b5a0-2c306e8c2fc5","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose","page_number":20,"box":{"x":61,"y":428,"width":497,"height":12}},{"id":"3787470b-866b-4e42-9eb1-afaae7d8d9bd","block_type":"box","text":"the Fund to greater risk and increase its costs.","page_number":20,"box":{"x":558,"y":428,"width":350,"height":12}},{"id":"d746c467-de43-457f-8f4c-79b08eadcd0e","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses that","page_number":20,"box":{"x":61,"y":444,"width":870,"height":12}},{"id":"98796539-bcb0-4800-9188-2cb059d99ddf","block_type":"box","text":"exceed the amount originally invested by the Fund.","page_number":20,"box":{"x":61,"y":459,"width":384,"height":12}},{"id":"4133e7a6-cb46-4fb9-a363-459d64b54870","block_type":"box","text":"Hedging Risk","page_number":20,"box":{"x":61,"y":490,"width":100,"height":12}},{"id":"30ff0773-26d8-4198-8b90-4ecb7b335e25","block_type":"box","text":"k — When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":20,"box":{"x":160,"y":490,"width":770,"height":12}},{"id":"54a29ebc-9dc2-4289-be0c-defe941b970a","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":20,"box":{"x":60,"y":506,"width":834,"height":12}},{"id":"004ab595-9f45-42df-99f1-45f2f367e90e","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":20,"box":{"x":61,"y":521,"width":833,"height":12}},{"id":"1391ebf8-e4e4-4f81-8fef-cfc9253198af","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s","page_number":20,"box":{"x":61,"y":537,"width":883,"height":12}},{"id":"7e7e56bf-f7a7-4790-bd45-7ffd367f7a50","block_type":"box","text":"hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences noted","page_number":20,"box":{"x":61,"y":552,"width":838,"height":12}},{"id":"b77e2546-4dfb-4d00-8d15-94883b9baa12","block_type":"box","text":"below.","page_number":20,"box":{"x":61,"y":568,"width":52,"height":9}},{"id":"50633c83-4449-4451-89cd-80aa826f2e64","block_type":"box","text":"Tax Risk","page_number":20,"box":{"x":62,"y":599,"width":64,"height":9}},{"id":"10f7e2ce-694b-4f0f-9d06-6b56ee35a203","block_type":"box","text":"k — The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":20,"box":{"x":126,"y":599,"width":781,"height":12}},{"id":"b3a36a93-e88c-4f30-90b8-8450a8f2e4e1","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":20,"box":{"x":61,"y":614,"width":841,"height":12}},{"id":"4039ca35-4003-4861-9b57-1670a6ed90d5","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":20,"box":{"x":61,"y":630,"width":852,"height":12}},{"id":"5aeef7b0-5c8e-426b-ae5e-14a92a83d66e","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":20,"box":{"x":61,"y":645,"width":827,"height":12}},{"id":"e0aa1327-3b53-4122-85ab-d5e07c2c0e90","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be","page_number":20,"box":{"x":61,"y":661,"width":867,"height":12}},{"id":"0ad09e85-8e24-4e95-879a-85a7b6fdc85e","block_type":"box","text":"an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax treatment of","page_number":20,"box":{"x":61,"y":676,"width":823,"height":12}},{"id":"bd2ea7f3-8ff5-4d0d-bb71-c3f6b1aa02a7","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or administrative","page_number":20,"box":{"x":61,"y":692,"width":857,"height":12}},{"id":"ac4eb3d1-d8c3-4690-8ffc-1b7b6471184d","block_type":"box","text":"pronouncements issued by the IRS.","page_number":20,"box":{"x":61,"y":707,"width":264,"height":12}},{"id":"ae860551-a5fa-42e4-9d6d-dd5b3a103a97","block_type":"box","text":"Regulatory Risk","page_number":20,"box":{"x":61,"y":738,"width":119,"height":12}},{"id":"0a0c41da-4a35-404e-8bed-c7d3f0e4c178","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":20,"box":{"x":183,"y":738,"width":702,"height":12}},{"id":"c703a33e-1c86-4239-bcfa-20228c4a838f","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":20,"box":{"x":61,"y":754,"width":867,"height":12}},{"id":"59696549-718e-42f3-912f-a7792691f27e","block_type":"box","text":"and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are","page_number":20,"box":{"x":61,"y":769,"width":826,"height":12}},{"id":"5cb2ea79-7ddd-41aa-8016-87496061ee60","block_type":"box","text":"required to collect variation margin from the Fund and may be required by applicable regulations to collect initial","page_number":20,"box":{"x":61,"y":785,"width":828,"height":12}},{"id":"65975a96-ed7c-47ee-80dc-0ad070991234","block_type":"box","text":"margin from the Fund. Both initial and variation margin may be comprised of cash and/or securities, subject to","page_number":20,"box":{"x":61,"y":800,"width":815,"height":12}},{"id":"7e94d2e4-afab-4f24-80a0-6bf7d5649af2","block_type":"box","text":"applicable regulatory haircuts. Shares of investment companies (other than certain money market funds) may not be","page_number":20,"box":{"x":61,"y":816,"width":863,"height":12}},{"id":"b03eaee9-a5c8-40c2-9b1d-1186b9bec626","block_type":"box","text":"posted as collateral under applicable regulations. In addition, regulations adopted by global prudential regulators that","page_number":20,"box":{"x":61,"y":831,"width":871,"height":12}},{"id":"1374f930-8da7-4321-b1a7-aee46a2150b2","block_type":"box","text":"are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain","page_number":20,"box":{"x":61,"y":847,"width":828,"height":12}},{"id":"a6b47ddd-db8c-47db-93b0-c9e14de2d530","block_type":"box","text":"financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such","page_number":20,"box":{"x":60,"y":862,"width":873,"height":12}},{"id":"fc93ac7d-26a9-4245-9a74-b4b698943611","block_type":"box","text":"as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of","page_number":20,"box":{"x":61,"y":878,"width":876,"height":12}},{"id":"cd3fa66d-d23b-4cdb-baac-1bdd76242d07","block_type":"box","text":"credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":20,"box":{"x":61,"y":893,"width":819,"height":12}},{"id":"7f02c32d-1bcc-4882-966e-19994cebcb66","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as regulations","page_number":20,"box":{"x":61,"y":909,"width":867,"height":12}},{"id":"26ece0b4-c0bb-4187-bd80-d8b095693586","block_type":"box","text":"5","page_number":20,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"dbb0fa01-6d55-49c6-8e13-3507c1ae04b0","block_type":"box","text":"NM1026U-6030751-20/43","page_number":20,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"2220ed58-cda8-43dc-9234-1138d2720d32","block_type":"box","text":"under the Dodd-Frank Act regarding clearing, mandatory trading and margining of other derivatives, may increase the","page_number":21,"box":{"x":61,"y":40,"width":878,"height":13}},{"id":"04b107ce-78a4-4dd4-8c90-0194fbc194cf","block_type":"box","text":"costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to investors in the","page_number":21,"box":{"x":61,"y":56,"width":836,"height":12}},{"id":"687ca0b1-f3df-4681-a4f6-a2e995703c7f","block_type":"box","text":"Fund.","page_number":21,"box":{"x":61,"y":72,"width":47,"height":9}},{"id":"2c89c67c-d141-469e-8803-d820472ca253","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":21,"box":{"x":61,"y":103,"width":837,"height":12}},{"id":"0f6f8908-b30f-4bad-95ef-359c2521049f","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BFA cannot predict the effects","page_number":21,"box":{"x":61,"y":118,"width":879,"height":12}},{"id":"1e35f761-e990-454b-9695-cdcfec4aae28","block_type":"box","text":"of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or any other","page_number":21,"box":{"x":61,"y":134,"width":851,"height":12}},{"id":"4b20a8dd-9d78-408b-81fc-b4f18a84324c","block_type":"box","text":"financial derivative product, and there can be no assurance that any new governmental regulation will not adversely","page_number":21,"box":{"x":60,"y":149,"width":864,"height":12}},{"id":"3dab5e25-0f94-4548-9c24-f4c2bebf17eb","block_type":"box","text":"affect the Fund’s ability to achieve its investment objective.","page_number":21,"box":{"x":61,"y":165,"width":441,"height":12}},{"id":"a9bacb45-a0f6-45a3-8bdf-29843d133a44","block_type":"box","text":"Risks Specific to Certain Derivatives Used by the Fund","page_number":21,"box":{"x":61,"y":198,"width":412,"height":12}},{"id":"722d17ff-3e06-45be-b3b1-cd9e5f2e26d1","block_type":"box","text":"Swaps","page_number":21,"box":{"x":95,"y":219,"width":49,"height":12}},{"id":"7955aa35-6141-4269-bc2d-e790a0fb54df","block_type":"box","text":"s — Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":21,"box":{"x":144,"y":219,"width":788,"height":12}},{"id":"f0b74fd4-0621-4ae0-940a-3749eaf318b6","block_type":"box","text":"two-party contracts entered into for periods ranging from a few days to more than one year. In a standard “swap”","page_number":21,"box":{"x":94,"y":234,"width":842,"height":12}},{"id":"b80037d4-5f48-4fef-a7fe-d26d481003c6","block_type":"box","text":"transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain","page_number":21,"box":{"x":94,"y":250,"width":818,"height":12}},{"id":"b6ebc9cf-1054-4ca7-aa82-dea3a382fb17","block_type":"box","text":"period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap","page_number":21,"box":{"x":95,"y":265,"width":822,"height":12}},{"id":"de1b54d8-d0a2-4fc3-b0de-a0ba932e20ed","block_type":"box","text":"will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to","page_number":21,"box":{"x":94,"y":281,"width":824,"height":12}},{"id":"c7f8f5d8-aa72-4f2f-862c-64478f226d2a","block_type":"box","text":"pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect","page_number":21,"box":{"x":95,"y":296,"width":799,"height":12}},{"id":"215e1ff7-2cdf-4741-af33-84d5fbf3b92f","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced asset.","page_number":21,"box":{"x":94,"y":312,"width":846,"height":12}},{"id":"8cfacfe6-7aed-4b89-a7af-547461e3afd4","block_type":"box","text":"In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":21,"box":{"x":95,"y":327,"width":755,"height":12}},{"id":"8e1351a3-7537-476c-b588-49e412038c6e","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":21,"box":{"x":95,"y":351,"width":351,"height":12}},{"id":"610bed43-0118-4787-ba67-9327b2b50464","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":21,"box":{"x":446,"y":351,"width":461,"height":12}},{"id":"0e198c76-c3da-4646-a775-1be5ed817a53","block_type":"box","text":"contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price","page_number":21,"box":{"x":94,"y":366,"width":828,"height":12}},{"id":"339276a1-b464-4e38-aee6-36a41633deda","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":21,"box":{"x":94,"y":382,"width":811,"height":12}},{"id":"9a263ccf-5a51-4ba0-91dc-13cecb2398c7","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for a","page_number":21,"box":{"x":94,"y":397,"width":850,"height":12}},{"id":"ed7ac280-abe1-4353-8899-f7a544da9a9f","block_type":"box","text":"future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":21,"box":{"x":94,"y":413,"width":824,"height":12}},{"id":"5064e502-d310-4485-bf84-f95b492bbe9a","block_type":"box","text":"Futures","page_number":21,"box":{"x":95,"y":436,"width":56,"height":9}},{"id":"0d5f1425-470f-4254-ba7f-33fc0955a30d","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":21,"box":{"x":151,"y":436,"width":786,"height":12}},{"id":"da2c375c-b383-4c2b-8a0b-d4fa70328c8b","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":21,"box":{"x":94,"y":451,"width":791,"height":12}},{"id":"8fcce7ed-4581-4590-8a4d-8881982c396c","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlation between","page_number":21,"box":{"x":95,"y":467,"width":831,"height":12}},{"id":"06ece470-7c8a-4ca5-bf71-0f48c6d6805e","block_type":"box","text":"the change in market value of the instruments held by the","page_number":21,"box":{"x":94,"y":482,"width":432,"height":12}},{"id":"4cc6f268-77cb-49f6-8760-c47211ba9e4e","block_type":"box","text":"Fund and the price of the futures contract or option;","page_number":21,"box":{"x":528,"y":482,"width":386,"height":12}},{"id":"bfdd194d-b30b-4fd1-ba2c-8f957de61148","block_type":"box","text":"(b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a","page_number":21,"box":{"x":95,"y":498,"width":794,"height":12}},{"id":"3f3f7378-b1b5-4631-8e4c-2baaa2fbc40e","block_type":"box","text":"futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":21,"box":{"x":94,"y":513,"width":803,"height":12}},{"id":"83b2a4d4-1622-4338-bfad-5895fd91c057","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest rates,","page_number":21,"box":{"x":95,"y":529,"width":841,"height":12}},{"id":"2726c838-c2d1-4385-b731-aa27a8973e95","block_type":"box","text":"currency exchange rates and other economic factors; and (e) the possibility that the counterparty will default in","page_number":21,"box":{"x":94,"y":544,"width":825,"height":12}},{"id":"8d9bd461-a2db-4d22-ac0e-5e1badf929f6","block_type":"box","text":"the performance of its obligations.","page_number":21,"box":{"x":94,"y":560,"width":257,"height":12}},{"id":"204ec5dc-4955-4fcd-9e68-365d4b9972bd","block_type":"box","text":"Options","page_number":21,"box":{"x":95,"y":583,"width":57,"height":12}},{"id":"e4face61-f0de-4718-a5a1-aa7e05e81820","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":21,"box":{"x":152,"y":583,"width":788,"height":12}},{"id":"06620844-c6aa-4dcd-b9a7-5bf8d3e7f81f","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for cash","page_number":21,"box":{"x":94,"y":599,"width":849,"height":12}},{"id":"98c7488f-f066-47dc-8fc2-8a1388ad2b47","block_type":"box","text":"in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during a","page_number":21,"box":{"x":95,"y":614,"width":808,"height":12}},{"id":"763e2e40-19c0-444e-b445-6d9d974108d2","block_type":"box","text":"period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":21,"box":{"x":95,"y":630,"width":777,"height":12}},{"id":"c0b4e374-7fe7-4335-9e41-02ac458f2876","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other assets","page_number":21,"box":{"x":95,"y":645,"width":844,"height":12}},{"id":"116cb2f3-91bd-485d-8459-a55cc7e54eb1","block_type":"box","text":"decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case of a call","page_number":21,"box":{"x":94,"y":661,"width":844,"height":12}},{"id":"2fafa268-ba9c-4467-8413-dd396037c225","block_type":"box","text":"option) or increased, remained the same or failed to decrease to a level at or below the exercise price (in the","page_number":21,"box":{"x":94,"y":676,"width":806,"height":12}},{"id":"d0d215de-07f5-4b24-bb63-1a916bded436","block_type":"box","text":"case of a put option). If a put or call option purchased","page_number":21,"box":{"x":94,"y":692,"width":396,"height":12}},{"id":"c6a0cf3a-d84e-47fe-b9b5-6184661b28eb","block_type":"box","text":"by the Fund were permitted to expire without being sold or","page_number":21,"box":{"x":497,"y":692,"width":432,"height":12}},{"id":"766a5dda-6ed9-4ae6-82d8-e1e591e29d4d","block_type":"box","text":"exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an option, if","page_number":21,"box":{"x":94,"y":707,"width":842,"height":12}},{"id":"f1ef53be-71be-4fb2-9312-2eb429fdcb89","block_type":"box","text":"the decline or increase in the underlying asset is significantly below or above the exercise price of the written","page_number":21,"box":{"x":94,"y":723,"width":806,"height":12}},{"id":"450c9a2a-fed8-41cb-8beb-1b75d35b5df8","block_type":"box","text":"option, the Fund could experience a substantial loss.","page_number":21,"box":{"x":94,"y":738,"width":390,"height":12}},{"id":"84d3f028-d4a9-4a81-951d-8204712a339e","block_type":"box","text":"Equity Securities Risk","page_number":21,"box":{"x":61,"y":769,"width":177,"height":12}},{"id":"66d597e4-0f58-438e-aa2a-10a2e2dba3ab","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":21,"box":{"x":242,"y":769,"width":675,"height":12}},{"id":"bfc66ac0-e411-4e7c-afe2-ac527ccc3a6e","block_type":"box","text":"are volatile. The price of equity securities will fluctuate and can","page_number":21,"box":{"x":61,"y":785,"width":464,"height":12}},{"id":"c8dd8380-2f5d-4552-885a-1dfe1bbf22ee","block_type":"box","text":"decline and reduce the value of a portfolio investing in","page_number":21,"box":{"x":531,"y":785,"width":400,"height":12}},{"id":"637cae5f-65bd-4c89-ba0d-17da6a6cb5d4","block_type":"box","text":"equities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies","page_number":21,"box":{"x":61,"y":800,"width":876,"height":12}},{"id":"c9fb5a80-1da2-4309-b842-be1806af52ab","block_type":"box","text":"the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securities","page_number":21,"box":{"x":60,"y":816,"width":853,"height":12}},{"id":"397fda29-bdf5-472c-b040-0daf1ef8344d","block_type":"box","text":"may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in","page_number":21,"box":{"x":61,"y":831,"width":880,"height":12}},{"id":"158ed82b-aafc-42dd-bb4c-d7ae71bc962e","block_type":"box","text":"production costs and competitive conditions within an industry. In addition, the value may decline due to general","page_number":21,"box":{"x":61,"y":847,"width":836,"height":12}},{"id":"1399ec20-6ae2-49a7-bc62-cf1e717a7a63","block_type":"box","text":"market conditions that are not specifically related to a company or industry, such as real or perceived adverse","page_number":21,"box":{"x":61,"y":862,"width":819,"height":12}},{"id":"84a27fec-df12-4140-ad13-f45b80d3c020","block_type":"box","text":"economic conditions, changes in the general outlook for corporate earnings, changes in inflation, interest or currency","page_number":21,"box":{"x":61,"y":878,"width":871,"height":12}},{"id":"3b4bec77-4273-4fcc-af20-d6ed34b12e7b","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":21,"box":{"x":61,"y":893,"width":344,"height":12}},{"id":"5a8ecf7b-b93b-41ac-bb69-3d643e42526c","block_type":"box","text":"6","page_number":21,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"c2a42fb8-ea9b-453b-a074-a828c896240c","block_type":"box","text":"NM1026U-6030751-21/43","page_number":21,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"3d571873-ad76-4756-ba07-593841105e6a","block_type":"box","text":"Foreign Securities Risk","page_number":22,"box":{"x":61,"y":40,"width":187,"height":13}},{"id":"94a92983-c4ad-477c-b3db-161b83ac6458","block_type":"box","text":"k — Securities traded in foreign markets have often (though not always) performed differently","page_number":22,"box":{"x":247,"y":40,"width":690,"height":13}},{"id":"a96b9134-dae0-4d39-a8af-988c1336d1bd","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in U.S.","page_number":22,"box":{"x":60,"y":56,"width":873,"height":12}},{"id":"7288a803-1d5e-4783-96a9-1bf93a1544ba","block_type":"box","text":"investments that can increase the chances that the Fund will lose money. In particular, the Fund is subject to the risk","page_number":22,"box":{"x":61,"y":72,"width":870,"height":12}},{"id":"740cff3f-c55f-4df8-94e6-1872cf2cb792","block_type":"box","text":"that because there may be fewer investors on foreign exchanges and a smaller number of securities traded each day,","page_number":22,"box":{"x":60,"y":87,"width":880,"height":12}},{"id":"98ac256f-4131-44cf-9c09-d127628060a4","block_type":"box","text":"it may be more difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of foreign","page_number":22,"box":{"x":61,"y":102,"width":828,"height":13}},{"id":"d3972634-f767-4aec-a599-21909b3ae4d0","block_type":"box","text":"securities may go up and down more than prices of securities traded in the United States.","page_number":22,"box":{"x":61,"y":118,"width":669,"height":12}},{"id":"2c6fd3c9-b7e8-4994-b778-2a48320119f2","block_type":"box","text":"Certain Risks of Holding Fund Assets Outside the United States —","page_number":22,"box":{"x":62,"y":149,"width":478,"height":12}},{"id":"3df4419f-6c91-4dbb-9402-dafab7269574","block_type":"box","text":"— The Fund generally holds its foreign securities and","page_number":22,"box":{"x":540,"y":149,"width":402,"height":12}},{"id":"5a7a514c-8053-493a-a9bf-216b9ab21689","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":22,"box":{"x":61,"y":165,"width":853,"height":12}},{"id":"1fd054df-ef48-41d5-adcb-2e62892f6ed7","block_type":"box","text":"organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight of their","page_number":22,"box":{"x":61,"y":180,"width":870,"height":12}},{"id":"47f0a8db-ef04-4a53-aa51-cfb208268f61","block_type":"box","text":"operations. Also, the laws of certain countries limit the Fund’s ability to recover its assets if a foreign bank, depository","page_number":22,"box":{"x":61,"y":196,"width":874,"height":12}},{"id":"9ddd04a1-957e-4c27-aeef-eb85745c660f","block_type":"box","text":"or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more expensive for the Fund to","page_number":22,"box":{"x":61,"y":211,"width":849,"height":12}},{"id":"009ab7d3-5334-47fc-85d2-85d2761eee4b","block_type":"box","text":"buy, sell and hold securities in certain foreign markets than in the United States. The increased expense of investing","page_number":22,"box":{"x":61,"y":227,"width":867,"height":12}},{"id":"a80409fb-6414-449f-a4a5-027b94046458","block_type":"box","text":"in foreign markets reduces the amount the Fund can earn on its investments and typically results in a higher operating","page_number":22,"box":{"x":61,"y":242,"width":882,"height":12}},{"id":"006d06eb-d7b7-4d96-80ea-cf1342569880","block_type":"box","text":"expense ratio for the Fund than for investment companies invested only in the United States.","page_number":22,"box":{"x":61,"y":258,"width":693,"height":12}},{"id":"91313a84-f0e0-49ef-b9a8-1c5a15303431","block_type":"box","text":"Currency Risk —","page_number":22,"box":{"x":62,"y":289,"width":108,"height":12}},{"id":"c5066d23-77c0-40b2-bfd8-fe89bc2f5a4b","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":22,"box":{"x":170,"y":289,"width":717,"height":12}},{"id":"5b5886f8-af46-41fe-b6b5-c7d11033d4e4","block_type":"box","text":"currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the value","page_number":22,"box":{"x":61,"y":304,"width":882,"height":12}},{"id":"eccc9e67-5dd1-4a79-a8e6-a5f065b7b211","block_type":"box","text":"of the Fund’s portfolio.","page_number":22,"box":{"x":61,"y":320,"width":170,"height":12}},{"id":"3ba24ab9-35b8-4f2d-bfe0-b89356ca5cb1","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency","page_number":22,"box":{"x":61,"y":351,"width":841,"height":12}},{"id":"db957143-29bb-435d-9ef8-11cdf5098495","block_type":"box","text":"loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value","page_number":22,"box":{"x":61,"y":366,"width":853,"height":12}},{"id":"1649994b-8c9b-4d27-bb9c-77780f9eadfb","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":22,"box":{"x":61,"y":382,"width":862,"height":12}},{"id":"c1554ece-2e6d-42d2-8f66-ef96b1a7cdbd","block_type":"box","text":"U.S. dollars. This risk, generally known as “currency risk,” means","page_number":22,"box":{"x":61,"y":397,"width":488,"height":12}},{"id":"cba766e9-fe58-4995-9a58-49d6de4bb236","block_type":"box","text":"that a strong U.S. dollar will reduce returns for U.S.","page_number":22,"box":{"x":549,"y":397,"width":384,"height":12}},{"id":"f0f96b75-5f0d-43f5-8ceb-60a4fcc561af","block_type":"box","text":"investors while a weak U.S. dollar will increase those returns.","page_number":22,"box":{"x":61,"y":413,"width":459,"height":9}},{"id":"32ac287e-1ed1-436e-8804-76ae7a10c63f","block_type":"box","text":"Foreign Economy Risk","page_number":22,"box":{"x":61,"y":444,"width":169,"height":12}},{"id":"6051218c-729c-415e-9b06-ff814a89524b","block_type":"box","text":"k — The economies of certain foreign markets may not compare favorably with the economy of","page_number":22,"box":{"x":229,"y":444,"width":703,"height":12}},{"id":"ad00fb2f-ec88-4a57-ad5a-ef8eac51f411","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources","page_number":22,"box":{"x":60,"y":459,"width":868,"height":12}},{"id":"fcd73672-6857-4662-a775-592da2c669dc","block_type":"box","text":"and balance of payments position. Certain foreign economies may rely heavily on particular industries or foreign","page_number":22,"box":{"x":61,"y":475,"width":835,"height":12}},{"id":"8fb307bc-e80d-4418-8b7b-2c1ec5365691","block_type":"box","text":"capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":22,"box":{"x":61,"y":490,"width":879,"height":12}},{"id":"d547b737-b9d9-40f5-8624-d540c663264b","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers and other protectionist or retaliatory","page_number":22,"box":{"x":61,"y":506,"width":840,"height":12}},{"id":"9af35b88-5471-4b55-a89f-c5bac75bc41c","block_type":"box","text":"measures. Investments in foreign markets may also be adversely affected by governmental actions such as the","page_number":22,"box":{"x":61,"y":521,"width":831,"height":12}},{"id":"d7dcbfac-5a8e-4ae2-acce-4e26aa2d3a27","block_type":"box","text":"imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of","page_number":22,"box":{"x":61,"y":537,"width":859,"height":12}},{"id":"8e4c77c9-24b8-4cab-9949-3788dd8ef36f","block_type":"box","text":"punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political","page_number":22,"box":{"x":61,"y":552,"width":869,"height":12}},{"id":"58f940eb-86d7-4ef7-b624-1f5c68cab819","block_type":"box","text":"events, military action and other conditions may, without prior warning, lead to the governments of certain countries,","page_number":22,"box":{"x":61,"y":568,"width":865,"height":12}},{"id":"4042ef53-9de1-4443-b762-d187b03f9e9e","block_type":"box","text":"or the U.S. Government with respect to certain countries, prohibiting or imposing substantial restrictions through","page_number":22,"box":{"x":61,"y":583,"width":835,"height":12}},{"id":"2b58e97b-4736-4631-b477-096739ba9873","block_type":"box","text":"capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries.","page_number":22,"box":{"x":61,"y":599,"width":875,"height":12}},{"id":"5094411f-672d-4b23-8c07-5a817a374d7c","block_type":"box","text":"Capital controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer","page_number":22,"box":{"x":61,"y":614,"width":822,"height":12}},{"id":"c2f7d374-7ec9-49ba-88b0-f9814e2b6b0e","block_type":"box","text":"currency, securities, derivatives or other assets and may also include retaliatory actions of one government against","page_number":22,"box":{"x":61,"y":630,"width":858,"height":12}},{"id":"3547ec8c-6c22-4d34-b95d-7022ecf82d9e","block_type":"box","text":"another government, such as seizure of assets. Any of these actions could severely impair the Fund’s ability to","page_number":22,"box":{"x":61,"y":645,"width":826,"height":12}},{"id":"df9d2c04-851d-4a28-aa4a-a137bbb31623","block_type":"box","text":"purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the","page_number":22,"box":{"x":61,"y":661,"width":853,"height":12}},{"id":"e26a8499-529b-4ad3-9224-66533eb7a96b","block_type":"box","text":"ability to transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/","page_number":22,"box":{"x":61,"y":676,"width":871,"height":12}},{"id":"e3a17e90-3a48-41ad-9c07-90db89a7484e","block_type":"box","text":"or liquidity of such assets or otherwise adversely affect the Fund’s operations, causing the Fund to decline in value.","page_number":22,"box":{"x":61,"y":692,"width":854,"height":12}},{"id":"b1f24adc-9b45-46ab-a509-c2ff50086665","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":22,"box":{"x":61,"y":723,"width":838,"height":12}},{"id":"94ea956d-0dd5-4df5-b62a-96aad31b8f11","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":22,"box":{"x":60,"y":738,"width":816,"height":12}},{"id":"c2c20bfc-4a51-466e-9aaa-583d674341d2","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":22,"box":{"x":61,"y":754,"width":832,"height":12}},{"id":"242a4748-2e24-4fed-98ea-5c39725f7123","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets, and","page_number":22,"box":{"x":61,"y":769,"width":867,"height":12}},{"id":"e8c2558b-2c85-44f4-b6b2-a480a4a56c4f","block_type":"box","text":"the value of the Fund’s investments, in non-U.S. countries. These factors are extremely difficult, if not impossible, to","page_number":22,"box":{"x":60,"y":785,"width":860,"height":12}},{"id":"17680169-6f92-4a91-8da4-d81aa8f3191a","block_type":"box","text":"predict and take into account with respect to the Fund’s investments.","page_number":22,"box":{"x":61,"y":800,"width":509,"height":12}},{"id":"3a025bdf-b1dd-47cc-8f96-b558fd9e682d","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards —","page_number":22,"box":{"x":62,"y":831,"width":488,"height":12}},{"id":"73f9bc0c-b991-4bcb-9784-71d45b5c2585","block_type":"box","text":"— Many foreign governments do not supervise and","page_number":22,"box":{"x":550,"y":831,"width":387,"height":12}},{"id":"d32d29f8-18b5-4ed1-8661-6d65993be6eb","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in the United","page_number":22,"box":{"x":61,"y":847,"width":883,"height":12}},{"id":"84bf922e-0736-4603-aa73-3b06137cbf23","block_type":"box","text":"States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For example,","page_number":22,"box":{"x":61,"y":862,"width":857,"height":12}},{"id":"c3fbeb04-9447-4740-b4b5-25bd8001418a","block_type":"box","text":"some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a person buys","page_number":22,"box":{"x":61,"y":878,"width":869,"height":12}},{"id":"b216b7b6-61a9-42ad-ad6c-e6ec0c7e32b9","block_type":"box","text":"or sells a company’s securities based on material non-public information about that company. In addition, some","page_number":22,"box":{"x":61,"y":893,"width":831,"height":12}},{"id":"ca854a68-d907-4459-acf3-13bb81e56cb3","block_type":"box","text":"countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise shareholder rights,","page_number":22,"box":{"x":61,"y":909,"width":862,"height":12}},{"id":"95ea29db-11b2-488a-91f2-d22621c7d79c","block_type":"box","text":"and pursue legal remedies with respect to its foreign investments. Accounting standards in other countries are not","page_number":22,"box":{"x":61,"y":924,"width":845,"height":12}},{"id":"da09b05a-5f8b-49f1-8e68-808c6adb662e","block_type":"box","text":"7","page_number":22,"box":{"x":496,"y":955,"width":13,"height":10}},{"id":"ed7ed25b-4265-4bee-85a5-eb085461cdbe","block_type":"box","text":"NM1026U-6030751-22/43","page_number":22,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"0136c4a0-3271-4c47-aa2e-bfd970c985a7","block_type":"box","text":"necessarily the same as in the United States. If the accounting standards in another country do not require as much","page_number":23,"box":{"x":61,"y":40,"width":864,"height":13}},{"id":"68d5969d-5432-4852-be66-883ce098ddc2","block_type":"box","text":"detail as U.S. accounting standards, it may be harder for Fund management to completely and accurately determine a","page_number":23,"box":{"x":61,"y":56,"width":882,"height":12}},{"id":"d1c071a5-88c9-4013-b777-8d2c7acdef5c","block_type":"box","text":"company’s financial condition.","page_number":23,"box":{"x":61,"y":71,"width":227,"height":13}},{"id":"17cd6f43-576f-4b1e-9f04-6d41981265d0","block_type":"box","text":"Settlement Risk","page_number":23,"box":{"x":61,"y":99,"width":118,"height":10}},{"id":"5dc7ac45-c218-4ce2-9642-de65a675c79c","block_type":"box","text":"k — Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":23,"box":{"x":178,"y":99,"width":740,"height":13}},{"id":"ee152677-e894-448c-b0ac-f091c48cb692","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":23,"box":{"x":60,"y":115,"width":868,"height":12}},{"id":"2c70247e-90da-4f28-bf01-7f610af4a9f1","block_type":"box","text":"(such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S.","page_number":23,"box":{"x":61,"y":130,"width":794,"height":13}},{"id":"f9d59e96-1073-4cdc-a18a-0eeb5f953f32","block_type":"box","text":"investments.","page_number":23,"box":{"x":61,"y":146,"width":98,"height":9}},{"id":"7cb87e3a-11ff-4eb7-a3f6-76eed34cd77c","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions. These","page_number":23,"box":{"x":60,"y":174,"width":881,"height":12}},{"id":"572a40bb-775c-4a27-bcc9-ae003e83d95b","block_type":"box","text":"problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed in settling","page_number":23,"box":{"x":61,"y":189,"width":872,"height":12}},{"id":"7993db51-57a9-488e-8f74-ee994b11689b","block_type":"box","text":"a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be uninvested","page_number":23,"box":{"x":61,"y":205,"width":863,"height":12}},{"id":"7f8b21cc-2217-4b35-89c4-c73e328f7c02","block_type":"box","text":"with no return earned thereon for some period. If the Fund cannot","page_number":23,"box":{"x":60,"y":220,"width":493,"height":12}},{"id":"93035906-564d-4265-8fb7-780292771e48","block_type":"box","text":"settle or is delayed in settling a sale of securities, it","page_number":23,"box":{"x":553,"y":220,"width":382,"height":12}},{"id":"3422b47e-1565-4d5a-8a83-01d323ce9c09","block_type":"box","text":"may lose money if the value of the security then declines or, if it has contracted to sell the security to another party,","page_number":23,"box":{"x":61,"y":236,"width":858,"height":12}},{"id":"964a1319-a9e3-4822-868c-6a2b2b130edb","block_type":"box","text":"the Fund could be liable for any losses incurred.","page_number":23,"box":{"x":60,"y":251,"width":362,"height":12}},{"id":"dab730be-f0d4-4b3f-81da-5174caedaaa4","block_type":"box","text":"Withholding Tax Reclaims Risk —","page_number":23,"box":{"x":62,"y":279,"width":235,"height":12}},{"id":"4717726d-5faf-46ee-a761-b866ceb9844d","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":23,"box":{"x":296,"y":279,"width":607,"height":12}},{"id":"b2791595-7861-460c-95d0-2989c669772b","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":23,"box":{"x":61,"y":295,"width":842,"height":12}},{"id":"2e3e496b-33f3-45c2-804d-4b152ad47cfa","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":23,"box":{"x":61,"y":310,"width":849,"height":12}},{"id":"dec3e15b-f105-42ad-aeb0-26109121a386","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where the Fund expects to recover withholding","page_number":23,"box":{"x":61,"y":326,"width":848,"height":12}},{"id":"42322e88-4727-44e6-963b-31fb6a1ec9c0","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. The Fund regularly evaluates","page_number":23,"box":{"x":60,"y":341,"width":872,"height":12}},{"id":"3f0567f1-9853-46a4-bada-5f24909866fd","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":23,"box":{"x":60,"y":357,"width":843,"height":12}},{"id":"a2757a03-4cb1-4f6d-81e6-404dfd2fafb7","block_type":"box","text":"regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written","page_number":23,"box":{"x":61,"y":372,"width":865,"height":12}},{"id":"ff39310b-3494-4b26-838a-54e6c1b567c1","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in the Fund at the time an","page_number":23,"box":{"x":61,"y":388,"width":879,"height":12}},{"id":"5bb7c041-de15-4738-969a-5539c23ebb92","block_type":"box","text":"accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they","page_number":23,"box":{"x":61,"y":403,"width":851,"height":12}},{"id":"08b7c334-3c43-4cab-96d7-f5cd247153f7","block_type":"box","text":"were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has not been","page_number":23,"box":{"x":60,"y":419,"width":811,"height":12}},{"id":"655d9e4a-c84b-4a44-bcfa-c1abf79eda06","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":23,"box":{"x":61,"y":434,"width":840,"height":12}},{"id":"5221b3cd-352c-49ee-9745-6bf423467f55","block_type":"box","text":"increase in the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from","page_number":23,"box":{"x":61,"y":450,"width":843,"height":12}},{"id":"8bde1353-9145-4c7f-b619-1c2d6a3471bb","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":23,"box":{"x":61,"y":465,"width":331,"height":10}},{"id":"dcfb6e75-3e50-4037-b260-49e9041293b3","block_type":"box","text":"Futures Contract Risk","page_number":23,"box":{"x":61,"y":493,"width":176,"height":10}},{"id":"ebca1ca2-6ff2-4beb-8c8d-b6523f0f96fa","block_type":"box","text":"k — Futures are standardized, exchange-traded contracts that obligate a purchaser to take","page_number":23,"box":{"x":236,"y":493,"width":672,"height":12}},{"id":"8167841d-4032-4e7e-8fa1-76771d61b197","block_type":"box","text":"delivery, and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price.","page_number":23,"box":{"x":61,"y":509,"width":871,"height":12}},{"id":"8132654e-182a-4dd1-a5e7-7b1a092a7eb6","block_type":"box","text":"Unlike equities, which typically entitle the holder to a continuing ownership stake in an issuer, futures contracts","page_number":23,"box":{"x":61,"y":524,"width":824,"height":12}},{"id":"1d3ee5ed-b700-411a-8c00-d6053b78e7cb","block_type":"box","text":"normally specify a certain date for delivery of the underlying commodity or settlement in cash based on the level of a","page_number":23,"box":{"x":61,"y":540,"width":868,"height":12}},{"id":"841ec0a9-19e3-48f0-8091-d46c74ddcbff","block_type":"box","text":"reference rate. The primary risks associated with the use of futures contracts, or swaps or other derivatives","page_number":23,"box":{"x":61,"y":555,"width":800,"height":12}},{"id":"039e5e95-0f36-4d51-ba2f-383f11f4769e","block_type":"box","text":"referencing futures contracts, are: (i) the imperfect correlations between the market value of the reference asset","page_number":23,"box":{"x":61,"y":571,"width":834,"height":12}},{"id":"518d676f-48ec-4669-ae0f-5a3261cf8e68","block_type":"box","text":"underlying the futures contract and any related hedging instrument held by the Fund and the price of the futures","page_number":23,"box":{"x":61,"y":586,"width":834,"height":12}},{"id":"5dfe11f3-8fe1-4f19-acb3-b418e396dc5f","block_type":"box","text":"contract; (ii) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a","page_number":23,"box":{"x":61,"y":602,"width":834,"height":12}},{"id":"3ea8f832-ad1b-4407-82d5-d5f14240e9ec","block_type":"box","text":"futures contract when desired; (iii) losses caused by unanticipated market movements, which are potentially unlimited;","page_number":23,"box":{"x":60,"y":617,"width":882,"height":12}},{"id":"7552636c-d30a-43fd-85f5-a9bf7432debb","block_type":"box","text":"(iv) BFA’s inability to predict correctly the direction of prices and other economic factors; and (v) the possibility that the","page_number":23,"box":{"x":61,"y":633,"width":881,"height":12}},{"id":"daf89044-69a5-4083-b02e-00e2677ef259","block_type":"box","text":"counterparty will default in the performance of its obligations under a swap. To the extent that the Fund rolls futures","page_number":23,"box":{"x":61,"y":648,"width":860,"height":12}},{"id":"d50a6e93-e28f-455a-a0f3-3f4fa4a5c548","block_type":"box","text":"contracts, it may be subject to additional risk. As the futures contracts approach expiration, they may be replaced by","page_number":23,"box":{"x":61,"y":664,"width":861,"height":12}},{"id":"843b2d28-8c90-42d6-b780-d47d5b3795d9","block_type":"box","text":"similar contracts that have a later expiration. This process is referred","page_number":23,"box":{"x":61,"y":679,"width":508,"height":12}},{"id":"4f36f958-a8c4-4ce2-bb60-924297742a56","block_type":"box","text":"to as “rolling.” If the market for these contracts is","page_number":23,"box":{"x":575,"y":679,"width":360,"height":12}},{"id":"d208cec2-5d1c-49f1-9a35-0770e0ee0e2d","block_type":"box","text":"in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts","page_number":23,"box":{"x":61,"y":695,"width":861,"height":12}},{"id":"8f239f72-002b-407b-8990-13d9dffd7b17","block_type":"box","text":"in the distant months, the sale of the near-term contract would be at a lower price than the longer-term contract,","page_number":23,"box":{"x":61,"y":710,"width":827,"height":12}},{"id":"24af31b1-0c49-4fd7-8f3c-0e1fe3c768ee","block_type":"box","text":"resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the","page_number":23,"box":{"x":61,"y":726,"width":875,"height":12}},{"id":"d3c8cb33-1b86-4fb3-8a6d-5c5d658f3c5f","block_type":"box","text":"difference in price of the near and distant contracts. The Fund may not “roll” the futures contracts on a predefined","page_number":23,"box":{"x":61,"y":741,"width":840,"height":12}},{"id":"73140946-749f-4165-bd30-1016aeb61ea1","block_type":"box","text":"schedule as they approach expiration; instead BFA may determine to roll to another futures contract in an attempt to","page_number":23,"box":{"x":61,"y":757,"width":862,"height":12}},{"id":"d5632969-905a-4d14-853b-a1b0ecd12431","block_type":"box","text":"generate maximum yield. There can be no guarantee that such a strategy will produce the desired results. The Fund","page_number":23,"box":{"x":61,"y":772,"width":863,"height":12}},{"id":"5448ec13-455b-4e0b-9b63-4a81ae009b35","block_type":"box","text":"intends to treat any income that it derives from direct investment in the futures contracts as “qualifying income” under","page_number":23,"box":{"x":61,"y":788,"width":868,"height":12}},{"id":"e3e8a400-e059-406e-a671-1c11dda7c9cc","block_type":"box","text":"the annual 90% gross income test the Fund must satisfy to qualify as a regulated investment company (“RIC”). If the","page_number":23,"box":{"x":60,"y":803,"width":864,"height":12}},{"id":"72d52d6f-6d94-4c6e-b28e-3f4ccb22e645","block_type":"box","text":"IRS successfully challenges this position, the Fund could be disqualified as a RIC and taxed as a C corporation, which","page_number":23,"box":{"x":62,"y":819,"width":875,"height":12}},{"id":"b7d02037-8929-4baa-9d0c-aa1e8667e45b","block_type":"box","text":"could have significant negative tax consequences on the Fund and its shareholders.","page_number":23,"box":{"x":61,"y":834,"width":629,"height":12}},{"id":"ae2bf49d-3122-4c05-bf02-d8c1501ed426","block_type":"box","text":"Geographic Concentration Risk","page_number":23,"box":{"x":62,"y":862,"width":252,"height":12}},{"id":"b0076291-5047-46ce-865a-7d6d6ea12e82","block_type":"box","text":"k — From time to time the Fund may invest a substantial amount of its assets in","page_number":23,"box":{"x":313,"y":862,"width":590,"height":12}},{"id":"406336a5-7d54-422f-8572-b9e09fc3bc4d","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":23,"box":{"x":61,"y":878,"width":853,"height":12}},{"id":"f26aa08f-0249-4da9-9ccd-da2480538b86","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":23,"box":{"x":61,"y":893,"width":845,"height":12}},{"id":"995de76c-7327-44a5-8c0c-b8a93861790c","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":23,"box":{"x":61,"y":909,"width":780,"height":12}},{"id":"fcf201ca-5a1b-4ad3-931c-ae72208ab4bb","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":23,"box":{"x":61,"y":924,"width":648,"height":12}},{"id":"7123996c-65f0-4227-b07d-e95b9367ab91","block_type":"box","text":"8","page_number":23,"box":{"x":495,"y":955,"width":14,"height":10}},{"id":"25e830a8-b567-4427-bbf7-434f635bae7c","block_type":"box","text":"NM1026U-6030751-23/43","page_number":23,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"43b25864-b73f-48d4-abe6-7039b87ae48e","block_type":"box","text":"High Portfolio Turnover Risk","page_number":24,"box":{"x":61,"y":40,"width":229,"height":13}},{"id":"3b32b159-a79b-4579-86de-c4e62c8d0eac","block_type":"box","text":"k — The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":24,"box":{"x":289,"y":40,"width":647,"height":13}},{"id":"3756f435-a1f5-4271-a412-37fbeb5bda0f","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":24,"box":{"x":61,"y":56,"width":825,"height":12}},{"id":"d34e4dac-98c4-4ea9-8ae5-1bd8db747609","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other","page_number":24,"box":{"x":61,"y":71,"width":867,"height":12}},{"id":"458b2811-e525-4c79-81ed-3247a392fa14","block_type":"box","text":"securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of","page_number":24,"box":{"x":61,"y":87,"width":838,"height":12}},{"id":"5ee08b39-2d18-4572-b310-1a91026534c3","block_type":"box","text":"higher capital gains or losses as compared to a fund with","page_number":24,"box":{"x":61,"y":102,"width":428,"height":13}},{"id":"3271077c-6ddf-4efd-833c-e12eca79f137","block_type":"box","text":"less active trading policies, such as index ETFs. These","page_number":24,"box":{"x":490,"y":103,"width":412,"height":12}},{"id":"35bf1c0b-721f-44e0-9e99-209f898ea655","block_type":"box","text":"effects of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":24,"box":{"x":61,"y":118,"width":654,"height":12}},{"id":"a02ad40d-88ce-44cb-97dd-37711e265e79","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":24,"box":{"x":61,"y":149,"width":287,"height":10}},{"id":"b618b728-e59e-433e-9302-02202c4e156e","block_type":"box","text":"k — Indexed and inverse securities provide a potential return based on a","page_number":24,"box":{"x":347,"y":149,"width":537,"height":12}},{"id":"d0f7e0d4-5d8b-49c7-babc-572ac815db51","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect to","page_number":24,"box":{"x":61,"y":165,"width":863,"height":12}},{"id":"50350c76-f431-463c-a9c3-28959ae5eac9","block_type":"box","text":"the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain indexed and","page_number":24,"box":{"x":60,"y":180,"width":883,"height":12}},{"id":"7e5f6da9-af30-49c9-8305-e8e0ad2a5e17","block_type":"box","text":"inverse securities have greater sensitivity to changes in interest rates or index levels than other securities, and the","page_number":24,"box":{"x":61,"y":196,"width":852,"height":12}},{"id":"9ef708e9-9ac6-4a21-95af-34caedf7559d","block_type":"box","text":"Fund’s investment in such instruments may decline significantly in value","page_number":24,"box":{"x":61,"y":211,"width":539,"height":12}},{"id":"888c64a3-8c6d-4f99-8c7b-1bc63cad5e97","block_type":"box","text":"if interest rates or index levels move in a way","page_number":24,"box":{"x":601,"y":211,"width":338,"height":12}},{"id":"ef5b60a9-7e0a-402a-ae25-34001ce13534","block_type":"box","text":"Fund management does not anticipate.","page_number":24,"box":{"x":61,"y":227,"width":296,"height":12}},{"id":"1fee3179-dcb4-4089-b8a0-1afb3b006ad6","block_type":"box","text":"Investment in Other Investment Companies Risk —","page_number":24,"box":{"x":61,"y":258,"width":391,"height":11}},{"id":"61c6709a-e6ca-4c74-8343-d6cf744c57db","block_type":"box","text":"— As with other investments, investments in other investment","page_number":24,"box":{"x":452,"y":258,"width":465,"height":11}},{"id":"aec97093-b446-4ff8-9d8b-1c57a67cf579","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":24,"box":{"x":61,"y":273,"width":825,"height":12}},{"id":"d17cdd12-d52a-414f-b1de-56f7378267c2","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":24,"box":{"x":61,"y":289,"width":850,"height":12}},{"id":"dc0dd459-d8c8-490c-8627-2e9e9e520940","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":24,"box":{"x":61,"y":304,"width":837,"height":12}},{"id":"0eefaac5-d032-44cf-8f8e-c28681194504","block_type":"box","text":"companies (to the extent not offset by BFA through waivers). To","page_number":24,"box":{"x":61,"y":320,"width":480,"height":12}},{"id":"3d69715f-4b84-41fe-a95c-2148f233764a","block_type":"box","text":"the extent the Fund is held by an affiliated fund, the","page_number":24,"box":{"x":542,"y":320,"width":386,"height":12}},{"id":"d62d7fa0-f682-4d35-af6b-47a047e98ac9","block_type":"box","text":"ability of the Fund itself to hold other investment companies may be limited.","page_number":24,"box":{"x":61,"y":335,"width":564,"height":12}},{"id":"977f582a-4686-43c6-baac-93eec7fa07f9","block_type":"box","text":"Issuer Risk","page_number":24,"box":{"x":61,"y":366,"width":90,"height":10}},{"id":"464f7f0a-d5db-4b2a-a000-0d759e4c24e4","block_type":"box","text":"k — The performance of the Fund depends on the performance of individual securities to which the Fund","page_number":24,"box":{"x":150,"y":366,"width":776,"height":12}},{"id":"0ec02a47-e13b-4260-8751-90b3a286d89d","block_type":"box","text":"has exposure. Any issuer of these securities may perform poorly, causing the value of its securities to decline. Poor","page_number":24,"box":{"x":61,"y":382,"width":861,"height":12}},{"id":"6bf5a767-8a76-435e-9d6a-befac8a0597d","block_type":"box","text":"performance may be caused by poor management decisions, competitive pressures, changes in technology,","page_number":24,"box":{"x":61,"y":397,"width":810,"height":12}},{"id":"2a58a774-7bc1-4589-b2d3-4485eae2c436","block_type":"box","text":"expiration of patent protection, disruptions in supply, labor problems or shortages, corporate restructurings, fraudulent","page_number":24,"box":{"x":61,"y":413,"width":878,"height":12}},{"id":"8d8f1a53-8398-4b09-977a-cf33c1d7ec42","block_type":"box","text":"disclosures, credit deterioration of the issuer or other factors. Issuers may, in times of distress or at their own","page_number":24,"box":{"x":61,"y":428,"width":812,"height":12}},{"id":"3d0a5f10-117e-49cd-9b2f-6bdf36d3f790","block_type":"box","text":"discretion, decide to reduce or eliminate dividends, which may also cause their stock prices to decline.","page_number":24,"box":{"x":61,"y":444,"width":763,"height":12}},{"id":"8630f3e3-580c-4b8b-af0a-0fe85c7ff151","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":24,"box":{"x":61,"y":475,"width":297,"height":12}},{"id":"4657d3b6-1ab4-4ead-b7a2-144aed3c1d87","block_type":"box","text":"k — Large-capitalization companies may be less able than smaller","page_number":24,"box":{"x":357,"y":475,"width":490,"height":12}},{"id":"286ed4fb-9c18-4464-b66d-57d62f774d98","block_type":"box","text":"capitalization companies to adapt to changing market conditions and competitive challenges. Large-capitalization","page_number":24,"box":{"x":61,"y":490,"width":844,"height":12}},{"id":"fc6e3093-6a44-4991-9264-a18370ff4bb8","block_type":"box","text":"companies may be more mature and subject to more limited growth potential compared with smaller-capitalization","page_number":24,"box":{"x":61,"y":506,"width":851,"height":12}},{"id":"fc8c72f6-febe-46b5-952f-ce4ed0f2618a","block_type":"box","text":"companies. The performance of large-capitalization companies could trail the overall performance of the broader","page_number":24,"box":{"x":61,"y":521,"width":840,"height":12}},{"id":"8fe27d89-6898-41d0-8047-729f6ca1e671","block_type":"box","text":"securities markets.","page_number":24,"box":{"x":61,"y":537,"width":144,"height":9}},{"id":"a192c30e-28d2-49b7-af42-e1a98ffd26ce","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":24,"box":{"x":61,"y":568,"width":426,"height":12}},{"id":"d424f5d1-0946-4339-8fe7-bf9861a942e4","block_type":"box","text":"— Certain shareholders, including an Authorized","page_number":24,"box":{"x":490,"y":568,"width":367,"height":12}},{"id":"72c42a6e-242a-48e9-be03-44b907308e49","block_type":"box","text":"Participant, a third-party investor, the Fund’s adviser or an affiliate of the Fund’s adviser, a market maker, or another","page_number":24,"box":{"x":61,"y":583,"width":868,"height":12}},{"id":"d19c3cc2-400e-405f-ac1b-c1b50bf3aa7e","block_type":"box","text":"entity, may from time to time own or manage a substantial amount","page_number":24,"box":{"x":61,"y":599,"width":496,"height":12}},{"id":"d6c98364-37b8-45ad-a89e-5c1c48276e4b","block_type":"box","text":"of Fund shares or may invest in the Fund and hold","page_number":24,"box":{"x":558,"y":599,"width":379,"height":12}},{"id":"9efcb9fd-6ed7-4312-bb0b-1cd900a811a3","block_type":"box","text":"their investment for a limited period of time. These shareholders may also pledge or loan Fund shares (to secure","page_number":24,"box":{"x":60,"y":614,"width":841,"height":12}},{"id":"2979516a-923d-44ec-a863-bfc47945b49c","block_type":"box","text":"financing or otherwise), which may result in the shares becoming concentrated in another party. There can be no","page_number":24,"box":{"x":60,"y":630,"width":843,"height":12}},{"id":"55a623de-865f-41f3-b005-7ffa03c97271","block_type":"box","text":"assurance that any large shareholder or large group of shareholders would not redeem their investment or that the","page_number":24,"box":{"x":61,"y":645,"width":855,"height":12}},{"id":"d3791cb9-fed2-4ef6-8d27-33ff6309c773","block_type":"box","text":"size of the Fund would be maintained. Redemptions of a large number of Fund shares by these shareholders may","page_number":24,"box":{"x":61,"y":661,"width":847,"height":12}},{"id":"ed6432c2-ab37-439c-8902-28996f157f56","block_type":"box","text":"adversely affect the Fund’s liquidity and net assets. To the extent the Fund permits redemptions in cash, these","page_number":24,"box":{"x":61,"y":676,"width":819,"height":12}},{"id":"a32d2e39-bda2-4341-aea6-819bf70f798f","block_type":"box","text":"redemptions may force the Fund to sell portfolio securities when it might not otherwise do so, which may negatively","page_number":24,"box":{"x":61,"y":692,"width":854,"height":12}},{"id":"dab2524f-ef78-44cc-9bf2-52dd9db4f2f4","block_type":"box","text":"impact the Fund’s NAV, have a material effect on the market price of the shares and increase the Fund’s brokerage","page_number":24,"box":{"x":61,"y":707,"width":857,"height":12}},{"id":"ab2440a5-fb81-41d4-a989-fc2dad0fa237","block_type":"box","text":"costs and/or accelerate the realization of taxable income and/or gains and cause the Fund to make taxable","page_number":24,"box":{"x":61,"y":723,"width":793,"height":12}},{"id":"6377d14b-3bfa-43ec-bd63-72021b17124e","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances,","page_number":24,"box":{"x":61,"y":738,"width":868,"height":11}},{"id":"f372d8a6-adf9-4a32-b7bd-9da2f11ec76f","block_type":"box","text":"non redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with","page_number":24,"box":{"x":61,"y":754,"width":868,"height":12}},{"id":"ddddaf87-3867-4a73-982b-a8e4efb67a01","block_type":"box","text":"respect to such tax year. The Fund also may be required to sell its more liquid Fund investments to meet a large","page_number":24,"box":{"x":61,"y":769,"width":833,"height":12}},{"id":"a1ef9fbb-c454-4704-8045-e3efb09ee259","block_type":"box","text":"redemption, in which case the Fund’s remaining assets may be","page_number":24,"box":{"x":61,"y":785,"width":468,"height":12}},{"id":"1491f7c7-e7d1-477c-a6b4-f191e62700e5","block_type":"box","text":"less liquid, more volatile, and more difficult to price.","page_number":24,"box":{"x":536,"y":785,"width":378,"height":12}},{"id":"80ebc787-e0f8-44e2-8678-8054400b9655","block_type":"box","text":"To the extent these large shareholders transact in shares on the secondary market, such transactions may account","page_number":24,"box":{"x":60,"y":800,"width":856,"height":12}},{"id":"27b59a9a-9c71-4abd-8508-dfa959123568","block_type":"box","text":"for a large percentage of the trading volume for the shares of the Fund and may, therefore, have a material upward or","page_number":24,"box":{"x":60,"y":816,"width":875,"height":12}},{"id":"0fe2f184-06ea-45e2-96c8-3e7478075cd9","block_type":"box","text":"downward effect on the market price of the Fund shares. In addition, large purchases of Fund shares may adversely","page_number":24,"box":{"x":61,"y":831,"width":867,"height":12}},{"id":"11dedc57-1d62-42ca-85ca-bc44c1e7e72e","block_type":"box","text":"affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain","page_number":24,"box":{"x":61,"y":847,"width":877,"height":12}},{"id":"2e0571e9-a39a-4abd-9c97-fcaf36f5412b","block_type":"box","text":"a larger cash position than it ordinarily would, diluting its investment returns.","page_number":24,"box":{"x":61,"y":862,"width":568,"height":12}},{"id":"ea60834e-5d17-497c-a11c-ea5fdeb761a6","block_type":"box","text":"Leverage Risk —","page_number":24,"box":{"x":61,"y":893,"width":118,"height":12}},{"id":"59879621-5c50-4ac2-9a3c-58de3520e251","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":24,"box":{"x":179,"y":893,"width":756,"height":12}},{"id":"8955f09d-82c3-4640-8b56-dd39892f8da0","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. As an open-end","page_number":24,"box":{"x":61,"y":909,"width":797,"height":12}},{"id":"bfc7a444-8671-4ad2-b1cc-16e1fb283e96","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to the","page_number":24,"box":{"x":61,"y":924,"width":871,"height":12}},{"id":"98b658bf-4e50-44cb-80d2-c377b1c5eeca","block_type":"box","text":"9","page_number":24,"box":{"x":496,"y":955,"width":13,"height":10}},{"id":"76f11f54-f63b-4ae8-b94b-a1a5a2c1fec1","block_type":"box","text":"NM1026U-6030751-24/43","page_number":24,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"852c475c-7250-4471-87ce-d907f12a0e1c","block_type":"box","text":"federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under the","page_number":25,"box":{"x":60,"y":40,"width":868,"height":13}},{"id":"8cd330ed-68ed-4fe7-8d7a-6f4068838caa","block_type":"box","text":"Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply","page_number":25,"box":{"x":62,"y":56,"width":850,"height":12}},{"id":"05ab9bf3-5869-4857-9600-d926931d0d79","block_type":"box","text":"with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to liquidate","page_number":25,"box":{"x":60,"y":71,"width":869,"height":13}},{"id":"594f1b66-337d-42fd-abac-e81d61b4527c","block_type":"box","text":"portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable","page_number":25,"box":{"x":61,"y":87,"width":823,"height":12}},{"id":"66c0fae0-ab13-45e9-b873-07b65b5c7a4e","block_type":"box","text":"requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the value of the","page_number":25,"box":{"x":61,"y":102,"width":865,"height":13}},{"id":"47769ad9-93dd-4188-a8f3-4150e93ad32e","block_type":"box","text":"Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":25,"box":{"x":61,"y":118,"width":478,"height":12}},{"id":"accec428-6352-4957-8cd8-985ce62f857e","block_type":"box","text":"Market Risk and Selection Risk —","page_number":25,"box":{"x":61,"y":149,"width":253,"height":10}},{"id":"1f6bb9a9-5f49-4cab-b487-1f420232df6b","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will go","page_number":25,"box":{"x":314,"y":149,"width":622,"height":12}},{"id":"46101882-e044-4619-9eca-d2ae7c24485c","block_type":"box","text":"down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a","page_number":25,"box":{"x":61,"y":165,"width":822,"height":12}},{"id":"70eb0b1d-7708-4871-b86b-fc38e3247b69","block_type":"box","text":"security or other asset may decline due to changes in general market conditions, economic trends or events that are","page_number":25,"box":{"x":61,"y":180,"width":868,"height":12}},{"id":"b7ac4961-2d0a-45f5-acbf-34153d32626a","block_type":"box","text":"not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers,","page_number":25,"box":{"x":61,"y":196,"width":862,"height":12}},{"id":"f4f6c9ec-6aed-4278-8409-94cf30818d8c","block_type":"box","text":"exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local,","page_number":25,"box":{"x":61,"y":211,"width":836,"height":12}},{"id":"181d1b8d-7d91-45b7-ad6c-0208e0f85874","block_type":"box","text":"regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues","page_number":25,"box":{"x":61,"y":227,"width":861,"height":12}},{"id":"36e6ec9b-7c72-41ce-8e40-9362e996ea9d","block_type":"box","text":"like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its","page_number":25,"box":{"x":61,"y":242,"width":809,"height":12}},{"id":"8943283d-6956-4354-80f7-08accefb7930","block_type":"box","text":"investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets,","page_number":25,"box":{"x":61,"y":258,"width":882,"height":12}},{"id":"718b15ca-fa30-47e0-b664-66a503f2382c","block_type":"box","text":"the relevant indices or the securities selected by other funds with similar investment objectives and investment","page_number":25,"box":{"x":60,"y":273,"width":824,"height":12}},{"id":"3f820a76-d129-41c9-81d1-d3829b509f06","block_type":"box","text":"strategies. This means you may lose money.","page_number":25,"box":{"x":61,"y":289,"width":337,"height":12}},{"id":"50f6ff35-340e-47f5-943b-4c2d14124679","block_type":"box","text":"Market Trading Risk","page_number":25,"box":{"x":61,"y":320,"width":161,"height":12}},{"id":"6d6fd7ec-357c-4eed-9363-547a7604748b","block_type":"box","text":"k — The Fund faces numerous market trading risks, any of which may lead to its shares trading","page_number":25,"box":{"x":221,"y":320,"width":707,"height":12}},{"id":"3d2f516d-1c3a-4aec-84de-b7aed1032b2b","block_type":"box","text":"in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If","page_number":25,"box":{"x":61,"y":335,"width":860,"height":12}},{"id":"b497859d-6f95-4047-95d6-55c03de89c28","block_type":"box","text":"you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when the","page_number":25,"box":{"x":60,"y":351,"width":870,"height":12}},{"id":"a71ea72d-5039-4a0d-af73-ee1619a186ad","block_type":"box","text":"market price is at a discount to the NAV, you may pay significantly more or receive significantly less than the","page_number":25,"box":{"x":61,"y":366,"width":809,"height":12}},{"id":"9a0e9e38-3ee9-4fc9-b1e1-ec4c000a4d73","block_type":"box","text":"underlying value of the Fund shares.","page_number":25,"box":{"x":61,"y":382,"width":276,"height":12}},{"id":"8d5d199b-2eca-4ce5-a293-133da8bf69bb","block_type":"box","text":"Absence of an Active Primary Market","page_number":25,"box":{"x":60,"y":413,"width":282,"height":12}},{"id":"a9ca958a-3a95-4584-b261-7bf0c6ad5b8e","block_type":"box","text":"— Although Fund shares are listed for trading on one or more stock exchanges,","page_number":25,"box":{"x":342,"y":413,"width":598,"height":12}},{"id":"66cf0d0f-a336-4754-833f-0dc9924bc833","block_type":"box","text":"there can be no assurance that an active primary trading market for Fund shares will develop or be maintained by","page_number":25,"box":{"x":60,"y":428,"width":849,"height":12}},{"id":"8a49cc0f-51c9-49bc-828e-1e60dc2270d9","block_type":"box","text":"market makers or Authorized Participants.","page_number":25,"box":{"x":61,"y":444,"width":317,"height":12}},{"id":"fac7e1c9-c86b-4674-acd8-e87afb6bb765","block_type":"box","text":"Secondary Listing Risks —","page_number":25,"box":{"x":61,"y":475,"width":183,"height":12}},{"id":"38708527-eb92-4a50-9b93-c91675dd688f","block_type":"box","text":"— The Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other","page_number":25,"box":{"x":244,"y":475,"width":680,"height":12}},{"id":"50528864-bb99-4930-8c1c-9afd2306ae68","block_type":"box","text":"than the U.S. stock exchange where the Fund’s primary listing is maintained. Fund shares also may be available to","page_number":25,"box":{"x":60,"y":490,"width":859,"height":12}},{"id":"942bc88e-3b1a-49ac-9a1a-7bbc1cbff57c","block_type":"box","text":"non-U.S. investors through funds or structured investment vehicles similar to depositary receipts. There can be no","page_number":25,"box":{"x":61,"y":506,"width":851,"height":12}},{"id":"7fd304a2-55e1-4988-8edd-518ff61a3b08","block_type":"box","text":"assurance that the Fund’s shares will continue to trade on any such stock exchange or in any market or that the","page_number":25,"box":{"x":61,"y":521,"width":834,"height":12}},{"id":"01538108-0335-4ebc-ac8f-80c00c48206f","block_type":"box","text":"Fund’s shares will continue to meet the requirements for exchange listing or market trading. The Fund’s shares may","page_number":25,"box":{"x":61,"y":537,"width":865,"height":12}},{"id":"d1b93e8e-51ff-46a4-b87c-8b25e1c60f0b","block_type":"box","text":"be less actively traded in certain markets than in others, and investors are subject to the execution and settlement","page_number":25,"box":{"x":61,"y":552,"width":850,"height":12}},{"id":"b89cfc97-77d4-4c82-94e2-cde763f22803","block_type":"box","text":"risks and market standards of the market where they or their broker direct their trades for execution. Certain","page_number":25,"box":{"x":61,"y":568,"width":805,"height":12}},{"id":"c5b285d1-87ac-4983-a152-89a3be9f49de","block_type":"box","text":"information that is available to investors who trade Fund shares on a U.S. stock exchange during regular U.S. market","page_number":25,"box":{"x":61,"y":583,"width":874,"height":12}},{"id":"79e6d95c-9496-4486-a253-79ccf5f99345","block_type":"box","text":"hours may not be available to investors who trade in other markets, which may result in secondary market prices in","page_number":25,"box":{"x":61,"y":599,"width":858,"height":12}},{"id":"0aa479bf-6a0a-4e4a-aa1f-6e1b721dfeef","block_type":"box","text":"such markets being less efficient.","page_number":25,"box":{"x":61,"y":614,"width":252,"height":12}},{"id":"62ca1117-5088-4847-bb16-973dadebc575","block_type":"box","text":"Secondary Market Trading Risk —","page_number":25,"box":{"x":61,"y":645,"width":240,"height":12}},{"id":"46914315-b56a-4080-8fdc-1b7ab06a4677","block_type":"box","text":"— Shares of the Fund may trade in the secondary market at times when the Fund","page_number":25,"box":{"x":300,"y":645,"width":614,"height":12}},{"id":"7149dca2-f5b5-4912-ae90-0dba767fc4c7","block_type":"box","text":"does not accept orders to create or redeem shares. At such times, shares may trade in the secondary market with","page_number":25,"box":{"x":61,"y":661,"width":845,"height":12}},{"id":"116271b0-525b-4cfb-83ff-11ff22c1528f","block_type":"box","text":"more significant premiums or discounts to NAV than might be experienced at times when the Fund accepts creation","page_number":25,"box":{"x":61,"y":676,"width":858,"height":12}},{"id":"b6af02ef-bead-4664-a756-ca58363e904a","block_type":"box","text":"and redemption orders. Securities held by the Fund may be traded in markets that close at a different time than an","page_number":25,"box":{"x":61,"y":692,"width":848,"height":12}},{"id":"1b1566b8-7c83-474e-b45e-1ec3c1e8ddf5","block_type":"box","text":"exchange on which Fund shares are traded. Liquidity in those securities may be reduced after the applicable closing","page_number":25,"box":{"x":61,"y":707,"width":862,"height":12}},{"id":"7117c28c-3a09-44b4-9b75-ba013d29243a","block_type":"box","text":"time. As a result, during the time when the exchange","page_number":25,"box":{"x":60,"y":723,"width":392,"height":12}},{"id":"68046c0d-0040-4f06-a02c-c870f63e8877","block_type":"box","text":"is open but after the applicable market closing, fixing or","page_number":25,"box":{"x":458,"y":723,"width":410,"height":12}},{"id":"55063e69-41b8-4064-8f68-cc4753a6aa19","block_type":"box","text":"settlement time, there may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV. In","page_number":25,"box":{"x":61,"y":738,"width":860,"height":12}},{"id":"b55e3950-f64a-42b4-af05-f7b46d41d6d3","block_type":"box","text":"stressed market conditions, the market for the Fund’s shares may become less liquid in response to deteriorating","page_number":25,"box":{"x":61,"y":754,"width":838,"height":12}},{"id":"70c3e1a3-b5f6-431b-a1ad-b3e9ff4f4929","block_type":"box","text":"liquidity in the markets for the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":25,"box":{"x":61,"y":769,"width":832,"height":12}},{"id":"e4a5c927-282a-445c-adae-fcd7e07f8193","block_type":"box","text":"Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or for","page_number":25,"box":{"x":61,"y":800,"width":844,"height":12}},{"id":"f85a0403-8cd3-4a88-97bc-8a46658fa43f","block_type":"box","text":"other reasons. In times of extraordinary market volatility, Fund shares may be subject to trading halts pursuant to","page_number":25,"box":{"x":61,"y":816,"width":837,"height":12}},{"id":"c4e9915d-5a5b-4c72-b7d6-6eef43270a98","block_type":"box","text":"“circuit breaker” rules of a stock exchange or market. If there is a trading halt or unanticipated closure of an exchange","page_number":25,"box":{"x":61,"y":831,"width":876,"height":12}},{"id":"98e49b9f-9a33-45fe-840d-8bac771f224e","block_type":"box","text":"or market, an investor may be unable to purchase or sell Fund shares. In addition, if trading in certain securities or","page_number":25,"box":{"x":61,"y":847,"width":852,"height":12}},{"id":"ff1ccb55-cd88-4d28-a692-e711eb212801","block_type":"box","text":"financial instruments is restricted, this may disrupt the Fund’s creation/redemption process, affect the price at which","page_number":25,"box":{"x":60,"y":862,"width":863,"height":12}},{"id":"69fa03d0-a374-4685-b6cc-2d13b348b343","block_type":"box","text":"Fund shares trade in the secondary market, and result in the Fund being unable to trade certain securities or financial","page_number":25,"box":{"x":61,"y":878,"width":877,"height":12}},{"id":"8fdb96bb-20f8-4833-bce4-ccaa879475b9","block_type":"box","text":"instruments. In such circumstances, the Fund may be unable to rebalance its portfolio or accurately price its portfolio","page_number":25,"box":{"x":61,"y":893,"width":870,"height":12}},{"id":"eb2870c9-eb14-4697-b4a3-52aa6a9f0bd1","block_type":"box","text":"holdings and may incur substantial trading losses.","page_number":25,"box":{"x":61,"y":909,"width":369,"height":12}},{"id":"fdc48649-c405-4288-a525-0273b77d78cd","block_type":"box","text":"10","page_number":25,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"9c781563-e51a-4591-a6ba-36d597c6977d","block_type":"box","text":"NM1026U-6030751-25/43","page_number":25,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"165fc973-9ac3-4b83-9420-de075df5ede9","block_type":"box","text":"Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore","page_number":26,"box":{"x":61,"y":40,"width":878,"height":13}},{"id":"637273b0-c4ec-4408-94c5-b049aead0c29","block_type":"box","text":"subject to the risk of increased volatility and price decreases associated with being sold short. In addition, trading","page_number":26,"box":{"x":61,"y":56,"width":843,"height":12}},{"id":"0a4a8ac4-0efa-499c-8782-7e0d0f19d1a8","block_type":"box","text":"activity in derivative products based on the Fund may lead to increased trading volume and volatility in the secondary","page_number":26,"box":{"x":61,"y":72,"width":874,"height":12}},{"id":"3e99da2a-2084-4377-b123-578c4c876e35","block_type":"box","text":"market for the shares of the Fund.","page_number":26,"box":{"x":61,"y":87,"width":258,"height":10}},{"id":"cd40f007-cfe1-4ef9-b15a-2198f7908350","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV —","page_number":26,"box":{"x":61,"y":118,"width":377,"height":12}},{"id":"955d892f-78b2-4e61-b33b-79d0044a098d","block_type":"box","text":"— Shares of the Fund trade on stock exchanges at prices at, above","page_number":26,"box":{"x":438,"y":118,"width":497,"height":12}},{"id":"7504720a-6896-451e-aed3-0ff019f2fabc","block_type":"box","text":"or below the Fund’s most recent NAV. The Fund’s NAV is calcul","page_number":26,"box":{"x":61,"y":134,"width":464,"height":9}},{"id":"c66e678a-4181-42e8-abcb-b73e33dd32a9","block_type":"box","text":"ated at the end of each business day and fluctuates with","page_number":26,"box":{"x":526,"y":134,"width":414,"height":12}},{"id":"4c7e7a78-12f6-4892-846a-7012b6bfc774","block_type":"box","text":"changes in the market value of the Fund’s portfolio holdi","page_number":26,"box":{"x":61,"y":149,"width":406,"height":12}},{"id":"85f52b0b-9ad7-4654-af0b-fd26b601463b","block_type":"box","text":"ngs. The trading price of the Fund’s shares fluctuates","page_number":26,"box":{"x":469,"y":149,"width":391,"height":12}},{"id":"a8753c5c-f384-47a4-b4de-c2cc22fb8b99","block_type":"box","text":"throughout trading hours based on both market supply of and","page_number":26,"box":{"x":60,"y":165,"width":451,"height":12}},{"id":"f9503f18-7209-4302-8806-15e15bd53a5b","block_type":"box","text":"demand for Fund shares and the underlying value of the","page_number":26,"box":{"x":511,"y":165,"width":413,"height":12}},{"id":"758dc658-7951-4da9-ad6e-434013c3e94f","block_type":"box","text":"Fund’s portfolio holdings or NAV. As a result, the trading pric","page_number":26,"box":{"x":61,"y":180,"width":439,"height":12}},{"id":"06d0afd4-c9d5-4033-b0f5-77978bde73a5","block_type":"box","text":"es of the Fund’s shares may deviate significantly from NAV","page_number":26,"box":{"x":501,"y":180,"width":434,"height":12}},{"id":"a0682e3a-0735-408d-b102-9d1ffcc2fae5","block_type":"box","text":"during times of market volatility, significant r","page_number":26,"box":{"x":61,"y":196,"width":317,"height":12}},{"id":"b0fe8311-2ee2-4bec-b28c-b897392be4a1","block_type":"box","text":"edemption requests, or other unusual market conditions.","page_number":26,"box":{"x":378,"y":196,"width":415,"height":11}},{"id":"2d6bcbaa-19d3-45e4-99f8-28af5bd97e5e","block_type":"box","text":"However, because Fund shares can be created and redeemed in aggregations of a specified number of shares","page_number":26,"box":{"x":61,"y":227,"width":830,"height":12}},{"id":"82eb37ab-5c89-4285-8cad-c906fbbeb1b2","block_type":"box","text":"(“Creation Units”) at NAV, BFA believes that large discounts or premiums to the Fund’s NAV are not likely to be","page_number":26,"box":{"x":61,"y":242,"width":831,"height":12}},{"id":"1112f0aa-1b1a-457c-aa37-f2a275c65d4b","block_type":"box","text":"sustained over the long term (unlike shares of many closed-end funds, which frequently trade at appreciable","page_number":26,"box":{"x":61,"y":258,"width":808,"height":12}},{"id":"57d3f6d0-9748-41f3-8444-b7f17fd467a2","block_type":"box","text":"discounts from, and sometimes at premiums to, their NAVs). While the creation/redemption feature is designed to","page_number":26,"box":{"x":61,"y":273,"width":847,"height":12}},{"id":"3f1b110e-0f8c-4192-a020-108d178cfa4e","block_type":"box","text":"make it more likely that the Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next","page_number":26,"box":{"x":61,"y":289,"width":858,"height":12}},{"id":"337843e6-7574-4349-8985-7f0743216416","block_type":"box","text":"calculated NAV, exchange prices are not expected to correlate exactly with the Fund’s NAV due to timing reasons,","page_number":26,"box":{"x":61,"y":304,"width":854,"height":12}},{"id":"4d723815-4438-4d3f-a2b5-0b1c636ee8f0","block_type":"box","text":"supply and demand imbalances and other factors. In addition, disruptions to creations and redemptions, including","page_number":26,"box":{"x":61,"y":320,"width":847,"height":12}},{"id":"74b9a0b1-5756-4982-ad41-1fedc0f66efc","block_type":"box","text":"disruptions at market makers, Authorized Participants, or other market participants, and during periods of significant","page_number":26,"box":{"x":61,"y":335,"width":864,"height":12}},{"id":"1104ed91-0561-4cd7-92f4-86c537ba6241","block_type":"box","text":"market volatility, may result in trading prices for shares of the Fund that differ significantly from its NAV. Authorized","page_number":26,"box":{"x":61,"y":351,"width":856,"height":12}},{"id":"ebd2a59d-6e36-4651-a1cd-6251990bf896","block_type":"box","text":"Participants may be less willing to create or redeem the Fund’s shares if there is a lack of an active market for such","page_number":26,"box":{"x":61,"y":366,"width":860,"height":12}},{"id":"04595002-b805-46e4-bd04-e541fc650e40","block_type":"box","text":"shares or the Fund’s underlying investments, which may contribute to the Fund’s shares trading at a premium or","page_number":26,"box":{"x":61,"y":382,"width":838,"height":12}},{"id":"37c67d52-c823-4e8f-a1c5-a906a3b028a9","block_type":"box","text":"discount to NAV.","page_number":26,"box":{"x":61,"y":397,"width":129,"height":10}},{"id":"20705ab9-2869-48cb-943f-eacc0cf289db","block_type":"box","text":"Costs of Buying or Selling Fund Shares","page_number":26,"box":{"x":62,"y":428,"width":279,"height":12}},{"id":"3c9739cc-6e16-4c45-8b02-0917e5b951ba","block_type":"box","text":"s — Buying or selling Fund shares on an exchange involves two types of costs that","page_number":26,"box":{"x":341,"y":428,"width":587,"height":12}},{"id":"5eddb689-ac5f-4238-a482-15e1e51f4327","block_type":"box","text":"apply to all securities transactions. When buying or selling","page_number":26,"box":{"x":61,"y":444,"width":415,"height":12}},{"id":"95f89185-d15e-4a74-a4d7-04978130eac7","block_type":"box","text":"Fund shares through a broker, you will likely incur a brokerage","page_number":26,"box":{"x":477,"y":444,"width":446,"height":12}},{"id":"f0187402-225b-44c1-a098-126b486f1a9e","block_type":"box","text":"commission and other charges. In addition, you may incur the co","page_number":26,"box":{"x":61,"y":459,"width":459,"height":12}},{"id":"f9e06ba7-5f54-404d-aca2-b6e454092b63","block_type":"box","text":"st of the “spread,” which is the difference between what","page_number":26,"box":{"x":520,"y":459,"width":398,"height":12}},{"id":"0d95ce97-0ab0-4189-b310-2696a6d05183","block_type":"box","text":"investors are willing to pay for Fund shares (the “bid” price)","page_number":26,"box":{"x":61,"y":475,"width":422,"height":12}},{"id":"16cdb3dd-8f06-4695-b2e0-1e7ad41e86a1","block_type":"box","text":"and the price at which they are willing to sell Fund shares (the","page_number":26,"box":{"x":483,"y":475,"width":438,"height":12}},{"id":"4ab2f30d-5c76-463f-a40a-bdbd8d628ec0","block_type":"box","text":"“ask” price). The spread varies over time for Fund shares","page_number":26,"box":{"x":61,"y":490,"width":410,"height":12}},{"id":"1e82e1c6-a39d-460b-9523-e2c974e52102","block_type":"box","text":"based on trading volume and market liquidity. It is generally","page_number":26,"box":{"x":471,"y":490,"width":426,"height":12}},{"id":"6690e1c9-5beb-4569-88e0-9fa12276e22f","block_type":"box","text":"narrower if the Fund has more trading volume and market","page_number":26,"box":{"x":61,"y":506,"width":415,"height":12}},{"id":"2e2f69ad-b78d-4419-a4cc-69d5dbf39735","block_type":"box","text":"liquidity and wider if the Fund has less trading volume and","page_number":26,"box":{"x":477,"y":506,"width":416,"height":12}},{"id":"f31e7815-8cc2-4413-b9f1-df5ee5af8dcb","block_type":"box","text":"market liquidity. Increased market volatility also may caus","page_number":26,"box":{"x":61,"y":521,"width":408,"height":12}},{"id":"ddbf7867-6faa-444e-82a1-ff54779a4c5a","block_type":"box","text":"e wider spreads. In addition, t","page_number":26,"box":{"x":469,"y":521,"width":210,"height":12}},{"id":"6a009d9f-b468-47ea-b724-14afd17f3b6d","block_type":"box","text":"here may be regulatory and other","page_number":26,"box":{"x":679,"y":521,"width":242,"height":12}},{"id":"f5d171db-d774-4f6b-8cc1-07de44ad4383","block_type":"box","text":"charges that are incurred as a result of trading activity.","page_number":26,"box":{"x":61,"y":537,"width":390,"height":12}},{"id":"b325f86f-27d7-457c-b9ff-54ac072af7b3","block_type":"box","text":"Because of the costs inherent in buying or selling Fund shares,","page_number":26,"box":{"x":452,"y":537,"width":451,"height":12}},{"id":"c97def32-fb43-4dcf-a375-dd94b32a7d2c","block_type":"box","text":"frequent trading may detract significantly from investment re","page_number":26,"box":{"x":60,"y":552,"width":426,"height":12}},{"id":"024a4637-d9a2-4752-a294-863c4f6da62a","block_type":"box","text":"sults, and an investment in Fund shares may not be advisable","page_number":26,"box":{"x":487,"y":552,"width":445,"height":12}},{"id":"d2ea6183-aebc-412d-b9b1-ad68483f2d0e","block_type":"box","text":"for investors who anticipate regularly making","page_number":26,"box":{"x":60,"y":568,"width":322,"height":12}},{"id":"4495bff6-958b-424b-9973-3f4f9ea0742b","block_type":"box","text":"small investments through a brokerage account.","page_number":26,"box":{"x":382,"y":568,"width":347,"height":12}},{"id":"472357d2-d46f-4874-a25d-ebcb9d55e598","block_type":"box","text":"Mid Cap Securities Risk","page_number":26,"box":{"x":61,"y":599,"width":191,"height":12}},{"id":"090ddce6-9c74-4f2e-8e46-02cabd3d0263","block_type":"box","text":"k — The securities of mid cap companies generally trade in lower volumes and are generally","page_number":26,"box":{"x":251,"y":599,"width":685,"height":12}},{"id":"f7d0e099-635e-47fb-b963-b4b6841bdfff","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":26,"box":{"x":61,"y":614,"width":798,"height":12}},{"id":"2ca3b492-bfe0-4ef8-8c11-44fdcf2028d1","block_type":"box","text":"Model Risk —","page_number":26,"box":{"x":61,"y":645,"width":93,"height":10}},{"id":"14c126a8-450b-4cde-81a5-ac2151bd246c","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":26,"box":{"x":154,"y":645,"width":733,"height":12}},{"id":"86d939a5-84c4-4996-8e56-c82cfba408a6","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to the","page_number":26,"box":{"x":61,"y":661,"width":867,"height":12}},{"id":"9781ef61-7bd2-4080-b722-2b0e8e08a112","block_type":"box","text":"factors incorporated into the models and the weighting of each factor, as well as the level and scope of changes from","page_number":26,"box":{"x":60,"y":676,"width":868,"height":12}},{"id":"f69589ed-4e80-41e3-9bb2-0f99c7ba4e3f","block_type":"box","text":"historical trends. In addition, issues in the construction and implementation of the models, including software or","page_number":26,"box":{"x":61,"y":692,"width":824,"height":12}},{"id":"e7febcc5-380e-464f-903b-2ed59d07c3be","block_type":"box","text":"hardware malfunction, power loss, software bugs, malicious code, viruses, system crashes and other technological","page_number":26,"box":{"x":61,"y":707,"width":851,"height":12}},{"id":"7734df4d-75b3-4d78-afd6-9d8df742a376","block_type":"box","text":"failures or various other events or circumstances within or beyond the control of BFA, may adversely impact the Fund.","page_number":26,"box":{"x":60,"y":723,"width":876,"height":12}},{"id":"ad70047d-c356-440f-9b25-31d8ad015b9b","block_type":"box","text":"There is no guarantee that BFA’s use of these models will result in effective investment decisions for the Fund.","page_number":26,"box":{"x":60,"y":738,"width":821,"height":12}},{"id":"33037d28-735c-41df-8550-a8a671260cc7","block_type":"box","text":"Some of the models used by BFA rely on historical data and may not accurately predict future market movements.","page_number":26,"box":{"x":61,"y":769,"width":847,"height":12}},{"id":"e2c8c374-5ee6-4aba-ab93-4d09e388d20d","block_type":"box","text":"The Fund bears the risk that the models used by BFA will not be successful in forecasting movements in the market","page_number":26,"box":{"x":60,"y":785,"width":860,"height":12}},{"id":"fc1eb3bb-129c-4f20-9222-a0d71c76eeaa","block_type":"box","text":"or in determining the size, direction, and/or weighting of investment positions that will enable the Fund to achieve its","page_number":26,"box":{"x":61,"y":800,"width":858,"height":12}},{"id":"3aaf01f0-e4ca-490a-a9a7-7d17ca02b8d2","block_type":"box","text":"investment objective. In addition, the models may not be reliable in the event of unusual or disruptive events that","page_number":26,"box":{"x":61,"y":816,"width":835,"height":12}},{"id":"b341479a-19ac-446a-8d5b-e47cb66af81e","block_type":"box","text":"cause market movements, which may be inconsistent with the historical performance of individual markets. In such","page_number":26,"box":{"x":61,"y":831,"width":857,"height":12}},{"id":"e7ed8f18-1582-4a46-8f1c-f91b4fa20ed1","block_type":"box","text":"instances, the models may produce unexpected results, which can result in losses for the Fund. Furthermore,","page_number":26,"box":{"x":61,"y":847,"width":817,"height":12}},{"id":"043cfb29-8ed5-421b-988c-60f8282bf0bd","block_type":"box","text":"because predictive models may be constructed based on data supplied by third parties, the success of relying on","page_number":26,"box":{"x":61,"y":862,"width":843,"height":12}},{"id":"cbf1cf2e-ceea-4414-99b8-87ab3d8c7b59","block_type":"box","text":"such models may depend heavily on the accuracy and reliability of such data.","page_number":26,"box":{"x":61,"y":878,"width":580,"height":12}},{"id":"12c4b251-1e20-4c6e-a896-04c35b26660c","block_type":"box","text":"11","page_number":26,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"c40d66ca-e6c3-4c96-ae16-a0de04a8a01e","block_type":"box","text":"NM1026U-6030751-26/43","page_number":26,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"4ac0cadf-351b-46b5-87cb-fe16b727fa0f","block_type":"box","text":"Money Market Securities Risk","page_number":27,"box":{"x":61,"y":40,"width":238,"height":13}},{"id":"2a59464a-bc46-4645-8f19-b787a5917c7b","block_type":"box","text":"k — If market conditions improve while the Fund has invested some or all of its assets","page_number":27,"box":{"x":298,"y":40,"width":635,"height":12}},{"id":"c0747078-cf9b-4450-bed9-10c3d3cb87c2","block_type":"box","text":"in high quality money market securities, this strategy could result in reducing the potential gain from the market","page_number":27,"box":{"x":61,"y":56,"width":827,"height":12}},{"id":"874ff9d9-d78f-42ce-abb9-aa877a0346c2","block_type":"box","text":"upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":27,"box":{"x":61,"y":72,"width":612,"height":12}},{"id":"3b2f29c4-5a22-427e-a402-ea23263059f3","block_type":"box","text":"Risk of Investing in the United States","page_number":27,"box":{"x":61,"y":100,"width":296,"height":12}},{"id":"6556e951-a8dd-4cf7-8c06-cc9dfd27695a","block_type":"box","text":"— A decrease in imports or exports, changes in trade regulations, inflation","page_number":27,"box":{"x":357,"y":100,"width":561,"height":12}},{"id":"cc77102f-4ea5-44b0-b23e-2a895dc2e568","block_type":"box","text":"and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the","page_number":27,"box":{"x":61,"y":115,"width":870,"height":12}},{"id":"307ace2f-c233-4cbb-8fbc-0b0cfe19dc23","block_type":"box","text":"securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States are","page_number":27,"box":{"x":61,"y":131,"width":853,"height":12}},{"id":"44cb45e4-c0eb-49a2-a399-6c59d04d9818","block_type":"box","text":"changing many aspects of financial, commercial, public health, environmental, and other regulation and may have a","page_number":27,"box":{"x":61,"y":146,"width":864,"height":12}},{"id":"7395097d-1e50-400a-8bd1-8e912e2d1edd","block_type":"box","text":"significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies","page_number":27,"box":{"x":61,"y":162,"width":840,"height":12}},{"id":"ddadf8d3-2382-4770-ba3b-f44ee33e0478","block_type":"box","text":"project that the United States will continue to maintain elevated public debt levels for the foreseeable future. Although","page_number":27,"box":{"x":61,"y":177,"width":875,"height":12}},{"id":"b391dd93-b230-430f-b5f0-88082e869b63","block_type":"box","text":"elevated debt levels do not necessarily indicate or cause economic problems, elevated public debt service costs may","page_number":27,"box":{"x":61,"y":193,"width":873,"height":12}},{"id":"d72873ed-a7b7-4d15-92db-0857678d9201","block_type":"box","text":"constrain future economic growth.","page_number":27,"box":{"x":61,"y":208,"width":256,"height":12}},{"id":"4b452de7-60e3-41ae-a05d-036c7de651b4","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":27,"box":{"x":60,"y":237,"width":860,"height":12}},{"id":"d76b7129-c6ac-43ce-b90c-39af6efa6800","block_type":"box","text":"certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United","page_number":27,"box":{"x":61,"y":252,"width":870,"height":12}},{"id":"f42758e5-57f4-40ba-8afa-8bd94fc90e49","block_type":"box","text":"States for trade. The United States has also experienced increased internal political discord, as well as significant","page_number":27,"box":{"x":61,"y":268,"width":847,"height":12}},{"id":"0d4985b9-a443-4ea1-a4a5-5c9c83b5d43f","block_type":"box","text":"challenges in managing and containing the outbreak of COVID-19. If these trends were to continue, it may have an","page_number":27,"box":{"x":61,"y":283,"width":857,"height":12}},{"id":"e26c29fa-35bb-44f6-b9ae-9b492b4e2438","block_type":"box","text":"adverse impact on the U.S. economy and the issuers in which the Fund invests.","page_number":27,"box":{"x":61,"y":299,"width":597,"height":12}},{"id":"9bf65f8e-93e3-42ea-b60d-8ed136ccedad","block_type":"box","text":"Non-Diversification Risk","page_number":27,"box":{"x":61,"y":327,"width":195,"height":10}},{"id":"639a0aac-9c9f-4b92-8eae-2f399ec6c43f","block_type":"box","text":"k — The Fund is a non-diversified fund. Because the Fund may invest in securities of a","page_number":27,"box":{"x":255,"y":327,"width":643,"height":12}},{"id":"f164f61e-bc0e-477f-b7d6-0318be5746c2","block_type":"box","text":"smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an","page_number":27,"box":{"x":61,"y":343,"width":826,"height":12}},{"id":"c02292cb-cd2b-4d16-bc17-e6cec8897524","block_type":"box","text":"individual issuer than a fund that invests more widely.","page_number":27,"box":{"x":61,"y":358,"width":401,"height":12}},{"id":"e65984e0-afd6-46f6-a49c-e992a53f0715","block_type":"box","text":"Short Sales Risk","page_number":27,"box":{"x":61,"y":386,"width":133,"height":10}},{"id":"09a44aba-13ea-4639-ac4a-c885fb31ebbb","block_type":"box","text":"k — Because making short sales in securities that it does not own exposes the Fund to the risks","page_number":27,"box":{"x":193,"y":387,"width":710,"height":12}},{"id":"d763bdc7-736a-48ce-8c32-5c0fca803351","block_type":"box","text":"associated with those securities, such short sales involve speculative exposure risk. The Fund will incur a loss as a","page_number":27,"box":{"x":61,"y":402,"width":858,"height":12}},{"id":"8466950b-ef14-4a9c-b7b6-766183932044","block_type":"box","text":"result of a short sale if the price of the security increases between the date of the short sale and the date on which the","page_number":27,"box":{"x":61,"y":417,"width":880,"height":13}},{"id":"369c23aa-fe72-412c-b366-38052ddf1a91","block_type":"box","text":"Fund replaces the security sold short. The Fund will realize a gain if the security declines in price between those","page_number":27,"box":{"x":61,"y":433,"width":836,"height":12}},{"id":"afd17959-b42f-490d-8068-4d82086ffad7","block_type":"box","text":"dates. As a result, if the Fund makes short sales in securities that increase in value, it will likely underperform similar","page_number":27,"box":{"x":61,"y":448,"width":867,"height":13}},{"id":"04b5f241-83e6-41e5-acf4-2330b7592d99","block_type":"box","text":"funds that do not make short sales in securities they do not own. There can be no assurance that the Fund will be","page_number":27,"box":{"x":60,"y":464,"width":849,"height":12}},{"id":"b7259c13-6fe1-4048-a271-7ec282f3ead3","block_type":"box","text":"able to close out a short sale position at any particular time or at an acceptable price. Although the Fund’s gain is","page_number":27,"box":{"x":61,"y":480,"width":843,"height":12}},{"id":"6590803d-7d72-4815-89b5-fd50576da088","block_type":"box","text":"limited to the amount at which it sold a security short,","page_number":27,"box":{"x":61,"y":495,"width":399,"height":12}},{"id":"ff4dfd0a-5d21-40e6-a52d-340081479ab4","block_type":"box","text":"its potential loss is limited only by the maximum attainable price","page_number":27,"box":{"x":461,"y":495,"width":476,"height":12}},{"id":"3975d3dc-6baa-42d0-922e-895bd50496e3","block_type":"box","text":"of the security, less the price at which the security was sold. Short sale transactions involve leverage because they","page_number":27,"box":{"x":61,"y":511,"width":856,"height":12}},{"id":"e75453c4-94af-4534-9c97-f511faa29a1e","block_type":"box","text":"can provide investment exposure in an amount exceeding the initial investment. The Fund may also pay transaction","page_number":27,"box":{"x":61,"y":526,"width":864,"height":12}},{"id":"7a93a9ca-29c6-413a-b66a-70a8d89e3899","block_type":"box","text":"costs and borrowing fees in connection with short sales.","page_number":27,"box":{"x":61,"y":542,"width":420,"height":12}},{"id":"b20be272-9177-4bca-b01c-4526411081e4","block_type":"box","text":"Subsidiary Risk —","page_number":27,"box":{"x":61,"y":570,"width":130,"height":12}},{"id":"c9571c07-4ea4-4eab-bb52-a71e43379103","block_type":"box","text":"— By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the","page_number":27,"box":{"x":191,"y":570,"width":712,"height":12}},{"id":"09ddcb0e-db53-4736-9b25-ceba30d4461d","block_type":"box","text":"Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those","page_number":27,"box":{"x":61,"y":585,"width":852,"height":12}},{"id":"243547a6-a263-4354-a11e-1657f366bc62","block_type":"box","text":"that are permitted to be held by the Fund and are subject","page_number":27,"box":{"x":60,"y":601,"width":429,"height":12}},{"id":"bcd6f0f5-53cf-440a-b642-92c604c3b638","block_type":"box","text":"to the same risks that apply to similar investments if held","page_number":27,"box":{"x":489,"y":601,"width":426,"height":12}},{"id":"fb817b24-adf7-429a-b45b-e6f6cdae7650","block_type":"box","text":"directly by the Fund. There can be no assurance that the investment objective of the Subsidiary will be achieved. The","page_number":27,"box":{"x":61,"y":616,"width":875,"height":12}},{"id":"9f74afc9-e9fb-4621-8f33-f113b0939e50","block_type":"box","text":"Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in this prospectus, is not","page_number":27,"box":{"x":61,"y":632,"width":880,"height":12}},{"id":"e426622a-3bc1-43e0-bc39-40796618830b","block_type":"box","text":"subject to all the investor protections of the Investment Company Act. However, the Fund wholly owns and controls","page_number":27,"box":{"x":61,"y":647,"width":859,"height":13}},{"id":"cba219c9-5c1e-434a-8ced-d58692aa67f3","block_type":"box","text":"the Subsidiary, and the Fund and the Subsidiary are both managed by BFA, making it unlikely that the Subsidiary will","page_number":27,"box":{"x":60,"y":663,"width":869,"height":12}},{"id":"97564b00-4604-47fd-95d2-a9154bfe66cb","block_type":"box","text":"take action contrary to the interests of the Fund and its shareholders. The Board has oversight responsibility for the","page_number":27,"box":{"x":60,"y":678,"width":855,"height":13}},{"id":"e9f4a2cc-034c-47fc-9f5a-740dc7ad2118","block_type":"box","text":"investment activities of the Fund, including its investment in the Subsidiary, and the Fund’s role as sole shareholder of","page_number":27,"box":{"x":61,"y":694,"width":876,"height":12}},{"id":"b0abb734-1412-4ced-a22c-68e5c6d18173","block_type":"box","text":"the Subsidiary. The Subsidiary is subject to the same investment restrictions and limitations, and follows the same","page_number":27,"box":{"x":60,"y":709,"width":847,"height":13}},{"id":"f8d850bb-08b7-4a52-836e-f18c5835f90c","block_type":"box","text":"compliance policies and procedures, as the Fund, except that the Subsidiary may invest without limitation in","page_number":27,"box":{"x":61,"y":725,"width":799,"height":12}},{"id":"cd3da12e-67ba-4fc6-bd9f-218f734f3b84","block_type":"box","text":"commodity-related instruments. Changes in the laws of the United States and/or the Cayman Islands could result in","page_number":27,"box":{"x":61,"y":740,"width":856,"height":13}},{"id":"60c5fd4d-9402-45af-b6f6-8b177b83b614","block_type":"box","text":"the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and could","page_number":27,"box":{"x":60,"y":756,"width":823,"height":12}},{"id":"e0410c86-a40a-4492-942f-e4c2928003cf","block_type":"box","text":"adversely affect the Fund.","page_number":27,"box":{"x":61,"y":771,"width":191,"height":13}},{"id":"e05f1d48-3acb-4bfe-9b51-7c79d8865925","block_type":"box","text":"Tax Risk","page_number":27,"box":{"x":62,"y":800,"width":68,"height":9}},{"id":"d0c0c53b-b0e5-4332-9231-6b18fd07d01f","block_type":"box","text":"— The Fund invests in commodity-related instruments indirectly through the Subsidiary because income","page_number":27,"box":{"x":134,"y":800,"width":774,"height":12}},{"id":"bf9d9c4a-e544-411e-8527-a6631807c0dc","block_type":"box","text":"from these investments, if made directly, might not be treated as “qualifying income” for purposes of the Fund","page_number":27,"box":{"x":60,"y":815,"width":812,"height":12}},{"id":"5364d1d1-2fd9-4db3-8448-81aa1ef7669c","block_type":"box","text":"qualifying as a regulated investment company for U.S. federal income tax purposes. Based on final regulations issued","page_number":27,"box":{"x":61,"y":831,"width":880,"height":12}},{"id":"beaba40e-44f5-40f3-af27-056e0c5cdec8","block_type":"box","text":"by the IRS on which taxpayers may rely for taxable years beginning after September 28, 2016, the Fund expects its","page_number":27,"box":{"x":61,"y":846,"width":862,"height":12}},{"id":"40dff965-4195-45e9-b3d2-58525f599b6e","block_type":"box","text":"income with respect to the Subsidiary to be qualifying income. In the future, if the IRS issues new regulations or other","page_number":27,"box":{"x":61,"y":862,"width":875,"height":12}},{"id":"989058cc-21e1-4da5-9a7b-e865f6750834","block_type":"box","text":"guidance, or Congress enacts legislation, limiting the circumstances in which the Fund’s income with respect to the","page_number":27,"box":{"x":61,"y":877,"width":858,"height":12}},{"id":"46ada354-27ef-495e-9fd1-22dd422a5990","block_type":"box","text":"Subsidiary will be considered “qualifying income,” the Fund might be required to make changes to its operations,","page_number":27,"box":{"x":61,"y":893,"width":839,"height":12}},{"id":"6dff78a6-51bc-4f9f-aec3-67fed93c03cf","block_type":"box","text":"which could reduce the Fund’s ability to gain investment exposure to commodities. Fund shareholders could also","page_number":27,"box":{"x":60,"y":908,"width":838,"height":12}},{"id":"ccd6a1c6-79de-4ffb-b180-b70775118bfd","block_type":"box","text":"experience adverse tax consequences in such circumstances.","page_number":27,"box":{"x":61,"y":924,"width":460,"height":12}},{"id":"fbd890f1-90ba-48d1-ad94-611306e1d627","block_type":"box","text":"12","page_number":27,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"6d904071-cdc0-45de-9fb5-47451d20a13b","block_type":"box","text":"NM1026U-6030751-27/43","page_number":27,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"1f68ca4e-26fc-4155-8dec-0dcd2615b216","block_type":"box","text":"Treasury Obligations Risk","page_number":28,"box":{"x":62,"y":40,"width":208,"height":13}},{"id":"85ae9a7b-a4fc-4d55-b85b-c58426dc1579","block_type":"box","text":"k — Direct obligations of the U.S. Treasury have historically involved little risk of loss of","page_number":28,"box":{"x":269,"y":40,"width":643,"height":13}},{"id":"3872032e-2ee7-4c62-a6cb-cc378d9b52cf","block_type":"box","text":"principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may","page_number":28,"box":{"x":61,"y":56,"width":846,"height":12}},{"id":"2db2e4fb-6c70-4837-a4db-c75df2645cb7","block_type":"box","text":"vary during the period shareholders own shares of the Fund. In addition, notwithstanding that U.S. Treasury","page_number":28,"box":{"x":60,"y":71,"width":805,"height":13}},{"id":"5d3d6889-5a1c-497c-b469-86786af7383c","block_type":"box","text":"obligations are backed by the full faith and credit of the United States, circumstances could arise that could prevent","page_number":28,"box":{"x":61,"y":87,"width":858,"height":12}},{"id":"e796f4f3-78eb-4d04-82d1-5080aa85eadc","block_type":"box","text":"the timely payment of interest or principal, such as reaching the legislative “debt ceiling.” Such non-payment could","page_number":28,"box":{"x":60,"y":102,"width":852,"height":13}},{"id":"550cd361-ee8b-4edf-976a-06fe2d75ff97","block_type":"box","text":"result in losses to the Fund and substantial negative consequences for the U.S. economy and the global financial","page_number":28,"box":{"x":61,"y":118,"width":844,"height":12}},{"id":"8c2002fd-1e03-4e50-b3cc-d62fcdfc0a56","block_type":"box","text":"system.","page_number":28,"box":{"x":61,"y":134,"width":62,"height":12}},{"id":"5e81837d-b892-47b6-a199-550878b6697d","block_type":"box","text":"A Further Discussion of Other Risks","page_number":28,"box":{"x":60,"y":171,"width":354,"height":12}},{"id":"2221ee78-4141-4f0e-80fd-5c0091f33c70","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":28,"box":{"x":60,"y":194,"width":842,"height":12}},{"id":"126584dc-2bcf-47e4-948b-7988ae9a8bfa","block_type":"box","text":"strategies.","page_number":28,"box":{"x":61,"y":210,"width":81,"height":12}},{"id":"7926d835-23d4-41ac-9e6a-187ee406e472","block_type":"box","text":"Borrowing Risk —","page_number":28,"box":{"x":61,"y":241,"width":128,"height":12}},{"id":"a5099403-a92d-4d3b-b5c9-6b9320943299","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":28,"box":{"x":189,"y":241,"width":727,"height":12}},{"id":"8210d5ca-3bee-4d05-ba2e-aa7e95f88b95","block_type":"box","text":"the Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may reduce","page_number":28,"box":{"x":60,"y":256,"width":881,"height":12}},{"id":"e661f742-0360-4608-b667-c71a4dfeffe0","block_type":"box","text":"the Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to do so to","page_number":28,"box":{"x":60,"y":272,"width":871,"height":12}},{"id":"e225fa5d-679e-451d-ae26-621e3870ef73","block_type":"box","text":"satisfy its obligations.","page_number":28,"box":{"x":61,"y":287,"width":163,"height":12}},{"id":"a9a889db-258c-4ab3-8cde-f2dd596dd5ba","block_type":"box","text":"Emerging Markets Risk","page_number":28,"box":{"x":61,"y":318,"width":186,"height":12}},{"id":"47b8aec5-84e9-4dfb-88ab-3a1b9e9fd2c1","block_type":"box","text":"k — The risks of foreign investments are usually much greater for emerging markets.","page_number":28,"box":{"x":246,"y":318,"width":627,"height":12}},{"id":"fd3cad82-72d4-4d38-b389-0d939253d0f3","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":28,"box":{"x":62,"y":334,"width":864,"height":12}},{"id":"3fa93cf9-4e1f-4c76-87fb-fdd52a64d4c7","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":28,"box":{"x":61,"y":349,"width":864,"height":12}},{"id":"0ba3d4f1-bf57-4917-b698-a99507da8ac2","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":28,"box":{"x":61,"y":365,"width":859,"height":12}},{"id":"02d7e507-b938-42b9-b22c-1f2ecfcdd58c","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":28,"box":{"x":60,"y":380,"width":846,"height":12}},{"id":"27f76d01-464d-40ad-8b56-a36d63e9e24f","block_type":"box","text":"returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than","page_number":28,"box":{"x":61,"y":396,"width":861,"height":12}},{"id":"9aeb1edb-aeed-4c4b-80d7-2325c6bcd733","block_type":"box","text":"developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price","page_number":28,"box":{"x":61,"y":411,"width":862,"height":12}},{"id":"f137843b-ca6b-4199-a693-4434028d3078","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large","page_number":28,"box":{"x":61,"y":427,"width":880,"height":12}},{"id":"2a99b68c-897e-40f6-89d3-793248cc2d42","block_type":"box","text":"investors. In addition, traditional measures of investment value used in the United States, such as price to earnings","page_number":28,"box":{"x":61,"y":442,"width":858,"height":12}},{"id":"1b271990-7548-44de-80be-18694d2073ab","block_type":"box","text":"ratios, may not apply to certain small markets. Also, there may be less publicly available information about issuers in","page_number":28,"box":{"x":61,"y":458,"width":868,"height":12}},{"id":"fc698c06-1a2e-47c6-987f-e6e0d44f91cf","block_type":"box","text":"emerging markets than would be available about issuers in more developed capital markets, and such issuers may","page_number":28,"box":{"x":61,"y":473,"width":857,"height":12}},{"id":"863e2aa7-f89c-4ea8-b162-a6be913340c1","block_type":"box","text":"not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to","page_number":28,"box":{"x":61,"y":489,"width":842,"height":12}},{"id":"df822c1e-6adb-444c-90e2-84f2b8ba1fa5","block_type":"box","text":"which U.S. companies are subject.","page_number":28,"box":{"x":60,"y":504,"width":263,"height":12}},{"id":"d3f2e138-accb-4c0f-aeae-b15596b37b46","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":28,"box":{"x":61,"y":535,"width":809,"height":12}},{"id":"793ba144-221d-4ab9-a9a7-12136bb72cfe","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment","page_number":28,"box":{"x":61,"y":551,"width":867,"height":12}},{"id":"ec29085e-ad13-434c-b161-53de65c32826","block_type":"box","text":"than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation","page_number":28,"box":{"x":60,"y":566,"width":878,"height":12}},{"id":"02da5e4a-f34a-4a70-b11f-965a535b6fa6","block_type":"box","text":"or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial","page_number":28,"box":{"x":61,"y":582,"width":839,"height":12}},{"id":"6a4567b9-a09c-4f67-898a-d2d3c97c9003","block_type":"box","text":"amounts of private property, and most claims of the property owners have never been fully settled. There is no","page_number":28,"box":{"x":61,"y":597,"width":825,"height":12}},{"id":"ad04b6c4-fee5-4160-b7bc-ceb1be8bec67","block_type":"box","text":"assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire","page_number":28,"box":{"x":61,"y":613,"width":875,"height":12}},{"id":"2290dcc6-cc4d-4573-936f-bbe8534791c4","block_type":"box","text":"value of its investments in the affected market. Some countries have pervasive corruption and crime that may hinder","page_number":28,"box":{"x":60,"y":628,"width":870,"height":12}},{"id":"b1cb8234-c208-4c61-89f1-db1e37514eea","block_type":"box","text":"investments. Certain emerging markets may also face other significant internal or external risks, including the risk of","page_number":28,"box":{"x":61,"y":644,"width":865,"height":12}},{"id":"b649194d-291c-44bc-a83b-4eb9997fb88c","block_type":"box","text":"war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate","page_number":28,"box":{"x":60,"y":659,"width":878,"height":12}},{"id":"f1bf6693-3dae-4f80-aadf-e54208afd6a3","block_type":"box","text":"to a significant degree in their economies and securities markets, which may impair investment and economic growth.","page_number":28,"box":{"x":60,"y":675,"width":873,"height":12}},{"id":"e8be845d-06af-485b-ad94-a10f1e965132","block_type":"box","text":"National policies that may limit the Fund’s investment opportunities include restrictions on investment in issuers or","page_number":28,"box":{"x":61,"y":691,"width":845,"height":11}},{"id":"295683b9-e4ec-40be-a277-f603dcae9562","block_type":"box","text":"industries deemed sensitive to national interests.","page_number":28,"box":{"x":61,"y":706,"width":361,"height":9}},{"id":"297967c0-95bf-415b-b91a-493e91e3f0cf","block_type":"box","text":"There could be additional impacts on the value of the Fund as a result of sustainability risks which may affect these","page_number":28,"box":{"x":60,"y":737,"width":855,"height":12}},{"id":"65bcaab6-3547-46fe-a8b0-2255b47bbf04","block_type":"box","text":"markets, in particular those caused by environmental changes related to climate change, social issues (including","page_number":28,"box":{"x":61,"y":752,"width":834,"height":12}},{"id":"54749b42-2f15-417a-b08a-87db6502620d","block_type":"box","text":"relating to labor rights) and governance risk (including but not limited to risks around board independence, ownership","page_number":28,"box":{"x":61,"y":768,"width":868,"height":12}},{"id":"d07ef2e3-392c-424a-a245-c5212eacb17f","block_type":"box","text":"and control, or audit and tax management). Additionally, disclosures or third-party data coverage associated with","page_number":28,"box":{"x":61,"y":783,"width":836,"height":12}},{"id":"d8d98d0a-1202-4510-a212-aae4ec422337","block_type":"box","text":"sustainability risks is generally less available or transparent in these markets.","page_number":28,"box":{"x":61,"y":799,"width":571,"height":12}},{"id":"7bd7bf39-a4e5-4fde-ac77-f9f4233fd04b","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":28,"box":{"x":61,"y":830,"width":824,"height":12}},{"id":"948b9a57-b706-40a6-9361-8f964103efe2","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":28,"box":{"x":61,"y":845,"width":791,"height":12}},{"id":"9bc5a047-d9ac-4c16-8f61-5fa7bcef164a","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":28,"box":{"x":61,"y":861,"width":842,"height":12}},{"id":"2b393b4b-f35b-4bbf-9ba1-15c7b62b1034","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":28,"box":{"x":61,"y":876,"width":835,"height":13}},{"id":"d587af19-98fd-415d-8609-2744f036f2aa","block_type":"box","text":"markets do not have income tax treaties with the United States, and as a result, investments by the Fund may be","page_number":28,"box":{"x":61,"y":892,"width":844,"height":12}},{"id":"9f6f5690-71c7-4bf4-9adb-40b738473e20","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may impose","page_number":28,"box":{"x":61,"y":908,"width":872,"height":12}},{"id":"9cb0f9b7-9b93-4f17-a9a8-5340aa667674","block_type":"box","text":"differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S. exchanges may","page_number":28,"box":{"x":61,"y":923,"width":861,"height":12}},{"id":"a6dfd098-6ac5-4f7d-ac67-fdde19ee7b95","block_type":"box","text":"13","page_number":28,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"367f24c5-6995-4344-8786-cb69cca8baa3","block_type":"box","text":"NM1026U-6030751-28/43","page_number":28,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"f0ce3814-4fa3-4cf9-80d7-cf011ac99e48","block_type":"box","text":"be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which may significantly","page_number":29,"box":{"x":61,"y":40,"width":876,"height":13}},{"id":"093e4532-8bbf-40b6-a613-052c90c4bfbe","block_type":"box","text":"decrease the liquidity and value of the securities.","page_number":29,"box":{"x":61,"y":56,"width":367,"height":12}},{"id":"e6811804-7773-41b6-9389-2381262a85d0","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":29,"box":{"x":61,"y":87,"width":848,"height":12}},{"id":"b4c861f4-0df4-432f-8a10-3c4122477ca6","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":29,"box":{"x":61,"y":103,"width":797,"height":11}},{"id":"70b9f40d-1431-4fd7-9e86-7e816f51c171","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":29,"box":{"x":61,"y":118,"width":833,"height":12}},{"id":"fe8e2f68-23e9-4b6c-b42a-2ad257d4862b","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":29,"box":{"x":61,"y":134,"width":859,"height":12}},{"id":"d07f82b0-d131-4f68-8dda-d6c5cb9df3ae","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":29,"box":{"x":61,"y":149,"width":859,"height":12}},{"id":"cef0f434-def8-4fe5-af58-6d0ce5a54b42","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":29,"box":{"x":61,"y":165,"width":849,"height":12}},{"id":"57316554-442e-47ff-ac70-1f00b94cb1c5","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":29,"box":{"x":61,"y":180,"width":856,"height":12}},{"id":"56b8038d-24e0-49a6-ad11-14a6cc757456","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":29,"box":{"x":60,"y":196,"width":476,"height":12}},{"id":"3fb395af-83b6-4379-a532-1bb67457d9d9","block_type":"box","text":"Expense Risk","page_number":29,"box":{"x":61,"y":227,"width":109,"height":11}},{"id":"b9296400-c234-46c1-992f-61378c431924","block_type":"box","text":"k — Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":29,"box":{"x":169,"y":227,"width":747,"height":12}},{"id":"49da91a7-897e-47a1-a020-83f180277c3e","block_type":"box","text":"Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s","page_number":29,"box":{"x":60,"y":242,"width":872,"height":12}},{"id":"384db43d-2897-4664-a240-3802bbc62b0b","block_type":"box","text":"net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of","page_number":29,"box":{"x":61,"y":258,"width":851,"height":12}},{"id":"3a795966-d322-4aff-889d-9b6299e3d763","block_type":"box","text":"Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be","page_number":29,"box":{"x":61,"y":273,"width":821,"height":12}},{"id":"412d8a19-7a3a-4d5b-b32a-205ebb918407","block_type":"box","text":"significant.","page_number":29,"box":{"x":61,"y":289,"width":83,"height":12}},{"id":"ba8e3626-fa62-4a8a-8c85-3fd4b68bab3f","block_type":"box","text":"Illiquid Investments Risk","page_number":29,"box":{"x":61,"y":320,"width":198,"height":12}},{"id":"211f1924-7b7d-4e85-999e-bf0be90b059c","block_type":"box","text":"k — The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":29,"box":{"x":258,"y":320,"width":664,"height":12}},{"id":"3fcf9aa5-af77-4089-8176-5c07195d9d86","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":29,"box":{"x":60,"y":335,"width":849,"height":12}},{"id":"90c27b75-b4a6-446b-978e-ea4d9619baff","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold","page_number":29,"box":{"x":61,"y":351,"width":453,"height":12}},{"id":"ee55afbe-ddab-467a-a35c-69bbf78ae9b7","block_type":"box","text":"or disposed of in current market conditions in seven","page_number":29,"box":{"x":515,"y":351,"width":388,"height":12}},{"id":"4c07271c-d2ad-40e7-8874-1a3c78017865","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. The","page_number":29,"box":{"x":61,"y":366,"width":853,"height":12}},{"id":"e3f74753-8041-482f-b60d-8db18085609f","block_type":"box","text":"Subsidiary will also limit its investment in illiquid investments to 15% of its net assets. In applying the illiquid","page_number":29,"box":{"x":61,"y":382,"width":801,"height":12}},{"id":"5f878d21-e502-4e4d-9d68-45c34b6892f0","block_type":"box","text":"investment restrictions to the Fund, the Fund’s investments in the Subsidiary are considered liquid. Liquid investments","page_number":29,"box":{"x":61,"y":397,"width":881,"height":12}},{"id":"316a3f1e-0389-417d-802d-7b36aab4be4c","block_type":"box","text":"may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can be no","page_number":29,"box":{"x":61,"y":413,"width":822,"height":12}},{"id":"3652bf66-0785-4bd6-98c0-fafbc3d3f6c1","block_type":"box","text":"assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for as","page_number":29,"box":{"x":61,"y":428,"width":852,"height":12}},{"id":"f91e7c2d-5859-4638-8630-088dbada9265","block_type":"box","text":"long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":29,"box":{"x":61,"y":444,"width":869,"height":12}},{"id":"1ed54ef4-5802-426e-9577-f7e847a57b3a","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may reduce the returns of","page_number":29,"box":{"x":61,"y":459,"width":869,"height":12}},{"id":"a983fe6e-dccd-48d0-9e23-9a7ab1c66105","block_type":"box","text":"the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if the","page_number":29,"box":{"x":60,"y":475,"width":875,"height":12}},{"id":"7550fbd8-adeb-443c-b19f-345387098bd3","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":29,"box":{"x":61,"y":490,"width":836,"height":12}},{"id":"58426397-8fc2-4f09-94f4-f91645d23a6f","block_type":"box","text":"selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to sell liquid securities to meet","page_number":29,"box":{"x":61,"y":506,"width":830,"height":12}},{"id":"f1fdc769-679b-4be4-a8a4-50ba31c52c14","block_type":"box","text":"redemption requests and illiquid securities will become a larger portion of the Fund’s holdings. An investment may be","page_number":29,"box":{"x":61,"y":521,"width":873,"height":12}},{"id":"d592e188-d6a1-4638-add0-61a351756396","block_type":"box","text":"illiquid due to, among other things, the reduced number and capacity of traditional market participants to make a","page_number":29,"box":{"x":61,"y":537,"width":837,"height":12}},{"id":"749be34c-da13-42d5-9925-74098f0aa875","block_type":"box","text":"market in fixed-income securities or the lack of an active trading market. To the extent that the Fund’s principal","page_number":29,"box":{"x":61,"y":552,"width":826,"height":12}},{"id":"3504ae82-ded2-4f2f-b9a6-75c971684242","block_type":"box","text":"investment strategies involve derivatives or securities with substantial market and/or credit risk, the Fund will tend to","page_number":29,"box":{"x":61,"y":568,"width":866,"height":12}},{"id":"3e811da6-70bd-4f26-8e46-a4c9edfed4b0","block_type":"box","text":"have greater exposure to the risks associated with illiquid investments. Illiquid investments may be harder to value,","page_number":29,"box":{"x":61,"y":583,"width":857,"height":12}},{"id":"2dbef109-c084-4a33-a568-68802617864e","block_type":"box","text":"especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for","page_number":29,"box":{"x":61,"y":599,"width":875,"height":12}},{"id":"73952bdb-437d-456d-8361-931b17bfa96e","block_type":"box","text":"other cash needs, the Fund may suffer a loss. This may be magnified in a rising interest rate environment or other","page_number":29,"box":{"x":61,"y":614,"width":850,"height":12}},{"id":"1869efb0-f4b7-400e-b65b-c0999f714f04","block_type":"box","text":"circumstances where investor redemptions or sales of Fund shares from fixed-income mutual funds may be higher","page_number":29,"box":{"x":61,"y":630,"width":855,"height":12}},{"id":"4e4b14a6-6ddd-4858-8957-9eb4886ccdac","block_type":"box","text":"than normal. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on","page_number":29,"box":{"x":60,"y":645,"width":851,"height":12}},{"id":"55b7e18d-26fa-45ee-99da-1a7d9161433c","block_type":"box","text":"illiquid investments, may be subject to purchase and sale restrictions. During periods of market volatility, liquidity in","page_number":29,"box":{"x":61,"y":661,"width":850,"height":12}},{"id":"3aeb5eec-8fbc-4200-9389-c7e8e9ed30e3","block_type":"box","text":"the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or","page_number":29,"box":{"x":60,"y":676,"width":819,"height":12}},{"id":"aeaae1a2-bbb6-4eba-a92d-ab954a9719e6","block_type":"box","text":"instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s","page_number":29,"box":{"x":61,"y":692,"width":855,"height":12}},{"id":"7d8ce7b2-1a39-4a23-a3ed-9ac27790397c","block_type":"box","text":"NAV.","page_number":29,"box":{"x":61,"y":707,"width":37,"height":10}},{"id":"91de70ed-7e8e-4a4b-9340-eb3d0a4d1b0a","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":29,"box":{"x":61,"y":738,"width":388,"height":12}},{"id":"197ca5c9-3069-4ce0-a33a-c73cc23d4bd6","block_type":"box","text":"— As with other investments, investments in other investment","page_number":29,"box":{"x":452,"y":738,"width":460,"height":11}},{"id":"36a37057-d844-4dba-ad70-ce077a6e0a29","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":29,"box":{"x":61,"y":754,"width":821,"height":12}},{"id":"b3e324cf-df9e-4594-9d3b-c334e778d20c","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":29,"box":{"x":61,"y":769,"width":846,"height":12}},{"id":"2adbe91c-8d6d-4321-8f1a-601b413aa91f","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":29,"box":{"x":61,"y":785,"width":833,"height":12}},{"id":"3c55e588-c7ba-4b87-9d66-a1dd1f338f61","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":29,"box":{"x":61,"y":800,"width":838,"height":12}},{"id":"5fe7a543-5581-44c4-b098-7aec9b732572","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":29,"box":{"x":60,"y":816,"width":629,"height":12}},{"id":"25fd1a6e-3cc4-4840-8245-3b39e6f2c0f0","block_type":"box","text":"Money Market Securities Risk —","page_number":29,"box":{"x":61,"y":847,"width":242,"height":12}},{"id":"0f6d5d8b-e7f3-4bd6-8f5e-d2ecb6ccb6e3","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its assets","page_number":29,"box":{"x":302,"y":847,"width":631,"height":12}},{"id":"23cd8a17-2a07-4553-a6f2-e3ab13ca488d","block_type":"box","text":"in high quality money market securities, this strategy could result in reducing the potential gain from the market","page_number":29,"box":{"x":61,"y":862,"width":827,"height":12}},{"id":"df3bdc92-afce-4868-a63b-5e18a4b35fdf","block_type":"box","text":"upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":29,"box":{"x":61,"y":878,"width":612,"height":12}},{"id":"3a3933b3-6ca9-4fc0-9ac8-1c793ed65b34","block_type":"box","text":"“New Issues” Risk","page_number":29,"box":{"x":62,"y":909,"width":148,"height":9}},{"id":"3a173f89-1d71-46c7-9226-6d0b4d1c9866","block_type":"box","text":"— “New issues” are initial public offerings (“IPOs”) of equity securities. Investments in companies","page_number":29,"box":{"x":213,"y":909,"width":721,"height":12}},{"id":"a66e637a-b703-4b4f-98b4-028b0efdae52","block_type":"box","text":"that have recently gone public have the potential to produce substantial gains for the Fund. However, there is no","page_number":29,"box":{"x":60,"y":924,"width":834,"height":12}},{"id":"7f4c6a30-51ca-4a28-89f4-fc71787fddba","block_type":"box","text":"14","page_number":29,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"13732d04-0116-4c6a-8e5c-cb6bcd5e82e4","block_type":"box","text":"NM1026U-6030751-29/43","page_number":29,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"193d94e1-173b-498a-9eca-8e21bcf1d657","block_type":"box","text":"assurance that the Fund will have access to profitable IPOs and therefore investors should not rely on these past","page_number":30,"box":{"x":61,"y":40,"width":843,"height":13}},{"id":"43088654-1b8c-416e-afb7-b650e0e893d7","block_type":"box","text":"gains as an indication of future performance. The investment performance of the Fund during periods when it is","page_number":30,"box":{"x":61,"y":56,"width":831,"height":12}},{"id":"3dad1acb-8ee4-4f57-b1a5-eac3b1cba5cf","block_type":"box","text":"unable to invest significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In","page_number":30,"box":{"x":61,"y":71,"width":844,"height":13}},{"id":"cfe7ba1a-189d-4fdc-9ac0-45dc6209d9cd","block_type":"box","text":"addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.","page_number":30,"box":{"x":61,"y":87,"width":823,"height":12}},{"id":"fbf7fc02-49e6-4c84-afb2-3306374cb8d6","block_type":"box","text":"Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller market","page_number":30,"box":{"x":61,"y":102,"width":822,"height":13}},{"id":"032b2b25-a5cd-4d15-875b-58359608cb76","block_type":"box","text":"capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be","page_number":30,"box":{"x":61,"y":118,"width":827,"height":12}},{"id":"7691b2d9-9102-4b11-a7e3-15dfbbe9a29f","block_type":"box","text":"available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may","page_number":30,"box":{"x":61,"y":134,"width":825,"height":12}},{"id":"a2397e23-4b75-43fd-99af-86a5f4450ef5","block_type":"box","text":"decline shortly after the IPO. When an IPO is brought to the market, availability may be limited and the Fund may not","page_number":30,"box":{"x":61,"y":149,"width":872,"height":12}},{"id":"f4cb9546-4331-4c89-bc9e-b42f144eec95","block_type":"box","text":"be able to buy any shares at the offering price, or, if it is","page_number":30,"box":{"x":61,"y":165,"width":418,"height":12}},{"id":"d056574b-7c8a-40b4-8a6a-82d15d7bd5cf","block_type":"box","text":"able to buy shares, it may not be able to buy as many shares","page_number":30,"box":{"x":479,"y":165,"width":458,"height":12}},{"id":"0f3b0fc9-1024-4a67-ab67-c657fd285767","block_type":"box","text":"at the offering price as it would like.","page_number":30,"box":{"x":61,"y":180,"width":267,"height":12}},{"id":"20767612-2845-4788-a403-1e03ea27595f","block_type":"box","text":"Operational and Technology Risks","page_number":30,"box":{"x":62,"y":211,"width":275,"height":12}},{"id":"3d9ac442-658c-4cfb-81ba-f1c4d0c657a8","block_type":"box","text":"s — The Fund and the entities with which it interacts directly or indirectly are","page_number":30,"box":{"x":337,"y":211,"width":563,"height":12}},{"id":"56ded099-fe68-4a8e-a2c4-33d15a906c87","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":30,"box":{"x":61,"y":227,"width":798,"height":12}},{"id":"5fb20c55-6199-49f6-adc5-3e20a938eef8","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":30,"box":{"x":61,"y":242,"width":843,"height":12}},{"id":"5c41b9df-ae60-4689-a988-d7c8c03f0147","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":30,"box":{"x":61,"y":258,"width":856,"height":12}},{"id":"d53b1b16-5f49-4c9e-986b-1eab891df7af","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g., index","page_number":30,"box":{"x":61,"y":273,"width":882,"height":12}},{"id":"658b4aa3-4d62-450b-bddf-3d7f6044ec26","block_type":"box","text":"and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":30,"box":{"x":61,"y":289,"width":846,"height":12}},{"id":"99346e4b-b823-4db1-9a65-fdd5ba89d869","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental","page_number":30,"box":{"x":61,"y":304,"width":826,"height":12}},{"id":"b4fec17c-edb1-4efe-81ac-61d7928e61f3","block_type":"box","text":"authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests could also result","page_number":30,"box":{"x":61,"y":320,"width":874,"height":12}},{"id":"c5742a6c-1628-4ca6-872c-4909d5ff85e1","block_type":"box","text":"in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose","page_number":30,"box":{"x":61,"y":335,"width":849,"height":12}},{"id":"59b7459c-a622-4d9d-937b-d02adba2bb39","block_type":"box","text":"value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":30,"box":{"x":60,"y":351,"width":728,"height":12}},{"id":"ec42636a-8d67-406b-aa20-9aa571ca07c2","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the Fund","page_number":30,"box":{"x":61,"y":382,"width":873,"height":12}},{"id":"63f6a30d-4d19-4b90-b9ae-a7da338752d3","block_type":"box","text":"invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized access to","page_number":30,"box":{"x":61,"y":397,"width":864,"height":12}},{"id":"2a735a7d-b47d-417c-a720-6ee1c9306359","block_type":"box","text":"systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing operational","page_number":30,"box":{"x":61,"y":413,"width":842,"height":12}},{"id":"53dd7bf1-b474-49b1-ae43-10cb78ba8e34","block_type":"box","text":"disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from","page_number":30,"box":{"x":61,"y":428,"width":879,"height":12}},{"id":"bffbe6f3-d253-4d2f-9215-872d30f9415a","block_type":"box","text":"nation states or from entities with nation state backing. Cybersecurity incidents may result in any of the following:","page_number":30,"box":{"x":61,"y":444,"width":841,"height":12}},{"id":"8e7bf78e-13fd-4772-bd8f-c6b00b6a1d77","block_type":"box","text":"financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of confidential information;","page_number":30,"box":{"x":60,"y":459,"width":819,"height":12}},{"id":"7b7ba9e2-f4f4-4489-b445-a11aadb5f8b3","block_type":"box","text":"impediments to trading; submission of erroneous trades by the Fund or erroneous subscription or redemption orders;","page_number":30,"box":{"x":61,"y":475,"width":872,"height":12}},{"id":"35466d34-dcbf-4599-9042-d48e1e720780","block_type":"box","text":"the inability of the Fund or its service providers to transact business; violations of applicable privacy and other laws;","page_number":30,"box":{"x":60,"y":490,"width":862,"height":12}},{"id":"bba96004-5413-4359-af83-dc7ab37a6522","block_type":"box","text":"regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; and other legal and","page_number":30,"box":{"x":61,"y":506,"width":850,"height":12}},{"id":"22f79982-e0a7-4dad-bc39-a45db509ef45","block_type":"box","text":"compliance expenses. Furthermore, cybersecurity incidents may render records of the Fund, including records","page_number":30,"box":{"x":61,"y":521,"width":824,"height":12}},{"id":"55512b31-27fb-4912-8383-979223ed2df8","block_type":"box","text":"relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to the Fund’s","page_number":30,"box":{"x":61,"y":537,"width":857,"height":12}},{"id":"eacaa320-252d-44c7-a9ef-c292c2654114","block_type":"box","text":"functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and","page_number":30,"box":{"x":60,"y":552,"width":854,"height":12}},{"id":"c659fffb-d3b8-4c57-9e10-f06de642a36d","block_type":"box","text":"processing errors that threaten information and technology systems relied upon by the Fund or its service providers,","page_number":30,"box":{"x":61,"y":568,"width":866,"height":12}},{"id":"1fb7dd45-1fcb-4ffb-bfbc-046a98596230","block_type":"box","text":"as well as market events that occur at a pace that overloads these systems, may also disrupt business operations or","page_number":30,"box":{"x":61,"y":583,"width":870,"height":12}},{"id":"3a856151-2939-4412-a6e9-953801288812","block_type":"box","text":"impact critical data. In addition, the risks of increased use of AI technologies, such as machine learning, include data","page_number":30,"box":{"x":61,"y":599,"width":869,"height":12}},{"id":"738665aa-e501-4c71-8218-1d51cfae2b28","block_type":"box","text":"risk, transparency risk, and operational risk. The AI technologies, which are generally highly reliant on the collection","page_number":30,"box":{"x":61,"y":614,"width":862,"height":12}},{"id":"da554697-40f6-424f-8b1b-66ae704dd236","block_type":"box","text":"and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable","page_number":30,"box":{"x":61,"y":630,"width":875,"height":12}},{"id":"7ac676f4-3836-4048-b7d2-6460190b717b","block_type":"box","text":"to incorporate all relevant data into such technologies. The output or results of any such AI technologies may","page_number":30,"box":{"x":60,"y":645,"width":813,"height":12}},{"id":"be932eaa-7f84-4c20-8fa5-1e65a8595c4a","block_type":"box","text":"therefore be incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is","page_number":30,"box":{"x":60,"y":661,"width":874,"height":12}},{"id":"4cec54c7-5cde-44b5-95a3-6c3bc5af49f0","block_type":"box","text":"utilized and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities","page_number":30,"box":{"x":61,"y":676,"width":861,"height":12}},{"id":"24bc1a91-3ac5-4647-82a0-c0da4642dd8f","block_type":"box","text":"into infrastructures and applications. The Fund and its shareholders could be negatively impacted as a result of these","page_number":30,"box":{"x":61,"y":692,"width":870,"height":12}},{"id":"20c6e24b-3990-4d17-994b-8653f2dee0cd","block_type":"box","text":"risks associated with AI technologies. AI technologies and their current and potential future applications, and the","page_number":30,"box":{"x":61,"y":707,"width":832,"height":12}},{"id":"c50b8366-34ed-4c73-8d6b-2be4ff5498de","block_type":"box","text":"regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to anticipate the full","page_number":30,"box":{"x":61,"y":723,"width":861,"height":12}},{"id":"e56d3a11-6389-4afe-9c1f-ab2ea863fbb4","block_type":"box","text":"scope of future AI capabilities or rules and the associated risks to the Fund.","page_number":30,"box":{"x":61,"y":738,"width":558,"height":12}},{"id":"904ded96-c15a-434a-9ddb-743747273bde","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":30,"box":{"x":60,"y":769,"width":777,"height":12}},{"id":"8e3b9f12-af54-4b62-b055-9903c385d0ac","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":30,"box":{"x":61,"y":785,"width":861,"height":12}},{"id":"92c2093c-34eb-459f-b454-d96115f275aa","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":30,"box":{"x":60,"y":800,"width":848,"height":12}},{"id":"f2909464-b0d2-4f13-8a16-358c0b737c33","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":30,"box":{"x":60,"y":816,"width":785,"height":12}},{"id":"ba09adf9-032f-4623-9ade-07dd860228c3","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":30,"box":{"x":61,"y":831,"width":873,"height":12}},{"id":"7c134bdf-86fe-4813-b333-b7e856368ee9","block_type":"box","text":"plans and systems, including the possibility that certain risks that may affect the Fund have not been identified or may","page_number":30,"box":{"x":61,"y":847,"width":878,"height":12}},{"id":"e7641d81-2724-4836-adfc-7460f9a51fc7","block_type":"box","text":"emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects","page_number":30,"box":{"x":61,"y":862,"width":880,"height":12}},{"id":"8cdf1e7a-75be-4ba2-b886-61d036aaa4e4","block_type":"box","text":"of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention and","page_number":30,"box":{"x":61,"y":878,"width":827,"height":12}},{"id":"e0637974-6fcb-4388-8e68-4dad1ae1e660","block_type":"box","text":"remediation efforts will not be successful or that incidents will go undetected. The Fund cannot control the systems,","page_number":30,"box":{"x":61,"y":893,"width":860,"height":12}},{"id":"fab443f6-caf0-45ef-b7bf-8289e6a660e3","block_type":"box","text":"information security or other cybersecurity of the issuers in which it invests or its service providers, counterparties,","page_number":30,"box":{"x":61,"y":909,"width":845,"height":12}},{"id":"32d36bac-c138-427e-8e22-30e130d1f2e3","block_type":"box","text":"and other third parties whose activities affect the Fund.","page_number":30,"box":{"x":61,"y":924,"width":406,"height":12}},{"id":"60d5a694-cb54-4fb2-a2ce-1c64dab1244c","block_type":"box","text":"15","page_number":30,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"5fa868ec-3fd1-4627-afac-d662059767db","block_type":"box","text":"NM1026U-6030751-30/43","page_number":30,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"7682d387-b691-410a-b03f-83deaa26d8a2","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":31,"box":{"x":61,"y":41,"width":814,"height":12}},{"id":"f4b37ec0-d616-4549-be70-43eaff17f4b9","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":31,"box":{"x":61,"y":56,"width":853,"height":12}},{"id":"6a53899a-e748-4f0b-b390-ef9ed7cd1fbc","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":31,"box":{"x":61,"y":71,"width":818,"height":13}},{"id":"77a4771a-b3a0-49b5-bf7f-80650600af2c","block_type":"box","text":"resources to monitor and implement required changes.","page_number":31,"box":{"x":61,"y":87,"width":412,"height":12}},{"id":"da0af2ff-f12b-40fd-9324-3c5645f58293","block_type":"box","text":"Ownership Limitations Risk","page_number":31,"box":{"x":62,"y":116,"width":221,"height":12}},{"id":"b487e8af-8dc0-4d4d-9f7f-9711d6ab793a","block_type":"box","text":"k — If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":31,"box":{"x":282,"y":116,"width":626,"height":12}},{"id":"3ec48109-c236-421d-9e6e-2590d22c662a","block_type":"box","text":"transactions undertaken by BFA, its affiliates or the Fund, or as a result of third-party transactions or actions by an","page_number":31,"box":{"x":60,"y":131,"width":853,"height":12}},{"id":"0ddf553a-be89-43f3-8424-ad742f582ab1","block_type":"box","text":"issuer or regulator, the ability of BFA and its affiliates on behalf of clients (including the Fund) to purchase or dispose","page_number":31,"box":{"x":61,"y":147,"width":870,"height":12}},{"id":"4206b67a-5a85-4efc-a6bc-c453dc0a3cfe","block_type":"box","text":"of investments, exercise rights or undertake business transactions may be restricted by law, regulation or rule or","page_number":31,"box":{"x":61,"y":162,"width":838,"height":12}},{"id":"9993caa9-c900-4d1b-84b4-2d35adeb0db4","block_type":"box","text":"otherwise impaired. The capacity of the Fund to invest in certain securities or other assets may be affected by the","page_number":31,"box":{"x":61,"y":178,"width":847,"height":12}},{"id":"332266a6-e1d2-4493-af03-a5bd4637c088","block_type":"box","text":"relevant threshold limits, and such limitations may have adverse effects on the liquidity and performance of the Fund’s","page_number":31,"box":{"x":61,"y":193,"width":881,"height":12}},{"id":"c8347192-f35e-4094-a382-b87d10b45bf9","block_type":"box","text":"portfolio holdings.","page_number":31,"box":{"x":61,"y":209,"width":136,"height":12}},{"id":"998c47b1-177b-41c7-9fd7-44fdff038c7a","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":31,"box":{"x":61,"y":238,"width":837,"height":12}},{"id":"21baeae4-30a8-4456-ad03-ff930b23f19d","block_type":"box","text":"certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to","page_number":31,"box":{"x":61,"y":253,"width":856,"height":12}},{"id":"8c178c1b-538c-417e-9bd9-8c6c86de758e","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In certain","page_number":31,"box":{"x":61,"y":269,"width":861,"height":12}},{"id":"91d6e926-9d16-48c4-a530-02dbd2553fe9","block_type":"box","text":"circumstances, aggregate and/or fund-level amounts invested or voted by BFA and its affiliates for client funds and","page_number":31,"box":{"x":61,"y":284,"width":856,"height":12}},{"id":"dcc4e005-5118-42b7-879d-cf9d2c04ade2","block_type":"box","text":"accounts managed by BFA (including the Fund) may not exceed the relevant limits without the grant of a license or","page_number":31,"box":{"x":61,"y":300,"width":857,"height":12}},{"id":"68604196-17f1-43b7-8eaf-0599e0e3ca6d","block_type":"box","text":"other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no guarantee that","page_number":31,"box":{"x":61,"y":315,"width":870,"height":12}},{"id":"ceb9b483-d10c-493a-9653-1bbc4d5a720a","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","page_number":31,"box":{"x":61,"y":331,"width":861,"height":12}},{"id":"e269e668-38c7-4835-ac96-72165ca29e5a","block_type":"box","text":"notice. In other cases, exceeding such thresholds may cause BFA and its affiliates, the Fund or other client accounts","page_number":31,"box":{"x":61,"y":346,"width":871,"height":12}},{"id":"855588b9-3c25-4b4c-b2f1-4989ab1cde62","block_type":"box","text":"to suffer disadvantages or business restrictions.","page_number":31,"box":{"x":60,"y":362,"width":360,"height":12}},{"id":"6cd5f75b-850e-4f65-b3d7-cb9532f2ba15","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BFA’s intent to either comply with or be granted","page_number":31,"box":{"x":61,"y":390,"width":866,"height":12}},{"id":"4608050f-f2c7-42a9-82a8-e3441f9bdff7","block_type":"box","text":"permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory","page_number":31,"box":{"x":61,"y":406,"width":859,"height":12}},{"id":"ea9a4452-56ea-49d8-b2dd-25b8c0dae02b","block_type":"box","text":"approval, order, consent, relief or non-disapproval that was obtained.","page_number":31,"box":{"x":61,"y":421,"width":517,"height":12}},{"id":"6b909ebc-6ddf-41e3-9deb-c3a83b2324f6","block_type":"box","text":"Preferred Securities Risk","page_number":31,"box":{"x":61,"y":450,"width":200,"height":10}},{"id":"4d582b73-d6e8-4b7a-9ad9-abd346e14291","block_type":"box","text":"k — Preferred securities may pay fixed or adjustable rates of return. Preferred securities are","page_number":31,"box":{"x":260,"y":450,"width":681,"height":12}},{"id":"2e03bc15-18f2-497f-ba03-33da3bc06c5c","block_type":"box","text":"subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred","page_number":31,"box":{"x":61,"y":466,"width":877,"height":12}},{"id":"838e35be-27c5-402c-a865-48acbf739702","block_type":"box","text":"securities generally pay dividends only after the company makes required payments to holders of its bonds and other","page_number":31,"box":{"x":61,"y":481,"width":874,"height":12}},{"id":"090899a3-a551-42e6-9965-cfc28dc2efa2","block_type":"box","text":"debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to","page_number":31,"box":{"x":61,"y":497,"width":857,"height":12}},{"id":"eecb8428-c0e2-48c8-9d2c-9bfb3d56b4fd","block_type":"box","text":"actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller","page_number":31,"box":{"x":61,"y":512,"width":814,"height":12}},{"id":"59ef78d1-9dca-4cde-b26e-99416186a40b","block_type":"box","text":"companies may be more vulnerable to adverse developments than preferred securities of larger companies.","page_number":31,"box":{"x":61,"y":528,"width":807,"height":12}},{"id":"a0e83cba-19e3-4c57-ad42-475a4bfccbda","block_type":"box","text":"Reliance on Advisor Risk","page_number":31,"box":{"x":61,"y":556,"width":202,"height":10}},{"id":"074b6ed9-ef47-43f6-b4dc-2da3de83762e","block_type":"box","text":"k — The Fund is dependent upon services and resources provided by BFA, and therefore","page_number":31,"box":{"x":262,"y":556,"width":663,"height":12}},{"id":"09079063-944a-498e-bf61-1a28edb9ce5a","block_type":"box","text":"BFA’s parent, BlackRock, Inc. BFA is not required to devote its full time to the business of the Fund and there is no","page_number":31,"box":{"x":61,"y":572,"width":857,"height":12}},{"id":"56b77793-4c5f-4236-b241-bcebe9a992d6","block_type":"box","text":"guarantee or requirement that any investment professional or other employee of BFA will allocate a substantial portion","page_number":31,"box":{"x":61,"y":587,"width":882,"height":12}},{"id":"0dc16f8f-d0dd-44cf-9920-df654b48e81c","block_type":"box","text":"of his or her time to the Fund. The loss of, or changes in, BFA’s personnel could have a negative effect on the","page_number":31,"box":{"x":61,"y":603,"width":820,"height":12}},{"id":"3466b400-9432-488f-a201-20fb64874d4d","block_type":"box","text":"performance or the continued operation of the Fund.","page_number":31,"box":{"x":61,"y":618,"width":393,"height":12}},{"id":"110506c0-74c3-47ed-92a2-d36a052acea5","block_type":"box","text":"Restricted Securities Risk","page_number":31,"box":{"x":61,"y":647,"width":208,"height":10}},{"id":"233f4727-0159-4126-a505-26683be8f156","block_type":"box","text":"k — Limitations on the resale, including any required lock up or holding periods, of","page_number":31,"box":{"x":268,"y":647,"width":607,"height":12}},{"id":"da817a57-d6b4-429b-b24d-e0a6515d82d9","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":31,"box":{"x":61,"y":663,"width":852,"height":12}},{"id":"99a9dbae-6565-41ee-97a4-431e5a0a5503","block_type":"box","text":"from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an","page_number":31,"box":{"x":60,"y":678,"width":815,"height":12}},{"id":"3f62a1b7-1af5-4b13-a71c-a16f6361670f","block_type":"box","text":"exchange and may have no active trading market. In order to sell certain restricted securities, the Fund may have to","page_number":31,"box":{"x":61,"y":694,"width":860,"height":12}},{"id":"0d9f970e-0952-4057-9efd-791ba053c6bc","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration.","page_number":31,"box":{"x":61,"y":709,"width":864,"height":12}},{"id":"fd017edd-3d33-460f-afab-65a9e4b3b244","block_type":"box","text":"Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted securities may","page_number":31,"box":{"x":61,"y":725,"width":861,"height":12}},{"id":"e9754737-98c6-4e07-83be-4288a6a62738","block_type":"box","text":"be difficult to value because market quotations may not be readily available, there may be limited other information","page_number":31,"box":{"x":61,"y":740,"width":850,"height":12}},{"id":"ae7d6233-76dd-499f-8952-eff19a8e6fd5","block_type":"box","text":"regarding the investment’s market or fair value, and the securities’ values may have significant volatility. 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Certain restricted securities may represent limited investment opportunities","page_number":31,"box":{"x":61,"y":818,"width":851,"height":12}},{"id":"43345ad2-cf0e-4175-a1ba-7592633ae1c4","block_type":"box","text":"and each shareholder’s proportionate investment exposure to such limited investment opportunities may be reduced","page_number":31,"box":{"x":61,"y":833,"width":867,"height":12}},{"id":"20e8ab34-8996-4455-9bd1-8743a8142649","block_type":"box","text":"proportionately as the Fund’s net assets grow from new or additional investments made in the Fund by other","page_number":31,"box":{"x":61,"y":849,"width":809,"height":12}},{"id":"7551c0c1-8d30-4b87-a926-388840d92ca4","block_type":"box","text":"shareholders.","page_number":31,"box":{"x":61,"y":864,"width":106,"height":10}},{"id":"76c94aee-2eb2-4f76-bd2d-087007e477ad","block_type":"box","text":"Rights Risk","page_number":31,"box":{"x":61,"y":893,"width":93,"height":12}},{"id":"597f5562-2c55-486e-9ef4-33418c93b393","block_type":"box","text":"k — The failure to exercise subscription rights to purchase common stock would result in the dilution of the","page_number":31,"box":{"x":153,"y":893,"width":788,"height":12}},{"id":"bdd6156a-52f9-454f-a6e9-a30d1dd1988d","block_type":"box","text":"Fund’s interest in the issuing company. The market for such rights is not well developed, and, accordingly, the Fund","page_number":31,"box":{"x":61,"y":908,"width":858,"height":12}},{"id":"e72c4455-83ad-48f6-809f-43b3be5de16d","block_type":"box","text":"may not always realize full value on the sale of rights.","page_number":31,"box":{"x":61,"y":924,"width":395,"height":12}},{"id":"e41b0333-2589-405b-9ae9-62ef242073c3","block_type":"box","text":"16","page_number":31,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"88350396-054f-49bc-aa68-5ef97511dc9e","block_type":"box","text":"NM1026U-6030751-31/43","page_number":31,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"a79bfd24-ba5f-4fa5-aeb6-3df66a088eac","block_type":"box","text":"Securities Lending Risk —","page_number":32,"box":{"x":61,"y":40,"width":195,"height":13}},{"id":"1202c39b-413b-4235-b94b-fbd0f8b622d9","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":32,"box":{"x":256,"y":40,"width":675,"height":13}},{"id":"20e99d07-cfbf-418f-92ab-dc4916aacf18","block_type":"box","text":"Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or","page_number":32,"box":{"x":61,"y":56,"width":883,"height":12}},{"id":"7ff768f4-37b9-4788-bfc7-8194ba872e9e","block_type":"box","text":"at all. The Fund could also lose money in the event of","page_number":32,"box":{"x":61,"y":71,"width":402,"height":13}},{"id":"84841a69-51bd-4f11-92db-2c11cc664537","block_type":"box","text":"a decline in the value of collateral provided for loaned securities","page_number":32,"box":{"x":464,"y":71,"width":477,"height":12}},{"id":"3a860461-a232-41e5-8fee-81cb373d19b4","block_type":"box","text":"or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax","page_number":32,"box":{"x":61,"y":87,"width":855,"height":12}},{"id":"774b133b-5365-44f5-b87b-188025853fe1","block_type":"box","text":"consequences for the Fund.","page_number":32,"box":{"x":61,"y":102,"width":212,"height":12}},{"id":"822e8b1c-115b-4bce-90c3-b541d39a8149","block_type":"box","text":"Small Cap and Emerging Growth Securities Risk","page_number":32,"box":{"x":61,"y":134,"width":388,"height":12}},{"id":"1253f2a2-9c97-4c81-a949-b1525f095f19","block_type":"box","text":"k — Small cap or emerging growth companies may have limited","page_number":32,"box":{"x":448,"y":134,"width":471,"height":12}},{"id":"6aa8d722-e75f-419b-989b-f41a587426b6","block_type":"box","text":"product lines or markets. They may be less financially secure than larger, more established companies. They may","page_number":32,"box":{"x":61,"y":149,"width":851,"height":12}},{"id":"684dd97b-0445-4724-acfe-e78f316f0c97","block_type":"box","text":"depend on a small number of key personnel. If a product fails or there are other adverse developments, or if","page_number":32,"box":{"x":61,"y":165,"width":806,"height":12}},{"id":"162ed4a5-7be0-44f5-92ec-807225c34531","block_type":"box","text":"management changes, the Fund’s investment in a small cap or emerging growth company may lose substantial value.","page_number":32,"box":{"x":61,"y":180,"width":881,"height":12}},{"id":"164f8381-2bfc-437a-95ff-31bb1a3993d4","block_type":"box","text":"In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter","page_number":32,"box":{"x":62,"y":196,"width":875,"height":12}},{"id":"2a196b60-aa89-4a66-83c6-6e021f71aa5f","block_type":"box","text":"operating histories, do not have significant ownership by large investors and are followed by relatively few securities","page_number":32,"box":{"x":61,"y":211,"width":864,"height":12}},{"id":"5ffbab97-d990-44fa-ae2d-0321c1e36d2e","block_type":"box","text":"analysts.","page_number":32,"box":{"x":61,"y":227,"width":70,"height":12}},{"id":"8883deb0-f619-42ef-8980-2b1f0e19dfeb","block_type":"box","text":"The securities of small cap and emerging growth companies generally trade in lower volumes and are subject to","page_number":32,"box":{"x":60,"y":258,"width":837,"height":12}},{"id":"344909f7-4ea6-4768-92c0-496572e331e5","block_type":"box","text":"greater and more unpredictable price changes than larger cap securities or the market as a whole. In addition, small","page_number":32,"box":{"x":61,"y":273,"width":866,"height":12}},{"id":"55941997-504b-4306-a80e-567267e96f2f","block_type":"box","text":"cap and emerging growth securities may be particularly sensitive to changes in interest rates, borrowing costs and","page_number":32,"box":{"x":61,"y":289,"width":852,"height":12}},{"id":"a6a65ad1-5bc6-47a0-9ac8-8cdc1b07043a","block_type":"box","text":"earnings. Investing in small cap and emerging growth securities requires a longer term view.","page_number":32,"box":{"x":61,"y":304,"width":690,"height":12}},{"id":"f1b3059a-75e8-457e-80aa-0c4a312414be","block_type":"box","text":"U.S. Government Issuer Risk","page_number":32,"box":{"x":62,"y":335,"width":230,"height":10}},{"id":"e26b6780-86da-47c8-828a-983c4bd86b0f","block_type":"box","text":"k — Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":32,"box":{"x":291,"y":335,"width":641,"height":12}},{"id":"9eaa4aa0-1e9a-4ba8-bf9d-2eed9d189ccc","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees","page_number":32,"box":{"x":61,"y":351,"width":877,"height":12}},{"id":"174a1c48-0f01-438c-8be5-8f9ddf5a9bb9","block_type":"box","text":"of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given","page_number":32,"box":{"x":61,"y":366,"width":868,"height":12}},{"id":"c3d894ee-18c0-4bed-af8c-8cdf4a9da2fc","block_type":"box","text":"that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do","page_number":32,"box":{"x":60,"y":382,"width":877,"height":12}},{"id":"5ddb6adb-9a00-4cc9-9aa4-d6ecf331791b","block_type":"box","text":"so.","page_number":32,"box":{"x":61,"y":400,"width":26,"height":7}},{"id":"55eff562-930a-4c70-9c03-dc3be0e96374","block_type":"box","text":"Valuation Risk","page_number":32,"box":{"x":62,"y":428,"width":115,"height":10}},{"id":"b8cbb49e-fccc-40ac-91be-8006c12ddba9","block_type":"box","text":"k — The price that the Fund could receive upon the sale (or other disposition) of a security or other","page_number":32,"box":{"x":176,"y":428,"width":731,"height":12}},{"id":"e8426dcb-4051-4f60-81ea-873c7888f9f0","block_type":"box","text":"asset may differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that","page_number":32,"box":{"x":61,"y":444,"width":874,"height":12}},{"id":"1db98792-6094-4be2-9b63-e09204910183","block_type":"box","text":"trade in low volume or volatile markets or that are valued using a fair value methodology. Because non-U.S.","page_number":32,"box":{"x":60,"y":459,"width":806,"height":12}},{"id":"a06e450c-b563-421c-a2f5-2a1594c1f3a9","block_type":"box","text":"exchanges or markets may be open on days or during time periods when the Fund does not price its shares, the","page_number":32,"box":{"x":61,"y":475,"width":839,"height":12}},{"id":"34e77842-e8ec-41fa-912d-d6e9a64f0c60","block_type":"box","text":"value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when","page_number":32,"box":{"x":60,"y":490,"width":822,"height":12}},{"id":"aceaa0e5-e363-493a-b6c0-e3124f6d6cdf","block_type":"box","text":"investors are not able to purchase or sell Fund shares.","page_number":32,"box":{"x":61,"y":506,"width":410,"height":12}},{"id":"df88aae2-a2db-4bea-93ad-48d3447ecc34","block_type":"box","text":"Authorized Participants that create or redeem Fund shares on days when the Fund is holding fair-valued securities or","page_number":32,"box":{"x":60,"y":537,"width":876,"height":12}},{"id":"f41e3132-123e-4bc1-bfb2-e5ecfc71d31a","block_type":"box","text":"other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would have","page_number":32,"box":{"x":61,"y":552,"width":827,"height":12}},{"id":"6d1fcd1d-d266-4d8b-9cbf-567263d84a9d","block_type":"box","text":"received had the securities or other assets not been fair valued or been valued using a different methodology. The","page_number":32,"box":{"x":61,"y":568,"width":853,"height":12}},{"id":"7f68dff1-f763-4a44-9fbd-82dd051abddc","block_type":"box","text":"ability to value investments may be impacted by technological issues or errors by pricing services or other third-party","page_number":32,"box":{"x":61,"y":583,"width":870,"height":12}},{"id":"ad0dddc3-6af0-44c2-8f15-39d22edb833a","block_type":"box","text":"service providers.","page_number":32,"box":{"x":61,"y":599,"width":136,"height":12}},{"id":"75e0a55d-8e3a-4664-b53d-974ea5c35f10","block_type":"box","text":"Warrants Risk","page_number":32,"box":{"x":62,"y":630,"width":112,"height":9}},{"id":"91423989-8908-4131-a85f-632f0bf65e6d","block_type":"box","text":"k — If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":32,"box":{"x":173,"y":630,"width":713,"height":12}},{"id":"8020fceb-3e7b-4b9c-8c50-953cc23a293d","block_type":"box","text":"expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant.","page_number":32,"box":{"x":61,"y":645,"width":846,"height":12}},{"id":"16cda5e2-c2ff-4b2e-bacb-dfe71acec1a8","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants may","page_number":32,"box":{"x":60,"y":661,"width":866,"height":12}},{"id":"b80c9241-88bc-4e8d-b7e2-8dde913d991e","block_type":"box","text":"trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with","page_number":32,"box":{"x":60,"y":676,"width":873,"height":12}},{"id":"6caa707d-5b5e-4959-bc98-047faed95459","block_type":"box","text":"the price of the underlying stock.","page_number":32,"box":{"x":60,"y":692,"width":241,"height":12}},{"id":"3e930428-adf5-44d3-bad1-930061c527c2","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":32,"box":{"x":62,"y":723,"width":626,"height":12}},{"id":"1be23ba9-5def-4f2f-9439-94059ca20caf","block_type":"box","text":"— When-issued and delayed","page_number":32,"box":{"x":692,"y":723,"width":215,"height":12}},{"id":"7e9c391c-84c1-4d0a-991e-848e9ac073a9","block_type":"box","text":"delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its","page_number":32,"box":{"x":61,"y":738,"width":869,"height":12}},{"id":"660dc6e5-6a6a-4e8c-93f5-674a4a046b9a","block_type":"box","text":"delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet","page_number":32,"box":{"x":61,"y":754,"width":876,"height":12}},{"id":"377d966c-9d5f-46e6-90b4-b901b59f9453","block_type":"box","text":"its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for","page_number":32,"box":{"x":61,"y":769,"width":850,"height":12}},{"id":"8d8c2881-ca48-4cec-bcb9-ed0de5a81347","block_type":"box","text":"the security and any gain in the security’s price.","page_number":32,"box":{"x":60,"y":785,"width":352,"height":12}},{"id":"14ba6cb6-b187-4c83-bd64-5372796c10d1","block_type":"box","text":"Portfolio Holdings Information","page_number":32,"box":{"x":62,"y":822,"width":292,"height":16}},{"id":"db5d9533-bb25-4ec3-998f-3939719ed290","block_type":"box","text":"A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is","page_number":32,"box":{"x":60,"y":845,"width":867,"height":12}},{"id":"d7fc6f43-a54d-4751-b1bb-3c38ecbc08cd","block_type":"box","text":"available in the Fund’s Statement of Additional Information (“SAI”). The Fund discloses its portfolio holdings daily at","page_number":32,"box":{"x":61,"y":861,"width":860,"height":12}},{"id":"9cd4378c-21db-4251-9958-2c9d0201dc3f","block_type":"box","text":"www.blackrock.com. Fund fact sheets providing information regarding the Fund’s top holdings are posted on","page_number":32,"box":{"x":60,"y":876,"width":810,"height":13}},{"id":"747fd625-3c1c-4fea-b0a7-ef70821922f9","block_type":"box","text":"www.blackrock.com when available and may be requested by calling 1-800-474-2737.","page_number":32,"box":{"x":60,"y":892,"width":645,"height":12}},{"id":"0f43ea27-3617-48ea-8187-0b528eb06beb","block_type":"box","text":"17","page_number":32,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"d9c84764-ee47-4af2-b211-b7f0e949b930","block_type":"box","text":"NM1026U-6030751-32/43","page_number":32,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"50340a54-8c7e-49b3-9e77-2741229a6e2f","block_type":"box","text":"Management","page_number":33,"box":{"x":62,"y":42,"width":132,"height":15}},{"id":"04956729-1e3f-4690-abd3-3ea6fd9dca41","block_type":"box","text":"Investment Adviser.","page_number":33,"box":{"x":61,"y":64,"width":158,"height":10}},{"id":"879cc0d3-d1fa-4a70-bce0-da47b18ecad4","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and","page_number":33,"box":{"x":220,"y":64,"width":653,"height":12}},{"id":"be5a07a6-2e09-4a97-8c51-0832d3af82f0","block_type":"box","text":"administration of the Fund. BFA provides an investment program for the Fund and manages the investment of the","page_number":33,"box":{"x":61,"y":80,"width":849,"height":12}},{"id":"95494f15-5fc9-4d7e-af04-bdeb192be64b","block_type":"box","text":"Fund’s assets. In managing the Fund, BFA may draw upon the research and expertise of its asset management","page_number":33,"box":{"x":61,"y":95,"width":835,"height":12}},{"id":"4fb519ab-9c6d-4f50-99ac-8d77eb5e1378","block_type":"box","text":"affiliates with respect to certain portfolio securities. In seeking to achieve the Fund’s investment objective, BFA uses","page_number":33,"box":{"x":61,"y":111,"width":865,"height":12}},{"id":"54abf548-24e4-4d37-8695-bbce90be5596","block_type":"box","text":"teams of portfolio managers, investment strategists and other investment specialists. This team approach brings","page_number":33,"box":{"x":60,"y":126,"width":839,"height":12}},{"id":"9901ad7b-ce95-484c-9bfd-5f3762140509","block_type":"box","text":"together many disciplines and leverages BFA’s extensive resources.","page_number":33,"box":{"x":60,"y":142,"width":514,"height":12}},{"id":"1e30c08f-7701-4f14-aca0-eda6736e6180","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the","page_number":33,"box":{"x":61,"y":171,"width":528,"height":12}},{"id":"a3218619-e769-47a5-aaaf-392827026a8a","block_type":"box","text":"Trust (entered into on behalf of the Fund), BFA","page_number":33,"box":{"x":589,"y":171,"width":354,"height":12}},{"id":"676c0462-c63d-435d-b5d7-fe66022248a4","block_type":"box","text":"is responsible for substantially all expenses of the Fund, except the management fees, interest expenses, taxes,","page_number":33,"box":{"x":61,"y":186,"width":839,"height":12}},{"id":"8b85d0ed-f587-41bf-ab43-faa009144b9a","block_type":"box","text":"expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":33,"box":{"x":61,"y":202,"width":864,"height":12}},{"id":"751aa309-c53b-4f8f-9fbc-d686ba7d6ccc","block_type":"box","text":"transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any","page_number":33,"box":{"x":60,"y":217,"width":790,"height":12}},{"id":"ab8e154c-b165-4e71-848a-4756d94fdf3d","block_type":"box","text":"extraordinary expenses (as determined by a majority of the Trustees who are not “interested persons” of the Trust).","page_number":33,"box":{"x":61,"y":233,"width":860,"height":12}},{"id":"fa7b8d9b-d9c5-4e07-9cbe-fa5345e05819","block_type":"box","text":"For its investment advisory services to the Fund, BFA is paid a management fee by the Fund, based on a percentage","page_number":33,"box":{"x":61,"y":262,"width":876,"height":12}},{"id":"6a1f6da3-43d8-4c6f-8105-4fadf6fe154a","block_type":"box","text":"of the Fund’s average daily net assets, at an annual rate of 0.80%.","page_number":33,"box":{"x":61,"y":277,"width":499,"height":12}},{"id":"a78d9b9a-f4cc-42cc-a009-8cf138f3c5db","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to the aggregate","page_number":33,"box":{"x":61,"y":306,"width":816,"height":12}},{"id":"b11a7e3c-7af1-4e16-af5b-31ecb3b57453","block_type":"box","text":"Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other equity and fixed-income","page_number":33,"box":{"x":60,"y":322,"width":860,"height":12}},{"id":"b80663c8-1303-43d6-bf68-23b5b27ad34f","block_type":"box","text":"mutual funds and ETFs advised by BFA or its affiliates through June 30, 2027. BFA has also contractually agreed to","page_number":33,"box":{"x":61,"y":337,"width":865,"height":12}},{"id":"a7634f05-dff8-43a1-91c0-83ee23fe2390","block_type":"box","text":"waive a portion of its management fees by an amount equal to the aggregate Acquired Fund Fees and Expenses, if","page_number":33,"box":{"x":60,"y":353,"width":863,"height":12}},{"id":"04e0b68f-6cfa-485a-8149-3a1926b97d15","block_type":"box","text":"any, attributable to investments by the Fund in money market funds advised by BFA or its affiliates through June 30,","page_number":33,"box":{"x":61,"y":368,"width":867,"height":12}},{"id":"d5bbe59a-f96a-4ad5-a09d-97c14db20941","block_type":"box","text":"2027. The agreement (with respect to either waiver) may be terminated upon 90 days’ notice by a majority of the","page_number":33,"box":{"x":61,"y":384,"width":840,"height":12}},{"id":"96599890-ab21-4e69-bef4-3643c5ca0451","block_type":"box","text":"non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":33,"box":{"x":61,"y":399,"width":814,"height":13}},{"id":"70ca7c2c-57b1-4c24-84d1-0c0ac661d402","block_type":"box","text":"BFA may also from time to time voluntarily waive and/or reimburse other fees or expenses in order to limit total annual","page_number":33,"box":{"x":61,"y":428,"width":882,"height":13}},{"id":"739be929-9a2e-4171-aac3-5dad7724a6d8","block_type":"box","text":"fund operating expenses (excluding acquired fund fees and expenses, if any). Any such voluntary waiver or","page_number":33,"box":{"x":60,"y":444,"width":803,"height":12}},{"id":"0699934e-7afe-4fd3-8038-e448aa7e74c4","block_type":"box","text":"reimbursement may be eliminated by BFA at any time.","page_number":33,"box":{"x":61,"y":460,"width":409,"height":12}},{"id":"5c6af9ea-7205-4505-86aa-faa4c7699f8c","block_type":"box","text":"For the the period of March 12, 2025 to October 31, 2025, BFA received a management fee, net of management fee","page_number":33,"box":{"x":61,"y":488,"width":869,"height":13}},{"id":"4d05034a-ca0a-4a59-a93a-e5f5f1ce8bd9","block_type":"box","text":"waivers, at the annual rate of 0.78% of the Fund’s average daily net assets.","page_number":33,"box":{"x":60,"y":504,"width":566,"height":12}},{"id":"59456908-4f00-4312-b570-c526f2d76cac","block_type":"box","text":"BFA is located at 400 Howard Street, San Francisco, CA 94105. It is an indirect wholly-owned subsidiary of","page_number":33,"box":{"x":61,"y":533,"width":801,"height":12}},{"id":"d9b7c471-74c1-4285-951d-7104b36c55dd","block_type":"box","text":"BlackRock, Inc. (“BlackRock”). As of December 31, 2025, BFA and its affiliates provided investment advisory services","page_number":33,"box":{"x":61,"y":548,"width":879,"height":13}},{"id":"73cb3fee-89ad-4e9f-b820-d9d45964862a","block_type":"box","text":"for assets of approximately $14.0 trillion. BFA and its","page_number":33,"box":{"x":60,"y":563,"width":398,"height":13}},{"id":"e273f88d-7b2e-46f5-8a13-40c99549ca48","block_type":"box","text":"affiliates trade and invest for their own accounts in the actual","page_number":33,"box":{"x":458,"y":564,"width":456,"height":9}},{"id":"c81fbf00-0be5-4f3c-8e03-7e5bc6babf5b","block_type":"box","text":"securities and types of securities in which the Fund may also invest, which may affect the price of such securities.","page_number":33,"box":{"x":61,"y":579,"width":848,"height":13}},{"id":"c4e867c5-96d2-4a42-a2cf-b23c1c90de46","block_type":"box","text":"A discussion regarding the basis for the approval by the Board of the Investment Advisory Agreement with BFA is","page_number":33,"box":{"x":60,"y":608,"width":848,"height":13}},{"id":"c4cb5ab7-8278-4bec-a55a-143ff663ddfd","block_type":"box","text":"available in the Fund’s reports filed on Form N-CSR for the period ended April 30, 2025.","page_number":33,"box":{"x":61,"y":624,"width":658,"height":12}},{"id":"004dcab5-08f4-4755-908b-eda1470c1b46","block_type":"box","text":"From time to time, a manager, analyst, or other employee of BlackRock or its affiliates may express views regarding a","page_number":33,"box":{"x":61,"y":653,"width":880,"height":12}},{"id":"55b0a499-6797-43b0-85c8-d29e1ad11e6a","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":33,"box":{"x":61,"y":669,"width":876,"height":12}},{"id":"884af945-7241-4270-bccf-11536d18326b","block_type":"box","text":"views of only that individual as of the time expressed and do not necessarily represent the views of BlackRock or any","page_number":33,"box":{"x":60,"y":684,"width":870,"height":12}},{"id":"5d5ca4d8-ba2f-4a9d-b2e9-3a85828bce13","block_type":"box","text":"other person within the BlackRock organization. Any such views are subject to change at any time based upon market","page_number":33,"box":{"x":61,"y":700,"width":876,"height":12}},{"id":"98806974-5a01-4cf0-bd44-4bc984ae6a1e","block_type":"box","text":"or other conditions and BlackRock disclaims any responsibility to update such views. These views may not be relied","page_number":33,"box":{"x":61,"y":715,"width":859,"height":12}},{"id":"92262bd1-d6b4-49d7-a05c-65fcd541c0c8","block_type":"box","text":"on as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":33,"box":{"x":61,"y":730,"width":872,"height":13}},{"id":"ceb44bcc-988c-451f-809c-855519609a5b","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":33,"box":{"x":61,"y":746,"width":473,"height":12}},{"id":"eef13f52-625a-4e6e-b4bd-515d38cc8730","block_type":"box","text":"Portfolio Managers.","page_number":33,"box":{"x":61,"y":775,"width":155,"height":12}},{"id":"47f5303d-f721-41fc-868d-9d16aa5b4829","block_type":"box","text":"Jeffrey Rosenberg, Richard Mathieson and Stephanie Lee are jointly and primarily responsible","page_number":33,"box":{"x":222,"y":775,"width":701,"height":12}},{"id":"125f5e0d-b1a9-4f5a-bb01-e35a84b2385f","block_type":"box","text":"for the day-to-day management of the Fund.","page_number":33,"box":{"x":60,"y":790,"width":328,"height":13}},{"id":"634579f1-c03a-46ed-af30-6cff727dc55a","block_type":"box","text":"Jeffrey Rosenberg has been with BlackRock since 2011. Mr. Rosenberg has been employed by BFA or its affiliates as","page_number":33,"box":{"x":61,"y":819,"width":877,"height":13}},{"id":"f6a6400a-0432-4b88-8d51-8fe8e6e7b491","block_type":"box","text":"a portfolio manager since 2018 and has been a Portfolio Manager of the Fund since March 2025.","page_number":33,"box":{"x":61,"y":835,"width":725,"height":12}},{"id":"e00f8d1a-c41a-4fd6-8f4b-8c04cde54709","block_type":"box","text":"Richard Mathieson has been with BlackRock since 2001. Mr. Mathieson has been employed by BFA or its affiliates as","page_number":33,"box":{"x":61,"y":864,"width":880,"height":12}},{"id":"0f590995-4b15-46a7-973b-e2afb857edb2","block_type":"box","text":"a portfolio manager since 2003 and has been a Portfolio Manager of the Fund since March 2025.","page_number":33,"box":{"x":61,"y":880,"width":725,"height":12}},{"id":"ddf4b026-9b33-4e5f-a5d8-f9654f2001c5","block_type":"box","text":"Stephanie Lee has been with BlackRock since 2010. Ms. Lee has been employed by BFA or its affiliates as a portfolio","page_number":33,"box":{"x":61,"y":909,"width":875,"height":12}},{"id":"d65b60b4-7b26-4e58-89d8-97a3871c8c30","block_type":"box","text":"manager since 2013 and has been a Portfolio Manager of the Fund since March 2025.","page_number":33,"box":{"x":61,"y":924,"width":641,"height":12}},{"id":"8d06eb2a-7a54-42e2-8a46-3bd05d6ae1e5","block_type":"box","text":"18","page_number":33,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"21b52158-b686-468a-a465-a3d18432d80a","block_type":"box","text":"NM1026U-6030751-33/43","page_number":33,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"ce4dbf68-d73c-4ef5-b859-052010aa8d52","block_type":"box","text":"The Fund’s SAI provides additional information about the Portfolio Managers’ compensation, other accounts managed","page_number":34,"box":{"x":60,"y":40,"width":882,"height":13}},{"id":"42cd458d-5d77-4660-a3f3-18497ae3b99d","block_type":"box","text":"by the Portfolio Managers and the Portfolio Managers’ ownership (if any) of shares in the Fund.","page_number":34,"box":{"x":61,"y":56,"width":711,"height":12}},{"id":"fa2f2aba-5860-488b-94be-ff606327fce1","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":34,"box":{"x":60,"y":87,"width":365,"height":12}},{"id":"7a2a77cf-d207-4002-85a2-648b0d12c250","block_type":"box","text":"State Street Bank and Trust Company (“State Street”) is the","page_number":34,"box":{"x":426,"y":87,"width":455,"height":12}},{"id":"18ba3e9b-4296-48da-88f4-73218d849748","block_type":"box","text":"administrator, custodian and transfer agent for the Fund.","page_number":34,"box":{"x":61,"y":102,"width":424,"height":13}},{"id":"26581d4a-048d-4637-8cd0-4f980a1f0efb","block_type":"box","text":"Conflicts of Interest.","page_number":34,"box":{"x":61,"y":134,"width":167,"height":9}},{"id":"ae241e2e-d0c2-4cd1-b3d4-dbc0b7446e31","block_type":"box","text":"The investment activities of BFA and its affiliates (including BlackRock and its subsidiaries","page_number":34,"box":{"x":228,"y":134,"width":674,"height":12}},{"id":"4c2015c4-f851-4bcf-ae36-aacc1c3d12ea","block_type":"box","text":"(collectively, the “Affiliates”)), and their respective directors, officers or employees, in managing their own accounts","page_number":34,"box":{"x":61,"y":149,"width":855,"height":12}},{"id":"7b6b29c5-7037-45e9-a632-07839fad1f49","block_type":"box","text":"and other accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":34,"box":{"x":61,"y":165,"width":808,"height":12}},{"id":"efc2e16e-e862-48de-b8f9-d3451fe39570","block_type":"box","text":"BFA and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":34,"box":{"x":61,"y":196,"width":836,"height":12}},{"id":"41085edc-a790-4944-b43d-81ef4f3a7dbd","block_type":"box","text":"activities and in the ordinary course of business may engage","page_number":34,"box":{"x":61,"y":211,"width":455,"height":12}},{"id":"95a32b8e-cc3a-4929-816d-750f8b7dfe00","block_type":"box","text":"in activities in which their interests or the interests of","page_number":34,"box":{"x":517,"y":211,"width":392,"height":10}},{"id":"96538fe9-3a0d-4c26-8113-623d6651a97b","block_type":"box","text":"other clients may conflict with those of the Fund. BFA and its Affiliates act, or may act, as an investor, research","page_number":34,"box":{"x":61,"y":227,"width":828,"height":12}},{"id":"0febb892-1af7-4945-a03e-b2adc35a53a0","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":34,"box":{"x":61,"y":242,"width":862,"height":12}},{"id":"3b234203-a818-4b1d-9ef1-087f107d289a","block_type":"box","text":"trader, lender, index provider, agent and/or principal. BFA and its Affiliates may have other direct and indirect interests","page_number":34,"box":{"x":60,"y":258,"width":883,"height":12}},{"id":"a7cd7f9c-b3cb-4f45-b9bd-29a174001cb6","block_type":"box","text":"in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or indirectly invest.","page_number":34,"box":{"x":61,"y":273,"width":878,"height":12}},{"id":"66491b9c-ce40-485d-a7ab-9d5638d4de1d","block_type":"box","text":"BFA and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment","page_number":34,"box":{"x":61,"y":304,"width":855,"height":12}},{"id":"db34569b-de98-48dd-ab0c-c6ca6ff018ee","block_type":"box","text":"objectives similar to those of the Fund and/or that engage in and compete for transactions in the same or similar types","page_number":34,"box":{"x":61,"y":320,"width":882,"height":12}},{"id":"74b2c0e5-e3af-4519-989a-2042be247547","block_type":"box","text":"of securities, currencies and other assets as are held by the Fund. 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As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of the","page_number":34,"box":{"x":61,"y":599,"width":871,"height":12}},{"id":"77912120-5f51-4045-8fe3-557c19a70e82","block_type":"box","text":"Fund’s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an","page_number":34,"box":{"x":61,"y":614,"width":844,"height":12}},{"id":"5490390e-738b-4742-b152-e00d6734c4d8","block_type":"box","text":"Affiliate. It is possible that the Fund could sustain losses during periods in which one or more Affiliates and other","page_number":34,"box":{"x":60,"y":630,"width":837,"height":12}},{"id":"9070c441-d12a-4e38-9d46-cffcb25a02c6","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.","page_number":34,"box":{"x":61,"y":645,"width":822,"height":12}},{"id":"5e626829-2f10-423c-97ac-afbbf360cff0","block_type":"box","text":"In addition, the Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or","page_number":34,"box":{"x":62,"y":676,"width":865,"height":12}},{"id":"4056bb33-8bb0-4f5c-a857-6b4b71e22152","block_type":"box","text":"clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions undertaken by","page_number":34,"box":{"x":61,"y":692,"width":857,"height":12}},{"id":"200931c0-45dd-474b-b17d-ba48cf6d5649","block_type":"box","text":"BFA or an Affiliate or their directors, officers, employees or clients.","page_number":34,"box":{"x":61,"y":707,"width":491,"height":12}},{"id":"e0283795-fa41-480a-b9a9-5edcc00ff3ab","block_type":"box","text":"From time to time, BFA or its advisory clients (including other funds and accounts) may, subject to compliance with","page_number":34,"box":{"x":61,"y":738,"width":851,"height":12}},{"id":"9c50a57b-c798-4df1-bcf3-868446b1e1b6","block_type":"box","text":"applicable law, purchase and hold shares of the Fund. 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For these services, the securities lending agent will receive a fee from the participating","page_number":34,"box":{"x":61,"y":878,"width":853,"height":12}},{"id":"1cb3ac10-03b9-4948-8445-1cc10cf05505","block_type":"box","text":"Fund based on the returns earned on the Fund’s lending activities, including the investment of the cash received as","page_number":34,"box":{"x":61,"y":893,"width":861,"height":12}},{"id":"6f5b4ee2-4be6-4901-8869-2a0298ff4ced","block_type":"box","text":"collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which the Fund","page_number":34,"box":{"x":61,"y":909,"width":844,"height":12}},{"id":"59cb0706-f51a-48b9-856e-3d4e2fda67e1","block_type":"box","text":"may lend its portfolio securities under the securities lending program.","page_number":34,"box":{"x":61,"y":924,"width":510,"height":12}},{"id":"cd05d59e-0afa-4bed-9035-359d9f426508","block_type":"box","text":"19","page_number":34,"box":{"x":492,"y":955,"width":22,"height":10}},{"id":"8be2bec6-9bad-4faa-83fc-f3733485df72","block_type":"box","text":"NM1026U-6030751-34/43","page_number":34,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"91260062-1914-4b5d-9303-2a19767a4197","block_type":"box","text":"Under an ETF Services Agreement, certain iShares/BlackRock ETFs have retained BlackRock Investments, LLC (the","page_number":35,"box":{"x":61,"y":40,"width":877,"height":13}},{"id":"802133b1-0c9c-46c2-b1e2-99c17ce8413a","block_type":"box","text":"“Distributor” or “BRIL”), an Affiliate of BFA, to perform certain order processing, Authorized Participant","page_number":35,"box":{"x":61,"y":56,"width":760,"height":12}},{"id":"e99c1f61-eb17-4b67-ba8f-c8d25f3c9cef","block_type":"box","text":"communications, and related services in connection with the issuance and redemption of Creation Units (“ETF","page_number":35,"box":{"x":61,"y":71,"width":822,"height":13}},{"id":"df23933c-1500-41d5-8790-113140ccb660","block_type":"box","text":"Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF Services. BRIL","page_number":35,"box":{"x":61,"y":87,"width":853,"height":12}},{"id":"701a7e94-a450-418f-8cdd-1440e5cb6b3e","block_type":"box","text":"retains a portion of the standard transaction fee received from Authorized Participants on each creation or redemption","page_number":35,"box":{"x":61,"y":102,"width":879,"height":12}},{"id":"749426cb-db6a-46e3-9e93-aa219fa4144c","block_type":"box","text":"order from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and received","page_number":35,"box":{"x":61,"y":118,"width":832,"height":12}},{"id":"b27b3d50-4228-4b64-83e9-4477fdb2a6e2","block_type":"box","text":"payment from, Citibank on the design and development of the ETF Services platform. Citibank has, and may from","page_number":35,"box":{"x":61,"y":134,"width":849,"height":12}},{"id":"cbfc66b3-e371-4e4d-9647-2ba657e23335","block_type":"box","text":"time to time, develop additional relationships with BlackRock or funds managed by BFA and its Affiliates.","page_number":35,"box":{"x":60,"y":149,"width":782,"height":12}},{"id":"f59b7cb3-8c66-429b-8183-9463ee2e360e","block_type":"box","text":"BFA and its Affiliates may benefit from a fund using a BlackRock index by creating increasing acceptance in the","page_number":35,"box":{"x":61,"y":178,"width":834,"height":12}},{"id":"50f5bdfe-bcbc-4f7c-b690-9aa81715571b","block_type":"box","text":"marketplace for such indexes. BFA and its Affiliates are not obligated to license an index to a fund, and no fund is","page_number":35,"box":{"x":61,"y":194,"width":847,"height":12}},{"id":"ce6ae6aa-2f1b-4974-8631-984e3414d0ce","block_type":"box","text":"under an obligation to use a BlackRock index. The terms of a fund’s index licensing agreement with BFA or its","page_number":35,"box":{"x":61,"y":209,"width":821,"height":12}},{"id":"7c9f7323-1924-4ff9-8389-55677f670a3c","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":35,"box":{"x":60,"y":225,"width":549,"height":12}},{"id":"b063694c-b660-459d-b5b6-725f04dcd3fc","block_type":"box","text":"The activities of BFA and its Affiliates and their respective directors, officers or employees, may give rise to other","page_number":35,"box":{"x":60,"y":254,"width":842,"height":12}},{"id":"791635ab-0ca4-4913-bea5-932b2fc699af","block_type":"box","text":"conflicts of interest that could disadvantage the Fund and its shareholders. BFA has adopted policies and procedures","page_number":35,"box":{"x":61,"y":270,"width":875,"height":12}},{"id":"e90f1d6c-241c-46bc-8187-9aa3f1f5d698","block_type":"box","text":"designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":35,"box":{"x":61,"y":285,"width":737,"height":12}},{"id":"bf4ebb39-e317-4762-acb4-9bcb1f2f5251","block_type":"box","text":"Shareholder Information","page_number":35,"box":{"x":61,"y":320,"width":240,"height":13}},{"id":"d2635309-884e-4e0e-a75d-8a0f55832d5d","block_type":"box","text":"Additional shareholder information, including how to buy and sell shares of the Fund, is available free of charge by","page_number":35,"box":{"x":60,"y":343,"width":853,"height":12}},{"id":"4f19a606-eb7e-4804-9640-ffb6514fda3c","block_type":"box","text":"calling toll-free: 1-800-474-2737 or visiting our website at www.blackrock.com.","page_number":35,"box":{"x":61,"y":359,"width":585,"height":12}},{"id":"2cea2693-5aae-4b6e-ad13-387db646f82d","block_type":"box","text":"Buying and Selling Shares.","page_number":35,"box":{"x":61,"y":388,"width":215,"height":12}},{"id":"f6fed280-7dec-420e-9cbd-e287bc627dbe","block_type":"box","text":"Shares of the Fund may be acquired or redeemed directly from the Fund only in","page_number":35,"box":{"x":277,"y":388,"width":603,"height":12}},{"id":"5a4b14ab-d76a-4e02-9e58-8a676417ec97","block_type":"box","text":"Creation Units or multiples thereof, as discussed in the","page_number":35,"box":{"x":61,"y":403,"width":411,"height":12}},{"id":"c7cb73e2-cd51-4c5b-becb-65b0f00547c6","block_type":"box","text":"Creations and Redemptions","page_number":35,"box":{"x":473,"y":403,"width":207,"height":12}},{"id":"e89cea59-c22d-4a80-8d25-054df62d5ccb","block_type":"box","text":"s section of this Prospectus. Only","page_number":35,"box":{"x":680,"y":403,"width":246,"height":13}},{"id":"67dba704-1520-4cc1-b6e8-4043bb37127a","block_type":"box","text":"an Authorized Participant (as defined in the","page_number":35,"box":{"x":61,"y":419,"width":326,"height":12}},{"id":"f27fee43-5f2f-450a-a7bc-7dc78689e2d3","block_type":"box","text":"Creations and Redemptions","page_number":35,"box":{"x":388,"y":419,"width":207,"height":12}},{"id":"1a721f4e-0064-47e3-b4d3-24fa235247d0","block_type":"box","text":"s section below) may engage in creation or","page_number":35,"box":{"x":595,"y":419,"width":316,"height":12}},{"id":"e9a109b2-ef90-4156-aeef-44f0573b4e8b","block_type":"box","text":"redemption transactions directly with the Fund. Once created, shares of the Fund generally trade in the secondary","page_number":35,"box":{"x":61,"y":434,"width":852,"height":13}},{"id":"317fa836-0190-4754-a90e-be16fc33a67a","block_type":"box","text":"market in amounts less than a Creation Unit.","page_number":35,"box":{"x":61,"y":450,"width":336,"height":10}},{"id":"7c75812d-f470-4cd4-aefc-0c29513afa6b","block_type":"box","text":"Shares of the Fund are listed on a national securities exchange for trading during the trading day. Shares can be","page_number":35,"box":{"x":61,"y":479,"width":840,"height":12}},{"id":"75924133-23e4-475b-a9ed-5958bea608c2","block_type":"box","text":"bought and sold throughout the trading day like shares of other publicly-traded companies. The Trust does not impose","page_number":35,"box":{"x":61,"y":495,"width":882,"height":12}},{"id":"b7d27c2e-cafc-4c56-9f22-391e8a90f1df","block_type":"box","text":"any minimum investment for shares of the Fund purchased on an exchange or otherwise in the secondary market.","page_number":35,"box":{"x":61,"y":510,"width":853,"height":12}},{"id":"53f8fcaf-3b43-41f1-ba62-b81da47fbf8c","block_type":"box","text":"The Fund’s shares trade under the ticker symbol “ISMF”.","page_number":35,"box":{"x":60,"y":526,"width":427,"height":12}},{"id":"270554a4-6ea7-493a-8389-09f21eb01183","block_type":"box","text":"Buying or selling Fund shares on an exchange or other secondary market involves two types of costs that may apply","page_number":35,"box":{"x":61,"y":555,"width":869,"height":12}},{"id":"534cf7b1-b67f-4e18-b052-7828e02d8638","block_type":"box","text":"to all securities transactions. When buying or selling shares of the Fund through a broker, you may incur a brokerage","page_number":35,"box":{"x":60,"y":571,"width":873,"height":12}},{"id":"c3d561c5-7912-4dc8-ba94-f2c806c2cf85","block_type":"box","text":"commission and other charges. The commission is frequently a fixed amount and may be a significant proportional","page_number":35,"box":{"x":61,"y":586,"width":855,"height":12}},{"id":"4ebccbe0-e855-499a-a383-2e8a5c36ba5f","block_type":"box","text":"cost for investors seeking to buy or sell small amounts of shares. In addition, you may incur the cost of the “spread,”","page_number":35,"box":{"x":61,"y":602,"width":865,"height":12}},{"id":"507f8e17-ec26-4ed2-bf00-1646a0d73a8e","block_type":"box","text":"that is, any difference between the bid price and the ask price. The spread varies over time for shares of the Fund","page_number":35,"box":{"x":60,"y":617,"width":850,"height":12}},{"id":"20bd1566-e3e6-4a3a-a123-109dca4fea13","block_type":"box","text":"based on the Fund’s trading volume and market liquidity, and is generally lower if the Fund has high trading volume","page_number":35,"box":{"x":61,"y":633,"width":861,"height":12}},{"id":"00f7b0ed-8380-48c9-bc68-e23bd1b68739","block_type":"box","text":"and market liquidity, and higher if the Fund has little trading volume and market liquidity (which is often the case for","page_number":35,"box":{"x":61,"y":648,"width":858,"height":12}},{"id":"a56ce0fe-4f07-484c-96ad-2e8ae452b655","block_type":"box","text":"funds that are newly launched or small in size). The Fund’s spread may also be impacted by the liquidity or illiquidity","page_number":35,"box":{"x":60,"y":664,"width":863,"height":12}},{"id":"c8ade13e-8ac9-461e-b35c-f9c3d50cddc0","block_type":"box","text":"of the underlying securities held by the Fund, particularly for newly launched or smaller funds or in instances of","page_number":35,"box":{"x":61,"y":679,"width":822,"height":12}},{"id":"99a81393-df3a-4f02-bf60-59a15b5cbe9d","block_type":"box","text":"significant volatility of the underlying securities.","page_number":35,"box":{"x":61,"y":695,"width":346,"height":12}},{"id":"5e2446c1-568f-4003-90e1-c195723607eb","block_type":"box","text":"The Fund does not impose restrictions on the frequency of purchases and redemptions of Fund shares directly with","page_number":35,"box":{"x":60,"y":724,"width":856,"height":12}},{"id":"92c7b255-06f6-4ae6-af34-703b312eb9ed","block_type":"box","text":"the Fund. The Board determined not to adopt policies and procedures designed to prevent or monitor for frequent","page_number":35,"box":{"x":60,"y":740,"width":843,"height":12}},{"id":"2da2798e-9305-46b7-88e2-8b4f59a421e7","block_type":"box","text":"purchases and redemptions of Fund shares because the Fund generally sells and redeems its shares directly through","page_number":35,"box":{"x":61,"y":755,"width":873,"height":12}},{"id":"9ebf88c1-c320-48d5-9c82-9e6e59cce94a","block_type":"box","text":"transactions that are in-kind and/or for cash, with a deadline for placing cash-related transactions no later than the","page_number":35,"box":{"x":60,"y":771,"width":847,"height":12}},{"id":"13598ba1-83ec-4a76-bee4-81b5bc629458","block_type":"box","text":"close of the primary markets for the Fund’s portfolio securities. However, the Fund has taken certain measures (e.g.,","page_number":35,"box":{"x":61,"y":786,"width":863,"height":12}},{"id":"ae651186-b1db-4ffd-bc00-19200f4fe5a8","block_type":"box","text":"imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject purchases","page_number":35,"box":{"x":61,"y":802,"width":874,"height":12}},{"id":"a639867b-2c74-46dc-b0f8-187ce5f26fa9","block_type":"box","text":"of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases","page_number":35,"box":{"x":61,"y":817,"width":852,"height":12}},{"id":"8200b894-678c-4fa1-a625-e45c78ddebbe","block_type":"box","text":"and redemptions by Authorized Participants, such as disruption of portfolio management, dilution to the Fund, and/or","page_number":35,"box":{"x":61,"y":833,"width":870,"height":12}},{"id":"f05ef968-cb65-4424-990c-807d12849d0b","block_type":"box","text":"increased transaction costs. Further, the vast majority of trading in Fund shares occurs on the secondary market,","page_number":35,"box":{"x":61,"y":848,"width":843,"height":12}},{"id":"cef37478-e2f5-4d02-8219-c236c02245e4","block_type":"box","text":"which does not involve the Fund directly, and such trading is unlikely to cause many of the harmful effects of frequent","page_number":35,"box":{"x":60,"y":864,"width":876,"height":12}},{"id":"e0db6dc3-6f12-4a4b-a147-e107ae1c4479","block_type":"box","text":"cash purchases or redemptions of Fund shares.","page_number":35,"box":{"x":61,"y":879,"width":360,"height":12}},{"id":"afb654b8-b348-4f3e-8eea-dec2c9275498","block_type":"box","text":"The national securities exchange on which the Fund’s shares are listed is open for trading Monday through Friday and","page_number":35,"box":{"x":60,"y":908,"width":877,"height":12}},{"id":"80dee355-94a9-425e-9018-e628cfe6c9c6","block_type":"box","text":"is closed on weekends and the following holidays (or the days on which they are observed): New Year’s Day, Martin","page_number":35,"box":{"x":61,"y":924,"width":860,"height":12}},{"id":"d048f60a-260d-497e-98fb-0bc05dc4324b","block_type":"box","text":"20","page_number":35,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"d363819f-2b64-4364-a7c4-3bb579c7ba93","block_type":"box","text":"NM1026U-6030751-35/43","page_number":35,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"d866aff0-b66b-42e0-9744-4399b1b8297d","block_type":"box","text":"Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day,","page_number":36,"box":{"x":61,"y":40,"width":830,"height":13}},{"id":"5bdd2c4f-f805-4320-b1d3-4cc717f4fb79","block_type":"box","text":"Thanksgiving Day and Christmas Day. The Fund’s listing exchange is CBOE.","page_number":36,"box":{"x":60,"y":56,"width":579,"height":12}},{"id":"45faf5ef-5b84-4038-ba85-bb6ae2989248","block_type":"box","text":"Book Entry.","page_number":36,"box":{"x":61,"y":87,"width":92,"height":12}},{"id":"94e3f32f-9558-499f-b190-d839a958bce0","block_type":"box","text":"Shares of the Fund are held in book-entry form, which means that no stock certificates are issued. The","page_number":36,"box":{"x":155,"y":87,"width":772,"height":12}},{"id":"dd5ce4d3-7002-4135-a34d-a35c22c8b714","block_type":"box","text":"Depository Trust Company (“DTC”) or its nominee is the record owner of, and holds legal title to, all outstanding","page_number":36,"box":{"x":61,"y":102,"width":833,"height":13}},{"id":"8d64be0e-6c76-431d-9d96-426ecc1f187a","block_type":"box","text":"shares of the Fund.","page_number":36,"box":{"x":61,"y":118,"width":149,"height":10}},{"id":"e1cdbab9-4746-42e5-93e4-b3ccdcca9150","block_type":"box","text":"Investors owning shares of the Fund are beneficial owners as shown on the records of DTC or its participants. DTC","page_number":36,"box":{"x":62,"y":149,"width":860,"height":12}},{"id":"9029b5db-2fd3-4acb-88b5-bbdc4cc4f7cb","block_type":"box","text":"serves as the securities depository for shares of the Fund. DTC participants include securities brokers and dealers,","page_number":36,"box":{"x":61,"y":165,"width":858,"height":12}},{"id":"00894096-daec-41aa-8857-a525b4c23575","block_type":"box","text":"banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":36,"box":{"x":61,"y":180,"width":838,"height":12}},{"id":"3d69bacf-9d12-47d1-bb4d-09c7739f9301","block_type":"box","text":"relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of stock","page_number":36,"box":{"x":61,"y":196,"width":828,"height":12}},{"id":"9c361c6c-38ab-4c72-b87d-97f0c2233c26","block_type":"box","text":"certificates or to have shares registered in your name, and you are not considered a registered owner of shares.","page_number":36,"box":{"x":61,"y":211,"width":837,"height":12}},{"id":"41f47c7c-cc9f-468b-8247-abe26d3274d1","block_type":"box","text":"Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its","page_number":36,"box":{"x":60,"y":227,"width":789,"height":12}},{"id":"4214353f-3caa-46d0-a00f-3b9f78cf31a3","block_type":"box","text":"participants. These procedures are the same as those that apply to any other securities that you hold in book-entry or","page_number":36,"box":{"x":61,"y":242,"width":876,"height":12}},{"id":"72b33fd0-2186-43a7-b384-b218839dbe98","block_type":"box","text":"“street name” form.","page_number":36,"box":{"x":61,"y":258,"width":147,"height":9}},{"id":"b8619e12-86ee-4446-8f67-812c43d2a084","block_type":"box","text":"Share Prices.","page_number":36,"box":{"x":61,"y":289,"width":105,"height":9}},{"id":"cea3f74c-c9b1-43c3-8037-9960cc21d070","block_type":"box","text":"The trading prices of the Fund’s shares in the secondary market generally differ from the Fund’s daily","page_number":36,"box":{"x":167,"y":289,"width":762,"height":12}},{"id":"b3dd8ee9-0f35-4cfd-bb32-03f291853178","block_type":"box","text":"NAV and are affected by market forces such as the supply","page_number":36,"box":{"x":61,"y":304,"width":438,"height":12}},{"id":"59d45287-0dfe-4f1a-aa36-7ba997227586","block_type":"box","text":"of and demand for ETF shares and shares of underlying","page_number":36,"box":{"x":500,"y":304,"width":421,"height":12}},{"id":"139fe741-1b38-4dde-8daa-2870a48c768a","block_type":"box","text":"securities held by the Fund, economic conditions and other factors.","page_number":36,"box":{"x":61,"y":320,"width":502,"height":12}},{"id":"4e70d498-986b-4fb6-a169-5bc8e2cc7df7","block_type":"box","text":"Determination of Net Asset Value.","page_number":36,"box":{"x":61,"y":351,"width":274,"height":9}},{"id":"63a74649-77c0-43a9-8a84-7b8bc35897fa","block_type":"box","text":"The NAV of the Fund normally is determined once daily Monday through Friday,","page_number":36,"box":{"x":336,"y":351,"width":599,"height":12}},{"id":"3994ad92-bbb0-4d05-b117-a14e2a5d1856","block_type":"box","text":"generally as of the close of regular trading hours of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m.,","page_number":36,"box":{"x":61,"y":366,"width":841,"height":12}},{"id":"36418894-6563-4e88-9f9b-1efbae1b371e","block_type":"box","text":"Eastern time) on each day that the NYSE is open for trading,","page_number":36,"box":{"x":61,"y":382,"width":456,"height":12}},{"id":"8cfc84d3-7d2e-42ac-ac90-d1a3cf78d013","block_type":"box","text":"based on prices at the time of closing, provided that any","page_number":36,"box":{"x":518,"y":382,"width":420,"height":12}},{"id":"a94f32dc-2668-4f4a-ad8c-303b79197db6","block_type":"box","text":"Fund assets or liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the","page_number":36,"box":{"x":61,"y":397,"width":855,"height":10}},{"id":"36caae4e-7793-47c5-bd3a-d27330151799","block_type":"box","text":"prevailing market rates on the date of valuation as quoted by one or more data service providers. The NAV of the","page_number":36,"box":{"x":61,"y":413,"width":844,"height":12}},{"id":"ec9ce54b-50dc-4621-a67d-95c6b18e3aed","block_type":"box","text":"Fund is calculated by dividing the value of the net assets of the Fund (","page_number":36,"box":{"x":61,"y":428,"width":520,"height":12}},{"id":"c6395e5d-9f46-4f2b-92f0-8f3f665c5a90","block_type":"box","text":"i.e.","page_number":36,"box":{"x":582,"y":428,"width":20,"height":10}},{"id":"8725b903-0036-4c18-a680-f54717ac78df","block_type":"box","text":", the value of its total assets less total","page_number":36,"box":{"x":605,"y":428,"width":283,"height":11}},{"id":"02c411a2-829b-40c8-9a34-0d0787fd6ede","block_type":"box","text":"liabilities) by the total number of outstanding shares of the Fund, generally rounded to the nearest cent.","page_number":36,"box":{"x":61,"y":444,"width":770,"height":12}},{"id":"89d232ed-47ba-48fb-83e3-f5ea292779fb","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BFA’s valuation","page_number":36,"box":{"x":60,"y":475,"width":878,"height":12}},{"id":"b304d6c3-613f-4a38-9a5c-c517fccb8ae5","block_type":"box","text":"policies and procedures. BFA has been designated by the Board as the valuation designee for the Fund pursuant to","page_number":36,"box":{"x":61,"y":490,"width":864,"height":12}},{"id":"ab8b8ffa-10d7-46fd-b817-a1ebe5844333","block_type":"box","text":"Rule 2a-5 under the Investment Company Act.","page_number":36,"box":{"x":61,"y":506,"width":350,"height":12}},{"id":"27b2d14d-4f65-4767-b6e4-7d66fcfba769","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":36,"box":{"x":61,"y":537,"width":880,"height":12}},{"id":"7cb0874c-3c5c-4aae-8d66-1bb97de78c4c","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":36,"box":{"x":60,"y":552,"width":872,"height":12}},{"id":"7d557375-3698-481b-b26b-6244e5a05b38","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":36,"box":{"x":61,"y":568,"width":868,"height":12}},{"id":"981d6fe8-94a1-4430-b3d6-1d9c2a7f3bf5","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying","page_number":36,"box":{"x":61,"y":583,"width":815,"height":12}},{"id":"8d241d9c-0a4e-463a-b6f9-998f2e8084a6","block_type":"box","text":"open-end funds (including money market funds) are valued at net asset value. Shares of underlying exchange-traded","page_number":36,"box":{"x":61,"y":599,"width":875,"height":12}},{"id":"1083d9d6-c23f-4dbc-9f30-361680b82596","block_type":"box","text":"closed-end funds or other ETFs are valued at their most recent closing price.","page_number":36,"box":{"x":61,"y":614,"width":575,"height":12}},{"id":"cd5c6290-4265-4535-87b3-4638d07700fe","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using bid prices provided by","page_number":36,"box":{"x":60,"y":645,"width":840,"height":12}},{"id":"f3d690ca-3656-421c-bc12-045c257bcd7e","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing","page_number":36,"box":{"x":61,"y":661,"width":812,"height":12}},{"id":"be3cb505-b5c4-4c46-8aee-b01342151c55","block_type":"box","text":"services, each in accordance with BFA’s valuation policies and procedures. Pricing services may use valuation","page_number":36,"box":{"x":61,"y":676,"width":821,"height":12}},{"id":"e6c349ea-bcb1-4892-bcdb-82bf43540af1","block_type":"box","text":"models that utilize certain inputs and assumptions to derive values. Pricing services generally value fixed-income","page_number":36,"box":{"x":61,"y":692,"width":838,"height":12}},{"id":"9329ede8-f2eb-4821-a816-1fd66c0026ed","block_type":"box","text":"securities assuming orderly transactions of an institutional round lot size, but the Fund may hold or transact in such","page_number":36,"box":{"x":61,"y":707,"width":852,"height":12}},{"id":"fb41e08b-e403-45cb-925f-8c742b6709c4","block_type":"box","text":"securities in smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than","page_number":36,"box":{"x":61,"y":723,"width":820,"height":12}},{"id":"45d9b308-c746-483a-b1b3-848317b7083f","block_type":"box","text":"institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used","page_number":36,"box":{"x":61,"y":738,"width":868,"height":12}},{"id":"067129ff-84f3-4548-aaec-2d1af3dc65ff","block_type":"box","text":"by the Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or","page_number":36,"box":{"x":61,"y":754,"width":847,"height":12}},{"id":"8f52067f-6bdd-46ca-b24d-efad619cd305","block_type":"box","text":"less remaining to maturity unless BFA determines in good faith","page_number":36,"box":{"x":61,"y":769,"width":465,"height":12}},{"id":"302e3cf5-e2e4-486c-81cf-da0c29e29f24","block_type":"box","text":"that such method does not represent fair value.","page_number":36,"box":{"x":532,"y":769,"width":350,"height":12}},{"id":"662ec6f6-dde3-4bd2-a508-86108f231b00","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":36,"box":{"x":61,"y":800,"width":837,"height":12}},{"id":"4c12a553-abbc-4a4d-ac9f-8c845d66b2d1","block_type":"box","text":"regular trading hours of the NYSE. The values of such securities used in computing the NAV of the Fund are","page_number":36,"box":{"x":61,"y":816,"width":805,"height":12}},{"id":"c6fad24b-76f2-4269-9827-f154653dbad6","block_type":"box","text":"determined as of such times. U.S. government securities, money market instruments and certain fixed income","page_number":36,"box":{"x":61,"y":831,"width":821,"height":12}},{"id":"ea42f87c-1fb2-4a2c-98b8-230965731681","block_type":"box","text":"securities are generally priced as of close of regular trading hours on the NYSE.","page_number":36,"box":{"x":61,"y":847,"width":598,"height":12}},{"id":"96b0dcd4-ee51-42c8-ad9b-634d63832e2a","block_type":"box","text":"When market quotations are not readily available or are believed by BFA to be unreliable, BFA will fair value the","page_number":36,"box":{"x":60,"y":878,"width":836,"height":12}},{"id":"f0872ca0-b767-44ae-ba0d-e8f0030e3016","block_type":"box","text":"Fund’s investments in accordance with its policies and procedures. BFA may conclude that a market quotation is not","page_number":36,"box":{"x":61,"y":893,"width":869,"height":12}},{"id":"9de23a9e-343d-4c51-88a2-1a22d4752b41","block_type":"box","text":"readily available or is unreliable if a security or other asset or liability does not have a price source due to its lack of","page_number":36,"box":{"x":61,"y":909,"width":854,"height":12}},{"id":"7b51138e-9e60-40d7-a612-a16939bfcc6d","block_type":"box","text":"trading or other reasons, if a market quotation differs significantly from recent price quotations or otherwise no longer","page_number":36,"box":{"x":60,"y":924,"width":868,"height":12}},{"id":"7c9008dc-c00f-4a50-9e73-29fe463bd96f","block_type":"box","text":"21","page_number":36,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"d0b7f746-940f-4da9-ab48-fd46728e20d0","block_type":"box","text":"NM1026U-6030751-36/43","page_number":36,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"941a6b1a-4954-4c73-812c-d0e2c98631ce","block_type":"box","text":"appears to reflect fair value, where the security or other asset or liability is thinly traded, when there is a significant","page_number":37,"box":{"x":61,"y":40,"width":852,"height":13}},{"id":"262e5a1a-e6dd-4e25-8c36-f19e0a7d186b","block_type":"box","text":"event subsequent to the most recent market quotation, or if the trading market on which a security is listed is","page_number":37,"box":{"x":61,"y":56,"width":810,"height":12}},{"id":"e73dd68d-318e-4fc5-8bf1-3a160b57dca9","block_type":"box","text":"suspended or closed and no appropriate alternative trading market is available. A “significant event” is deemed to","page_number":37,"box":{"x":61,"y":71,"width":846,"height":13}},{"id":"702295dc-73b1-46d7-9b15-03a165c4de01","block_type":"box","text":"occur if BFA determines, in its reasonable business judgment prior to or at the time of pricing the Fund’s assets or","page_number":37,"box":{"x":61,"y":87,"width":850,"height":12}},{"id":"aeaeea0a-c27a-4f47-b60c-3befe162220b","block_type":"box","text":"liabilities, that the event is likely to cause a material change to the last exchange closing price or closing market price","page_number":37,"box":{"x":61,"y":103,"width":872,"height":12}},{"id":"ed2ab9c2-3283-4ef7-8e7a-ab34aa2a9208","block_type":"box","text":"of one or more assets held by, or liabilities of, the Fund. For certain foreign assets, a third-party vendor supplies","page_number":37,"box":{"x":61,"y":118,"width":834,"height":12}},{"id":"e8e6c7b6-25a1-4051-90a8-cb0fc1dd4758","block_type":"box","text":"evaluated, systematic fair value pricing based upon the movement of a proprietary multi-factor model after the","page_number":37,"box":{"x":61,"y":134,"width":820,"height":12}},{"id":"f715a4e6-b7aa-4408-bce2-df2d9ea8b103","block_type":"box","text":"relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the","page_number":37,"box":{"x":61,"y":149,"width":839,"height":12}},{"id":"bedf401b-5783-4706-8247-91045186fc10","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","page_number":37,"box":{"x":61,"y":165,"width":848,"height":12}},{"id":"98c5a447-1143-4cfb-9128-09445ac0ec29","block_type":"box","text":"might have prevailed as of the Fund’s pricing time.","page_number":37,"box":{"x":61,"y":180,"width":379,"height":12}},{"id":"ff5db390-dc49-4568-8670-30aa29868316","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or","page_number":37,"box":{"x":61,"y":211,"width":837,"height":12}},{"id":"7bc68693-966a-4d05-9926-1f172ea9a246","block_type":"box","text":"liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset","page_number":37,"box":{"x":61,"y":227,"width":882,"height":12}},{"id":"57eaf64c-7580-443a-a015-badbfda288ff","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. Valuing the Fund’s investments using fair value","page_number":37,"box":{"x":61,"y":242,"width":856,"height":12}},{"id":"5db8c806-3c24-4bed-acbb-bd705c94dbe5","block_type":"box","text":"pricing will result in prices that may differ from current market valuations and that may not be the prices at which those","page_number":37,"box":{"x":61,"y":258,"width":882,"height":12}},{"id":"236d336e-3eaa-4910-8714-c2278e2ac570","block_type":"box","text":"investments could have been sold during the period in which the particular fair values were used.","page_number":37,"box":{"x":61,"y":273,"width":724,"height":12}},{"id":"e7cabbc3-2af0-4cc4-8424-86aff79b527b","block_type":"box","text":"Dividends and Distributions","page_number":37,"box":{"x":61,"y":307,"width":239,"height":10}},{"id":"52db222c-fc70-4008-84cb-7a57eba8b955","block_type":"box","text":"General Policies.","page_number":37,"box":{"x":62,"y":328,"width":124,"height":9}},{"id":"62707132-8475-4888-9520-23e29040e48f","block_type":"box","text":"Dividends from net investment income, if any, generally are declared and paid at least once a year","page_number":37,"box":{"x":187,"y":328,"width":741,"height":12}},{"id":"2322f9dc-e9e9-4084-a214-355085eac13e","block_type":"box","text":"by the Fund. Distributions of net realized securities gains, if any, generally are declared and paid once a year, but the","page_number":37,"box":{"x":61,"y":343,"width":874,"height":13}},{"id":"13268c65-0f0a-4a0d-9857-8d1876e6ffdc","block_type":"box","text":"Trust may make distributions on a more frequent basis for the Fund. The Trust reserves the right to declare special","page_number":37,"box":{"x":60,"y":359,"width":859,"height":12}},{"id":"2b331f0b-3f09-4d3d-98db-0d7182d8c403","block_type":"box","text":"distributions if, in its reasonable discretion, such action is necessary or advisable to preserve its status as a RIC or to","page_number":37,"box":{"x":61,"y":374,"width":872,"height":13}},{"id":"8980bf4a-68d9-4f59-bc0f-6dbab2b2d738","block_type":"box","text":"avoid imposition of income or excise taxes on undistributed income or realized gains.","page_number":37,"box":{"x":61,"y":390,"width":635,"height":12}},{"id":"c2d37bbc-be42-4236-913e-5909514d9d2e","block_type":"box","text":"Dividends and other distributions on shares of the Fund are distributed on a p","page_number":37,"box":{"x":61,"y":421,"width":565,"height":10}},{"id":"0bfa9b54-739c-4102-bcab-2c78557e334b","block_type":"box","text":"pro rata","page_number":37,"box":{"x":626,"y":421,"width":58,"height":12}},{"id":"d4523755-6733-4f38-b087-354e6fd95136","block_type":"box","text":"basis to beneficial owners of","page_number":37,"box":{"x":684,"y":421,"width":221,"height":10}},{"id":"6d664f52-745d-4168-8e26-cbfbbf3cb9cc","block_type":"box","text":"such shares. Dividend payments are made through DTC participants and indirect participants to beneficial owners","page_number":37,"box":{"x":61,"y":436,"width":850,"height":13}},{"id":"56f8986a-e9d1-4171-bd35-bb436d6ee5f3","block_type":"box","text":"then of record with proceeds received from the Fund.","page_number":37,"box":{"x":60,"y":452,"width":400,"height":12}},{"id":"063c0687-e0f6-41cc-a6db-9d2e45859d61","block_type":"box","text":"Dividend Reinvestment Service.","page_number":37,"box":{"x":61,"y":483,"width":236,"height":10}},{"id":"cf730de2-72db-47e1-8a3d-6d0fc1d7035d","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make","page_number":37,"box":{"x":298,"y":483,"width":640,"height":12}},{"id":"e94d65cd-5d86-467d-90de-30c0d434f7fd","block_type":"box","text":"available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of the Fund for","page_number":37,"box":{"x":61,"y":498,"width":788,"height":13}},{"id":"8273e881-8996-4632-97e7-4d22fba3507d","block_type":"box","text":"reinvestment of their dividend distributions. Beneficial owners should contact their broker to determine the availability","page_number":37,"box":{"x":61,"y":514,"width":871,"height":12}},{"id":"c0847c3f-aed9-4126-9611-31aa41bdbcab","block_type":"box","text":"and costs of the service and the details of participation therein. Brokers may require beneficial owners to adhere to","page_number":37,"box":{"x":61,"y":530,"width":855,"height":12}},{"id":"83709763-cb2f-4479-ad05-391738850c92","block_type":"box","text":"specific procedures and timetables. If this service is available and used, dividend distributions of both income and","page_number":37,"box":{"x":61,"y":545,"width":847,"height":12}},{"id":"1156585f-7a64-4ce0-92f6-46b1ab91fba4","block_type":"box","text":"realized gains will be automatically reinvested in additional whole shares of the Fund purchased in the secondary","page_number":37,"box":{"x":61,"y":561,"width":844,"height":12}},{"id":"8639798a-dd66-41f5-bd26-2032bdef3453","block_type":"box","text":"market.","page_number":37,"box":{"x":61,"y":576,"width":60,"height":10}},{"id":"6ac23723-f31c-48e8-9dce-cbbd8fe8084b","block_type":"box","text":"Note on Tax Information","page_number":37,"box":{"x":61,"y":607,"width":192,"height":10}},{"id":"4b5ec043-3098-41ee-a20b-e629c9e9a3e3","block_type":"box","text":". The following sections summarize some of the consequences under current U.S. federal","page_number":37,"box":{"x":255,"y":607,"width":670,"height":12}},{"id":"8c408a42-6881-4515-a1b4-77a16fc427d7","block_type":"box","text":"tax law of an investment in the Fund. It is not a substitute for personal tax advice. You may also be subject to state","page_number":37,"box":{"x":60,"y":623,"width":856,"height":12}},{"id":"b62312a6-9e7c-4702-bada-da28add76adf","block_type":"box","text":"and local taxation on Fund distributions and sales of shares. Certain states and localities may exempt from tax","page_number":37,"box":{"x":61,"y":638,"width":823,"height":12}},{"id":"e9db5de1-41d0-4b20-a34a-7f96a990cebd","block_type":"box","text":"distributions attributable to interest from U.S. federal government obligations. Consult your personal tax advisor about","page_number":37,"box":{"x":61,"y":654,"width":877,"height":12}},{"id":"b3af4d07-c852-4fe5-916d-4ebb94ed54da","block_type":"box","text":"the potential tax consequences of an investment in shares of the Fund under all applicable tax laws.","page_number":37,"box":{"x":60,"y":669,"width":742,"height":12}},{"id":"6578008f-d06e-4329-95a0-a8e4de51da74","block_type":"box","text":"Taxes.","page_number":37,"box":{"x":60,"y":700,"width":51,"height":10}},{"id":"fab8d25c-7943-41fa-bcd8-f1396cf9d7e5","block_type":"box","text":"As with any investment, you should consider how your investment in shares of the Fund will be taxed. The tax","page_number":37,"box":{"x":117,"y":700,"width":816,"height":12}},{"id":"d23e2075-732a-4a1b-8507-000e71608c41","block_type":"box","text":"information in this Prospectus is provided as general information, based on current law. You should consult your own","page_number":37,"box":{"x":61,"y":716,"width":866,"height":12}},{"id":"e8811363-451e-4526-8db1-a8a4e6725e02","block_type":"box","text":"tax professional about the tax consequences of an investment in shares of the Fund.","page_number":37,"box":{"x":60,"y":731,"width":628,"height":12}},{"id":"cb8d3c6c-cf44-44f2-a284-24c19aba8c1a","block_type":"box","text":"Unless your investment in Fund shares is made through a tax-exempt entity or tax-deferred retirement account, such","page_number":37,"box":{"x":61,"y":762,"width":866,"height":12}},{"id":"2e24878d-0b5f-4d3a-985f-e80b431a3258","block_type":"box","text":"as an individual retirement account (“IRA”), in which case your distributions generally will be taxable when withdrawn,","page_number":37,"box":{"x":61,"y":778,"width":868,"height":12}},{"id":"e51030aa-7074-4ea8-af21-b789a9be7dd9","block_type":"box","text":"you need to be aware of the possible tax consequences when the Fund makes distributions or you sell Fund shares.","page_number":37,"box":{"x":60,"y":793,"width":863,"height":12}},{"id":"228c1943-3dc0-4000-851a-5948d1d3f171","block_type":"box","text":"Taxes on Distributions.","page_number":37,"box":{"x":60,"y":824,"width":185,"height":10}},{"id":"2b375f7d-c674-4189-be22-9e30fd2bd018","block_type":"box","text":"Distributions from the Fund’s investment company taxable income (other than qualified","page_number":37,"box":{"x":252,"y":824,"width":643,"height":12}},{"id":"13ad6218-e386-472b-b5d6-a2e2a98f009e","block_type":"box","text":"dividend income), including distributions of income from securities lending and distributions out of the Fund’s net","page_number":37,"box":{"x":61,"y":840,"width":837,"height":12}},{"id":"6b0112b6-39ba-4e2c-ab25-c3475ae17d4c","block_type":"box","text":"short-term capital gains, if any, are taxable to you as ordinary income. Distributions by the Fund of net long-term","page_number":37,"box":{"x":61,"y":855,"width":837,"height":12}},{"id":"93ebe730-2636-4084-946c-5ecb9a232a7a","block_type":"box","text":"capital gains, if any, in excess of net short-term capital losses (capital gain dividends) are taxable to you as long-term","page_number":37,"box":{"x":61,"y":871,"width":874,"height":12}},{"id":"8f59f481-40f1-42ba-8382-8563af9b717c","block_type":"box","text":"capital gains, regardless of how long you have held the Fund’s shares. Distributions by the Fund that qualify as","page_number":37,"box":{"x":61,"y":886,"width":828,"height":12}},{"id":"31832a8f-f55b-4ab3-9323-b0e824a14b7c","block_type":"box","text":"qualified dividend income are taxable to you at long-term capital gain rates, subject to the holding period requirements","page_number":37,"box":{"x":61,"y":902,"width":880,"height":12}},{"id":"0b9bc864-581c-4b96-9106-f1d2692d3bd5","block_type":"box","text":"applicable to both you and the Fund, as set forth below. Long-term capital gains and qualified dividend income are","page_number":37,"box":{"x":61,"y":917,"width":847,"height":12}},{"id":"95517d93-d30c-42c2-87d8-cedd4fad2f96","block_type":"box","text":"22","page_number":37,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"055c9026-ab02-4250-96db-2fc485fd1ef2","block_type":"box","text":"NM1026U-6030751-37/43","page_number":37,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"d526f248-dbc3-4308-8ef9-9d0c697cb79e","block_type":"box","text":"generally eligible for taxation at a maximum rate of 15% or 20% for non-corporate shareholders, depending on","page_number":38,"box":{"x":61,"y":40,"width":824,"height":13}},{"id":"da92e774-4456-48d8-9a65-66a407a8cee5","block_type":"box","text":"whether their income exceeds certain threshold amounts. In addition, a 3.8% U.S. federal Medicare contribution tax is","page_number":38,"box":{"x":60,"y":56,"width":879,"height":11}},{"id":"4cdae315-77ce-4714-8e79-a15a0cdbc9da","block_type":"box","text":"imposed on “net investment income,” including, but not limited to, interest, dividends, and net gain, of U.S. individuals","page_number":38,"box":{"x":61,"y":71,"width":875,"height":13}},{"id":"5c7ee4b7-272c-4725-95ce-16afbf47cbdc","block_type":"box","text":"with income exceeding $200,000 (or $250,000 if married and filing jointly) and of estates and trusts.","page_number":38,"box":{"x":60,"y":86,"width":744,"height":13}},{"id":"869f062f-d9d6-461c-b678-d69e1faccb3f","block_type":"box","text":"Dividends will be qualified dividend income to you if they are attributable to qualified dividend income received by the","page_number":38,"box":{"x":61,"y":118,"width":871,"height":12}},{"id":"5e129413-310c-4ee5-87f4-af2ef1dc40bb","block_type":"box","text":"Fund. Generally, qualified dividend income includes dividend income from taxable U.S. corporations and qualified","page_number":38,"box":{"x":61,"y":134,"width":846,"height":12}},{"id":"f04f5608-9e7f-4e5c-bd12-be183c7ae723","block_type":"box","text":"non-U.S. corporations, provided that the Fund satisfies certain holding period requirements in respect of the stock of","page_number":38,"box":{"x":61,"y":149,"width":867,"height":12}},{"id":"af96b69b-548e-4aa7-9373-94d3a11d33c1","block_type":"box","text":"such corporations and has not hedged its position in the stock in certain ways. Substitute dividends received by the","page_number":38,"box":{"x":61,"y":165,"width":859,"height":12}},{"id":"d0617fec-d3ee-47b5-b7ab-1576f686ccd8","block_type":"box","text":"Fund with respect to dividends paid on securities lent out will not be qualified dividend income. For this purpose, a","page_number":38,"box":{"x":61,"y":180,"width":849,"height":12}},{"id":"69f710b1-8bfa-45b4-ae0b-ed63727e4e92","block_type":"box","text":"qualified non-U.S. corporation means any non-U.S. corporation that is eligible for benefits under a comprehensive","page_number":38,"box":{"x":61,"y":196,"width":849,"height":12}},{"id":"9ffdccf3-3659-4873-81dc-7cab140e95d9","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","page_number":38,"box":{"x":61,"y":211,"width":849,"height":12}},{"id":"9faefe2e-615a-4648-9120-1ef3ebba6a6f","block_type":"box","text":"which the dividend was paid is readily tradable on an established U.S. securities market. The term excludes a","page_number":38,"box":{"x":60,"y":227,"width":819,"height":12}},{"id":"f55e933b-de7d-461e-90bb-00df01d311b7","block_type":"box","text":"corporation that is a passive foreign investment company.","page_number":38,"box":{"x":61,"y":242,"width":433,"height":12}},{"id":"7eb3fa95-2a96-4d99-8345-1c2966679ccb","block_type":"box","text":"It is expected that dividends received by the Fund from a real","page_number":38,"box":{"x":62,"y":273,"width":442,"height":12}},{"id":"ec3d442b-e3fc-4bf0-be08-6344aedf2fda","block_type":"box","text":"estate investment trust (“REIT”) and distributed to a","page_number":38,"box":{"x":505,"y":273,"width":383,"height":12}},{"id":"63eb6389-d4dc-479d-81b3-3383c89e85b9","block_type":"box","text":"shareholder generally will be taxable to the shareholder as","page_number":38,"box":{"x":61,"y":289,"width":424,"height":12}},{"id":"457e83ff-235e-4ff9-b426-11673de38075","block_type":"box","text":"ordinary income. However, the Fund may report dividends","page_number":38,"box":{"x":485,"y":289,"width":432,"height":12}},{"id":"0178fa40-ca13-4b77-917c-496f0985d3bc","block_type":"box","text":"eligible for a 20% “qualified business income” deduction fo","page_number":38,"box":{"x":61,"y":304,"width":423,"height":12}},{"id":"f9de89a6-da48-4e0b-bf99-284d805e7a08","block_type":"box","text":"r non-corporate U.S. shareholder","page_number":38,"box":{"x":485,"y":304,"width":240,"height":12}},{"id":"f68d0d90-0f59-4c07-886c-e8437e36f5b1","block_type":"box","text":"s to the extent the Fund’s","page_number":38,"box":{"x":725,"y":304,"width":189,"height":10}},{"id":"49aa7801-93a1-482c-954b-f339e18338cc","block_type":"box","text":"income is derived from ordinary REIT dividends, reduced by","page_number":38,"box":{"x":61,"y":320,"width":436,"height":12}},{"id":"869745c3-d071-4792-8ee2-7413b3bf67f0","block_type":"box","text":"y allocable Fund expenses, and a shareholder may treat the","page_number":38,"box":{"x":497,"y":320,"width":434,"height":12}},{"id":"9f0a47b1-1147-41ac-a183-383dba04842e","block_type":"box","text":"dividends as such, provided that the Fund and such sharehol","page_number":38,"box":{"x":61,"y":335,"width":442,"height":12}},{"id":"fe25b721-f0d1-4af7-afd6-ff028d62d33b","block_type":"box","text":"der satisfy the applicable holding period requirements.","page_number":38,"box":{"x":504,"y":335,"width":399,"height":12}},{"id":"a68cc472-bea8-4041-9165-06acff01ba7c","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","page_number":38,"box":{"x":61,"y":366,"width":852,"height":12}},{"id":"300089df-28b0-4ad2-9ad6-aba1b3acc13a","block_type":"box","text":"stock held without being hedged by the Fund, and with respect to a share of the Fund held without being hedged by","page_number":38,"box":{"x":61,"y":382,"width":863,"height":12}},{"id":"5e0d2de7-b9c2-4237-88b0-c3ae428a710a","block_type":"box","text":"you, for 61 days during the 121-day period beginning at the date which is 60 days before the date on which such","page_number":38,"box":{"x":60,"y":397,"width":840,"height":12}},{"id":"caad2460-07dd-4ff3-8c9b-48702ab25491","block_type":"box","text":"share becomes ex-dividend with respect to such dividend or, in the case of certain preferred stock, 91 days during the","page_number":38,"box":{"x":61,"y":413,"width":880,"height":12}},{"id":"6438d41c-861e-49eb-862f-285e83d6659b","block_type":"box","text":"181-day period beginning 90 days before such date.","page_number":38,"box":{"x":62,"y":428,"width":391,"height":12}},{"id":"4d04efab-62c3-4ab2-ba00-37e18dff35ed","block_type":"box","text":"Fund distributions, to the extent attributable to dividends from U.S. corporations, will be eligible for the dividends","page_number":38,"box":{"x":61,"y":459,"width":836,"height":12}},{"id":"e09a30c7-eb4a-404d-95ad-82d184cd48c7","block_type":"box","text":"received deduction for Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":38,"box":{"x":61,"y":475,"width":874,"height":12}},{"id":"f00d7d58-10e4-4c97-88ef-5785e4037cde","block_type":"box","text":"In general, your distributions are subject to U.S. federal income tax for the year when they are paid. Certain","page_number":38,"box":{"x":62,"y":506,"width":800,"height":12}},{"id":"8cbbc199-c6ac-445a-a3c0-a35a4c2c29ee","block_type":"box","text":"distributions paid in January, however, may be treated as paid on December 31 of the prior year.","page_number":38,"box":{"x":61,"y":521,"width":723,"height":12}},{"id":"8672b23c-2d3e-4c06-9663-25321699f523","block_type":"box","text":"If the Fund’s distributions exceed current and accumulated earnings and profits, all or a portion of the distributions","page_number":38,"box":{"x":62,"y":552,"width":849,"height":12}},{"id":"8d36504b-3aed-4133-96c9-829011ade770","block_type":"box","text":"made in the taxable year may be recharacterized as a return of capital to shareholders. Distributions in excess of the","page_number":38,"box":{"x":61,"y":568,"width":870,"height":12}},{"id":"81a0ad8f-69bf-4bd4-930d-cd7f74d2521f","block_type":"box","text":"Fund’s minimum distribution requirements, but not in excess of the Fund’s current and accumulated earnings and","page_number":38,"box":{"x":61,"y":583,"width":846,"height":12}},{"id":"037ceaac-cb3d-4769-bdde-d08bca9e19d9","block_type":"box","text":"profits, will be taxable to shareholders and will not constitute nontaxable returns of capital. A return of capital","page_number":38,"box":{"x":61,"y":599,"width":809,"height":12}},{"id":"220987fc-6332-4555-ad93-1f9fa48a2b8e","block_type":"box","text":"distribution generally will not be taxable but will reduce the shareholder’s cost basis and result in a higher capital gain","page_number":38,"box":{"x":61,"y":614,"width":874,"height":12}},{"id":"a3fe9fd9-c360-4262-8059-396fc564a323","block_type":"box","text":"or lower capital loss when those shares on which the distribution was received are sold. Once a shareholder’s cost","page_number":38,"box":{"x":61,"y":630,"width":855,"height":12}},{"id":"72e9559f-02bf-47f2-b97c-8271070955ff","block_type":"box","text":"basis is reduced to zero, further distributions will be treated as capital gain, if the shareholder holds shares of the","page_number":38,"box":{"x":61,"y":645,"width":841,"height":12}},{"id":"35908fcc-ccbd-49b2-8567-3791e3c9f531","block_type":"box","text":"Fund as capital assets.","page_number":38,"box":{"x":61,"y":661,"width":170,"height":12}},{"id":"49bdf16d-f148-4a79-a46c-58da509d7413","block_type":"box","text":"Dividends, interest and capital gains earned by the Fund with respect to securities issued by non-U.S. issuers may","page_number":38,"box":{"x":61,"y":692,"width":849,"height":12}},{"id":"2985a0d9-b1d8-49f3-a7db-61087ab19ade","block_type":"box","text":"give rise to withholding, capital gains and other taxes imposed by non-U.S. countries. Tax conventions between","page_number":38,"box":{"x":61,"y":707,"width":827,"height":12}},{"id":"8487306c-c1a9-413b-9088-3b23513c5368","block_type":"box","text":"certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the total assets of the Fund at","page_number":38,"box":{"x":61,"y":723,"width":874,"height":12}},{"id":"0aeaaeaa-9383-4381-ac17-3c7593b45560","block_type":"box","text":"the close of a year consists of non-U.S. stocks or securities (generally, for this purpose, depositary receipts, no matter","page_number":38,"box":{"x":60,"y":738,"width":876,"height":12}},{"id":"37fe1005-7837-4742-a307-4dbd06c35f75","block_type":"box","text":"where traded, of non-U.S. companies are treated as “non-U.S.”), generally the Fund may “pass through” to you","page_number":38,"box":{"x":60,"y":754,"width":824,"height":12}},{"id":"c23dbff2-fc39-4073-9290-9960753e67e7","block_type":"box","text":"certain non-U.S. income taxes (including withholding taxes) paid by the Fund. This means that you would be","page_number":38,"box":{"x":61,"y":769,"width":803,"height":12}},{"id":"884cc877-238b-4362-8f91-14ad2cf87553","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","page_number":38,"box":{"x":61,"y":785,"width":860,"height":12}},{"id":"7f7f61cf-7c18-4062-ab42-83481cf2bd99","block_type":"box","text":"either a corresponding tax deduction in calculating your taxable income, or, subject to certain limitations, a credit in","page_number":38,"box":{"x":61,"y":800,"width":850,"height":12}},{"id":"14844b36-d49b-41f6-be7d-9a5dd0562c93","block_type":"box","text":"calculating your U.S. federal income tax.","page_number":38,"box":{"x":61,"y":816,"width":299,"height":12}},{"id":"b338075c-cfda-4e2f-a0a6-bf6246d5f225","block_type":"box","text":"For purposes of foreign tax credits for U.S. shareholders of the Fund, foreign capital gains taxes may not produce","page_number":38,"box":{"x":61,"y":847,"width":847,"height":12}},{"id":"7c6f6f78-c6c3-49e9-a5d8-b3a3fbdba4d5","block_type":"box","text":"associated foreign source income, limiting the availability of such credits for U.S. persons.","page_number":38,"box":{"x":61,"y":862,"width":671,"height":12}},{"id":"05679675-5948-4461-9683-17bf611e07f0","block_type":"box","text":"If you are neither a resident nor a citizen of the United States or if you are a non-U.S. entity (other than a pass","page_number":38,"box":{"x":62,"y":893,"width":821,"height":12}},{"id":"c57e3c15-5c29-444a-bb5a-4c6b0edd347a","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s ordinary income dividends (which include distributions","page_number":38,"box":{"x":60,"y":909,"width":877,"height":12}},{"id":"fe44c7e9-0501-4ac8-86c4-28c9fa49f8c4","block_type":"box","text":"of net short-term capital gains) will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate","page_number":38,"box":{"x":61,"y":924,"width":830,"height":12}},{"id":"c9ac9e4a-8172-4b77-bd8a-9527cb8ede77","block_type":"box","text":"23","page_number":38,"box":{"x":491,"y":955,"width":23,"height":10}},{"id":"9d5fadee-b14c-4fdd-ab52-52124ccca01a","block_type":"box","text":"NM1026U-6030751-38/43","page_number":38,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"ca842fe7-19b6-4c6c-88f8-22239c6e7d78","block_type":"box","text":"applies, provided that withholding tax will generally not apply to distributions properly reported by the Fund as capital","page_number":39,"box":{"x":61,"y":41,"width":869,"height":12}},{"id":"b6ccd5b6-2961-4c2f-a27a-fd03b88ec3d0","block_type":"box","text":"gain dividends, interest-related dividends or short-term capital gain dividends or upon the sale or other disposition of","page_number":39,"box":{"x":61,"y":56,"width":866,"height":12}},{"id":"5f635648-eb9c-497b-8075-634d18342398","block_type":"box","text":"shares of the Fund.","page_number":39,"box":{"x":61,"y":71,"width":149,"height":10}},{"id":"2626bae3-25b7-4e21-b6ee-6e00547bb968","block_type":"box","text":"If you are a resident or a citizen of the U.S., by law, backup withholding at a 24% rate will apply to your distributions","page_number":39,"box":{"x":62,"y":104,"width":860,"height":12}},{"id":"9d13e2e0-8073-46cb-a5c0-c65d75ab183a","block_type":"box","text":"and proceeds if you have not provided a taxpayer identification number or social security number and made other","page_number":39,"box":{"x":61,"y":120,"width":847,"height":12}},{"id":"4f74e7c2-061d-41a8-bc28-ac8e04095bb3","block_type":"box","text":"required certifications.","page_number":39,"box":{"x":61,"y":135,"width":168,"height":12}},{"id":"87d96a98-5f9b-42e6-a608-fd1421020c1a","block_type":"box","text":"Taxes on Sales of Shares.","page_number":39,"box":{"x":60,"y":168,"width":207,"height":9}},{"id":"6e8acabf-98fb-4d5a-b243-0b8c4e1f0d21","block_type":"box","text":"Currently, any capital gain or loss realized upon a sale of Fund shares is generally","page_number":39,"box":{"x":268,"y":168,"width":620,"height":12}},{"id":"5674aee6-e791-4e6a-bcd6-d1ca6a876bfd","block_type":"box","text":"treated as a long-term gain or loss if the shares have been","page_number":39,"box":{"x":60,"y":183,"width":440,"height":12}},{"id":"e64b3210-823f-4dbe-a7c0-018fd8c35da4","block_type":"box","text":"held for more than one year. Any capital gain or loss","page_number":39,"box":{"x":501,"y":183,"width":393,"height":12}},{"id":"5bb04029-6d40-4310-89d9-e9d451e5c0d4","block_type":"box","text":"realized upon a sale of Fund shares held for one year","page_number":39,"box":{"x":61,"y":199,"width":402,"height":12}},{"id":"b2e75fc4-8f14-43ca-85a4-290250ed5250","block_type":"box","text":"or less is generally treated as short-term gain or loss, except","page_number":39,"box":{"x":464,"y":199,"width":454,"height":12}},{"id":"ceff41fd-8ffc-4b62-9146-d5f330a0260e","block_type":"box","text":"that any capital loss on the sale of shares held for six","page_number":39,"box":{"x":60,"y":214,"width":400,"height":12}},{"id":"40b65a57-fa05-48aa-880e-7dfb893d14e0","block_type":"box","text":"months or less is treated as long-term capital loss to the extent","page_number":39,"box":{"x":461,"y":215,"width":471,"height":11}},{"id":"327a4d0a-833c-4e31-8f1e-035089cceaeb","block_type":"box","text":"that capital gain dividends were paid with respect to such shares. Any such capital gains, including from sales of Fund","page_number":39,"box":{"x":60,"y":230,"width":881,"height":12}},{"id":"d6a91d5c-c096-433b-997e-7ea6eea849d7","block_type":"box","text":"shares or from capital gain dividends, are included in “net investment income” for purposes of the 3.8% U.S. federal","page_number":39,"box":{"x":61,"y":245,"width":863,"height":12}},{"id":"71e59a06-e853-4216-8cb1-9a911de0379f","block_type":"box","text":"Medicare contribution tax mentioned above.","page_number":39,"box":{"x":61,"y":261,"width":330,"height":9}},{"id":"f233a95d-88b3-489d-9c2a-bda683de5add","block_type":"box","text":"FATCA.","page_number":39,"box":{"x":61,"y":294,"width":66,"height":9}},{"id":"f46f505a-734b-48d1-97ff-27559efda19c","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":39,"box":{"x":127,"y":294,"width":804,"height":12}},{"id":"222b96ea-5daf-483d-b550-586a895854f3","block_type":"box","text":"items paid to (i) foreign financial institutions, including non-U.S. investment funds and (ii) certain other foreign entities.","page_number":39,"box":{"x":61,"y":309,"width":878,"height":12}},{"id":"c2cf825d-047c-462e-b8e9-1151bd6c9ecf","block_type":"box","text":"To avoid withholding, foreign financial institutions will need to (i) enter into agreements with the IRS that state that","page_number":39,"box":{"x":60,"y":325,"width":849,"height":12}},{"id":"52799422-7103-4bab-b61f-e72b004f9693","block_type":"box","text":"they will provide the IRS information, including the names, addresses and taxpayer identification numbers of direct","page_number":39,"box":{"x":60,"y":340,"width":854,"height":12}},{"id":"f77fe65b-9c36-4495-98a7-ad7d6e3bffbf","block_type":"box","text":"and indirect U.S. account holders, comply with due diligence procedures with respect to the identification of U.S.","page_number":39,"box":{"x":61,"y":356,"width":837,"height":12}},{"id":"e2f5aa0f-ab90-4816-9fb9-858fcdf5c394","block_type":"box","text":"accounts, report to the IRS certain information with respect to U.S. accounts maintained, agree to withhold tax on","page_number":39,"box":{"x":61,"y":371,"width":845,"height":12}},{"id":"dd7d1395-d0f1-4415-9537-afd1444d1f5b","block_type":"box","text":"certain payments made to non-compliant foreign financial institutions or to account holders who fail to provide the","page_number":39,"box":{"x":61,"y":387,"width":845,"height":12}},{"id":"ba355ab2-2300-41d8-a735-aab0310dd66d","block_type":"box","text":"required information, and determine certain other information concerning their account holders, or (ii) in the event that","page_number":39,"box":{"x":61,"y":402,"width":877,"height":12}},{"id":"bff1cdf6-9aa6-4324-a39c-8c0c149bd690","block_type":"box","text":"an applicable intergovernmental agreement and implementing legislation are adopted, provide local revenue","page_number":39,"box":{"x":61,"y":418,"width":808,"height":12}},{"id":"433a00f8-607c-42a1-a6fb-5da66a8fbef0","block_type":"box","text":"authorities with similar account holder information. Other foreign entities may need to report the name, address, and","page_number":39,"box":{"x":61,"y":433,"width":866,"height":12}},{"id":"bd8200ce-0a57-431e-bf59-676d6b59c32b","block_type":"box","text":"taxpayer identification number of each substantial U.S. owner or provide certifications of no substantial U.S.","page_number":39,"box":{"x":60,"y":449,"width":805,"height":12}},{"id":"4087d245-f24b-4c61-8342-2c8a15d5e5dc","block_type":"box","text":"ownership unless certain exceptions apply.","page_number":39,"box":{"x":61,"y":464,"width":324,"height":12}},{"id":"e270c60e-d4d1-490f-888f-7da184a1950b","block_type":"box","text":"Creations and Redemptions.","page_number":39,"box":{"x":61,"y":497,"width":226,"height":12}},{"id":"cc3fd93d-50cf-4627-9351-e06e311226bf","block_type":"box","text":"Prior to trading in the secondary market, shares of the Fund are “created” at NAV by","page_number":39,"box":{"x":288,"y":497,"width":636,"height":12}},{"id":"4a6be93f-269d-41d0-be66-9fdf32207f25","block_type":"box","text":"market makers, large investors and institutions only in block-size Creation Units or multiples thereof. Each “creator” or","page_number":39,"box":{"x":61,"y":512,"width":879,"height":12}},{"id":"3bc4f8b0-4c67-44f1-a252-cb08d81ca7f0","block_type":"box","text":"authorized participant (an “Authorized Participant”) has entered into an agreement with the Distributor. An Authorized","page_number":39,"box":{"x":61,"y":528,"width":873,"height":12}},{"id":"a5bb3a5d-aca0-44b1-92db-d0c439120f6d","block_type":"box","text":"Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement","page_number":39,"box":{"x":61,"y":543,"width":857,"height":12}},{"id":"f9964da8-2db6-4feb-866e-3e9ca59234d8","block_type":"box","text":"with the Fund or one of its service providers that allows such member or participant to place orders for the purchase","page_number":39,"box":{"x":60,"y":559,"width":866,"height":12}},{"id":"57a3fea7-3269-4c9e-9a4d-566614638d11","block_type":"box","text":"and redemption of Creation Units.","page_number":39,"box":{"x":61,"y":574,"width":255,"height":12}},{"id":"73c174d8-a1ba-425e-8763-5ff9831f433f","block_type":"box","text":"A creation transaction, which is subject to acceptance by the Distributor and the Fund, generally takes place when an","page_number":39,"box":{"x":60,"y":607,"width":876,"height":12}},{"id":"8bad6c9a-ef04-45ee-9e02-a58146bb7d71","block_type":"box","text":"Authorized Participant deposits into the Fund a designated portfolio of securities, assets or other positions (a “creation","page_number":39,"box":{"x":60,"y":623,"width":882,"height":12}},{"id":"e9311f16-a666-4016-b1e3-9d0a8b4a9f2c","block_type":"box","text":"basket”), and an amount of cash (including any cash representing the value of substituted securities, assets or other","page_number":39,"box":{"x":61,"y":638,"width":867,"height":12}},{"id":"7959a41f-cc60-401a-9faf-f60c11532487","block_type":"box","text":"positions), if any, which together approximate the holdings of the Fund in exchange for a specified number of Creation","page_number":39,"box":{"x":61,"y":654,"width":881,"height":12}},{"id":"064758ac-3d80-4752-972e-3727a2d876dd","block_type":"box","text":"Units.","page_number":39,"box":{"x":61,"y":669,"width":41,"height":10}},{"id":"cdf50c37-42c8-40e4-a61b-0c76c8058870","block_type":"box","text":"Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or","page_number":39,"box":{"x":61,"y":702,"width":863,"height":12}},{"id":"baf7c789-7e32-453d-b0c5-c5f1466cddd1","block_type":"box","text":"other positions (a “redemption basket”) held by the Fund and an amount of cash (including any portion of such","page_number":39,"box":{"x":61,"y":717,"width":817,"height":12}},{"id":"c42d928d-2526-4b58-84bd-341ed1f94601","block_type":"box","text":"securities for which cash may be substituted).","page_number":39,"box":{"x":61,"y":733,"width":337,"height":12}},{"id":"1c351142-a527-4954-a292-60a13f3b9ddc","block_type":"box","text":"The Fund generally offers Creation Units partially for cash, but may, in certain circumstances, offer Creation Units","page_number":39,"box":{"x":60,"y":765,"width":844,"height":13}},{"id":"0d0bbb9f-de8c-4dda-a681-566115fbd57d","block_type":"box","text":"solely for cash or solely in-kind. Except when aggregated in Creation Units, shares are not redeemable by the Fund.","page_number":39,"box":{"x":61,"y":781,"width":860,"height":12}},{"id":"1a0ac048-7c8d-4470-8132-0679f1184e26","block_type":"box","text":"Creation and redemption baskets may differ and the Fund may accept “custom baskets.” More information regarding","page_number":39,"box":{"x":61,"y":796,"width":864,"height":13}},{"id":"a0754e39-407e-43e0-a797-0d42a6186b1c","block_type":"box","text":"custom baskets is contained in the Fund’s SAI.","page_number":39,"box":{"x":61,"y":812,"width":347,"height":9}},{"id":"aafe8498-2b86-400c-9afc-221f73274616","block_type":"box","text":"The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or","page_number":39,"box":{"x":60,"y":845,"width":845,"height":12}},{"id":"6a8a2242-6fbf-4c9e-b9dc-5c08baa18f82","block_type":"box","text":"redemption order is received in an acceptable form under the authorized participant agreement.","page_number":39,"box":{"x":61,"y":860,"width":714,"height":12}},{"id":"8404dc9e-eb1d-4a8f-8137-4b9fc9c03786","block_type":"box","text":"Only an Authorized Participant may create or redeem Creation Units with the Fund. 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Information about the procedures regarding","page_number":40,"box":{"x":61,"y":238,"width":860,"height":12}},{"id":"90a0b96c-73fd-4e81-8e2d-2ba242184248","block_type":"box","text":"creation and redemption of Creation Units (including the cut-off times for receipt of creation and redemption orders) is","page_number":40,"box":{"x":61,"y":254,"width":876,"height":12}},{"id":"2ea70690-2b2b-4b57-bac1-df02d9713867","block_type":"box","text":"included in the Fund’s SAI.","page_number":40,"box":{"x":61,"y":269,"width":204,"height":10}},{"id":"f3d62e3a-6be0-42fa-a846-f2b73e98cc62","block_type":"box","text":"Because new shares may be created and issued on an ongoing basis, at any point during the life of the Fund a","page_number":40,"box":{"x":61,"y":298,"width":828,"height":13}},{"id":"550bbd30-c127-4e7d-9a76-e6723e685640","block_type":"box","text":"“distribution,” as such term is used in the 1933 Act, may be occurring. Broker-dealers and other persons are","page_number":40,"box":{"x":61,"y":314,"width":805,"height":12}},{"id":"6485c5c5-6334-4022-a3bf-7f46bfabcd13","block_type":"box","text":"cautioned that some activities on their part may, depending on the circumstances, result in their being deemed","page_number":40,"box":{"x":61,"y":330,"width":825,"height":12}},{"id":"5770ae28-98fb-4020-98b3-b3cd53ad8e68","block_type":"box","text":"participants in a distribution in a manner that could render them statutory underwriters subject to the prospectus","page_number":40,"box":{"x":61,"y":345,"width":833,"height":12}},{"id":"9571ec8e-c3fe-41d2-b7dc-78b5816e9ba9","block_type":"box","text":"delivery and liability provisions of the 1933 Act. 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