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At each quarterly review, the maximum weight of any issuer","page_number":5,"box":{"x":116,"y":472,"width":767,"height":13}},{"id":"77963281-50f6-45f8-962b-933682d99af1","block_type":"box","text":"in the MSCI USA Choice ESG Screened Index is capped at such issuer’s weight in the MSCI USA Index plus","page_number":5,"box":{"x":117,"y":488,"width":770,"height":12}},{"id":"aa92a8c9-102d-4388-9565-0d958ebb7e1c","block_type":"box","text":"5%. The excess weight of the capped issuers is distributed among the remaining constituents in","page_number":5,"box":{"x":116,"y":503,"width":701,"height":13}},{"id":"6089c802-7899-4435-8649-89be5b35da40","block_type":"box","text":"proportion of their existing weights in the MSCI USA Choice ESG Screened Index.","page_number":5,"box":{"x":116,"y":519,"width":590,"height":12}},{"id":"53ce7d18-95f9-49dd-8b17-c6cc17b88319","block_type":"box","text":"3. 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The excess weight of the capped issuers is distributed among the remaining","page_number":5,"box":{"x":117,"y":627,"width":707,"height":13}},{"id":"3c22a818-719c-4f1a-8f08-f5200f4cca1e","block_type":"box","text":"constituents in proportion of their existing weights in the MSCI EAFE Choice ESG Screened Index.","page_number":5,"box":{"x":116,"y":643,"width":708,"height":12}},{"id":"1860a14f-a99f-4689-8f72-b7fdaa21d96f","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":5,"box":{"x":117,"y":666,"width":516,"height":13}},{"id":"3b0a5ce4-e4ff-4795-a288-b66099413238","block_type":"box","text":"iShares","page_number":5,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"55a0a530-1be7-4e43-92f0-9a433637a396","block_type":"box","text":"®","page_number":5,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"2e655c29-b060-4658-9b59-e656999476af","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":5,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"6bda6846-8f51-441e-b5a2-b59c8d6681a3","block_type":"box","text":"IS-A-USXF+DMXF-0526","page_number":5,"box":{"x":745,"y":887,"width":138,"height":8}},{"id":"814db7ed-fb51-478c-99c0-a7d80afd8565","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":5,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"2a90808b-313c-4e88-a337-023df2b9e3b5","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":5,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"542b48da-fb6e-4889-9a88-87cd4146e654","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":6,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"f22498e2-ede2-42e2-b556-e7d8f0413fd3","block_type":"box","text":"iShares","page_number":7,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"df141c66-2160-42f7-9910-9db4d3e13958","block_type":"box","text":"®","page_number":7,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"0eb71cbe-3804-4052-a998-e5b20df67e47","block_type":"box","text":"iShares, Inc.","page_number":7,"box":{"x":454,"y":108,"width":95,"height":12}},{"id":"c20dfba5-958e-4065-b4d9-f01c77762d0d","block_type":"box","text":"iShares Trust","page_number":7,"box":{"x":450,"y":123,"width":103,"height":10}},{"id":"440d0302-a908-4358-ac4a-803f8dc16fed","block_type":"box","text":"Supplement dated February 13, 2026 to the","page_number":7,"box":{"x":335,"y":139,"width":333,"height":13}},{"id":"4d3d21ee-ab15-4548-b66e-4c311aaf93c3","block_type":"box","text":"currently effective Prospectus and Statement of Additional Information (“SAI”)","page_number":7,"box":{"x":199,"y":154,"width":605,"height":13}},{"id":"25ec0695-d703-4617-b3b3-266e43659940","block_type":"box","text":"for each of the funds listed in Appendix A (each, a “Fund”)","page_number":7,"box":{"x":278,"y":170,"width":447,"height":13}},{"id":"c63d8464-ec14-4c41-85aa-9c4f412a65c3","block_type":"box","text":"On or around March 16, 2026, Citibank, N.A. (“Citibank”) will become the administrator, custodian and","page_number":7,"box":{"x":116,"y":193,"width":751,"height":13}},{"id":"5f8c964b-afc7-491e-8348-0400bd1ec353","block_type":"box","text":"transfer agent for each Fund. Effective upon this change, the following changes will be made:","page_number":7,"box":{"x":116,"y":209,"width":680,"height":12}},{"id":"c45559ab-bfb5-4e46-a5b7-6ba079186c30","block_type":"box","text":"1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank","page_number":7,"box":{"x":151,"y":232,"width":726,"height":13}},{"id":"bf4a6a05-7e24-4676-b0a9-034bf728e1a9","block_type":"box","text":"is checked for the applicable Fund.","page_number":7,"box":{"x":184,"y":247,"width":255,"height":13}},{"id":"6e6ab5e9-05dc-45ae-af9e-97d1170b2a95","block_type":"box","text":"2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following","page_number":7,"box":{"x":150,"y":271,"width":725,"height":12}},{"id":"2032d688-fb09-4787-b56d-eb22cdb20ddd","block_type":"box","text":"language is included to apply to the applicable Fund:","page_number":7,"box":{"x":184,"y":286,"width":385,"height":13}},{"id":"9c1aca7e-e21b-49f6-a6e2-8af416d36a59","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":7,"box":{"x":183,"y":309,"width":353,"height":13}},{"id":"4e7c54ae-0894-4a5a-b688-a0e10f03e89b","block_type":"box","text":"Citibank serves as administrator, custodian and","page_number":7,"box":{"x":536,"y":309,"width":348,"height":12}},{"id":"1e007953-e348-4fd0-b050-d2ed98a314db","block_type":"box","text":"transfer agent for the Funds under the Master Services Agreement (the “Master Services","page_number":7,"box":{"x":183,"y":325,"width":646,"height":13}},{"id":"4a4c3a7a-057e-4845-92eb-e2dbce89f38e","block_type":"box","text":"Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":7,"box":{"x":183,"y":340,"width":646,"height":13}},{"id":"6e4c3076-9631-4768-99f9-82280d1481f4","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary","page_number":7,"box":{"x":184,"y":356,"width":637,"height":13}},{"id":"f8b0d252-ae81-4aeb-ace5-c7bfa274ba61","block_type":"box","text":"administrative, tax and accounting and financial reporting services for the maintenance and","page_number":7,"box":{"x":184,"y":371,"width":669,"height":13}},{"id":"98c6da6c-f538-44e2-af78-14bfac548d92","block_type":"box","text":"operations of the Trust and each Fund. In addition, Citibank makes available the office space,","page_number":7,"box":{"x":184,"y":387,"width":677,"height":13}},{"id":"99c37702-914f-4fd9-a7e5-32a2053c8b30","block_type":"box","text":"equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":7,"box":{"x":184,"y":402,"width":676,"height":13}},{"id":"d7776441-00c8-4faa-a672-c3e9a7d2fc87","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities","page_number":7,"box":{"x":184,"y":418,"width":676,"height":13}},{"id":"8f01b3ab-bd9c-4123-a9b0-d0f6c03f6dfd","block_type":"box","text":"and other assets of the Trust and each Fund, keeps all necessary accounts and records and","page_number":7,"box":{"x":184,"y":433,"width":664,"height":13}},{"id":"f2eccc44-bed7-42a3-9653-ce88ccd6dd3b","block_type":"box","text":"provides other services. Citibank is required, upon the order of the Trust, to deliver securities","page_number":7,"box":{"x":184,"y":449,"width":673,"height":13}},{"id":"1a25bee2-1f76-49e0-b873-75fafef6a980","block_type":"box","text":"held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":7,"box":{"x":184,"y":464,"width":670,"height":13}},{"id":"f11ab19e-b95f-420b-93a0-0744ad10e696","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":7,"box":{"x":184,"y":480,"width":671,"height":13}},{"id":"379845ad-a798-4314-98f1-b53490b41b40","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust,","page_number":7,"box":{"x":184,"y":495,"width":682,"height":13}},{"id":"af4c7a58-d2ba-4712-a38b-2ed94d9de0d6","block_type":"box","text":"Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial","page_number":7,"box":{"x":184,"y":511,"width":660,"height":13}},{"id":"c087da97-7b5d-4281-b09a-d82a96225deb","block_type":"box","text":"interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":7,"box":{"x":184,"y":526,"width":664,"height":13}},{"id":"7d41e911-2d1d-41ae-a395-dc2606505e88","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are","page_number":7,"box":{"x":184,"y":542,"width":685,"height":13}},{"id":"59a4dc79-262b-4739-be11-20c13d4494f5","block_type":"box","text":"accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to","page_number":7,"box":{"x":184,"y":557,"width":679,"height":13}},{"id":"3bca16ba-d214-49df-8461-98d00eee0e47","block_type":"box","text":"pay these operating expenses under the Investment Advisory Agreement as described therein.","page_number":7,"box":{"x":184,"y":573,"width":687,"height":13}},{"id":"271ee37e-ac06-4f74-b153-541258b67d4b","block_type":"box","text":"Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as","page_number":7,"box":{"x":184,"y":596,"width":645,"height":13}},{"id":"dae4d7d5-6d15-4f6e-9ef9-769901eda5ce","block_type":"box","text":"administrator, custodian and transfer agent for each Fund.","page_number":7,"box":{"x":184,"y":612,"width":428,"height":12}},{"id":"501c7868-13af-4a1c-a580-15f9bdb0bc87","block_type":"box","text":"3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the","page_number":7,"box":{"x":150,"y":635,"width":700,"height":13}},{"id":"63fcdebf-c504-47b0-8c17-288c26f08d90","block_type":"box","text":"sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation","page_number":7,"box":{"x":184,"y":651,"width":695,"height":12}},{"id":"af19def7-6786-4449-ac33-8c266bc7ec8d","block_type":"box","text":"Units” and “Placement of Redemption Orders.”","page_number":7,"box":{"x":184,"y":666,"width":339,"height":13}},{"id":"1fa48ce4-c8ce-4f19-a114-4a782d20da8d","block_type":"box","text":"4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":7,"box":{"x":150,"y":689,"width":717,"height":13}},{"id":"65302002-c170-4f77-8c82-c81cb7d6cda5","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":7,"box":{"x":184,"y":705,"width":623,"height":12}},{"id":"fa1d36aa-cc7e-4704-abd3-9c57012c4c66","block_type":"box","text":"“Standard Creation Transaction Fee” table only for applicable Funds","page_number":7,"box":{"x":184,"y":720,"width":491,"height":13}},{"id":"7a5fc500-06be-4465-859f-a77a942d4c91","block_type":"box","text":":","page_number":7,"box":{"x":677,"y":724,"width":2,"height":6}},{"id":"e133fc31-d563-4476-8585-dde3f1025379","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":7,"box":{"x":184,"y":744,"width":342,"height":10}},{"id":"6aae7595-086f-407f-abae-f77148bcf69a","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":7,"box":{"x":183,"y":767,"width":695,"height":12}},{"id":"dfbeddde-c41e-409a-9815-b4522b34de0f","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":7,"box":{"x":184,"y":782,"width":668,"height":13}},{"id":"a68b10ea-4891-4291-9bd5-b1602ec837d8","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":7,"box":{"x":184,"y":798,"width":664,"height":12}},{"id":"808fb051-37a1-4023-9302-25eef713bcb1","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":7,"box":{"x":183,"y":813,"width":698,"height":13}},{"id":"cc118ade-7d5d-4109-82e5-ca7b009a1d9a","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":7,"box":{"x":183,"y":829,"width":670,"height":12}},{"id":"9e773221-f044-4947-9673-7ec7ebd307db","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":7,"box":{"x":184,"y":844,"width":639,"height":13}},{"id":"e0afb9a3-4a0a-4f7d-80fe-c794d2f97b5d","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":7,"box":{"x":184,"y":860,"width":684,"height":12}},{"id":"26c539a8-625b-4aa2-b27e-79c1a8a6ca63","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":7,"box":{"x":183,"y":875,"width":662,"height":13}},{"id":"f57a35aa-4041-456c-abc7-3cc2c8a4bd15","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":7,"box":{"x":184,"y":891,"width":698,"height":12}},{"id":"d1a47595-7cb0-42b4-a6b2-76d9ae528f55","block_type":"box","text":"by such custodian.","page_number":7,"box":{"x":184,"y":906,"width":139,"height":13}},{"id":"2499d503-759e-4473-99fd-e8eb77ccce72","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":8,"box":{"x":183,"y":69,"width":674,"height":13}},{"id":"b1f9ca28-6619-4ac0-90e9-a067668309ac","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":8,"box":{"x":184,"y":85,"width":649,"height":12}},{"id":"0cc3e9e6-571a-4f20-9e2e-1dc6a5329dea","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":8,"box":{"x":184,"y":100,"width":674,"height":13}},{"id":"71646c6c-a053-4a1b-b9be-6a821d3a5d55","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":8,"box":{"x":184,"y":116,"width":681,"height":12}},{"id":"5891984c-8ff9-4b13-92e3-c270b6be0179","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":8,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"507a7ff7-1cfc-4626-a7ec-537cf57c1631","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":8,"box":{"x":184,"y":147,"width":682,"height":12}},{"id":"e1a7a2c1-ca8d-40ee-9788-9e0f062676b8","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":8,"box":{"x":184,"y":162,"width":675,"height":13}},{"id":"86fd8895-d6a7-47a2-9f07-87723ddf8b6a","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":8,"box":{"x":184,"y":178,"width":682,"height":11}},{"id":"79077c65-b8db-4fc4-8147-5e99e3319a42","block_type":"box","text":"on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":8,"box":{"x":184,"y":193,"width":625,"height":13}},{"id":"767b7316-b73b-4f3a-9f09-2f2974ab2bba","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":8,"box":{"x":184,"y":209,"width":692,"height":12}},{"id":"ef68aab4-b07e-4368-9dc9-35c5c0239111","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":8,"box":{"x":184,"y":224,"width":348,"height":13}},{"id":"05b14329-af84-48ec-92dc-a90552b50c47","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":8,"box":{"x":184,"y":247,"width":666,"height":13}},{"id":"39780d52-4e71-4f2f-bdbc-ab019d1604cd","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":8,"box":{"x":184,"y":263,"width":684,"height":13}},{"id":"495aa3d8-543e-4310-9ffe-93453ce98ebd","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":8,"box":{"x":184,"y":278,"width":678,"height":13}},{"id":"66098192-7a90-444c-8b48-1795628bca4e","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":8,"box":{"x":183,"y":294,"width":656,"height":13}},{"id":"c8e05585-10fb-4440-8e4a-1c99c7f6397f","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":8,"box":{"x":183,"y":309,"width":672,"height":13}},{"id":"60ff3159-7527-4cd1-9f79-0421ba4a5ba2","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":8,"box":{"x":183,"y":325,"width":654,"height":13}},{"id":"ff74eaeb-1d04-4489-812f-124356f94b37","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":8,"box":{"x":184,"y":340,"width":691,"height":13}},{"id":"3d891be4-1417-41de-a9c3-7fb5e6678658","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":8,"box":{"x":183,"y":356,"width":691,"height":13}},{"id":"09855de6-ff8e-4468-ba3f-fe3e57ec0bfb","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":8,"box":{"x":184,"y":371,"width":668,"height":13}},{"id":"729d2114-3fd2-4b73-8cbd-1f65210a651a","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":8,"box":{"x":184,"y":387,"width":695,"height":13}},{"id":"dc7bddd2-454b-49e7-a7ea-b1eec775dcca","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":8,"box":{"x":184,"y":402,"width":593,"height":13}},{"id":"a2c97d96-09d7-4cb4-a716-219c24466b2f","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":8,"box":{"x":183,"y":426,"width":661,"height":12}},{"id":"9331296f-b79f-4a74-9a92-4b13d4870a85","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":8,"box":{"x":184,"y":441,"width":649,"height":13}},{"id":"a3216d89-3109-4d43-a035-56a3ed71fdb3","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":8,"box":{"x":184,"y":457,"width":666,"height":12}},{"id":"56a857c8-099c-46e6-bc1b-dd56a9297b82","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":8,"box":{"x":184,"y":472,"width":439,"height":13}},{"id":"b56fdbc5-a6d2-431a-858b-9fbea01d4a7f","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":8,"box":{"x":183,"y":495,"width":688,"height":13}},{"id":"a409b123-f33f-4c32-b59f-b765c3992604","block_type":"box","text":"of February 2, 2026 and maximum additional charge (as described above):","page_number":8,"box":{"x":184,"y":511,"width":545,"height":13}},{"id":"8ba6c834-6e11-4d64-9141-4e854b15067c","block_type":"box","text":"Fund","page_number":8,"box":{"x":184,"y":541,"width":29,"height":8}},{"id":"b744c605-f581-4d53-92c8-96918ace5167","block_type":"box","text":"Standard Creation","page_number":8,"box":{"x":608,"y":531,"width":109,"height":8}},{"id":"1aeb2bfe-7285-47e3-83bf-0e44118c666c","block_type":"box","text":"Transaction Fee","page_number":8,"box":{"x":614,"y":542,"width":97,"height":7}},{"id":"f1f77d99-9209-4c4b-ae57-cee8dc28457b","block_type":"box","text":"Maximum Additional","page_number":8,"box":{"x":756,"y":531,"width":127,"height":8}},{"id":"448050e8-a409-4709-b9df-fd5db7e427e0","block_type":"box","text":"Charge*","page_number":8,"box":{"x":794,"y":541,"width":51,"height":11}},{"id":"bd4b0e2c-7675-4c01-986f-55281c02d79f","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 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The ETF Servicing Fee may be equal to zero","page_number":10,"box":{"x":184,"y":480,"width":690,"height":13}},{"id":"06d2b4d9-082a-41c5-9d92-a7915e8e3260","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":10,"box":{"x":184,"y":495,"width":690,"height":13}},{"id":"99ac9761-2d04-4177-972f-3bd41f12939a","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets,","page_number":10,"box":{"x":184,"y":511,"width":686,"height":13}},{"id":"2c8eb429-c572-4b70-b307-18f8cbe1bb5b","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":10,"box":{"x":184,"y":526,"width":696,"height":13}},{"id":"a33af960-a81f-4728-a730-dc86794454bf","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":10,"box":{"x":184,"y":542,"width":660,"height":13}},{"id":"cc320c68-8bb0-42fa-b279-faea5ba72858","block_type":"box","text":"based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":10,"box":{"x":184,"y":557,"width":672,"height":13}},{"id":"ab2ff8d3-f8be-4e52-bb69-be26faf70d0f","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":10,"box":{"x":184,"y":573,"width":665,"height":13}},{"id":"8689f867-7087-42ed-ae8a-5d43bb1107a1","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":10,"box":{"x":184,"y":589,"width":400,"height":12}},{"id":"fc45a770-066c-4b39-b182-a8853c9383c9","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":10,"box":{"x":184,"y":612,"width":666,"height":12}},{"id":"ffff7fc0-1246-4417-86bd-02b00bfab835","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":10,"box":{"x":184,"y":627,"width":626,"height":13}},{"id":"a1926cad-d401-4a3a-9a92-f7416f8ec30c","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":10,"box":{"x":184,"y":643,"width":679,"height":12}},{"id":"5a171497-9279-4ec8-911e-7bab7c7141fb","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":10,"box":{"x":184,"y":658,"width":642,"height":13}},{"id":"d449db46-00dd-4b5b-888a-9b804fb5ef59","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":10,"box":{"x":184,"y":674,"width":682,"height":12}},{"id":"b646b63d-4c56-4a0a-97f5-223109a06499","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":10,"box":{"x":184,"y":689,"width":636,"height":13}},{"id":"69cc3000-3053-47ff-8e1e-b71716fcd15e","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":10,"box":{"x":184,"y":705,"width":686,"height":12}},{"id":"2c36209b-cf1a-4254-bafe-39ec1b81d27a","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":10,"box":{"x":184,"y":720,"width":668,"height":13}},{"id":"448a0da4-052f-40e3-9e30-9536ea4b22c2","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":10,"box":{"x":183,"y":736,"width":697,"height":12}},{"id":"2d91611c-7b6a-427f-9abc-c1bba7a0b08e","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":10,"box":{"x":184,"y":751,"width":670,"height":13}},{"id":"1283bced-f4ea-4309-b113-ec027882eb4b","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":10,"box":{"x":184,"y":767,"width":683,"height":12}},{"id":"6e6eb48a-d8e4-40ae-af7e-82d6e0157944","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":10,"box":{"x":183,"y":790,"width":683,"height":13}},{"id":"1167c8d9-737c-46da-8ddd-99b00f57ac75","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":10,"box":{"x":183,"y":806,"width":696,"height":12}},{"id":"3c8c839c-aec9-4d25-9d38-f5fbcc1b1750","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":10,"box":{"x":184,"y":821,"width":694,"height":10}},{"id":"0b1c7fe7-8ad0-41e4-a72f-a8eff40b120f","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":10,"box":{"x":184,"y":837,"width":575,"height":12}},{"id":"69829e20-c1da-476f-8cf6-b234f8c4d802","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":11,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"1328a492-b37f-4ad9-9e42-3e635233d12c","block_type":"box","text":"as of February 2, 2026 and maximum additional charge (as described above):","page_number":11,"box":{"x":184,"y":85,"width":565,"height":12}},{"id":"88caaa0c-18bb-4186-91b8-488ccc22a248","block_type":"box","text":"Fund","page_number":11,"box":{"x":184,"y":115,"width":29,"height":8}},{"id":"bf570af1-1e01-47af-94b9-a9360e9ea0c5","block_type":"box","text":"Standard Redemption","page_number":11,"box":{"x":586,"y":105,"width":131,"height":10}},{"id":"a5b0224f-4052-49db-a1c9-c33d1cc63d02","block_type":"box","text":"Transaction Fee","page_number":11,"box":{"x":603,"y":115,"width":97,"height":8}},{"id":"b47a8eb5-d8a5-46d8-bc71-5e3541ce21fc","block_type":"box","text":"Maximum Additional","page_number":11,"box":{"x":756,"y":105,"width":127,"height":8}},{"id":"fbfb5097-8674-4492-9b87-a6b7b35f0970","block_type":"box","text":"Charge*","page_number":11,"box":{"x":794,"y":115,"width":51,"height":10}},{"id":"7bcc0c91-5e93-4213-b946-91d36927b609","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 2.0%","page_number":11,"box":{"x":184,"y":137,"width":668,"height":12}},{"id":"d67e67b0-27aa-4751-86a1-61ee6d5fd940","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 2.0%","page_number":11,"box":{"x":184,"y":157,"width":668,"height":11}},{"id":"850234f0-2b12-43d1-b77a-148f8181301c","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 2.0%","page_number":11,"box":{"x":184,"y":176,"width":668,"height":11}},{"id":"77f3178a-e247-47df-ad29-99b2c6119b2e","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 2.0%","page_number":11,"box":{"x":184,"y":195,"width":668,"height":12}},{"id":"acf03b38-7cd8-44c9-a6b0-d40ca0dc8d3b","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 2.0%","page_number":11,"box":{"x":184,"y":214,"width":668,"height":12}},{"id":"3ea02cc4-167b-404b-8344-82b8fcd930e8","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 2.0%","page_number":11,"box":{"x":184,"y":233,"width":668,"height":12}},{"id":"b3e1929d-7b7e-4cb5-8ea2-b2451a1d6cd3","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 2.0%","page_number":11,"box":{"x":184,"y":253,"width":668,"height":11}},{"id":"4d4efc25-5147-409d-a137-ec9cdab28f56","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 2.0%","page_number":11,"box":{"x":184,"y":272,"width":668,"height":12}},{"id":"9df3cf2e-ac41-4278-985a-481ef9a78af5","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 2.0%","page_number":11,"box":{"x":184,"y":291,"width":668,"height":12}},{"id":"035e5eb3-e4e9-4824-bfb1-d2da8e9d645d","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 2.0%","page_number":11,"box":{"x":184,"y":310,"width":668,"height":12}},{"id":"3b32e898-7f11-4f20-aeef-b3ed4aa27a24","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 2.0%","page_number":11,"box":{"x":184,"y":329,"width":668,"height":13}},{"id":"1b76a151-739c-4fcb-932e-40dbc6015c2a","block_type":"box","text":"iShares MSCI Belgium ETF $450 2.0%","page_number":11,"box":{"x":184,"y":348,"width":668,"height":13}},{"id":"2f88ef05-9f85-4fda-ab03-a2b887dbabe7","block_type":"box","text":"iShares MSCI BIC ETF $8,630 2.0%","page_number":11,"box":{"x":184,"y":368,"width":668,"height":11}},{"id":"b478800f-42b8-4856-a7d0-632705c5ce6c","block_type":"box","text":"iShares MSCI Brazil ETF $860 2.0%","page_number":11,"box":{"x":184,"y":387,"width":668,"height":11}},{"id":"b508aa37-18f5-4603-a7a9-b23bf94028f0","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 2.0%","page_number":11,"box":{"x":184,"y":406,"width":668,"height":13}},{"id":"9122fc24-5b98-47eb-a274-ae73949e69c6","block_type":"box","text":"iShares MSCI Canada ETF $630 2.0%","page_number":11,"box":{"x":184,"y":425,"width":668,"height":11}},{"id":"953cca07-970f-4e98-adf5-8e85a8d1324f","block_type":"box","text":"iShares MSCI Chile ETF $960 2.0%","page_number":11,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"1d753431-f8b9-4639-967c-e457cc07fd0e","block_type":"box","text":"iShares MSCI China A ETF $7,080 2.0%","page_number":11,"box":{"x":184,"y":464,"width":668,"height":11}},{"id":"53ad01ca-659b-4acb-8875-12c30664a9c8","block_type":"box","text":"iShares MSCI China ETF $9,190 2.0%","page_number":11,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"6b55e4fb-3ee1-4e90-a1ac-b1de83b83652","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 2.0%","page_number":11,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"3ed7a4ca-6e16-47d9-a080-6a0dc3294841","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 2.0%","page_number":11,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"30d686af-56aa-4c29-8058-8a64e0fcdafd","block_type":"box","text":"iShares MSCI Denmark ETF $470 2.0%","page_number":11,"box":{"x":184,"y":540,"width":668,"height":11}},{"id":"85801d34-3dad-439b-bd53-65388b2346a4","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 2.0%","page_number":11,"box":{"x":184,"y":560,"width":668,"height":12}},{"id":"8c8b6d6f-f0a7-4007-8de0-c5b800ba5c13","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 2.0%","page_number":11,"box":{"x":184,"y":579,"width":668,"height":12}},{"id":"be06b249-1646-40f8-856e-20ef591bf518","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 2.0%","page_number":11,"box":{"x":184,"y":598,"width":668,"height":13}},{"id":"24e4c198-3697-4597-bced-d499ed473544","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 2.0%","page_number":11,"box":{"x":184,"y":617,"width":668,"height":13}},{"id":"3acad21b-4180-4d7a-8524-aef930a21b8c","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 2.0%","page_number":11,"box":{"x":184,"y":636,"width":668,"height":13}},{"id":"e71d74bd-e587-4a5e-b9b4-2d2e621ce028","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 2.0%","page_number":11,"box":{"x":184,"y":655,"width":668,"height":13}},{"id":"e74c3a81-b5c0-4842-92d1-ed49af4237bb","block_type":"box","text":"iShares MSCI France ETF $500 2.0%","page_number":11,"box":{"x":184,"y":675,"width":663,"height":10}},{"id":"64ac8e51-c062-43f1-a5d9-d4d85a0e1ea7","block_type":"box","text":"iShares MSCI Germany ETF $460 2.0%","page_number":11,"box":{"x":184,"y":694,"width":663,"height":12}},{"id":"1122169d-697e-4ee4-a42f-7719b65e2503","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 2.0%","page_number":11,"box":{"x":184,"y":713,"width":663,"height":11}},{"id":"7efb075e-3f38-4cec-a6bb-d469f2b0287b","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 2.0%","page_number":11,"box":{"x":184,"y":732,"width":663,"height":12}},{"id":"664f1add-55d2-468f-bc86-57e21ea03808","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 2.0%","page_number":11,"box":{"x":184,"y":751,"width":663,"height":13}},{"id":"d0cc6806-1659-4c3f-a6d5-62f08d25f061","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF $430 2.0%","page_number":11,"box":{"x":184,"y":771,"width":663,"height":10}},{"id":"00b3bbcf-ddcc-45d3-9f96-f987e7b7fb97","block_type":"box","text":"iShares MSCI Global Sustainable Development Goals","page_number":11,"box":{"x":184,"y":790,"width":379,"height":12}},{"id":"d573db6e-82f7-4142-8d19-e1fdb32ba721","block_type":"box","text":"ETF","page_number":11,"box":{"x":201,"y":806,"width":26,"height":9}},{"id":"62e4020f-b81f-4ce4-b81d-be4771c3fff8","block_type":"box","text":"$1,420 2.0%","page_number":11,"box":{"x":627,"y":805,"width":220,"height":12}},{"id":"0bec86b8-d855-4423-84e3-6cf5b0352e79","block_type":"box","text":"iShares MSCI Hong Kong ETF $430 2.0%","page_number":11,"box":{"x":184,"y":824,"width":663,"height":13}},{"id":"90f0d4ff-1736-4e5d-9a10-fee42b3f2359","block_type":"box","text":"iShares MSCI India ETF $1,230 2.0%","page_number":11,"box":{"x":184,"y":843,"width":668,"height":12}},{"id":"61f6339e-3bc5-461e-824c-4f0125e509af","block_type":"box","text":"iShares MSCI India Small-Cap ETF $2,700 2.0%","page_number":11,"box":{"x":184,"y":863,"width":668,"height":12}},{"id":"25d074bd-9937-4bb0-9b88-fe2b77692d4a","block_type":"box","text":"iShares MSCI Indonesia ETF $1,070 2.0%","page_number":11,"box":{"x":184,"y":882,"width":668,"height":11}},{"id":"749d4a9c-cc8b-4ede-9c26-25d61077384b","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF $1,500 2.0%","page_number":11,"box":{"x":184,"y":901,"width":668,"height":12}},{"id":"317c9725-db33-4f79-8511-6bd452034728","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF $1,350 2.0%","page_number":11,"box":{"x":184,"y":920,"width":663,"height":13}},{"id":"8833b978-2725-42c7-8565-d34451ed5e19","block_type":"box","text":"Fund","page_number":12,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"cc750f86-7d98-4064-998b-c5b46e3df193","block_type":"box","text":"Standard Redemption","page_number":12,"box":{"x":586,"y":66,"width":131,"height":10}},{"id":"b859d63d-1988-4ef4-ab03-f3da912334b4","block_type":"box","text":"Transaction Fee","page_number":12,"box":{"x":603,"y":77,"width":97,"height":7}},{"id":"8759641f-7f30-4e5f-87cb-344e762135be","block_type":"box","text":"Maximum Additional","page_number":12,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"54996bff-0f1f-4cee-8e71-cc306524d6e2","block_type":"box","text":"Charge*","page_number":12,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"efccee9f-d4d3-401a-9fa8-34d1e12df99b","block_type":"box","text":"iShares MSCI Intl Value Factor ETF $1,570 2.0%","page_number":12,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"0043970b-64bf-4183-a34e-26d37e7da578","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 2.0%","page_number":12,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"e6155c18-4a99-4f7f-9f9d-3668a2fd8d06","block_type":"box","text":"iShares MSCI Japan Value ETF $580 2.0%","page_number":12,"box":{"x":184,"y":138,"width":668,"height":12}},{"id":"44ad5880-cf25-42c6-b1aa-073ba96ea390","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 2.0%","page_number":12,"box":{"x":184,"y":157,"width":668,"height":12}},{"id":"b104ba81-242b-4d08-997d-565310684f3a","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 2.0%","page_number":12,"box":{"x":184,"y":176,"width":668,"height":12}},{"id":"8f217c38-7ef7-4379-9e44-a388d9fa1214","block_type":"box","text":"iShares MSCI Malaysia ETF $900 2.0%","page_number":12,"box":{"x":184,"y":196,"width":668,"height":12}},{"id":"1221a97c-4d10-4a47-a718-300657fb6653","block_type":"box","text":"iShares MSCI New Zealand ETF $500 2.0%","page_number":12,"box":{"x":184,"y":215,"width":668,"height":11}},{"id":"013c3ea5-0211-4f7d-82a6-adbbeb0f37b8","block_type":"box","text":"iShares MSCI Norway ETF $770 2.0%","page_number":12,"box":{"x":184,"y":235,"width":668,"height":12}},{"id":"0532d1a4-4045-4030-9e0a-b7b160b70bc8","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF $820 2.0%","page_number":12,"box":{"x":184,"y":254,"width":668,"height":13}},{"id":"f63b9eae-7b67-490b-84bd-7d4950de342d","block_type":"box","text":"iShares MSCI Peru and Global Exposure ETF $1,020 2.0%","page_number":12,"box":{"x":184,"y":273,"width":668,"height":13}},{"id":"d4a592e8-84e9-4bf9-9aea-420ef7b1754b","block_type":"box","text":"iShares MSCI Philippines ETF $800 2.0%","page_number":12,"box":{"x":184,"y":293,"width":668,"height":12}},{"id":"d038143b-e12c-48f3-b72d-c08650dfbd9f","block_type":"box","text":"iShares MSCI Poland ETF $530 2.0%","page_number":12,"box":{"x":184,"y":312,"width":668,"height":11}},{"id":"3114ffa1-2ad9-4f4a-9305-36acf18d68f8","block_type":"box","text":"iShares MSCI Qatar ETF $2,250 2.0%","page_number":12,"box":{"x":184,"y":331,"width":668,"height":12}},{"id":"fd4f7e06-6392-480b-9505-92c0a53b882b","block_type":"box","text":"iShares MSCI Singapore ETF $480 2.0%","page_number":12,"box":{"x":184,"y":351,"width":668,"height":12}},{"id":"52abe526-b70e-4170-b152-77729fc774f4","block_type":"box","text":"iShares MSCI South Africa ETF $550 2.0%","page_number":12,"box":{"x":184,"y":370,"width":668,"height":11}},{"id":"199f54cc-5d4f-47bf-9221-a1e215e1abf3","block_type":"box","text":"iShares MSCI South Korea ETF $850 2.0%","page_number":12,"box":{"x":184,"y":390,"width":668,"height":10}},{"id":"608e04c4-45ed-449e-bd69-f48801ee0cc3","block_type":"box","text":"iShares MSCI Spain ETF $360 2.0%","page_number":12,"box":{"x":184,"y":409,"width":668,"height":13}},{"id":"9dafae2c-5847-4d94-81b5-87d34fca0cb5","block_type":"box","text":"iShares MSCI Sweden ETF $480 2.0%","page_number":12,"box":{"x":184,"y":428,"width":668,"height":11}},{"id":"66dac50a-b100-4348-9c4e-3885dc8e7365","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 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Authorized Participants that create","page_number":22,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"b7a2afc3-b035-495d-becc-a4c262bdc094","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":22,"box":{"x":549,"y":165,"width":394,"height":11}},{"id":"a9914e58-15e0-40ad-8cf9-d526845d8b48","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":22,"box":{"x":548,"y":179,"width":383,"height":11}},{"id":"1a1b5fc1-6e8d-4fef-a1f5-64c8b601d7e8","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":22,"box":{"x":549,"y":193,"width":414,"height":11}},{"id":"ae168e61-fab9-49dc-9207-404734b477a5","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":22,"box":{"x":549,"y":207,"width":392,"height":9}},{"id":"ee02a7c8-1987-4e12-9e5d-a67a96d7df73","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":22,"box":{"x":548,"y":222,"width":425,"height":10}},{"id":"731c84f1-5c7d-4d84-960d-02ed23a6bc4d","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":22,"box":{"x":548,"y":236,"width":400,"height":11}},{"id":"642104df-1d52-4240-8da6-b76a469d51c4","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":22,"box":{"x":549,"y":250,"width":405,"height":11}},{"id":"1cf15acb-09c2-4a16-9c31-36034cc9b72b","block_type":"box","text":"S-7","page_number":22,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"20fc5487-5752-4961-9ec9-4b3d8c79a08a","block_type":"box","text":"Performance Information","page_number":23,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"c7db6ee2-502c-4028-8c80-0cb1a663c155","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":23,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"eb3f73cc-ab6e-4d2c-bfba-3e13d7efa7ab","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":23,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"2fbf53ed-45de-458e-a5cc-b4fca39df2df","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":23,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"5998c1e9-5986-4e49-8bc2-96f45a4a1b61","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":23,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"08b18ab6-d0e8-4183-ab16-c22b45ed1235","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes)","page_number":23,"box":{"x":83,"y":104,"width":874,"height":11}},{"id":"1d0389ff-de3b-45f2-98e3-692c8582dca8","block_type":"box","text":"does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV,","page_number":23,"box":{"x":83,"y":119,"width":888,"height":10}},{"id":"58367f5a-1fb9-41b5-b6e6-41193c6709f4","block_type":"box","text":"may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":23,"box":{"x":83,"y":133,"width":652,"height":11}},{"id":"b0530429-83e0-49f0-8b5b-6340943b7265","block_type":"box","text":"Calendar Year-by-Year 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(%) Period Ended","page_number":23,"box":{"x":547,"y":348,"width":174,"height":9}},{"id":"14be9d3d-95ad-400d-af80-262a09cb3b89","block_type":"box","text":"Calendar Year-to-Date Return","page_number":23,"box":{"x":317,"y":366,"width":182,"height":7}},{"id":"4bdb6934-0078-48cb-903d-ce2837d8357a","block_type":"box","text":"20.31% September 30, 2025","page_number":23,"box":{"x":560,"y":366,"width":179,"height":9}},{"id":"3ac7b7bf-e99f-4b11-a229-be0a142f7966","block_type":"box","text":"During the periods shown in the chart:","page_number":23,"box":{"x":318,"y":379,"width":239,"height":9}},{"id":"817d3e38-28d3-4326-8a40-3b6c0e4761ab","block_type":"box","text":"Best Quarter 18.04% December 31, 2022","page_number":23,"box":{"x":331,"y":391,"width":408,"height":9}},{"id":"fc6aae54-9631-4e2a-b925-118be1484858","block_type":"box","text":"Worst Quarter -14.27% June 30, 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6/16/2020)","page_number":23,"box":{"x":123,"y":495,"width":178,"height":9}},{"id":"69c5d226-30da-4e62-9770-117e25b3902c","block_type":"box","text":"Return Before Taxes","page_number":23,"box":{"x":124,"y":506,"width":112,"height":8}},{"id":"69f27249-26ef-4a37-b6db-cb3d4cfc8062","block_type":"box","text":"3.49% 7.36%","page_number":23,"box":{"x":802,"y":506,"width":117,"height":8}},{"id":"9be85cb0-1177-4b47-aea6-81f7304bec07","block_type":"box","text":"Return After Taxes on Distributions","page_number":23,"box":{"x":124,"y":518,"width":197,"height":7}},{"id":"ee2bbb4c-4fd9-4909-bd05-c52e7aefb36d","block_type":"box","text":"2.83% 6.90%","page_number":23,"box":{"x":802,"y":518,"width":117,"height":7}},{"id":"1e71215e-07d6-4d12-8b85-89fe19f661c2","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 2.60% 5.82%","page_number":23,"box":{"x":124,"y":529,"width":795,"height":8}},{"id":"43ec9b6e-405e-461e-b07a-f1eb7e8c06e3","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":23,"box":{"x":124,"y":541,"width":188,"height":10}},{"id":"f5c77236-64ce-44db-93f8-85b9ec0fb392","block_type":"box","text":"1,2","page_number":23,"box":{"x":315,"y":540,"width":11,"height":6}},{"id":"e1dcd4f7-6d69-4ff3-979c-9c766607453d","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes except for","page_number":23,"box":{"x":332,"y":541,"width":414,"height":10}},{"id":"86bdb5ed-ff5d-49f3-95be-d2bc50854b0c","block_type":"box","text":"withholding taxes on reinvested dividends) 5.53% 7.13%","page_number":23,"box":{"x":136,"y":554,"width":783,"height":10}},{"id":"1036ba99-02c9-44f3-bd01-b3fa77de03d4","block_type":"box","text":"MSCI EAFE Choice ESG Screened Index (Net)","page_number":23,"box":{"x":124,"y":565,"width":275,"height":10}},{"id":"d74735b5-3139-4476-8e5a-06c88c0b82db","block_type":"box","text":"2","page_number":23,"box":{"x":401,"y":564,"width":4,"height":5}},{"id":"f67a8976-7bce-4f8e-b820-cc29d5eb7373","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes","page_number":23,"box":{"x":411,"y":565,"width":352,"height":10}},{"id":"b9957e65-9cb3-4f64-b501-bb84cc3f8851","block_type":"box","text":"except for withholding taxes on reinvested dividends) 3.81% 7.44%","page_number":23,"box":{"x":137,"y":578,"width":782,"height":10}},{"id":"1fbb36c6-63f2-43ed-bf26-cbdb2ee060c0","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":23,"box":{"x":124,"y":590,"width":216,"height":10}},{"id":"cc014fc3-6412-408c-a23f-d6ff7532acf1","block_type":"box","text":"1,2","page_number":23,"box":{"x":343,"y":589,"width":11,"height":6}},{"id":"d4529e82-8393-443b-9c5c-67b68a073725","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes except","page_number":23,"box":{"x":360,"y":590,"width":394,"height":10}},{"id":"47821670-4761-4e10-a95a-32815f1a682c","block_type":"box","text":"for withholding taxes on reinvested dividends) 17.49% 12.60%","page_number":23,"box":{"x":136,"y":603,"width":783,"height":10}},{"id":"8906c121-4ee6-44fd-91a7-ff31a3331894","block_type":"box","text":"1","page_number":23,"box":{"x":112,"y":631,"width":2,"height":5}},{"id":"232048c3-6db4-4506-9030-e534f418895d","block_type":"box","text":"Effective August 31, 2025, the Fund changed its broad-based securities market index from MSCI All Country World Index (Net) to MSCI ACWI ex USA","page_number":23,"box":{"x":124,"y":633,"width":847,"height":9}},{"id":"949e3058-973e-47de-92b4-5ccac858d3cd","block_type":"box","text":"Index (Net), which Fund management believes is more representative of the investments in which the Fund invests.","page_number":23,"box":{"x":124,"y":643,"width":654,"height":9}},{"id":"d7749791-19de-4d99-bd56-680aaa24e01e","block_type":"box","text":"2","page_number":23,"box":{"x":111,"y":652,"width":4,"height":4}},{"id":"900fd323-9d90-4071-b76d-a362c6e5c36f","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":23,"box":{"x":124,"y":653,"width":793,"height":10}},{"id":"92ccb067-bc6d-49c0-b89e-438e1094d3d4","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":23,"box":{"x":123,"y":663,"width":843,"height":10}},{"id":"8bd81a04-4a4f-429e-aa30-52f060845651","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":23,"box":{"x":123,"y":674,"width":835,"height":9}},{"id":"436ad41d-6685-48f4-8534-3b9a42d8a982","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":23,"box":{"x":123,"y":684,"width":650,"height":10}},{"id":"cab98b91-f4a8-4157-94ae-37797d73fce2","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":23,"box":{"x":82,"y":704,"width":882,"height":11}},{"id":"992963c1-3f79-4aec-9707-bde22ae7dde3","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":23,"box":{"x":83,"y":718,"width":871,"height":11}},{"id":"c8521d10-79d9-48cf-8c1f-6c2d0fa4ad42","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":23,"box":{"x":83,"y":732,"width":860,"height":11}},{"id":"f442a940-b4d2-4e29-b5c2-6a266020a352","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":23,"box":{"x":83,"y":746,"width":855,"height":11}},{"id":"2f6e77c9-5089-466a-abd3-057f35a5f450","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":23,"box":{"x":83,"y":761,"width":883,"height":10}},{"id":"3e81791b-6f1e-43b6-a562-5c5ff8e6d88c","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":23,"box":{"x":82,"y":775,"width":861,"height":11}},{"id":"2b6c6480-8548-4a59-9fd3-f7b206185414","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":23,"box":{"x":83,"y":789,"width":359,"height":10}},{"id":"39e31bd6-c110-446e-91e2-b650b27ac9f0","block_type":"box","text":"S-8","page_number":23,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"58a238c8-7796-4879-89cb-7661aa4fbec7","block_type":"box","text":"Management","page_number":24,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"b91a5de3-31f0-4673-82be-a5c3741de2ba","block_type":"box","text":"Investment Adviser.","page_number":24,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"57578bee-518b-4117-b188-5407e61e13b7","block_type":"box","text":"BlackRock Fund Advisors.","page_number":24,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"b1a51853-4324-4b39-98db-476f40522553","block_type":"box","text":"Portfolio Managers.","page_number":24,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"1f55d87b-9ed6-4300-a0db-d2c401f93482","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":24,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"d9c8788d-b6fd-48d9-aac7-4984ae08d03e","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":24,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"798d38df-db68-4c0c-9dd1-ae09895b0661","block_type":"box","text":"responsible for the day-to-day management of the Fund. 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Mr.","page_number":24,"box":{"x":84,"y":128,"width":399,"height":10}},{"id":"5d3b4d0d-21e6-42f8-8d47-1f38ff36a999","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":24,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"3baf1dc5-105f-4fce-9cca-ea60bc4866aa","block_type":"box","text":"Managers of the Fund since 2025.","page_number":24,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"54bc454c-67d9-446f-a8ad-30e31761d52b","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":24,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"b11ded9f-8183-41bf-a4cc-e663c9a682d4","block_type":"box","text":"The Fund is an ETF. 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Unusual market","page_number":27,"box":{"x":83,"y":717,"width":367,"height":10}},{"id":"b1cc33d3-c835-4c87-8c84-c8342b44e2d9","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":27,"box":{"x":83,"y":731,"width":400,"height":11}},{"id":"032f51d3-f1e3-461e-b319-e6199125b061","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":27,"box":{"x":83,"y":745,"width":409,"height":11}},{"id":"44db796c-cd05-4e24-a55d-81b47b0be9a1","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":27,"box":{"x":83,"y":759,"width":414,"height":11}},{"id":"656fb90d-048e-40c3-8744-55e61a385993","block_type":"box","text":"to postpone a scheduled rebalance. 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No Authorized","page_number":27,"box":{"x":549,"y":151,"width":378,"height":11}},{"id":"156e8af2-4c7f-483c-8efd-58d599f7953b","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":27,"box":{"x":550,"y":165,"width":379,"height":11}},{"id":"69fe79f5-55c0-44d4-8058-9bc2de396c51","block_type":"box","text":"transactions. 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As a result, the Fund’s NAV may","page_number":27,"box":{"x":549,"y":532,"width":375,"height":11}},{"id":"e61d7655-88f4-440f-9f24-b814f16db3a6","block_type":"box","text":"change quickly and without warning. 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The","page_number":28,"box":{"x":83,"y":877,"width":405,"height":10}},{"id":"ec67a5ef-03c6-414b-b7f8-0897772e248f","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":28,"box":{"x":549,"y":23,"width":407,"height":11}},{"id":"c08bfdf3-67f9-4923-86c9-3e3e3fa3d498","block_type":"box","text":"and less liquid than those of large-capitalization companies. 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Chinese markets generally continue to experience","page_number":29,"box":{"x":83,"y":80,"width":386,"height":11}},{"id":"cda18d64-350c-46cb-a24c-ebf56a4c63d9","block_type":"box","text":"inefficiency, a lack of publicly available information and/or","page_number":29,"box":{"x":83,"y":94,"width":375,"height":11}},{"id":"034abe9a-89ff-47c6-b447-5ee7a6450b4f","block_type":"box","text":"political and social instability and may be subject to volatility and","page_number":29,"box":{"x":83,"y":108,"width":414,"height":11}},{"id":"3a71f866-b70f-4dd0-b48e-900c706f0498","block_type":"box","text":"pricing anomalies resulting from governmental influence. Internal","page_number":29,"box":{"x":83,"y":122,"width":416,"height":11}},{"id":"2366a530-a682-4dac-89a8-3fcfb8f522cf","block_type":"box","text":"social unrest or confrontations with other countries, including","page_number":29,"box":{"x":83,"y":137,"width":394,"height":10}},{"id":"92708c83-7d2c-4aec-8311-87a078e6360f","block_type":"box","text":"military conflicts in response to such events, may disrupt China’s","page_number":29,"box":{"x":83,"y":151,"width":415,"height":11}},{"id":"1a5c2e2d-be60-4bb4-a023-d1bcc2b25585","block_type":"box","text":"economy and markets and result in a greater risk of currency","page_number":29,"box":{"x":83,"y":165,"width":390,"height":11}},{"id":"c77a9a9a-9a79-4388-a256-7dfe9848bcbb","block_type":"box","text":"fluctuations, currency non-convertibility, interest rate fluctuations","page_number":29,"box":{"x":82,"y":179,"width":422,"height":11}},{"id":"959d2146-8cb4-46d2-a26a-72bbc35c6541","block_type":"box","text":"and higher inflation.","page_number":29,"box":{"x":83,"y":193,"width":126,"height":11}},{"id":"654bca1b-95cc-402f-9132-a5ad9591ebe8","block_type":"box","text":"China has experienced security concerns, such as terrorism and","page_number":29,"box":{"x":83,"y":217,"width":409,"height":10}},{"id":"de1e0057-cf08-4eb0-aba8-c052a2347a8d","block_type":"box","text":"strained international relations. 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The Fund does not select investments based on","page_number":29,"box":{"x":548,"y":23,"width":383,"height":9}},{"id":"2595d868-abf6-4a22-9ad1-321f437f5047","block_type":"box","text":"investor protection considerations.","page_number":29,"box":{"x":549,"y":37,"width":223,"height":11}},{"id":"26f7827d-13df-4801-875b-e9668758fb57","block_type":"box","text":"Risk of Investing in Russia.","page_number":29,"box":{"x":549,"y":60,"width":181,"height":11}},{"id":"05e097b7-685a-4539-a206-610a35b37bf0","block_type":"box","text":"Investing in Russian securities","page_number":29,"box":{"x":736,"y":61,"width":192,"height":10}},{"id":"de61cfb4-55b3-41fb-969d-8af655ed9a6b","block_type":"box","text":"involves significant risks, including legal, regulatory, currency and","page_number":29,"box":{"x":549,"y":75,"width":418,"height":11}},{"id":"38ccf2b3-645b-4759-9dd1-2b330c9c8ffc","block_type":"box","text":"economic risks that are specific to Russia. 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Russian companies may be unable to","page_number":29,"box":{"x":549,"y":552,"width":399,"height":11}},{"id":"6eecf6e1-6a99-436c-8d05-340014391a7d","block_type":"box","text":"pay dividends and, if they pay dividends, the Fund may be unable","page_number":29,"box":{"x":549,"y":566,"width":414,"height":11}},{"id":"0203c8ac-c821-4f82-88be-1d45603da327","block_type":"box","text":"to receive them. As a result of sanctions, the Fund is currently","page_number":29,"box":{"x":549,"y":580,"width":397,"height":11}},{"id":"eb2a5121-d222-4a55-9fe1-5aaf4b965c50","block_type":"box","text":"restricted from trading in Russian securities, including those in its","page_number":29,"box":{"x":549,"y":594,"width":420,"height":11}},{"id":"05f1fb21-68a4-40c0-b54c-1565238bb0e5","block_type":"box","text":"portfolio, and the Underlying Index has removed Russian","page_number":29,"box":{"x":549,"y":608,"width":361,"height":11}},{"id":"2dba7944-5a44-44db-9ab9-d80e705f3da5","block_type":"box","text":"securities. 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The","page_number":29,"box":{"x":549,"y":688,"width":422,"height":11}},{"id":"aec99295-32d4-45d1-ab17-7aee99b474c3","block_type":"box","text":"economy of Saudi Arabia is dominated by petroleum exports. A","page_number":29,"box":{"x":549,"y":702,"width":403,"height":11}},{"id":"6891901d-5986-4641-8c1a-a4605c4646f1","block_type":"box","text":"sustained decrease in petroleum prices could have a negative","page_number":29,"box":{"x":549,"y":717,"width":394,"height":11}},{"id":"48d0332f-091c-45a1-ab6e-f77dae64d900","block_type":"box","text":"impact on all aspects of the economy. 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Such heightened risks may include, among","page_number":29,"box":{"x":550,"y":788,"width":405,"height":10}},{"id":"6833fed8-5850-404f-9a63-04dba741e85e","block_type":"box","text":"others, the expropriation and/or nationalization of assets,","page_number":29,"box":{"x":549,"y":802,"width":371,"height":11}},{"id":"99856909-39fe-4544-b206-256f62eea6bc","block_type":"box","text":"restrictions on and government intervention in international trade,","page_number":29,"box":{"x":549,"y":816,"width":423,"height":11}},{"id":"4e47a055-730c-4705-a081-42cb9b034181","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian","page_number":29,"box":{"x":549,"y":830,"width":410,"height":11}},{"id":"12408db3-4b29-416f-be76-806c98cc1368","block_type":"box","text":"and/or military involvement in governmental decision-making,","page_number":29,"box":{"x":549,"y":844,"width":399,"height":11}},{"id":"748f41de-859a-4a8f-9594-4bb2ab8e8725","block_type":"box","text":"armed conflict, crime and instability as a result of religious, ethnic","page_number":29,"box":{"x":549,"y":858,"width":421,"height":11}},{"id":"f7f99d25-2498-4e78-83f1-3fe50c1fa27d","block_type":"box","text":"and/or socioeconomic unrest. Instability in the Middle East region","page_number":29,"box":{"x":549,"y":873,"width":423,"height":10}},{"id":"08e2ed34-bf5d-413c-8d61-394e600d57b9","block_type":"box","text":"S-14","page_number":29,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"c07488de-dc15-4ee2-951a-cf4e211a19d7","block_type":"box","text":"could adversely impact the economy of Saudi Arabia, and there is","page_number":30,"box":{"x":83,"y":23,"width":418,"height":11}},{"id":"4a90e643-2849-48ed-b92f-afa442f29ff2","block_type":"box","text":"no assurance of political stability in Saudi Arabia.","page_number":30,"box":{"x":83,"y":37,"width":313,"height":11}},{"id":"549c7c07-bb4b-4026-8f11-cfcf338c93b3","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi","page_number":30,"box":{"x":82,"y":61,"width":413,"height":10}},{"id":"efcff7c0-fe12-4057-8da7-44b2558e6bef","block_type":"box","text":"Arabian companies could be restricted by the Saudi Arabian","page_number":30,"box":{"x":82,"y":75,"width":383,"height":11}},{"id":"1db63039-ecbf-4843-aa05-335745286d39","block_type":"box","text":"government at any time, and unforeseen risks could materialize","page_number":30,"box":{"x":83,"y":89,"width":406,"height":11}},{"id":"b346eb93-8e48-4ce1-b0c0-5752eee3d3b1","block_type":"box","text":"with respect to foreign ownership of such securities. 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Securities lending involves the risk that the Fund may","page_number":30,"box":{"x":83,"y":226,"width":396,"height":10}},{"id":"f173f345-e288-49fa-99f7-a122ade9fc43","block_type":"box","text":"lose money because the borrower of the loaned securities fails to","page_number":30,"box":{"x":83,"y":240,"width":418,"height":11}},{"id":"78c25ba1-f5dc-436e-951d-181a4d534ca2","block_type":"box","text":"return the securities in a timely manner or at all. The Fund could","page_number":30,"box":{"x":83,"y":254,"width":408,"height":11}},{"id":"55e535a9-fe63-4c13-be8d-21ec1b8fb3ec","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":30,"box":{"x":83,"y":268,"width":416,"height":11}},{"id":"272a2bca-351b-4561-8e96-383d56b3583a","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":30,"box":{"x":83,"y":282,"width":389,"height":11}},{"id":"b28ce189-014b-4ce2-9c49-8be95d87199d","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":30,"box":{"x":83,"y":296,"width":406,"height":9}},{"id":"e1cdf8ec-9c80-4087-802d-620fb37f9bec","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":30,"box":{"x":83,"y":311,"width":301,"height":10}},{"id":"cd45d31b-8201-478c-af4c-844cd4f183b6","block_type":"box","text":"Technology Companies Risk","page_number":30,"box":{"x":84,"y":334,"width":190,"height":11}},{"id":"1157ae46-65e5-42fb-8f2c-bef036681515","block_type":"box","text":".","page_number":30,"box":{"x":274,"y":340,"width":2,"height":2}},{"id":"aebe2066-1f2c-4373-aac2-3da26d391f41","block_type":"box","text":"Technology companies and","page_number":30,"box":{"x":281,"y":334,"width":172,"height":11}},{"id":"7021260e-83dd-4c40-9518-378aae72ac4a","block_type":"box","text":"companies that rely heavily on technological advances may have","page_number":30,"box":{"x":83,"y":348,"width":412,"height":11}},{"id":"cc6ea779-b1cf-4054-9faa-25127cd22961","block_type":"box","text":"limited product lines, markets, financial resources, supply chains","page_number":30,"box":{"x":83,"y":362,"width":414,"height":11}},{"id":"649a8bcb-41e3-47d1-a3b5-ddbe02318f89","block_type":"box","text":"and personnel. 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The price received by the Fund also may differ from","page_number":30,"box":{"x":549,"y":387,"width":418,"height":10}},{"id":"929c662f-ea19-4252-b6cd-d637adbaf6a4","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":30,"box":{"x":549,"y":401,"width":406,"height":11}},{"id":"0efe4b5a-96ce-4492-931a-5cc524128948","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":30,"box":{"x":549,"y":415,"width":411,"height":11}},{"id":"dc937ac1-5ea7-42ca-8eae-0fd607881e53","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":30,"box":{"x":549,"y":429,"width":392,"height":11}},{"id":"2c496e87-590e-4070-ba6d-f8310dbfd249","block_type":"box","text":"purchase or sell Fund shares. 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Emerging Markets Index (Net)","page_number":31,"box":{"x":124,"y":541,"width":220,"height":10}},{"id":"d49557c8-4bd1-475e-a8bc-7255222f746e","block_type":"box","text":"1","page_number":31,"box":{"x":347,"y":540,"width":2,"height":4}},{"id":"4f4289c0-6edc-445b-9ce0-db2d9d284992","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes except","page_number":31,"box":{"x":355,"y":541,"width":395,"height":10}},{"id":"6c2e4a00-5b20-4146-9946-c4fbce13cc65","block_type":"box","text":"for withholding taxes on reinvested dividends) 7.50% 1.83%","page_number":31,"box":{"x":136,"y":554,"width":780,"height":10}},{"id":"5fb10220-3220-4533-9a7f-602b05b7207c","block_type":"box","text":"MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index 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Such indices use withholding tax rates that are often at a higher rate","page_number":31,"box":{"x":123,"y":618,"width":843,"height":10}},{"id":"bf50016b-7f40-4818-8a9a-bf1249cc0a92","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":31,"box":{"x":123,"y":629,"width":835,"height":9}},{"id":"d2098f1c-979c-4935-a2a4-df421e8c767e","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":31,"box":{"x":123,"y":639,"width":650,"height":10}},{"id":"b20654ce-c8b9-43bc-a9d8-ebe2a18c0445","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not","page_number":31,"box":{"x":82,"y":659,"width":882,"height":11}},{"id":"420b3402-f251-466e-bb4e-6a5ad6a4317c","block_type":"box","text":"reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":31,"box":{"x":83,"y":673,"width":871,"height":11}},{"id":"b67390f3-8bb1-45e0-bdbe-ab9152d9792d","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":31,"box":{"x":83,"y":687,"width":860,"height":11}},{"id":"e3f16cec-be50-4064-92be-b99145bf1a1c","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":31,"box":{"x":83,"y":701,"width":855,"height":11}},{"id":"e20cc9cb-9253-483a-9a07-a0002b405b84","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":31,"box":{"x":83,"y":715,"width":883,"height":11}},{"id":"67cf19ce-59d6-4c1d-91b2-ab47cf994ed2","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":31,"box":{"x":82,"y":730,"width":861,"height":10}},{"id":"9222699a-10de-40c3-8bce-58a30ab6b378","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":31,"box":{"x":83,"y":744,"width":359,"height":10}},{"id":"46bf94a5-6398-4e0f-a0fa-e8cc450e0dc9","block_type":"box","text":"S-16","page_number":31,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"79f28782-02fd-4c12-9aae-bda661497215","block_type":"box","text":"Management","page_number":32,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"9bf0ee94-a31c-423e-a459-a3d8b4b4b8a4","block_type":"box","text":"Investment Adviser.","page_number":32,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"55f820d3-ca0e-454c-97f6-2c16ca79c701","block_type":"box","text":"BlackRock Fund Advisors.","page_number":32,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"f86cf918-e62a-4f4f-9399-5e11f3c42e70","block_type":"box","text":"Portfolio Managers.","page_number":32,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"6f38c17d-e06f-4ec4-a01e-417e3e4bbc77","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":32,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"3068aee3-e2c3-47a5-a33d-799ffa4858c3","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":32,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"2c3c7bb8-a4bf-4553-8727-906128e35a05","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":32,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"a798d084-965b-4d3a-9fed-d93205d4c89c","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":32,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"bf49163a-81e8-469b-bc7e-dba9e8b6f954","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2020. Mr.","page_number":32,"box":{"x":84,"y":128,"width":399,"height":10}},{"id":"f5596bdf-238c-4bb2-89ba-488ce57fca9e","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":32,"box":{"x":83,"y":142,"width":364,"height":10}},{"id":"4d17d09a-f0a7-4332-943b-e271ba904d33","block_type":"box","text":"Managers of the Fund since 2025.","page_number":32,"box":{"x":83,"y":156,"width":218,"height":11}},{"id":"670c8358-7557-4764-a8ba-0b1d68f7fefc","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":32,"box":{"x":84,"y":185,"width":290,"height":10}},{"id":"17b4ee68-dce4-4397-a850-37c83b335010","block_type":"box","text":"The Fund is an ETF. Individual shares of the Fund may only be","page_number":32,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"df129de3-b9a3-48d7-b8d2-2f7730dde4fd","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":32,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"832a4cb1-2928-46e9-abd7-34a756bea60d","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":32,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"43668876-f836-40cb-9b15-b4983b5c6799","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":32,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"69852785-b296-4a90-b481-5f510aaa3b65","block_type":"box","text":"than NAV (a discount). An investor may incur costs attributable to","page_number":32,"box":{"x":83,"y":267,"width":419,"height":11}},{"id":"9bae4de8-0fbc-4c7d-add8-51ebf0f4143f","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":32,"box":{"x":83,"y":281,"width":412,"height":11}},{"id":"32804921-b16c-4ede-a493-04b9e81f7cac","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":32,"box":{"x":83,"y":295,"width":416,"height":11}},{"id":"5072b901-1949-45d9-b64f-377cf8944631","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":32,"box":{"x":83,"y":309,"width":400,"height":11}},{"id":"91897507-07f6-4764-8b6f-4c8a596658dd","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":32,"box":{"x":83,"y":324,"width":394,"height":10}},{"id":"e1de4807-2d82-4419-89f8-8b23e68e012b","block_type":"box","text":"Tax Information","page_number":32,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"d2578122-9b0e-4d08-9d8e-d7c9b7cefc65","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":32,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"ff5b8f1d-305d-4758-9afb-edaec530eaf2","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":32,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"8a857e4f-c5fc-4f97-86e4-eec133698203","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":32,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"60adc369-bb7d-4f7d-9648-62e7fe001dbe","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":32,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"07af99fe-885a-4142-b5e9-f26394f4ec7f","block_type":"box","text":"withdrawn.","page_number":32,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"d78fd3b8-7ed1-4072-9686-4338f6f8cad4","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":32,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"ec29645f-f569-4086-ac61-c172cd569608","block_type":"box","text":"Intermediaries","page_number":32,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"0d946be8-bae1-4c9e-b3a8-8aba2d746cf2","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":32,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"7fb19982-9a30-4d07-8616-9eb0d9b838d1","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":32,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"0d078c1d-0fc2-42f2-a6d2-241820939075","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":32,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"4c949a7f-090e-45fb-9e0a-262e25589ed7","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":32,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"79f08575-119e-4d4e-9735-e9596ce65206","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":32,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"df146f67-5c76-4cd6-aba8-6954bae02c3e","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":32,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"c35419da-2b18-49a3-8c44-4f3321f9457c","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":32,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"a0e7b82b-028b-4e14-8291-0f19a059fe77","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":32,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"5a4049b4-a4b7-4674-b2ac-4e36b6ddb329","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":32,"box":{"x":549,"y":289,"width":361,"height":11}},{"id":"323bcd4a-be6d-4c7f-96ac-d81ec7ca2c88","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":32,"box":{"x":549,"y":303,"width":421,"height":11}},{"id":"8c0d55bf-8d10-49e6-8cdb-e600ccd87672","block_type":"box","text":"information.","page_number":32,"box":{"x":549,"y":317,"width":76,"height":9}},{"id":"7ca9c89d-0a01-4c8a-ac20-69ebe74e7137","block_type":"box","text":"S-17","page_number":32,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"1590341e-d2d2-4983-8f70-9c1f1b0c4c10","block_type":"box","text":"iSHARES","page_number":33,"box":{"x":266,"y":24,"width":119,"height":15}},{"id":"d99604f7-20f1-42c0-88fe-d615f0307b4b","block_type":"box","text":"®","page_number":33,"box":{"x":388,"y":17,"width":11,"height":8}},{"id":"29bbc6b1-6bad-4d69-84e3-0dda7c483303","block_type":"box","text":"ESG AWARE MSCI EAFE ETF","page_number":33,"box":{"x":410,"y":24,"width":382,"height":15}},{"id":"712a63c0-3af5-4ac2-9c40-6046d8d4ff5d","block_type":"box","text":"Ticker: ESGD Stock Exchange: Nasdaq","page_number":33,"box":{"x":288,"y":53,"width":475,"height":12}},{"id":"eef77a76-d4fc-4825-9862-33de063c572e","block_type":"box","text":"Investment Objective","page_number":33,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"f0f42203-73a4-472c-96d0-37ab0bf2e230","block_type":"box","text":"The iShares ESG Aware MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid","page_number":33,"box":{"x":82,"y":116,"width":839,"height":11}},{"id":"28a1350b-ef49-4ff1-9742-35c641a17016","block_type":"box","text":"capitalization developed market equities, excluding the U.S. and Canada that have positive environmental, social and governance","page_number":33,"box":{"x":83,"y":129,"width":826,"height":11}},{"id":"71d1ac76-c7d4-416b-94eb-312873ae412d","block_type":"box","text":"characteristics as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index.","page_number":33,"box":{"x":83,"y":142,"width":847,"height":11}},{"id":"7cf3f16b-ac2c-474a-a986-7b47f6f4ea8f","block_type":"box","text":"Fees and Expenses","page_number":33,"box":{"x":84,"y":170,"width":160,"height":13}},{"id":"9445916c-0b6a-4b13-8117-cc974428769f","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table","page_number":33,"box":{"x":82,"y":195,"width":869,"height":10}},{"id":"6f199b14-8ca0-4106-a54f-65c6f4f34095","block_type":"box","text":"are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust","page_number":33,"box":{"x":83,"y":207,"width":867,"height":11}},{"id":"5d25de85-6f81-421c-b8c7-f1073774a44d","block_type":"box","text":"(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses","page_number":33,"box":{"x":83,"y":220,"width":889,"height":11}},{"id":"8090b17d-a8e7-4208-9b5b-1af11a314ec7","block_type":"box","text":"of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and","page_number":33,"box":{"x":83,"y":233,"width":870,"height":11}},{"id":"6275e792-3d6b-424a-9d75-568b791547c0","block_type":"box","text":"disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":33,"box":{"x":83,"y":246,"width":858,"height":11}},{"id":"93965d7d-7d86-4611-a31b-a7e68530ee73","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":33,"box":{"x":83,"y":259,"width":450,"height":11}},{"id":"0529d69f-e41f-485f-81be-a327f3ea23b8","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":33,"box":{"x":82,"y":281,"width":883,"height":11}},{"id":"e300bdbd-bcd2-4651-8602-8d4e2ce31891","block_type":"box","text":"the tables and examples below.","page_number":33,"box":{"x":83,"y":294,"width":220,"height":11}},{"id":"9d8ea9ed-85f0-4efe-9268-a06124ab618f","block_type":"box","text":"Annual Fund Operating 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investments)","page_number":33,"box":{"x":385,"y":333,"width":280,"height":10}},{"id":"42aec0c2-85bb-4856-a839-684f2c8bd5fc","block_type":"box","text":"1","page_number":33,"box":{"x":668,"y":332,"width":2,"height":5}},{"id":"a0053353-af92-41cf-abc1-50620acfc495","block_type":"box","text":"Management","page_number":33,"box":{"x":170,"y":374,"width":80,"height":9}},{"id":"7e422742-a1a6-46a7-8afc-f2ac71ec6f1a","block_type":"box","text":"Fees","page_number":33,"box":{"x":196,"y":384,"width":27,"height":7}},{"id":"a36a69f7-5d5a-4f86-88e7-b60cdb46227c","block_type":"box","text":"Distribution","page_number":33,"box":{"x":394,"y":363,"width":72,"height":8}},{"id":"9c7baa56-5fb6-48ec-90a6-652d6b3c6e77","block_type":"box","text":"and Service","page_number":33,"box":{"x":394,"y":373,"width":72,"height":8}},{"id":"a4e8e067-dea9-4f94-950a-825ecdda57bc","block_type":"box","text":"(12b-1) Fees","page_number":33,"box":{"x":393,"y":384,"width":73,"height":9}},{"id":"03246eb4-6907-4f62-84c2-b9eda9308976","block_type":"box","text":"Other","page_number":33,"box":{"x":621,"y":373,"width":35,"height":8}},{"id":"1ccbcc4e-9a68-478b-b2c2-bcdd54df1788","block_type":"box","text":"Expenses","page_number":33,"box":{"x":610,"y":384,"width":57,"height":9}},{"id":"d79194bc-0f15-4a05-8da4-9d52caf8715e","block_type":"box","text":"Total Annual","page_number":33,"box":{"x":810,"y":353,"width":76,"height":7}},{"id":"02edd5be-5f85-4ddb-aecc-b001f88306a8","block_type":"box","text":"Fund","page_number":33,"box":{"x":834,"y":363,"width":29,"height":8}},{"id":"3a5565b5-f439-4ed3-ad0f-bba6e251440a","block_type":"box","text":"Operating","page_number":33,"box":{"x":818,"y":373,"width":61,"height":10}},{"id":"2c047c7b-adf8-4514-b75c-67af29caec1e","block_type":"box","text":"Expenses","page_number":33,"box":{"x":820,"y":384,"width":58,"height":9}},{"id":"32788a9d-9580-41e3-aefe-3c7f71e05b5c","block_type":"box","text":"0.20% None 0.00% 0.20%","page_number":33,"box":{"x":193,"y":403,"width":673,"height":8}},{"id":"bc860e9a-3422-4dea-9024-1f9c5c8d49ec","block_type":"box","text":"1","page_number":33,"box":{"x":112,"y":434,"width":2,"height":5}},{"id":"2c88395b-21c9-4397-9d0e-10670b223f16","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":33,"box":{"x":123,"y":435,"width":706,"height":10}},{"id":"993d235f-dbd8-4232-aff9-41ac79524053","block_type":"box","text":"Example.","page_number":33,"box":{"x":83,"y":455,"width":62,"height":11}},{"id":"cc53edde-b0f8-45b8-b58a-2a1a3421995e","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":33,"box":{"x":150,"y":455,"width":800,"height":11}},{"id":"fa88064e-c7cf-4f42-a84e-98de83e66b8b","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":33,"box":{"x":82,"y":467,"width":891,"height":12}},{"id":"689a32e4-3ba2-4e0e-bf6a-538b58398862","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":33,"box":{"x":83,"y":481,"width":862,"height":11}},{"id":"07c1ca60-7b51-453f-a37b-ff5ed59faba8","block_type":"box","text":"same. 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Errors in index data, index computations or the","page_number":35,"box":{"x":83,"y":433,"width":366,"height":11}},{"id":"b7050d24-805f-4edc-a3d1-8beae591dc46","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":35,"box":{"x":83,"y":447,"width":377,"height":11}},{"id":"3dde3fdf-d84e-4c1b-832d-350fc7512cca","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":35,"box":{"x":83,"y":461,"width":413,"height":11}},{"id":"9ea247b8-b151-4526-908c-ac6a8219bf58","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":35,"box":{"x":83,"y":476,"width":396,"height":10}},{"id":"e68c2d2d-128d-45f8-81ce-edcdcbdfbb0d","block_type":"box","text":"impact on the Fund and its shareholders. 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No Authorized","page_number":35,"box":{"x":83,"y":777,"width":378,"height":11}},{"id":"7dd0ad6b-1914-48a3-9c58-1a2894c0c656","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":35,"box":{"x":84,"y":791,"width":379,"height":11}},{"id":"e342db16-e9fd-4e10-8447-4f31746a3991","block_type":"box","text":"transactions. 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In addition, the Fund may","page_number":35,"box":{"x":549,"y":311,"width":399,"height":10}},{"id":"326e4154-1f9c-484b-85a0-90ffab48cfe5","block_type":"box","text":"incur costs in connection with conversions between U.S. dollars","page_number":35,"box":{"x":549,"y":325,"width":409,"height":8}},{"id":"03cdd4ef-ab98-45f1-b914-1e321a98dd2a","block_type":"box","text":"and foreign currencies.","page_number":35,"box":{"x":549,"y":339,"width":146,"height":11}},{"id":"2151a03b-f4be-4e7f-9c9b-20abeaf94417","block_type":"box","text":"Financial Companies Risk","page_number":35,"box":{"x":549,"y":362,"width":175,"height":11}},{"id":"9efd0759-44ca-4acb-ae86-b8d5d57988b3","block_type":"box","text":".","page_number":35,"box":{"x":724,"y":369,"width":2,"height":2}},{"id":"a0e247c1-0430-419c-91d3-5dc1ee8e3566","block_type":"box","text":"Financial services companies are","page_number":35,"box":{"x":732,"y":362,"width":211,"height":11}},{"id":"1f2c5946-8970-4c57-a66e-02ec8e6f3840","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":35,"box":{"x":549,"y":376,"width":400,"height":11}},{"id":"c042b6fd-095e-4c3c-84b6-8b2ec5fda255","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":35,"box":{"x":549,"y":391,"width":404,"height":10}},{"id":"8c07b49c-aad5-4cca-88d9-d99a42d38324","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":35,"box":{"x":549,"y":405,"width":405,"height":11}},{"id":"626e3a82-4ed6-4523-b82d-c9fa7f57ecb5","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":35,"box":{"x":549,"y":419,"width":385,"height":11}},{"id":"32a9aa30-b6bf-4f6c-ae4d-8e2ad7e67e45","block_type":"box","text":"things. 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While the Fund’s service","page_number":36,"box":{"x":549,"y":108,"width":377,"height":11}},{"id":"927bf0e7-f5cb-41e1-9302-cbc0a78fcea3","block_type":"box","text":"providers are required to have appropriate operational,","page_number":36,"box":{"x":549,"y":122,"width":350,"height":11}},{"id":"b227aa7c-1c7b-41d4-8cbc-b79775c225d1","block_type":"box","text":"information security and cybersecurity risk management policies","page_number":36,"box":{"x":549,"y":137,"width":414,"height":10}},{"id":"66798a75-237a-416f-9dc4-760519e3e0b0","block_type":"box","text":"and procedures, their methods of risk management may differ","page_number":36,"box":{"x":549,"y":151,"width":397,"height":11}},{"id":"6a93a783-b959-44cc-aaaf-03d7cd5c9174","block_type":"box","text":"from those of the Fund. 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Any reduction in this trading may have an","page_number":36,"box":{"x":549,"y":259,"width":383,"height":11}},{"id":"35e009ff-21e9-49bb-b621-30903f983fd2","block_type":"box","text":"adverse impact on the Fund’s investments. Through its holdings of","page_number":36,"box":{"x":549,"y":273,"width":424,"height":11}},{"id":"3513df6f-35e1-49b1-8988-b0b0c194093d","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":36,"box":{"x":549,"y":287,"width":404,"height":11}},{"id":"d6cbbacc-d50a-41ac-b9e5-b0d732846a4f","block_type":"box","text":"Asian Economic Risk, European Economic Risk","page_number":36,"box":{"x":548,"y":302,"width":326,"height":11}},{"id":"0fa0abe3-cf03-4b33-aa22-5988ececd67e","block_type":"box","text":"and","page_number":36,"box":{"x":879,"y":302,"width":22,"height":8}},{"id":"0d65ee22-a6de-4e35-a947-770282d816cd","block_type":"box","text":"U.S.","page_number":36,"box":{"x":908,"y":302,"width":26,"height":8}},{"id":"f97e481f-64c0-42e1-a1f3-a7f32a723439","block_type":"box","text":"Economic Risk","page_number":36,"box":{"x":550,"y":316,"width":101,"height":8}},{"id":"0a0d68f6-e486-498d-a821-59698b521087","block_type":"box","text":".","page_number":36,"box":{"x":652,"y":323,"width":2,"height":1}},{"id":"f97c24b2-88c3-4074-9773-f3988eeb2592","block_type":"box","text":"Risk of Investing in Japan","page_number":36,"box":{"x":549,"y":339,"width":170,"height":11}},{"id":"5b046282-9cac-4353-bfe9-56a586358b8e","block_type":"box","text":".","page_number":36,"box":{"x":721,"y":346,"width":2,"height":1}},{"id":"02f4ea5b-ff42-44c3-8b33-3716470beecd","block_type":"box","text":"Investing in Japanese issuers subjects","page_number":36,"box":{"x":729,"y":339,"width":242,"height":11}},{"id":"2be96948-1afb-4701-a249-3f520a97850b","block_type":"box","text":"the Fund to legal, regulatory, political, economic, currency,","page_number":36,"box":{"x":549,"y":353,"width":375,"height":11}},{"id":"0a4219ea-2b75-4224-beee-488ccde5ad39","block_type":"box","text":"geographic and security risks that are specific to Japan. Japan’s","page_number":36,"box":{"x":549,"y":367,"width":405,"height":11}},{"id":"d22f3b4f-e25a-4913-b49e-fa1e9f85b9a1","block_type":"box","text":"economy depends heavily on international trade, oil and other","page_number":36,"box":{"x":549,"y":382,"width":396,"height":10}},{"id":"fef95d70-b6df-4649-be45-2b2de3085e1e","block_type":"box","text":"commodity imports, and government policy supporting its","page_number":36,"box":{"x":549,"y":396,"width":369,"height":11}},{"id":"6b177517-99b5-4d23-8b58-8755d1a66b77","block_type":"box","text":"exports. 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The Fund could","page_number":36,"box":{"x":549,"y":547,"width":409,"height":10}},{"id":"53f41392-96f0-427f-ab09-efb74bf66787","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":36,"box":{"x":549,"y":561,"width":416,"height":11}},{"id":"4dd34353-e855-407f-9d38-b8358cc6f8ca","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":36,"box":{"x":549,"y":575,"width":389,"height":11}},{"id":"151f7750-4620-4108-8cb5-9e7e10d88ce1","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":36,"box":{"x":549,"y":589,"width":406,"height":9}},{"id":"e9590f01-f297-4d54-8c80-94cc52143e22","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":36,"box":{"x":549,"y":603,"width":301,"height":11}},{"id":"3ea93eb4-9b94-4cb0-8951-635cc97c21a8","block_type":"box","text":"Tracking Error Risk","page_number":36,"box":{"x":550,"y":626,"width":128,"height":11}},{"id":"44257242-f60b-4917-9b6b-b8da4947decf","block_type":"box","text":".","page_number":36,"box":{"x":678,"y":633,"width":3,"height":2}},{"id":"30c97a98-b27e-4642-be02-6e48eae76573","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":36,"box":{"x":686,"y":626,"width":284,"height":11}},{"id":"0066ea53-6ebf-46f4-83c1-f253f6c5ebd1","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":36,"box":{"x":549,"y":641,"width":404,"height":10}},{"id":"909d693b-0c0e-4715-b071-7ed07111d51a","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":36,"box":{"x":549,"y":655,"width":425,"height":11}},{"id":"440ec3a4-f336-44da-8216-d7ef397423cb","block_type":"box","text":"factors, including differences between the securities and other","page_number":36,"box":{"x":549,"y":669,"width":401,"height":11}},{"id":"7a9a9d5d-6196-4ddc-a486-c9e0891a5655","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":36,"box":{"x":549,"y":683,"width":381,"height":11}},{"id":"31ba7664-c4f2-4489-9a89-4d8b892a44ac","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":36,"box":{"x":550,"y":697,"width":396,"height":11}},{"id":"b7272db7-0dcd-493b-afa7-d797a6ebb87a","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":36,"box":{"x":549,"y":712,"width":407,"height":10}},{"id":"1a23e221-c8bd-4eba-8307-27c82eb92e9d","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":36,"box":{"x":549,"y":726,"width":400,"height":11}},{"id":"36798dab-75fa-4846-af11-332c2f7c2624","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":36,"box":{"x":549,"y":740,"width":421,"height":11}},{"id":"380ec30b-fe38-4515-ad5b-d6c561cf4e84","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":36,"box":{"x":549,"y":754,"width":374,"height":11}},{"id":"fc6f4eba-addc-4a84-b919-3ea60fe6f4b0","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":36,"box":{"x":549,"y":768,"width":370,"height":11}},{"id":"bcda953e-ff65-4806-9c24-0543620524ce","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":36,"box":{"x":549,"y":782,"width":372,"height":11}},{"id":"750e77ed-4892-4e4a-a409-725ecd74bad7","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":36,"box":{"x":549,"y":797,"width":420,"height":10}},{"id":"ebd4d503-0287-4408-b493-6f3fba18ea9a","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":36,"box":{"x":549,"y":811,"width":387,"height":11}},{"id":"b7868e1b-b40b-457c-ab1d-bee9c821394f","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":36,"box":{"x":549,"y":825,"width":377,"height":11}},{"id":"80664ea3-9c62-42e2-a275-c7a052d2438e","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":36,"box":{"x":549,"y":839,"width":380,"height":11}},{"id":"0ac953f6-4132-4230-bb14-12123204eb0c","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":36,"box":{"x":549,"y":853,"width":366,"height":11}},{"id":"e2f8f144-ec4c-42ac-981d-90bb2292edee","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":36,"box":{"x":549,"y":867,"width":414,"height":11}},{"id":"25400f34-a0b7-4886-83ea-8114fa164011","block_type":"box","text":"S-21","page_number":36,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"5a941b7d-dde2-4f8e-a51f-250526658545","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":37,"box":{"x":83,"y":23,"width":387,"height":11}},{"id":"5e9144b1-3b5f-45f8-8cd5-51ecb4ac6c9c","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":37,"box":{"x":83,"y":37,"width":414,"height":11}},{"id":"aa205b6d-faf9-400f-9119-1321f7e62e7c","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":37,"box":{"x":83,"y":51,"width":419,"height":11}},{"id":"0edde496-fa47-4a66-947e-9859f1e4342c","block_type":"box","text":"unusual market conditions. A Fund that tracks an index with","page_number":37,"box":{"x":83,"y":66,"width":382,"height":8}},{"id":"468d774a-7359-470c-8eae-005905bde65e","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":37,"box":{"x":83,"y":80,"width":390,"height":11}},{"id":"6eb33618-7aec-4e09-9d43-3661a4e796fc","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":37,"box":{"x":83,"y":94,"width":299,"height":9}},{"id":"5168ba06-9046-412f-80a9-653fc6376038","block_type":"box","text":"Valuation Risk","page_number":37,"box":{"x":84,"y":117,"width":96,"height":9}},{"id":"30e977d0-cde4-4e06-839a-81cc9389c8ea","block_type":"box","text":".","page_number":37,"box":{"x":180,"y":124,"width":2,"height":2}},{"id":"6e6c64e0-d727-42c4-ae07-b3d325c5c89b","block_type":"box","text":"The price that the Fund could receive upon the","page_number":37,"box":{"x":187,"y":117,"width":298,"height":11}},{"id":"ec1770e0-a6b8-4198-bfe1-90ca28ed905a","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":37,"box":{"x":83,"y":131,"width":408,"height":11}},{"id":"80b9f9dc-d7e3-4e23-9c4c-0ce80cf9f26f","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":37,"box":{"x":82,"y":146,"width":356,"height":10}},{"id":"b41feb81-a78e-40bd-a491-3c57f34bc0ed","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":37,"box":{"x":83,"y":160,"width":418,"height":11}},{"id":"0a584466-6d15-43d3-bdc5-d691f938cd28","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":37,"box":{"x":83,"y":174,"width":347,"height":11}},{"id":"1c1a5c54-4242-4951-bf31-c2849f33a5cd","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":37,"box":{"x":83,"y":188,"width":418,"height":11}},{"id":"bab6a9ed-28dd-4acc-8654-7cc314e2fa50","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":37,"box":{"x":549,"y":23,"width":406,"height":11}},{"id":"39806204-c2b4-4cb1-8d24-54d51961ddef","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":37,"box":{"x":549,"y":37,"width":411,"height":11}},{"id":"ba15768e-83c1-4b77-b443-9a3f8a107c3c","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":37,"box":{"x":549,"y":52,"width":392,"height":10}},{"id":"6630e125-1f6a-4f5f-9856-e1621042a456","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":37,"box":{"x":549,"y":66,"width":414,"height":10}},{"id":"5a33115f-076c-42b4-bb4b-e107b167b970","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":37,"box":{"x":549,"y":80,"width":394,"height":11}},{"id":"9f3c3b33-518f-44a9-9fbf-f1d3f04c9736","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":37,"box":{"x":548,"y":94,"width":383,"height":11}},{"id":"37cfff95-2aa6-4612-ac60-612886fce6fb","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":37,"box":{"x":549,"y":108,"width":414,"height":11}},{"id":"f994f80f-fd65-4374-a746-868af7811626","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":37,"box":{"x":549,"y":122,"width":392,"height":9}},{"id":"7042df8d-d94e-4df7-863e-d84808391b8f","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":37,"box":{"x":548,"y":137,"width":425,"height":10}},{"id":"f112bc29-b432-4552-99f2-275bc453f297","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":37,"box":{"x":548,"y":151,"width":400,"height":11}},{"id":"0c81e624-d911-4e26-a223-d3d932fa9bf4","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":37,"box":{"x":549,"y":165,"width":405,"height":11}},{"id":"a0d0e091-f2cb-40cf-ae48-391f439a841b","block_type":"box","text":"S-22","page_number":37,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"f51b2185-d943-40f4-b60b-101fc9b8314c","block_type":"box","text":"Performance Information","page_number":38,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"7645adc1-2b1a-4889-8cbf-53a62bc87ea0","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":38,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"ecd57d9a-b548-474e-96c5-9a0495998f89","block_type":"box","text":"of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":38,"box":{"x":83,"y":62,"width":872,"height":11}},{"id":"82033b51-12ca-4072-85a5-4077bb54c3db","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":38,"box":{"x":83,"y":76,"width":867,"height":11}},{"id":"817868f2-7684-4573-9311-734c057734c6","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":38,"box":{"x":83,"y":90,"width":863,"height":11}},{"id":"170097dc-5118-40da-a581-513ebd3b13fa","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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Fund returns after taxes on distributions and sales of Fund shares are","page_number":38,"box":{"x":83,"y":767,"width":855,"height":11}},{"id":"dc2e1f62-7910-4178-9ad6-0d08e92204e5","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":38,"box":{"x":83,"y":781,"width":883,"height":11}},{"id":"86b72839-e6f8-441b-989a-7667e9455584","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":38,"box":{"x":82,"y":795,"width":861,"height":11}},{"id":"07fe668d-8107-424b-a288-9de4b1fb0ff6","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":38,"box":{"x":83,"y":810,"width":359,"height":10}},{"id":"4a33942e-b4f5-438f-98b5-4e472325b108","block_type":"box","text":"S-23","page_number":38,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"111696c8-ac56-4d57-81ad-faf31b58cf6b","block_type":"box","text":"Management","page_number":39,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"8ce51173-a1a0-4161-8fa6-e6d921248c29","block_type":"box","text":"Investment Adviser.","page_number":39,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"bc33ff66-23e7-41f5-a296-3d57cba1fde0","block_type":"box","text":"BlackRock Fund Advisors.","page_number":39,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"47c8aef5-4899-42b3-8f9a-0f3e9fc0525f","block_type":"box","text":"Portfolio Managers.","page_number":39,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"f18a5ad4-8da3-4d0f-a247-bf0fd39b0660","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":39,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"7fa50bb0-aaf4-4711-b727-d351404f2557","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":39,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"41158e18-21ba-4a2f-82ea-13f1577a3878","block_type":"box","text":"responsible for the day-to-day management of the Fund. 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These","page_number":39,"box":{"x":549,"y":246,"width":420,"height":11}},{"id":"326dd63c-ad08-45d1-88c4-a546b6586e44","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":39,"box":{"x":549,"y":260,"width":387,"height":11}},{"id":"e372c36a-8e28-4464-a229-c4023ac6635e","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":39,"box":{"x":549,"y":275,"width":384,"height":10}},{"id":"3404e396-be86-4c3c-9bf2-2684e2d0a0b1","block_type":"box","text":"recommend the Fund over another investment. 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those","page_number":42,"box":{"x":550,"y":598,"width":381,"height":11}},{"id":"45a4476e-d608-4f82-b4ad-1b19ca1cc86a","block_type":"box","text":"companies.","page_number":42,"box":{"x":549,"y":612,"width":72,"height":11}},{"id":"30733d4b-3414-4e94-8b0e-31f5efe38955","block_type":"box","text":"Concentration Risk.","page_number":42,"box":{"x":549,"y":635,"width":132,"height":9}},{"id":"ff8b502a-a79f-4568-9141-c1c616aa4253","block_type":"box","text":"The Fund may be susceptible to an","page_number":42,"box":{"x":687,"y":635,"width":221,"height":11}},{"id":"b7480269-7c80-45b9-9535-f297fb8811cc","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":42,"box":{"x":549,"y":650,"width":419,"height":10}},{"id":"6e1eb87e-80da-4233-89be-66f12ea79953","block_type":"box","text":"affect the Fund’s investments more than the market as a 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among","page_number":42,"box":{"x":549,"y":801,"width":404,"height":10}},{"id":"b31b467c-0f60-4577-a2a8-d223d27aef72","block_type":"box","text":"other things.","page_number":42,"box":{"x":549,"y":815,"width":80,"height":10}},{"id":"0e53f3eb-53c5-4f81-9719-2ebc1c5c04bf","block_type":"box","text":"Currency Risk","page_number":42,"box":{"x":549,"y":838,"width":96,"height":11}},{"id":"75963066-f2d6-4e04-a553-0ca9bbfdd187","block_type":"box","text":".","page_number":42,"box":{"x":645,"y":844,"width":2,"height":2}},{"id":"1723dabf-2488-4565-8492-080fa56d8c60","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":42,"box":{"x":653,"y":838,"width":292,"height":8}},{"id":"26aa8fb9-b640-46af-ad03-b2ea3718a825","block_type":"box","text":"dollars, the NAV could decline if the currency of a non-U.S. market","page_number":42,"box":{"x":549,"y":852,"width":424,"height":11}},{"id":"231243c5-e09c-46f3-ad33-5a68a5fd4cce","block_type":"box","text":"in which the Fund invests depreciates against the U.S. dollar or if","page_number":42,"box":{"x":549,"y":866,"width":416,"height":11}},{"id":"69ec0fe1-b11c-4f72-8402-c2b8d910f352","block_type":"box","text":"there are delays or limits on the repatriation of foreign currency.","page_number":42,"box":{"x":549,"y":880,"width":409,"height":11}},{"id":"974e19ad-72cc-42a4-9395-7c45deb6d20e","block_type":"box","text":"S-27","page_number":42,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"0b46a636-098b-4574-b9ce-b5af088c6f11","block_type":"box","text":"Currency exchange rates can be very volatile and can change","page_number":43,"box":{"x":83,"y":23,"width":391,"height":11}},{"id":"6db27df6-eeac-4ceb-ae45-819eb2ae6ccb","block_type":"box","text":"quickly and unpredictably. 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The value of securities or other assets may","page_number":43,"box":{"x":84,"y":376,"width":401,"height":11}},{"id":"30e6058c-93f8-4947-8145-95b9113c3fc1","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":43,"box":{"x":83,"y":391,"width":418,"height":10}},{"id":"992f2cdc-7bf1-432c-8f1e-be2bd0a1ba9d","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":43,"box":{"x":83,"y":405,"width":414,"height":11}},{"id":"ac507c22-6f65-4c0e-89fa-fd717ad18f73","block_type":"box","text":"counterparty.","page_number":43,"box":{"x":83,"y":420,"width":84,"height":10}},{"id":"f64f913b-fd1f-4de6-ab54-4513ed008abb","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":43,"box":{"x":83,"y":442,"width":252,"height":11}},{"id":"7b5e9893-e05f-40b4-8b4f-b190e87cb796","block_type":"box","text":"Large-capitalization","page_number":43,"box":{"x":342,"y":442,"width":124,"height":11}},{"id":"d3469e09-8186-42c9-92c2-4d4a0f83ea2f","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":43,"box":{"x":83,"y":456,"width":352,"height":11}},{"id":"985aa832-fc54-4cbd-8481-d2ec0832febe","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":43,"box":{"x":83,"y":470,"width":352,"height":11}},{"id":"276e38c4-672e-4132-857b-9ac1ed790ba9","block_type":"box","text":"competitive challenges. 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The","page_number":43,"box":{"x":83,"y":513,"width":339,"height":11}},{"id":"18c0d47c-f903-4a4c-80ba-1198847f3909","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":43,"box":{"x":83,"y":527,"width":390,"height":11}},{"id":"c953b84e-5e30-4435-9c2f-e6c28ccc208a","block_type":"box","text":"overall performance of the broader securities markets.","page_number":43,"box":{"x":83,"y":541,"width":349,"height":11}},{"id":"8814280e-a3b9-4821-9f22-eebdea80ac86","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":43,"box":{"x":83,"y":565,"width":360,"height":10}},{"id":"7e4a3039-a773-4c77-8b62-620a6812d364","block_type":"box","text":"Certain","page_number":43,"box":{"x":449,"y":565,"width":45,"height":8}},{"id":"31764bfb-c28e-4629-bd9e-af3f51ff59f9","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":43,"box":{"x":83,"y":579,"width":405,"height":11}},{"id":"b63881cd-b206-4634-abda-8ee6bdb6cf4b","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":43,"box":{"x":83,"y":593,"width":409,"height":11}},{"id":"bebcb130-c6d0-44d5-a9bb-c0e6ce8bac00","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":43,"box":{"x":83,"y":607,"width":419,"height":11}},{"id":"b61b1065-3be5-4807-8ec5-d25b4deba661","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":43,"box":{"x":83,"y":621,"width":417,"height":11}},{"id":"c449484e-19aa-4c85-b454-ed76fea1eea0","block_type":"box","text":"their investment in the Fund for a limited period of time. 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As the Fund will not fully replicate the","page_number":43,"box":{"x":549,"y":51,"width":362,"height":11}},{"id":"3def7167-99f8-47c5-a5e4-4f21d53e226d","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":43,"box":{"x":550,"y":66,"width":387,"height":11}},{"id":"9ccb7522-41d2-4dd8-87f8-afc9416f3ef8","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":43,"box":{"x":549,"y":80,"width":409,"height":11}},{"id":"5efc71d5-24d5-4431-98b0-f03ef52bad96","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":43,"box":{"x":549,"y":94,"width":419,"height":11}},{"id":"9d0becd3-3170-47c1-a2cc-4cb30b466951","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":43,"box":{"x":549,"y":108,"width":420,"height":11}},{"id":"e9a241a3-1fcd-4b0e-94a6-ad5ce8f1d63c","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":43,"box":{"x":549,"y":122,"width":403,"height":11}},{"id":"2a00dc2f-54d5-42a7-964d-1caa113dce89","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":43,"box":{"x":549,"y":137,"width":323,"height":10}},{"id":"dfdffa6f-5094-4fbb-8abc-ca3f86c26f20","block_type":"box","text":"Market Trading Risk","page_number":43,"box":{"x":549,"y":160,"width":136,"height":11}},{"id":"b3273dd1-9ccf-4b87-8f38-f0ed3ce4be63","block_type":"box","text":".","page_number":43,"box":{"x":685,"y":166,"width":2,"height":2}},{"id":"9f3a8a19-c78e-4bf6-a7b5-ad96c7b511ef","block_type":"box","text":"The Fund faces numerous market trading","page_number":43,"box":{"x":692,"y":160,"width":264,"height":11}},{"id":"8adb9f47-5449-4c78-864e-31286e8df04d","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":43,"box":{"x":549,"y":174,"width":394,"height":11}},{"id":"ebc0bcda-2c18-4e66-9a1d-9bd585d1721d","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":43,"box":{"x":549,"y":188,"width":401,"height":11}},{"id":"769df0ba-dc9e-44ca-ade2-3ea500a465e7","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":43,"box":{"x":549,"y":202,"width":404,"height":11}},{"id":"7fa73e6a-79ec-4cf3-9506-4c99e4248ab6","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":43,"box":{"x":549,"y":216,"width":416,"height":11}},{"id":"33c1bd96-3687-4c5d-b683-89c0a45ea586","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":43,"box":{"x":549,"y":231,"width":404,"height":11}},{"id":"8f6d37b5-ee5d-43e6-ba59-178544a293c4","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":43,"box":{"x":549,"y":245,"width":411,"height":11}},{"id":"579b8127-b310-410d-8bce-7af4bc015c76","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":43,"box":{"x":549,"y":259,"width":397,"height":11}},{"id":"2040c350-8357-4150-af1a-b20bd60c9b4e","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":43,"box":{"x":549,"y":273,"width":419,"height":11}},{"id":"7efce84c-4c0a-422e-89c1-8b854198e13c","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":43,"box":{"x":549,"y":287,"width":413,"height":11}},{"id":"b454bcbc-0041-47f4-a074-7c809e16e3ab","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":43,"box":{"x":549,"y":302,"width":397,"height":10}},{"id":"3cec1701-00ac-47a8-bb26-afbb323e9e2f","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":43,"box":{"x":549,"y":316,"width":316,"height":11}},{"id":"fd654513-8c02-4ed5-a1b2-4ea4b9c84f73","block_type":"box","text":"Mid-Capitalization Companies Risk","page_number":43,"box":{"x":549,"y":339,"width":238,"height":11}},{"id":"95947c02-fb40-4ae3-bde8-41e2b493e323","block_type":"box","text":".","page_number":43,"box":{"x":787,"y":346,"width":3,"height":1}},{"id":"3436c2a7-6b66-442e-8d2b-5e30a62bb963","block_type":"box","text":"Compared to large","page_number":43,"box":{"x":795,"y":339,"width":124,"height":11}},{"id":"f78604bf-cabd-4d76-bd81-9d7069118270","block_type":"box","text":"capitalization companies, mid-capitalization companies may be","page_number":43,"box":{"x":549,"y":353,"width":403,"height":11}},{"id":"e99254ea-88de-41ac-a4f8-41e8d800c3e8","block_type":"box","text":"less stable and more susceptible to adverse developments. The","page_number":43,"box":{"x":549,"y":367,"width":405,"height":11}},{"id":"f0472b96-9f3c-4966-a708-ba691f529637","block_type":"box","text":"securities of mid-capitalization companies may be more volatile","page_number":43,"box":{"x":549,"y":381,"width":407,"height":11}},{"id":"7e87dff3-fdd4-4fe8-8260-718c20b86472","block_type":"box","text":"and less liquid than those of large-capitalization companies. 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These","page_number":43,"box":{"x":549,"y":575,"width":360,"height":11}},{"id":"a8bf9373-76cd-4d71-a388-a8eb604c0fd1","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":43,"box":{"x":549,"y":589,"width":398,"height":11}},{"id":"5e71e59e-13c5-4a81-a84b-c1c360d55389","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":43,"box":{"x":550,"y":603,"width":410,"height":11}},{"id":"cd290402-af3d-498b-b96e-0bb50aca6f4a","block_type":"box","text":"Non-U.S. Securities Risk","page_number":43,"box":{"x":549,"y":626,"width":165,"height":9}},{"id":"e6a9040d-4a2b-43c9-b9bc-c0c5bf445487","block_type":"box","text":".","page_number":43,"box":{"x":714,"y":633,"width":2,"height":2}},{"id":"3af85646-e4c4-4231-a144-b1f041b8cdf6","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":43,"box":{"x":722,"y":626,"width":236,"height":11}},{"id":"8598c21d-0200-499c-94fe-679ebbcb412f","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":43,"box":{"x":549,"y":641,"width":382,"height":10}},{"id":"eef2b088-bcfb-448a-8174-d2dd14e7f44c","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":43,"box":{"x":549,"y":655,"width":406,"height":11}},{"id":"edc242c2-7c19-4d98-8c5b-1a5e9101f5df","block_type":"box","text":"issued by U.S. issuers. 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China may be subject to","page_number":44,"box":{"x":83,"y":353,"width":371,"height":11}},{"id":"1025a83b-081d-48a2-a67a-f3711d540b38","block_type":"box","text":"considerable degrees of economic, political and social instability.","page_number":44,"box":{"x":83,"y":367,"width":415,"height":11}},{"id":"a3903c6d-64f8-42dc-a7b6-80e75faf45b2","block_type":"box","text":"Despite economic and market reforms in recent decades, the","page_number":44,"box":{"x":83,"y":382,"width":392,"height":10}},{"id":"d58b1df1-0411-4b8c-a503-4f86d02d4622","block_type":"box","text":"Chinese government’s control over certain sectors and","page_number":44,"box":{"x":83,"y":396,"width":350,"height":11}},{"id":"e5d44fbf-876f-4e25-8750-a19ef6ab0e67","block_type":"box","text":"enterprises and significant regulation of investment and industry","page_number":44,"box":{"x":83,"y":410,"width":413,"height":11}},{"id":"a35c2ca4-1ee2-42c3-9256-f6d19ea764c0","block_type":"box","text":"are still pervasive. Chinese companies are subject to the risk that","page_number":44,"box":{"x":83,"y":424,"width":418,"height":11}},{"id":"41bacbcb-6ff6-4691-bbdd-5afc6537b9db","block_type":"box","text":"Chinese authorities can intervene in their operations and","page_number":44,"box":{"x":83,"y":438,"width":363,"height":11}},{"id":"74ccea12-90e9-48a5-ace6-4d1dd586e156","block_type":"box","text":"structure. 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Internal","page_number":44,"box":{"x":83,"y":495,"width":416,"height":11}},{"id":"8b57d4ec-53c4-40c7-b0b0-1821d66f213b","block_type":"box","text":"social unrest or confrontations with other countries, including","page_number":44,"box":{"x":83,"y":509,"width":394,"height":11}},{"id":"5c5d8360-fadc-40f3-b498-7578a190dd90","block_type":"box","text":"military conflicts in response to such events, may disrupt China’s","page_number":44,"box":{"x":83,"y":523,"width":415,"height":11}},{"id":"13a8ceb0-4621-4c47-8fa9-461bb136c6d2","block_type":"box","text":"economy and markets and result in a greater risk of currency","page_number":44,"box":{"x":83,"y":537,"width":390,"height":11}},{"id":"eff06c70-2e85-48d7-bc77-ad7439e2fe46","block_type":"box","text":"fluctuations, currency non-convertibility, interest rate fluctuations","page_number":44,"box":{"x":82,"y":552,"width":422,"height":10}},{"id":"f63d807e-1d5f-4e9e-8105-035f5533f560","block_type":"box","text":"and higher inflation.","page_number":44,"box":{"x":83,"y":566,"width":126,"height":11}},{"id":"aa952ee5-1e98-4e4c-a9af-51e6242cdc8b","block_type":"box","text":"China has experienced security concerns, such as terrorism and","page_number":44,"box":{"x":83,"y":589,"width":409,"height":11}},{"id":"05c8e8e4-2d20-47a6-9411-2574dd5eab4d","block_type":"box","text":"strained international relations. 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Incidents involving China’s or the region’s","page_number":44,"box":{"x":82,"y":703,"width":421,"height":10}},{"id":"7b715200-dafb-41af-8719-7da0263025b9","block_type":"box","text":"security may adversely affect the Chinese economy and markets","page_number":44,"box":{"x":83,"y":717,"width":413,"height":11}},{"id":"635202c9-e844-4cda-901b-5784ad31fddb","block_type":"box","text":"and the Fund’s investments.","page_number":44,"box":{"x":83,"y":731,"width":179,"height":8}},{"id":"57c119a3-44d1-4de4-ab5f-4052d86e5df4","block_type":"box","text":"The Chinese economy is highly reliant on trade. 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The Fund does not select investments based on","page_number":44,"box":{"x":548,"y":396,"width":383,"height":8}},{"id":"747a57b9-e6b8-4ad3-bb11-5a1a86683c56","block_type":"box","text":"investor protection considerations.","page_number":44,"box":{"x":549,"y":410,"width":223,"height":11}},{"id":"dd6ddf5f-c704-49ed-9436-afcecdd370ba","block_type":"box","text":"Risk of Investing in Russia.","page_number":44,"box":{"x":549,"y":433,"width":181,"height":11}},{"id":"4a09920d-695c-46c0-b6e3-a8c1bdfb05fc","block_type":"box","text":"Investing in Russian securities","page_number":44,"box":{"x":736,"y":433,"width":192,"height":11}},{"id":"e7ea9e3e-1a5b-4062-aaab-92c151f2496b","block_type":"box","text":"involves significant risks, including legal, regulatory, currency and","page_number":44,"box":{"x":549,"y":447,"width":418,"height":11}},{"id":"0cb8331c-9775-496c-aaa1-61e68ba74c84","block_type":"box","text":"economic risks that are specific to Russia. 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The extent and duration of the military action, resulting","page_number":44,"box":{"x":550,"y":697,"width":393,"height":11}},{"id":"3a851fd6-73fb-4391-88cb-3ca01c1742d4","block_type":"box","text":"sanctions and resulting future market disruptions, including","page_number":44,"box":{"x":549,"y":712,"width":381,"height":10}},{"id":"d6f99913-4ef7-4adc-8df1-f73b25526558","block_type":"box","text":"declines in its stock markets and the value of the ruble against the","page_number":44,"box":{"x":549,"y":726,"width":424,"height":11}},{"id":"d995cde8-1f62-4959-948e-15b68c7d6f5f","block_type":"box","text":"U.S. dollar, are impossible to predict, but could be significant.","page_number":44,"box":{"x":550,"y":740,"width":393,"height":11}},{"id":"9e56ebad-a032-42cc-bcd4-5148f9c1a416","block_type":"box","text":"Disruptions caused by Russian military action or other actions","page_number":44,"box":{"x":550,"y":754,"width":395,"height":11}},{"id":"bef922dc-d978-4170-b989-1f360ddd61dd","block_type":"box","text":"(including cyberattacks and espionage) or resulting actual and","page_number":44,"box":{"x":549,"y":768,"width":397,"height":11}},{"id":"ab6260f8-6e4c-4292-80b1-4691c8e4bcb7","block_type":"box","text":"threatened responses to such activity, including purchasing and","page_number":44,"box":{"x":549,"y":782,"width":407,"height":11}},{"id":"bcf57820-8714-40d0-9f32-88223876d349","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or","page_number":44,"box":{"x":549,"y":797,"width":373,"height":10}},{"id":"a6dc3560-6883-46fe-9d56-1ed74ab2b774","block_type":"box","text":"purchaser preferences, sanctions, import and export restrictions,","page_number":44,"box":{"x":549,"y":811,"width":416,"height":11}},{"id":"71d65fa5-7754-4bce-88b9-92760484716f","block_type":"box","text":"tariffs or cyberattacks on the Russian government, Russian","page_number":44,"box":{"x":549,"y":825,"width":377,"height":11}},{"id":"ad24b1c5-e003-4c06-ad3b-9a5fba1da6fa","block_type":"box","text":"companies, or Russian individuals, including politicians, may","page_number":44,"box":{"x":549,"y":839,"width":385,"height":11}},{"id":"11324721-a0db-48fc-a535-b2ef41a257d7","block_type":"box","text":"impact Russia’s economy and Russian companies in which the","page_number":44,"box":{"x":549,"y":853,"width":398,"height":11}},{"id":"0d32c4a4-d199-474d-b33b-0619b1cce8ba","block_type":"box","text":"Fund invests. 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Russian companies may be unable to","page_number":45,"box":{"x":83,"y":66,"width":398,"height":11}},{"id":"10c2969f-f555-4a13-8b32-160c272e7c9b","block_type":"box","text":"pay dividends and, if they pay dividends, the Fund may be unable","page_number":45,"box":{"x":83,"y":80,"width":414,"height":11}},{"id":"17c79548-18cd-40ce-91f0-6d906b72537c","block_type":"box","text":"to receive them. As a result of sanctions, the Fund is currently","page_number":45,"box":{"x":83,"y":94,"width":397,"height":11}},{"id":"4c84cd3e-9286-4a4b-bcb6-81ca918fad58","block_type":"box","text":"restricted from trading in Russian securities, including those in its","page_number":45,"box":{"x":83,"y":108,"width":419,"height":11}},{"id":"6778d864-ea62-46c0-8e8c-1a451f0ab3e1","block_type":"box","text":"portfolio, and the Underlying Index has removed Russian","page_number":45,"box":{"x":83,"y":122,"width":360,"height":11}},{"id":"b75fa62a-155b-4f22-9a71-5997a461657d","block_type":"box","text":"securities. 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The","page_number":45,"box":{"x":83,"y":202,"width":421,"height":11}},{"id":"a97cac9e-c1e2-4e1a-b683-a1e10093e648","block_type":"box","text":"economy of Saudi Arabia is dominated by petroleum exports. A","page_number":45,"box":{"x":83,"y":216,"width":403,"height":11}},{"id":"faf1d906-6d99-4c3c-819d-31bdfc7abf4a","block_type":"box","text":"sustained decrease in petroleum prices could have a negative","page_number":45,"box":{"x":83,"y":231,"width":394,"height":11}},{"id":"8bfc9dfd-1157-407c-aceb-6bf4004d0588","block_type":"box","text":"impact on all aspects of the economy. 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Such heightened risks may include, among","page_number":45,"box":{"x":84,"y":302,"width":404,"height":10}},{"id":"ba0c571c-e486-44f8-80f7-0e6a1cfcfccb","block_type":"box","text":"others, the expropriation and/or nationalization of assets,","page_number":45,"box":{"x":83,"y":316,"width":371,"height":11}},{"id":"424551c4-2c81-4745-9cbd-485584173d76","block_type":"box","text":"restrictions on and government intervention in international trade,","page_number":45,"box":{"x":83,"y":330,"width":423,"height":11}},{"id":"8c078842-565b-489e-84c4-90a360abd7f4","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian","page_number":45,"box":{"x":83,"y":344,"width":409,"height":11}},{"id":"12b89c38-8d67-4de0-9d30-fc86a169d8b6","block_type":"box","text":"and/or military involvement in governmental decision-making,","page_number":45,"box":{"x":83,"y":358,"width":399,"height":11}},{"id":"cc806d86-3c3b-48a9-9ece-3eb91b8f1817","block_type":"box","text":"armed conflict, crime and instability as a result of religious, ethnic","page_number":45,"box":{"x":83,"y":372,"width":421,"height":11}},{"id":"69bf7c7b-1afe-47af-b39a-d628ffc01c3a","block_type":"box","text":"and/or socioeconomic unrest. Instability in the Middle East region","page_number":45,"box":{"x":83,"y":387,"width":423,"height":11}},{"id":"99e50335-577c-40a9-9cae-210831d7a5b9","block_type":"box","text":"could adversely impact the economy of Saudi Arabia, and there is","page_number":45,"box":{"x":83,"y":401,"width":418,"height":11}},{"id":"e6c84d9f-9a51-461e-bb98-9985fa62885e","block_type":"box","text":"no assurance of political stability in Saudi Arabia.","page_number":45,"box":{"x":83,"y":415,"width":313,"height":11}},{"id":"646e9cc9-d244-42a3-9deb-8da3233cf4de","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi","page_number":45,"box":{"x":82,"y":438,"width":413,"height":11}},{"id":"ff97ce32-e2f0-4162-835e-40ea08bb70b4","block_type":"box","text":"Arabian companies could be restricted by the Saudi Arabian","page_number":45,"box":{"x":82,"y":452,"width":383,"height":11}},{"id":"ec8f7709-b4b1-4368-a49e-5ad23ea6aa12","block_type":"box","text":"government at any time, and unforeseen risks could materialize","page_number":45,"box":{"x":83,"y":467,"width":406,"height":10}},{"id":"9159e1a0-9ea2-415b-9828-90d2dd7ff4ff","block_type":"box","text":"with respect to foreign ownership of such securities. 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However, there may be a limited number of brokers","page_number":45,"box":{"x":83,"y":537,"width":419,"height":11}},{"id":"251f61ae-8fbc-4a4c-8059-ce4b84faa5e6","block_type":"box","text":"who can provide services to the Fund, which may have an adverse","page_number":45,"box":{"x":82,"y":552,"width":423,"height":10}},{"id":"4b1531d2-2a8b-4692-889f-d1ab93986ae5","block_type":"box","text":"impact on the prices, quantity or timing of Fund transactions.","page_number":45,"box":{"x":83,"y":566,"width":390,"height":11}},{"id":"4e55960a-ce83-40a5-a608-bc5670297f2d","block_type":"box","text":"Securities Lending Risk.","page_number":45,"box":{"x":82,"y":589,"width":162,"height":11}},{"id":"8af68e73-50e5-44c0-b58e-8fe46b1a9f87","block_type":"box","text":"The Fund may engage in securities","page_number":45,"box":{"x":249,"y":589,"width":221,"height":11}},{"id":"e3978229-d6fc-47ee-9a55-041d98b2dedc","block_type":"box","text":"lending. 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The Fund could","page_number":45,"box":{"x":83,"y":632,"width":408,"height":10}},{"id":"3fe1c5e5-0d44-4add-a699-f7a1677eda99","block_type":"box","text":"also lose money in the event of a decline in the value of collateral","page_number":45,"box":{"x":83,"y":646,"width":416,"height":11}},{"id":"5680cc22-07f9-4407-a4f0-b1de985f2496","block_type":"box","text":"provided for loaned securities or a decline in the value of any","page_number":45,"box":{"x":83,"y":660,"width":389,"height":11}},{"id":"afec534b-f2c6-4cef-bafe-910a09267d80","block_type":"box","text":"investments made with cash collateral. These events could also","page_number":45,"box":{"x":83,"y":674,"width":406,"height":9}},{"id":"cbb40bd7-f758-44f0-b604-7c823d3fd59f","block_type":"box","text":"trigger adverse tax consequences for the Fund.","page_number":45,"box":{"x":83,"y":688,"width":301,"height":11}},{"id":"b2f1db95-3afa-4079-a2a8-6faa5641f4b4","block_type":"box","text":"Small Fund Risk.","page_number":45,"box":{"x":82,"y":712,"width":111,"height":8}},{"id":"b515bfb2-e7be-4eb6-8f5e-c160fc256487","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":45,"box":{"x":199,"y":712,"width":282,"height":10}},{"id":"cfe42396-08c2-45f2-8495-c94dd13eeac6","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. The","page_number":45,"box":{"x":83,"y":726,"width":396,"height":11}},{"id":"ca750775-3496-4a22-8b16-b1cadec7f11f","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":45,"box":{"x":84,"y":740,"width":396,"height":11}},{"id":"3aa71845-a102-4809-81c6-e0f7f42f524e","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":45,"box":{"x":549,"y":23,"width":387,"height":11}},{"id":"d5f7d569-f1c6-425a-9f5d-407484333aa9","block_type":"box","text":"base. 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Tracking error may occur due to a number of","page_number":45,"box":{"x":549,"y":146,"width":425,"height":10}},{"id":"5c2e01dc-233f-4018-a6ef-0543acf5f0ed","block_type":"box","text":"factors, including differences between the securities and other","page_number":45,"box":{"x":549,"y":160,"width":401,"height":11}},{"id":"9729db37-d60d-4652-ad08-671b95e75c8d","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":45,"box":{"x":549,"y":174,"width":381,"height":11}},{"id":"38e8fac7-376d-4f1d-b3bc-6d119f68e7f5","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":45,"box":{"x":550,"y":188,"width":396,"height":11}},{"id":"cae0564f-24a4-4848-af43-c326ac142381","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":45,"box":{"x":549,"y":202,"width":407,"height":10}},{"id":"652671ed-8b30-4157-b6b4-bac5e652f26b","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":45,"box":{"x":549,"y":217,"width":400,"height":10}},{"id":"d25b23b2-ebe9-4b21-b3a7-415b429d60d0","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":45,"box":{"x":549,"y":231,"width":421,"height":11}},{"id":"2e625631-bd8c-4747-9253-05a8330f3eb9","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":45,"box":{"x":549,"y":245,"width":374,"height":11}},{"id":"03ea4bf0-f08d-4f27-9870-47d536e1f63c","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":45,"box":{"x":549,"y":259,"width":370,"height":11}},{"id":"71dc0b53-d312-4b0b-a8de-17867fce2c2b","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":45,"box":{"x":549,"y":273,"width":372,"height":11}},{"id":"a3a90434-8332-49b7-988a-60d2fab9275c","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":45,"box":{"x":549,"y":287,"width":420,"height":11}},{"id":"55b97496-09ec-4d61-a926-86e811afc8ed","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":45,"box":{"x":549,"y":302,"width":387,"height":10}},{"id":"7a921284-7ca5-42fd-9f3d-124506c4860a","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":45,"box":{"x":549,"y":316,"width":377,"height":11}},{"id":"c15c617e-857c-40ab-a8e4-a74af2935e36","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":45,"box":{"x":549,"y":330,"width":380,"height":11}},{"id":"ad1c1781-eece-436a-8e99-a3228a8c769a","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":45,"box":{"x":549,"y":344,"width":366,"height":11}},{"id":"e7810cf2-981e-4b9f-8fec-308ef2ea269d","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":45,"box":{"x":549,"y":358,"width":414,"height":11}},{"id":"5b328d1d-f78c-448b-a0b0-e3b20b42c56a","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":45,"box":{"x":550,"y":372,"width":386,"height":11}},{"id":"33c1c33f-8632-4c77-a964-2deec118d06f","block_type":"box","text":"certain regulatory requirements or limits. 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A Fund that tracks an index with exposure to non-U.S.","page_number":45,"box":{"x":549,"y":443,"width":421,"height":11}},{"id":"be1ec546-ae4d-4aea-8029-921b4f0d4880","block_type":"box","text":"issuers may experience higher tracking error than ETFs that do","page_number":45,"box":{"x":549,"y":458,"width":401,"height":10}},{"id":"d6729c6a-d9af-4635-923e-936333859a34","block_type":"box","text":"not track such index.","page_number":45,"box":{"x":549,"y":472,"width":133,"height":8}},{"id":"c1c6a8d2-b960-4e55-b795-0516f535ac0b","block_type":"box","text":"Valuation Risk","page_number":45,"box":{"x":550,"y":495,"width":96,"height":8}},{"id":"bcb6abb5-c03f-421d-b60f-669ec42db242","block_type":"box","text":".","page_number":45,"box":{"x":646,"y":502,"width":2,"height":1}},{"id":"b387dd00-3094-4555-8246-227e3c15d692","block_type":"box","text":"The price that the Fund could receive upon the","page_number":45,"box":{"x":653,"y":495,"width":298,"height":11}},{"id":"676b3baa-2974-443b-b5a0-565e363298de","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":45,"box":{"x":549,"y":509,"width":408,"height":11}},{"id":"21aa11c0-236a-4b05-a89d-451cbe4364f6","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":45,"box":{"x":549,"y":523,"width":355,"height":11}},{"id":"e273816e-a76c-4eee-b2e9-db65757f11b5","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":45,"box":{"x":549,"y":537,"width":418,"height":11}},{"id":"3b705020-8079-4d66-ab76-f959b80f6053","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":45,"box":{"x":549,"y":552,"width":347,"height":11}},{"id":"993814ff-8f57-4644-9744-0e44e966e890","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":45,"box":{"x":549,"y":566,"width":418,"height":11}},{"id":"a552957b-48c1-4752-bdf5-9d4c60e55897","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":45,"box":{"x":549,"y":580,"width":406,"height":11}},{"id":"245f8b89-d100-49a9-807d-5f155a60c7e3","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":45,"box":{"x":549,"y":594,"width":411,"height":11}},{"id":"0d140c0a-d03d-472c-b868-5bb7031ded6e","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":45,"box":{"x":549,"y":608,"width":392,"height":11}},{"id":"56ad369d-bf6b-45b5-ac68-109b0229b447","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":45,"box":{"x":549,"y":623,"width":414,"height":10}},{"id":"9c0232c4-3fa3-4920-939c-2d490c31a5a7","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":45,"box":{"x":549,"y":637,"width":394,"height":11}},{"id":"81ce2073-7792-4320-a5f9-95bb51ab02d9","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":45,"box":{"x":548,"y":651,"width":383,"height":11}},{"id":"1762e51a-cc75-4bd7-b540-29252becb410","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":45,"box":{"x":549,"y":665,"width":414,"height":11}},{"id":"1d018123-8332-40c4-b69c-0b055aad7cb7","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":45,"box":{"x":549,"y":679,"width":392,"height":9}},{"id":"e4d5c6bf-d9f4-4551-b991-bd602840441c","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":45,"box":{"x":548,"y":693,"width":425,"height":11}},{"id":"e89f44f4-cec2-4632-9f27-9398624cd1c7","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":45,"box":{"x":548,"y":708,"width":400,"height":10}},{"id":"080b51dc-e54a-4064-93b9-092861b6b8bf","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":45,"box":{"x":549,"y":722,"width":405,"height":11}},{"id":"ca920ffa-6148-44c0-b017-df79676c98f6","block_type":"box","text":"S-30","page_number":45,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"bb79bd68-5b92-482a-b1dd-3f096d59d101","block_type":"box","text":"Performance Information","page_number":46,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"f613ce76-3864-43a8-bd09-42714784ddb2","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":46,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"203ecebe-5a7a-4bb3-854c-24ef20940ec3","block_type":"box","text":"of the risks of investing in the Fund. 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As of August 31,","page_number":49,"box":{"x":83,"y":521,"width":398,"height":11}},{"id":"0bc42b92-6b0b-4472-859a-2a02ac1b2a4d","block_type":"box","text":"2025, a significant portion of the Underlying Index is represented","page_number":49,"box":{"x":83,"y":535,"width":416,"height":11}},{"id":"f26a8ac3-d10d-490b-a9ec-9bccfe3cc0ee","block_type":"box","text":"by securities of companies in the technology industry or sector.","page_number":49,"box":{"x":83,"y":549,"width":405,"height":11}},{"id":"b11cf3d4-b010-46b3-8fc0-47a3fc44308b","block_type":"box","text":"The components of the Underlying Index are likely to change over","page_number":49,"box":{"x":82,"y":563,"width":420,"height":11}},{"id":"7fc2fec3-a043-461f-9e81-2bbcfb319320","block_type":"box","text":"time.","page_number":49,"box":{"x":83,"y":577,"width":31,"height":9}},{"id":"6ab93b0b-1b0b-425e-adf4-2846fb167bfe","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":49,"box":{"x":84,"y":601,"width":376,"height":11}},{"id":"05e9c638-c176-488e-8cb6-4edba0710f49","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":49,"box":{"x":83,"y":615,"width":417,"height":11}},{"id":"178babb0-6c1b-4a10-8c6a-d64d81f9c9fc","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":49,"box":{"x":83,"y":629,"width":396,"height":11}},{"id":"e278f335-511b-4852-9a6a-453368057890","block_type":"box","text":"markets decline or appear overvalued.","page_number":49,"box":{"x":83,"y":643,"width":244,"height":11}},{"id":"31d0e725-f316-4aff-8d49-9be6e71f0a01","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":49,"box":{"x":83,"y":666,"width":421,"height":11}},{"id":"99081fe4-599c-41bf-9b79-342ca7dab1ad","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":49,"box":{"x":83,"y":681,"width":421,"height":10}},{"id":"39f86e77-62c1-4fe3-876d-05441bea5dd9","block_type":"box","text":"risks of active management, such as poor security selection.","page_number":49,"box":{"x":83,"y":695,"width":386,"height":11}},{"id":"f5a0defc-51d8-4ace-921a-46b0cf1c053c","block_type":"box","text":"Indexing seeks to achieve lower costs and better after-tax","page_number":49,"box":{"x":83,"y":709,"width":370,"height":11}},{"id":"995bca07-23db-47b1-a006-b85a05044341","block_type":"box","text":"performance by aiming to keep portfolio turnover low in","page_number":49,"box":{"x":83,"y":723,"width":356,"height":11}},{"id":"354ced1d-c09c-4a55-8b9c-f7f4c22ba67c","block_type":"box","text":"comparison to actively managed investment companies.","page_number":49,"box":{"x":83,"y":737,"width":359,"height":11}},{"id":"62d83726-010b-4e1b-9585-45a5ffe2cf7f","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":49,"box":{"x":84,"y":761,"width":411,"height":10}},{"id":"12a8bd87-0110-462f-a3ee-2fb1cce3d291","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":49,"box":{"x":83,"y":775,"width":411,"height":11}},{"id":"cb95a73c-0b91-4b8e-ac7e-283c5ee65d0a","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":49,"box":{"x":83,"y":789,"width":424,"height":11}},{"id":"a10f525d-b6b9-4c46-8739-9753e28b6f44","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":49,"box":{"x":83,"y":803,"width":410,"height":11}},{"id":"f4d61cfc-92c2-4004-a0a0-f2a40df5d381","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":49,"box":{"x":83,"y":817,"width":408,"height":11}},{"id":"60ca2aa5-9281-4736-9cee-a0371ccebab9","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":49,"box":{"x":83,"y":831,"width":423,"height":11}},{"id":"081a4ff3-8e6a-48de-9fd4-a15798398b20","block_type":"box","text":"(based on factors such as market capitalization and industry","page_number":49,"box":{"x":83,"y":846,"width":386,"height":10}},{"id":"8029b41f-e880-4234-b761-564b8b071c0d","block_type":"box","text":"weightings), fundamental characteristics (such as return","page_number":49,"box":{"x":82,"y":860,"width":360,"height":11}},{"id":"29a25630-0492-4267-9dcd-804afa27c8d1","block_type":"box","text":"variability and yield) and liquidity measures similar to those of an","page_number":49,"box":{"x":82,"y":874,"width":414,"height":11}},{"id":"39aa8d31-376d-4c35-b41b-2ce4807b5784","block_type":"box","text":"applicable underlying index. The Fund may or may not hold all of","page_number":49,"box":{"x":549,"y":23,"width":410,"height":11}},{"id":"9808c715-5b9a-4a6f-b29e-573d05afdbd5","block_type":"box","text":"the components of the Underlying Index.","page_number":49,"box":{"x":549,"y":37,"width":259,"height":11}},{"id":"417e3cc0-f964-4be3-979a-c21ec5ff1f7f","block_type":"box","text":"The Fund generally will invest at least 80% of its assets in the","page_number":49,"box":{"x":549,"y":60,"width":389,"height":11}},{"id":"d7e1a9ad-6e28-4b40-8b7e-8d2fc56c41c6","block_type":"box","text":"component securities of its Underlying Index and in investments","page_number":49,"box":{"x":549,"y":75,"width":410,"height":11}},{"id":"d68c0bc1-a963-48bf-88cf-c98a69af8df0","block_type":"box","text":"that have economic characteristics that are substantially identical","page_number":49,"box":{"x":549,"y":89,"width":421,"height":11}},{"id":"ef5886ae-c561-4c28-a209-0368c526ba48","block_type":"box","text":"to the component securities of its Underlying Index (","page_number":49,"box":{"x":549,"y":103,"width":335,"height":11}},{"id":"461a89b3-52d4-413a-97a7-1ae4ca1903ca","block_type":"box","text":"i.e","page_number":49,"box":{"x":885,"y":103,"width":14,"height":9}},{"id":"5d2b65be-2a9f-443e-86ab-3cf55b6473da","block_type":"box","text":".,","page_number":49,"box":{"x":901,"y":110,"width":6,"height":3}},{"id":"f4764126-737f-4138-97c9-77f16cceab51","block_type":"box","text":"depositary receipts representing securities of the Underlying","page_number":49,"box":{"x":549,"y":117,"width":388,"height":11}},{"id":"f8a0d205-ecd1-4034-8d0a-e6c1c157ed8e","block_type":"box","text":"Index) and may invest up to 20% of its assets in certain futures,","page_number":49,"box":{"x":550,"y":131,"width":403,"height":11}},{"id":"b995bb12-3b5b-4e07-bc75-a7bd77f9ab9d","block_type":"box","text":"options and swap contracts, cash and cash equivalents, including","page_number":49,"box":{"x":549,"y":146,"width":418,"height":10}},{"id":"470818ff-11cb-4b0d-96ba-1f6936a435f1","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, as","page_number":49,"box":{"x":549,"y":160,"width":411,"height":11}},{"id":"a4066ee6-ccdc-4c82-8c63-83bcb016d282","block_type":"box","text":"well as in securities not included in the Underlying Index, but","page_number":49,"box":{"x":549,"y":174,"width":388,"height":11}},{"id":"36871463-4fce-43e3-a3d7-13d3fe0ddb77","block_type":"box","text":"which BFA believes will help the Fund track the Underlying Index.","page_number":49,"box":{"x":549,"y":188,"width":414,"height":11}},{"id":"65450e5f-8aea-4c57-8af6-d8b632b81497","block_type":"box","text":"Cash and cash equivalent investments associated with a","page_number":49,"box":{"x":549,"y":202,"width":360,"height":11}},{"id":"97cda4ff-a335-4940-9c09-ed4b70627499","block_type":"box","text":"derivative position will be treated as part of that position for the","page_number":49,"box":{"x":549,"y":216,"width":407,"height":11}},{"id":"e421aae3-5819-455f-81ad-d82a164d354a","block_type":"box","text":"purposes of calculating the percentage of investments included in","page_number":49,"box":{"x":549,"y":231,"width":421,"height":11}},{"id":"5a682db8-2531-4968-85bb-876cb594d233","block_type":"box","text":"the Underlying Index. The Fund seeks to track the investment","page_number":49,"box":{"x":549,"y":245,"width":392,"height":11}},{"id":"881f4265-01b5-474f-9229-21877873dcc8","block_type":"box","text":"results of the Underlying Index before fees and expenses of the","page_number":49,"box":{"x":549,"y":259,"width":404,"height":11}},{"id":"ceabeeb5-b1b1-4272-ad39-987be0071d0b","block_type":"box","text":"Fund.","page_number":49,"box":{"x":550,"y":273,"width":33,"height":9}},{"id":"0c32b958-3230-41bb-8d79-f3fefaa5275b","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":49,"box":{"x":549,"y":296,"width":411,"height":11}},{"id":"9af4a4af-bcb7-4a65-8f84-9238c266b5b4","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":49,"box":{"x":548,"y":311,"width":371,"height":10}},{"id":"f4587f09-72c4-44fa-87c2-1a270a381de9","block_type":"box","text":"collateral received).","page_number":49,"box":{"x":549,"y":325,"width":125,"height":11}},{"id":"c0216a77-cec0-4b24-b5f3-7d540ecacd8d","block_type":"box","text":"The Underlying Index is sponsored by MSCI, which is independent","page_number":49,"box":{"x":549,"y":348,"width":421,"height":11}},{"id":"1fca446b-c0a7-4d52-9f77-cf12ce05c925","block_type":"box","text":"of the Fund and BFA. The Index Provider determines the","page_number":49,"box":{"x":549,"y":362,"width":356,"height":9}},{"id":"d56d4a2b-d978-4ff0-a187-db1c30ff134e","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":49,"box":{"x":549,"y":376,"width":377,"height":11}},{"id":"e554e971-82b5-4ba4-bd16-1687fa66ab53","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":49,"box":{"x":550,"y":391,"width":415,"height":10}},{"id":"4a638ca1-a579-40c3-b7e2-49a82dadf091","block_type":"box","text":"value of the Underlying Index.","page_number":49,"box":{"x":548,"y":405,"width":190,"height":11}},{"id":"8f7c4103-0753-49a8-9474-208441c298fc","block_type":"box","text":"Industry Concentration Policy.","page_number":49,"box":{"x":550,"y":428,"width":209,"height":11}},{"id":"64f5a38a-5b71-4aaf-a065-613b7ee26adc","block_type":"box","text":"The Fund will concentrate its","page_number":49,"box":{"x":764,"y":428,"width":184,"height":8}},{"id":"beeba918-1004-497f-adad-022c18624ba0","block_type":"box","text":"investments (","page_number":49,"box":{"x":549,"y":442,"width":86,"height":11}},{"id":"bb2ebbf3-d819-4a75-be28-b44f74a02f0b","block_type":"box","text":"i.e.","page_number":49,"box":{"x":635,"y":442,"width":17,"height":9}},{"id":"dc315639-e15c-453f-aaa4-212dcc2fc290","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":49,"box":{"x":655,"y":442,"width":264,"height":11}},{"id":"6b7bd52b-8f8e-41e3-be0c-6276cb29ed8a","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":49,"box":{"x":549,"y":456,"width":394,"height":11}},{"id":"5508c99c-a06d-495e-a4fc-e3c796c229bf","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":49,"box":{"x":549,"y":470,"width":377,"height":11}},{"id":"ed7ffc46-c50b-4e25-82bb-6fa027e11abf","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":49,"box":{"x":549,"y":485,"width":389,"height":10}},{"id":"2ec29f41-6852-45d3-b767-e7be55cedde6","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":49,"box":{"x":549,"y":499,"width":389,"height":11}},{"id":"1fe4f4e7-bc85-4070-9f91-47dfd5f26f2c","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":49,"box":{"x":549,"y":513,"width":410,"height":11}},{"id":"4e041a87-42ca-4637-9810-7bd2fe7534f2","block_type":"box","text":"considered to be issued by members of any industry.","page_number":49,"box":{"x":549,"y":527,"width":337,"height":11}},{"id":"c92fce59-6574-432b-b4f9-52fb72bc0f52","block_type":"box","text":"Summary of Principal Risks","page_number":49,"box":{"x":549,"y":556,"width":235,"height":13}},{"id":"21a760e0-268d-4e79-af7e-b0245580edcf","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":49,"box":{"x":549,"y":581,"width":362,"height":11}},{"id":"f222fd5a-5a57-4d68-b989-79796955d489","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":49,"box":{"x":549,"y":596,"width":402,"height":10}},{"id":"a87f0f66-8913-4ca8-9691-21961edb89a4","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":49,"box":{"x":549,"y":610,"width":396,"height":10}},{"id":"37349b55-0aa9-47fc-a4b4-87701cdd4d8d","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":49,"box":{"x":549,"y":624,"width":376,"height":11}},{"id":"4316ad76-f390-4f11-92d9-da9d85484d43","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":49,"box":{"x":549,"y":638,"width":392,"height":11}},{"id":"598eeef4-aa69-4a8d-b717-e5d8cf89d0ae","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":49,"box":{"x":549,"y":652,"width":416,"height":11}},{"id":"6459900c-e579-4f96-92b7-c96c622e08a3","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":49,"box":{"x":549,"y":666,"width":388,"height":11}},{"id":"4379280c-1ae6-46fc-ac7f-f1e0ab4c0f20","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":49,"box":{"x":549,"y":681,"width":425,"height":10}},{"id":"1b736e1c-077a-475d-ab0d-2d14333a7ca1","block_type":"box","text":"risk is difficult to predict and may change over time. 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The value of securities or other assets may","page_number":50,"box":{"x":550,"y":362,"width":402,"height":11}},{"id":"0256bbd4-6517-4320-b44c-186e29503191","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":50,"box":{"x":549,"y":376,"width":418,"height":11}},{"id":"6291887b-3915-4ef6-b1ca-137a09336d94","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":50,"box":{"x":549,"y":391,"width":414,"height":10}},{"id":"d90b50cd-20a0-48c1-98bf-d364a8652f93","block_type":"box","text":"counterparty.","page_number":50,"box":{"x":549,"y":406,"width":84,"height":10}},{"id":"4a6d0693-967b-45a0-aae8-48e6bb77cba6","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":50,"box":{"x":549,"y":428,"width":252,"height":11}},{"id":"ff1928d2-ac7f-4e40-8dfe-9632b9e56f33","block_type":"box","text":"Large-capitalization","page_number":50,"box":{"x":808,"y":428,"width":124,"height":11}},{"id":"8ac874e6-56f2-4712-8bd9-d2c89fd20388","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":50,"box":{"x":549,"y":442,"width":352,"height":11}},{"id":"5ded0ebf-1190-4fdd-b6a5-f765f2735947","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":50,"box":{"x":549,"y":456,"width":352,"height":11}},{"id":"a1d6b096-ee92-4bd8-8558-592c24222a61","block_type":"box","text":"competitive challenges. 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The","page_number":50,"box":{"x":549,"y":499,"width":340,"height":11}},{"id":"3b6081f5-5753-4a28-9b44-2a5a3410f2aa","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":50,"box":{"x":549,"y":513,"width":390,"height":11}},{"id":"1215dff9-1280-44ff-bbb6-9ada34ee245b","block_type":"box","text":"overall performance of the broader securities markets.","page_number":50,"box":{"x":549,"y":527,"width":349,"height":11}},{"id":"a9273bfa-b8cd-43c3-9742-d6b78054ed08","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":50,"box":{"x":549,"y":550,"width":360,"height":11}},{"id":"abd6a77d-30fd-4bb9-9174-23162905926a","block_type":"box","text":"Certain","page_number":50,"box":{"x":915,"y":550,"width":45,"height":9}},{"id":"766bb43b-143c-4837-882f-b4ea5a3881ee","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":50,"box":{"x":549,"y":565,"width":405,"height":10}},{"id":"945b97e6-282f-49e6-b54a-f1645a4fa9fb","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":50,"box":{"x":549,"y":579,"width":409,"height":11}},{"id":"94277bdc-b5ec-4dd6-ba4c-ee7db712699b","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":50,"box":{"x":549,"y":593,"width":419,"height":11}},{"id":"b0447381-15bb-47f4-adab-66731b35e74a","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":50,"box":{"x":549,"y":607,"width":417,"height":11}},{"id":"c1ef68d0-8f59-4727-841a-6d2c77d7acce","block_type":"box","text":"their investment in the Fund for a limited period of time. 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Redemptions of","page_number":50,"box":{"x":549,"y":650,"width":421,"height":10}},{"id":"80ae0d12-6d9a-41fa-af41-af2f70da8922","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":50,"box":{"x":549,"y":664,"width":413,"height":11}},{"id":"270f0d20-34ef-4b12-8733-edc216d6fd04","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":50,"box":{"x":549,"y":678,"width":416,"height":11}},{"id":"d739bde8-2a4c-4eff-b768-a3defcc3110d","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":50,"box":{"x":549,"y":692,"width":411,"height":11}},{"id":"92edb89d-68b7-4fee-a9ef-a01596df2612","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":50,"box":{"x":549,"y":706,"width":415,"height":9}},{"id":"818f5dda-75ef-4c8b-90b3-97f0258f05ac","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":50,"box":{"x":549,"y":721,"width":400,"height":10}},{"id":"4d514ee7-6a2b-492e-b399-a1937297619b","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":50,"box":{"x":549,"y":735,"width":404,"height":11}},{"id":"06a53192-9ac1-4758-943b-fc5e01e8b8e2","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":50,"box":{"x":549,"y":749,"width":415,"height":11}},{"id":"fc1e01fb-a6ae-4843-b9f7-54019ecaa84f","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":50,"box":{"x":549,"y":763,"width":412,"height":11}},{"id":"2a11687a-badd-43b4-9e1e-584903a70b68","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":50,"box":{"x":549,"y":777,"width":352,"height":11}},{"id":"b11490f6-b61b-4885-b4fe-0b87851b6fb5","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":50,"box":{"x":549,"y":791,"width":415,"height":11}},{"id":"248743df-5fcf-466f-ad3b-43de62371ca9","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":50,"box":{"x":549,"y":806,"width":416,"height":10}},{"id":"420b2a48-8143-4e52-abcf-815c66692dd2","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":50,"box":{"x":549,"y":820,"width":387,"height":11}},{"id":"d23852d3-f0ec-478d-93be-a4016b8084a5","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":50,"box":{"x":549,"y":834,"width":419,"height":11}},{"id":"e8e1b1a4-4c33-4866-b775-c1d5387484a8","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":50,"box":{"x":549,"y":848,"width":389,"height":11}},{"id":"5e338757-2ac6-4b2a-979a-01441d2115df","block_type":"box","text":"price of Fund shares.","page_number":50,"box":{"x":549,"y":862,"width":133,"height":11}},{"id":"d2d0ba40-3d17-468a-837d-aa93dcf79c31","block_type":"box","text":"S-35","page_number":50,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"7c5db609-3b92-4831-901f-e3fe2fc6fa1f","block_type":"box","text":"Management Risk","page_number":51,"box":{"x":83,"y":23,"width":122,"height":11}},{"id":"f21a0e19-b0f1-4051-a306-ebaa29706e34","block_type":"box","text":".","page_number":51,"box":{"x":206,"y":30,"width":2,"height":2}},{"id":"12820256-031f-47db-9998-242cac8b0ef5","block_type":"box","text":"The Fund generally does not attempt to take","page_number":51,"box":{"x":213,"y":23,"width":283,"height":11}},{"id":"7e555050-06ec-4e2a-b1c4-400967de1a3f","block_type":"box","text":"defensive positions under any market conditions, including","page_number":51,"box":{"x":83,"y":37,"width":376,"height":11}},{"id":"d6cefc97-8d7e-49e0-9735-820d70cbda06","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":51,"box":{"x":83,"y":51,"width":362,"height":11}},{"id":"eaeb9815-1e30-4c0c-a7aa-e8e7e0666cba","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":51,"box":{"x":83,"y":66,"width":388,"height":11}},{"id":"7d519aa8-f433-4c5a-9670-e5cf2619c364","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":51,"box":{"x":83,"y":80,"width":409,"height":11}},{"id":"2c652be5-8044-405a-9b99-42d2283ecb75","block_type":"box","text":"investment strategy of BFA may not produce the intended results.","page_number":51,"box":{"x":83,"y":94,"width":419,"height":11}},{"id":"647f95b5-05ec-4f44-9aab-d3d8e4af93ce","block_type":"box","text":"There is no guarantee that the Fund’s investment results will have","page_number":51,"box":{"x":82,"y":108,"width":420,"height":11}},{"id":"cd62c8f8-b669-44ef-9b6b-fb2a16c7a41e","block_type":"box","text":"a high degree of correlation to those of the Underlying Index or","page_number":51,"box":{"x":83,"y":122,"width":402,"height":11}},{"id":"7c3e577f-8567-4467-86b9-ad5b91934684","block_type":"box","text":"that the Fund will achieve its investment objective.","page_number":51,"box":{"x":83,"y":137,"width":323,"height":10}},{"id":"323e7ba9-25d6-48f9-87b0-fe3eee383c01","block_type":"box","text":"Market Trading Risk","page_number":51,"box":{"x":83,"y":160,"width":136,"height":11}},{"id":"3ce738e8-b00c-4027-97ce-24f712111e2f","block_type":"box","text":".","page_number":51,"box":{"x":219,"y":166,"width":2,"height":2}},{"id":"84fc404c-3889-46e5-a73b-30054cce7271","block_type":"box","text":"The Fund faces numerous market trading","page_number":51,"box":{"x":226,"y":160,"width":263,"height":11}},{"id":"42ca0a61-1556-48a0-b03a-494e950bdf83","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":51,"box":{"x":83,"y":174,"width":394,"height":11}},{"id":"98409846-fca1-4acb-99e1-f272ca35eb33","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":51,"box":{"x":83,"y":188,"width":401,"height":11}},{"id":"2e4aedb2-cf3a-4d4e-ab92-f42e93a4bd37","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":51,"box":{"x":83,"y":202,"width":404,"height":11}},{"id":"e641eee4-0df1-428b-9435-851f772002dd","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":51,"box":{"x":83,"y":216,"width":416,"height":11}},{"id":"d3421664-54c8-4ec7-8b4b-e1237d3dadce","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":51,"box":{"x":82,"y":231,"width":405,"height":11}},{"id":"07a6000f-a090-4c5d-8c2d-5c16f8199d85","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":51,"box":{"x":83,"y":245,"width":411,"height":11}},{"id":"13f2729b-3548-40fd-808a-1ef6ba83e034","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":51,"box":{"x":83,"y":259,"width":397,"height":11}},{"id":"6ef073b7-dfa7-4eeb-9a99-ef424d2facf3","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":51,"box":{"x":83,"y":273,"width":419,"height":11}},{"id":"cc444f67-6992-459f-89bf-d3ef7e9abf4c","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":51,"box":{"x":83,"y":287,"width":412,"height":11}},{"id":"63d00f4f-4216-4cf5-b4cc-c8a99b1e5d1e","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":51,"box":{"x":83,"y":302,"width":397,"height":10}},{"id":"c78e2322-5c6d-4371-99d0-16e199a11b0e","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":51,"box":{"x":83,"y":316,"width":316,"height":11}},{"id":"7c32102a-93e8-471a-9f6c-4f42573ffaf7","block_type":"box","text":"National Closed Market Trading Risk.","page_number":51,"box":{"x":83,"y":339,"width":250,"height":11}},{"id":"4203da74-f190-4bb0-8265-d85469b4f3e9","block_type":"box","text":"To the extent that","page_number":51,"box":{"x":339,"y":339,"width":112,"height":8}},{"id":"c7a25c3b-3501-4bad-adb7-85dc990f5aae","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":51,"box":{"x":83,"y":353,"width":378,"height":11}},{"id":"166f71d4-8e5b-4cd8-b8d5-64a9714cbce1","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":51,"box":{"x":83,"y":367,"width":393,"height":11}},{"id":"8c12dbac-512c-4dab-9dea-c60eb576c45d","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":51,"box":{"x":83,"y":382,"width":396,"height":10}},{"id":"1ac5f1be-0b8e-46c2-adfa-a754d0bd31a8","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":51,"box":{"x":83,"y":396,"width":392,"height":11}},{"id":"e9338638-b508-48cb-9ec6-2e2da61edb3c","block_type":"box","text":"price and its last quoted price (","page_number":51,"box":{"x":83,"y":410,"width":198,"height":11}},{"id":"88ae338f-17c0-4b90-8b01-d6f89bd58b22","block_type":"box","text":"i.e","page_number":51,"box":{"x":282,"y":410,"width":14,"height":8}},{"id":"f0933ec3-c125-481a-9d12-c583c6fd7e12","block_type":"box","text":"., the quote from the closed","page_number":51,"box":{"x":298,"y":410,"width":175,"height":11}},{"id":"2413f978-54ee-4a36-84f4-1546d11e6403","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":51,"box":{"x":82,"y":424,"width":377,"height":11}},{"id":"b71e176d-a200-411b-96cd-d871c0f9fa2f","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":51,"box":{"x":83,"y":438,"width":420,"height":11}},{"id":"3478e5ca-b634-4b99-a2ac-be6d16577500","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":51,"box":{"x":83,"y":452,"width":403,"height":11}},{"id":"575fe5f1-ec41-47fe-bb38-59c8a9f8a4ee","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":51,"box":{"x":82,"y":467,"width":361,"height":10}},{"id":"096d4099-f40c-4536-bdb7-ab922b999a65","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":51,"box":{"x":83,"y":481,"width":398,"height":11}},{"id":"5bee475c-cf65-4fcb-82dd-79c728d5749f","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":51,"box":{"x":84,"y":495,"width":410,"height":11}},{"id":"5ab9549d-3f54-4da3-b5fa-b8a12ff2ffc2","block_type":"box","text":"Non-Diversification Risk","page_number":51,"box":{"x":83,"y":518,"width":165,"height":9}},{"id":"31d0ae8e-4f51-4511-a201-6c24aaae3926","block_type":"box","text":".","page_number":51,"box":{"x":248,"y":525,"width":2,"height":2}},{"id":"63939bc5-1430-4461-8bcc-5eb98283ca7a","block_type":"box","text":"The Fund is classified as “non","page_number":51,"box":{"x":255,"y":518,"width":193,"height":9}},{"id":"3abf69c1-177f-437f-ba75-f914c6265a57","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":51,"box":{"x":83,"y":532,"width":377,"height":11}},{"id":"ccb76cf8-9e79-450a-a61b-8b4fa18d8cdf","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":51,"box":{"x":83,"y":547,"width":358,"height":10}},{"id":"36561c8f-23c5-4c05-9c06-7d08f4ec07b8","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":51,"box":{"x":83,"y":561,"width":370,"height":11}},{"id":"2dbad9bc-4928-41cc-abb5-cf9a181188c8","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":51,"box":{"x":83,"y":575,"width":422,"height":11}},{"id":"1893e4d7-4b9b-474a-8aa9-af0f0bd6647f","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":51,"box":{"x":83,"y":589,"width":379,"height":11}},{"id":"5afb7d4a-da18-47f0-a72b-8b10cb4e4937","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":51,"box":{"x":83,"y":603,"width":375,"height":11}},{"id":"1d01e733-10cf-490d-ab4c-43a60745d122","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":51,"box":{"x":83,"y":617,"width":418,"height":11}},{"id":"fd836f90-3968-4aeb-8633-6946c88edda1","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":51,"box":{"x":83,"y":632,"width":418,"height":10}},{"id":"55df3808-eb86-46aa-86f7-1e394136c692","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":51,"box":{"x":83,"y":646,"width":209,"height":11}},{"id":"b6b565b4-2fd2-4442-964d-a62d72504b8f","block_type":"box","text":"Non-U.S. Securities Risk","page_number":51,"box":{"x":83,"y":669,"width":165,"height":8}},{"id":"9fce7b0e-d9fd-4c64-8cab-2f1dc23144d8","block_type":"box","text":".","page_number":51,"box":{"x":248,"y":676,"width":2,"height":1}},{"id":"53c24377-1c5e-486a-be41-5d1fd771de92","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":51,"box":{"x":256,"y":669,"width":236,"height":11}},{"id":"80948de7-82e9-4168-a3c7-657910a50b95","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":51,"box":{"x":83,"y":683,"width":382,"height":11}},{"id":"5abaaef4-6fb0-4ac1-aae5-d936d276205e","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":51,"box":{"x":83,"y":697,"width":406,"height":11}},{"id":"5be64c98-e236-436a-98d2-aeec53f43c87","block_type":"box","text":"issued by U.S. issuers. 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Non-U.S. issuers","page_number":51,"box":{"x":83,"y":768,"width":403,"height":11}},{"id":"39b32bcc-6b76-4481-abfc-0090eb92cbc9","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":51,"box":{"x":83,"y":782,"width":371,"height":11}},{"id":"35932f32-dac5-426f-b931-f6491d9a6857","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":51,"box":{"x":83,"y":797,"width":386,"height":10}},{"id":"29aacd2d-af5e-4113-a8ef-ae288410f465","block_type":"box","text":"publicly available information about non-U.S. issuers. 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There may be significant obstacles to obtaining","page_number":52,"box":{"x":83,"y":273,"width":412,"height":11}},{"id":"a16f709d-6655-4501-935b-8030d5cf4aaf","block_type":"box","text":"information necessary for investigations into or litigation against","page_number":52,"box":{"x":83,"y":287,"width":412,"height":11}},{"id":"cbcdbd0d-3bda-40fd-8e7c-cd63bd358ea9","block_type":"box","text":"Chinese companies, and shareholders may have limited legal","page_number":52,"box":{"x":83,"y":302,"width":389,"height":10}},{"id":"e783358e-ee03-493d-969c-9975b933fbc6","block_type":"box","text":"remedies.","page_number":52,"box":{"x":83,"y":316,"width":62,"height":8}},{"id":"67644533-c3d1-4464-a230-8471e5d297af","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable","page_number":52,"box":{"x":83,"y":339,"width":405,"height":11}},{"id":"d923f77d-0f7d-42f0-8c9b-c4ba74bab840","block_type":"box","text":"interest entities or “VIEs” in their structure as a result of foreign","page_number":52,"box":{"x":83,"y":353,"width":408,"height":11}},{"id":"2540bf85-dcaa-4b64-9dfc-b5437f65fa88","block_type":"box","text":"ownership restrictions. 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Instability in the Middle East region","page_number":52,"box":{"x":83,"y":674,"width":423,"height":11}},{"id":"418390fb-a110-451b-b163-a49636929136","block_type":"box","text":"could adversely impact the economy of Saudi Arabia, and there is","page_number":52,"box":{"x":83,"y":688,"width":418,"height":11}},{"id":"cd985b9e-3577-4fc4-adb9-446bb4edce0b","block_type":"box","text":"no assurance of political stability in Saudi Arabia.","page_number":52,"box":{"x":83,"y":702,"width":313,"height":11}},{"id":"1222bdc7-cf14-4834-b816-3b3f6fe689cb","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi","page_number":52,"box":{"x":82,"y":726,"width":413,"height":11}},{"id":"aa8c2df7-c31f-45d5-a1ce-885088513d4a","block_type":"box","text":"Arabian companies could be restricted by the Saudi Arabian","page_number":52,"box":{"x":82,"y":740,"width":383,"height":11}},{"id":"f242d46f-b69b-47c9-a25d-a1bdd95bd36e","block_type":"box","text":"government at any time, and unforeseen risks could materialize","page_number":52,"box":{"x":83,"y":754,"width":406,"height":11}},{"id":"4299bbe2-c751-47e1-b49e-a1dd49a56485","block_type":"box","text":"with respect to foreign ownership of such securities. 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Tracking error may occur due to a number of","page_number":52,"box":{"x":549,"y":447,"width":425,"height":11}},{"id":"02d260f7-86a2-4799-a838-9bdec12300d9","block_type":"box","text":"factors, including differences between the securities and other","page_number":52,"box":{"x":549,"y":461,"width":401,"height":11}},{"id":"bc10a1ac-7b22-4bb9-8256-d8442244f9ee","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":52,"box":{"x":549,"y":476,"width":381,"height":10}},{"id":"6f802f70-fb05-4d31-bbad-defb01bafb0b","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":52,"box":{"x":550,"y":490,"width":396,"height":11}},{"id":"020125cd-6764-42b7-be05-f3fc20f476d7","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":52,"box":{"x":549,"y":504,"width":407,"height":10}},{"id":"06357955-a2ef-4dd5-9932-3700e84d751f","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":52,"box":{"x":549,"y":518,"width":400,"height":11}},{"id":"f899ce61-cb94-4346-8ec9-b4c99c201d80","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":52,"box":{"x":549,"y":532,"width":421,"height":11}},{"id":"3d7c2614-f93c-45d4-a582-2c6fe175f7b4","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":52,"box":{"x":549,"y":546,"width":374,"height":11}},{"id":"35de99c4-28c4-49c5-9fcf-5ff0bb419936","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":52,"box":{"x":549,"y":561,"width":370,"height":11}},{"id":"98b44262-4c23-42f4-bc29-40de2d6b3847","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":52,"box":{"x":549,"y":575,"width":372,"height":11}},{"id":"ff9a672f-f6ad-409d-ba79-58fd7065f504","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":52,"box":{"x":549,"y":589,"width":420,"height":11}},{"id":"99ec6028-b6af-482f-b164-0929aac64fc8","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":52,"box":{"x":549,"y":603,"width":387,"height":11}},{"id":"c807dae1-d23d-42d2-9e46-906256ee1cfb","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":52,"box":{"x":549,"y":617,"width":377,"height":11}},{"id":"cc4582fa-a271-4302-aea3-aaf2f0cbdd43","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":52,"box":{"x":549,"y":632,"width":380,"height":10}},{"id":"a3e6bba2-7ccb-4c48-ad67-80f543d9cb67","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":52,"box":{"x":549,"y":646,"width":366,"height":11}},{"id":"30cbd1f1-aca7-4308-a36c-6f6dedf2986e","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":52,"box":{"x":549,"y":660,"width":414,"height":11}},{"id":"bb72e863-de96-4412-addb-d54572137fd7","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":52,"box":{"x":550,"y":674,"width":386,"height":11}},{"id":"b90c14c6-c538-4309-9c2c-22af7c052a1c","block_type":"box","text":"certain regulatory requirements or limits. 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Mr.","page_number":53,"box":{"x":84,"y":339,"width":399,"height":11}},{"id":"51adaa22-d666-4454-8746-95a94a1e1845","block_type":"box","text":"Sietsema, Mr. Waldron and Mr. White have been Portfolio","page_number":53,"box":{"x":83,"y":353,"width":364,"height":10}},{"id":"42031e31-e998-4e4e-900b-1296a7cdd4ae","block_type":"box","text":"Managers of the Fund since 2025.","page_number":53,"box":{"x":83,"y":367,"width":218,"height":11}},{"id":"6423897c-d1bd-4f55-8185-7e1fe9062214","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":53,"box":{"x":84,"y":396,"width":290,"height":11}},{"id":"b0cbc606-8459-4555-9954-842499a49580","block_type":"box","text":"The Fund is an ETF. 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These","page_number":53,"box":{"x":549,"y":347,"width":420,"height":10}},{"id":"6706fbbb-70bf-44e9-9265-7bd61b37d640","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":53,"box":{"x":549,"y":361,"width":387,"height":11}},{"id":"0fc6692f-bb5c-4b8c-9f30-e35a34e3b2e6","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":53,"box":{"x":549,"y":375,"width":384,"height":11}},{"id":"06e494af-0abf-42bd-8864-803d75b379e4","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":53,"box":{"x":549,"y":389,"width":361,"height":11}},{"id":"621da9fc-447b-4920-8048-3959abce804c","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":53,"box":{"x":549,"y":403,"width":421,"height":11}},{"id":"b16cd930-1d3a-4038-8106-61668e06ee1c","block_type":"box","text":"information.","page_number":53,"box":{"x":549,"y":418,"width":76,"height":8}},{"id":"fc9f2227-0b25-4151-a553-ad725ea502b4","block_type":"box","text":"S-38","page_number":53,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"814b40b1-a0bd-486f-8621-6d3e8f0aaecc","block_type":"box","text":"iSHARES","page_number":54,"box":{"x":93,"y":24,"width":119,"height":15}},{"id":"c97f56e6-d1f8-4e35-9ad5-8d83f53decbf","block_type":"box","text":"®","page_number":54,"box":{"x":215,"y":17,"width":11,"height":8}},{"id":"904e901a-3357-4c42-af34-55f4c2e14b07","block_type":"box","text":"MSCI GLOBAL SUSTAINABLE DEVELOPMENT GOALS","page_number":54,"box":{"x":237,"y":24,"width":727,"height":15}},{"id":"d6788cbc-9164-4745-ab2a-702f2bef9220","block_type":"box","text":"ETF","page_number":54,"box":{"x":505,"y":46,"width":49,"height":15}},{"id":"2d4e3972-caf7-4116-943b-8e463f51857e","block_type":"box","text":"Ticker: SDG Stock Exchange: Nasdaq","page_number":54,"box":{"x":291,"y":75,"width":469,"height":12}},{"id":"cc41597f-5c5c-4077-b6c2-9ddc7de97a1a","block_type":"box","text":"Investment Objective","page_number":54,"box":{"x":84,"y":113,"width":181,"height":13}},{"id":"5cfb21fc-7cb3-4b0b-8d1b-7196368b10cc","block_type":"box","text":"The iShares MSCI Global Sustainable Development Goals ETF (the “Fund”) seeks to track the investment results of an index composed of","page_number":54,"box":{"x":82,"y":138,"width":879,"height":11}},{"id":"8d9adf06-a39a-4de4-b689-11d872d41a61","block_type":"box","text":"companies that derive a majority of their revenue from products and services that address at least one of the world’s major social and","page_number":54,"box":{"x":83,"y":152,"width":857,"height":11}},{"id":"74c13a06-41b9-48ca-a03e-27af61781903","block_type":"box","text":"environmental challenges as identified by the United Nations Sustainable Development Goals.","page_number":54,"box":{"x":83,"y":166,"width":600,"height":11}},{"id":"187f01b7-6322-425c-9cea-6fdc75833af3","block_type":"box","text":"Fees and Expenses","page_number":54,"box":{"x":84,"y":195,"width":160,"height":13}},{"id":"e3bae086-4c06-432a-9845-faf178febded","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":54,"box":{"x":83,"y":277,"width":858,"height":11}},{"id":"f123f30d-8886-4edf-8c85-678582c1f3f3","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":54,"box":{"x":83,"y":291,"width":450,"height":11}},{"id":"d9a7f44f-5d71-4477-abc8-2323f7445eaf","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":54,"box":{"x":82,"y":314,"width":883,"height":12}},{"id":"a90220cf-fcd6-4d39-9768-7cbdab933156","block_type":"box","text":"the tables and examples below.","page_number":54,"box":{"x":83,"y":329,"width":220,"height":10}},{"id":"bd34d828-72c5-4d62-9b97-579d8a6d9e6d","block_type":"box","text":"Annual Fund Operating 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Fees","page_number":54,"box":{"x":393,"y":420,"width":73,"height":9}},{"id":"1782e0bd-1c29-431d-b3c5-5300ca900613","block_type":"box","text":"Other","page_number":54,"box":{"x":621,"y":410,"width":35,"height":7}},{"id":"7ad4cf02-5f96-4e66-a476-ceed736f6017","block_type":"box","text":"Expenses","page_number":54,"box":{"x":610,"y":420,"width":57,"height":9}},{"id":"80e2d8d8-45a6-43d1-b97f-9237188a9a37","block_type":"box","text":"Total Annual","page_number":54,"box":{"x":810,"y":389,"width":76,"height":7}},{"id":"fbeee1f9-8e49-4ebc-a645-9ce42b85e8fd","block_type":"box","text":"Fund","page_number":54,"box":{"x":834,"y":399,"width":29,"height":8}},{"id":"33f893e6-01e6-4627-9eb9-0785b0dcbccf","block_type":"box","text":"Operating","page_number":54,"box":{"x":818,"y":410,"width":61,"height":9}},{"id":"b95de794-af0d-4434-b228-c1f6e1c6b605","block_type":"box","text":"Expenses","page_number":54,"box":{"x":820,"y":420,"width":58,"height":9}},{"id":"75c2aa50-c30b-44a4-a19d-e7502ca8b841","block_type":"box","text":"0.49% None 0.01% 0.50%","page_number":54,"box":{"x":193,"y":439,"width":673,"height":8}},{"id":"da338f58-4d9c-4054-8287-4d93e23d8bb3","block_type":"box","text":"1","page_number":54,"box":{"x":112,"y":470,"width":2,"height":5}},{"id":"21cf52ee-a338-45b0-a9da-8d149a2ef852","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":54,"box":{"x":123,"y":471,"width":706,"height":10}},{"id":"23a19037-2dde-493b-bd92-a398280c42aa","block_type":"box","text":"Example.","page_number":54,"box":{"x":83,"y":491,"width":62,"height":11}},{"id":"81805718-19b9-40d9-bac4-552d35eb6745","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds.","page_number":54,"box":{"x":150,"y":491,"width":800,"height":11}},{"id":"e359ee33-c9b3-48ff-a80e-7e108c5a5945","block_type":"box","text":"The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those","page_number":54,"box":{"x":82,"y":504,"width":891,"height":12}},{"id":"b282a8e9-ef88-42e2-a975-2d79336d2bc0","block_type":"box","text":"periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the","page_number":54,"box":{"x":83,"y":519,"width":862,"height":11}},{"id":"397b12aa-56d6-4ee5-a43f-6436ac343532","block_type":"box","text":"same. 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The Index Provider determines the","page_number":55,"box":{"x":83,"y":687,"width":356,"height":9}},{"id":"edae858b-8704-4b09-a7fc-3e4bbcc86cf6","block_type":"box","text":"composition and relative weightings of the securities in the","page_number":55,"box":{"x":83,"y":701,"width":377,"height":11}},{"id":"bbdcaa8d-8f84-433b-94c8-38cd6b8f0050","block_type":"box","text":"Underlying Index and publishes information regarding the market","page_number":55,"box":{"x":83,"y":715,"width":416,"height":11}},{"id":"7d21a395-6fae-4b31-bc8f-8caf5b2ac3ad","block_type":"box","text":"value of the Underlying Index.","page_number":55,"box":{"x":82,"y":730,"width":190,"height":10}},{"id":"76c0ad1e-f2a3-4d9b-8d75-44b360a6851b","block_type":"box","text":"Industry Concentration Policy.","page_number":55,"box":{"x":83,"y":753,"width":210,"height":11}},{"id":"ce2ad3e4-41ed-4fe3-bd21-7c7d9c14f8ed","block_type":"box","text":"The Fund will concentrate its","page_number":55,"box":{"x":298,"y":753,"width":184,"height":8}},{"id":"2e58d663-1d9f-48c2-9d70-ac8974296044","block_type":"box","text":"investments (","page_number":55,"box":{"x":83,"y":767,"width":85,"height":11}},{"id":"ee803a20-b6c6-4ddf-97ae-d9616f88e83d","block_type":"box","text":"i.e.","page_number":55,"box":{"x":169,"y":767,"width":17,"height":8}},{"id":"6fac8f38-4669-468b-8c4c-52cd7a92fb9b","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":55,"box":{"x":189,"y":767,"width":264,"height":11}},{"id":"9ef6e2fd-7326-4567-ac42-f351e89a6123","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":55,"box":{"x":83,"y":781,"width":394,"height":11}},{"id":"616cef78-bc93-40a9-b3af-01cf146b928e","block_type":"box","text":"same extent that the Underlying Index is concentrated. 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Errors in index data, index computations or the","page_number":56,"box":{"x":83,"y":217,"width":366,"height":10}},{"id":"be425328-d114-4fe1-a6fa-705f6b32181d","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":56,"box":{"x":83,"y":231,"width":377,"height":11}},{"id":"7a2182bb-8c4d-4444-8bea-ea98ec67abad","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":56,"box":{"x":83,"y":245,"width":413,"height":11}},{"id":"b06f725f-c846-4d42-bb0a-48943c0b0d6c","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":56,"box":{"x":83,"y":259,"width":396,"height":11}},{"id":"5926430a-8791-4ad0-931a-59c99a76934d","block_type":"box","text":"impact on the Fund and its shareholders. 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As a result, the Fund’s NAV may","page_number":56,"box":{"x":549,"y":94,"width":375,"height":11}},{"id":"44a530ac-44e7-4932-8790-67fc97237520","block_type":"box","text":"change quickly and without warning. In addition, the Fund may","page_number":56,"box":{"x":549,"y":108,"width":399,"height":11}},{"id":"861ea572-f639-43f0-a0c0-059b2aa95e63","block_type":"box","text":"incur costs in connection with conversions between U.S. dollars","page_number":56,"box":{"x":549,"y":122,"width":409,"height":9}},{"id":"a971fe4a-4df2-4a76-8a98-cfa86650fb39","block_type":"box","text":"and foreign currencies.","page_number":56,"box":{"x":549,"y":137,"width":146,"height":10}},{"id":"641a6712-1193-4186-88d7-0c24388fff4f","block_type":"box","text":"Custody Risk","page_number":56,"box":{"x":549,"y":160,"width":89,"height":11}},{"id":"aa6db958-13f6-4739-b54e-f5b7b9769c3c","block_type":"box","text":".","page_number":56,"box":{"x":638,"y":166,"width":3,"height":2}},{"id":"31610826-40f6-44ca-b4ff-3e072d0fa6c2","block_type":"box","text":"Less developed securities markets are more likely","page_number":56,"box":{"x":647,"y":160,"width":319,"height":11}},{"id":"0f4e624f-285c-4827-8262-7dc6e4b31ffb","block_type":"box","text":"to experience problems with the clearing and settlement of","page_number":56,"box":{"x":549,"y":174,"width":378,"height":11}},{"id":"1c791813-568e-4103-80bb-7d1255fbc0fc","block_type":"box","text":"trades, as well as the custody of securities and other assets by","page_number":56,"box":{"x":549,"y":188,"width":401,"height":11}},{"id":"348620e3-206a-4d38-9fca-552cbf9ef950","block_type":"box","text":"local banks, agents and depositories. These issues may have an","page_number":56,"box":{"x":549,"y":202,"width":406,"height":11}},{"id":"0071a33a-45c8-4c1f-90b4-bd06664e0a40","block_type":"box","text":"adverse impact on the Fund, including losses or delays in","page_number":56,"box":{"x":549,"y":217,"width":364,"height":10}},{"id":"7d6979fc-ac8d-4aaf-8d2d-958843e919a7","block_type":"box","text":"payments, delivery or recovery of money or other assets.","page_number":56,"box":{"x":549,"y":231,"width":364,"height":10}},{"id":"f381df1b-c3be-43bf-a55e-976c856529aa","block_type":"box","text":"Healthcare Companies Risk","page_number":56,"box":{"x":549,"y":254,"width":188,"height":11}},{"id":"0228d8d6-3ee1-4d4e-944d-1c5b0dc0b383","block_type":"box","text":".","page_number":56,"box":{"x":737,"y":260,"width":3,"height":2}},{"id":"74706a20-efa1-42b5-92d8-71f37e4349af","block_type":"box","text":"The profitability of healthcare","page_number":56,"box":{"x":745,"y":254,"width":187,"height":11}},{"id":"9b6d6457-e44a-4b07-9224-b7b63dfa13b9","block_type":"box","text":"companies may be adversely affected by extensive government","page_number":56,"box":{"x":549,"y":268,"width":405,"height":11}},{"id":"0a89d4b7-e75d-4920-9ced-ec5939354792","block_type":"box","text":"regulations, restrictions on government reimbursement for","page_number":56,"box":{"x":549,"y":282,"width":376,"height":11}},{"id":"141cb025-fc53-4dc8-9140-6952c08b293f","block_type":"box","text":"medical expenses, rising costs of medical products and services,","page_number":56,"box":{"x":549,"y":296,"width":414,"height":11}},{"id":"4b576810-4c6d-4488-80e1-61d9c93ad8ee","block_type":"box","text":"pricing pressure, the protection and expiration of patents, limited","page_number":56,"box":{"x":549,"y":311,"width":417,"height":10}},{"id":"f74936e7-8342-4279-ac02-f1fd452d0928","block_type":"box","text":"product lines, supply chain issues, labor shortages and product","page_number":56,"box":{"x":549,"y":325,"width":403,"height":11}},{"id":"f3edb82c-68a7-42e6-a48f-e81f846e4e47","block_type":"box","text":"liability claims, among other factors.","page_number":56,"box":{"x":549,"y":339,"width":231,"height":11}},{"id":"37152bc5-70dc-4a66-a13d-066de4a969b9","block_type":"box","text":"Issuer Risk","page_number":56,"box":{"x":549,"y":362,"width":75,"height":9}},{"id":"898a5c59-5898-44cc-b0d3-a0be3099215b","block_type":"box","text":".","page_number":56,"box":{"x":624,"y":369,"width":3,"height":2}},{"id":"ef86af5f-e9ee-4c3e-b296-f7413a55ffd9","block_type":"box","text":"The performance of the Fund depends on the","page_number":56,"box":{"x":632,"y":362,"width":288,"height":11}},{"id":"a27fd190-fb9e-422d-a82b-35f341ca0b4e","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":56,"box":{"x":549,"y":376,"width":412,"height":11}},{"id":"a221bdbe-bf48-43ae-bf06-1bd17e79d2b6","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":56,"box":{"x":550,"y":391,"width":402,"height":10}},{"id":"e7bf3188-58c6-44e5-8951-8eda1cc00f63","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":56,"box":{"x":549,"y":405,"width":418,"height":11}},{"id":"cf3ba181-7c99-47e1-a40f-8d78a38a34c9","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":56,"box":{"x":549,"y":419,"width":414,"height":11}},{"id":"dc4e46dd-108d-4575-ab4c-242adab48acd","block_type":"box","text":"counterparty.","page_number":56,"box":{"x":549,"y":434,"width":84,"height":10}},{"id":"35b81e88-ca48-4fba-b3d7-1ac205208878","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":56,"box":{"x":549,"y":456,"width":252,"height":11}},{"id":"e8a298b4-7659-4a56-aea2-e57e04fc889a","block_type":"box","text":"Large-capitalization","page_number":56,"box":{"x":808,"y":456,"width":124,"height":11}},{"id":"dc281636-feaf-46df-a12c-ac93dbcadeca","block_type":"box","text":"companies may be less able than smaller-capitalization","page_number":56,"box":{"x":549,"y":470,"width":352,"height":11}},{"id":"dd5cfb16-2b9b-4f1b-97cc-f5c835e8b951","block_type":"box","text":"companies to adapt to changing market conditions and","page_number":56,"box":{"x":549,"y":485,"width":352,"height":10}},{"id":"fac75b88-143d-4914-ae93-64215ee8a923","block_type":"box","text":"competitive challenges. Large-capitalization companies may be","page_number":56,"box":{"x":549,"y":499,"width":405,"height":11}},{"id":"7f2ab528-7afa-4238-975e-0c25936bff32","block_type":"box","text":"more mature and subject to more limited growth potential","page_number":56,"box":{"x":549,"y":513,"width":371,"height":11}},{"id":"24163855-b1bf-4f6f-b163-6211c7438198","block_type":"box","text":"compared with smaller-capitalization companies. The","page_number":56,"box":{"x":549,"y":527,"width":340,"height":11}},{"id":"6ebb81f0-8607-4960-b558-3b9836c5c61c","block_type":"box","text":"performance of large-capitalization companies could trail the","page_number":56,"box":{"x":549,"y":541,"width":390,"height":11}},{"id":"3c852f03-2f28-444c-b858-a4ce7f2fd165","block_type":"box","text":"overall performance of the broader securities markets.","page_number":56,"box":{"x":549,"y":556,"width":349,"height":10}},{"id":"0587b555-c1af-4a23-8fc8-bcae04c53765","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":56,"box":{"x":549,"y":579,"width":360,"height":11}},{"id":"3d4930ff-63fe-42bb-a3c9-2341dff22a05","block_type":"box","text":"Certain","page_number":56,"box":{"x":915,"y":579,"width":45,"height":8}},{"id":"b9a92566-02b3-44cf-bb3f-df0c12822336","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":56,"box":{"x":549,"y":593,"width":405,"height":11}},{"id":"12262273-5691-4b1f-a01f-9f911512fe58","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":56,"box":{"x":549,"y":607,"width":409,"height":11}},{"id":"ceaa80e0-df85-48b4-816c-f61d8a61a450","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":56,"box":{"x":549,"y":621,"width":419,"height":11}},{"id":"d9438ae8-e343-4edb-94bc-22c238731c4b","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":56,"box":{"x":549,"y":635,"width":417,"height":11}},{"id":"ea04eaaf-2885-43bc-b6d2-671ff306db7a","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":56,"box":{"x":549,"y":650,"width":424,"height":10}},{"id":"4cba7dd3-a592-4a45-8de3-8b925ede1f20","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":56,"box":{"x":549,"y":664,"width":387,"height":11}},{"id":"aac49dfa-def3-42a6-a9cf-8b18fd9c112e","block_type":"box","text":"shareholders would not redeem their investment. Redemptions of","page_number":56,"box":{"x":549,"y":678,"width":421,"height":11}},{"id":"777aa945-6072-4df9-b32d-b3106776e8a3","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":56,"box":{"x":549,"y":692,"width":413,"height":11}},{"id":"0f1abf72-34c7-44c8-8481-d497af6ffdbb","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":56,"box":{"x":549,"y":706,"width":416,"height":11}},{"id":"f630b326-1bfc-47d4-8fb7-451db7072c12","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":56,"box":{"x":549,"y":721,"width":411,"height":10}},{"id":"bb655314-d16d-4795-b7fd-7dfb13268be5","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":56,"box":{"x":549,"y":735,"width":415,"height":8}},{"id":"6baa1032-8237-46b2-9dc9-7981664dcbad","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":56,"box":{"x":549,"y":749,"width":400,"height":10}},{"id":"3c57140a-659a-4332-b022-9c4a581bf0ae","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":56,"box":{"x":549,"y":763,"width":404,"height":11}},{"id":"c09ae98d-8104-4f11-91ed-95895ca917a7","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":56,"box":{"x":549,"y":777,"width":415,"height":11}},{"id":"5be575a3-5f6a-4e03-a37a-e6b52518a4a4","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":56,"box":{"x":549,"y":791,"width":412,"height":11}},{"id":"8823a26a-5932-490e-be39-91b99ea21edc","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":56,"box":{"x":549,"y":806,"width":352,"height":10}},{"id":"cf34c7da-bbcf-4026-8e95-45c29d05fb53","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":56,"box":{"x":549,"y":820,"width":415,"height":11}},{"id":"acc9b2d0-db99-4f03-b49a-b82616c12aed","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":56,"box":{"x":549,"y":834,"width":416,"height":11}},{"id":"3d9b4506-502f-4021-8814-3fcafa61bcc3","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":56,"box":{"x":549,"y":848,"width":387,"height":11}},{"id":"a0914729-e1de-42cf-987c-2b2fe8a3c727","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":56,"box":{"x":549,"y":862,"width":419,"height":11}},{"id":"8ac63e74-9960-4382-8cec-39c2c9b20dce","block_type":"box","text":"S-41","page_number":56,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"9f355e22-4c94-4afc-8409-e56fbdb919e5","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":57,"box":{"x":83,"y":23,"width":389,"height":11}},{"id":"27b19206-33b9-40b4-bddd-3e74759c94e5","block_type":"box","text":"price of Fund shares.","page_number":57,"box":{"x":83,"y":37,"width":133,"height":11}},{"id":"fa0ac74a-fa08-41e2-9226-2d257daa9dc9","block_type":"box","text":"Management Risk","page_number":57,"box":{"x":83,"y":60,"width":122,"height":11}},{"id":"22c5ec66-5562-438f-8599-77aa8c93b2ae","block_type":"box","text":".","page_number":57,"box":{"x":206,"y":67,"width":2,"height":2}},{"id":"a1f7d2a7-9d70-49c6-9aaf-3039641136c1","block_type":"box","text":"The Fund generally does not attempt to take","page_number":57,"box":{"x":213,"y":61,"width":283,"height":10}},{"id":"9d251ee4-5eb2-42ac-87ab-60d0b2350bef","block_type":"box","text":"defensive positions under any market conditions, including","page_number":57,"box":{"x":83,"y":75,"width":376,"height":11}},{"id":"5290d28c-c46e-497e-807f-6b6f6a6ddf01","block_type":"box","text":"declining markets. 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A Fund that tracks an index with","page_number":59,"box":{"x":83,"y":278,"width":382,"height":9}},{"id":"45d290a9-af2b-48b8-95be-8144a965f227","block_type":"box","text":"exposure to non-U.S. issuers may experience higher tracking","page_number":59,"box":{"x":83,"y":293,"width":390,"height":10}},{"id":"7217e199-9b5a-4b63-986e-3be11ccc6a0e","block_type":"box","text":"error than ETFs that do not track such indexes.","page_number":59,"box":{"x":83,"y":307,"width":299,"height":8}},{"id":"8d52c469-6945-4104-bb83-d6fdf450f780","block_type":"box","text":"Valuation Risk","page_number":59,"box":{"x":550,"y":23,"width":96,"height":9}},{"id":"34a4b775-5bfd-402e-9067-fad5f6c23b0b","block_type":"box","text":".","page_number":59,"box":{"x":646,"y":30,"width":2,"height":2}},{"id":"c6ef2f04-ae4b-4acf-b028-d015d006b1c5","block_type":"box","text":"The price that the Fund could receive upon the","page_number":59,"box":{"x":653,"y":23,"width":298,"height":11}},{"id":"afdec695-50ef-45f1-a123-8c856aab61af","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":59,"box":{"x":549,"y":37,"width":408,"height":11}},{"id":"7c5edc0f-a771-41ae-92eb-f589d438d407","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":59,"box":{"x":549,"y":51,"width":355,"height":11}},{"id":"5c071838-0fb5-4856-8f4d-37f7f53e144e","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":59,"box":{"x":549,"y":66,"width":418,"height":10}},{"id":"09c72c45-55f6-4563-a5e2-0b6460802e66","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":59,"box":{"x":549,"y":80,"width":347,"height":11}},{"id":"e2c37aff-3a25-4504-8eba-f7681e52dc7e","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":59,"box":{"x":549,"y":94,"width":418,"height":11}},{"id":"e224c7d0-1f08-43be-a405-289886a66fd7","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":59,"box":{"x":549,"y":108,"width":406,"height":11}},{"id":"a33fdd12-05e6-4fd6-9030-bf245ee407c0","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":59,"box":{"x":549,"y":122,"width":411,"height":11}},{"id":"ee0af3b6-c926-4bb6-b424-54461fa8c3c6","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":59,"box":{"x":549,"y":137,"width":392,"height":10}},{"id":"0f4cc8d1-ae9c-40cd-b882-b2ea7c60f56e","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":59,"box":{"x":549,"y":151,"width":414,"height":11}},{"id":"f5c10885-c490-407d-b8fa-1007c6f2df13","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":59,"box":{"x":549,"y":165,"width":394,"height":11}},{"id":"cd5add9d-78e3-4e52-9d40-9be2a0ef7443","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":59,"box":{"x":548,"y":179,"width":383,"height":11}},{"id":"7653dd61-2a96-4f27-922e-74eac1ad1b48","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":59,"box":{"x":549,"y":193,"width":414,"height":11}},{"id":"7dd4c71c-51d7-4505-b86c-60212222c809","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":59,"box":{"x":549,"y":207,"width":392,"height":9}},{"id":"62dfa7c5-a529-432d-a372-345eda3b3225","block_type":"box","text":"valued or been valued using a different methodology. The ability to","page_number":59,"box":{"x":548,"y":222,"width":425,"height":10}},{"id":"7e6ad5ef-113c-4881-bab8-9ab38967069f","block_type":"box","text":"value investments may be impacted by technological issues or","page_number":59,"box":{"x":548,"y":236,"width":400,"height":11}},{"id":"3e21e903-7ad8-4c2b-828e-cb892d31e13d","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":59,"box":{"x":549,"y":250,"width":405,"height":11}},{"id":"1ffcfa4d-db5e-4e85-8786-7e5d37d0554b","block_type":"box","text":"S-44","page_number":59,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"b17a69f6-a201-48b4-8c67-5fc6aa4ae495","block_type":"box","text":"Performance Information","page_number":60,"box":{"x":84,"y":22,"width":213,"height":11}},{"id":"0d64dabc-f3da-4803-bb49-536fb67535d4","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication","page_number":60,"box":{"x":82,"y":48,"width":887,"height":10}},{"id":"f07dd78f-2e6d-42d4-a332-51055879beb0","block_type":"box","text":"of the risks of investing in the Fund. 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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown,","page_number":60,"box":{"x":83,"y":693,"width":871,"height":11}},{"id":"c4e99ae6-138c-495c-a827-71f365fd6dde","block_type":"box","text":"and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements,","page_number":60,"box":{"x":83,"y":708,"width":860,"height":11}},{"id":"561248d0-b765-458d-a3d7-a4ee61fc07a8","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are","page_number":60,"box":{"x":83,"y":722,"width":855,"height":11}},{"id":"57fdaa86-ccdf-4560-a3d4-ba3c736bd599","block_type":"box","text":"calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses","page_number":60,"box":{"x":83,"y":736,"width":883,"height":11}},{"id":"f49ccb80-0fef-464f-9971-c13927a67f60","block_type":"box","text":"from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns","page_number":60,"box":{"x":82,"y":750,"width":861,"height":11}},{"id":"0251a412-b850-491c-9339-dcaaa3012795","block_type":"box","text":"before taxes and/or returns after taxes on distributions.","page_number":60,"box":{"x":83,"y":764,"width":359,"height":11}},{"id":"6c2a088f-a54a-4a2d-9258-4ca33f4c33c2","block_type":"box","text":"S-45","page_number":60,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"1f103015-670f-4250-b75c-bb22f2d21695","block_type":"box","text":"Management","page_number":61,"box":{"x":84,"y":23,"width":109,"height":13}},{"id":"b345159b-e9a9-4ed9-8e05-3a2938e04d70","block_type":"box","text":"Investment Adviser.","page_number":61,"box":{"x":83,"y":48,"width":138,"height":8}},{"id":"f00bd32c-c189-4bd3-8e9a-d7da3ae9a738","block_type":"box","text":"BlackRock Fund Advisors.","page_number":61,"box":{"x":227,"y":48,"width":163,"height":8}},{"id":"33741f2a-6413-4be8-97a6-328a17e73f1f","block_type":"box","text":"Portfolio Managers.","page_number":61,"box":{"x":83,"y":71,"width":135,"height":11}},{"id":"989f0cb1-045a-4ed5-a64f-ec6ab1340198","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt","page_number":61,"box":{"x":223,"y":71,"width":225,"height":10}},{"id":"9ed7688a-f0c7-4bb5-a8f4-46eeac926598","block_type":"box","text":"Waldron and Steven White (the “Portfolio Managers”) are primarily","page_number":61,"box":{"x":82,"y":85,"width":425,"height":11}},{"id":"8fc6b9a1-305c-40cb-b088-3b2c5287dffc","block_type":"box","text":"responsible for the day-to-day management of the Fund. Each","page_number":61,"box":{"x":83,"y":99,"width":395,"height":11}},{"id":"4829119d-12d2-4e7d-8ff2-ad1c1c34e32d","block_type":"box","text":"Portfolio Manager supervises a portfolio management team. Ms.","page_number":61,"box":{"x":84,"y":113,"width":410,"height":11}},{"id":"24299383-65de-44da-8f9d-32b110c4943b","block_type":"box","text":"Hsui has been a Portfolio Manager of the Fund since 2016. 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Individual shares of the Fund may only be","page_number":61,"box":{"x":82,"y":210,"width":391,"height":11}},{"id":"3cf85c38-94ce-471f-a562-3754528edae5","block_type":"box","text":"bought and sold in the secondary market through a broker-dealer.","page_number":61,"box":{"x":83,"y":224,"width":420,"height":11}},{"id":"4396f3c6-3d4d-4163-8c68-dade8c71f1e1","block_type":"box","text":"Because ETF shares trade at market prices rather than at NAV,","page_number":61,"box":{"x":84,"y":238,"width":399,"height":11}},{"id":"7453be63-b27e-4b30-9904-b883b0159372","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less","page_number":61,"box":{"x":83,"y":253,"width":416,"height":10}},{"id":"d59025c1-e9e4-4b07-82ec-224b452af608","block_type":"box","text":"than NAV (a discount). 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portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or","page_number":62,"box":{"x":83,"y":241,"width":858,"height":11}},{"id":"0226645d-ca40-4d46-9a9c-77f0d8c93b46","block_type":"box","text":"expenses, and (vi) litigation expenses and any extraordinary expenses.","page_number":62,"box":{"x":83,"y":255,"width":450,"height":11}},{"id":"9f22d813-e306-4f28-b2ea-fc59751ca4e4","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in","page_number":62,"box":{"x":82,"y":278,"width":883,"height":12}},{"id":"fbd2cb82-5738-4667-bcb3-fa853018d07c","block_type":"box","text":"the tables and examples below.","page_number":62,"box":{"x":83,"y":293,"width":220,"height":10}},{"id":"5e56d2c9-f8f1-4ef0-b61a-965bf0d8c38d","block_type":"box","text":"Annual Fund Operating 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shares at the end of those","page_number":62,"box":{"x":82,"y":479,"width":891,"height":11}},{"id":"29437643-4b90-4ed9-97d7-37e3e79833ba","block_type":"box","text":"periods. 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Although your actual costs may be higher or lower, based on these assumptions, your costs would be:","page_number":62,"box":{"x":83,"y":508,"width":694,"height":11}},{"id":"2a57a5d8-13e6-469b-b8ea-298cc6dde67b","block_type":"box","text":"1 Year 3 Years","page_number":62,"box":{"x":301,"y":539,"width":456,"height":7}},{"id":"67b9d45a-af00-46ba-a8c4-3907a389dd92","block_type":"box","text":"$31 $97","page_number":62,"box":{"x":308,"y":558,"width":437,"height":9}},{"id":"72c92e0f-e736-42a7-a282-2af9187ae3b5","block_type":"box","text":"Portfolio Turnover.","page_number":62,"box":{"x":83,"y":598,"width":129,"height":9}},{"id":"2c982bd6-b20d-4bc1-92af-69839142d6e9","block_type":"box","text":"The Fund may pay transaction costs, such as","page_number":62,"box":{"x":216,"y":598,"width":287,"height":11}},{"id":"9d0e9658-b560-4795-a41c-541b5090955c","block_type":"box","text":"commissions, when it buys and sells securities (or “turns over” its","page_number":62,"box":{"x":83,"y":612,"width":420,"height":11}},{"id":"23c634f8-808b-4b8a-a3e8-cf52e1b5982b","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher","page_number":62,"box":{"x":83,"y":626,"width":395,"height":11}},{"id":"1b38da2f-4f5a-4bbe-8317-ae5f33d01c3f","block_type":"box","text":"transaction costs and may result in higher taxes when Fund","page_number":62,"box":{"x":83,"y":641,"width":380,"height":10}},{"id":"743289ca-917b-4687-92ea-2d9bd14f3d79","block_type":"box","text":"shares are held in a taxable account. These costs, which are not","page_number":62,"box":{"x":83,"y":655,"width":409,"height":10}},{"id":"d0ba4229-1546-4629-bf8f-34137bc453cc","block_type":"box","text":"reflected in the Annual Fund Operating Expenses or in the","page_number":62,"box":{"x":83,"y":669,"width":368,"height":11}},{"id":"aa7d4871-2ad6-40f3-aaea-bafb385bcfde","block_type":"box","text":"Example, affect the Fund’s performance. 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Currency exchange rates can be very volatile and can","page_number":64,"box":{"x":83,"y":843,"width":404,"height":11}},{"id":"9ec21721-bb89-47b7-9503-216dd083d157","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":64,"box":{"x":83,"y":857,"width":394,"height":11}},{"id":"24dbe9d9-bffc-43d9-ad76-154660f4a229","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":64,"box":{"x":83,"y":871,"width":398,"height":11}},{"id":"31a7fb69-cf48-445e-a88b-7a668901b5e0","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":64,"box":{"x":549,"y":23,"width":392,"height":11}},{"id":"4a3efe8c-a482-4e1e-8124-d80f89f87b63","block_type":"box","text":"dollars and foreign currencies.","page_number":64,"box":{"x":549,"y":37,"width":193,"height":11}},{"id":"cef5dcb9-3b1b-4226-9e40-ff00d508ef13","block_type":"box","text":"Financial Companies Risk","page_number":64,"box":{"x":549,"y":60,"width":175,"height":11}},{"id":"e5a031f7-2fb3-482b-af54-ac66275cb26b","block_type":"box","text":".","page_number":64,"box":{"x":724,"y":67,"width":2,"height":2}},{"id":"b8f41a48-fdef-4e6f-98d3-13a64817eb65","block_type":"box","text":"Financial services companies are","page_number":64,"box":{"x":732,"y":61,"width":211,"height":10}},{"id":"cdaa6da2-3ad2-4cfa-b657-b681c1d62195","block_type":"box","text":"subject to extensive governmental regulation and intervention,","page_number":64,"box":{"x":549,"y":75,"width":400,"height":11}},{"id":"f042b483-7d16-4d95-a1c8-b98147aa1093","block_type":"box","text":"which may adversely affect their profitability, the scope of their","page_number":64,"box":{"x":549,"y":89,"width":404,"height":11}},{"id":"413ce7b3-81c8-4b61-aeeb-18ab5437839e","block_type":"box","text":"activities, the prices they can charge, the amount of capital and","page_number":64,"box":{"x":549,"y":103,"width":405,"height":11}},{"id":"2620c2e1-2d7a-48d9-b733-d54bdabf8c9c","block_type":"box","text":"liquid assets they must maintain and their size, among other","page_number":64,"box":{"x":549,"y":117,"width":385,"height":11}},{"id":"60fad75f-5537-4f58-9518-0d64fdc949de","block_type":"box","text":"things. Financial services companies also may be significantly","page_number":64,"box":{"x":549,"y":131,"width":395,"height":11}},{"id":"d448c773-bf9f-4fd0-b6f8-bef30b9cfa1c","block_type":"box","text":"affected by, among other things, interest rates, economic","page_number":64,"box":{"x":549,"y":146,"width":367,"height":10}},{"id":"3d0ef46c-c919-4a2b-b090-cab4eda408c0","block_type":"box","text":"conditions, volatility in financial markets, credit rating","page_number":64,"box":{"x":549,"y":160,"width":343,"height":11}},{"id":"36f550a1-1012-498b-a727-bc597ed2737b","block_type":"box","text":"downgrades, adverse public perception, exposure concentration","page_number":64,"box":{"x":549,"y":174,"width":410,"height":11}},{"id":"5fed6b32-ce1b-4bd1-9fc2-cb859e234ae8","block_type":"box","text":"and counterparty risk.","page_number":64,"box":{"x":549,"y":188,"width":140,"height":11}},{"id":"b497465c-0e3e-4472-a466-3a3809044c78","block_type":"box","text":"Industrial Companies Risk.","page_number":64,"box":{"x":549,"y":211,"width":181,"height":11}},{"id":"b3fdd817-0d38-4c5c-840b-d0c8f7147c80","block_type":"box","text":"Industrial companies face a number","page_number":64,"box":{"x":736,"y":211,"width":229,"height":11}},{"id":"c7ee80f5-20ef-4578-bc1d-14fdae4fa83e","block_type":"box","text":"of risks, including supply chain and distribution disruptions,","page_number":64,"box":{"x":549,"y":226,"width":378,"height":10}},{"id":"ff3321b8-6a57-45af-8b65-1fe1bb5fe6fc","block_type":"box","text":"business interruptions, product obsolescence, third-party vendor","page_number":64,"box":{"x":549,"y":240,"width":416,"height":11}},{"id":"6af5c488-482e-47d2-87cd-1c5b9abe8094","block_type":"box","text":"risks, cyber attacks, trade disputes, product recalls, liability","page_number":64,"box":{"x":549,"y":254,"width":380,"height":11}},{"id":"1f492c67-7a80-4041-9d1d-9434b245024f","block_type":"box","text":"claims, scarcity of materials or parts, excess capacity, changes in","page_number":64,"box":{"x":549,"y":268,"width":418,"height":11}},{"id":"5f932d33-8ff2-4348-aefc-8c874360500c","block_type":"box","text":"consumer preferences, and volatility in commodity prices and","page_number":64,"box":{"x":549,"y":282,"width":394,"height":11}},{"id":"929c8709-0dee-449f-8dce-f9f78fdb9ced","block_type":"box","text":"currencies. The performance of such companies may also be","page_number":64,"box":{"x":549,"y":296,"width":388,"height":11}},{"id":"9ae4c7f0-59b1-49a8-8b6a-3a5327588ece","block_type":"box","text":"affected by technological developments, labor relations,","page_number":64,"box":{"x":549,"y":311,"width":358,"height":10}},{"id":"c1a374c1-6b64-44f5-b5b8-16efcd6744aa","block_type":"box","text":"legislative and regulatory changes, government spending policies,","page_number":64,"box":{"x":549,"y":325,"width":420,"height":11}},{"id":"c206bde2-b8ac-419b-8047-c9ce4f2ab8a6","block_type":"box","text":"and changes in domestic and international economies.","page_number":64,"box":{"x":549,"y":339,"width":348,"height":11}},{"id":"6b84afca-a83a-43ae-af3c-ebbea695297f","block_type":"box","text":"Issuer Risk","page_number":64,"box":{"x":549,"y":362,"width":75,"height":9}},{"id":"f3e5f4f0-83aa-4530-b3b4-a00de080d6b1","block_type":"box","text":".","page_number":64,"box":{"x":624,"y":369,"width":3,"height":2}},{"id":"8658721d-27a8-42d3-8c5c-8074abf6ceba","block_type":"box","text":"The performance of the Fund depends on the","page_number":64,"box":{"x":632,"y":362,"width":288,"height":11}},{"id":"a976acbd-b0e1-4ef4-a1db-c99734325abe","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":64,"box":{"x":549,"y":376,"width":412,"height":11}},{"id":"c9c6fc1d-37f9-47fa-9af2-18240d94a760","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":64,"box":{"x":550,"y":391,"width":402,"height":10}},{"id":"82eae0ae-a4ec-4cb4-87e7-92f708166152","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":64,"box":{"x":549,"y":405,"width":418,"height":11}},{"id":"18ef5fae-00a4-40b9-a2e8-1c49a4c8628f","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":64,"box":{"x":549,"y":419,"width":414,"height":11}},{"id":"342c3e42-917d-41d4-8cac-a0df2e1816b0","block_type":"box","text":"counterparty.","page_number":64,"box":{"x":549,"y":434,"width":84,"height":10}},{"id":"c455ea3c-eded-428e-a64f-d58be243462c","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":64,"box":{"x":549,"y":456,"width":360,"height":11}},{"id":"24a5892a-104a-4ca7-bdd9-df6687406c6c","block_type":"box","text":"Certain","page_number":64,"box":{"x":915,"y":456,"width":45,"height":9}},{"id":"9f8ac030-7e1f-4e75-9d10-b035d75abc1c","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":64,"box":{"x":549,"y":470,"width":405,"height":11}},{"id":"8d5b6c4b-beb8-4b5b-bcc6-ed096780314f","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":64,"box":{"x":549,"y":485,"width":409,"height":10}},{"id":"4f28c53e-7623-49f3-8a81-91836f473bfa","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":64,"box":{"x":549,"y":499,"width":419,"height":11}},{"id":"6cbd7d60-3cae-4162-a6f2-70288db70412","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":64,"box":{"x":549,"y":513,"width":417,"height":11}},{"id":"bd138165-250a-49ab-be64-c22a16d02395","block_type":"box","text":"their investment in the Fund for a limited period of time. There can","page_number":64,"box":{"x":549,"y":527,"width":424,"height":11}},{"id":"0ba1a7d0-e4d1-4541-9155-411f556d5f63","block_type":"box","text":"be no assurance that any large shareholder or large group of","page_number":64,"box":{"x":549,"y":541,"width":387,"height":11}},{"id":"3655c7f3-6a3d-480c-ac9e-b09d8ac51b64","block_type":"box","text":"shareholders would not redeem their investment. Redemptions of","page_number":64,"box":{"x":549,"y":556,"width":421,"height":10}},{"id":"8f46dcb9-369a-4795-a49b-d3506422cbfc","block_type":"box","text":"a large number of Fund shares could require the Fund to dispose","page_number":64,"box":{"x":549,"y":570,"width":413,"height":11}},{"id":"45689293-dd6d-4afc-aa5b-946fea040404","block_type":"box","text":"of assets to meet the redemption requests, which can accelerate","page_number":64,"box":{"x":549,"y":584,"width":416,"height":11}},{"id":"0a693724-3a64-42b0-94aa-525ee3cf48c1","block_type":"box","text":"the realization of taxable income and/or capital gains and cause","page_number":64,"box":{"x":549,"y":598,"width":411,"height":11}},{"id":"6b247106-bb2e-4ff4-b833-c616e474a1ae","block_type":"box","text":"the Fund to make taxable distributions to its shareholders earlier","page_number":64,"box":{"x":549,"y":612,"width":415,"height":9}},{"id":"c8f87902-5821-4953-b01d-ce5ca1958d7a","block_type":"box","text":"than the Fund otherwise would have. In addition, under certain","page_number":64,"box":{"x":549,"y":626,"width":400,"height":11}},{"id":"197236b6-c490-479b-b132-d92327f174c4","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as","page_number":64,"box":{"x":549,"y":641,"width":404,"height":10}},{"id":"fa37641b-bf95-4170-ba89-06e5c1418f51","block_type":"box","text":"receiving a disproportionately large taxable distribution during or","page_number":64,"box":{"x":549,"y":655,"width":415,"height":11}},{"id":"cb156269-170b-4d61-bcc9-a198f2499b09","block_type":"box","text":"with respect to such year. In some circumstances, the Fund may","page_number":64,"box":{"x":549,"y":669,"width":412,"height":11}},{"id":"f419b38f-aeeb-4791-9c04-b34e463eb73c","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":64,"box":{"x":549,"y":683,"width":352,"height":11}},{"id":"0231022d-e478-4dd5-8be8-2e9162f3af72","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":64,"box":{"x":549,"y":697,"width":415,"height":11}},{"id":"3539cb3f-0bee-4739-a4d4-c0cc727b4fc4","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":64,"box":{"x":549,"y":712,"width":416,"height":10}},{"id":"776a348c-7f12-4619-84f4-558c51ddd8b1","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":64,"box":{"x":549,"y":726,"width":387,"height":11}},{"id":"ab578d8f-9fd6-4307-b511-54de06cdb9ac","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":64,"box":{"x":549,"y":740,"width":419,"height":11}},{"id":"33df7959-e083-4a20-ae99-d4117e4e96fd","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":64,"box":{"x":549,"y":754,"width":389,"height":11}},{"id":"6c4921a3-c061-4978-9811-93783abe87b4","block_type":"box","text":"price of Fund shares.","page_number":64,"box":{"x":549,"y":768,"width":133,"height":11}},{"id":"e69b5903-bd82-48bf-ad42-398140bf16fc","block_type":"box","text":"Management Risk","page_number":64,"box":{"x":549,"y":791,"width":123,"height":11}},{"id":"4786a277-1c3f-459e-94ec-1bd33219ec32","block_type":"box","text":".","page_number":64,"box":{"x":672,"y":798,"width":2,"height":2}},{"id":"fe36299d-765c-4929-80f4-979c214193e4","block_type":"box","text":"The Fund generally does not attempt to take","page_number":64,"box":{"x":679,"y":792,"width":283,"height":10}},{"id":"be1fbc89-13d7-4895-91b8-faff9755355c","block_type":"box","text":"defensive positions under any market conditions, including","page_number":64,"box":{"x":549,"y":806,"width":376,"height":10}},{"id":"ec057abc-5d02-41cf-8ece-5df3f14ca918","block_type":"box","text":"declining markets. 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These","page_number":65,"box":{"x":82,"y":367,"width":361,"height":11}},{"id":"169393a7-4864-4932-b1bf-90248c72c09f","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":65,"box":{"x":83,"y":382,"width":398,"height":10}},{"id":"c11ac834-650a-4e74-b171-f59e1aceb4c4","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":65,"box":{"x":84,"y":396,"width":410,"height":11}},{"id":"ffca7f39-1214-468c-a5be-6ec378009e70","block_type":"box","text":"Non-U.S. Securities Risk","page_number":65,"box":{"x":83,"y":419,"width":165,"height":8}},{"id":"dc034a71-d5d7-40e1-8ca9-f01ed6da1ec8","block_type":"box","text":".","page_number":65,"box":{"x":248,"y":425,"width":2,"height":2}},{"id":"b6143ede-c7ab-4e52-9987-ec2080a57a92","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":65,"box":{"x":256,"y":419,"width":236,"height":11}},{"id":"ae1b672f-9f54-4cab-ac4f-97187b56476d","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":65,"box":{"x":83,"y":433,"width":382,"height":11}},{"id":"06c127b7-7df2-4581-b548-ce28613f8f9f","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":65,"box":{"x":83,"y":447,"width":406,"height":11}},{"id":"1386d3a1-b1c7-4d1e-a0b9-9ee5a75a8731","block_type":"box","text":"issued by U.S. issuers. 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Any reduction in this trading may have an","page_number":65,"box":{"x":549,"y":23,"width":383,"height":11}},{"id":"e301452f-813c-45ef-a8d0-7477f1ba301c","block_type":"box","text":"adverse impact on the Fund’s investments. Through its holdings of","page_number":65,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"5fe2f1a9-43da-442d-a9c9-8589ac9e7a12","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":65,"box":{"x":549,"y":51,"width":404,"height":11}},{"id":"1374bb17-0bc7-44e5-9825-9a959013c4c4","block_type":"box","text":"Asian Economic Risk","page_number":65,"box":{"x":548,"y":66,"width":145,"height":8}},{"id":"a7c1f400-a933-450b-8763-086bdff3f5b5","block_type":"box","text":"and","page_number":65,"box":{"x":698,"y":66,"width":22,"height":8}},{"id":"c55c7b7f-b8cf-4f58-8356-c77b77c2ab85","block_type":"box","text":"North American Economic Risk","page_number":65,"box":{"x":727,"y":66,"width":216,"height":8}},{"id":"e4262655-3462-40db-bb12-11dca3516510","block_type":"box","text":".","page_number":65,"box":{"x":945,"y":73,"width":1,"height":1}},{"id":"20c05f8f-fcd3-4568-b634-704ac57bdcb5","block_type":"box","text":"Risk of Investing in the U.S","page_number":65,"box":{"x":549,"y":89,"width":182,"height":11}},{"id":"03684c7e-6294-4976-9638-93ba12e70ed5","block_type":"box","text":".","page_number":65,"box":{"x":732,"y":95,"width":2,"height":2}},{"id":"45db2f9f-aa3e-4a7b-808a-1b80955c7797","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":65,"box":{"x":740,"y":89,"width":210,"height":11}},{"id":"7c5f6d66-db44-4682-84ea-0f010aa5ea41","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":65,"box":{"x":549,"y":102,"width":391,"height":11}},{"id":"eb652666-cda9-4fe6-be66-c342e5a1f952","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":65,"box":{"x":549,"y":115,"width":423,"height":10}},{"id":"ed82e2b9-56aa-4b13-90db-d72dfb0d52c0","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":65,"box":{"x":550,"y":128,"width":412,"height":10}},{"id":"a11a2b63-6505-4fa3-9a1c-a4558b3e56fe","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":65,"box":{"x":549,"y":140,"width":396,"height":11}},{"id":"13dbb88a-4f14-4169-85c5-85938ce348ed","block_type":"box","text":"Securities Lending Risk.","page_number":65,"box":{"x":548,"y":162,"width":162,"height":11}},{"id":"5f0d1a25-495f-4f12-9bc4-7496fa7fac11","block_type":"box","text":"The Fund may engage in securities","page_number":65,"box":{"x":716,"y":162,"width":221,"height":11}},{"id":"2ea2ab17-9dfe-4f03-a305-14b5b4da87aa","block_type":"box","text":"lending. 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Errors in index data, index computations or the","page_number":69,"box":{"x":549,"y":603,"width":366,"height":11}},{"id":"cb1d6025-7b61-478a-9306-fdab4ae0512c","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":69,"box":{"x":549,"y":617,"width":377,"height":11}},{"id":"a8f5518b-1f22-4922-b626-950bfc3c9e55","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":69,"box":{"x":549,"y":632,"width":413,"height":10}},{"id":"4a0d9280-c74d-4073-8d34-c34f7bc662b5","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":69,"box":{"x":549,"y":646,"width":396,"height":11}},{"id":"2d5008ae-c365-4f5e-be69-c217bbf88636","block_type":"box","text":"impact on the Fund and its shareholders. 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Geopolitical hostility, political instability, and economic or environmental even","page_number":79,"box":{"x":76,"y":645,"width":880,"height":11}},{"id":"5e3d0af1-0b75-4c45-9c33-bdee86445170","block_type":"box","text":"ts","page_number":79,"box":{"x":958,"y":646,"width":10,"height":7}},{"id":"fc4967f5-8727-45ba-9134-2865e5061ea7","block_type":"box","text":"in any one Asian country may have a significant economic effect on the entire Asian region, as well as on major trading partners outside Asia.","page_number":79,"box":{"x":76,"y":659,"width":903,"height":11}},{"id":"ef4ad31a-ab7d-41fb-badb-2c355354ca5e","block_type":"box","text":"An adverse event in the Asian markets may have a significant adverse effect on some or all of the economies of the countries in which a Fund","page_number":79,"box":{"x":76,"y":673,"width":904,"height":11}},{"id":"0b6e3386-ee1f-4c13-a9fa-52455e9a5ed8","block_type":"box","text":"invests. Because many Asian countries depend significantly on international trade, shifts in relationships with key trading partners, such as","page_number":79,"box":{"x":76,"y":687,"width":888,"height":11}},{"id":"524bc534-274e-40c4-add8-563c770c3658","block_type":"box","text":"China and the U.S., may have a region-wide economic impact. Strains in these relations could adversely affect Asian issuers that rely on the","page_number":79,"box":{"x":76,"y":702,"width":894,"height":10}},{"id":"9f2e2163-79a1-4230-b6e7-9316223afbbc","block_type":"box","text":"U.S. or China for trade and the region as a whole. A shift towards protectionist policies by these countries or other key trading partners could","page_number":79,"box":{"x":77,"y":716,"width":902,"height":11}},{"id":"556fd7a5-eeda-4880-9d83-5353205ef224","block_type":"box","text":"suppress Asia’s exports and reduce foreign investment in the region.","page_number":79,"box":{"x":76,"y":730,"width":438,"height":11}},{"id":"745f1782-43f9-4463-b920-4413b04cd3f1","block_type":"box","text":"Many Asian countries are subject to political risk, including political instability, corruption and regional conflicts. North Korea and South","page_number":79,"box":{"x":77,"y":753,"width":866,"height":11}},{"id":"6da93ff1-d18b-4113-a53a-a20707b1164e","block_type":"box","text":"Korea each have substantial military capabilities, and historical tensions between the two countries present the risk of war. China has a","page_number":79,"box":{"x":77,"y":767,"width":865,"height":11}},{"id":"e5fa46ce-a2ad-4822-acc7-590b434a5c1f","block_type":"box","text":"complex territorial dispute regarding the sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary.","page_number":79,"box":{"x":76,"y":781,"width":876,"height":11}},{"id":"550cdee0-c702-4d38-b11e-e87e854ff936","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on economies throughout the region and on the value of a Fund’s","page_number":79,"box":{"x":76,"y":796,"width":905,"height":10}},{"id":"d177fdc2-adcf-4478-9d77-7cc742f33ee3","block_type":"box","text":"investments, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may otherwise make such","page_number":79,"box":{"x":76,"y":810,"width":833,"height":11}},{"id":"9ef3454d-e5f9-425f-b509-5252f8ebd679","block_type":"box","text":"investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a risk of escalation","page_number":79,"box":{"x":76,"y":824,"width":856,"height":11}},{"id":"d2bd65cd-c77a-4146-968b-79cd31ba0c01","block_type":"box","text":"potentially leading to military conflict. In addition, many Asian countries are subject to social and labor risks associated with demands for","page_number":79,"box":{"x":76,"y":838,"width":879,"height":11}},{"id":"cd840a1d-62bc-4632-bad5-8c99b2d1aabb","block_type":"box","text":"improved political, economic and social conditions. These risks, among others, may adversely affect the value of a Fund’s investments with","page_number":79,"box":{"x":76,"y":852,"width":889,"height":11}},{"id":"e083f599-29e1-42ee-8803-ae5ecd30a0b7","block_type":"box","text":"exposure to Asia.","page_number":79,"box":{"x":76,"y":867,"width":109,"height":10}},{"id":"9244de99-b8ad-404d-b378-1c63e8e02012","block_type":"box","text":"7","page_number":79,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"168f5ec1-59b0-46b4-9c16-208c6815aac6","block_type":"box","text":"Asset Class Risk.","page_number":80,"box":{"x":76,"y":23,"width":117,"height":9}},{"id":"8c8d7c65-1c61-4387-a48f-5b14ae516100","block_type":"box","text":"The securities and other assets in a Fund’s portfolio or, if applicable, its Underlying Index may underperform in","page_number":80,"box":{"x":198,"y":23,"width":706,"height":11}},{"id":"4c1675a6-febc-4114-a648-c86c135cf1b0","block_type":"box","text":"comparison to indexes that track, or assets that represent, other countries or geographic units, industries, markets, market segments, or","page_number":80,"box":{"x":76,"y":37,"width":878,"height":11}},{"id":"effe536c-1dcb-4e9d-83cb-058952c22cfe","block_type":"box","text":"asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in","page_number":80,"box":{"x":76,"y":51,"width":869,"height":11}},{"id":"c94f1ac9-4e58-4c72-8a4c-d53fcaefe835","block_type":"box","text":"comparison to financial markets generally. This divergence may be due to a number of factors including, among other things, inflation,","page_number":80,"box":{"x":76,"y":66,"width":857,"height":11}},{"id":"9feac01b-9ef9-49f4-bef6-8cb995c559ab","block_type":"box","text":"interest rates, productivity, global demand for local products or resources, and regulation and governmental controls. This may cause a Fund","page_number":80,"box":{"x":76,"y":80,"width":900,"height":11}},{"id":"cb4b188e-877c-4dc6-a041-25b2928817a2","block_type":"box","text":"to underperform other investment vehicles that invest in different asset classes.","page_number":80,"box":{"x":76,"y":94,"width":512,"height":11}},{"id":"47d486b3-1fc3-41e4-8d25-31479c7695b0","block_type":"box","text":"Assets Under Management (AUM) Risk.","page_number":80,"box":{"x":76,"y":117,"width":273,"height":11}},{"id":"a731cc19-e47e-458e-9e21-6c35f84d801a","block_type":"box","text":"From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser, an affiliate","page_number":80,"box":{"x":355,"y":117,"width":613,"height":11}},{"id":"fe6023ca-bce4-4b53-b110-08f4ab1e80f8","block_type":"box","text":"of a Fund’s adviser, or another fund may invest in a Fund and hold its investment for a specific period of time to allow the Fund to achieve","page_number":80,"box":{"x":76,"y":131,"width":879,"height":11}},{"id":"68ffc5d8-783d-45b2-bfcb-fd9b0bdf7737","block_type":"box","text":"size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be","page_number":80,"box":{"x":76,"y":146,"width":841,"height":10}},{"id":"7d262ecc-2f1d-4ae8-a9ca-b4e2aaa45b66","block_type":"box","text":"maintained at such levels, which could negatively impact the Fund.","page_number":80,"box":{"x":76,"y":160,"width":426,"height":11}},{"id":"655f87cb-734e-454f-9a97-c8e5e1e0895a","block_type":"box","text":"Australasian Economic Risk.","page_number":80,"box":{"x":76,"y":183,"width":196,"height":8}},{"id":"16ea481e-ef41-490c-9266-a21df5dd46f5","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, depend on exports from the energy,","page_number":80,"box":{"x":277,"y":183,"width":696,"height":11}},{"id":"37d3faa0-9a35-437d-9c1f-4ed6e91f6f0f","block_type":"box","text":"agricultural and mining sectors and, as a result, are susceptible to fluctuations in the commodity markets. These economies also increasingly","page_number":80,"box":{"x":76,"y":197,"width":903,"height":11}},{"id":"48fcbdf0-61e6-4917-8c36-10780e883909","block_type":"box","text":"depend on their growing service industries. The Australasian economies depend on the economies of their key trading partners, which","page_number":80,"box":{"x":76,"y":211,"width":857,"height":11}},{"id":"c7024a54-b2e9-4581-a189-87106511f965","block_type":"box","text":"include China, Japan, South Korea, the U.S. and certain European countries. Reduced spending by any of these trading partners on","page_number":80,"box":{"x":76,"y":226,"width":834,"height":10}},{"id":"2c59716e-e2ff-4e98-ae1f-037379ae46ba","block_type":"box","text":"Australasian products and services, or negative changes in any of these economies, may have an adverse impact on some or all of the","page_number":80,"box":{"x":76,"y":240,"width":858,"height":11}},{"id":"2194035f-dd37-44b0-840c-c3858c28ba3e","block_type":"box","text":"Australasian economies. Economic events in key trading countries can have a significant effect on the Australasian economies.","page_number":80,"box":{"x":76,"y":254,"width":813,"height":11}},{"id":"2c259fa4-b5bb-4abf-ad71-47eca59d1208","block_type":"box","text":"Other risks to Australasian countries include natural disasters that may occur in the region (e.g., droughts, earthquakes, fires, tsunamis) and","page_number":80,"box":{"x":76,"y":277,"width":898,"height":11}},{"id":"baf78703-73e7-4078-b9ea-ec032f6b383c","block_type":"box","text":"national or regional security concerns (e.g., terrorism, war, strained international relations). Any such event may adversely affect the","page_number":80,"box":{"x":76,"y":291,"width":847,"height":11}},{"id":"a47e4d75-fc73-4462-bc54-cdd983b9685a","block_type":"box","text":"Australasian economies, financial markets or issuers of securities, causing an adverse impact on the value of a Fund’s investments.","page_number":80,"box":{"x":76,"y":305,"width":840,"height":11}},{"id":"a4ae059a-1f9b-4fd3-9fd5-f109cf2754bb","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":80,"box":{"x":76,"y":329,"width":296,"height":10}},{"id":"0e2946c7-d029-463b-9c66-ef27b2fd8e90","block_type":"box","text":"Only an Authorized Participant may engage in creation or redemption transactions directly","page_number":80,"box":{"x":378,"y":329,"width":578,"height":10}},{"id":"a586ddcd-9320-4ef4-897a-76e91608020c","block_type":"box","text":"with a Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on","page_number":80,"box":{"x":76,"y":343,"width":894,"height":11}},{"id":"844d8da1-1b03-46f2-9959-d52eea8e30df","block_type":"box","text":"behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent","page_number":80,"box":{"x":76,"y":357,"width":882,"height":11}},{"id":"88d3071d-ace2-4ad1-b7a0-194a46b62a9c","block_type":"box","text":"that Authorized Participants exit the business or do not place creation or redemption orders for a Fund and no other Authorized Participant","page_number":80,"box":{"x":76,"y":371,"width":888,"height":11}},{"id":"63ee476f-822c-49f7-8f79-60141d84c7b7","block_type":"box","text":"places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized","page_number":80,"box":{"x":76,"y":385,"width":889,"height":11}},{"id":"f18b83cb-d19a-4cca-af40-f7eee6b78792","block_type":"box","text":"Participant concentration risk may be heightened for a Fund that invests in securities issued by non-U.S. issuers or instruments with lower","page_number":80,"box":{"x":77,"y":400,"width":885,"height":10}},{"id":"7dfa6379-250b-4b1a-9ebb-710247d0a843","block_type":"box","text":"trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants,","page_number":80,"box":{"x":76,"y":414,"width":893,"height":11}},{"id":"5f32c7b4-3d59-4111-a979-30fae69fc994","block_type":"box","text":"which may limit the number of Authorized Participants that engage with the Fund.","page_number":80,"box":{"x":76,"y":428,"width":521,"height":11}},{"id":"a2392d67-7fd5-460a-a864-86575591c03f","block_type":"box","text":"Borrowing Risk.","page_number":80,"box":{"x":77,"y":451,"width":108,"height":11}},{"id":"feab9368-4e80-4894-8327-9c71af99080a","block_type":"box","text":"Borrowing may exaggerate changes in a Fund’s NAV and in the return on its portfolio. A Fund that borrows will incur","page_number":80,"box":{"x":191,"y":451,"width":739,"height":11}},{"id":"7002fb0d-ec9b-4c27-b455-094e596a224b","block_type":"box","text":"interest expenses and other fees, which may reduce the Fund’s return. Borrowing may also cause a Fund to liquidate positions when it may","page_number":80,"box":{"x":76,"y":465,"width":890,"height":11}},{"id":"e3854b62-8fd8-4033-b7c2-7215dc9ab684","block_type":"box","text":"not be advantageous to do so to satisfy its obligations.","page_number":80,"box":{"x":76,"y":479,"width":348,"height":11}},{"id":"088b2c42-b06e-460b-97cf-edcc93154c06","block_type":"box","text":"Central and South American Economic Risk.","page_number":80,"box":{"x":76,"y":503,"width":305,"height":8}},{"id":"cbcd5883-dff6-4c67-8db5-0db8084265cf","block_type":"box","text":"Certain Central and South American countries have experienced high interest rates,","page_number":80,"box":{"x":386,"y":503,"width":537,"height":11}},{"id":"c65a63b4-657f-46f4-bc2f-e5d770fc98ef","block_type":"box","text":"economic volatility, high levels of inflation, currency devaluations, regime changes, government defaults and high unemployment rates.","page_number":80,"box":{"x":76,"y":517,"width":864,"height":11}},{"id":"7dc0260b-40a6-4257-b87f-aab8a78d6472","block_type":"box","text":"Additionally, commodities such as oil and gas, minerals and metals represent a significant percentage of the region’s exports, and the","page_number":80,"box":{"x":76,"y":531,"width":855,"height":11}},{"id":"ffb429ca-78ef-4e60-bc21-46a377c84d7e","block_type":"box","text":"economies of countries in the region are particularly sensitive to fluctuations in commodity prices as a result. Central and South American","page_number":80,"box":{"x":76,"y":545,"width":884,"height":11}},{"id":"d196597f-e046-464a-840d-f515d4f692ad","block_type":"box","text":"countries depend on the economies of their key trading partners, which include China, the U.S., other countries in the region and certain","page_number":80,"box":{"x":76,"y":559,"width":873,"height":11}},{"id":"f8d07d9e-2c38-43c7-b334-a471c08bf88e","block_type":"box","text":"European countries. Reduced spending by any of these trading partners on products and services, or negative changes in any of these","page_number":80,"box":{"x":77,"y":574,"width":857,"height":10}},{"id":"6c4fb091-78c3-43e2-8cb3-0bb503b036e4","block_type":"box","text":"economies, may have an adverse impact on some or all of the economies in the region. The impact of any of the foregoing events in one","page_number":80,"box":{"x":76,"y":588,"width":870,"height":11}},{"id":"ccd7edc7-b0cf-4b82-926a-ff4a37da77f3","block_type":"box","text":"country could have a significant effect on the entire region.","page_number":80,"box":{"x":76,"y":602,"width":377,"height":11}},{"id":"72654875-0db5-4b5a-8509-7dcd8c19b337","block_type":"box","text":"Other risks to Central and South American countries include natural disasters that may occur in the region (e.g., floods, hurricanes,","page_number":80,"box":{"x":76,"y":625,"width":839,"height":11}},{"id":"4bc6ca91-2646-442c-be31-ffb196a7db33","block_type":"box","text":"earthquakes) and national or regional security concerns (e.g., terrorism, war, strained international relations). Any such event may adversely","page_number":80,"box":{"x":76,"y":639,"width":898,"height":11}},{"id":"6b793423-2af1-402b-9628-384581deb47f","block_type":"box","text":"affect Central and South American economies, financial markets or issuers of securities, causing an adverse impact on the value of a Fund’s","page_number":80,"box":{"x":76,"y":654,"width":896,"height":10}},{"id":"ba9c567a-23e6-4688-a224-a75b549de35a","block_type":"box","text":"investments.","page_number":80,"box":{"x":76,"y":668,"width":81,"height":8}},{"id":"6c66b802-2cc2-41d0-8d2e-ebe74381bed6","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":80,"box":{"x":76,"y":691,"width":336,"height":8}},{"id":"d8f48333-90ad-44b7-b402-d247763d36c1","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":80,"box":{"x":418,"y":691,"width":562,"height":11}},{"id":"4c5b4536-8b1c-4fe2-b3c6-d46f8c2f5ad8","block_type":"box","text":"of U.S. or foreign global systemically important banking organizations to include contractual restrictions on close-out and cross-default in","page_number":80,"box":{"x":76,"y":705,"width":880,"height":11}},{"id":"53a62e26-5da0-42ee-9c34-a892a4ef71fc","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":80,"box":{"x":76,"y":719,"width":881,"height":11}},{"id":"e63b7521-90be-44ba-a1f0-ce7fe018018e","block_type":"box","text":"and other derivatives as well as repurchase agreements and securities lending agreements. The restrictions prevent a Fund from closing out","page_number":80,"box":{"x":76,"y":733,"width":896,"height":11}},{"id":"048e5dfe-c6c2-4267-b229-59b1bac98b40","block_type":"box","text":"a qualified financial contract during a specified time period if the counterparty is subject to resolution proceedings and also prohibit a Fund","page_number":80,"box":{"x":76,"y":748,"width":889,"height":10}},{"id":"7dc0cbfe-76e7-412c-8631-ca2dbd085c68","block_type":"box","text":"from exercising default rights due to a receivership or similar proceeding of an affiliate of the counterparty. These requirements may increase","page_number":80,"box":{"x":76,"y":762,"width":903,"height":11}},{"id":"c20f9139-be81-4ed3-8c08-fd9a8a22aca6","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":80,"box":{"x":76,"y":776,"width":231,"height":8}},{"id":"f95933e8-cf3d-4db3-b7d8-013546a0686c","block_type":"box","text":"Commodity Risk.","page_number":80,"box":{"x":76,"y":799,"width":117,"height":11}},{"id":"ebd39178-3d50-44ea-9d4b-21f56fc4caf8","block_type":"box","text":"Commodity prices may be influenced or characterized by unpredictable factors, including, where applicable, high","page_number":80,"box":{"x":198,"y":799,"width":723,"height":11}},{"id":"b7a07d5e-3cf1-4697-b3aa-56540a3142a3","block_type":"box","text":"volatility, changes in supply and demand relationships, weather, agriculture, trade, pestilence, political instability, war, catastrophic even","page_number":80,"box":{"x":76,"y":813,"width":873,"height":11}},{"id":"f7ca016e-1679-49f0-b173-630eed055c30","block_type":"box","text":"ts,","page_number":80,"box":{"x":951,"y":814,"width":14,"height":10}},{"id":"90bec1d9-b3e5-4bda-98bf-630a1a9203d1","block_type":"box","text":"changes in interest rates and monetary and other governmental policies, action and inaction, including price changes due to trade relations.","page_number":80,"box":{"x":76,"y":828,"width":895,"height":10}},{"id":"e818f01c-b897-49d2-b206-4e988a80cb87","block_type":"box","text":"Securities of companies that are dependent on a single commodity, or are concentrated in a single commodity sector, may typically exhibit","page_number":80,"box":{"x":76,"y":842,"width":890,"height":11}},{"id":"82dc3c99-ea01-4977-939b-98abde6fa871","block_type":"box","text":"even higher volatility attributable to commodity prices.","page_number":80,"box":{"x":76,"y":856,"width":349,"height":11}},{"id":"c66d1527-2dde-4754-9cbf-89e7c35534cb","block_type":"box","text":"8","page_number":80,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"43842975-9f70-46e4-8f83-1b136b1e14f7","block_type":"box","text":"Communications Companies Risk.","page_number":81,"box":{"x":76,"y":23,"width":236,"height":11}},{"id":"8b80e3e8-677a-4880-8e3f-bedd25f1af91","block_type":"box","text":"Communications companies may face rapid product obsolescence as well as unexpected risks and","page_number":81,"box":{"x":317,"y":23,"width":633,"height":11}},{"id":"31b1827a-b162-491c-b325-8c3e5c5d1eaf","block_type":"box","text":"costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial","page_number":81,"box":{"x":76,"y":37,"width":863,"height":11}},{"id":"769b8ec1-89ea-471d-a2fa-cf8f431075af","block_type":"box","text":"intelligence and machine learning. These companies may need to commit substantial capital to integrate new technologies and develop new","page_number":81,"box":{"x":76,"y":52,"width":897,"height":10}},{"id":"c4fc1c06-a4d0-4059-bb13-7284872c9db6","block_type":"box","text":"products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their","page_number":81,"box":{"x":76,"y":66,"width":868,"height":11}},{"id":"4e85e462-a0df-4e91-af19-60d1f4bbfa57","block_type":"box","text":"business. Cybersecurity and data privacy risks may be heightened for communications companies, and a theft of proprietary or consumer","page_number":81,"box":{"x":76,"y":80,"width":881,"height":11}},{"id":"9f6c9f3c-747e-4e7d-ae13-b8ca7686881c","block_type":"box","text":"information or disruptions in service could have a material adverse effect on their operations and reputation.","page_number":81,"box":{"x":76,"y":94,"width":694,"height":11}},{"id":"d2659434-1f6f-466e-ae0c-d4577e80c6a9","block_type":"box","text":"Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of","page_number":81,"box":{"x":76,"y":117,"width":880,"height":11}},{"id":"5acf630d-579e-4b07-a411-50ec62d5e89c","block_type":"box","text":"complying with regulations and seeking required approvals, as well as potential delays or denials, may adversely affect their business. These","page_number":81,"box":{"x":76,"y":131,"width":897,"height":11}},{"id":"f471b24c-033e-42dc-9b31-a7189eca47af","block_type":"box","text":"companies may face increased government scrutiny and may be subject to adverse government or legal action. They depend significantly on","page_number":81,"box":{"x":76,"y":146,"width":898,"height":10}},{"id":"fdff1276-58ea-43ee-a047-1e9d962358fe","block_type":"box","text":"patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their profitability.","page_number":81,"box":{"x":76,"y":160,"width":805,"height":11}},{"id":"0361f7e3-4163-4b66-b6cb-49b66ce59864","block_type":"box","text":"Concentration Risk.","page_number":81,"box":{"x":76,"y":183,"width":136,"height":8}},{"id":"e954c9bf-eaed-4e16-ad48-f77f5c269b49","block_type":"box","text":"A Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s","page_number":81,"box":{"x":217,"y":183,"width":744,"height":11}},{"id":"b8c26e18-5c24-4a41-a1cb-e1b498b9cb38","block_type":"box","text":"investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of","page_number":81,"box":{"x":76,"y":197,"width":903,"height":10}},{"id":"6bd658d0-5915-4154-9edc-f83ba9978ca2","block_type":"box","text":"one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes. A Fund with investment","page_number":81,"box":{"x":76,"y":211,"width":853,"height":11}},{"id":"a8ddbab0-cd74-4fc4-9582-7fc6d48d87e3","block_type":"box","text":"concentration may be more adversely affected by the underperformance of those assets, may experience greater price volatility and may be","page_number":81,"box":{"x":76,"y":226,"width":897,"height":10}},{"id":"0b3bc148-eba6-42c9-adf7-0ee5c7c6545b","block_type":"box","text":"more susceptible to adverse economic, market, political or regulatory impacts on those assets compared to a fund that does not concentrate","page_number":81,"box":{"x":76,"y":240,"width":905,"height":11}},{"id":"1ab1f166-6448-4129-95e2-14614969047c","block_type":"box","text":"its investments.","page_number":81,"box":{"x":76,"y":254,"width":100,"height":8}},{"id":"101b3604-0b2d-4f0b-aa75-bff838c4df1e","block_type":"box","text":"Consumer Goods and Services Com","page_number":81,"box":{"x":76,"y":277,"width":247,"height":9}},{"id":"97bd0760-eb33-4d33-81c7-6786b15f3ccc","block_type":"box","text":"panies Risk.","page_number":81,"box":{"x":325,"y":277,"width":83,"height":11}},{"id":"31846dee-0dd6-4d6d-b056-6f98e8a69daf","block_type":"box","text":"Many consumer goods and services companies (“consumer companies”) rely heavily on","page_number":81,"box":{"x":414,"y":277,"width":561,"height":11}},{"id":"97579aef-d2c8-481b-a47f-90802dcdf8d7","block_type":"box","text":"disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and","page_number":81,"box":{"x":76,"y":291,"width":897,"height":11}},{"id":"954311e7-ea82-4d03-b7c0-ee6e580b0d20","block_type":"box","text":"other factors affecting consumer preferences and demand. In addition, damage to a brand or a reputation crisis can have a substantial","page_number":81,"box":{"x":76,"y":305,"width":860,"height":11}},{"id":"1f61bd76-f4a3-4002-a05d-e684df1abd3b","block_type":"box","text":"adverse impact on consumer companies.","page_number":81,"box":{"x":76,"y":320,"width":262,"height":10}},{"id":"12386985-da94-41e6-8337-a0049530a0e0","block_type":"box","text":"Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall","page_number":81,"box":{"x":76,"y":343,"width":849,"height":11}},{"id":"506225b4-62a1-4280-af08-1505ed8f6d0d","block_type":"box","text":"economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related","page_number":81,"box":{"x":76,"y":357,"width":883,"height":11}},{"id":"d7e782a3-8a93-40b0-a3e0-97861c68365f","block_type":"box","text":"compliance costs, and consumer companies also face the risk of product liability claims. Consumer companies also may be adversely","page_number":81,"box":{"x":76,"y":371,"width":856,"height":11}},{"id":"874adadc-bb51-49c5-a969-a1dbae5a054d","block_type":"box","text":"affected by volatility in commodity prices, supply chain disruptions and labor shortages.","page_number":81,"box":{"x":76,"y":385,"width":561,"height":11}},{"id":"e8b34862-5acd-49ec-b409-68e7b3b8f1a2","block_type":"box","text":"Currency Risk.","page_number":81,"box":{"x":76,"y":409,"width":100,"height":10}},{"id":"2ecad36e-ed90-47e3-b18a-d586b073ccef","block_type":"box","text":"Because each Fund’s NAV is determined on the basis of the U.S. dollar, investors may lose money if the currency of a non","page_number":81,"box":{"x":182,"y":409,"width":782,"height":10}},{"id":"72b5a17e-f80d-4dfd-93d4-c8ae71e20aaa","block_type":"box","text":"U.S. market in which a Fund invests depreciates against the U.S. dollar or if there are delays or limits on repatriation of foreign currency,","page_number":81,"box":{"x":77,"y":423,"width":871,"height":11}},{"id":"d575aba8-62ab-464a-b192-c1970093c46e","block_type":"box","text":"even if the foreign currency value of the Fund’s holdings in that market increases. Currency exchange rates can be very volatile and can","page_number":81,"box":{"x":76,"y":437,"width":867,"height":11}},{"id":"01e35c92-ce3b-47d9-a366-330fd7e13768","block_type":"box","text":"change quickly and unpredictably. As a result, a Fund’s NAV may change quickly and without warning. In addition, a Fund may incur costs in","page_number":81,"box":{"x":76,"y":451,"width":892,"height":11}},{"id":"394553c0-1ced-4f4d-8c60-ef900bdbcde2","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":81,"box":{"x":76,"y":465,"width":470,"height":11}},{"id":"2eebe442-b94a-438a-9c2f-0bbf78c1b2ed","block_type":"box","text":"Custody Risk.","page_number":81,"box":{"x":76,"y":489,"width":94,"height":10}},{"id":"c716ed0e-abed-4047-9f05-5a8013b53012","block_type":"box","text":"Custody risk refers to the risks in the process of clearing and settling trades, as well as the holding of securities and other","page_number":81,"box":{"x":175,"y":489,"width":780,"height":10}},{"id":"9a90f5bc-4a07-42e5-87d8-9f1c95da254a","block_type":"box","text":"assets by local banks, agents and depositories. These risks are heightened in jurisdictions with less developed markets or less robust","page_number":81,"box":{"x":76,"y":503,"width":853,"height":11}},{"id":"d0ba80d9-de10-42f3-ab38-67bbd30ec4f8","block_type":"box","text":"settlement and custody infrastructure and processes, and they may result in losses or delays in payments, delivery or recovery of money or","page_number":81,"box":{"x":76,"y":517,"width":893,"height":11}},{"id":"74bd8fcc-2713-48de-bc87-8b5153ccaa78","block_type":"box","text":"other assets. Low trading volumes and volatile prices in less developed markets may make trades harder to complete and settle.","page_number":81,"box":{"x":76,"y":531,"width":822,"height":11}},{"id":"3b0489eb-d37e-4004-9d9d-152b79ca3cbe","block_type":"box","text":"Governments or trade groups may compel local agents to hold securities and other assets in designated depositories that may not be subject","page_number":81,"box":{"x":76,"y":545,"width":905,"height":11}},{"id":"b7cca29c-c62c-49b7-b4ff-4c5d5b3001e1","block_type":"box","text":"to independent evaluation. Local agents are held only to the standards of care of their local markets. In general, the less developed a","page_number":81,"box":{"x":76,"y":559,"width":850,"height":11}},{"id":"c8c0e31e-eed8-4b55-955f-3815b7d5559d","block_type":"box","text":"country’s securities markets are, the higher the degree of custody risk.","page_number":81,"box":{"x":76,"y":574,"width":453,"height":10}},{"id":"1e14d57e-021e-48ab-be5f-df8711a080ad","block_type":"box","text":"Equity Securities Risk.","page_number":81,"box":{"x":77,"y":597,"width":154,"height":11}},{"id":"195f1fa6-e2a2-49e9-9f47-a508113af017","block_type":"box","text":"Equity securities are subject to changes in value due to general market or economic conditions, perceptions about","page_number":81,"box":{"x":237,"y":597,"width":732,"height":11}},{"id":"a30d988f-2669-4c1d-9cfb-38af5a543248","block_type":"box","text":"the markets in which issuers participate or a number of factors relating to a specific issuer. Investments in equity securities may be more","page_number":81,"box":{"x":76,"y":611,"width":877,"height":11}},{"id":"3839bb19-178b-4189-883b-aabf71eb0de7","block_type":"box","text":"volatile than investments in other asset classes. Equity securities (both common and preferred stock) are subordinated to debt securities in a","page_number":81,"box":{"x":76,"y":625,"width":905,"height":11}},{"id":"addc2875-28a7-4aca-b46f-8e1a47c9ebe2","block_type":"box","text":"company’s capital structure, and so equity holders are generally subject to more risks, particularly in the event of an issuer’s bankruptcy.","page_number":81,"box":{"x":76,"y":639,"width":875,"height":11}},{"id":"97eca9dc-ceba-46bf-9906-fb07a47c2ffb","block_type":"box","text":"Common stock has the lowest priority and the greatest risks, including with respect to dividends and any liquidation payments.","page_number":81,"box":{"x":76,"y":654,"width":812,"height":10}},{"id":"cba95660-de82-464c-b9a4-f7135b684179","block_type":"box","text":"ESG Risk.","page_number":81,"box":{"x":77,"y":677,"width":64,"height":8}},{"id":"969dc330-6694-4b5a-a911-169248adb7cb","block_type":"box","text":"To the extent that a Fund’s Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the types and","page_number":81,"box":{"x":146,"y":677,"width":836,"height":11}},{"id":"41e33cdb-3a01-4fe7-af1c-31afb8010e49","block_type":"box","text":"number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds whose underlying index","page_number":81,"box":{"x":76,"y":691,"width":888,"height":11}},{"id":"587a3ee3-e4b4-4d7c-a944-57cc8bedb425","block_type":"box","text":"does not use ESG criteria. An Underlying Index’s use of ESG criteria may result in a Fund investing in, or allocating greater weight to,","page_number":81,"box":{"x":76,"y":705,"width":846,"height":11}},{"id":"9944b9d4-1f06-4918-b2ec-8a5a1c110c17","block_type":"box","text":"securities or market sectors that underperform the market as a whole or underperform other funds that use ESG criteria. In addition, the use","page_number":81,"box":{"x":76,"y":719,"width":901,"height":11}},{"id":"9aff56dc-23fa-4e3a-9eab-aac971a3bb07","block_type":"box","text":"of representative sampling may result in the divergence of a Fund’s overall ESG characteristics or ESG risk from those of the Underlying","page_number":81,"box":{"x":76,"y":733,"width":869,"height":11}},{"id":"b339aba3-2d84-4738-aab6-72bb5cbebe5f","block_type":"box","text":"Index.","page_number":81,"box":{"x":77,"y":748,"width":36,"height":8}},{"id":"8b6b7d58-c05d-4207-8a5d-1e8ce38a0162","block_type":"box","text":"An Index Provider evaluates securities for inclusion and/or weighting in such an Underlying Index based on ESG criteria and data provided by","page_number":81,"box":{"x":76,"y":771,"width":903,"height":11}},{"id":"d6120cf9-28e8-408b-b071-9b3895d16c4f","block_type":"box","text":"the Index Provider or third parties. The Index Provider’s evaluation of securities’ ESG characteristics depends on these criteria and data,","page_number":81,"box":{"x":76,"y":785,"width":869,"height":11}},{"id":"77d38ff3-1c29-4baf-85db-9027d7f41b1d","block_type":"box","text":"which may vary by index provider, and no assurance can be given that they will be complete, accurate or current. In addition, an Index","page_number":81,"box":{"x":76,"y":799,"width":857,"height":11}},{"id":"96c2b488-8917-4b41-9b76-9a3e721b65d8","block_type":"box","text":"Provider may evaluate security-level ESG data (including ratings) and, if applicable, ESG objectives or constraints that are relevant to an","page_number":81,"box":{"x":77,"y":813,"width":867,"height":11}},{"id":"e0f97951-09ea-420d-ab0b-ba4e12378dab","block_type":"box","text":"Underlying Index only at index reviews or rebalances. Securities included in an Underlying Index may cease to meet the relevant ESG criteria","page_number":81,"box":{"x":77,"y":828,"width":898,"height":10}},{"id":"5df4dc84-dae5-41e3-bd09-6086120ef9eb","block_type":"box","text":"but may nevertheless remain in the Underlying Index and in the Fund using the Underlying Index until the next review or rebalance by the","page_number":81,"box":{"x":76,"y":842,"width":875,"height":11}},{"id":"2355638a-aa10-4b15-abba-39b29cfe0165","block_type":"box","text":"Index Provider. As a result, certain securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG","page_number":81,"box":{"x":77,"y":856,"width":871,"height":11}},{"id":"155fd6ea-45b0-4eb6-afa4-2e42eea4b098","block_type":"box","text":"objectives or constraints at all times. If the ESG assessment of a security in an Underlying Index or a Fund changes, neither the Fund nor BFA","page_number":81,"box":{"x":76,"y":870,"width":903,"height":11}},{"id":"c12b52a4-4535-4cc6-a1e7-ee3e9496a53a","block_type":"box","text":"accepts any liability in relation to such change. BFA does not monitor securities in an Underlying Index with respect to ESG objectives or","page_number":81,"box":{"x":76,"y":884,"width":872,"height":11}},{"id":"56a9fa19-2dd9-4864-9c48-62364c00a0cd","block_type":"box","text":"9","page_number":81,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"3ee7cca5-4667-45ef-ad51-85805125708d","block_type":"box","text":"constraints applied by the Index Provider and is not responsible for changes to the ESG assessment of a security in an Underlying Index","page_number":82,"box":{"x":76,"y":23,"width":868,"height":11}},{"id":"d25529ec-99a5-457b-8227-b63a81a5f4b0","block_type":"box","text":"between rebalances. In addition, BFA does not assess the validity of an Index Provider’s evaluation of the ESG characteristics of securities or","page_number":82,"box":{"x":76,"y":37,"width":900,"height":11}},{"id":"40e10f87-d49f-4e74-89b5-512c429a38ee","block_type":"box","text":"the criteria and data used in such evaluation.","page_number":82,"box":{"x":76,"y":52,"width":286,"height":8}},{"id":"eec088a9-9532-4ff0-a8e1-c759703564eb","block_type":"box","text":"The impacts of risks related to ESG investing are likely to change over time, and new ESG risks may be identified as further data and","page_number":82,"box":{"x":76,"y":75,"width":844,"height":11}},{"id":"a65a4f4a-ffe6-486f-89b5-7818a80932a7","block_type":"box","text":"information regarding ESG factors and impacts become available. In addition, methodologies for ESG investing continue to develop, and the","page_number":82,"box":{"x":76,"y":89,"width":895,"height":11}},{"id":"78964795-2d58-4751-8fac-a2ef766663ca","block_type":"box","text":"ESG methodology applied by an Index Provider may change over time.","page_number":82,"box":{"x":77,"y":103,"width":446,"height":11}},{"id":"1e82911d-0f17-4f4b-a8ca-41ec1b82ebef","block_type":"box","text":"European Economic Risk.","page_number":82,"box":{"x":77,"y":126,"width":174,"height":11}},{"id":"31f893e1-e840-43a0-80f8-2287fb1e69a5","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the EU requires compliance by member states that are","page_number":82,"box":{"x":256,"y":126,"width":704,"height":11}},{"id":"4ef232b3-e372-461d-8897-0f810a3fa998","block_type":"box","text":"members of the eurozone with restrictions on inflation rates, deficits, interest rates and debt levels, as well as fiscal and monetary controls,","page_number":82,"box":{"x":76,"y":140,"width":893,"height":11}},{"id":"2b694188-a38c-4299-a67a-fac7aaff2b0b","block_type":"box","text":"each of which may significantly affect every country in Europe, including those countries that are not members of the eurozone. Additionally,","page_number":82,"box":{"x":76,"y":155,"width":899,"height":10}},{"id":"580d2659-7eff-4a34-bcdf-c15fb14103e5","block_type":"box","text":"European countries outside of the eurozone may present economic risks that are independent of the indirect effects that eurozone policies","page_number":82,"box":{"x":77,"y":169,"width":888,"height":11}},{"id":"bf07e3fc-6fc8-4d69-95ff-12975ff4f811","block_type":"box","text":"have on them. In particular, the U.K.’s economy may be affected by global economic, industrial and financial shifts. Changes in imports or","page_number":82,"box":{"x":77,"y":183,"width":879,"height":11}},{"id":"23af0b25-058e-4794-bab4-37b200415d67","block_type":"box","text":"exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro (the common currency of eurozone","page_number":82,"box":{"x":76,"y":197,"width":887,"height":11}},{"id":"81984038-56f4-4369-81ee-6a768b742ff8","block_type":"box","text":"countries), the default or threat of default by an EU member state on its sovereign debt and/or an economic recession in an EU member","page_number":82,"box":{"x":76,"y":211,"width":874,"height":11}},{"id":"4bce120d-d5fa-4b1d-9876-aebdce031771","block_type":"box","text":"state may have a significant adverse effect on the economies of other EU member states and their trading partners. The European financial","page_number":82,"box":{"x":76,"y":226,"width":889,"height":10}},{"id":"cbd05f8c-a94f-4007-bf04-22d3a9af7a8c","block_type":"box","text":"markets have historically experienced volatility and adverse trends due to concerns about economic downturns or government debt levels in","page_number":82,"box":{"x":76,"y":240,"width":899,"height":11}},{"id":"c9efacc0-61d6-4811-8263-c013f1ee480c","block_type":"box","text":"several European countries, including, but not limited to, Austria, Belgium, Cyprus, France, Greece, Ireland, Italy, Portugal, Spain and Ukraine.","page_number":82,"box":{"x":76,"y":254,"width":904,"height":11}},{"id":"c4ebb4ab-fc20-4a1e-a670-33d02fb79be6","block_type":"box","text":"These events have affected and may in the future adversely affect the exchange rate of the euro and may significantly affect European","page_number":82,"box":{"x":76,"y":268,"width":857,"height":11}},{"id":"76ae216a-200e-4ede-bccc-38b2c326f676","block_type":"box","text":"countries.","page_number":82,"box":{"x":76,"y":282,"width":63,"height":9}},{"id":"8c55dcaa-9bae-4a4a-a46a-b98f8744cdaf","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":82,"box":{"x":77,"y":305,"width":878,"height":11}},{"id":"2e15445c-ac55-45cd-afae-9a7f91af1879","block_type":"box","text":"produce the desired results, may result in social unrest, may limit future growth and economic recovery or may have other unintended","page_number":82,"box":{"x":76,"y":320,"width":858,"height":10}},{"id":"eaaa2cba-638a-4a28-b1bf-204e413db97c","block_type":"box","text":"consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":82,"box":{"x":76,"y":334,"width":882,"height":11}},{"id":"9203c217-390b-4435-8178-3bc94f20b6c4","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the euro and/or","page_number":82,"box":{"x":76,"y":348,"width":859,"height":11}},{"id":"4a0e3797-3976-41f2-af5c-5007e619673b","block_type":"box","text":"withdraw from the EU. The U.K. left the EU (“Brexit”) on January 31, 2020. Brexit could adversely affect European or worldwide political,","page_number":82,"box":{"x":76,"y":362,"width":866,"height":11}},{"id":"9a8881c0-a355-4d42-9185-cf73e1e21da7","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":82,"box":{"x":77,"y":376,"width":894,"height":11}},{"id":"82e5b309-071e-4a01-bfb7-3fbb822e620e","block_type":"box","text":"l","page_number":82,"box":{"x":973,"y":376,"width":1,"height":9}},{"id":"d3f24ef3-2385-4b71-9027-9a131fd70781","block_type":"box","text":"markets.","page_number":82,"box":{"x":76,"y":391,"width":55,"height":8}},{"id":"1a0afa13-a9ce-432a-bf87-c3fb9fb1d249","block_type":"box","text":"The national politics of countries in Europe have been unpredictable and subject to influence by disruptive political groups and ideologies,","page_number":82,"box":{"x":76,"y":414,"width":880,"height":11}},{"id":"f1d56fac-ee61-482d-8743-e3f39000e38f","block_type":"box","text":"including, for example, secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":82,"box":{"x":76,"y":428,"width":896,"height":11}},{"id":"4a2ad346-03e0-4cdd-b938-3060bf398537","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":82,"box":{"x":76,"y":442,"width":845,"height":11}},{"id":"97d674ad-61a2-48ed-890b-773674a3be3c","block_type":"box","text":"investment losses. The occurrence of terrorist incidents throughout Europe or war in the region could also impact financial markets. The","page_number":82,"box":{"x":76,"y":456,"width":871,"height":11}},{"id":"1b74bb7a-347e-4ee5-ba39-290907df6abb","block_type":"box","text":"impact of these events is not clear but could be significant and far-reaching and could adversely affect the value and liquidity of a Fund’s","page_number":82,"box":{"x":76,"y":470,"width":872,"height":11}},{"id":"6b04262d-a462-49bc-8ca3-7ffb71929253","block_type":"box","text":"investments.","page_number":82,"box":{"x":76,"y":485,"width":81,"height":8}},{"id":"d1d27c7d-f204-4df1-ac53-6fcfd60e15ca","block_type":"box","text":"Russian Invasion of Ukraine","page_number":82,"box":{"x":76,"y":508,"width":172,"height":8}},{"id":"335207f6-f1ea-4f1e-8677-a9ae1db1be2c","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military","page_number":82,"box":{"x":250,"y":508,"width":720,"height":11}},{"id":"4d51129d-9dd7-470e-a244-0ae0ac122d9c","block_type":"box","text":"action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against","page_number":82,"box":{"x":76,"y":522,"width":893,"height":11}},{"id":"76505178-93be-4aaf-9f8c-4098664898f3","block_type":"box","text":"the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or other actions (including","page_number":82,"box":{"x":76,"y":536,"width":887,"height":11}},{"id":"f193f350-9721-4965-9de5-4110a55485ea","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":82,"box":{"x":76,"y":550,"width":886,"height":11}},{"id":"436697db-f4b5-46e7-a37d-d183eca1d101","block_type":"box","text":"boycotts or changes in consumer or purchaser preferences, sanctions, import and export restrictions, tariffs or cyberattacks on the Russian","page_number":82,"box":{"x":76,"y":565,"width":894,"height":10}},{"id":"d7e9c9e1-0bd7-46fc-9657-97ab4ba8166b","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":82,"box":{"x":76,"y":579,"width":891,"height":11}},{"id":"671c6a8d-be3d-43fe-87ec-cbcee3062706","block_type":"box","text":"which a Fund invests, or the economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact","page_number":82,"box":{"x":76,"y":593,"width":885,"height":11}},{"id":"21c39693-cbd4-4177-a3e3-c309319a6d7c","block_type":"box","text":"the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":82,"box":{"x":76,"y":607,"width":892,"height":11}},{"id":"c7cc5682-6aba-4d8b-9098-ab0415a2b384","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":82,"box":{"x":77,"y":621,"width":431,"height":11}},{"id":"0ea1d0de-30e7-479e-91a6-5040d85033e4","block_type":"box","text":"Financial Companies Risk.","page_number":82,"box":{"x":77,"y":644,"width":180,"height":11}},{"id":"34b31349-d6c4-4f65-8a30-0b701b2a0116","block_type":"box","text":"Financial services companies are subject to extensive governmental regulation and intervention, which may","page_number":82,"box":{"x":263,"y":645,"width":689,"height":10}},{"id":"8fa51a15-c0c3-461a-afac-e90a8b524706","block_type":"box","text":"change frequently and may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital","page_number":82,"box":{"x":76,"y":659,"width":892,"height":11}},{"id":"d14a3743-8d8b-4d30-96e6-26fbba05832f","block_type":"box","text":"and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by,","page_number":82,"box":{"x":76,"y":673,"width":891,"height":11}},{"id":"291b67f2-29ee-4ce7-a649-180401385199","block_type":"box","text":"among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration.","page_number":82,"box":{"x":76,"y":687,"width":888,"height":11}},{"id":"6cd83eb3-541b-43a2-8ff7-1790dad7d086","block_type":"box","text":"Increased risk-taking by financial companies may result in greater overall risk in the global financial sector. Certain events may cause an","page_number":82,"box":{"x":77,"y":701,"width":870,"height":11}},{"id":"7ca40344-84a6-4d6c-bdbf-a006e81688e7","block_type":"box","text":"unusually high degree of volatility in financial markets and pose the risk of large losses for financial services companies.","page_number":82,"box":{"x":77,"y":715,"width":766,"height":11}},{"id":"311e17cc-2809-4022-8553-c3891fa5786b","block_type":"box","text":"Financial companies frequently operate with substantial financial leverage and are exposed directly to the credit risk of their borrowers and","page_number":82,"box":{"x":77,"y":739,"width":890,"height":10}},{"id":"7b337db6-aacc-490b-829f-04f680ce802d","block_type":"box","text":"counterparties, which also may be leveraged to an unknown degree. Financial companies may have significant exposure to the same","page_number":82,"box":{"x":76,"y":753,"width":848,"height":11}},{"id":"ea8d616a-8b8f-4696-9225-5af82e5e7e0b","block_type":"box","text":"borrowers and counterparties; as a result, a borrower’s or counterparty’s inability to meet its obligations to one company may affect other","page_number":82,"box":{"x":76,"y":767,"width":884,"height":11}},{"id":"9ecc7e93-310b-4427-80c6-c074171d208b","block_type":"box","text":"financial companies with exposure to the same borrower or counterparty. This interconnectedness of risk may result in significant negative","page_number":82,"box":{"x":76,"y":781,"width":889,"height":11}},{"id":"11a329e1-4762-4bb9-884f-ae5177d3a745","block_type":"box","text":"impacts to companies with direct exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the","page_number":82,"box":{"x":76,"y":795,"width":856,"height":11}},{"id":"d56e7de5-eee2-4111-9bb5-0206cdb6be52","block_type":"box","text":"financial sector generally.","page_number":82,"box":{"x":76,"y":809,"width":162,"height":11}},{"id":"242d6211-5ae6-43ad-b182-85c52bd302f4","block_type":"box","text":"Geographic and Security Risks.","page_number":82,"box":{"x":76,"y":833,"width":216,"height":11}},{"id":"cf684a88-3b71-4a35-9cb4-ee11ef0b9ee3","block_type":"box","text":"Issuers in a Fund’s portfolio may be located in, or otherwise connected to, parts of the world affected by","page_number":82,"box":{"x":298,"y":833,"width":668,"height":11}},{"id":"1d674ee5-1149-4963-a36b-59c61cefb49a","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":82,"box":{"x":76,"y":847,"width":885,"height":11}},{"id":"8e6fc1b4-c554-46a9-b18b-adecd7067c3e","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other types of conflict,","page_number":82,"box":{"x":76,"y":861,"width":840,"height":11}},{"id":"d8ae638c-6c35-4fc6-9099-02216a51d42e","block_type":"box","text":"10","page_number":82,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"5700a85f-f255-4ff2-8b2a-959227f171d5","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":83,"box":{"x":76,"y":23,"width":845,"height":11}},{"id":"7d7c848a-1189-4409-a628-73877d41973a","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":83,"box":{"x":76,"y":37,"width":570,"height":11}},{"id":"8bd0c093-3856-46ea-9f74-32815f7ffeab","block_type":"box","text":"Growth Securities Risk.","page_number":83,"box":{"x":76,"y":61,"width":162,"height":8}},{"id":"a75a6c50-e37c-42d3-9a16-33540ce8f7af","block_type":"box","text":"Growth securities are those issued by companies whose earnings growth potential appears to be greater than the","page_number":83,"box":{"x":244,"y":61,"width":727,"height":10}},{"id":"59aca201-44e5-4c80-97a6-6a5bd9dd63a7","block_type":"box","text":"market in general and whose revenue growth is expected to continue for an extended period of time. Growth securities may trade at higher","page_number":83,"box":{"x":76,"y":75,"width":891,"height":11}},{"id":"9c3a6921-2219-4a26-a78d-147209d96100","block_type":"box","text":"multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in market","page_number":83,"box":{"x":76,"y":89,"width":876,"height":11}},{"id":"a8b19c5b-7109-470c-abb8-5ecb419f4b1b","block_type":"box","text":"value. The prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and significantly","page_number":83,"box":{"x":76,"y":103,"width":899,"height":11}},{"id":"f05a5f97-cdb7-4433-89fa-1a4d49fcbed8","block_type":"box","text":"in reaction to negative news. Growth securities may underperform value securities and other types of assets as well as the overall stock","page_number":83,"box":{"x":76,"y":117,"width":870,"height":11}},{"id":"7b12ef03-a2bd-48fb-8ac7-9ee38f1abd57","block_type":"box","text":"market. Under certain market conditions, growth securities have performed better during the later stages of economic recovery, although","page_number":83,"box":{"x":76,"y":131,"width":881,"height":11}},{"id":"2874e014-067f-46a1-8e10-af5e956104f5","block_type":"box","text":"there is no assurance that they will continue to do so. Growth securities typically do not pay a dividend, which can help cushion stock prices","page_number":83,"box":{"x":76,"y":146,"width":896,"height":10}},{"id":"2536eec2-14aa-49c3-8b30-82d250e84888","block_type":"box","text":"in market downturns and reduce potential losses. Growth securities may go in and out of favor over time, which could affect the performance","page_number":83,"box":{"x":76,"y":160,"width":904,"height":11}},{"id":"389c180a-bc39-436a-a111-94e12cf413b2","block_type":"box","text":"of a Fund with such holdings.","page_number":83,"box":{"x":76,"y":174,"width":185,"height":11}},{"id":"66b02c33-d531-488d-9e6a-59884a90cda0","block_type":"box","text":"Healthcare Companies Risk.","page_number":83,"box":{"x":77,"y":197,"width":194,"height":11}},{"id":"5d195963-4db3-4ecc-9479-f0d4bb1a2cfa","block_type":"box","text":"The profitability of healthcare companies may be adversely affected by the following factors, among others:","page_number":83,"box":{"x":276,"y":197,"width":688,"height":11}},{"id":"4407f6bf-c9b2-4554-acf6-56339146a42a","block_type":"box","text":"extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and","page_number":83,"box":{"x":76,"y":211,"width":879,"height":11}},{"id":"1a29bab2-ae21-4f51-b14e-20887beb8721","block_type":"box","text":"services, pricing pressure, a limited number of products, labor shortages, supply chain issues and industry innovation. Many new products in","page_number":83,"box":{"x":76,"y":226,"width":899,"height":10}},{"id":"9df334be-a8a2-42a1-a1df-b1c41fff3268","block_type":"box","text":"the healthcare sector entail significant research and development and require regulatory approval, all of which may be long and costly, and","page_number":83,"box":{"x":76,"y":240,"width":888,"height":11}},{"id":"fc51708d-c0f7-444c-8509-cfe5d9f97853","block_type":"box","text":"such efforts ultimately may be unsuccessful. Many healthcare companies depend heavily on obtaining and defending patents, which can be","page_number":83,"box":{"x":76,"y":254,"width":891,"height":11}},{"id":"782dc46a-5d91-419a-910e-fa6f50de7917","block_type":"box","text":"costly, and may be adversely affected by the expiration of patents. Healthcare companies also are subject to extensive litigation based on","page_number":83,"box":{"x":76,"y":268,"width":882,"height":11}},{"id":"5a178b35-a63a-450a-95b5-7c7a5870982e","block_type":"box","text":"product liability and similar claims.","page_number":83,"box":{"x":76,"y":282,"width":221,"height":11}},{"id":"97f11476-5449-41d7-96e2-cf996ed21d99","block_type":"box","text":"Illiquid Investments Risk.","page_number":83,"box":{"x":77,"y":305,"width":174,"height":11}},{"id":"29fd62e6-085f-4d47-bcb7-5b4e02848fb3","block_type":"box","text":"An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current","page_number":83,"box":{"x":256,"y":305,"width":719,"height":11}},{"id":"784a6163-ce30-4fb0-9389-a83b9f1731a7","block_type":"box","text":"market conditions in seven calendar days or less without significantly changing the market value of the investment. An investment may be","page_number":83,"box":{"x":76,"y":320,"width":883,"height":10}},{"id":"a8e9b4e7-339f-4b7e-8b3a-c44dc364da97","block_type":"box","text":"illiquid due to, among other things, fewer participants or less capacity to make a market in the investment, the lack of an active market for","page_number":83,"box":{"x":76,"y":334,"width":885,"height":11}},{"id":"d5ee919b-cd04-4ff5-bec4-096c2f25d49f","block_type":"box","text":"the investment, capital controls, delays or limits on repatriation of local currency, and the insolvency of local governments. To the extent that","page_number":83,"box":{"x":76,"y":348,"width":902,"height":11}},{"id":"1e9e6e04-67bd-489d-a272-1c335c974b20","block_type":"box","text":"a Fund invests in securities or other assets with substantial market and/or credit risk, the Fund will tend to have increased exposure to the","page_number":83,"box":{"x":76,"y":362,"width":890,"height":11}},{"id":"16f3671a-b3db-4129-9f5d-01c19fe79a2c","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":83,"box":{"x":77,"y":376,"width":751,"height":11}},{"id":"3cee330f-b703-47fc-bb0d-ee8ec18b0594","block_type":"box","text":"Liquid investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be no assurance","page_number":83,"box":{"x":77,"y":400,"width":884,"height":10}},{"id":"c5a6647b-7ad1-49b2-9471-670a08578be3","block_type":"box","text":"that a security or other asset that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by a Fund, and any","page_number":83,"box":{"x":76,"y":414,"width":900,"height":11}},{"id":"b47dc556-88ef-4873-a285-e88db7828941","block_type":"box","text":"security or other asset held by a Fund may be deemed an illiquid investment pursuant to the Fund’s liquidity risk management program.","page_number":83,"box":{"x":76,"y":428,"width":867,"height":11}},{"id":"318da89f-f53d-4c1b-94e6-26773325a023","block_type":"box","text":"Holdings of illiquid investments may reduce a Fund’s returns because the Fund may be unable to transact at advantageous times or prices. If","page_number":83,"box":{"x":77,"y":451,"width":900,"height":11}},{"id":"3324ecfc-72f4-4715-a799-fcd05539dd2a","block_type":"box","text":"a Fund is forced to sell underlying investments at reduced prices or under unfavorable conditions to meet redemption requests or for other","page_number":83,"box":{"x":76,"y":465,"width":890,"height":11}},{"id":"5424ebaf-e946-4227-86a6-d36cac21ceba","block_type":"box","text":"cash needs, the Fund may suffer a loss. This may be magnified in a rising interest rate environment or other circumstances where","page_number":83,"box":{"x":76,"y":479,"width":828,"height":11}},{"id":"1c41b977-a858-418d-b3cc-c5919359d2fb","block_type":"box","text":"redemptions of Fund shares may be greater than normal. If other market participants attempt to liquidate holdings at the same time as a","page_number":83,"box":{"x":77,"y":494,"width":873,"height":11}},{"id":"356df03f-fa01-4191-bb8c-34d63699c891","block_type":"box","text":"Fund, this will lead to an increased supply of the Fund’s underlying investments in the market and contribute to greater illiquid investments","page_number":83,"box":{"x":77,"y":508,"width":887,"height":11}},{"id":"0894240e-545e-40ff-b9f4-f208397d7b6a","block_type":"box","text":"risk and downward pricing pressure. In addition, if a Fund is limited in its ability to sell illiquid investments during periods when shareholders","page_number":83,"box":{"x":77,"y":522,"width":896,"height":11}},{"id":"20520282-c69a-4b9b-8a94-22dbda52ce4b","block_type":"box","text":"are redeeming their shares, the Fund will need to sell liquid securities to meet redemption requests, and illiquid securities will become a","page_number":83,"box":{"x":76,"y":536,"width":869,"height":11}},{"id":"3004f997-dfa1-4bab-ab1b-c6428650e149","block_type":"box","text":"larger portion of the Fund’s holdings. During periods of market volatility, liquidity in the market for a Fund’s shares may be impacted by the","page_number":83,"box":{"x":77,"y":550,"width":886,"height":11}},{"id":"b9f7f22c-5d7f-4909-b46d-3195f2b40085","block_type":"box","text":"liquidity in the market for the underlying securities or other assets held by the Fund, which could lead to the Fund’s shares trading at a","page_number":83,"box":{"x":77,"y":565,"width":858,"height":10}},{"id":"0669c85d-6a77-4212-a621-c011cb7a741f","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":83,"box":{"x":76,"y":579,"width":254,"height":11}},{"id":"01e16143-d64e-485e-a4b3-bc28880e0fd4","block_type":"box","text":"Index-Related Risk.","page_number":83,"box":{"x":77,"y":602,"width":132,"height":8}},{"id":"13132beb-91ca-4dfc-8218-fb6141fe2b16","block_type":"box","text":"A Fund that tracks an Underlying Index seeks to achieve a return that corresponds generally to the price and yield","page_number":83,"box":{"x":214,"y":602,"width":728,"height":11}},{"id":"b83ec793-9904-4ff8-8c98-0251be206e71","block_type":"box","text":"performance, before fees and expenses, of its Underlying Index as published by the Index Provider. There is no assurance that the Index","page_number":83,"box":{"x":76,"y":616,"width":869,"height":11}},{"id":"d028dc83-a9b7-4035-9286-2f762d823afe","block_type":"box","text":"Provider or its agents will construct or calculate the Underlying Index accurately. While the Index Provider describes what the Underlying","page_number":83,"box":{"x":77,"y":630,"width":872,"height":11}},{"id":"63a3e3c0-e430-44e4-a3b9-92cf96b94ff1","block_type":"box","text":"Index is designed to achieve, neither the Index Provider nor its agents provide any warranty or accept any liability regarding the quality,","page_number":83,"box":{"x":77,"y":645,"width":862,"height":10}},{"id":"9af9a4f4-ae0b-4574-832c-176cbde7d2f0","block_type":"box","text":"accuracy or completeness of the Underlying Index or its related data, and they do not guarantee that the Underlying Index will be in line with","page_number":83,"box":{"x":76,"y":659,"width":897,"height":11}},{"id":"febb37ba-6430-48e7-ae82-02b4c7a0a73c","block_type":"box","text":"the Index Provider’s methodology. BFA also does not provide any warranty or guarantee against the Index Provider’s or any agent’s errors.","page_number":83,"box":{"x":76,"y":673,"width":881,"height":11}},{"id":"eb7ef681-7c34-445e-85f8-979a8efb470e","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including","page_number":83,"box":{"x":76,"y":696,"width":852,"height":11}},{"id":"58d22580-a107-498a-8083-0148e3d8a108","block_type":"box","text":"information that may be based on assumptions and estimates. Neither a Fund nor BFA can offer assurances that the Index Provider’s","page_number":83,"box":{"x":76,"y":710,"width":850,"height":11}},{"id":"6bc83f73-67a6-4420-b71b-07c7522d9195","block_type":"box","text":"methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its","page_number":83,"box":{"x":76,"y":724,"width":877,"height":11}},{"id":"cb394915-3670-4878-8d92-16f97d1bfb22","block_type":"box","text":"investment objective. Errors in index data, index computations or the construction of an Underlying Index in accordance with its methodology","page_number":83,"box":{"x":76,"y":739,"width":906,"height":10}},{"id":"7f10deac-647f-4c82-9e55-0484c0b07d3f","block_type":"box","text":"may occur, and the Index Provider may not identify or correct them promptly or at all, particularly for indexes that are less commonly used as","page_number":83,"box":{"x":76,"y":753,"width":904,"height":11}},{"id":"0198ba3d-dfd6-411e-85be-fced7d671fc4","block_type":"box","text":"benchmarks. In addition, there may be heightened risks associated with the adequacy and reliability of information about emerging markets","page_number":83,"box":{"x":76,"y":767,"width":894,"height":11}},{"id":"1e76d5b2-87f5-4a4c-8cd9-8a5b6de3ab8b","block_type":"box","text":"constituents, as such markets may have less information available or less regulatory oversight. Errors related to an Underlying Index may","page_number":83,"box":{"x":76,"y":781,"width":877,"height":11}},{"id":"7b2b9818-5793-461b-8149-e5d35d0605cd","block_type":"box","text":"negatively or positively impact a Fund and its shareholders. For example, if the Underlying Index contains incorrect constituents, the Fund","page_number":83,"box":{"x":76,"y":795,"width":881,"height":11}},{"id":"7c019f64-977d-4d99-9596-1472dcfd95c4","block_type":"box","text":"will have exposure to such constituents and will be underexposed to the Underlying Index’s other constituents. Shareholders should","page_number":83,"box":{"x":76,"y":810,"width":844,"height":10}},{"id":"08004d3c-3abe-4056-a09a-dd536994c0ca","block_type":"box","text":"understand that any gains from an Index Provider’s errors will be kept by the Fund and its shareholders and any losses or costs from such","page_number":83,"box":{"x":77,"y":824,"width":879,"height":11}},{"id":"749c5eb5-05f0-412f-a689-b328dfdcc0cc","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":83,"box":{"x":76,"y":838,"width":340,"height":11}},{"id":"fa9fba1b-7b10-4a5f-ad94-050915dbd197","block_type":"box","text":"Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact an Index","page_number":83,"box":{"x":77,"y":861,"width":857,"height":11}},{"id":"04bff94a-816f-4992-8e59-4d0773eaf455","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance to an Underlying Index. This","page_number":83,"box":{"x":77,"y":875,"width":880,"height":11}},{"id":"577db528-de65-4c26-89b5-126aed05085f","block_type":"box","text":"11","page_number":83,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"9ec32257-e5ef-4cd7-bcab-66d1098c906e","block_type":"box","text":"could cause the Underlying Index to vary from its normal or expected composition. If a scheduled rebalance is postponed, index constituents","page_number":84,"box":{"x":76,"y":23,"width":902,"height":11}},{"id":"696c733e-2fd4-4d66-9699-638056a95625","block_type":"box","text":"that would otherwise be removed at the rebalance (due to, for example, changes in market capitalization or issuer credit ratings) may remain,","page_number":84,"box":{"x":76,"y":37,"width":905,"height":11}},{"id":"a2e95b3f-f047-4a88-bfbc-9203bfbc53a9","block_type":"box","text":"causing the performance and constituents of the Underlying Index to vary from those expected under normal conditions. In addition, to the","page_number":84,"box":{"x":76,"y":51,"width":889,"height":11}},{"id":"1433b3e2-757f-44d8-b83b-5346d3bc51ea","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":84,"box":{"x":76,"y":66,"width":890,"height":11}},{"id":"0ba3ba80-993e-466b-8079-7be3e2f15d81","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":84,"box":{"x":76,"y":80,"width":723,"height":11}},{"id":"e0985e95-398c-4e3f-8e56-9e89581ed4fa","block_type":"box","text":"In addition to scheduled rebalances, an Index Provider or its agents may carry out ad hoc index rebalances due to reaching certain weighting","page_number":84,"box":{"x":77,"y":103,"width":899,"height":11}},{"id":"f78c4bc6-40f2-47a2-882b-b16f7375d6ce","block_type":"box","text":"constraints, unusual market conditions, corporate events, or corrections of errors. The relevant Fund will in turn rebalance its portfolio to","page_number":84,"box":{"x":76,"y":117,"width":876,"height":11}},{"id":"cf8b34c3-1fd4-48a3-86e2-37888566c8e2","block_type":"box","text":"attempt to increase the correlation between the portfolio and the Underlying Index. The Fund and its shareholders will directly bear any","page_number":84,"box":{"x":76,"y":131,"width":865,"height":11}},{"id":"acc1975f-8459-4c5f-86b1-14c289ba54bd","block_type":"box","text":"transaction costs and market exposure from such portfolio rebalancing. Therefore, index-related errors and ad hoc rebalances may increase","page_number":84,"box":{"x":76,"y":146,"width":897,"height":10}},{"id":"b152f16e-70e3-4fd1-886c-ae3ff4b2491f","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":84,"box":{"x":76,"y":160,"width":213,"height":11}},{"id":"daeb36a7-e530-4adc-8b25-196915bbf1df","block_type":"box","text":"Industrial Companies Risk.","page_number":84,"box":{"x":77,"y":183,"width":184,"height":11}},{"id":"a3d1a107-cc05-4d8d-8241-24c4e17f3b54","block_type":"box","text":"Industrial companies face a number of risks, including supply chain and distribution disruptions, business","page_number":84,"box":{"x":267,"y":183,"width":673,"height":11}},{"id":"e08c61ad-955d-4f8f-9fa4-2cb55f6d3a06","block_type":"box","text":"interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of","page_number":84,"box":{"x":76,"y":197,"width":889,"height":11}},{"id":"f06e8864-b311-44e3-925a-238333ab98bf","block_type":"box","text":"materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The products of","page_number":84,"box":{"x":76,"y":211,"width":878,"height":11}},{"id":"dbfad972-355e-4c5c-a720-fc5d75a68dd3","block_type":"box","text":"industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in","page_number":84,"box":{"x":76,"y":226,"width":873,"height":10}},{"id":"995e3b8f-fb1a-47f8-ba72-2b4771ac9230","block_type":"box","text":"trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also","page_number":84,"box":{"x":76,"y":240,"width":902,"height":11}},{"id":"05952aa7-cf24-4696-8154-922169ba47bc","block_type":"box","text":"may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations.","page_number":84,"box":{"x":76,"y":254,"width":872,"height":11}},{"id":"18eb4d04-21eb-42f4-8849-3bb8b9e7de2c","block_type":"box","text":"Industrial companies may depend on public or private sector financing, which may become difficult to obtain due to government spending","page_number":84,"box":{"x":77,"y":268,"width":881,"height":11}},{"id":"59d9b295-883e-42a8-961c-8a80ec61ad9a","block_type":"box","text":"constraints or reduced availability of capital. Such companies may be unable to protect their intellectual property rights or may be liable for","page_number":84,"box":{"x":76,"y":282,"width":892,"height":11}},{"id":"6ef2e201-eba6-4792-b127-310284919789","block_type":"box","text":"infringing the intellectual property rights of others.","page_number":84,"box":{"x":76,"y":296,"width":322,"height":11}},{"id":"00f2c00b-84a1-466e-b7e4-0ed512378c74","block_type":"box","text":"Issuer Risk.","page_number":84,"box":{"x":77,"y":320,"width":79,"height":8}},{"id":"8c157105-5f17-4bba-ace0-554913601007","block_type":"box","text":"The performance of a Fund depends on the performance of individual securities or other assets to which the Fund has","page_number":84,"box":{"x":161,"y":320,"width":755,"height":10}},{"id":"dd827ab4-9b2f-49ee-ae4e-89d00c8f882c","block_type":"box","text":"exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the","page_number":84,"box":{"x":76,"y":334,"width":861,"height":11}},{"id":"fc856367-660a-4cee-ad47-1cb04053966a","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":84,"box":{"x":76,"y":348,"width":406,"height":11}},{"id":"96d998b3-0a40-4a7b-a9da-8316089d22d8","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":84,"box":{"x":77,"y":371,"width":256,"height":11}},{"id":"0f2a8a91-d5e2-4b19-97d6-fe919eaf6791","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization companies to adapt to","page_number":84,"box":{"x":340,"y":371,"width":630,"height":11}},{"id":"7a182889-7d73-46e8-93fe-337c75a1c812","block_type":"box","text":"changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited","page_number":84,"box":{"x":76,"y":385,"width":881,"height":11}},{"id":"2542ca49-2817-49d3-a49a-95b8d48e49c9","block_type":"box","text":"growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall","page_number":84,"box":{"x":76,"y":400,"width":890,"height":10}},{"id":"4858f623-7baf-4239-88a1-3333b11d693b","block_type":"box","text":"performance of the broader securities markets.","page_number":84,"box":{"x":76,"y":414,"width":303,"height":10}},{"id":"7654c2cf-5821-4de9-9193-f26d541693c5","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":84,"box":{"x":77,"y":437,"width":368,"height":11}},{"id":"8963ea54-32d6-4210-8f84-886523a09c73","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":84,"box":{"x":450,"y":437,"width":518,"height":11}},{"id":"0adaec06-91dd-4af8-890d-189517db6c7d","block_type":"box","text":"investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to time own or manage a","page_number":84,"box":{"x":76,"y":451,"width":875,"height":11}},{"id":"47855be2-8966-47b9-b819-8a67c9a2b5b6","block_type":"box","text":"substantial amount of Fund shares or may hold their investment in the Fund for a limited period of time. These shareholders may also pledge","page_number":84,"box":{"x":76,"y":465,"width":899,"height":11}},{"id":"da1ae1c7-c18e-4d3f-97e5-b19e81733291","block_type":"box","text":"or loan Fund shares (to secure financing or otherwise), which may result in the shares becoming concentrated in another party. There can be","page_number":84,"box":{"x":76,"y":479,"width":901,"height":11}},{"id":"e9178cf6-3347-4832-b202-0389201fa4e4","block_type":"box","text":"no assurance that any large shareholder or large group of shareholders would not redeem their investment or that the size of a Fund would","page_number":84,"box":{"x":76,"y":494,"width":888,"height":11}},{"id":"26085600-6799-47d8-9b04-9c302e1d6db4","block_type":"box","text":"be maintained. Redemptions of a large number of Fund shares may adversely affect a Fund’s liquidity and net assets. To the extent a Fund","page_number":84,"box":{"x":76,"y":508,"width":882,"height":11}},{"id":"e4a8dcd5-a069-4629-9d6e-83080c73ba3e","block_type":"box","text":"permits redemptions in cash, these redemptions may force the Fund to sell portfolio securities or other assets when it might not otherwise","page_number":84,"box":{"x":76,"y":522,"width":889,"height":11}},{"id":"cb469e71-bbe1-4931-ba35-f6ed6b931a47","block_type":"box","text":"do so, which may negatively impact the Fund’s NAV, have a material effect on the market price of Fund shares, increase the Fund’s brokerage","page_number":84,"box":{"x":76,"y":536,"width":906,"height":11}},{"id":"31ebe02a-9e53-44f6-9ce7-01c8178fcf3a","block_type":"box","text":"costs, accelerate the realization of taxable income and/or capital gains, and cause the Fund to make taxable distributions to its shareholders","page_number":84,"box":{"x":76,"y":550,"width":904,"height":11}},{"id":"3574b496-8731-470c-9731-13dd577c4fd4","block_type":"box","text":"earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as","page_number":84,"box":{"x":76,"y":565,"width":855,"height":10}},{"id":"0b8edb61-a96c-4984-9f78-05334fc2ef8d","block_type":"box","text":"receiving a disproportionately large taxable distribution during or with respect to such tax year. A Fund also may be required to sell its more","page_number":84,"box":{"x":77,"y":579,"width":892,"height":11}},{"id":"37e9ab99-4572-41ee-a121-0c7289a36b6c","block_type":"box","text":"liquid investments to meet a large redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult","page_number":84,"box":{"x":77,"y":593,"width":901,"height":11}},{"id":"9e40fe26-33ef-4a19-9561-b2b3c2f6d145","block_type":"box","text":"to price.","page_number":84,"box":{"x":76,"y":607,"width":52,"height":11}},{"id":"9db27b1b-fea8-4658-a7d4-27600e1323ad","block_type":"box","text":"To the extent these large shareholders transact in Fund shares on the secondary market, such transactions may account for a large","page_number":84,"box":{"x":76,"y":630,"width":840,"height":11}},{"id":"ea924dd9-3ac9-40b3-9d55-a78d7429e600","block_type":"box","text":"percentage of the trading volume for Fund shares and may, therefore, have a material upward or downward effect on the market price of the","page_number":84,"box":{"x":76,"y":644,"width":898,"height":11}},{"id":"8b485be1-411d-4664-8fb6-a556d3d50d7c","block_type":"box","text":"shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in","page_number":84,"box":{"x":76,"y":659,"width":878,"height":11}},{"id":"7978d0be-8971-4f54-ac12-698aa95258cf","block_type":"box","text":"investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.","page_number":84,"box":{"x":76,"y":673,"width":792,"height":11}},{"id":"b6b3efa9-89fe-45d2-842e-9128d3ae2bd0","block_type":"box","text":"Management Risk.","page_number":84,"box":{"x":77,"y":696,"width":126,"height":11}},{"id":"6e11ff77-9d48-4606-be80-b53d0b1a7a35","block_type":"box","text":"An index Fund invests in securities or other assets included in, or representative of, its Underlying Index, regardless of","page_number":84,"box":{"x":208,"y":696,"width":757,"height":11}},{"id":"6fe33f0b-5fa4-4890-af3e-2ca912f9a320","block_type":"box","text":"their investment merits. Such a Fund may be affected by a general decline in market segments related to its Underlying Index, and BFA","page_number":84,"box":{"x":76,"y":710,"width":863,"height":11}},{"id":"a586b95e-ad65-48d9-80ef-8286d59b6cb8","block_type":"box","text":"generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets.","page_number":84,"box":{"x":76,"y":724,"width":864,"height":11}},{"id":"709b22bc-8ab4-4c26-945b-cdd7a774bab0","block_type":"box","text":"Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in","page_number":84,"box":{"x":77,"y":739,"width":898,"height":10}},{"id":"6386d6e3-e694-4024-8528-ed20021f37a7","block_type":"box","text":"order to track its Underlying Index. Because BFA uses a representative sampling indexing strategy, a Fund will not fully replicate its","page_number":84,"box":{"x":76,"y":753,"width":837,"height":11}},{"id":"d38dd51b-bbfe-4bf0-bde3-fa78c2f123c7","block_type":"box","text":"Underlying Index and may hold securities or other assets not included in the Underlying Index. As a result, a Fund is subject to the risk that","page_number":84,"box":{"x":77,"y":767,"width":888,"height":11}},{"id":"6cc37167-1b52-43b1-8408-927d594aaefa","block_type":"box","text":"BFA’s investment strategy, whose implementation is subject to a number of constraints, may not produce the intended results. There is no","page_number":84,"box":{"x":77,"y":781,"width":883,"height":11}},{"id":"dfb9f42b-7d12-46ad-b9a1-b724e724d5e3","block_type":"box","text":"guarantee that a Fund’s investment results will have a high degree of correlation to those of its Underlying Index or that a Fund will achieve","page_number":84,"box":{"x":76,"y":795,"width":889,"height":11}},{"id":"ff797f82-dd5f-47d2-ad73-2d44c13f8ac7","block_type":"box","text":"its investment objective.","page_number":84,"box":{"x":76,"y":810,"width":156,"height":10}},{"id":"962c16e5-9236-4770-bda8-3de40c502407","block_type":"box","text":"Market Risk.","page_number":84,"box":{"x":77,"y":833,"width":85,"height":8}},{"id":"1d659952-8ae7-4f8e-a076-b628b96a4883","block_type":"box","text":"A Fund could lose money over short periods due to short-term market movements and over longer periods during more","page_number":84,"box":{"x":167,"y":833,"width":764,"height":11}},{"id":"a61af707-d4e6-4e91-a9cf-34afa5bcaa9b","block_type":"box","text":"prolonged market downturns. The value of a financial instrument or other asset may decline due to changes in general market conditions,","page_number":84,"box":{"x":76,"y":847,"width":879,"height":11}},{"id":"61c44bee-8023-4b89-893a-f326c5246e9c","block_type":"box","text":"economic trends or events that are not specifically related to the particular instrument or asset, or factors that affect one or more issuers,","page_number":84,"box":{"x":76,"y":861,"width":884,"height":11}},{"id":"3c84d526-1f53-4d79-adb5-b4c47da040d6","block_type":"box","text":"counterparties, exchanges, countries or other geographic units, markets, industries, or asset classes. Local, regional or global events such as","page_number":84,"box":{"x":76,"y":875,"width":904,"height":11}},{"id":"e34a84a9-ca28-437b-84f2-f75298308e62","block_type":"box","text":"12","page_number":84,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"50b869f5-57c9-4a1e-9b13-51f180aabc8a","block_type":"box","text":"war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other","page_number":85,"box":{"x":76,"y":23,"width":858,"height":11}},{"id":"65f2bd64-ee82-46bb-b81b-bbf569b543dd","block_type":"box","text":"financial crisis, or other events could have a significant impact on a Fund and its investments and could result in increased premiums or","page_number":85,"box":{"x":76,"y":37,"width":869,"height":11}},{"id":"23e25f56-7011-4799-aa9f-419df2c8ed7a","block_type":"box","text":"discounts to a Fund’s NAV. Changes in market and economic conditions generally do not have the same impact on all types of instruments","page_number":85,"box":{"x":76,"y":51,"width":885,"height":11}},{"id":"ab6ddfa7-f18d-4e1a-b523-a958880b3dce","block_type":"box","text":"and assets.","page_number":85,"box":{"x":76,"y":66,"width":71,"height":8}},{"id":"fb8cff3c-c96a-4776-94d0-eb92b3467ad8","block_type":"box","text":"Market Trading Risk.","page_number":85,"box":{"x":77,"y":89,"width":140,"height":11}},{"id":"2eaaae4a-1c68-4936-8b78-ff94fe151216","block_type":"box","text":"A Fund faces numerous market trading risks, any of which may lead to its shares trading in the secondary market at a","page_number":85,"box":{"x":222,"y":89,"width":753,"height":11}},{"id":"04abe3bc-fcb5-46ee-bd69-8729143e9d07","block_type":"box","text":"premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price","page_number":85,"box":{"x":76,"y":103,"width":896,"height":11}},{"id":"7096aa0f-e3a0-4af0-9516-5afdea84d220","block_type":"box","text":"is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to the NAV, you may pay significantly more or","page_number":85,"box":{"x":76,"y":117,"width":877,"height":11}},{"id":"af7e88f4-e3d3-4961-b449-75e5899e1463","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":85,"box":{"x":77,"y":131,"width":446,"height":11}},{"id":"5a09b3e0-2fc9-4296-809c-892e4913af84","block_type":"box","text":"Absence of an Active Primary Market.","page_number":85,"box":{"x":75,"y":155,"width":236,"height":10}},{"id":"cf7352fa-5287-4ad1-b192-e43552ff9bba","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":85,"box":{"x":317,"y":155,"width":663,"height":10}},{"id":"37b5f427-3760-4001-8e0d-2e9eda0d1fbb","block_type":"box","text":"that an active primary trading market for Fund shares will develop or be maintained by market makers or Authorized Participants.","page_number":85,"box":{"x":76,"y":169,"width":826,"height":11}},{"id":"062935a1-b622-4592-95cd-649214498e00","block_type":"box","text":"Secondary Listing Risks.","page_number":85,"box":{"x":76,"y":192,"width":151,"height":11}},{"id":"bb338f91-10ab-486d-8d24-614b0f7f41ba","block_type":"box","text":"A Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other than the U.S. stock exchange","page_number":85,"box":{"x":233,"y":192,"width":732,"height":11}},{"id":"b2e5f436-dd24-4340-a0a7-aa050b8c0897","block_type":"box","text":"where the Fund’s primary listing is maintained. Fund shares also may be available to non-U.S. investors through funds or structured","page_number":85,"box":{"x":76,"y":206,"width":841,"height":11}},{"id":"376ae690-6842-45c2-b0f6-5cdaa893089f","block_type":"box","text":"investment vehicles similar to depositary receipts. There can be no assurance that a Fund’s shares will continue to trade on any such stock","page_number":85,"box":{"x":76,"y":220,"width":890,"height":11}},{"id":"dcca388e-1bc2-454b-93f0-6d40157fbdc1","block_type":"box","text":"exchange or in any market or that a Fund’s shares will continue to meet the requirements for exchange listing or market trading. A Fund’s","page_number":85,"box":{"x":76,"y":235,"width":880,"height":10}},{"id":"339d8b96-f5c3-488e-bd7a-a113d32e8461","block_type":"box","text":"shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and","page_number":85,"box":{"x":76,"y":249,"width":872,"height":11}},{"id":"be1acf8f-a455-4598-97f5-7fe27639f043","block_type":"box","text":"market standards of the market where they or their broker direct their trades for execution. Certain information that is available to investors","page_number":85,"box":{"x":76,"y":263,"width":897,"height":11}},{"id":"576d5672-4b78-456c-bddf-fa66e14afaff","block_type":"box","text":"who trade Fund shares on a U.S. stock exchange during regular U.S. market hours may not be available to investors who trade in other","page_number":85,"box":{"x":76,"y":277,"width":862,"height":11}},{"id":"ad8e3574-ad9b-4e17-a741-57d140f2cdd4","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":85,"box":{"x":76,"y":291,"width":579,"height":11}},{"id":"6d0c237e-3198-4857-8832-c66281f3dcb0","block_type":"box","text":"Secondary Market Trading Risk.","page_number":85,"box":{"x":76,"y":314,"width":196,"height":11}},{"id":"b3e2725f-5732-4268-96ee-fe42ff883f04","block_type":"box","text":"Shares of a Fund may trade in the secondary market at times when the Fund does not accept orders to create","page_number":85,"box":{"x":279,"y":314,"width":703,"height":11}},{"id":"3bf3f395-ba76-450c-957f-be9bc68877c6","block_type":"box","text":"or redeem shares. At such times, shares may trade in the secondary market with more significant premiums or discounts to NAV than might","page_number":85,"box":{"x":76,"y":329,"width":896,"height":10}},{"id":"d322439c-afc9-468f-a652-180c39c1d24c","block_type":"box","text":"be experienced at times when the Fund accepts creation and redemption orders. Securities held by a Fund may be traded in markets that","page_number":85,"box":{"x":76,"y":343,"width":880,"height":11}},{"id":"c02132ef-02e0-48b8-bd67-ac1cfdb9192c","block_type":"box","text":"close at a different time than an exchange on which Fund shares are traded. Liquidity in those securities may be reduced after the applicable","page_number":85,"box":{"x":76,"y":357,"width":900,"height":11}},{"id":"69e5ea8d-de7d-447e-a591-a5dac4abfcb4","block_type":"box","text":"closing time. As a result, during the time when the exchange is open but after the applicable market closing, fixing or settlement time, there","page_number":85,"box":{"x":76,"y":371,"width":893,"height":11}},{"id":"05d9b7ef-5c0d-4d94-9020-9ea9f1360f5e","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":85,"box":{"x":76,"y":385,"width":581,"height":11}},{"id":"754d48fb-e7f1-44e4-88a8-47be338353de","block_type":"box","text":"In stressed market conditions, the market for a Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for","page_number":85,"box":{"x":77,"y":409,"width":900,"height":10}},{"id":"55e54ccb-da5a-4737-a06e-e4e67588eb51","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":85,"box":{"x":76,"y":423,"width":547,"height":11}},{"id":"99979052-302c-4c44-b557-d44fdfeff039","block_type":"box","text":"Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or for other reasons. In times of","page_number":85,"box":{"x":76,"y":446,"width":894,"height":11}},{"id":"0ab1a4c3-c3fa-43ab-b8f7-a9b7e5747ca1","block_type":"box","text":"extraordinary market volatility, Fund shares may be subject to trading halts pursuant to “circuit breaker” rules of a stock exchange or market.","page_number":85,"box":{"x":76,"y":460,"width":905,"height":11}},{"id":"e8c72c8f-2a18-419f-bcda-d81c4f49730a","block_type":"box","text":"If there is a trading halt or unanticipated closure of an exchange or market, an investor may be unable to purchase or sell Fund shares. In","page_number":85,"box":{"x":77,"y":474,"width":874,"height":11}},{"id":"6b06aece-62ec-4487-954c-34061f7ab5ce","block_type":"box","text":"addition, if trading in certain securities or financial instruments is restricted, this may disrupt a Fund’s creation/redemption process, affect","page_number":85,"box":{"x":76,"y":489,"width":890,"height":10}},{"id":"53668b09-4f9d-4739-b853-af2bc8b82d62","block_type":"box","text":"the price at which Fund shares trade in the secondary market, and result in a Fund being unable to trade certain securities or financial","page_number":85,"box":{"x":76,"y":503,"width":857,"height":11}},{"id":"06faef60-2692-4d5a-ab44-01c55b5a9e39","block_type":"box","text":"instruments. In such circumstances, a Fund may be unable to rebalance its portfolio or accurately price its portfolio holdings and may incur","page_number":85,"box":{"x":76,"y":517,"width":891,"height":11}},{"id":"2f3ca9d9-8f58-4c07-88eb-8eaafb3268cc","block_type":"box","text":"substantial trading losses.","page_number":85,"box":{"x":76,"y":531,"width":166,"height":11}},{"id":"8cc58eca-8d1d-4f93-a76b-ac72c1d14e78","block_type":"box","text":"Shares of a Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of","page_number":85,"box":{"x":76,"y":554,"width":874,"height":11}},{"id":"2d79a97c-310b-4ea6-9804-1a2a4fa520f7","block_type":"box","text":"increased volatility and price decreases associated with being sold short. In addition, trading activity in derivative products based on a Fund","page_number":85,"box":{"x":76,"y":568,"width":893,"height":11}},{"id":"391a1b28-8ee8-46fd-ba02-731f55c8e228","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":85,"box":{"x":76,"y":583,"width":658,"height":10}},{"id":"12e813b9-7841-40f5-a45f-959124ec4e22","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":85,"box":{"x":76,"y":606,"width":310,"height":11}},{"id":"b27e05de-1371-4677-9104-cf58396678db","block_type":"box","text":"V. Shares of a Fund trade on stock exchanges at prices at, above or below the Fund’s most","page_number":85,"box":{"x":385,"y":606,"width":572,"height":11}},{"id":"0ff7801f-d70c-4c98-b725-10c9b3f92263","block_type":"box","text":"recent NAV. A Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s","page_number":85,"box":{"x":77,"y":620,"width":852,"height":11}},{"id":"8b2c6750-b34b-4b21-92d9-f9e433864cd5","block_type":"box","text":"portfolio holdings. The trading price of a Fund’s shares fluctuates throughout trading hours based on both market supply of and demand for","page_number":85,"box":{"x":76,"y":634,"width":892,"height":11}},{"id":"8f7e455f-a12e-45b5-b731-8062b4e960c0","block_type":"box","text":"Fund shares and the underlying value of the Fund’s portfolio holdings or NAV. As a result, the trading prices of a Fund’s shares may deviate","page_number":85,"box":{"x":77,"y":648,"width":885,"height":11}},{"id":"3e0cfef4-6198-4f9b-888f-bea086fdab66","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":85,"box":{"x":76,"y":663,"width":792,"height":10}},{"id":"6dd4bf71-88a6-410c-b4d9-074e540822a5","block_type":"box","text":"However, because Fund shares can be created and redeemed in Creation Units at NAV, BFA believes that large discounts or premiums to a","page_number":85,"box":{"x":77,"y":686,"width":886,"height":11}},{"id":"429444fa-5f77-4523-a3bf-84623279a87e","block_type":"box","text":"Fund’s NAV are not likely to be sustained over the long term (unlike shares of many closed-end funds, which frequently trade at appreciable","page_number":85,"box":{"x":77,"y":700,"width":891,"height":11}},{"id":"addf1ee2-6ce7-4c17-83c2-5dc49ca9aeb9","block_type":"box","text":"discounts from, and sometimes at premiums to, their NAVs). While the creation/redemption feature is designed to make it more likely that a","page_number":85,"box":{"x":76,"y":714,"width":899,"height":11}},{"id":"00a56a24-d831-40a4-ae08-5939784f6afc","block_type":"box","text":"Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to","page_number":85,"box":{"x":77,"y":728,"width":899,"height":11}},{"id":"70a2fd99-4b1b-421c-a1cc-1fe2f3310bc4","block_type":"box","text":"correlate exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to","page_number":85,"box":{"x":76,"y":742,"width":878,"height":11}},{"id":"c8e35332-92ad-4ac9-b155-d97031d078f6","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":85,"box":{"x":76,"y":757,"width":902,"height":10}},{"id":"c974efc3-562b-4be6-8241-88e2d7701e60","block_type":"box","text":"of significant market volatility, may result in trading prices for shares of a Fund that differ significantly from its NAV. Authorized Participants","page_number":85,"box":{"x":76,"y":771,"width":891,"height":11}},{"id":"766774d2-dab8-4632-a660-00f42e22e1e3","block_type":"box","text":"may be less willing to create or redeem a Fund’s shares if there is a lack of an active market for such shares or the Fund’s underlying","page_number":85,"box":{"x":76,"y":785,"width":849,"height":11}},{"id":"99d2fede-e503-4ddd-bb62-fa47c8d27f7f","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":85,"box":{"x":76,"y":799,"width":622,"height":11}},{"id":"9de39c29-08f5-4541-8ca6-48d25385ae94","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":85,"box":{"x":76,"y":822,"width":245,"height":11}},{"id":"425cec01-1789-4eec-85ec-b607b3105b59","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":85,"box":{"x":328,"y":822,"width":636,"height":11}},{"id":"50e317e2-08c1-4db3-b535-137254a3d40d","block_type":"box","text":"transactions. When buying or selling Fund shares through a broker, you will likely incur a brokerage commission and other charges. In","page_number":85,"box":{"x":76,"y":837,"width":853,"height":10}},{"id":"16de07fc-c08e-43db-92b4-a914c8a4211f","block_type":"box","text":"addition, you may incur the cost of the “spread,” which is the difference between what investors are willing to pay for Fund shares (the “bid”","page_number":85,"box":{"x":76,"y":851,"width":895,"height":11}},{"id":"5fa60c7a-0126-4493-86b1-5fe2b3a923ac","block_type":"box","text":"price) and the price at which they are willing to sell Fund shares (the “ask” price). The spread varies over time for Fund shares based on","page_number":85,"box":{"x":76,"y":865,"width":865,"height":11}},{"id":"fea7efb0-5b05-4ec9-ba1c-5729e062ce39","block_type":"box","text":"trading volume and market liquidity. It is generally narrower if a Fund has more trading volume and market liquidity and wider if a Fund has","page_number":85,"box":{"x":76,"y":879,"width":885,"height":11}},{"id":"e600e94f-20d8-49c3-ad78-19eb748f14c5","block_type":"box","text":"13","page_number":85,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"f0c91d80-e109-4118-bb58-a60013a26475","block_type":"box","text":"less trading volume and market liquidity. Increased market volatility also may cause wider spreads. In addition, there may be regulatory and","page_number":86,"box":{"x":77,"y":23,"width":891,"height":11}},{"id":"e6c00609-72d0-49ec-8135-65ba10b3eaf5","block_type":"box","text":"other charges that are incurred as a result of trading activity. Because of the costs inherent in buying or selling Fund shares, frequent trading","page_number":86,"box":{"x":76,"y":37,"width":901,"height":11}},{"id":"aa0d742c-8b4b-4a8c-a2f3-64d78976d661","block_type":"box","text":"may detract significantly from investment results, and an investment in Fund shares may not be advisable for investors who anticipate","page_number":86,"box":{"x":76,"y":51,"width":858,"height":11}},{"id":"8be5967d-d5fa-492f-8dcc-8c766f9b91ff","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":86,"box":{"x":77,"y":66,"width":418,"height":11}},{"id":"b74f3698-ddbc-4c99-b9fe-40ad78d8b252","block_type":"box","text":"Materials Companies Risk.","page_number":86,"box":{"x":77,"y":89,"width":182,"height":11}},{"id":"c6cb28a6-8fd5-4518-9768-34f02c29e0a8","block_type":"box","text":"The materials sector tends to be closely tied to the economic cycle and can be significantly affected by supply","page_number":86,"box":{"x":264,"y":89,"width":710,"height":11}},{"id":"70872ce0-e01f-4055-be29-9e18ee1e3d4f","block_type":"box","text":"demand dynamics. Materials companies may be adversely affected by commodity price volatility, exchange rate fluctuations, social and","page_number":86,"box":{"x":76,"y":103,"width":868,"height":11}},{"id":"1ba3ba97-4db9-4500-9135-92115334bf5f","block_type":"box","text":"political unrest, war, import and export controls, supply chain disruption, increased competition, depletion of resources, technical advances,","page_number":86,"box":{"x":76,"y":117,"width":897,"height":11}},{"id":"b93692fc-3755-40c3-a3a2-10baf26e5dd6","block_type":"box","text":"labor relations, litigation and government regulations, among other factors. Materials companies are at risk of liability for environmental","page_number":86,"box":{"x":77,"y":131,"width":868,"height":11}},{"id":"b98edecc-1a33-4908-994b-854d9b4478a4","block_type":"box","text":"damage and product liability claims and may incur significant costs in complying with environmental laws.","page_number":86,"box":{"x":76,"y":146,"width":676,"height":10}},{"id":"fd242501-7227-4f57-965a-c6a23fb34376","block_type":"box","text":"Mid-Capitalization Companies Risk.","page_number":86,"box":{"x":77,"y":169,"width":243,"height":11}},{"id":"87900f71-0d06-4d22-8e5f-e120d9c67bc2","block_type":"box","text":"Investments in mid-capitalization companies may be riskier, less liquid, more volatile and more","page_number":86,"box":{"x":326,"y":169,"width":607,"height":11}},{"id":"080215cc-209d-4725-a5d1-d3dfb75ff953","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large-capitalization companies. Mid-capitalization companies","page_number":86,"box":{"x":76,"y":183,"width":875,"height":11}},{"id":"0b8e50db-8178-4251-b91f-1770420f04ed","block_type":"box","text":"may have more limited product lines, markets, financial resources and management experience. As a result, they generally are more","page_number":86,"box":{"x":76,"y":197,"width":847,"height":11}},{"id":"c5a77e61-a9c4-4326-a735-d9010d45baf3","block_type":"box","text":"vulnerable than large-capitalization companies to adverse business and economic developments. Mid-capitalization companies may have a","page_number":86,"box":{"x":76,"y":211,"width":889,"height":11}},{"id":"fc32e06f-53de-4bb2-9eb6-e691dbb22717","block_type":"box","text":"shorter business track record, with relatively less information available to investors. The securities of mid-sized companies may trade less","page_number":86,"box":{"x":76,"y":226,"width":882,"height":10}},{"id":"d58a6db0-cc14-4a24-a5d8-188c13c939fa","block_type":"box","text":"frequently and in smaller volumes than the securities of larger companies.","page_number":86,"box":{"x":76,"y":240,"width":473,"height":11}},{"id":"28cfec19-2966-400f-b889-912a40e3d644","block_type":"box","text":"Middle Eastern Economic Risk.","page_number":86,"box":{"x":77,"y":263,"width":212,"height":8}},{"id":"3d433933-2c2c-40e6-a856-1e3b5a6ec88f","block_type":"box","text":"Many Middle Eastern countries have little or no democratic tradition, and the political and legal systems in","page_number":86,"box":{"x":295,"y":263,"width":680,"height":11}},{"id":"8804d4d7-4d9a-47e3-b2d8-3692aa54cbe2","block_type":"box","text":"such countries may adversely impact the companies in which the Fund invests and, as a result, the value of the Fund. Middle Eastern","page_number":86,"box":{"x":76,"y":277,"width":849,"height":11}},{"id":"22fa0f77-e5a7-4e5b-a40a-bfa565f2f6b3","block_type":"box","text":"governments have exercised and continue to exercise substantial influence over many aspects of the private sector. Many economies in the","page_number":86,"box":{"x":76,"y":291,"width":895,"height":11}},{"id":"4fb30f30-83b8-41ba-93e8-a2c0d63c6ebe","block_type":"box","text":"Middle East are highly reliant on income from the sale of oil and natural gas or trade with countries involved in the sale of oil and natural gas,","page_number":86,"box":{"x":77,"y":305,"width":898,"height":11}},{"id":"1fdd5d92-d30b-4dd4-89fc-07c8ba3dcf07","block_type":"box","text":"and their economies are therefore vulnerable to changes in the market for oil and natural gas and foreign currency values. As global demand","page_number":86,"box":{"x":76,"y":320,"width":898,"height":10}},{"id":"372cd437-1b80-4e05-843f-4ec2a4782dab","block_type":"box","text":"for oil and natural gas fluctuates, many Middle Eastern economies may be significantly impacted. A sustained decrease in commodity prices","page_number":86,"box":{"x":76,"y":334,"width":896,"height":11}},{"id":"e585a8b2-b78d-41fc-b605-1eef00905697","block_type":"box","text":"could have a significant negative impact on all aspects of the economy in the region. Middle Eastern economies may be subject to acts of","page_number":86,"box":{"x":76,"y":348,"width":880,"height":11}},{"id":"1eca0ea4-afbc-4595-aab6-da76db7f6dc1","block_type":"box","text":"terrorism, political strife, religious, ethnic or socioeconomic unrest and sudden outbreaks of hostilities with neighboring countries.","page_number":86,"box":{"x":76,"y":362,"width":833,"height":11}},{"id":"2d34bd0e-ddd4-4496-8320-339b5941fdf5","block_type":"box","text":"Certain Middle Eastern countries have strained relations with other Middle Eastern countries due to territorial disputes, historical","page_number":86,"box":{"x":76,"y":385,"width":825,"height":11}},{"id":"bdfeb915-8ffe-41e7-b7ee-fb8db7e11246","block_type":"box","text":"animosities, international alliances, religious tensions or defense concerns, which may adversely affect the economies of these countries.","page_number":86,"box":{"x":76,"y":400,"width":880,"height":10}},{"id":"4c0d1fe1-bbd2-44f2-b1a3-be69f3b01020","block_type":"box","text":"Certain Middle Eastern countries experience significant unemployment, as well as widespread underemployment.","page_number":86,"box":{"x":76,"y":414,"width":726,"height":11}},{"id":"4a9ca837-6031-4e46-bb98-dfca8f3888d2","block_type":"box","text":"Many Middle Eastern countries periodically have experienced political, economic and social unrest as protestors have called for widespread","page_number":86,"box":{"x":77,"y":437,"width":893,"height":11}},{"id":"7a2f9684-9481-454d-898c-fd0d108e90ca","block_type":"box","text":"reform. Some of these protests have resulted in a governmental regime change, internal conflict or civil war. If further regime changes were","page_number":86,"box":{"x":77,"y":451,"width":892,"height":11}},{"id":"cfa50590-bfaa-4971-915f-e45f7ae0a7dd","block_type":"box","text":"to occur, internal conflict were to intensify, or a civil war were to continue in any of these countries, such instability could adversely affect the","page_number":86,"box":{"x":76,"y":465,"width":906,"height":11}},{"id":"9e0e82f2-ba4d-4e26-8e8d-ad7d3f17e987","block_type":"box","text":"economies of Middle Eastern countries in which the Fund invests and could decrease the value of the Fund’s investments.","page_number":86,"box":{"x":76,"y":479,"width":780,"height":9}},{"id":"354f40e1-7813-40a3-8f55-ac73278d0dce","block_type":"box","text":"National Closed Market Trading Risk.","page_number":86,"box":{"x":77,"y":503,"width":254,"height":10}},{"id":"cc7530cb-b8cb-4518-9a64-30900bc5dda5","block_type":"box","text":"To the extent that securities or other assets held by a Fund trade on foreign exchanges or in foreign","page_number":86,"box":{"x":336,"y":503,"width":637,"height":11}},{"id":"1c834835-5417-42d0-8bcf-14eef28018aa","block_type":"box","text":"markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between","page_number":86,"box":{"x":76,"y":517,"width":905,"height":11}},{"id":"6c10b867-77c9-487e-aaab-0b96ed95b87d","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":86,"box":{"x":76,"y":531,"width":332,"height":11}},{"id":"ae4a847e-502c-43bc-a0aa-74d157f7d694","block_type":"box","text":"i.e","page_number":86,"box":{"x":408,"y":531,"width":15,"height":9}},{"id":"17c2a71c-0645-4e21-9742-a5b62cd4c63e","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":86,"box":{"x":425,"y":531,"width":508,"height":11}},{"id":"9d10f34e-f635-4e1e-8b10-37a4020cf12f","block_type":"box","text":"foreign market on a Fund is likely to be greater where a large portion of the Fund’s holdings trade on a closed foreign market or when a","page_number":86,"box":{"x":76,"y":545,"width":863,"height":11}},{"id":"aa53d79a-6649-4b94-bf59-1bc84ddd063b","block_type":"box","text":"foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to a Fund’s NAV that may be","page_number":86,"box":{"x":76,"y":559,"width":862,"height":11}},{"id":"d5bc1a42-01c5-4c2f-9f87-8cdf8da342c0","block_type":"box","text":"greater than those experienced by other funds.","page_number":86,"box":{"x":76,"y":574,"width":300,"height":10}},{"id":"885d18fc-a68b-4c1d-9596-a20085bbd72f","block_type":"box","text":"Non-Diversification Risk.","page_number":86,"box":{"x":77,"y":597,"width":170,"height":8}},{"id":"0123c6a7-c096-4435-a416-defbaf3c514d","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater percentage of its assets in securities or other","page_number":86,"box":{"x":252,"y":597,"width":711,"height":11}},{"id":"c00c3356-585c-4df9-896f-66e3ef2631f9","block_type":"box","text":"instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A non","page_number":86,"box":{"x":76,"y":611,"width":855,"height":11}},{"id":"31267c52-5d1d-4f2d-8105-65e55aa95bb7","block_type":"box","text":"diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and losses","page_number":86,"box":{"x":76,"y":625,"width":886,"height":11}},{"id":"602d3456-3549-4523-b87f-d9adc7e36dc3","block_type":"box","text":"on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a diversified","page_number":86,"box":{"x":76,"y":639,"width":879,"height":11}},{"id":"61b1ff89-6e5c-493d-a7bc-c9b661abc3e5","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":86,"box":{"x":77,"y":654,"width":390,"height":10}},{"id":"9c4bc0cd-1a98-4d0b-8e99-66bd334ce37a","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":86,"box":{"x":77,"y":677,"width":171,"height":8}},{"id":"7302ad49-8238-42b8-a028-42fdbf8412fd","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":86,"box":{"x":253,"y":677,"width":698,"height":11}},{"id":"a3204e02-e680-4965-9cbe-b2bf62d6dc6f","block_type":"box","text":"political, economic, and market risks than securities issued by U.S. issuers. To the extent that investments are made in a limited number of","page_number":86,"box":{"x":76,"y":691,"width":889,"height":11}},{"id":"6db6d3c3-2ce0-4a28-b6d8-ffc88b05a167","block_type":"box","text":"countries, events in those countries will have a more significant impact on a Fund. The risks of investing in non-U.S. securities include the","page_number":86,"box":{"x":76,"y":705,"width":880,"height":11}},{"id":"d1663577-812e-4310-b7a0-b51c873b156c","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":86,"box":{"x":76,"y":719,"width":402,"height":11}},{"id":"2c51c958-cfac-4dfa-a8e8-e6a21ae2be1e","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":86,"box":{"x":114,"y":737,"width":445,"height":11}},{"id":"8664f82f-b17c-426e-b708-2af90aa9f06b","block_type":"box","text":"Greater market volatility;","page_number":86,"box":{"x":113,"y":755,"width":158,"height":11}},{"id":"e0e7adde-2f8e-4000-9a36-b86d4770f714","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":86,"box":{"x":113,"y":773,"width":383,"height":11}},{"id":"b6d8a5da-eb45-4f25-96db-55c7a16ab80e","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":86,"box":{"x":113,"y":791,"width":348,"height":11}},{"id":"a988473f-f372-40a1-b4ad-587fe223439e","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":86,"box":{"x":114,"y":810,"width":316,"height":10}},{"id":"beadb8e7-498a-4d24-b0e2-9a17a770e62f","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":86,"box":{"x":114,"y":828,"width":319,"height":10}},{"id":"0e70ff43-5d91-4a9e-b5b7-401779133c0f","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":86,"box":{"x":114,"y":846,"width":257,"height":10}},{"id":"5fdae447-2785-4c92-a295-52c133ccc78e","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":86,"box":{"x":114,"y":864,"width":265,"height":10}},{"id":"77f40fce-8d29-4e87-831c-b89328d9c89d","block_type":"box","text":"Higher transaction and custody costs;","page_number":86,"box":{"x":114,"y":882,"width":241,"height":11}},{"id":"1b2ab3c9-f34c-4e5f-83e8-eec6b64ca2a8","block_type":"box","text":"14","page_number":86,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"9edcc368-5c62-4bc0-9048-1ecb4490b504","block_type":"box","text":"Foreign market trading hours, different clearing and settlement procedures, and holiday schedules, which may limit a Fund’s ability to","page_number":87,"box":{"x":114,"y":23,"width":852,"height":11}},{"id":"a1f7509c-55b5-4946-b870-82a7de5de9ec","block_type":"box","text":"engage in portfolio transactions;","page_number":87,"box":{"x":113,"y":37,"width":206,"height":11}},{"id":"ecc19227-dfbb-43bd-9926-f25811d4f2cf","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":87,"box":{"x":114,"y":55,"width":386,"height":11}},{"id":"2dc59013-c283-4872-85a8-ad4bbcf392a6","block_type":"box","text":"Less availability of public information about issuers;","page_number":87,"box":{"x":114,"y":73,"width":329,"height":11}},{"id":"e3eb02e6-23eb-4605-8c10-d88f47dd8bba","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":87,"box":{"x":113,"y":91,"width":803,"height":11}},{"id":"64907be1-9ffa-41ee-a719-216abd9fb846","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":87,"box":{"x":114,"y":109,"width":328,"height":11}},{"id":"ae3147ba-bad0-424e-8d40-4519b6f27815","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":87,"box":{"x":114,"y":128,"width":853,"height":10}},{"id":"98273f8d-a91f-4cf7-a762-f3a41f562805","block_type":"box","text":"than those that apply in the U.S.","page_number":87,"box":{"x":113,"y":142,"width":205,"height":11}},{"id":"1d8fa57b-cc7b-4df6-b740-a6c3b34ec83f","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":87,"box":{"x":77,"y":165,"width":188,"height":11}},{"id":"a2aa4cd3-10cb-4dfc-aeec-40133b13c6bc","block_type":"box","text":". A Fund that holds non-U.S. securities may file claims to recover withholding tax on dividend and interest","page_number":87,"box":{"x":265,"y":165,"width":674,"height":11}},{"id":"e0326680-3d75-4221-a39b-65e97d4020e6","block_type":"box","text":"income (if any) received from issuers in certain countries where such withholding tax reclaim is possible. Whether or when a Fund will receive","page_number":87,"box":{"x":76,"y":179,"width":905,"height":11}},{"id":"2b70ba99-60c2-4f89-8104-e0d4e03965f7","block_type":"box","text":"a withholding tax refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding tax based","page_number":87,"box":{"x":76,"y":193,"width":898,"height":11}},{"id":"87cfa4c8-4815-4949-8251-2ce65b8e2c1d","block_type":"box","text":"on a continuous assessment of the probability of recovery, the Fund’s NAV generally includes accruals for such tax refunds. Funds continue","page_number":87,"box":{"x":76,"y":207,"width":892,"height":11}},{"id":"54256e1c-98ee-4de3-8038-c37b483cae3b","block_type":"box","text":"to evaluate tax developments for potential impact to the probability of recovery. If the likelihood of receiving a tax refund materially","page_number":87,"box":{"x":76,"y":222,"width":840,"height":11}},{"id":"114c186c-d6ba-4cee-8f94-ab24b45b2730","block_type":"box","text":"decreases, such as due to a change in tax regulation or approach, accruals in a Fund’s NAV for such refunds may be written down partially or","page_number":87,"box":{"x":76,"y":236,"width":901,"height":11}},{"id":"be3874a7-9c9f-4422-a8d1-052c8ce3daa7","block_type":"box","text":"in full, which will adversely affect the Fund’s NAV. Investors in a Fund at the time when an accrual is written down will bear the impact of any","page_number":87,"box":{"x":76,"y":250,"width":897,"height":11}},{"id":"6efb99c9-bbcd-4137-baef-3a66808c8453","block_type":"box","text":"resulting reduction in NAV regardless of whether they were investors during the accrual period. Conversely, if a Fund receives a tax refund","page_number":87,"box":{"x":77,"y":264,"width":882,"height":11}},{"id":"e3cf3b7f-c6c0-48bb-96a2-b3c579bc988a","block_type":"box","text":"that was not previously accrued, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s","page_number":87,"box":{"x":76,"y":278,"width":906,"height":11}},{"id":"774dd65f-a802-4ae1-9bdc-0a965a146441","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":87,"box":{"x":77,"y":293,"width":636,"height":10}},{"id":"afaf6189-70cb-4db1-bfc9-13ff979d72e9","block_type":"box","text":"North American Economic Risk","page_number":87,"box":{"x":77,"y":316,"width":215,"height":8}},{"id":"90b4f836-19cf-4e64-9e65-4ebe948f1229","block_type":"box","text":". A decrease in imports or exports, changes in trade regulations or an economic recession in any North","page_number":87,"box":{"x":293,"y":316,"width":657,"height":11}},{"id":"4905944f-ea3b-4370-9c37-921c9afde71c","block_type":"box","text":"American country can have a significant economic effect on the entire North American region and on some or all of the North American","page_number":87,"box":{"x":76,"y":330,"width":866,"height":11}},{"id":"f6e5d0d9-3ee7-42ef-8536-31f43254f854","block_type":"box","text":"countries in which a Fund invests.","page_number":87,"box":{"x":76,"y":344,"width":215,"height":9}},{"id":"457559ac-cddc-46e1-9a36-0cabe65d9f6a","block_type":"box","text":"The U.S. is Canada’s and Mexico’s largest trading and investment partner. The Canadian and Mexican economies are significantly affected by","page_number":87,"box":{"x":76,"y":367,"width":903,"height":11}},{"id":"25bba513-525a-4686-b44d-e7c087b97eef","block_type":"box","text":"developments in the U.S. economy. Since the implementation of the North American Free Trade Agreement (“NAFTA”) in 1994 among","page_number":87,"box":{"x":76,"y":382,"width":852,"height":10}},{"id":"604c1da3-879c-4d49-840a-85d373689c31","block_type":"box","text":"Canada, the U.S. and Mexico, total merchandise trade among the three countries has increased. However, political developments including","page_number":87,"box":{"x":76,"y":396,"width":891,"height":11}},{"id":"7f2b8d22-3d58-4ee4-b6db-fddeec112e06","block_type":"box","text":"the implementation of tariffs by the U.S. and the renegotiation of NAFTA in the form of the United States-Mexico-Canada Agreement","page_number":87,"box":{"x":76,"y":410,"width":847,"height":11}},{"id":"a5b3c444-59c6-471b-bba5-3f32f116ce59","block_type":"box","text":"(“USMCA”), which replaced NAFTA on July 1, 2020, could negatively affect North America’s economic outlook and, as a result, the value of","page_number":87,"box":{"x":77,"y":424,"width":883,"height":11}},{"id":"2a3d3c5f-1206-496e-9256-4a353487d1bc","block_type":"box","text":"securities held by a Fund. Policy and legislative changes in one country may have a significant effect on North American markets generally,","page_number":87,"box":{"x":76,"y":438,"width":888,"height":11}},{"id":"7799bc97-4491-47b2-8091-01aaca58aac3","block_type":"box","text":"as well as on the value of certain securities held by a Fund.","page_number":87,"box":{"x":76,"y":452,"width":375,"height":11}},{"id":"3d0b54c6-7054-4b6a-a9a0-04d6d331d1ac","block_type":"box","text":"Operational and Technology Risks.","page_number":87,"box":{"x":76,"y":476,"width":239,"height":10}},{"id":"91f85763-5346-4a30-8522-d44b1160ed51","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":87,"box":{"x":320,"y":476,"width":648,"height":10}},{"id":"a5070372-a1a4-4aca-9683-6f38040d3fc0","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":87,"box":{"x":76,"y":490,"width":842,"height":11}},{"id":"423cc588-f56f-48f6-9a48-3b16429922f6","block_type":"box","text":"incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or","page_number":87,"box":{"x":76,"y":504,"width":877,"height":11}},{"id":"ee21496d-f590-4195-ba18-d41d04c1824a","block_type":"box","text":"impair the Fund’s operations. These entities include, but are not limited to, a Fund’s adviser, administrator, distributor, other service","page_number":87,"box":{"x":76,"y":518,"width":844,"height":11}},{"id":"5c11f651-8a12-4029-8b3d-bc6e9382cfe0","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":87,"box":{"x":76,"y":532,"width":866,"height":11}},{"id":"2e6f3fe9-fd17-455c-8455-3db98e3ed18e","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":87,"box":{"x":76,"y":547,"width":892,"height":10}},{"id":"d55d0680-0b57-45d6-9267-2979fceef3c0","block_type":"box","text":"technology risks for the issuers in which a Fund invests could also result in material adverse consequences for such issuers and may cause","page_number":87,"box":{"x":76,"y":561,"width":889,"height":11}},{"id":"73954b53-08a0-4ba2-8e71-f4b6c95bd955","block_type":"box","text":"the Fund’s investments in such issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology","page_number":87,"box":{"x":76,"y":575,"width":870,"height":11}},{"id":"76a4c4fb-dd97-45ed-bfab-2d47a880e1d5","block_type":"box","text":"risks.","page_number":87,"box":{"x":77,"y":589,"width":32,"height":9}},{"id":"438e503c-a23b-4dc1-8a1d-57452b381a38","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests, the Fund or any","page_number":87,"box":{"x":76,"y":612,"width":895,"height":11}},{"id":"b160486d-5da9-41f3-9b9f-caa59dab60ff","block_type":"box","text":"of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive","page_number":87,"box":{"x":76,"y":626,"width":878,"height":11}},{"id":"dd0987e8-7d5a-41ff-a8cd-c09f5064ded9","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":87,"box":{"x":76,"y":641,"width":905,"height":10}},{"id":"6e2fca5e-0204-48c8-80a2-57a82c80fb3e","block_type":"box","text":"of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":87,"box":{"x":76,"y":655,"width":885,"height":11}},{"id":"3cf9195f-ceb1-4b7f-a35b-89b33ff4bfec","block_type":"box","text":"any of the following: financial losses; interference with a Fund’s ability to calculate its NAV; disclosure of confidential information;","page_number":87,"box":{"x":76,"y":669,"width":828,"height":11}},{"id":"af1c1657-e37d-4325-9275-21e03754d84c","block_type":"box","text":"impediments to trading; submission of erroneous trades by a Fund or erroneous subscription or redemption orders; the inability of a Fund or","page_number":87,"box":{"x":76,"y":683,"width":898,"height":11}},{"id":"b814ee7f-4f35-4eeb-8137-6cd0e8c921aa","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":87,"box":{"x":76,"y":697,"width":884,"height":11}},{"id":"e2f16d49-e895-473e-a7fb-10f61662281e","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":87,"box":{"x":77,"y":712,"width":880,"height":10}},{"id":"0002ff90-bcb7-4ddd-afc2-5a74323d57df","block_type":"box","text":"records of a Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to","page_number":87,"box":{"x":77,"y":726,"width":898,"height":11}},{"id":"925d29e2-aa4b-462e-b2cd-78992841a4cb","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":87,"box":{"x":76,"y":740,"width":866,"height":11}},{"id":"0d9570fa-76a3-47e1-b3eb-6432148949c8","block_type":"box","text":"errors that threaten information and technology systems relied upon by a Fund or its service providers, as well as market events that occur at","page_number":87,"box":{"x":76,"y":754,"width":906,"height":11}},{"id":"7f362981-1212-413c-91cd-51d8e89184aa","block_type":"box","text":"a pace that overloads these systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":87,"box":{"x":76,"y":768,"width":904,"height":11}},{"id":"3175a18f-feb9-4e52-bb14-5d05a7d0e233","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally","page_number":87,"box":{"x":76,"y":782,"width":885,"height":11}},{"id":"8873c905-bc7b-4dee-bf37-520eb5e0e9d5","block_type":"box","text":"highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or","page_number":87,"box":{"x":77,"y":797,"width":872,"height":10}},{"id":"0aff93af-b3d4-44f1-9057-9cf65f14bfd8","block_type":"box","text":"practicable to incorporate all relevant data into such technologies. The output or results of any such AI technologies may therefore be","page_number":87,"box":{"x":76,"y":811,"width":855,"height":11}},{"id":"83ae76a6-d4d1-445a-ab8f-363c2d922ccc","block_type":"box","text":"incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are","page_number":87,"box":{"x":76,"y":825,"width":857,"height":11}},{"id":"36911765-4efd-485a-8b2b-e04ad8c69c3b","block_type":"box","text":"generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. A Fund and its","page_number":87,"box":{"x":76,"y":839,"width":897,"height":11}},{"id":"5a9cf121-1a3c-462f-a419-7f8df1ae4f8c","block_type":"box","text":"shareholders could be negatively impacted as a result of these risks associated with AI technologies. AI technologies and their current and","page_number":87,"box":{"x":76,"y":853,"width":886,"height":11}},{"id":"7173a4ba-bb13-4381-a9a6-47c99ae59e7f","block_type":"box","text":"potential future applications, and the regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to","page_number":87,"box":{"x":76,"y":868,"width":876,"height":10}},{"id":"4f4ba82f-c59f-45da-bf94-f627be67efc5","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":87,"box":{"x":76,"y":882,"width":585,"height":10}},{"id":"47341b71-7927-4d31-8355-5fc17850afa2","block_type":"box","text":"15","page_number":87,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"50b47b4a-4f8d-4761-8d0a-9c53d7fb1f3c","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":88,"box":{"x":76,"y":23,"width":864,"height":11}},{"id":"ea350a2c-daa9-486d-9f63-c182a1b977d7","block_type":"box","text":"policies and procedures, their methods of risk management may differ from those of the Fund in the setting of priorities, the personnel and","page_number":88,"box":{"x":76,"y":37,"width":889,"height":11}},{"id":"dba3852f-d0b4-422d-b564-7a8da574775d","block_type":"box","text":"resources available or the effectiveness of relevant controls. Each Fund and its adviser seek to reduce these risks through controls,","page_number":88,"box":{"x":77,"y":51,"width":839,"height":11}},{"id":"aa940cc1-603d-473a-858e-a9e6fab189da","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":88,"box":{"x":76,"y":66,"width":862,"height":11}},{"id":"d8171b24-e80a-49de-8388-ac536738f9a5","block_type":"box","text":"limitations in such plans and systems, including the possibility that certain risks that may affect a Fund have not been identified or may","page_number":88,"box":{"x":77,"y":80,"width":863,"height":11}},{"id":"4f1ce657-0872-4c99-af7f-9c4befc58a77","block_type":"box","text":"emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or","page_number":88,"box":{"x":76,"y":94,"width":871,"height":11}},{"id":"f036c0d7-7212-4d63-b23a-9108081578b8","block_type":"box","text":"information security disruptions or failures or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or","page_number":88,"box":{"x":76,"y":108,"width":895,"height":11}},{"id":"98419473-123f-4053-826b-3d768ab820bc","block_type":"box","text":"that incidents will go undetected. A Fund cannot control the systems, information security or other cybersecurity of the issuers in which it","page_number":88,"box":{"x":76,"y":122,"width":882,"height":11}},{"id":"1840e7d3-4ac3-4b54-a3a9-32dd70a58b87","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":88,"box":{"x":76,"y":137,"width":659,"height":10}},{"id":"cb17f721-a57a-4cce-ab2a-4e4537207c87","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":88,"box":{"x":77,"y":160,"width":830,"height":11}},{"id":"fd8f8d1c-ce18-4611-bf69-f27bcb99c75c","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":88,"box":{"x":75,"y":174,"width":905,"height":11}},{"id":"251b7e91-1a42-48cd-b00e-784bddd14a94","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":88,"box":{"x":77,"y":188,"width":756,"height":11}},{"id":"3258e45e-d025-4bf6-a91a-3456334b4095","block_type":"box","text":"Ownership Limitations Risk.","page_number":88,"box":{"x":76,"y":211,"width":195,"height":11}},{"id":"067e7f9a-3c99-4ff1-930b-93ee8d9bd9fb","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":88,"box":{"x":277,"y":211,"width":697,"height":11}},{"id":"875fd5fb-28c2-4618-84da-97609bcbb1ae","block_type":"box","text":"BFA, its affiliates or a Fund, or as a result of third-party transactions or actions by an issuer or regulator, the ability of BFA and its affiliates on","page_number":88,"box":{"x":77,"y":226,"width":900,"height":10}},{"id":"46cbb742-37c7-4594-9baa-99d76b309a64","block_type":"box","text":"behalf of clients (including a Fund) to purchase or dispose of investments, exercise rights or undertake business transactions may be","page_number":88,"box":{"x":76,"y":240,"width":851,"height":11}},{"id":"b8bff559-a59a-4c71-ae05-e1ff2e6f787f","block_type":"box","text":"restricted by law, regulation or rules or otherwise impaired. The capacity of a Fund to invest in certain securities or other assets may be","page_number":88,"box":{"x":77,"y":254,"width":866,"height":11}},{"id":"c21e338f-c1ef-4ee2-abbc-60b814451c83","block_type":"box","text":"affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and performance of a Fund’s portfolio","page_number":88,"box":{"x":76,"y":268,"width":903,"height":11}},{"id":"44fbd036-2840-4eeb-a4da-e9acbc9d936b","block_type":"box","text":"holdings.","page_number":88,"box":{"x":77,"y":282,"width":55,"height":11}},{"id":"7538a22c-7a06-4f43-bfde-1c0673d36004","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in certain international","page_number":88,"box":{"x":77,"y":305,"width":851,"height":11}},{"id":"8bc806b7-0f5a-4a0b-94a5-ee14b0da8149","block_type":"box","text":"markets. Such limits also may apply where the investing entity (such as a Fund) is subject to corporate or regulatory ownership restrictions","page_number":88,"box":{"x":76,"y":320,"width":890,"height":10}},{"id":"80657ae6-6487-40e6-98b1-e737c7d11687","block_type":"box","text":"or invests in certain futures or other derivative transactions. In certain circumstances, aggregate and/or fund-level amounts invested or","page_number":88,"box":{"x":76,"y":334,"width":870,"height":11}},{"id":"e526bfc3-086c-4f05-971c-13319d56f35b","block_type":"box","text":"voted by BFA and its affiliates for client funds and accounts managed by BFA (including a Fund) may not exceed the relevant limits without","page_number":88,"box":{"x":76,"y":348,"width":884,"height":11}},{"id":"fd5c8fbc-7f03-4791-ac43-e86596d985b0","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no guarantee that","page_number":88,"box":{"x":76,"y":362,"width":906,"height":11}},{"id":"9ef1cf03-b2be-4ddd-a08d-6dd47c96ca57","block_type":"box","text":"permission will be granted or that, once granted, it will not be modified or revoked at a later date with minimal or no notice. In other cases,","page_number":88,"box":{"x":76,"y":376,"width":886,"height":11}},{"id":"dad78b24-ff6c-4129-b00f-2bc6c7591057","block_type":"box","text":"exceeding such thresholds may cause BFA and its affiliates, a Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":88,"box":{"x":76,"y":391,"width":896,"height":10}},{"id":"e9f68eb1-1a46-4a31-9027-0ef70709d64f","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BFA’s intent to either comply with or be granted permission to exceed","page_number":88,"box":{"x":76,"y":414,"width":885,"height":11}},{"id":"f04903e9-e6e3-4ddd-8d58-c7b1603a6452","block_type":"box","text":"ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or non","page_number":88,"box":{"x":76,"y":428,"width":854,"height":11}},{"id":"914521e2-a994-4884-a560-4e2b0bbe9b7a","block_type":"box","text":"disapproval that was obtained.","page_number":88,"box":{"x":76,"y":442,"width":195,"height":11}},{"id":"f6b2ffc3-4092-4f27-a379-96435b873f4c","block_type":"box","text":"Quality Securities Risk.","page_number":88,"box":{"x":76,"y":465,"width":161,"height":11}},{"id":"4e769a2d-b291-4c30-9704-ce1faaa08d0f","block_type":"box","text":"Securities that previously exhibited greater quality characteristics than other securities may not continue to be","page_number":88,"box":{"x":243,"y":465,"width":709,"height":11}},{"id":"0005b96c-1bb8-460e-9bc6-9d81dd2ef0c1","block_type":"box","text":"quality securities. Many factors can impact a security’s quality and performance, and such factors and their impact may be difficult to","page_number":88,"box":{"x":76,"y":479,"width":854,"height":11}},{"id":"efc96e81-b54e-4d4b-9f0e-ee059695de5d","block_type":"box","text":"predict. The returns of quality securities may be less than the returns of other styles of investing or the overall stock market. In addition,","page_number":88,"box":{"x":76,"y":494,"width":871,"height":11}},{"id":"8ab97c2e-11f9-4936-b63d-f133ce4812b0","block_type":"box","text":"there may be periods when the quality style of investing is out of favor, and the investment performance of a Fund may suffer during such","page_number":88,"box":{"x":76,"y":508,"width":879,"height":11}},{"id":"e2cf0758-59c6-41f8-bdfb-a467223fea61","block_type":"box","text":"period.","page_number":88,"box":{"x":76,"y":522,"width":43,"height":11}},{"id":"f0c03f12-1716-434d-ae40-da734eea4f95","block_type":"box","text":"Real Estate Companies Risk.","page_number":88,"box":{"x":77,"y":545,"width":196,"height":11}},{"id":"b915943f-aa9f-48eb-ad01-a9cf220aeb1e","block_type":"box","text":"Real estate companies, which include real estate investment trusts, real estate holding and operating","page_number":88,"box":{"x":279,"y":545,"width":649,"height":11}},{"id":"e6afbde6-9c36-40ef-9275-afb81d5c6189","block_type":"box","text":"companies, and real estate management or development companies, expose investors to the risks of owning real estate directly as well as to","page_number":88,"box":{"x":76,"y":559,"width":903,"height":11}},{"id":"bbc528ac-700c-4369-abd1-7beeacce1388","block_type":"box","text":"the risks from the way that such companies operate. Real estate companies and property values may be adversely affected by regulations","page_number":88,"box":{"x":76,"y":574,"width":883,"height":10}},{"id":"76bbe455-adb2-46e5-af5b-5088f57a413a","block_type":"box","text":"and other governmental actions, including tax increases, zoning changes and other usage restrictions, environmental regulations, regulatory","page_number":88,"box":{"x":76,"y":588,"width":897,"height":11}},{"id":"ccfceb51-7fcd-4846-b5e9-dfa799405874","block_type":"box","text":"limitations on rent or eviction, and eminent domain.","page_number":88,"box":{"x":77,"y":602,"width":329,"height":10}},{"id":"3a5120a9-7d75-4cf2-a057-46a8901eae96","block_type":"box","text":"Real estate is highly sensitive to general and local economic conditions and can be subject to intense competition and periodic overbuilding.","page_number":88,"box":{"x":77,"y":625,"width":897,"height":11}},{"id":"f2b26109-255f-4897-b334-4c0baca3e075","block_type":"box","text":"Real estate companies may own a limited number of properties and concentrate their investments in a particular geographic region, industry","page_number":88,"box":{"x":77,"y":639,"width":900,"height":11}},{"id":"5e6044c4-9d1d-4d4b-8950-1acb9e2fd0fe","block_type":"box","text":"or property type. Economic downturns or other adverse events (","page_number":88,"box":{"x":76,"y":654,"width":409,"height":10}},{"id":"4a80dd0d-c38b-4224-be71-6201a3255685","block_type":"box","text":"e.g.","page_number":88,"box":{"x":487,"y":656,"width":20,"height":8}},{"id":"ed87be4c-eff5-4fca-ac49-3c982e84970b","block_type":"box","text":", natural disasters) that affect a particular region, industry or property","page_number":88,"box":{"x":510,"y":654,"width":446,"height":10}},{"id":"f2ca3dc4-e403-4da6-b1ac-56a50e50d005","block_type":"box","text":"type may lead to decreases in property values, leasing declines and defaults by borrowers or tenants. In the event of a default, a real estate","page_number":88,"box":{"x":76,"y":668,"width":891,"height":11}},{"id":"cab141d6-94cc-42d8-b2d9-0b48b6d09977","block_type":"box","text":"company may experience substantial delays and costs in enforcing its rights with respect to the property and protecting its investment. In","page_number":88,"box":{"x":76,"y":682,"width":882,"height":11}},{"id":"a8e84221-4c31-492f-8443-8ceb77c72c58","block_type":"box","text":"addition, because real estate is relatively illiquid, a company may be constrained in its ability to diversify or liquidate its investments in","page_number":88,"box":{"x":76,"y":696,"width":858,"height":11}},{"id":"58a52750-2cc7-41a9-8d4e-98ca061213e8","block_type":"box","text":"response to economic conditions or other events.","page_number":88,"box":{"x":77,"y":710,"width":316,"height":11}},{"id":"c39cf90f-0f97-4b06-9176-f250b4d12652","block_type":"box","text":"Real estate companies may depend on the management skills of a few key individuals and may have limited financial resources. They may be","page_number":88,"box":{"x":77,"y":733,"width":900,"height":11}},{"id":"50ed2619-152b-4737-8027-21a998b06345","block_type":"box","text":"highly leveraged, which can magnify losses, and interest rate increases can make it difficult for them, as well as borrowers and tenants, to","page_number":88,"box":{"x":77,"y":748,"width":881,"height":10}},{"id":"b5d1e72e-60a0-4112-b8c3-087ad780f8b8","block_type":"box","text":"obtain debt financing and meet payment obligations. Declining interest rates could result in increased prepayment on loans and require","page_number":88,"box":{"x":76,"y":762,"width":867,"height":11}},{"id":"77007dfe-7109-4fa2-a706-098be665930a","block_type":"box","text":"redeployment of capital in less desirable investments.","page_number":88,"box":{"x":77,"y":776,"width":343,"height":11}},{"id":"686c5515-cf74-46d9-8fd5-c516fec5f35f","block_type":"box","text":"Certain real estate companies, such as REITs, could fail to qualify for favorable tax or regulatory treatment, which could produce adverse","page_number":88,"box":{"x":76,"y":799,"width":875,"height":11}},{"id":"869f5940-d6eb-4e98-b31a-50e75c5ac5de","block_type":"box","text":"economic consequences for the company and its investors, including a Fund.","page_number":88,"box":{"x":76,"y":813,"width":492,"height":11}},{"id":"b7fe5f5e-74c3-47a4-8485-bb96a7f57464","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":88,"box":{"x":77,"y":837,"width":235,"height":10}},{"id":"648dffe7-84d4-449b-898b-818c62d98dfd","block_type":"box","text":"The economies of some countries or regions depend on trading with certain key trading partners. A","page_number":88,"box":{"x":317,"y":837,"width":636,"height":10}},{"id":"0e598f4f-2491-450c-810e-ba9711e82a8c","block_type":"box","text":"reduction in spending on the products and services of these countries or regions, the institution of tariffs or other trade barriers by a key","page_number":88,"box":{"x":77,"y":851,"width":873,"height":11}},{"id":"dcf6a225-8725-4e94-81e0-2e553553e19a","block_type":"box","text":"trading partner or a slowdown in the economy of a key trading partner may cause an adverse impact on the economies of such countries or","page_number":88,"box":{"x":76,"y":865,"width":893,"height":11}},{"id":"ef877e55-ac32-4c32-97bd-bbae20bca48f","block_type":"box","text":"regions and may negatively impact the performance of a Fund with exposure to those countries or regions.","page_number":88,"box":{"x":77,"y":879,"width":681,"height":11}},{"id":"522f7d41-bc1f-40b6-81dc-b518b1f8190f","block_type":"box","text":"16","page_number":88,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"9bd955f0-c35a-4125-aa76-1ee03d674af9","block_type":"box","text":"Risk of Investing in China.","page_number":89,"box":{"x":77,"y":23,"width":178,"height":11}},{"id":"de1b748a-88eb-415c-81e8-2e835e535bfa","block_type":"box","text":"Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject a Fund","page_number":89,"box":{"x":261,"y":23,"width":711,"height":11}},{"id":"acc1859f-8f23-4d3a-9375-ad0ce5cff835","block_type":"box","text":"to risks specific to China. China is subject to a considerable degree of economic, political and social instability.","page_number":89,"box":{"x":76,"y":37,"width":708,"height":11}},{"id":"b78e8272-6333-4e0e-bc01-fe07056fd025","block_type":"box","text":"Political and Social Risk.","page_number":89,"box":{"x":76,"y":61,"width":151,"height":8}},{"id":"89d63f09-c9e6-4db6-8f8d-03d4cbd997cd","block_type":"box","text":"The Chinese government is authoritarian and has periodically used force to suppress civil dissent. Disparities of","page_number":89,"box":{"x":233,"y":61,"width":713,"height":10}},{"id":"bf6daac0-2d77-434c-a2dc-3bc6d747d927","block_type":"box","text":"wealth and the pace of economic liberalization may lead to social turmoil, violence and labor unrest. In addition, China continues to","page_number":89,"box":{"x":76,"y":75,"width":839,"height":11}},{"id":"c3fa5a84-162a-4f84-aaa2-f03882f9ff57","block_type":"box","text":"experience disagreements related to integration with Hong Kong and religious and nationalist disputes in Tibet and Xinjiang. There is also a","page_number":89,"box":{"x":76,"y":89,"width":888,"height":11}},{"id":"feec6a41-8853-4c1e-9bb6-7ac9d1e7d92f","block_type":"box","text":"greater risk in China than in many other countries of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher","page_number":89,"box":{"x":76,"y":103,"width":892,"height":11}},{"id":"cefa1a1e-dbda-4d5f-8825-969f23f5f591","block_type":"box","text":"rates of inflation as a result of internal social unrest or conflicts with other countries. Unanticipated political or social developments may","page_number":89,"box":{"x":77,"y":117,"width":873,"height":11}},{"id":"f3bbf74c-7112-43cc-bcc0-33341b037512","block_type":"box","text":"result in sudden and significant investment losses. China’s income inequality, rapidly aging population and significant environmental issues","page_number":89,"box":{"x":77,"y":131,"width":888,"height":11}},{"id":"6714c488-7c38-416e-83fc-08bf4b3dc318","block_type":"box","text":"also are factors that may affect the Chinese economy.","page_number":89,"box":{"x":76,"y":146,"width":345,"height":10}},{"id":"f771183f-88e8-4b8a-918f-c7b6c3edda95","block_type":"box","text":"Government Control and Regulations.","page_number":89,"box":{"x":76,"y":169,"width":234,"height":11}},{"id":"2f169492-61d0-4f77-abad-3c491af33e15","block_type":"box","text":"Despite the Chinese government’s implementation of economic and market reforms in recent decades,","page_number":89,"box":{"x":317,"y":169,"width":659,"height":11}},{"id":"e7dddaf1-f0ca-4cce-9814-98960cdd7914","block_type":"box","text":"government control over certain sectors and enterprises and significant regulation of investment and industry are still pervasive. China has","page_number":89,"box":{"x":76,"y":183,"width":889,"height":11}},{"id":"bba72999-a99d-442a-b9e2-3b18a2522fb8","block_type":"box","text":"restrictions on investment in companies or industries deemed to be sensitive to particular national interests, trading of securities of Chinese","page_number":89,"box":{"x":77,"y":197,"width":898,"height":11}},{"id":"50d6c5f4-2f64-4d0c-a4a7-8c7eccb4008e","block_type":"box","text":"issuers, foreign ownership of Chinese corporations and/or the repatriation of assets by foreign investors. Restrictions on foreign ownership","page_number":89,"box":{"x":76,"y":211,"width":894,"height":11}},{"id":"ab78a4f9-e627-48e3-877b-01e468815079","block_type":"box","text":"of Chinese securities may have adverse effects on a Fund’s liquidity and performance and could lead to higher tracking error. Chinese","page_number":89,"box":{"x":76,"y":226,"width":855,"height":10}},{"id":"cfb951e4-f9b9-4bdf-a27c-884e8c0d9feb","block_type":"box","text":"government intervention in the market may have a negative impact on market sentiment, which may in turn affect the performance of the","page_number":89,"box":{"x":76,"y":240,"width":880,"height":11}},{"id":"a1167039-6994-41c7-9442-79e74c9e12fe","block_type":"box","text":"Chinese economy and a Fund’s investments. Chinese markets generally continue to experience inefficiency, lack of publicly available","page_number":89,"box":{"x":76,"y":254,"width":850,"height":11}},{"id":"182110e2-8dfb-4657-9494-4be3a10da31f","block_type":"box","text":"information, and political and social instability and may be subject to volatility and pricing anomalies resulting from governmental influence.","page_number":89,"box":{"x":76,"y":268,"width":893,"height":11}},{"id":"12fc94f9-98cc-44c6-9184-2e8e34019398","block_type":"box","text":"Chinese companies, such as those in the financial services, technology and potentially other sectors, are also subject to the risk that Chinese","page_number":89,"box":{"x":76,"y":282,"width":905,"height":11}},{"id":"3edda087-8cdc-4b72-885b-214eb76ba2c4","block_type":"box","text":"authorities can intervene in their operations and structure, which may negatively affect the value of a Fund’s investments.","page_number":89,"box":{"x":76,"y":296,"width":778,"height":11}},{"id":"48dc8210-352c-455b-ba3f-9de1d6e3e557","block_type":"box","text":"Economic Risk.","page_number":89,"box":{"x":76,"y":320,"width":94,"height":8}},{"id":"ecc7d7be-356e-40cf-845d-d58018c88f86","block_type":"box","text":"The Chinese economy is highly reliant on trade and may be adversely affected by, among other things, a deterioration in","page_number":89,"box":{"x":176,"y":320,"width":766,"height":10}},{"id":"8da63cb9-ab3e-4210-aab9-20425912ab6b","block_type":"box","text":"global demand and spending for Chinese exports or a contraction in spending on domestic goods by Chinese consumers. The institution of","page_number":89,"box":{"x":76,"y":334,"width":887,"height":11}},{"id":"2ea0424b-510d-4d79-b3e4-7b926f7c8387","block_type":"box","text":"additional tariffs or other trade barriers (including as a result of heightened trade tensions between China and the U.S. or in response to","page_number":89,"box":{"x":76,"y":348,"width":869,"height":11}},{"id":"e8433d42-3dc7-4570-a49b-c74133122cad","block_type":"box","text":"actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s key trading partners may have an adverse impact","page_number":89,"box":{"x":76,"y":362,"width":893,"height":11}},{"id":"58d7aea2-fea9-46b6-81ba-6c20d0420336","block_type":"box","text":"on the Chinese economy and companies in which a Fund invests. The current political climate has intensified concerns about a potential","page_number":89,"box":{"x":76,"y":376,"width":871,"height":11}},{"id":"ec368414-8279-4063-a90a-5fc9d5a6a4fc","block_type":"box","text":"trade war between China and the U.S. as each country has imposed tariffs on the other. These actions and their consequences (which are","page_number":89,"box":{"x":76,"y":391,"width":881,"height":10}},{"id":"a37b3387-1d77-43fb-acd4-be0c283aa1e3","block_type":"box","text":"difficult to predict) could have a negative impact on a Fund’s performance. It is unclear whether further tariffs or other escalating actions","page_number":89,"box":{"x":76,"y":405,"width":876,"height":11}},{"id":"625c9035-f018-4021-9730-facc0c3bc45e","block_type":"box","text":"may occur.","page_number":89,"box":{"x":76,"y":421,"width":69,"height":9}},{"id":"ddf317e9-a7a7-4cf9-bf7d-873a2e36cbbb","block_type":"box","text":"In addition, certain Chinese companies (which may change from time to time) are directly or indirectly subject to economic or trade","page_number":89,"box":{"x":77,"y":442,"width":840,"height":11}},{"id":"24ca2ba0-e087-4506-a49c-eb6bf7322672","block_type":"box","text":"restrictions imposed by the U.S. or other governments due to national security, human rights or other concerns of such government. For","page_number":89,"box":{"x":77,"y":456,"width":872,"height":11}},{"id":"503a3674-1460-475b-a995-c18925d66997","block_type":"box","text":"example, certain foreign technology companies are subject to export controls as those companies are believed to pose a risk to U.S.","page_number":89,"box":{"x":76,"y":470,"width":848,"height":11}},{"id":"79b089f7-e70a-43b7-add2-f229d2a452a8","block_type":"box","text":"interests. The U.S. also bans imports of goods produced in certain regions of China or by certain Chinese companies due to concerns about","page_number":89,"box":{"x":76,"y":485,"width":893,"height":10}},{"id":"c7d716f9-6a55-412e-962d-26189ea6e465","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that targets","page_number":89,"box":{"x":76,"y":499,"width":898,"height":11}},{"id":"151608b0-915b-4e1d-acbd-2ff73c3de8cc","block_type":"box","text":"Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions. A","page_number":89,"box":{"x":76,"y":513,"width":863,"height":11}},{"id":"f976bc85-cce9-41e6-9af4-867097728714","block_type":"box","text":"Fund’s Underlying Index may include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed","page_number":89,"box":{"x":77,"y":527,"width":897,"height":11}},{"id":"eccd4412-f349-40ec-ac82-64a0269ab832","block_type":"box","text":"by the U.S. or other governments. So long as these restrictions do not include restrictions on investments, a Fund is generally expected to","page_number":89,"box":{"x":76,"y":541,"width":884,"height":11}},{"id":"e10f31e8-0212-48d0-ba47-311767b02e6f","block_type":"box","text":"invest in such companies, consistent with its objective to track the performance of its Underlying Index. Other economic challenges for China","page_number":89,"box":{"x":76,"y":556,"width":905,"height":10}},{"id":"05bb7206-368e-4c9d-8c59-fd1878eac2b1","block_type":"box","text":"include indebtedness, weak consumer demand, and an aging population. China continues to face pressure from its trading partners over its","page_number":89,"box":{"x":76,"y":570,"width":893,"height":11}},{"id":"858f921d-39e1-4064-b92e-405895e53094","block_type":"box","text":"exporting of its excess industrial capacity and overall approach to economic management.","page_number":89,"box":{"x":76,"y":584,"width":578,"height":11}},{"id":"b095d694-9a0e-458f-9f5d-15f491655423","block_type":"box","text":"Expropriation Risk.","page_number":89,"box":{"x":76,"y":607,"width":116,"height":11}},{"id":"f75be275-7f12-4fd7-a207-1abab92ab00f","block_type":"box","text":"The Chinese government maintains a major role in economic policymaking, and investing in China involves risk of loss due","page_number":89,"box":{"x":198,"y":607,"width":781,"height":11}},{"id":"e4b34501-d794-42ed-9412-6e1b8915b1dc","block_type":"box","text":"to expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on","page_number":89,"box":{"x":76,"y":621,"width":841,"height":11}},{"id":"8b5979fa-334c-48f4-a7ef-25e4b838c8a0","block_type":"box","text":"repatriation of capital invested.","page_number":89,"box":{"x":77,"y":635,"width":198,"height":11}},{"id":"f72c77da-53d7-445b-9bff-9d2e4d89b654","block_type":"box","text":"Security Risk.","page_number":89,"box":{"x":76,"y":659,"width":83,"height":10}},{"id":"57d6eb54-3311-4e1f-bb25-919eff5e2e27","block_type":"box","text":"China has strained international relations with Taiwan, Japan, the Philippines, India, and other neighbors due to territorial","page_number":89,"box":{"x":166,"y":659,"width":770,"height":11}},{"id":"4a1908d6-c7b3-42b0-8146-ede881058f9d","block_type":"box","text":"disputes, historical animosities, defense concerns and other security concerns. China has a complex territorial dispute regarding the","page_number":89,"box":{"x":76,"y":673,"width":848,"height":11}},{"id":"4aa5ed65-8b82-452e-a6b3-79d0a1c01966","block_type":"box","text":"sovereignty of Taiwan and has pledged to take control of Taiwan, including by force if necessary. The Chinese military has conducted military","page_number":89,"box":{"x":76,"y":687,"width":898,"height":11}},{"id":"399781e7-2a85-41f3-94ad-d37dbc9f2d38","block_type":"box","text":"drills around Taiwan in connection with China’s claim to Taiwan. Taiwan-based companies and individuals are significant investors in China.","page_number":89,"box":{"x":76,"y":701,"width":886,"height":11}},{"id":"48204849-6267-48f9-b7eb-e75788fbf54b","block_type":"box","text":"Continuing hostility between China and Taiwan may have an adverse impact on their economies and markets and on the value of a Fund’s","page_number":89,"box":{"x":76,"y":715,"width":879,"height":11}},{"id":"597d866a-d700-4b71-97e9-1c3fbcc45426","block_type":"box","text":"investments in China, Taiwan or the region, may cause a suspension in a Fund’s ability to trade in certain securities or other assets, or may","page_number":89,"box":{"x":76,"y":730,"width":887,"height":10}},{"id":"72ac1c6b-07c8-4ffd-8eee-43542aa9e58c","block_type":"box","text":"otherwise make such investments impracticable or impossible. Frictions between China and the Philippines in the South China Sea pose a","page_number":89,"box":{"x":76,"y":744,"width":883,"height":11}},{"id":"14a43e33-0421-431e-a7ea-54855a53cc38","block_type":"box","text":"risk of escalation potentially leading to military conflict.","page_number":89,"box":{"x":77,"y":758,"width":353,"height":11}},{"id":"993dcbf9-976d-420a-ade1-93683b7bb026","block_type":"box","text":"Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments.","page_number":89,"box":{"x":76,"y":781,"width":866,"height":11}},{"id":"d52c36d5-3a3e-4c5a-bcd1-5383b9f7b6b6","block_type":"box","text":"Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, export","page_number":89,"box":{"x":76,"y":795,"width":876,"height":11}},{"id":"f88220fb-19af-4606-8104-92525dab0f1d","block_type":"box","text":"controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers in","page_number":89,"box":{"x":76,"y":809,"width":871,"height":11}},{"id":"4a359178-d99e-4487-9df5-8af65057092a","block_type":"box","text":"which a Fund invests. It may be impossible or impracticable for a Fund to hold, transact in or value securities of sanctioned companies, and","page_number":89,"box":{"x":76,"y":824,"width":891,"height":10}},{"id":"7dd7ffb4-f623-4690-9d12-913ad862041f","block_type":"box","text":"there may be a significant decrease in the valuation of such securities. Relations between China’s Han ethnic majority and other ethnic","page_number":89,"box":{"x":76,"y":838,"width":863,"height":11}},{"id":"121625b5-8e2d-4756-bcfb-7ef5a822d04e","block_type":"box","text":"groups in China, including Tibetans and Uighurs, are also strained and have been marked, historically, by protests and violence. These","page_number":89,"box":{"x":76,"y":852,"width":855,"height":11}},{"id":"4aaa8e1d-c441-4f07-95c8-a20df1c974bd","block_type":"box","text":"situations may cause uncertainty in the Chinese markets and may adversely affect the Chinese economy. In addition, conflict on the Korean","page_number":89,"box":{"x":76,"y":866,"width":893,"height":11}},{"id":"191da7c1-4225-4c31-9edf-495268819b0f","block_type":"box","text":"Peninsula could adversely affect the Chinese economy. Such risks, among others, may adversely affect the value of a Fund’s investments.","page_number":89,"box":{"x":77,"y":880,"width":879,"height":11}},{"id":"5bb4b0f7-0d4f-488f-91cd-30d4c1092dea","block_type":"box","text":"17","page_number":89,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"3dbaf54d-5e9f-4ec0-9270-cc2a2b0d21d1","block_type":"box","text":"Chinese Equity Markets.","page_number":90,"box":{"x":76,"y":23,"width":151,"height":11}},{"id":"870b9c6a-eaac-46bc-b056-f29c15536c4d","block_type":"box","text":"There are several types of Chinese equity securities, including H-shares, A-shares, B-shares, Red-Chips and/or P","page_number":90,"box":{"x":233,"y":23,"width":726,"height":11}},{"id":"86647c2c-69cb-451b-87f5-bae98fa82a8d","block_type":"box","text":"Chips. The issuance of B-shares and H-shares by Chinese companies and the ability to obtain a “back-door listing” through Red-Chips or P","page_number":90,"box":{"x":76,"y":37,"width":889,"height":11}},{"id":"3542e077-ed07-4d2c-9bf0-ed7d4168ee79","block_type":"box","text":"Chips is still regarded by the Chinese authorities as an experiment in economic reform. “Back-door listing” is a means by which a mainland","page_number":90,"box":{"x":76,"y":51,"width":887,"height":11}},{"id":"173d2436-2983-4ee5-89f1-42932dfd0b37","block_type":"box","text":"Chinese company issues Red-Chips or P-Chips to obtain quick access to international listing and international capital. These share","page_number":90,"box":{"x":76,"y":66,"width":834,"height":11}},{"id":"5ff6cde7-83eb-4f91-8770-d477182b8b6c","block_type":"box","text":"mechanisms are subject to the political and economic policies in China. In the Chinese securities markets, a small number of issuers may","page_number":90,"box":{"x":76,"y":80,"width":880,"height":11}},{"id":"c5752d80-5593-4fc5-8de0-e4442513b209","block_type":"box","text":"represent a large portion of the entire market. The Chinese securities markets also may be subject to more frequent trading halts, low trading","page_number":90,"box":{"x":77,"y":94,"width":905,"height":11}},{"id":"34e1c9e1-9f4f-481b-adae-7fa8a0589808","block_type":"box","text":"volume and price volatility.","page_number":90,"box":{"x":76,"y":108,"width":170,"height":11}},{"id":"6f5e2c45-0a09-4c11-aeef-7e73c94af37d","block_type":"box","text":"Hong Kong Political Risk.","page_number":90,"box":{"x":76,"y":131,"width":154,"height":11}},{"id":"ddcaa167-569d-406a-be7b-0a527e3c3e5b","block_type":"box","text":"Hong Kong reverted to Chinese sovereignty on July 1, 1997 as a Special Administrative Region (“SAR”) of the","page_number":90,"box":{"x":237,"y":131,"width":692,"height":11}},{"id":"b285f178-edfa-46a2-9c6a-6207584371b5","block_type":"box","text":"People’s Republic of China (“PRC”) under the principle of “one country, two systems.” Although China is obligated by treaty to maintain the","page_number":90,"box":{"x":77,"y":146,"width":887,"height":10}},{"id":"bc99fe10-3b0b-41fc-b28e-641322804ede","block_type":"box","text":"current capitalist economic and social system of Hong Kong through June 30, 2047, the continuation of economic and social freedoms","page_number":90,"box":{"x":76,"y":160,"width":861,"height":11}},{"id":"ad02d01c-b904-4461-aa83-a805072dd712","block_type":"box","text":"enjoyed in Hong Kong is dependent on the government of China. Hong Kong has experienced protests and unrest related to China’s control,","page_number":90,"box":{"x":76,"y":174,"width":895,"height":11}},{"id":"4aa08854-be96-42d0-9086-c749fcb23621","block_type":"box","text":"and tensions have increased between China and Hong Kong. Due to the interconnected nature of the Hong Kong and Chinese economies,","page_number":90,"box":{"x":76,"y":188,"width":881,"height":11}},{"id":"3fa3b7f7-e4c5-494d-9d69-210ab79e604e","block_type":"box","text":"instability in Hong Kong may adversely affect the Hong Kong and Chinese markets. Other countries’ perceptions of the degree of","page_number":90,"box":{"x":76,"y":202,"width":823,"height":11}},{"id":"d48efccc-35f3-41b9-aa0f-ebb1ec6b98e9","block_type":"box","text":"convergence between China and Hong Kong, such as with respect to trade, and resulting actions also may impact both economies. In","page_number":90,"box":{"x":76,"y":217,"width":853,"height":10}},{"id":"10966288-3da7-4c76-87c8-c126581d9d61","block_type":"box","text":"addition, the Hong Kong dollar trades at a fixed exchange rate in relation to (or is “pegged” to) the U.S. dollar, which has contributed to the","page_number":90,"box":{"x":76,"y":231,"width":888,"height":11}},{"id":"e2c6007b-cb36-47ab-b389-e585354811b2","block_type":"box","text":"growth and stability of the Hong Kong economy. However, it is uncertain how long the currency peg will continue or what effect the","page_number":90,"box":{"x":76,"y":245,"width":838,"height":11}},{"id":"58e06f0c-9079-42ec-a46c-478c57c9b7dc","block_type":"box","text":"establishment of an alternative exchange rate system would have on Hong Kong’s economy. Such a change could result in a decline in a","page_number":90,"box":{"x":76,"y":259,"width":869,"height":11}},{"id":"f6ebbf44-d673-4957-8180-9dcb75cc6b1d","block_type":"box","text":"Fund’s NAV because the NAV is denominated in U.S. dollars.","page_number":90,"box":{"x":77,"y":273,"width":384,"height":9}},{"id":"1f577738-444f-4ce5-a2c2-fa000cba6623","block_type":"box","text":"Limited Information, Legal Remedies and VIE Structure Risk.","page_number":90,"box":{"x":76,"y":296,"width":376,"height":11}},{"id":"d1b76f4b-feba-4b2c-882e-133c29d6d42a","block_type":"box","text":"Chinese companies, including Chinese companies that are listed on U.S.","page_number":90,"box":{"x":459,"y":296,"width":462,"height":11}},{"id":"4a2ca434-6ee2-4295-91cb-9505bba0dc5b","block_type":"box","text":"exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more","page_number":90,"box":{"x":76,"y":311,"width":896,"height":10}},{"id":"bbf37c32-e481-41be-a8b6-e4039eec0872","block_type":"box","text":"developed countries. As a result, information about the Chinese securities in which the Fund invests may be less reliable or complete.","page_number":90,"box":{"x":76,"y":325,"width":855,"height":11}},{"id":"9a61b439-b2e3-4b5a-bbb9-22b38b6df2aa","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor","page_number":90,"box":{"x":76,"y":339,"width":864,"height":11}},{"id":"945a0c9e-156f-4928-a2c5-8eb0ed2cfb5d","block_type":"box","text":"oversight requirements, or for other reasons, which would significantly decrease the liquidity and value of the securities. There may be","page_number":90,"box":{"x":76,"y":353,"width":859,"height":11}},{"id":"db227da6-c555-488c-8af9-8587c290a187","block_type":"box","text":"significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders","page_number":90,"box":{"x":76,"y":367,"width":876,"height":11}},{"id":"5ce2e178-0891-4845-a818-e166469ad94c","block_type":"box","text":"may have limited legal remedies. The Funds do not select investments based on investor protection considerations.","page_number":90,"box":{"x":76,"y":382,"width":738,"height":10}},{"id":"8bc81512-6998-4ae1-b97f-656c43ae9b58","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a result of foreign ownership","page_number":90,"box":{"x":77,"y":405,"width":888,"height":11}},{"id":"762777d2-be95-4b67-b19a-6b97abf9a330","block_type":"box","text":"restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another jurisdiction to issue stock to public","page_number":90,"box":{"x":77,"y":419,"width":869,"height":11}},{"id":"b5e00ce7-efe9-4f5a-9bd6-5d90b6c3a02f","block_type":"box","text":"shareholders. When a VIE structure is used by a Chinese company to list its stock in the U.S., instead of owning the equity securities of the","page_number":90,"box":{"x":76,"y":433,"width":888,"height":11}},{"id":"82db4d55-c9c8-4747-b483-4c1afd286b6e","block_type":"box","text":"Chinese company, the U.S.-listed shell company directly or indirectly enters into contracts with the Chinese operating company under","page_number":90,"box":{"x":76,"y":447,"width":858,"height":11}},{"id":"1a74f2b3-5e46-47b2-89df-f6b238586305","block_type":"box","text":"Chinese law. These contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":90,"box":{"x":76,"y":461,"width":852,"height":11}},{"id":"b329fbae-a8c3-4f1d-9a10-aa9a9b6c7796","block_type":"box","text":"represent equity ownership in the operating company.","page_number":90,"box":{"x":77,"y":476,"width":344,"height":10}},{"id":"f8fd82f9-c4fe-4c18-b994-b950a319eca5","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been formally recognized under","page_number":90,"box":{"x":76,"y":499,"width":888,"height":11}},{"id":"837e7be3-ca6f-495f-b324-5deedce0cb55","block_type":"box","text":"Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based companies raising capital offshore,","page_number":90,"box":{"x":76,"y":513,"width":906,"height":11}},{"id":"05319344-e080-4518-8162-cf0c82b1195c","block_type":"box","text":"including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”) released new rules that permit the use of VIE","page_number":90,"box":{"x":76,"y":527,"width":849,"height":11}},{"id":"afad596f-a0dc-4012-96f4-75ac97f0f20a","block_type":"box","text":"structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo","page_number":90,"box":{"x":76,"y":541,"width":890,"height":11}},{"id":"d593d157-d3b7-40b8-a2eb-d164763950ad","block_type":"box","text":"greater scrutiny and add costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":90,"box":{"x":76,"y":556,"width":855,"height":10}},{"id":"592433c2-3091-4db2-822b-d63a6bf30ff0","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s business in China, the","page_number":90,"box":{"x":76,"y":570,"width":898,"height":11}},{"id":"f73560bd-e3e9-4333-b98d-fb323b47cfb0","block_type":"box","text":"enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese company and the value of the U.S.-listed stock.","page_number":90,"box":{"x":76,"y":584,"width":892,"height":11}},{"id":"c11501f0-2ddc-4839-bd76-e0887fbbbab2","block_type":"box","text":"Further, the VIE contractual arrangement would likely be subject to Chinese law and jurisdiction, and remedies available to the U.S.-listed","page_number":90,"box":{"x":77,"y":598,"width":879,"height":11}},{"id":"31bdb1fe-2ffc-46f2-a8eb-0b08454f2011","block_type":"box","text":"shell company are uncertain and could be ineffective. Any change in the operations of entities in a VIE structure, the status of VIE contractual","page_number":90,"box":{"x":76,"y":612,"width":904,"height":11}},{"id":"855c8eb2-ff00-47a8-8fbe-0cd2e77c60a4","block_type":"box","text":"arrangements or the legal or regulatory environment in China, generally or with respect to specific industries, could result in significant, and","page_number":90,"box":{"x":76,"y":626,"width":894,"height":11}},{"id":"92282d1f-2932-476a-8364-dbe0ec3a67d9","block_type":"box","text":"possibly permanent and/or total, losses to a Fund.","page_number":90,"box":{"x":76,"y":641,"width":324,"height":10}},{"id":"016f5919-7f5a-4761-b3eb-246b2507ac0c","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":90,"box":{"x":77,"y":664,"width":285,"height":11}},{"id":"45da9391-2137-4056-83b7-6de5dfba54cd","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":90,"box":{"x":368,"y":664,"width":568,"height":11}},{"id":"c6e69175-283a-445a-9fe2-337d053bcf8a","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":90,"box":{"x":76,"y":678,"width":878,"height":11}},{"id":"35e60f53-1f29-4821-a2f9-f7960ea0992f","block_type":"box","text":"sectors (","page_number":90,"box":{"x":76,"y":692,"width":55,"height":11}},{"id":"6d62a78a-394b-43d2-ab96-e1b4f771e672","block_type":"box","text":"e.g.,","page_number":90,"box":{"x":132,"y":695,"width":25,"height":8}},{"id":"5002fe1b-0a71-4263-bee0-abc5c0186818","block_type":"box","text":"the financial services sector) as the primary means of economic growth. A prolonged slowdown in one or more services sectors","page_number":90,"box":{"x":163,"y":692,"width":817,"height":11}},{"id":"c12fac77-07be-47aa-9314-c83755b3f90b","block_type":"box","text":"is likely to have a negative impact on economies of certain developed countries, although economies of individual developed countries can","page_number":90,"box":{"x":76,"y":706,"width":887,"height":11}},{"id":"4ea10e4d-abe8-4a0e-8e0a-d4d433ef59d2","block_type":"box","text":"be impacted by slowdowns in other sectors. In the past, certain developed countries have been targets of terrorism, and some geographic","page_number":90,"box":{"x":76,"y":721,"width":884,"height":10}},{"id":"683cdda0-4767-4675-83bf-5723f1b99413","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":90,"box":{"x":76,"y":735,"width":874,"height":10}},{"id":"bc41efa0-8eb5-4dfc-bb46-7a23b256758d","block_type":"box","text":"concerns and other security concerns. These situations may cause uncertainty in the financial markets in these countries or geographic","page_number":90,"box":{"x":76,"y":749,"width":868,"height":11}},{"id":"00728b15-3ad2-4dcd-8adb-0d49122801cd","block_type":"box","text":"areas and may adversely affect the performance of the issuers to which a Fund has exposure. Heavy regulation of certain markets, including","page_number":90,"box":{"x":76,"y":763,"width":897,"height":11}},{"id":"40ed23d2-e674-48aa-9414-bee592bde16c","block_type":"box","text":"labor and product markets, may have an adverse effect on certain issuers. Such regulations may negatively affect economic growth or cause","page_number":90,"box":{"x":77,"y":777,"width":899,"height":11}},{"id":"bac778e4-4f39-40f4-8a16-cca43b5616a6","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":90,"box":{"x":76,"y":791,"width":860,"height":11}},{"id":"0fe61773-3c20-4a6b-b766-91fec77834eb","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":90,"box":{"x":76,"y":806,"width":877,"height":10}},{"id":"e25b6b22-3852-44c1-8241-3dce9ebb9ffa","block_type":"box","text":"country economies.","page_number":90,"box":{"x":76,"y":820,"width":126,"height":11}},{"id":"3258fbde-548c-4497-ad6d-ad657da846a3","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":90,"box":{"x":77,"y":843,"width":266,"height":11}},{"id":"81fe583c-4a05-4450-bfab-2a2f8ca1f115","block_type":"box","text":"Investments in emerging market issuers may be subject to a greater risk of loss than investments","page_number":90,"box":{"x":349,"y":843,"width":625,"height":11}},{"id":"1fd626a8-ed79-400b-9eac-8a129fa45f80","block_type":"box","text":"in issuers located or operating in more developed markets. This is due to, among other things, the potential for greater market volatility,","page_number":90,"box":{"x":76,"y":857,"width":869,"height":11}},{"id":"bcbbb7cb-5cab-45db-859d-73e9838a1951","block_type":"box","text":"lower trading volume, higher levels of inflation, social, political or economic instability, greater risk of a market shutdown and more","page_number":90,"box":{"x":77,"y":871,"width":836,"height":11}},{"id":"3c8a5ec1-bb08-4461-be34-cdf1f5db4f9a","block_type":"box","text":"governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets.","page_number":90,"box":{"x":76,"y":886,"width":838,"height":10}},{"id":"dab2e44e-109a-43e0-b182-e2909dc8a39c","block_type":"box","text":"18","page_number":90,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"7143bff5-b151-4b46-aa5f-df38e51d49de","block_type":"box","text":"Some emerging market countries may experience economic instability, including instability resulting from substantial rates of inflation or","page_number":91,"box":{"x":76,"y":23,"width":876,"height":11}},{"id":"18246842-390c-4b5b-8f78-5b86f89048a3","block_type":"box","text":"significant devaluations of their currency, or economic recessions, which would have a negative effect on the economies and financial","page_number":91,"box":{"x":76,"y":37,"width":856,"height":11}},{"id":"4fc35c9d-22f2-4b8d-994c-033159444220","block_type":"box","text":"markets of their economies. Some of these countries may impose restrictions on the exchange or export of currency or adverse currency","page_number":91,"box":{"x":76,"y":51,"width":879,"height":11}},{"id":"73945be6-59fa-428a-92f4-f7c27eefe185","block_type":"box","text":"exchange rates, and there may be a lack of available currency hedging instruments.","page_number":91,"box":{"x":76,"y":66,"width":533,"height":11}},{"id":"60b44dbc-1792-44e3-8bfd-aa2c08fbd0f2","block_type":"box","text":"Disparities of wealth, the pace and success of democratization and ethnic, religious and racial disaffection, among other factors, may","page_number":91,"box":{"x":77,"y":89,"width":852,"height":11}},{"id":"69407594-80ad-417d-b76c-0ca95d28237f","block_type":"box","text":"exacerbate unrest or violence in certain countries. Unanticipated or sudden political or social developments may result in sudden and","page_number":91,"box":{"x":76,"y":103,"width":854,"height":11}},{"id":"c06c6fc9-6e60-4a25-8599-b2a32312abe2","block_type":"box","text":"significant investment losses.","page_number":91,"box":{"x":76,"y":117,"width":188,"height":11}},{"id":"0540c7f4-3b96-4394-8486-3b4ce85fb2df","block_type":"box","text":"Companies in many emerging markets are not subject to the same degree of regulatory requirements, accounting standards or auditor","page_number":91,"box":{"x":76,"y":140,"width":863,"height":11}},{"id":"0e979c58-559d-4ab3-9463-1afc6aab2c67","block_type":"box","text":"oversight as companies in more developed countries, and as a result, information about the securities in which a Fund invests may be less","page_number":91,"box":{"x":76,"y":155,"width":884,"height":10}},{"id":"94afaab8-d6f5-42b7-beb8-4c9dc8005af7","block_type":"box","text":"reliable or complete. Moreover, emerging markets often have less reliable securities valuations and greater risks associated with the custody","page_number":91,"box":{"x":77,"y":169,"width":902,"height":11}},{"id":"5dc0abbb-50c0-405a-a51e-e3c77c4f082c","block_type":"box","text":"of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or","page_number":91,"box":{"x":76,"y":183,"width":854,"height":11}},{"id":"f14c51f8-4bb5-4982-b86c-630bc4f1461a","block_type":"box","text":"litigation against companies, and shareholders may have limited legal remedies. A Fund’s investments are not selected based on investor","page_number":91,"box":{"x":77,"y":197,"width":878,"height":11}},{"id":"8e456918-646d-4bb6-9bdd-5560fb060ad0","block_type":"box","text":"protection considerations.","page_number":91,"box":{"x":76,"y":211,"width":167,"height":11}},{"id":"5502dee3-f778-4cf7-9c2a-8a67707c3c66","block_type":"box","text":"In addition, emerging markets often have greater risk of capital controls through such measures as taxes or interest rate control than","page_number":91,"box":{"x":77,"y":235,"width":851,"height":10}},{"id":"eb79b465-e597-451f-ac72-3666dc3cd412","block_type":"box","text":"developed markets. Certain emerging market countries may also lack the infrastructure necessary to attract large amounts of foreign trade","page_number":91,"box":{"x":76,"y":249,"width":892,"height":11}},{"id":"63ca591a-908d-48df-95b9-186845c6e8dc","block_type":"box","text":"and investment. Chronic structural public sector deficits in some countries may adversely impact a Fund’s investments.","page_number":91,"box":{"x":76,"y":263,"width":765,"height":11}},{"id":"d7e10fe7-6426-4e3b-812d-e69f1a1bc7f8","block_type":"box","text":"Local securities markets in emerging market countries may trade a small number of securities and may be unable to respond effectively to","page_number":91,"box":{"x":77,"y":286,"width":885,"height":11}},{"id":"3052bd61-39aa-49fb-961e-8785effb9168","block_type":"box","text":"changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Settlement procedures in","page_number":91,"box":{"x":76,"y":300,"width":857,"height":11}},{"id":"d2a0f965-cd08-4d9e-9dc4-12193fd49c53","block_type":"box","text":"emerging market countries are frequently less developed and reliable than those in the U.S. (and other developed countries). In addition,","page_number":91,"box":{"x":76,"y":314,"width":875,"height":11}},{"id":"0adcc54c-7df5-46fe-8810-bb4070ad54f5","block_type":"box","text":"significant delays may occur in certain markets in registering the transfer of securities. Settlement or registration problems may make it","page_number":91,"box":{"x":76,"y":329,"width":870,"height":10}},{"id":"d9c4bd83-46f9-40c6-85d9-0c823d2851c8","block_type":"box","text":"more difficult for a Fund to value its portfolio securities and could have an adverse effect on a Fund in seeking to achieve its investment","page_number":91,"box":{"x":76,"y":343,"width":867,"height":11}},{"id":"2036cda2-6f97-46df-a333-99af21564344","block_type":"box","text":"objective.","page_number":91,"box":{"x":76,"y":357,"width":61,"height":11}},{"id":"2f44ff45-666c-4f22-b5cb-fa6ff4a91567","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those caused by environmental","page_number":91,"box":{"x":76,"y":380,"width":858,"height":11}},{"id":"7e1ac931-d113-4e19-8730-03415fc29655","block_type":"box","text":"changes, social issues and governance risk. Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":91,"box":{"x":76,"y":394,"width":863,"height":11}},{"id":"794664c2-f2a8-4f21-8c9e-3752c6389f7c","block_type":"box","text":"generally less available or transparent in these markets.","page_number":91,"box":{"x":76,"y":409,"width":357,"height":10}},{"id":"721f5697-2acd-4d39-93cb-b1414a5080dd","block_type":"box","text":"Investments in emerging market countries may be subject to loss due to expropriation, nationalization, confiscation of assets and property or","page_number":91,"box":{"x":77,"y":432,"width":904,"height":11}},{"id":"53a273b1-8555-40aa-acbb-9a828a2b72bf","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested in such countries.","page_number":91,"box":{"x":76,"y":446,"width":700,"height":11}},{"id":"5d3784af-546a-4c50-95ef-faff14dd4daa","block_type":"box","text":"Risk of Investing in Japan.","page_number":91,"box":{"x":77,"y":469,"width":178,"height":11}},{"id":"36e6278d-57c0-4d10-a8c2-40c00dba2383","block_type":"box","text":"Investing in Japanese issuers subjects a Fund to legal, regulatory, political, economic, currency, geographic and","page_number":91,"box":{"x":261,"y":469,"width":713,"height":11}},{"id":"badaa830-3dcc-4753-8405-ff04eaf9b82e","block_type":"box","text":"security risks that are specific to Japan. Japan’s economic growth rate has generally remained low relative to other advanced economies, and","page_number":91,"box":{"x":76,"y":483,"width":903,"height":11}},{"id":"10aedd2f-99f3-40de-878c-dff357fae380","block_type":"box","text":"it may continue to remain low. Its economy depends heavily on international trade and government policy supporting its export market.","page_number":91,"box":{"x":76,"y":498,"width":864,"height":10}},{"id":"bd703b59-04dd-4c64-927f-7be45686a109","block_type":"box","text":"Economic downturns or political instability in its key trading partners, which include the United States and China, could have an adverse","page_number":91,"box":{"x":77,"y":512,"width":868,"height":11}},{"id":"62002b81-9694-45bf-be49-615720769b4f","block_type":"box","text":"effect on the Japanese economy. Currency fluctuations also could adversely impact Japan’s export market and its economy. If the Japanese","page_number":91,"box":{"x":76,"y":526,"width":890,"height":11}},{"id":"961f3f25-de4d-464c-81da-935d6582b32f","block_type":"box","text":"government were to intervene in the currency market, as it has in the past, the yen’s value could fluctuate sharply and unpredictably, which","page_number":91,"box":{"x":76,"y":540,"width":891,"height":11}},{"id":"3a28544a-d881-4d7a-a640-badae733fb3a","block_type":"box","text":"could cause losses to investors.","page_number":91,"box":{"x":76,"y":554,"width":203,"height":9}},{"id":"7eb73a28-370c-465f-9a64-eb75e14e5200","block_type":"box","text":"Other risks to Japan’s economic growth and competitiveness include significant public debt and deficits as well as labor shortages due to an","page_number":91,"box":{"x":76,"y":577,"width":896,"height":11}},{"id":"d1a9d1ba-fde5-4163-a4d4-185170652e33","block_type":"box","text":"aging and declining population. In addition, Japan lacks many natural resources and relies heavily on imports of oil and other commodities.","page_number":91,"box":{"x":76,"y":592,"width":885,"height":10}},{"id":"9a60c64a-7e00-4950-bdd5-3dbfe6a936bf","block_type":"box","text":"Price increases, shortages or volatility in commodities markets could have a negative effect on Japan’s economy. Other risks to the Japanese","page_number":91,"box":{"x":77,"y":606,"width":899,"height":11}},{"id":"1e759064-c081-4ffd-b5c2-6809d0f3aae5","block_type":"box","text":"economy and financial markets include natural disasters and Japan’s relations with neighboring countries, which at times have been strained.","page_number":91,"box":{"x":76,"y":620,"width":903,"height":11}},{"id":"e7f609b8-b824-4f8d-affa-4e6127d9caf3","block_type":"box","text":"Risk of Investing in Russia.","page_number":91,"box":{"x":77,"y":643,"width":185,"height":11}},{"id":"28e50ab7-d58b-46f0-86f3-c0b5df8b8ecb","block_type":"box","text":"Investing in Russian securities involves significant risks, in addition to those described under “Risk of Investing","page_number":91,"box":{"x":268,"y":643,"width":708,"height":11}},{"id":"a8e0ebe4-8732-4514-8051-32eb4d6b829f","block_type":"box","text":"in Emerging Markets” and “Non-U.S. Securities Risk,” that are not typically associated with investing in U.S. securities, including:","page_number":91,"box":{"x":76,"y":657,"width":825,"height":11}},{"id":"f6f34303-a037-4d3c-aef1-aef55da75c34","block_type":"box","text":"The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used","page_number":91,"box":{"x":113,"y":675,"width":857,"height":11}},{"id":"b650292a-e62b-4147-93d8-1bddc782e13e","block_type":"box","text":"in Russia;","page_number":91,"box":{"x":113,"y":690,"width":60,"height":10}},{"id":"99e6fc01-6f54-445a-a9b2-fd5a4e44f5eb","block_type":"box","text":"Risks in connection with the maintenance of a Fund’s portfolio securities and cash with foreign sub-custodians and securities","page_number":91,"box":{"x":114,"y":708,"width":800,"height":11}},{"id":"9bcac574-86b8-4c5f-b35f-d3bb1a70da8c","block_type":"box","text":"depositories, including the risk that appropriate sub-custody arrangements will not be available to a Fund;","page_number":91,"box":{"x":113,"y":722,"width":677,"height":11}},{"id":"e75dafcd-d359-4bd7-b7d8-61db06e2bc1b","block_type":"box","text":"The risk that a Fund’s ownership rights in portfolio securities could be lost through fraud or negligence because ownership in shares of","page_number":91,"box":{"x":113,"y":740,"width":861,"height":11}},{"id":"a9dbdee4-7afd-4322-af71-9029eb87d326","block_type":"box","text":"Russian companies is recorded by the companies themselves and by registrars, rather than by a central registration system;","page_number":91,"box":{"x":114,"y":754,"width":793,"height":11}},{"id":"a37fe432-f415-4155-a575-a4306d53deb2","block_type":"box","text":"The risk that a Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and","page_number":91,"box":{"x":113,"y":772,"width":838,"height":11}},{"id":"40150b65-6e69-4921-97ba-3a2307dd703a","block_type":"box","text":"custody, and because Russian banking institutions and registrars are not guaranteed by the Russian government; and","page_number":91,"box":{"x":113,"y":786,"width":751,"height":11}},{"id":"575e27a5-9c75-411e-b0a3-dbdaaee73942","block_type":"box","text":"The risk that various responses by other nation-states to alleged Russian cyber activity will impact Russia’s economy and Russian","page_number":91,"box":{"x":113,"y":804,"width":827,"height":11}},{"id":"611481d7-00fe-4864-9857-2bad6c099315","block_type":"box","text":"issuers of securities in which a Fund invests.","page_number":91,"box":{"x":113,"y":819,"width":283,"height":8}},{"id":"e5d299c2-5f3b-4508-9f09-3ef5c0565083","block_type":"box","text":"Russian invasion of Ukraine","page_number":91,"box":{"x":76,"y":842,"width":172,"height":8}},{"id":"a0184a1d-f187-419b-bad7-0d330198d642","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military","page_number":91,"box":{"x":249,"y":842,"width":720,"height":11}},{"id":"e0c0183a-62b5-4963-ab70-fccf18d02342","block_type":"box","text":"action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against","page_number":91,"box":{"x":76,"y":856,"width":893,"height":11}},{"id":"02bbe0bf-41e9-461f-acb5-e396d062c845","block_type":"box","text":"the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or other actions (including","page_number":91,"box":{"x":76,"y":870,"width":887,"height":11}},{"id":"c916d724-f432-465d-a81f-0afb41048b5f","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":91,"box":{"x":76,"y":884,"width":886,"height":11}},{"id":"35a9876a-5328-41aa-a208-837db1279ab3","block_type":"box","text":"19","page_number":91,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"d225edd7-42eb-4749-9c0c-673cdbfae8f8","block_type":"box","text":"boycotts or changes in consumer or purchaser preferences, sanctions, import and export restrictions, tariffs or cyberattacks on the Russian","page_number":92,"box":{"x":76,"y":23,"width":894,"height":11}},{"id":"96037f95-ea1a-45a6-a93c-685b5e0b8254","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":92,"box":{"x":76,"y":37,"width":891,"height":11}},{"id":"bc256a67-67bb-4d07-b61f-1dbb34ab1962","block_type":"box","text":"which a Fund invests, or the economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact","page_number":92,"box":{"x":76,"y":51,"width":885,"height":11}},{"id":"067c16b0-3fff-4bd0-88dc-33ed634e146d","block_type":"box","text":"the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":92,"box":{"x":76,"y":66,"width":892,"height":11}},{"id":"ed2c3671-4aaf-464c-93d7-1e8cdf781b2e","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":92,"box":{"x":77,"y":80,"width":431,"height":11}},{"id":"6fc0728e-a0b4-43da-b639-6b0b41d7bd9b","block_type":"box","text":"Russia Sanctions.","page_number":92,"box":{"x":76,"y":103,"width":109,"height":9}},{"id":"1257cf40-b714-447e-ab20-1ffb330b420c","block_type":"box","text":"Governments, including the U.S., the E.U., the U.K., and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":92,"box":{"x":191,"y":103,"width":783,"height":11}},{"id":"8abb727f-9561-46bb-8046-9dc6062f0ec2","block_type":"box","text":"imposed economic sanctions on certain Russian individuals, including politicians, and Russian corporate and banking entities, including","page_number":92,"box":{"x":76,"y":117,"width":866,"height":11}},{"id":"1742b9fa-d646-4271-9af3-de5d6ca3aa36","block_type":"box","text":"banning Russia from global payments systems that facilitate cross-border payments. In an effort to curtail Russia’s ability to finance its war","page_number":92,"box":{"x":76,"y":131,"width":891,"height":11}},{"id":"3c459f09-38ce-4f2c-8b67-c7aa3058ec10","block_type":"box","text":"effort, the Sanctioning Bodies continue to elevate these measures and may, going forward, institute broader sanctions on Russia. These","page_number":92,"box":{"x":76,"y":146,"width":869,"height":10}},{"id":"df306b0d-60bf-49ce-88f9-24b7c24998c5","block_type":"box","text":"sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the","page_number":92,"box":{"x":76,"y":160,"width":904,"height":11}},{"id":"478c4795-de60-40bd-8d75-e2c9daa96552","block_type":"box","text":"ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian","page_number":92,"box":{"x":77,"y":174,"width":840,"height":11}},{"id":"bbb6598e-ca34-464c-a9e2-7c90a19418d0","block_type":"box","text":"securities and/or funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or","page_number":92,"box":{"x":76,"y":188,"width":884,"height":11}},{"id":"88a81fef-bb2e-42c8-8f5e-cdf5678a9de9","block_type":"box","text":"assets.","page_number":92,"box":{"x":76,"y":203,"width":44,"height":8}},{"id":"08290428-5fce-4dea-aa16-14602bb1a2a8","block_type":"box","text":"The sanctions against certain Russian issuers include broad asset freezes and prohibitions on transacting or otherwise dealing in select","page_number":92,"box":{"x":76,"y":226,"width":866,"height":10}},{"id":"6c19a265-16cd-4d20-9873-77eb30ff5a52","block_type":"box","text":"issuances of debt or equity of such issuers, among others. Compliance with each of these sanctions measures has impaired, and may","page_number":92,"box":{"x":76,"y":240,"width":855,"height":11}},{"id":"fa177d0e-b563-479d-8584-d73ed1eef48f","block_type":"box","text":"continue to impair, the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. A Fund","page_number":92,"box":{"x":76,"y":254,"width":898,"height":11}},{"id":"af280e8b-3b5c-4052-9988-9b2a630593cd","block_type":"box","text":"may also be legally required to block (i.e., freeze) assets in a blocked account and report the accompanying exposure to Sanctioning Bodies.","page_number":92,"box":{"x":76,"y":268,"width":898,"height":11}},{"id":"524014fb-bc4a-4190-9dc8-6ad2ccc52229","block_type":"box","text":"Sanctions have resulted in Russia taking counter measures or retaliatory actions, which has impaired the value and liquidity of Russian","page_number":92,"box":{"x":76,"y":291,"width":861,"height":11}},{"id":"5f6db5f0-9cfa-4764-a5ba-090bf07bae09","block_type":"box","text":"securities. These retaliatory measures include the immediate freeze of Russian assets held by a Fund. Due to the freeze of these assets,","page_number":92,"box":{"x":76,"y":305,"width":870,"height":11}},{"id":"b5e47f9a-7243-4d56-be0a-f0721b72605f","block_type":"box","text":"including depositary receipts, a Fund may need to liquidate non-restricted assets in order to satisfy any Fund redemption orders. The","page_number":92,"box":{"x":76,"y":320,"width":850,"height":10}},{"id":"8efa083e-6573-4982-84fd-5a84cd4d55e1","block_type":"box","text":"liquidation of Fund assets during this time may also result in the Fund receiving substantially lower prices for its securities. Russia may","page_number":92,"box":{"x":77,"y":334,"width":861,"height":11}},{"id":"4b134780-439d-4392-91a4-6030f78f7b1d","block_type":"box","text":"implement additional retaliatory measures, which may further impair the value and liquidity of Russian securities and the ability of a Fund to","page_number":92,"box":{"x":76,"y":348,"width":894,"height":11}},{"id":"5029a49f-3470-41f3-8d25-775b0c7a0251","block_type":"box","text":"receive dividend payments. Russia has issued a number of countersanctions, some of which restrict the distribution of profits by limited","page_number":92,"box":{"x":77,"y":362,"width":867,"height":11}},{"id":"d0844e8b-90eb-44ea-9cfc-ef98b9ba26d0","block_type":"box","text":"liability companies (e.g., dividends), and prohibits Russian persons from entering into transactions with designated persons from “unfriendly","page_number":92,"box":{"x":77,"y":376,"width":895,"height":11}},{"id":"008562c8-ae43-460e-a9d1-ee01d9f1d44c","block_type":"box","text":"states” as well as the export of raw materials or other products from Russia to certain sanctioned persons. Russian companies may be","page_number":92,"box":{"x":76,"y":391,"width":861,"height":10}},{"id":"978538c0-9586-4ec2-b889-8f6f825b3a50","block_type":"box","text":"unable to pay dividends and, if they pay dividends, a Fund may be unable to receive them.","page_number":92,"box":{"x":77,"y":405,"width":572,"height":11}},{"id":"82e7df49-399c-4bb9-84e7-83b5bd2924d7","block_type":"box","text":"These sanctions, the decision by Russia to suspend trading on the Moscow Exchange (MOEX) and prohibit non-resident investors from","page_number":92,"box":{"x":76,"y":428,"width":860,"height":11}},{"id":"ab7cbcda-e2a0-463f-b5a1-9c3c3f5101fe","block_type":"box","text":"executing security sales, and other events have led index providers to remove Russian securities from indexes. Each Fund is currently","page_number":92,"box":{"x":76,"y":442,"width":855,"height":11}},{"id":"5da66764-2daf-416c-9232-a92770b4b2ba","block_type":"box","text":"restricted from trading in Russian securities, including those in its portfolio (if any), and the Underlying Indexes have removed Russian","page_number":92,"box":{"x":77,"y":456,"width":855,"height":11}},{"id":"69bf802f-d03a-42b7-be75-61f41aa4dfd4","block_type":"box","text":"securities (if any). This disparity will also lead to increased tracking error. The inability of a Fund to trade in Russian securities may adversely","page_number":92,"box":{"x":76,"y":470,"width":896,"height":11}},{"id":"7d5a58ce-b709-4f7d-98bf-f4c833e6d06a","block_type":"box","text":"affect the Fund’s ability to meet its investment objective. It is unknown when, or if, sanctions may be lifted or a Fund’s ability to trade in","page_number":92,"box":{"x":76,"y":485,"width":867,"height":10}},{"id":"5ec73c5c-d28c-4cd5-a799-83cfe97e78f6","block_type":"box","text":"Russian securities will resume.","page_number":92,"box":{"x":77,"y":499,"width":195,"height":8}},{"id":"5ea1b3cc-db7e-4443-9ad0-8342da26d3cf","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":92,"box":{"x":77,"y":522,"width":227,"height":11}},{"id":"1ac8a39c-0e38-436d-aaa8-3569b690ff25","block_type":"box","text":"Investing in Saudi Arabian issuers involves legal, regulatory, political, currency, security, and economic","page_number":92,"box":{"x":310,"y":522,"width":657,"height":11}},{"id":"a21d8f0c-4177-47cf-9334-42c1c17f32d8","block_type":"box","text":"risks that are specific to Saudi Arabia. Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other countries","page_number":92,"box":{"x":77,"y":536,"width":870,"height":11}},{"id":"ca1e36b6-8f0b-415d-8f46-102f97d4a3e8","block_type":"box","text":"involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency values and the petroleum market. A","page_number":92,"box":{"x":76,"y":550,"width":901,"height":11}},{"id":"2ee7f845-cf2f-477b-9f62-b2bc516f9150","block_type":"box","text":"sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. In addition, Saudi Arabia’s economy","page_number":92,"box":{"x":76,"y":565,"width":875,"height":10}},{"id":"e26f2f78-0e50-4eca-95a9-6e26f80e0960","block_type":"box","text":"relies heavily on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the economy.","page_number":92,"box":{"x":77,"y":579,"width":857,"height":11}},{"id":"94555cdc-80fc-4dd3-b478-90262a7942bd","block_type":"box","text":"Investments in the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more","page_number":92,"box":{"x":77,"y":602,"width":892,"height":11}},{"id":"c8790132-78b3-4a17-a4b8-ab9d4e22d5b8","block_type":"box","text":"developed countries, which may negatively affect the value of a Fund’s investments. Such heightened risks may include, among others, the","page_number":92,"box":{"x":76,"y":616,"width":889,"height":11}},{"id":"61cd3ab2-a62e-4c87-a5aa-acf696215bcc","block_type":"box","text":"expropriation and/or nationalization of assets, restrictions on and government intervention in international trade, confiscatory taxation,","page_number":92,"box":{"x":76,"y":630,"width":869,"height":11}},{"id":"20e729b4-8fb9-4fd3-b539-d1b25f5d7d53","block_type":"box","text":"political instability, including authoritarian and/or military involvement in governmental decision-making, armed conflict, crime and instabi","page_number":92,"box":{"x":76,"y":644,"width":886,"height":11}},{"id":"c0b29c4c-9f58-486e-bd75-fb02ca44c812","block_type":"box","text":"lity","page_number":92,"box":{"x":964,"y":645,"width":18,"height":10}},{"id":"1677423a-8fd0-470e-a449-0517a5830885","block_type":"box","text":"as a result of religious, ethnic and/or socioeconomic unrest. The government of Saudi Arabia exercises substantial influence over many","page_number":92,"box":{"x":76,"y":659,"width":868,"height":11}},{"id":"7b67cf5b-9d7e-403b-b36b-b496254ba8ed","block_type":"box","text":"aspects of the private sector, and its actions could significantly impact the value of Saudi Arabian securities. Although some economic","page_number":92,"box":{"x":76,"y":673,"width":860,"height":11}},{"id":"72acd2e8-fdad-4db8-a04a-f267281a4625","block_type":"box","text":"reforms (","page_number":92,"box":{"x":77,"y":687,"width":56,"height":11}},{"id":"fb18221a-3330-4222-be41-e6fe8ee0ec67","block_type":"box","text":"e.g.,","page_number":92,"box":{"x":135,"y":689,"width":24,"height":9}},{"id":"2e0fe365-7693-4c91-9b65-fd6fa1560f1a","block_type":"box","text":"privatization) are underway, restrictions on foreign ownership persist, and the government has an ownership stake in many key","page_number":92,"box":{"x":166,"y":687,"width":812,"height":11}},{"id":"34edacc4-5641-468e-b3ed-e3d1c438a411","block_type":"box","text":"industries. Saudi Arabia has experienced strained relations with economic partners worldwide, including other countries in the Middle East,","page_number":92,"box":{"x":76,"y":701,"width":891,"height":11}},{"id":"dfbf7c42-7c47-4ddf-98c5-4fe4f2ea05ea","block_type":"box","text":"due to geopolitical events. Economic sanctions (or the threat of them) on Saudi Arabian individuals or Saudi Arabian corporate entities may","page_number":92,"box":{"x":76,"y":715,"width":891,"height":11}},{"id":"9ae29abc-6648-44db-b1dd-413fe2c08104","block_type":"box","text":"have an adverse impact on the Saudi Arabian economy and securities.","page_number":92,"box":{"x":77,"y":730,"width":447,"height":10}},{"id":"d7645448-47b5-4b7a-b50b-95923be5b0b3","block_type":"box","text":"The ability of foreign investors to invest in the securities of Saudi Arabian issuers could be restricted by the Saudi Arabian government at any","page_number":92,"box":{"x":76,"y":753,"width":901,"height":11}},{"id":"c412e9ba-dba8-4244-9200-c05e1197a025","block_type":"box","text":"time, and unforeseen risks could materialize with respect to foreign ownership of such securities. In addition, the Saudi Arabian government","page_number":92,"box":{"x":76,"y":767,"width":896,"height":11}},{"id":"0743d80a-708d-4eda-af4a-823af26a955c","block_type":"box","text":"places investment limitations on the ownership of Saudi Arabian issuers by foreign investors. Such limits may prevent a Fund from investing","page_number":92,"box":{"x":76,"y":781,"width":895,"height":11}},{"id":"63ddc0e8-4e8d-4f07-87a4-1fca94f7e046","block_type":"box","text":"in accordance with its strategy and result in tracking error for a Fund that tracks an index.","page_number":92,"box":{"x":76,"y":795,"width":574,"height":11}},{"id":"1b26aca3-42d2-4cc0-b9eb-9b8277da875a","block_type":"box","text":"Saudi Arabia Broker Risk","page_number":92,"box":{"x":76,"y":819,"width":155,"height":8}},{"id":"75fc5f29-7752-4bdb-87a7-060668c168aa","block_type":"box","text":". There are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. A Fund","page_number":92,"box":{"x":231,"y":819,"width":699,"height":10}},{"id":"3eb777ee-8500-494e-b8d1-e02ad83583fc","block_type":"box","text":"generally expects to transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a","page_number":92,"box":{"x":76,"y":833,"width":882,"height":11}},{"id":"3b89ee7e-c482-4003-9dfd-bcf60e3cca59","block_type":"box","text":"limited number of brokers who can provide services to a Fund, which may have an adverse impact on the prices, quantity or timing of Fund","page_number":92,"box":{"x":77,"y":847,"width":886,"height":11}},{"id":"60f4a840-3777-471a-aa80-d0a53485d017","block_type":"box","text":"transactions. A limited number of brokers may impact a Fund’s ability to achieve best execution on transactions. In addition, a Fund may be","page_number":92,"box":{"x":76,"y":861,"width":892,"height":11}},{"id":"515bfd94-91e9-42c4-aab6-074e912de787","block_type":"box","text":"more susceptible to credit loss or trading disruptions in the event of a default or business disruption among the available brokers. If a Fund’s","page_number":92,"box":{"x":76,"y":875,"width":899,"height":11}},{"id":"88c0f3e6-2b5f-4b62-88a4-27cf6972f5ba","block_type":"box","text":"20","page_number":92,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"628214b8-43ff-4ada-8202-a2bd0d5f5662","block_type":"box","text":"use of a broker is disrupted, there could be an adverse impact on the Fund’s operations and, if applicable, its ability to track the Underlying","page_number":93,"box":{"x":77,"y":23,"width":888,"height":11}},{"id":"105a7a20-8dda-4447-9e35-ada49137f2e3","block_type":"box","text":"Index, and the Fund’s shares could trade at a premium or discount to NAV. A Fund may also incur losses due to the acts or omissions of its","page_number":93,"box":{"x":77,"y":37,"width":885,"height":11}},{"id":"c8ab3bd5-ee8e-43e8-932a-61cf36d608ce","block_type":"box","text":"brokers in the execution or settlement of transactions or in the transfer of funds or securities.","page_number":93,"box":{"x":76,"y":51,"width":599,"height":9}},{"id":"22fe6e0f-e87f-4b1b-b3b7-c32f10bfaf55","block_type":"box","text":"Risk of Investing in the U.S.","page_number":93,"box":{"x":77,"y":75,"width":190,"height":11}},{"id":"d1332743-2c4e-49cc-8792-5b2b84793f19","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":93,"box":{"x":273,"y":75,"width":683,"height":11}},{"id":"c073a2ea-376e-44d0-b3ad-2b8b04f7a546","block_type":"box","text":"specific to the U.S. A decrease in imports or exports, changes in trade regulations, inflation, an economic recession, financial system stress,","page_number":93,"box":{"x":76,"y":89,"width":897,"height":11}},{"id":"06e03d50-c069-4f8a-b639-77603de3d2da","block_type":"box","text":"or political turmoil, among other risks, may have an adverse effect on the U.S. economy and the securities listed on U.S. exchanges. The U.S.","page_number":93,"box":{"x":76,"y":103,"width":902,"height":11}},{"id":"0d5eb206-5703-4885-becb-8bad55578a60","block_type":"box","text":"is also subject to the risk of natural disasters, such as droughts, earthquakes, fires and floods. U.S. security risks include acts of terrorism,","page_number":93,"box":{"x":76,"y":117,"width":887,"height":11}},{"id":"8ab014ce-4983-4169-b704-cae33cf3147a","block_type":"box","text":"internal unrest and a deterioration in relations between the U.S. and certain countries. Any of these may adversely affect the U.S. economy,","page_number":93,"box":{"x":76,"y":131,"width":894,"height":11}},{"id":"28ea8eff-eb05-4452-94c3-46998e03a26c","block_type":"box","text":"financial markets or issuers.","page_number":93,"box":{"x":76,"y":146,"width":179,"height":8}},{"id":"29afe9ea-f319-4741-99e3-082c0b72be0a","block_type":"box","text":"Governmental agencies project that the U.S. will maintain elevated public debt levels for the foreseeable future. Although elevated debt","page_number":93,"box":{"x":76,"y":169,"width":868,"height":11}},{"id":"eaba6b9a-cda7-4b1b-9ccf-29125494346a","block_type":"box","text":"levels do not necessarily indicate or cause economic problems, the costs of servicing such debt may constrain future economic growth.","page_number":93,"box":{"x":77,"y":183,"width":867,"height":11}},{"id":"b573781a-ebe7-419c-82f0-8b0ee34d9881","block_type":"box","text":"Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the","page_number":93,"box":{"x":76,"y":197,"width":868,"height":11}},{"id":"481eafde-2b17-4a14-8069-9615e286bbab","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial","page_number":93,"box":{"x":77,"y":211,"width":899,"height":11}},{"id":"6e053b8e-967d-436f-ac91-db2555ac6384","block_type":"box","text":"system.","page_number":93,"box":{"x":76,"y":226,"width":49,"height":10}},{"id":"b8dbeeb5-bd6c-431a-a106-d1f14349eb4d","block_type":"box","text":"Securities Lending Risk.","page_number":93,"box":{"x":76,"y":249,"width":166,"height":11}},{"id":"46cc7810-4b32-4d3b-814a-9bf4624a970c","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose money because","page_number":93,"box":{"x":247,"y":249,"width":730,"height":11}},{"id":"05adbd34-f632-4df6-9051-1b52f18dfcac","block_type":"box","text":"the borrower of the loaned securities fails to return the securities in a timely manner or at all. A Fund could also lose money in the event of a","page_number":93,"box":{"x":76,"y":263,"width":898,"height":11}},{"id":"3b398915-8a83-4ffa-ae92-a6069c45b819","block_type":"box","text":"decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These","page_number":93,"box":{"x":76,"y":277,"width":892,"height":11}},{"id":"05a53e5c-2100-4963-b790-3e13b9eeddb1","block_type":"box","text":"events could also trigger adverse tax consequences for a Fund.","page_number":93,"box":{"x":76,"y":291,"width":403,"height":11}},{"id":"7e75a434-92f8-44c0-bb30-96b215cad554","block_type":"box","text":"Small-Capitalization Companies Risk.","page_number":93,"box":{"x":76,"y":314,"width":257,"height":11}},{"id":"585a6d49-84ef-4db5-9787-e8b0a2d5cf9f","block_type":"box","text":"Investments in small-capitalization companies may be riskier, less liquid, more volatile and more","page_number":93,"box":{"x":339,"y":315,"width":617,"height":10}},{"id":"5862fd26-afcd-441e-a39a-24b491296b60","block_type":"box","text":"susceptible to economic, market and industry changes than investments in large- or mid-capitalization companies. Small-capitalization","page_number":93,"box":{"x":76,"y":329,"width":863,"height":10}},{"id":"4550171e-2976-457a-b666-9ed0219cf945","block_type":"box","text":"companies may have more limited product lines, markets, financial resources, personnel and management experience. As a result, they","page_number":93,"box":{"x":76,"y":343,"width":868,"height":11}},{"id":"c096a44f-569b-4d6d-8ec6-92f2b7b50ccc","block_type":"box","text":"generally are more vulnerable than larger companies to adverse business and economic developments. Small-capitalization companies may","page_number":93,"box":{"x":76,"y":357,"width":895,"height":11}},{"id":"7f187631-4674-413a-ae8a-5a64e63fec6f","block_type":"box","text":"have a short business track record, with relatively less information available to investors. The securities of smaller companies may trade less","page_number":93,"box":{"x":77,"y":371,"width":898,"height":11}},{"id":"5f2ec7a4-ae5e-4084-b7da-07df4f2ef790","block_type":"box","text":"frequently and in lower volumes than the securities of larger companies. Some securities of smaller issuers may be illiquid or restricted as to","page_number":93,"box":{"x":76,"y":385,"width":900,"height":11}},{"id":"ccfd198f-4e61-4381-8cc1-fff3ddca24aa","block_type":"box","text":"resale, and their values may have significant volatility. A Fund may be unable to liquidate its positions in such securities at any time, or at a","page_number":93,"box":{"x":77,"y":400,"width":885,"height":10}},{"id":"a8f59bfe-909c-422d-ba60-5cb31cfa4b40","block_type":"box","text":"favorable price, in order to meet the Fund’s obligations.","page_number":93,"box":{"x":76,"y":414,"width":354,"height":11}},{"id":"c9609625-1118-42e6-8041-fddde3ba3528","block_type":"box","text":"Small Fund Risk.","page_number":93,"box":{"x":76,"y":437,"width":114,"height":8}},{"id":"d5e88cb8-73c4-4bbd-b3f1-9cbb7c6c69a7","block_type":"box","text":"When a Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. A Fund’s","page_number":93,"box":{"x":195,"y":437,"width":704,"height":11}},{"id":"a30c2131-2040-43c3-b9d0-4e104f70460c","block_type":"box","text":"performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. In addition, a Fund","page_number":93,"box":{"x":76,"y":451,"width":904,"height":11}},{"id":"9f434052-d438-439b-ac9e-23ce181518e8","block_type":"box","text":"may face the risk of being delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from","page_number":93,"box":{"x":76,"y":465,"width":898,"height":11}},{"id":"0a4e12fd-e0b3-4e00-a016-d080a6c20294","block_type":"box","text":"the listing exchange, the Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a","page_number":93,"box":{"x":76,"y":479,"width":873,"height":11}},{"id":"5a30301d-f4c3-4dd3-8990-71fafef4a5a2","block_type":"box","text":"Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":93,"box":{"x":77,"y":494,"width":710,"height":11}},{"id":"a800fd4a-7229-4683-a656-6a528c98cd21","block_type":"box","text":"Sustainable Impact Investing Strategy Risk.","page_number":93,"box":{"x":76,"y":517,"width":303,"height":11}},{"id":"234b486c-22c6-44e9-9d2a-a38bf930e3d4","block_type":"box","text":"The Fund’s sustainable impact investment strategy limits the types and number of","page_number":93,"box":{"x":384,"y":517,"width":527,"height":11}},{"id":"c1c62143-f877-49dd-9ac4-2168f4caed58","block_type":"box","text":"investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have a sustainable","page_number":93,"box":{"x":76,"y":531,"width":861,"height":11}},{"id":"05c52544-1adb-4b71-a701-13c8d537f097","block_type":"box","text":"impact focus or do not require companies to meet a minimum ESG standard. The Underlying Index’s sustainable impact and ESG standards","page_number":93,"box":{"x":76,"y":545,"width":891,"height":11}},{"id":"d5908dae-fdee-4ba4-9507-750d60b91282","block_type":"box","text":"may result in the Fund investing in securities or industry sectors that underperform the market as a whole or underperform other funds","page_number":93,"box":{"x":76,"y":559,"width":864,"height":11}},{"id":"8537299b-8e11-4fd9-8557-2d2aa66077ee","block_type":"box","text":"screened for ESG standards. In addition, the Index Provider may be unsuccessful in creating an index composed of companies that address a","page_number":93,"box":{"x":76,"y":574,"width":902,"height":10}},{"id":"5228ae95-7b97-474c-a503-935bfd667cbf","block_type":"box","text":"major social or environmental challenge.","page_number":93,"box":{"x":76,"y":588,"width":259,"height":11}},{"id":"a21c07a3-c046-4e1c-a74a-4495e8ef2419","block_type":"box","text":"Technology Companies Risk.","page_number":93,"box":{"x":76,"y":611,"width":198,"height":11}},{"id":"281eb73c-095a-49b4-9ae7-96835f877bd5","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have limited product","page_number":93,"box":{"x":278,"y":611,"width":693,"height":11}},{"id":"ba978d28-157f-4d25-89e0-c9c3f9521f9c","block_type":"box","text":"lines, markets, financial resources and personnel. These companies may face rapid product obsolescence as well as unexpected risks and","page_number":93,"box":{"x":77,"y":625,"width":882,"height":11}},{"id":"c6521270-7caa-4d1c-80fd-09cd7a327625","block_type":"box","text":"costs related to new product introduction and technological developments, such as artificial intelligence and machine learning. Technology","page_number":93,"box":{"x":76,"y":639,"width":888,"height":11}},{"id":"6f6ef656-a9f0-4523-bb1c-49552d349805","block_type":"box","text":"companies may be adversely affected by disruptions to supply chains and distribution networks as well as issues at third-party partners. They","page_number":93,"box":{"x":76,"y":654,"width":905,"height":10}},{"id":"3ac95f82-8c0d-46f4-810d-6656e8cfecf2","block_type":"box","text":"are heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their","page_number":93,"box":{"x":76,"y":668,"width":891,"height":11}},{"id":"5d1a51fc-fad7-4383-81ee-a62edc6a5dbd","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.","page_number":93,"box":{"x":76,"y":682,"width":868,"height":11}},{"id":"a2dc319b-87c5-4c37-9c00-8642dda58535","block_type":"box","text":"These companies also may be adversely affected by, among other things, actual or perceived security vulnerabilities or other defects in their","page_number":93,"box":{"x":76,"y":696,"width":898,"height":11}},{"id":"f91854e6-76f3-44e4-adfb-b762f52525e9","block_type":"box","text":"products and services, which may result in lawsuits, government enforcement actions and other remediation costs.","page_number":93,"box":{"x":76,"y":710,"width":738,"height":11}},{"id":"28172ff5-66e4-4b9e-a6af-9ab9492661cf","block_type":"box","text":"Tracking Error Risk.","page_number":93,"box":{"x":76,"y":733,"width":135,"height":11}},{"id":"dd1fa239-60b1-442d-a865-652696bd7d5d","block_type":"box","text":"A Fund that tracks an index is subject to the risk of “tracking error,” which is the divergence of a Fund’s performance","page_number":93,"box":{"x":216,"y":733,"width":749,"height":11}},{"id":"d49332dd-19f8-43ed-9953-e601694d95e9","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities and","page_number":93,"box":{"x":76,"y":748,"width":871,"height":10}},{"id":"7857b6dc-a80b-4efe-97de-437ccc2a922d","block_type":"box","text":"other assets held in a Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value","page_number":93,"box":{"x":76,"y":762,"width":897,"height":11}},{"id":"37bc076f-00f5-45ba-9e4a-a12ed139cf59","block_type":"box","text":"securities and other assets; transaction costs and other expenses incurred by a Fund that the Underlying Index does not incur; a Fund’s","page_number":93,"box":{"x":76,"y":776,"width":868,"height":11}},{"id":"b50f31b1-40b3-4c38-9935-a6656e2b3401","block_type":"box","text":"holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by a Fund or","page_number":93,"box":{"x":77,"y":790,"width":823,"height":11}},{"id":"3f255e18-f04c-4817-9bce-f9fe871df874","block_type":"box","text":"distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends","page_number":93,"box":{"x":76,"y":804,"width":905,"height":11}},{"id":"69236902-03a7-440b-9cfb-2fbb2471ba3d","block_type":"box","text":"reflected in the Underlying Index from a Fund’s obligation, if any, for foreign withholding taxes; the requirements for a Fund to maintain pass","page_number":93,"box":{"x":77,"y":819,"width":901,"height":10}},{"id":"e18b5713-222c-449a-aff6-5f3af9541727","block_type":"box","text":"through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of","page_number":93,"box":{"x":76,"y":833,"width":869,"height":11}},{"id":"41f3eaa2-6307-474c-b262-6e530efa4761","block_type":"box","text":"custom baskets; changes to the Underlying Index, such as during a rebalancing or reconstitution; and impacts to a Fund of complying with","page_number":93,"box":{"x":76,"y":847,"width":884,"height":11}},{"id":"9100ab7b-5763-49da-a130-a2b670cbfbde","block_type":"box","text":"certain regulatory requirements or limits. A Fund that tracks an index composed of a large number of securities or other assets may","page_number":93,"box":{"x":76,"y":861,"width":844,"height":11}},{"id":"0101174c-0b8b-4faa-af74-57a28589bf06","block_type":"box","text":"21","page_number":93,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"49106623-2efb-47ae-a500-8503510ddd6d","block_type":"box","text":"experience greater tracking error than a Fund that tracks a more narrow index. 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The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":94,"box":{"x":76,"y":197,"width":857,"height":11}},{"id":"81504e5a-c6de-4a81-9bf0-fbd0d61d2611","block_type":"box","text":"applicable). Because non-U.S. exchanges or markets may be open on days or during time periods when a Fund does not price its shares, the","page_number":94,"box":{"x":76,"y":211,"width":898,"height":11}},{"id":"282356cb-c470-49ce-9925-1a7aa7fa6d1b","block_type":"box","text":"value of the securities or other assets in a Fund’s portfolio may change on days or during time periods when investors are not able to","page_number":94,"box":{"x":76,"y":226,"width":849,"height":10}},{"id":"74ccee40-c624-460a-9361-ab9c2aebcc93","block_type":"box","text":"purchase or sell Fund shares.","page_number":94,"box":{"x":76,"y":240,"width":187,"height":10}},{"id":"663c4a61-58d5-4bc9-a478-d4fed5f361c8","block_type":"box","text":"In addition, for purposes of calculating a Fund’s NAV, the value of assets denominated in non-U.S. currencies (if any) is translated into U.S.","page_number":94,"box":{"x":77,"y":263,"width":886,"height":11}},{"id":"4e56ef81-7c26-4f93-856a-0b787be89531","block_type":"box","text":"dollars at the prevailing market rates. 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The ability to value","page_number":94,"box":{"x":77,"y":334,"width":857,"height":11}},{"id":"3827e1ef-d862-4e59-af3c-e0655aa846c4","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":94,"box":{"x":76,"y":348,"width":772,"height":11}},{"id":"116e5b6c-4119-4054-87a5-f5cb0de21cea","block_type":"box","text":"Portfolio Holdings Information","page_number":94,"box":{"x":78,"y":377,"width":296,"height":17}},{"id":"340f1ea1-36bc-49a1-9120-4a15112dc44d","block_type":"box","text":"A description of the policies and procedures with respect to the disclosure of the Funds’ portfolio securities and other assets (as applicable)","page_number":94,"box":{"x":76,"y":406,"width":896,"height":11}},{"id":"54100f01-151c-4a58-b5d4-788f77a6725c","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). 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BFA provides an","page_number":94,"box":{"x":76,"y":530,"width":839,"height":11}},{"id":"552d5c94-6e09-4132-b780-4fbf4e6464f5","block_type":"box","text":"investment program for the Funds and manages the investment of the Funds’ assets. In seeking to achieve the Funds’ respective investment","page_number":94,"box":{"x":76,"y":544,"width":899,"height":11}},{"id":"f7eb5285-9f3a-44ff-b973-41cf9276dec0","block_type":"box","text":"objectives, BFA uses teams of portfolio managers, investment strategists and other investment specialists and may draw upon the trading,","page_number":94,"box":{"x":76,"y":558,"width":886,"height":11}},{"id":"83e05bbe-5015-49e8-9276-88d0b049b0ed","block_type":"box","text":"research and expertise of its affiliates. This team approach brings together many disciplines and leverages BFA’s extensive resources.","page_number":94,"box":{"x":77,"y":572,"width":852,"height":11}},{"id":"f2222c90-1fa1-4423-8a40-ba836f046246","block_type":"box","text":"BFA is an indirect majority-owned subsidiary of BlackRock, Inc. 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They do not necessarily represent the","page_number":94,"box":{"x":76,"y":647,"width":885,"height":11}},{"id":"b2ade892-2406-4cd0-b4bd-bac2ec4b1d71","block_type":"box","text":"views of BlackRock or any other person within the BlackRock organization. Such views may change at any time based upon market or other","page_number":94,"box":{"x":76,"y":661,"width":892,"height":11}},{"id":"8b58af58-7693-41b5-9ed1-3c7cbf7c428b","block_type":"box","text":"conditions, and BlackRock has no responsibility to update such views. You should not rely on any such views as investment advice or as an","page_number":94,"box":{"x":76,"y":675,"width":886,"height":11}},{"id":"821e331b-59cc-4a72-b748-49389017d2a5","block_type":"box","text":"indication of trading intent on behalf of a Fund.","page_number":94,"box":{"x":76,"y":690,"width":299,"height":10}},{"id":"e6ee41ea-e091-433c-8ca8-b365f7dde2d7","block_type":"box","text":"Fees and Expenses","page_number":94,"box":{"x":77,"y":713,"width":131,"height":11}},{"id":"97e65385-1a98-4cd5-84f9-6ae73d971ceb","block_type":"box","text":"Pursuant to the Investment Advisory Agreement between BFA and the Trust (entered into on behalf of the Funds), BFA is responsible for","page_number":94,"box":{"x":77,"y":736,"width":867,"height":11}},{"id":"a8aee794-d580-4b9e-b79a-603c2c7731af","block_type":"box","text":"substantially all expenses of each Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the","page_number":94,"box":{"x":76,"y":750,"width":858,"height":11}},{"id":"ff82be3e-34f7-4a3d-849e-806a6d7453be","block_type":"box","text":"acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution","page_number":94,"box":{"x":76,"y":764,"width":891,"height":11}},{"id":"9674652c-f262-4b2b-97a8-de77862ddec1","block_type":"box","text":"fees or expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Directors who are not","page_number":94,"box":{"x":76,"y":779,"width":843,"height":10}},{"id":"7c9cd9f4-c7c3-4767-98a5-89c3d52f047e","block_type":"box","text":"“interested persons” of the Trust). Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees","page_number":94,"box":{"x":76,"y":793,"width":886,"height":11}},{"id":"8b8184d3-fd07-4110-a5c4-d29a17761a02","block_type":"box","text":"and Expenses, if any.","page_number":94,"box":{"x":76,"y":807,"width":132,"height":11}},{"id":"ff0a1ce7-579f-44cf-ba55-9d5a2802b59b","block_type":"box","text":"A discussion regarding the basis for the approval by the Trust’s Board of Trustees (the “Board”) of the Investment Advisory Agreement with","page_number":94,"box":{"x":76,"y":830,"width":886,"height":11}},{"id":"489e7226-d902-42d1-97ac-e01c31feda8b","block_type":"box","text":"BFA is available in the Funds’ Form N-CSR filed with the SEC for the period ended August 31 or, for iShares MSCI Global Quality Factor ETF,","page_number":94,"box":{"x":77,"y":844,"width":890,"height":11}},{"id":"c3fcc92c-4e13-41d8-b2e1-76369bc56e1a","block_type":"box","text":"in the Form N-CSR filed with the SEC for the period ended February 28, 2025, and in the applicable financial statements and additional","page_number":94,"box":{"x":76,"y":858,"width":863,"height":11}},{"id":"46ecaa07-56fc-446f-be8a-8a29a35884c1","block_type":"box","text":"information documents posted at www.iShares.com.","page_number":94,"box":{"x":76,"y":873,"width":335,"height":10}},{"id":"2f992c13-6333-4739-aecb-ea587eda8a5a","block_type":"box","text":"22","page_number":94,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"d7b6c76c-e487-4098-96c7-c1e15f433f16","block_type":"box","text":"For its investment advisory services to each Fund, for the fiscal year ended August 31, 2025, BFA was paid a management fee from each","page_number":95,"box":{"x":77,"y":23,"width":871,"height":11}},{"id":"94ff3a35-bdf4-42e7-a96b-4624cb5c5697","block_type":"box","text":"Fund, as a percentage of the Fund’s average daily net assets, net of any applicable waivers, at the annual rate set forth in the table below. 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Any such","page_number":95,"box":{"x":76,"y":80,"width":877,"height":11}},{"id":"2f8011b6-008c-4b87-96f2-85dedbbb0a81","block_type":"box","text":"voluntary waiver or reimbursement may be eliminated by BFA at any time.","page_number":95,"box":{"x":76,"y":94,"width":471,"height":11}},{"id":"44178b2e-fa0d-4efe-b088-0b57b9de1ca1","block_type":"box","text":"Fund Management Fee","page_number":95,"box":{"x":87,"y":125,"width":571,"height":11}},{"id":"7761ca92-4784-4e5d-8ee4-e2f48a149071","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF 0.12%","page_number":95,"box":{"x":87,"y":143,"width":487,"height":9}},{"id":"75ebb8c2-64b5-42cf-a9ef-efc3f73f6dda","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF 0.16%","page_number":95,"box":{"x":87,"y":161,"width":487,"height":9}},{"id":"b226bbf9-4a38-4317-8824-0936b36f15a3","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF 0.20%","page_number":95,"box":{"x":87,"y":179,"width":491,"height":9}},{"id":"72b0c4b3-8c94-4ee3-998d-4f18f6630733","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF 0.16%","page_number":95,"box":{"x":87,"y":198,"width":487,"height":8}},{"id":"c591f4ab-816a-46ad-9cd7-348e0feff444","block_type":"box","text":"iShares MSCI Global Quality Factor ETF 0.18%","page_number":95,"box":{"x":87,"y":216,"width":487,"height":10}},{"id":"1c1224a8-d26b-470c-aa3c-30040f2c3064","block_type":"box","text":"1","page_number":95,"box":{"x":577,"y":214,"width":2,"height":5}},{"id":"1343d0f8-93e3-4c5a-8ddb-3400bc3213ee","block_type":"box","text":"iShares MSCI Global Sustainable Development Goals ETF 0.49%","page_number":95,"box":{"x":87,"y":234,"width":491,"height":10}},{"id":"29696a2e-dbf7-401f-8dff-35fd7fc41e97","block_type":"box","text":"iShares MSCI World Small-Cap ETF 0.15%","page_number":95,"box":{"x":87,"y":252,"width":487,"height":10}},{"id":"209be4f0-4072-4018-9463-195e3eb67c19","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF 0.12%","page_number":95,"box":{"x":87,"y":270,"width":487,"height":11}},{"id":"7a42cc02-ec78-47fc-85cf-8d125855121b","block_type":"box","text":"1","page_number":95,"box":{"x":105,"y":290,"width":2,"height":5}},{"id":"3f9fad50-cd19-4ba0-b323-389b56fd3283","block_type":"box","text":"BFA has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable","page_number":95,"box":{"x":117,"y":292,"width":865,"height":9}},{"id":"efc4f139-0a75-43cb-bd2d-cfec5f8abf26","block_type":"box","text":"to investments by the Fund in other funds advised by BFA, or its affiliates, through December 31, 2029. The contractual waiver may be terminated prior","page_number":95,"box":{"x":116,"y":302,"width":859,"height":10}},{"id":"c3221a3e-71d0-4116-a2b5-cc5990874d5e","block_type":"box","text":"to December 31, 2029 only upon written agreement of the Trust and BFA.","page_number":95,"box":{"x":116,"y":312,"width":416,"height":10}},{"id":"b51dc556-af14-4623-b5b8-579244368c0d","block_type":"box","text":"Portfolio Managers","page_number":95,"box":{"x":77,"y":332,"width":131,"height":11}},{"id":"33dc4d8f-331d-43ef-893e-a25ae1d47e9d","block_type":"box","text":"The Portfolio Managers for each Fund are responsible for various functions related to portfolio management, including, but not limited to,","page_number":95,"box":{"x":76,"y":355,"width":877,"height":11}},{"id":"f11a60ba-60bc-43ee-9e99-9a7cc022543b","block_type":"box","text":"investing cash inflows, coordinating with members of their respective portfolio management teams to focus on certain asset classes,","page_number":95,"box":{"x":76,"y":369,"width":850,"height":11}},{"id":"d1ba7720-fe14-4118-8112-63ce186c43af","block_type":"box","text":"implementing investment strategy, researching and reviewing investment strategy and overseeing members of their respective teams who","page_number":95,"box":{"x":76,"y":383,"width":885,"height":11}},{"id":"dd6440a9-6f99-4919-9599-b42a2cdb62d0","block_type":"box","text":"have more limited responsibilities.","page_number":95,"box":{"x":77,"y":398,"width":217,"height":10}},{"id":"7c84341e-8a0a-42d6-9a76-2545009ad2ce","block_type":"box","text":"Jennifer Hsui, Peter Sietsema, Matt Waldron and Steven White are primarily responsible for the day-to-day management of the Funds.","page_number":95,"box":{"x":75,"y":421,"width":854,"height":11}},{"id":"ba640d90-7473-4b58-83ab-678a30ed7cba","block_type":"box","text":"Jennifer Hsui has been employed by BFA or its affiliates as a senior portfolio manager since 2007. 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BFA","page_number":96,"box":{"x":76,"y":89,"width":879,"height":11}},{"id":"3ed2d37a-7764-484b-b57d-39f1fab47c2f","block_type":"box","text":"and its Affiliates act, or may act, as an investor, research provider, investment manager, commodity pool operator, commodity trading","page_number":96,"box":{"x":76,"y":103,"width":858,"height":11}},{"id":"d0191255-3928-4095-b3d7-8d34e9a87ec0","block_type":"box","text":"advisor, financier, underwriter, adviser, trader, lender, index provider, agent and/or principal. 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This may include transactions in securities issued by other open-end and closed-end investment companies, including","page_number":96,"box":{"x":77,"y":183,"width":855,"height":11}},{"id":"2702f973-eaf4-4b6d-868e-b2d800ddb29d","block_type":"box","text":"investment companies that are affiliated with the Fund and BFA, to the extent permitted under the Investment Company Act of 1940, as","page_number":96,"box":{"x":76,"y":197,"width":868,"height":11}},{"id":"081cfca8-63fb-40fe-87dc-05c6aa085621","block_type":"box","text":"amended (the “1940 Act”). The trading activities of BFA and its Affiliates are carried out without reference to positions held directly or","page_number":96,"box":{"x":76,"y":211,"width":855,"height":11}},{"id":"2fe93e5d-50e1-4649-8042-550a25cfc5d2","block_type":"box","text":"indirectly by a Fund. 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A Fund may also invest in issuances (such as debt offerings or structured notes) for which an Affiliate is","page_number":96,"box":{"x":76,"y":277,"width":864,"height":11}},{"id":"6abe33c2-f21d-4221-9965-82938d05743b","block_type":"box","text":"compensated for providing advisory, cash management or other services. A Fund also may invest in securities of, or engage in other","page_number":96,"box":{"x":76,"y":291,"width":845,"height":11}},{"id":"21608bfd-878f-44bf-a524-c7fdc3a4f462","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":96,"box":{"x":76,"y":305,"width":695,"height":11}},{"id":"edf592f6-af12-44d0-ae6c-2ff7aff98747","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":96,"box":{"x":76,"y":329,"width":871,"height":10}},{"id":"a6e21a75-f024-40b4-baaa-fa5a4e4751f8","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":96,"box":{"x":77,"y":343,"width":347,"height":11}},{"id":"bf314664-0f8e-45ec-8fcb-629072277630","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with a Fund. 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The opposite result is also","page_number":96,"box":{"x":76,"y":409,"width":897,"height":10}},{"id":"62ea590d-b8bd-479f-a58a-9be7c6d4ef10","block_type":"box","text":"possible.","page_number":96,"box":{"x":76,"y":423,"width":56,"height":11}},{"id":"e0800159-6b2b-4343-825d-0042d9ef353b","block_type":"box","text":"In addition, a Fund may enter into transactions in which BFA or an Affiliate or their directors, officers, employees or clients have an adverse","page_number":96,"box":{"x":77,"y":446,"width":888,"height":11}},{"id":"126b7b07-ce06-4d5b-9c4f-d6a4734df71a","block_type":"box","text":"interest. A Fund may be adversely impacted by the effects of transactions undertaken by BFA or an Affiliate or their directors, officers,","page_number":96,"box":{"x":76,"y":460,"width":857,"height":11}},{"id":"6feebc0f-e70f-4406-a023-ea0c55cd0735","block_type":"box","text":"employees or clients.","page_number":96,"box":{"x":76,"y":474,"width":135,"height":11}},{"id":"616db971-451b-4bd4-b2e0-4ca211796774","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance with applicable law,","page_number":96,"box":{"x":77,"y":498,"width":876,"height":10}},{"id":"5aef9761-a7f3-4c0f-b7d5-3734991084e0","block_type":"box","text":"purchase and hold shares of a Fund. 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For these services, the securities lending agent will","page_number":96,"box":{"x":77,"y":601,"width":854,"height":11}},{"id":"58b90aac-dfba-49c7-8010-9652dffb74e5","block_type":"box","text":"receive a fee from the participating Fund based on the returns earned on the Fund’s lending activities, including investment of the cash","page_number":96,"box":{"x":77,"y":615,"width":862,"height":11}},{"id":"a8a8e3fc-7a2c-4998-8cc0-3bfb59ccece1","block_type":"box","text":"received as collateral for the loaned securities. 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BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF","page_number":96,"box":{"x":77,"y":695,"width":854,"height":11}},{"id":"82c7e1a1-ef72-4b67-a625-cdbab4b6c011","block_type":"box","text":"Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants on each creation or redemption order","page_number":96,"box":{"x":76,"y":709,"width":894,"height":11}},{"id":"94e87082-6a36-4890-9240-81dfe775f177","block_type":"box","text":"from the Authorized Participant for the ETF Services provided. BlackRock collaborated with, and received payment from, Citibank on the","page_number":96,"box":{"x":76,"y":723,"width":871,"height":11}},{"id":"f130484a-ec64-4133-9fd6-ab9017696cab","block_type":"box","text":"design and development of the ETF Services platform. Citibank has, and from time to time may develop, additional relationships with","page_number":96,"box":{"x":76,"y":737,"width":848,"height":11}},{"id":"035c9453-3fca-48bb-b95c-03bdd5df8275","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":96,"box":{"x":77,"y":751,"width":342,"height":11}},{"id":"3da6b17a-e8a2-435d-a428-b1a5a71739f2","block_type":"box","text":"BlackRock and its Affiliates may benefit from a Fund using a BlackRock index by creating increasing acceptance in the marketplace for such","page_number":96,"box":{"x":77,"y":775,"width":893,"height":11}},{"id":"a065c10b-364e-48f7-ae86-2d811b601cfe","block_type":"box","text":"indexes. BlackRock and its Affiliates are not obligated to license an index to a Fund, and no Fund is under an obligation to use a BlackRock","page_number":96,"box":{"x":76,"y":789,"width":885,"height":11}},{"id":"15edc599-494d-4385-8187-50cfbc669352","block_type":"box","text":"index. The terms of a Fund’s index licensing agreement with BlackRock or its Affiliates may not be as favorable as the terms offered to other","page_number":96,"box":{"x":76,"y":803,"width":897,"height":11}},{"id":"b1bea039-109f-498c-b9c7-0278f082b6f1","block_type":"box","text":"licensees.","page_number":96,"box":{"x":77,"y":817,"width":61,"height":9}},{"id":"d0ec1bb2-c056-4f89-a628-8f77b8ba9061","block_type":"box","text":"The activities of BFA and its Affiliates and their respective directors, officers or employees may give rise to other conflicts of interest that","page_number":96,"box":{"x":76,"y":840,"width":875,"height":11}},{"id":"6052af9e-3ac1-4db5-aeb2-1d86f8f6ca7e","block_type":"box","text":"could disadvantage a Fund and its shareholders. BFA has adopted policies and procedures designed to address these potential conflicts of","page_number":96,"box":{"x":76,"y":855,"width":886,"height":10}},{"id":"58254b9a-69cb-44d1-b178-63ba24a6c31f","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":96,"box":{"x":76,"y":869,"width":326,"height":8}},{"id":"dff167f3-8242-409a-9ed4-be8ff5f1a998","block_type":"box","text":"24","page_number":96,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"52017465-d1ba-4d5a-a25f-134faf3e582e","block_type":"box","text":"Shareholder Information","page_number":97,"box":{"x":77,"y":22,"width":240,"height":14}},{"id":"ccdb782b-f04f-4605-befd-70a6a328c24d","block_type":"box","text":"Additional shareholder information, including how to buy and sell shares of the Funds, is available free of charge by calling toll-free","page_number":97,"box":{"x":75,"y":51,"width":821,"height":11}},{"id":"224d3c6f-d17a-49f5-8c0a-5dba166c276c","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":97,"box":{"x":78,"y":66,"width":383,"height":11}},{"id":"4b39eed9-2589-41ce-b42c-4b8316a45bad","block_type":"box","text":"Buying and Selling Shares","page_number":97,"box":{"x":77,"y":89,"width":180,"height":11}},{"id":"f1cea868-014f-4500-b0c2-32b4b7bf8e13","block_type":"box","text":"Transactions in shares of the Funds occur in the primary market and the secondary market. Primary market transactions, known as","page_number":97,"box":{"x":76,"y":112,"width":839,"height":11}},{"id":"69c118d9-5262-4b22-8093-63df6eb2b059","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":97,"box":{"x":76,"y":126,"width":584,"height":11}},{"id":"bf194a08-b1a0-4855-809a-6de717d700fb","block_type":"box","text":"i.e","page_number":97,"box":{"x":661,"y":126,"width":14,"height":9}},{"id":"7dd4d575-0371-4705-aa7b-a10d7b39f5e4","block_type":"box","text":"., financial institutions that are authorized to","page_number":97,"box":{"x":677,"y":126,"width":282,"height":10}},{"id":"be7c2409-aecd-4bc3-8a7a-45bdd4ddfcda","block_type":"box","text":"participate in such transactions), as described in the","page_number":97,"box":{"x":76,"y":140,"width":335,"height":11}},{"id":"f3cbb163-47f4-4aec-a8bb-a329f6dc62a2","block_type":"box","text":"Creations and Redemptions","page_number":97,"box":{"x":417,"y":140,"width":173,"height":11}},{"id":"aedd3b8c-feb4-4247-993c-edbef8e7ca2d","block_type":"box","text":"section below.","page_number":97,"box":{"x":595,"y":140,"width":90,"height":9}},{"id":"3c5de97f-32ba-4c13-874f-22e8f233785b","block_type":"box","text":"Fund shares are listed on U.S. national securities exchanges, where they can be bought and sold throughout the trading day at market prices,","page_number":97,"box":{"x":77,"y":164,"width":904,"height":10}},{"id":"cc34ad46-953d-4829-bbcc-a5c595e89ec5","block_type":"box","text":"like shares of other publicly traded companies. A Fund’s shares may also be available in other secondary markets, such as on non-U.S.","page_number":97,"box":{"x":77,"y":178,"width":860,"height":11}},{"id":"bdcc4862-f14e-4cb8-9e90-076084fedd0b","block_type":"box","text":"exchanges and through funds or structured investment vehicles similar to depositary receipts. The Funds do not impose any minimum","page_number":97,"box":{"x":76,"y":192,"width":857,"height":11}},{"id":"c8c4dc51-feb1-4d92-9b53-2a0e4370a9d0","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":97,"box":{"x":76,"y":206,"width":598,"height":11}},{"id":"58f827a8-da0a-45e2-9958-3c2cd6f424ea","block_type":"box","text":"Buying or selling Fund shares on an exchange or other secondary market generally involves two types of costs that are common in securities","page_number":97,"box":{"x":77,"y":229,"width":899,"height":11}},{"id":"32a0e1ef-29cc-477b-81b1-3ec39a4570b0","block_type":"box","text":"transactions. First, when buying or selling Fund shares through a broker, you may incur a brokerage commission and other charges. The","page_number":97,"box":{"x":76,"y":244,"width":869,"height":10}},{"id":"e1e727bf-2b6b-4281-87a3-ec7ebd6180d7","block_type":"box","text":"commission is frequently a fixed amount; it may be a significant proportional cost if you are seeking to buy or sell small amounts of shares.","page_number":97,"box":{"x":76,"y":258,"width":888,"height":11}},{"id":"83c0c9d0-c019-4137-95f7-2bd13f46a31c","block_type":"box","text":"Second, you may incur the cost of the “spread,” which is any difference between the bid price and the ask price for the shares. The spread","page_number":97,"box":{"x":76,"y":272,"width":884,"height":11}},{"id":"a3856aa7-0a87-4623-9ab2-b5f5f3719a65","block_type":"box","text":"varies over time based on a Fund’s trading volume and market liquidity. Generally, the spread is smaller if a Fund has high trading volume and","page_number":97,"box":{"x":76,"y":286,"width":904,"height":11}},{"id":"167b72be-d3aa-4794-b4fb-06be0afc6cf5","block_type":"box","text":"market liquidity, and larger if a Fund has lower trading volume and market liquidity. The latter is often the case for newly launched or smaller","page_number":97,"box":{"x":76,"y":300,"width":897,"height":11}},{"id":"80be97c0-b6ce-4c4e-8e07-17828034544b","block_type":"box","text":"funds. A Fund’s spread may also be impacted by the liquidity (or lack thereof) of the underlying securities or other assets held by the Fund,","page_number":97,"box":{"x":76,"y":314,"width":887,"height":11}},{"id":"797baf7a-ec11-4bcc-a56c-191ad38a7987","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":97,"box":{"x":76,"y":329,"width":713,"height":10}},{"id":"ceb86e2b-e999-4f9c-8892-aa7761d7b2f7","block_type":"box","text":"The U.S. national securities exchanges that list Fund shares are open for trading Monday through Friday and are closed on weekends and the","page_number":97,"box":{"x":76,"y":352,"width":902,"height":11}},{"id":"f8ada72b-4da6-475d-b570-ecefbb38168b","block_type":"box","text":"following holidays (or the days on which they are observed): New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday,","page_number":97,"box":{"x":76,"y":366,"width":856,"height":11}},{"id":"89d3ff44-b18d-46b5-99da-2edd34160d3a","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":97,"box":{"x":77,"y":380,"width":612,"height":11}},{"id":"9cdb2ebd-055c-47a1-a85a-2ef60ae466c4","block_type":"box","text":"Investments in Investment Companies","page_number":97,"box":{"x":77,"y":403,"width":268,"height":11}},{"id":"2b7aee8b-8e26-45f7-8fee-b7ee869728b7","block_type":"box","text":"Section 12(d)(1) of the 1940 Act generally restricts investments by investment companies, including foreign and unregistered investment","page_number":97,"box":{"x":76,"y":427,"width":873,"height":10}},{"id":"71b9722c-a28d-4d54-8983-389dc9ade8f1","block_type":"box","text":"companies, in the securities of other investment companies. For example, a registered investment company (the “Acquired Fund”), such as","page_number":97,"box":{"x":76,"y":441,"width":889,"height":11}},{"id":"b3841a8c-7a8d-4fd5-a673-9df1b3108bca","block_type":"box","text":"the Funds, may not knowingly sell or otherwise dispose of any security issued by the Acquired Fund to any investment company (the","page_number":97,"box":{"x":76,"y":455,"width":847,"height":11}},{"id":"3f42c500-15dc-49e9-b932-f37fb6efdeff","block_type":"box","text":"“Acquiring Fund”) or any company or companies controlled by the Acquiring Fund if, immediately after such sale or disposition: (i) more than","page_number":97,"box":{"x":76,"y":469,"width":897,"height":11}},{"id":"286db132-7cba-423b-bedc-8bca4cd80393","block_type":"box","text":"3% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and any company or companies controlled by","page_number":97,"box":{"x":76,"y":483,"width":890,"height":11}},{"id":"ed86dbb1-6056-4bf2-9815-8354833f610e","block_type":"box","text":"the Acquiring Fund, or (ii) more than 10% of the total outstanding voting stock of the Acquired Fund is owned by the Acquiring Fund and other","page_number":97,"box":{"x":76,"y":498,"width":904,"height":10}},{"id":"8afc6d48-f8dc-4380-9b82-88889e746900","block_type":"box","text":"investment companies and companies controlled by them.","page_number":97,"box":{"x":76,"y":512,"width":374,"height":11}},{"id":"13a42aa1-e6dd-4094-ac6a-d4dc94f2da98","block_type":"box","text":"Notwithstanding the foregoing, registered investment companies are permitted to invest in a Fund beyond the limits set forth in Section","page_number":97,"box":{"x":77,"y":535,"width":867,"height":11}},{"id":"91b02b67-3b90-4753-bac4-fa8f79aa3232","block_type":"box","text":"12(d)(1), subject to certain terms and conditions set forth in Rule 12d1-4 under the 1940 Act. To make such an investment in an Acquired","page_number":97,"box":{"x":78,"y":549,"width":871,"height":11}},{"id":"1ed3c265-dc63-448e-b4a7-c024d380b0ba","block_type":"box","text":"Fund, a registered investment company must, among other things, enter into an agreement with the Trust. If an Acquired Fund invests","page_number":97,"box":{"x":77,"y":563,"width":855,"height":11}},{"id":"d3ace943-479f-46d5-8c47-247d7fc224ae","block_type":"box","text":"significantly in other registered investment companies in reliance on Rule 12d1-4, an Acquiring Fund will not be permitted to rely on Rule","page_number":97,"box":{"x":76,"y":577,"width":874,"height":11}},{"id":"26a2839d-518c-4a61-aa52-5b4e61155400","block_type":"box","text":"12d1-4 and invest in the Fund beyond the Section 12(d)(1) limits. Any investment company interested in purchasing shares of a Fund beyond","page_number":97,"box":{"x":78,"y":592,"width":894,"height":10}},{"id":"9619031c-d955-4e9e-b626-38254578c2fd","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":97,"box":{"x":76,"y":606,"width":367,"height":11}},{"id":"5d730490-1568-432f-a26b-41bb48601129","block_type":"box","text":"Foreign investment companies are permitted to invest in a Fund only up to the limits set forth in Section 12(d)(1), subject to any applicable","page_number":97,"box":{"x":77,"y":629,"width":883,"height":11}},{"id":"571c321e-86d4-42c8-85e9-48aa25040e41","block_type":"box","text":"SEC no-action relief.","page_number":97,"box":{"x":76,"y":643,"width":130,"height":9}},{"id":"e5fae6ef-9cdd-4ab3-9c2a-1ad4dad09d15","block_type":"box","text":"Book Entry","page_number":97,"box":{"x":77,"y":667,"width":76,"height":10}},{"id":"0ded7c6d-9c68-4e88-b8e8-0649589a7ae4","block_type":"box","text":"Shares of the Funds are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company (“DTC”),","page_number":97,"box":{"x":76,"y":690,"width":892,"height":10}},{"id":"d7342cf7-9049-4fb7-b3d6-a7c1ef80dd06","block_type":"box","text":"which serves as the securities depository for shares of the Funds, or its nominee is the record owner of, and holds legal title to, all","page_number":97,"box":{"x":76,"y":704,"width":832,"height":11}},{"id":"e932d465-5262-4d3f-819b-354be4343235","block_type":"box","text":"outstanding shares of the Funds.","page_number":97,"box":{"x":76,"y":718,"width":209,"height":11}},{"id":"9806a21e-d4c0-455b-8923-b6436d5618dc","block_type":"box","text":"Investors owning Fund shares are beneficial owners as shown on the records of DTC or its participants. DTC participants include securities","page_number":97,"box":{"x":77,"y":741,"width":885,"height":11}},{"id":"94be5516-21b4-4951-9beb-9d0febde2613","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":97,"box":{"x":76,"y":755,"width":863,"height":11}},{"id":"c03d0672-7d62-480f-a752-393219f138c6","block_type":"box","text":"relationship with DTC. As a beneficial owner of Fund shares, you are not entitled to receive physical delivery of stock certificates or to have","page_number":97,"box":{"x":77,"y":770,"width":888,"height":10}},{"id":"20a87f98-3d1f-4256-9fc7-34d39cd9d9c4","block_type":"box","text":"shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of","page_number":97,"box":{"x":76,"y":784,"width":874,"height":11}},{"id":"5de94c60-9f5e-4ede-ba37-4a515bf9f79d","block_type":"box","text":"Fund shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other","page_number":97,"box":{"x":77,"y":798,"width":899,"height":11}},{"id":"76e01117-1641-4676-81e0-a759ef705d82","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":97,"box":{"x":76,"y":812,"width":330,"height":11}},{"id":"62687b14-51f9-458d-91b7-9d9f9c6eb9c2","block_type":"box","text":"Share Prices","page_number":97,"box":{"x":76,"y":835,"width":87,"height":9}},{"id":"7c47653b-2aad-40b7-bdb0-372e39a2ef0b","block_type":"box","text":"The trading prices of a Fund’s shares in the secondary market generally differ from the Fund’s daily NAV and are affected by various factors,","page_number":97,"box":{"x":76,"y":858,"width":894,"height":11}},{"id":"f67ea9af-86f2-48d0-832f-f46ae8d46c15","block_type":"box","text":"such as the supply of and demand for ETF shares and the securities or other assets held by a Fund as well as other market and economic","page_number":97,"box":{"x":76,"y":873,"width":876,"height":10}},{"id":"724b17ac-6a61-4563-9669-223fc3a34d1b","block_type":"box","text":"conditions.","page_number":97,"box":{"x":76,"y":887,"width":69,"height":8}},{"id":"5168b0fa-3989-4a96-b074-b2e90575475f","block_type":"box","text":"25","page_number":97,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"fcaa3458-e154-43e8-b8d3-b28c25d15d8f","block_type":"box","text":"Determination of Net Asset Value","page_number":98,"box":{"x":77,"y":23,"width":233,"height":9}},{"id":"6463ef71-3d57-46d8-9b50-d3ec304bf279","block_type":"box","text":"The NAV of a Fund normally is determined once daily Monday through Friday, on each day that the New York Stock Exchange (“NYSE”) is","page_number":98,"box":{"x":76,"y":46,"width":872,"height":11}},{"id":"9d76c7bb-5379-40cc-a99d-dfcda2e9348f","block_type":"box","text":"open for trading. The NAV generally is determined as of the close of the NYSE’s regular trading hours, normally 4:00 p.m. Eastern time, based","page_number":98,"box":{"x":76,"y":61,"width":904,"height":10}},{"id":"1e9a7e07-5ede-4c6d-82e7-6ceb3daa762e","block_type":"box","text":"on prices at the time of closing.","page_number":98,"box":{"x":76,"y":75,"width":201,"height":11}},{"id":"04762593-5b32-4f11-99f9-43b8219845cb","block_type":"box","text":"Any Fund assets or liabilities that are denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing","page_number":98,"box":{"x":76,"y":98,"width":883,"height":11}},{"id":"d09fac2a-6eaa-4480-b52d-3a84a4b63eff","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":98,"box":{"x":76,"y":112,"width":554,"height":11}},{"id":"ca89c354-f01f-4e8a-9b99-8dd87580653c","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":98,"box":{"x":76,"y":135,"width":501,"height":11}},{"id":"f9352a05-5ef1-413a-9418-11619cdbe62c","block_type":"box","text":"i.e","page_number":98,"box":{"x":578,"y":135,"width":14,"height":9}},{"id":"3a9c08a9-baf9-48db-9808-c24542019bfc","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":98,"box":{"x":594,"y":135,"width":353,"height":11}},{"id":"c8629b36-2be2-4092-9ac9-5d3619d5ec43","block_type":"box","text":"underlying fund shares in which the Fund invests, less total liabilities) by the total number of outstanding shares of the Fund, generally","page_number":98,"box":{"x":77,"y":149,"width":857,"height":11}},{"id":"b37792f8-b350-4e12-baa4-2ecfc8de2f41","block_type":"box","text":"rounded to the nearest cent. The value of a Fund’s assets and liabilities is determined pursuant to BFA’s valuation policies and procedures.","page_number":98,"box":{"x":77,"y":164,"width":883,"height":10}},{"id":"905facb7-379b-44ad-abcd-72d5689f741b","block_type":"box","text":"BFA has been designated by the Board as the valuation designee for each Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":98,"box":{"x":77,"y":178,"width":881,"height":11}},{"id":"37f10e9f-0aa7-4e9e-8a43-ed3c4d74517d","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized) for which market","page_number":98,"box":{"x":77,"y":201,"width":867,"height":11}},{"id":"311dd8c8-f435-4773-806b-d1736f81af39","block_type":"box","text":"quotations are readily available are valued at market value, which is generally determined using the last reported official closing price or, if a","page_number":98,"box":{"x":76,"y":215,"width":896,"height":11}},{"id":"b2712485-00da-4fdb-a4d0-e94a0f2c83f4","block_type":"box","text":"reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded","page_number":98,"box":{"x":77,"y":229,"width":903,"height":11}},{"id":"5e494dad-daf7-40e5-bc6a-5881240f79b4","block_type":"box","text":"at the time of valuation. Shares of underlying open-end funds (including money market funds) that are not traded on an exchange are valued","page_number":98,"box":{"x":76,"y":244,"width":897,"height":10}},{"id":"5c0ec058-0d9c-4123-b580-31b285e647ec","block_type":"box","text":"at net asset value. Shares of underlying ETFs and closed-end funds that trade on exchanges are valued at their most recent market closing","page_number":98,"box":{"x":76,"y":258,"width":887,"height":11}},{"id":"887b2ebf-67c0-4ecf-8a23-a834ea31c950","block_type":"box","text":"price.","page_number":98,"box":{"x":76,"y":272,"width":35,"height":11}},{"id":"bb5609cf-6741-472e-b36a-a682e0aeaafa","block_type":"box","text":"Fixed-income securities and certain derivative instruments are valued using last available bid prices or current market quotations provided by","page_number":98,"box":{"x":77,"y":295,"width":904,"height":11}},{"id":"7dd49536-e964-4f1b-a1f9-d140026ae9bb","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third-party pricing services, each in accordance","page_number":98,"box":{"x":76,"y":309,"width":891,"height":11}},{"id":"90d89af8-ca10-4c9b-ae4b-d1de23006fdb","block_type":"box","text":"with BFA’s valuation policies and procedures. Pricing services may use matrix pricing or valuation models that utilize certain inputs and","page_number":98,"box":{"x":76,"y":324,"width":861,"height":10}},{"id":"1561de4d-7396-4e7c-afb6-b79e17ca1615","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":98,"box":{"x":76,"y":338,"width":901,"height":11}},{"id":"217a74b4-349f-447b-9c48-b15c59ce32b7","block_type":"box","text":"lot size, but a Fund may hold or transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at","page_number":98,"box":{"x":77,"y":352,"width":904,"height":11}},{"id":"48ffc87e-f88e-43ee-969a-fe50ce4cf918","block_type":"box","text":"lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a","page_number":98,"box":{"x":77,"y":366,"width":899,"height":11}},{"id":"8bb324a1-d37b-4982-b958-62875e336c5f","block_type":"box","text":"Fund. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity unless","page_number":98,"box":{"x":77,"y":380,"width":902,"height":11}},{"id":"dcf8eb69-9316-46db-bc1f-05a0f9f0f34e","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":98,"box":{"x":77,"y":394,"width":491,"height":11}},{"id":"fd944817-bbb9-4a96-875c-72c3c35f6d1e","block_type":"box","text":"Generally, trading in certain instruments (","page_number":98,"box":{"x":76,"y":418,"width":265,"height":10}},{"id":"b469b81b-1772-4fc1-a553-04da0a4afca3","block_type":"box","text":"e.g","page_number":98,"box":{"x":343,"y":420,"width":19,"height":8}},{"id":"16197fc1-e4cf-44ad-a01f-9fee7fe86706","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":98,"box":{"x":362,"y":418,"width":599,"height":10}},{"id":"008f72ac-39ec-4a78-9e77-9fc57985f83f","block_type":"box","text":"various times prior to the close of the NYSE’s regular trading hours. The values of such instruments used in computing a Fund’s NAV are","page_number":98,"box":{"x":76,"y":432,"width":869,"height":11}},{"id":"64424986-1d5a-4c65-9db3-24b44f0feb43","block_type":"box","text":"determined as of such times.","page_number":98,"box":{"x":76,"y":446,"width":185,"height":8}},{"id":"ab5353d4-1abb-490c-8482-3b1343aef05e","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary","page_number":98,"box":{"x":77,"y":469,"width":885,"height":11}},{"id":"6d0f5df5-9c35-41d1-8cae-ae44090d148d","block_type":"box","text":"multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the","page_number":98,"box":{"x":76,"y":483,"width":901,"height":11}},{"id":"b0ee7a06-5a84-4f83-8657-591025c07373","block_type":"box","text":"prices of foreign assets in one or more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of","page_number":98,"box":{"x":76,"y":498,"width":904,"height":10}},{"id":"ceb68ada-4084-48c0-9394-50e187678275","block_type":"box","text":"a Fund’s pricing time.","page_number":98,"box":{"x":76,"y":512,"width":136,"height":11}},{"id":"c4154daa-463e-441e-80d0-42a8fe410209","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and other derivatives may be valued using a mathematical","page_number":98,"box":{"x":76,"y":535,"width":877,"height":11}},{"id":"7f4f433f-2a3e-42cf-a5a8-43514976861a","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":98,"box":{"x":76,"y":549,"width":392,"height":11}},{"id":"ef3c7ef0-2ce2-44ff-8f47-c29a586ab5fc","block_type":"box","text":"When market quotations are not readily available or are believed by BFA to be unreliable, BFA will fair value a Fund’s investments in","page_number":98,"box":{"x":76,"y":572,"width":837,"height":11}},{"id":"d3d1d1b0-85f7-44c1-8ce7-3bc3d0df0ff8","block_type":"box","text":"accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or liability. It is the","page_number":98,"box":{"x":76,"y":586,"width":874,"height":11}},{"id":"c53abe47-b1ba-4583-8ba5-6a6ce5256c97","block_type":"box","text":"amount that the Fund might reasonably expect to receive from the current sale of an asset or the cost to extinguish a liability in an arm’s","page_number":98,"box":{"x":76,"y":601,"width":879,"height":11}},{"id":"12f6cc9f-d4e4-46bb-aea4-adbe59bf4838","block_type":"box","text":"length transaction.","page_number":98,"box":{"x":77,"y":615,"width":118,"height":11}},{"id":"ec8c893e-a5cd-4a1f-982b-5348af369592","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":98,"box":{"x":77,"y":638,"width":531,"height":11}},{"id":"7c44265b-8af2-44e7-a410-abc755b6b3e6","block_type":"box","text":"An asset or liability does not have a price source due to its lack of trading or other reasons;","page_number":98,"box":{"x":113,"y":656,"width":582,"height":11}},{"id":"01bc197f-f3d5-4c13-bc60-0e72cf2c29b2","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":98,"box":{"x":113,"y":674,"width":767,"height":11}},{"id":"b04cf1fe-ad8b-475c-b2cb-f221a5d1c04d","block_type":"box","text":"An asset or liability is thinly traded;","page_number":98,"box":{"x":113,"y":692,"width":223,"height":11}},{"id":"4d97c2b9-35d2-4bad-ad11-00b6a52e3184","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":98,"box":{"x":113,"y":710,"width":508,"height":11}},{"id":"1a0003bb-4599-46d9-9c97-e9a3eb2384f6","block_type":"box","text":"The trading market on which an instrument is listed is suspended or closed and no appropriate alternative trading market is available.","page_number":98,"box":{"x":113,"y":728,"width":853,"height":11}},{"id":"f2f214b7-b46e-4e47-b543-0b3c714cde70","block_type":"box","text":"A “significant event” is deemed to occur if BFA determines, in its reasonable business judgment prior to or at the time of pricing a Fund’s","page_number":98,"box":{"x":76,"y":751,"width":874,"height":11}},{"id":"37e37cbf-f430-4839-9a4f-5f01510bfc5b","block_type":"box","text":"assets or liabilities, that the event is likely to cause a material change to the last exchange closing price or closing market price of one or","page_number":98,"box":{"x":76,"y":766,"width":876,"height":11}},{"id":"c440026e-a239-4505-a7c7-af17a5fc3e86","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":98,"box":{"x":76,"y":780,"width":246,"height":8}},{"id":"6635fd2b-1272-4415-94bd-4a303b4729da","block_type":"box","text":"Valuing a Fund’s investments using fair value pricing may result in prices that differ from current market valuations and that may not be the","page_number":98,"box":{"x":76,"y":803,"width":890,"height":11}},{"id":"ea8a8363-5a15-4419-bcdb-26dcac0ae94a","block_type":"box","text":"prices at which those investments could have been sold during the period for which the particular fair values were used. For an index Fund,","page_number":98,"box":{"x":76,"y":817,"width":888,"height":11}},{"id":"76b1709d-c302-4df1-8ce6-b0b6c9c2aa45","block_type":"box","text":"the use of both fair value prices and current market valuations in a particular NAV calculation could result in a difference between the prices","page_number":98,"box":{"x":76,"y":831,"width":896,"height":11}},{"id":"903444d8-29be-4d09-8ea8-4f45489e5036","block_type":"box","text":"used to calculate a Fund’s NAV and the prices used by the Fund’s underlying index. This could, in turn, result in a difference between the","page_number":98,"box":{"x":77,"y":846,"width":870,"height":10}},{"id":"cb279632-729c-4d17-a7fc-ad5a4d491941","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":98,"box":{"x":77,"y":860,"width":414,"height":11}},{"id":"8c3b7de4-3eb1-4a77-b59e-884883fa53f4","block_type":"box","text":"26","page_number":98,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"eb9bc3b6-6b17-4146-b21f-dc134cedc065","block_type":"box","text":"Dividends and Distributions","page_number":99,"box":{"x":77,"y":23,"width":192,"height":9}},{"id":"b20a3bb6-ec3a-4697-8f05-eabf61006522","block_type":"box","text":"General Policies.","page_number":99,"box":{"x":76,"y":46,"width":103,"height":9}},{"id":"6b1c7e22-c730-4e4d-942c-b959e9816c41","block_type":"box","text":"A Fund generally declares and pays dividends from net investment income, if any, at least once a year. Distributions of net","page_number":99,"box":{"x":185,"y":46,"width":782,"height":11}},{"id":"a6a0ce98-3c10-4a72-973d-805d1e780254","block_type":"box","text":"realized securities gains, if any, generally are declared and paid once a year, but the Trust may make distributions on a more frequent basis","page_number":99,"box":{"x":77,"y":61,"width":887,"height":10}},{"id":"6bc2e196-d915-46de-a305-64ba05efcd91","block_type":"box","text":"for a Fund. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to","page_number":99,"box":{"x":76,"y":75,"width":904,"height":11}},{"id":"a7ffbfac-ce4e-495f-b846-72e5b158aa48","block_type":"box","text":"preserve its status as a regulated investment company (“RIC”) or to avoid the imposition of income or excise taxes on undistributed income","page_number":99,"box":{"x":76,"y":89,"width":893,"height":11}},{"id":"c532f1fb-2655-48a6-b31a-b28542221bb2","block_type":"box","text":"or realized gains.","page_number":99,"box":{"x":76,"y":103,"width":107,"height":11}},{"id":"4c50f95f-4738-44c0-ad83-9ab2a623653a","block_type":"box","text":"Dividends and other distributions on Fund shares are distributed on a pro rata basis to beneficial owners of the shares. Dividend payments","page_number":99,"box":{"x":77,"y":126,"width":885,"height":11}},{"id":"5b941e6d-4632-4667-8921-0333fa5f6b14","block_type":"box","text":"and other distributions are made through DTC participants and indirect participants to beneficial owners then of record with proceeds","page_number":99,"box":{"x":76,"y":140,"width":856,"height":11}},{"id":"47eb24ac-3406-499f-a6bf-523581b49040","block_type":"box","text":"received from the Funds.","page_number":99,"box":{"x":77,"y":155,"width":157,"height":8}},{"id":"37d3b625-6874-483a-99b1-6038a8adb420","block_type":"box","text":"Dividend Reinvestment Service.","page_number":99,"box":{"x":76,"y":178,"width":197,"height":8}},{"id":"65487bd6-ec6c-4394-9342-8661afa3f783","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":99,"box":{"x":280,"y":178,"width":667,"height":11}},{"id":"e6c59977-d54b-4ff3-b1b7-90ccbd592753","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":99,"box":{"x":77,"y":192,"width":899,"height":11}},{"id":"3311b272-4711-4131-abf2-df8315e07087","block_type":"box","text":"contact their broker to determine the availability and costs of the service and the details of participation. Brokers may require beneficial","page_number":99,"box":{"x":76,"y":206,"width":869,"height":11}},{"id":"b35e8fd6-6ee6-41b6-8a2e-da12be35d9e4","block_type":"box","text":"owners to adhere to specific procedures and timetables. If the program is used, dividend distributions of both income and realized gains will","page_number":99,"box":{"x":76,"y":220,"width":895,"height":11}},{"id":"8acc1aee-8377-4d86-82b8-03ccbce62583","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":99,"box":{"x":76,"y":235,"width":617,"height":10}},{"id":"cfb8e168-5562-473f-a95a-4967e5ef4a5b","block_type":"box","text":"Note on Tax Information.","page_number":99,"box":{"x":76,"y":258,"width":167,"height":8}},{"id":"72e9ce67-ceab-4bff-bec7-b6990222787b","block_type":"box","text":"The following sections summarize some of the consequences under current U.S. federal tax law of an investment in","page_number":99,"box":{"x":249,"y":258,"width":723,"height":11}},{"id":"60679588-4f23-4370-a798-ad750e342633","block_type":"box","text":"a Fund. This information is not a substitute for personal tax advice. You may also be subject to state and local taxation on Fund distributions and","page_number":99,"box":{"x":76,"y":272,"width":905,"height":11}},{"id":"f9499bf6-dcc9-4a9d-b7a4-68085a9377f8","block_type":"box","text":"sales of Fund shares. Distributions that are attributable to interest from U.S. federal government obligations may be exempt from certain state","page_number":99,"box":{"x":76,"y":286,"width":893,"height":11}},{"id":"e2494863-edba-48f8-8c2d-586e02efd65c","block_type":"box","text":"and local tax. Consult your personal tax advisor about the potential tax consequences of an investment in Fund shares under all applicable tax","page_number":99,"box":{"x":76,"y":300,"width":893,"height":11}},{"id":"65392af2-8638-4802-a6ed-021be99917ee","block_type":"box","text":"laws.","page_number":99,"box":{"x":76,"y":315,"width":30,"height":8}},{"id":"5d952a3b-80e1-4308-94ae-5045b859c02c","block_type":"box","text":"Taxes","page_number":99,"box":{"x":76,"y":338,"width":38,"height":8}},{"id":"957447be-a647-4c2c-a92d-fe417d2f2420","block_type":"box","text":"As with any investment, you should consider how your investment in shares of a Fund will be taxed, including possible tax consequences","page_number":99,"box":{"x":76,"y":361,"width":874,"height":11}},{"id":"273b1e93-51af-4b5a-a299-4115c0644d74","block_type":"box","text":"when a Fund makes distributions or when you sell Fund shares. The tax information in this Prospectus is provided as general information,","page_number":99,"box":{"x":76,"y":375,"width":877,"height":11}},{"id":"913f8cc0-cb23-4b4e-b979-cd48c511a022","block_type":"box","text":"based on current law. You should consult your own tax professional about the tax consequences of an investment in shares of a Fund. There","page_number":99,"box":{"x":76,"y":389,"width":895,"height":11}},{"id":"31c4cc6f-0b6a-40b4-a142-f023fa834f2f","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":99,"box":{"x":76,"y":403,"width":594,"height":11}},{"id":"ea5fbdb6-e685-49ea-bcd3-d94064142c07","block_type":"box","text":"Taxes on Fund Distributions","page_number":99,"box":{"x":76,"y":427,"width":194,"height":8}},{"id":"d154fd46-96b9-46aa-b400-4dac748f0654","block_type":"box","text":"Shareholders in a Fund will receive information after the end of each calendar year setting forth the amount of dividends and long-term","page_number":99,"box":{"x":76,"y":450,"width":863,"height":11}},{"id":"833a858f-79e2-4cb1-bbfc-05f6c21458a4","block_type":"box","text":"capital gains distributed to them by the Fund during the prior year, if any. Likewise, the amount of tax-exempt income, if any, that a Fund","page_number":99,"box":{"x":76,"y":464,"width":873,"height":11}},{"id":"9ca989fb-131b-42c0-ae98-838780a46192","block_type":"box","text":"distributes will be reported. Such income must be reported on the shareholder’s U.S. federal income tax return.","page_number":99,"box":{"x":76,"y":478,"width":713,"height":11}},{"id":"7768b38c-8b02-47f5-ad03-3d15134fcd78","block_type":"box","text":"In general, distributions are subject to U.S. federal income tax for the year when they are paid. Certain distributions paid in January, however,","page_number":99,"box":{"x":77,"y":501,"width":902,"height":11}},{"id":"5e1acef4-c26c-4901-ba48-0eb9da834f8d","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":99,"box":{"x":76,"y":516,"width":365,"height":10}},{"id":"a671b20d-2471-44f7-bcc9-9c0db9f023e8","block_type":"box","text":"Capital Gains.","page_number":99,"box":{"x":76,"y":539,"width":86,"height":10}},{"id":"606985dd-76bc-4b83-a6e8-a5f9c98c3845","block_type":"box","text":"Distributions from a Fund’s net investment income (other than qualified dividend income or from net tax-exempt income, if","page_number":99,"box":{"x":169,"y":539,"width":785,"height":11}},{"id":"e9325736-c474-4d6d-94ee-17a9915ffb4d","block_type":"box","text":"any), including distributions of income from securities lending and distributions out of a Fund’s net short-term capital gains, if any, are","page_number":99,"box":{"x":76,"y":553,"width":857,"height":11}},{"id":"8d6847d6-abe0-4c19-9941-8b1e0f2525c4","block_type":"box","text":"taxable to you as ordinary income. Distributions by a Fund of net long-term capital gains, if any, in excess of net short-term capital losses","page_number":99,"box":{"x":76,"y":567,"width":878,"height":11}},{"id":"469d2c05-5b5c-41ec-bdf9-70d42aae6e11","block_type":"box","text":"(capital gain dividends) are taxable to you as long-term capital gains, regardless of how long you have held the Fund’s shares. Long-term","page_number":99,"box":{"x":77,"y":581,"width":871,"height":11}},{"id":"93ff05ac-fa6d-4098-80c3-4a9893ade578","block_type":"box","text":"capital gains and qualified dividend income are generally eligible for taxation at preferential rates for non-corporate shareholders. However,","page_number":99,"box":{"x":76,"y":596,"width":892,"height":10}},{"id":"1e5373e3-3902-4d19-8709-47950d9bf5ca","block_type":"box","text":"different preferential rates may apply depending on the type of capital gains, such as Fund distributions of certain amounts received from","page_number":99,"box":{"x":76,"y":610,"width":878,"height":11}},{"id":"51abcb26-b2a6-4108-8ae8-f79452414ed7","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":99,"box":{"x":77,"y":624,"width":289,"height":11}},{"id":"ada91f80-a3e7-4576-8f97-bad1a981e708","block_type":"box","text":"Return of Capital.","page_number":99,"box":{"x":76,"y":647,"width":108,"height":11}},{"id":"8eae74e8-3524-4b5d-ae51-a1834a6b780c","block_type":"box","text":"If a Fund’s distributions exceed current and accumulated earnings and profits, all or a portion of the distributions made in","page_number":99,"box":{"x":191,"y":647,"width":775,"height":11}},{"id":"e988bd02-ff92-4cf7-b7a9-31a8c7ac36a6","block_type":"box","text":"the taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution generally will not be taxable but","page_number":99,"box":{"x":76,"y":661,"width":904,"height":11}},{"id":"3da4cc42-9db3-4f52-9215-ecd84319b263","block_type":"box","text":"will reduce the shareholder’s cost basis and result in a higher capital gain or lower capital loss when those shares on which the distribution","page_number":99,"box":{"x":76,"y":675,"width":888,"height":11}},{"id":"77015f34-db39-4f8c-a931-9a387294cbf1","block_type":"box","text":"was received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains, if the","page_number":99,"box":{"x":76,"y":690,"width":843,"height":10}},{"id":"fa75dd6e-7a62-4479-8992-93865b5749bd","block_type":"box","text":"shareholder holds shares of the Fund as capital assets. Distributions in excess of a Fund’s minimum distribution requirements, but not in","page_number":99,"box":{"x":76,"y":704,"width":874,"height":11}},{"id":"b91dbcf6-8dd6-4446-8d9b-61edb159b45a","block_type":"box","text":"excess of the Fund’s earnings and profits, will be taxable to shareholders and will not constitute nontaxable returns of capital.","page_number":99,"box":{"x":76,"y":718,"width":803,"height":11}},{"id":"b0f6e2e7-da40-4a36-8268-60ebb6ae8c46","block_type":"box","text":"Qualified Dividend Income.","page_number":99,"box":{"x":76,"y":741,"width":167,"height":9}},{"id":"2cd57c91-3f43-4cbc-9bb2-73a78676d69c","block_type":"box","text":"Distributions by a Fund that qualify as qualified dividend income, if any, are taxable to you at long-term capital","page_number":99,"box":{"x":249,"y":741,"width":702,"height":11}},{"id":"efc1bbbb-5673-4b9a-811f-dcb5bc206099","block_type":"box","text":"gain rates. Dividends will be qualified dividend income to you if they are attributable to qualified dividend income received by a Fund.","page_number":99,"box":{"x":76,"y":755,"width":848,"height":11}},{"id":"3e9e2a5a-a761-47fa-af97-c238b71bd611","block_type":"box","text":"Generally, qualified dividend income includes dividend income from stock issued by taxable U.S. corporations and qualified non-U.S.","page_number":99,"box":{"x":76,"y":770,"width":846,"height":10}},{"id":"01e3c594-8a08-4be8-a8fc-7310c880e5d7","block_type":"box","text":"corporations, provided that the Fund satisfies certain holding period requirements and has not hedged its position in the stock in certain","page_number":99,"box":{"x":76,"y":784,"width":872,"height":11}},{"id":"e0a3f3ba-1305-431f-8d65-08547f5bb570","block_type":"box","text":"ways. For this purpose, a qualified non-U.S. corporation means any non-U.S. corporation that is eligible for benefits under a comprehensive","page_number":99,"box":{"x":76,"y":798,"width":892,"height":11}},{"id":"0594691c-9c87-4bfd-99ef-2fb123c4ee01","block_type":"box","text":"income tax treaty with the U.S., which includes an exchange of information program, or if the stock with respect to which the dividend was","page_number":99,"box":{"x":76,"y":812,"width":886,"height":11}},{"id":"d1758677-1964-448c-b964-460772463bad","block_type":"box","text":"paid is readily tradable on an established U.S. securities market. The term excludes a corporation that is a passive foreign investment","page_number":99,"box":{"x":76,"y":826,"width":854,"height":11}},{"id":"3ad0c2c6-e07c-45bb-bb49-e6bef12d187c","block_type":"box","text":"company.","page_number":99,"box":{"x":76,"y":843,"width":60,"height":8}},{"id":"d93fac00-155b-4e5e-a78c-20058398d130","block_type":"box","text":"Dividends received by a Fund from a RIC, if any, generally are qualified dividend income only to the extent that such dividend distributions are","page_number":99,"box":{"x":77,"y":864,"width":904,"height":10}},{"id":"31dd2615-1eab-44ea-8824-ac48fecf7944","block_type":"box","text":"made out of qualified dividend income received by such RIC. Additionally, it is expected that dividends received by a Fund from a REIT, if any,","page_number":99,"box":{"x":76,"y":878,"width":901,"height":11}},{"id":"67062333-031c-41e4-8116-3f12325ae5c6","block_type":"box","text":"27","page_number":99,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"10ad3b87-fc3f-4f27-a17e-c64fc360684b","block_type":"box","text":"and distributed to a shareholder generally will be taxable to the shareholder as ordinary income. However, a Fund may report dividends","page_number":100,"box":{"x":76,"y":23,"width":865,"height":11}},{"id":"105e3756-569d-48c0-ad15-4d0fdffd4687","block_type":"box","text":"eligible for a 20% “qualified business income” deduction for non-corporate U.S. shareholders to the extent that the Fund’s income is derived","page_number":100,"box":{"x":76,"y":37,"width":895,"height":11}},{"id":"1ac52ad1-d617-43b8-a0d1-d2bed3ffb1b1","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":100,"box":{"x":76,"y":51,"width":428,"height":11}},{"id":"2fb94dc4-52fb-4a32-9c0d-e982d4e8e5fc","block_type":"box","text":"For a dividend to be treated as qualified dividend income, the dividend must be received with respect to a share of stock held without being","page_number":100,"box":{"x":77,"y":75,"width":891,"height":11}},{"id":"c762efaa-b722-405d-96ae-7556b85d2e27","block_type":"box","text":"hedged by the relevant Fund, and with respect to a share of the Fund held without being hedged by you, for 61 days during the 121-day","page_number":100,"box":{"x":77,"y":89,"width":861,"height":11}},{"id":"f854f0fe-4f5e-4b17-8160-f729a9b1de17","block_type":"box","text":"period beginning at the date that is 60 days before the date on which such share becomes ex-dividend with respect to such dividend or, in","page_number":100,"box":{"x":76,"y":103,"width":883,"height":11}},{"id":"b5231ffd-1883-48cb-8102-4318aacced60","block_type":"box","text":"the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date.","page_number":100,"box":{"x":76,"y":117,"width":682,"height":11}},{"id":"66cdff16-e184-445e-a9d3-43b322b36e9c","block_type":"box","text":"Fund distributions, to the extent attributable to dividends from U.S. corporations, will be eligible for the dividends received deduction for","page_number":100,"box":{"x":77,"y":140,"width":872,"height":11}},{"id":"ac0e7a10-bb87-4933-98d3-880430910906","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":100,"box":{"x":77,"y":155,"width":603,"height":10}},{"id":"67c235c7-184f-4a02-b5e0-bcb97650c8cf","block_type":"box","text":"Substitute dividends received by a Fund with respect to dividends paid on securities lent out, if any, will not be qualified dividend income.","page_number":100,"box":{"x":76,"y":178,"width":876,"height":11}},{"id":"f00363fc-ea05-4765-8c71-42d1bfa42363","block_type":"box","text":"Medicare Tax.","page_number":100,"box":{"x":76,"y":201,"width":85,"height":9}},{"id":"aab088ae-1069-4750-a9ad-779db20fe3c3","block_type":"box","text":"A 3.8% U.S. federal Medicare contribution tax is imposed on “net investment income,” including, but not limited to, interest,","page_number":100,"box":{"x":167,"y":201,"width":791,"height":11}},{"id":"a3581c10-59d1-474f-8fe8-64abf459577d","block_type":"box","text":"dividends, and net gain, of U.S. individuals with income exceeding $200,000 (or $250,000 if married and filing jointly) and of estates and","page_number":100,"box":{"x":76,"y":214,"width":876,"height":12}},{"id":"aaf8ac7d-fc8a-4d5c-95df-ea31ca9d687d","block_type":"box","text":"trusts.","page_number":100,"box":{"x":76,"y":230,"width":40,"height":8}},{"id":"133a8070-6c30-4479-8f4d-337e30585581","block_type":"box","text":"Alternative Minimum Tax.","page_number":100,"box":{"x":75,"y":253,"width":157,"height":8}},{"id":"6f8115f7-53a6-4d90-9182-2773f5484567","block_type":"box","text":"The AMT is a separate U.S. federal tax system that operates in parallel to the regular federal income tax system but","page_number":100,"box":{"x":238,"y":253,"width":738,"height":10}},{"id":"1084fe69-424d-45ee-8a77-c47def0ef666","block_type":"box","text":"eliminates many deductions and exclusions. The AMT has different tax rates and treats as taxable certain types of income that are","page_number":100,"box":{"x":76,"y":267,"width":833,"height":11}},{"id":"7e57c25f-7d81-44ad-9b96-a8440f1c55e5","block_type":"box","text":"nontaxable for regular income tax purposes, such as the interest on certain “private activity” municipal bonds. If a taxpayer’s overall AMT","page_number":100,"box":{"x":76,"y":281,"width":877,"height":11}},{"id":"cebbcb36-a92c-4096-84ee-72d85f3c8a21","block_type":"box","text":"liability is higher than regular income tax liability, then the taxpayer owes the regular income tax liability plus the difference between the AMT","page_number":100,"box":{"x":77,"y":295,"width":903,"height":11}},{"id":"152278e0-6fdc-4dff-8533-5b21fac4781c","block_type":"box","text":"liability and the regular income tax liability.","page_number":100,"box":{"x":77,"y":309,"width":271,"height":11}},{"id":"a1483db2-3f9e-483c-aff0-f6ab2bc26390","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":100,"box":{"x":76,"y":332,"width":406,"height":11}},{"id":"b3ce21df-582d-4d2b-ab53-6121451a7b67","block_type":"box","text":"Accruals of “original issue discount” on bonds that a Fund acquires at a discount and adjustments for inflation to the principal amount of an","page_number":100,"box":{"x":76,"y":356,"width":892,"height":11}},{"id":"d3c905c5-a4ee-464b-8de0-6b14988929f1","block_type":"box","text":"inflation-protected U.S. Treasury bond held by a Fund may be included for tax purposes in the Fund’s gross income, even though no cash","page_number":100,"box":{"x":76,"y":370,"width":874,"height":11}},{"id":"1eea8d5c-daf3-4ea9-8047-1a7f4ec12b1a","block_type":"box","text":"attributable to such gross income has at that point been received by the Fund. In such event, the Fund may be required to make annual","page_number":100,"box":{"x":76,"y":384,"width":864,"height":11}},{"id":"3bdc9bb3-1747-4cd1-9ca5-6c5c24697cb0","block_type":"box","text":"distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the Fund may be required to","page_number":100,"box":{"x":76,"y":398,"width":895,"height":11}},{"id":"4d51651c-6e10-49e9-bb47-c298db4f1820","block_type":"box","text":"raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the Fund and additional capital gains","page_number":100,"box":{"x":77,"y":412,"width":896,"height":11}},{"id":"22e42427-f3fd-4e5b-bf7c-ae742602c57e","block_type":"box","text":"distributions to Fund shareholders. In addition, any deflation-related adjustments during the taxable year to an inflation-indexed bond held by","page_number":100,"box":{"x":76,"y":427,"width":905,"height":10}},{"id":"310fcedc-2b34-44ae-8936-4b3f48e94da3","block_type":"box","text":"a Fund may cause amounts distributed in the taxable year as income to be characterized as a return of capital.","page_number":100,"box":{"x":76,"y":441,"width":707,"height":11}},{"id":"86a3297d-12e5-408d-9207-a37514aacd07","block_type":"box","text":"Market Discount Bonds","page_number":100,"box":{"x":77,"y":464,"width":162,"height":9}},{"id":"43ba7b7d-b4a8-46ad-aaff-afb49d36f7b6","block_type":"box","text":"Any market discount recognized on a bond, including a tax-exempt interest bond, is taxable as ordinary income. A market discount bond is a","page_number":100,"box":{"x":76,"y":487,"width":898,"height":11}},{"id":"7ec80df5-f8fc-48fd-bea2-8af441863767","block_type":"box","text":"bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. To the","page_number":100,"box":{"x":76,"y":501,"width":903,"height":11}},{"id":"229d3179-7df3-44f9-ad42-a6a58e732d5f","block_type":"box","text":"extent that a Fund does not include the market discount in income as it accrues, gains on the Fund’s disposition of such an obligation will be","page_number":100,"box":{"x":76,"y":516,"width":898,"height":10}},{"id":"9514ac86-ec18-4726-9e6a-854420f4fcef","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":100,"box":{"x":76,"y":530,"width":626,"height":11}},{"id":"392feeb3-a228-4571-ae6e-d48e4b31edf8","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":100,"box":{"x":77,"y":553,"width":307,"height":11}},{"id":"d8b276e0-57d9-4b17-8e8a-0027c30152fa","block_type":"box","text":"A Fund may invest in derivatives and other complex instruments, and such investments may be subject to special and complicated rules.","page_number":100,"box":{"x":76,"y":576,"width":874,"height":11}},{"id":"486cc51e-be22-4549-96af-713cd3563626","block_type":"box","text":"These rules could affect whether gains and losses recognized by a Fund are treated as ordinary income or capital gains, accelerate the","page_number":100,"box":{"x":76,"y":590,"width":860,"height":11}},{"id":"b2d072c4-8f36-46ee-b29d-57840e21f4c8","block_type":"box","text":"recognition of income to a Fund or defer a Fund’s ability to recognize losses. In addition, these rules may affect the amount, timing or","page_number":100,"box":{"x":77,"y":605,"width":852,"height":10}},{"id":"aa5bf609-ff6a-4b06-be7d-15c28b3b0756","block_type":"box","text":"character of income distributed to you by a Fund. You should consult your personal tax advisor regarding the application of these rules.","page_number":100,"box":{"x":76,"y":619,"width":863,"height":11}},{"id":"52c05934-4cef-4ed3-a69f-09905592b8dc","block_type":"box","text":"Non-U.S. Income Taxes","page_number":100,"box":{"x":77,"y":642,"width":158,"height":8}},{"id":"1790f95b-42d2-4233-996f-c591946e3c7f","block_type":"box","text":"Dividends, interest and capital gains (if any) earned by a Fund with respect to securities issued by non-U.S. issuers may give rise to","page_number":100,"box":{"x":77,"y":665,"width":837,"height":11}},{"id":"f1984f21-8152-4a55-960d-b9f04f0237a6","block_type":"box","text":"withholding, capital gains and other taxes imposed by non-U.S. countries. Tax conventions between certain countries and the U.S. may","page_number":100,"box":{"x":76,"y":679,"width":863,"height":11}},{"id":"4c8cd853-c46d-4683-8938-c304257aa5bd","block_type":"box","text":"reduce or eliminate such taxes. If, at the close of a year, more than 50% of a Fund’s total assets consist of non-U.S. stocks or securities","page_number":100,"box":{"x":77,"y":693,"width":865,"height":11}},{"id":"0c81fd88-375d-493e-90be-dbb269b56dfa","block_type":"box","text":"(generally, for this purpose, depositary receipts, no matter where traded, of non-U.S. companies are treated as “non-U.S.”), generally the","page_number":100,"box":{"x":77,"y":708,"width":875,"height":11}},{"id":"e8263b87-2568-4dd0-aa28-6da32f27423d","block_type":"box","text":"Fund may “pass through” to you certain non-U.S. income taxes, including withholding taxes, paid by the Fund. This means that you would be","page_number":100,"box":{"x":77,"y":722,"width":895,"height":11}},{"id":"a1be02cd-f950-4e0d-a725-0ead6383846e","block_type":"box","text":"considered to have received as an additional dividend your share of such non-U.S. taxes, but you may be entitled to either a corresponding","page_number":100,"box":{"x":76,"y":736,"width":888,"height":11}},{"id":"8b71f698-8719-424a-b8e9-6cc3a1d7df63","block_type":"box","text":"tax deduction in calculating your taxable income or, subject to certain limitations, a credit in calculating your U.S. federal income tax. No","page_number":100,"box":{"x":76,"y":750,"width":875,"height":11}},{"id":"a60c004e-b515-4513-a730-40e2edb5c126","block_type":"box","text":"deduction for such taxes will be permitted to individuals in computing their alternative minimum tax liability. If a Fund does not pass through","page_number":100,"box":{"x":76,"y":764,"width":896,"height":11}},{"id":"b2520e88-3d04-4bcb-95e4-46db8e4e43f9","block_type":"box","text":"non-U.S. taxes, the Fund will be entitled to claim a deduction for certain foreign taxes that it incurs.","page_number":100,"box":{"x":76,"y":779,"width":635,"height":10}},{"id":"bbdfdb62-1c0e-43d1-8ffa-a6827284a874","block_type":"box","text":"Under certain circumstances, if a Fund receives a refund of foreign taxes paid with respect to a prior year, the value of Fund shares could be","page_number":100,"box":{"x":77,"y":802,"width":896,"height":11}},{"id":"f598b3f7-5db9-4d53-8681-d71da6ebf67e","block_type":"box","text":"affected or any foreign tax credits or deductions passed through to shareholders with respect to the Fund’s foreign taxes for the current year","page_number":100,"box":{"x":76,"y":816,"width":903,"height":11}},{"id":"95264f98-0ef7-4301-87d6-39ce1c4f8fd8","block_type":"box","text":"could be reduced.","page_number":100,"box":{"x":76,"y":830,"width":114,"height":9}},{"id":"ba216708-ac06-4c73-b035-b85b9ab038e9","block_type":"box","text":"If, at the close of the year, more than 50% of a Fund’s total assets consist of stocks or securities issued by non-U.S. issuers, including","page_number":100,"box":{"x":77,"y":853,"width":853,"height":11}},{"id":"e12e0fde-db66-465a-928d-b4010b8fd40c","block_type":"box","text":"depositary receipts (no matter where traded) of non-U.S. companies, or, at the close of each quarter, more than 50% of a Fund’s total assets","page_number":100,"box":{"x":76,"y":868,"width":900,"height":10}},{"id":"0c4dd4f9-609b-4c31-861f-5905a5004190","block_type":"box","text":"28","page_number":100,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"a887e4cf-05de-466e-ace4-fe62fd7d6557","block_type":"box","text":"consist of shares of an Underlying Fund, the Fund may “pass-through” to you certain non-U.S. income taxes (including withholding taxes)","page_number":101,"box":{"x":76,"y":23,"width":876,"height":11}},{"id":"9af39135-f963-4429-a2b5-0903bc512559","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":101,"box":{"x":76,"y":37,"width":509,"height":11}},{"id":"e576fe4a-607a-42b3-a33c-0d9e4773b659","block_type":"box","text":"For purposes of foreign tax credits for U.S. shareholders of a Fund, foreign capital gains taxes may not produce associated foreign source","page_number":101,"box":{"x":77,"y":61,"width":879,"height":10}},{"id":"b46c6375-0671-44ba-b615-9551b352e5e6","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":101,"box":{"x":76,"y":75,"width":407,"height":11}},{"id":"93ec5c91-cb4a-45d0-8ab4-6ea747c4c0e3","block_type":"box","text":"Non-U.S. Shareholders","page_number":101,"box":{"x":77,"y":98,"width":156,"height":8}},{"id":"3ac38207-317c-4792-8853-db3f12727747","block_type":"box","text":"If you are neither a resident nor a citizen of the U.S. or if you are a non-U.S. entity (other than a pass-through entity to the extent owned by","page_number":101,"box":{"x":77,"y":121,"width":888,"height":11}},{"id":"d9a36678-79e5-45b6-b449-c95e627ee482","block_type":"box","text":"U.S. persons), a Fund’s ordinary income dividends, if any, generally will be subject to a 30% U.S. federal withholding tax, unless a lower treaty","page_number":101,"box":{"x":77,"y":135,"width":904,"height":11}},{"id":"a32c931d-1009-40ea-9199-59581c7f6262","block_type":"box","text":"rate applies. However, withholding tax generally will not apply to any gain or income realized by a non-U.S. shareholder upon the sale or","page_number":101,"box":{"x":77,"y":149,"width":868,"height":11}},{"id":"0e7c9166-579c-4456-87a5-e86383e04a2b","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by the Fund as capital","page_number":101,"box":{"x":76,"y":164,"width":886,"height":10}},{"id":"407536da-5f45-45a2-b611-e03b6ba134e4","block_type":"box","text":"gain dividends, interest-related dividends or short-term capital gain dividends.","page_number":101,"box":{"x":76,"y":178,"width":499,"height":11}},{"id":"dfe27fbc-cdff-43d0-882b-a7a4bc5ff18c","block_type":"box","text":"Separately, a 30% withholding tax may be imposed on Fund distributions (if any) paid to certain foreign entities, unless such entities comply,","page_number":101,"box":{"x":76,"y":201,"width":896,"height":11}},{"id":"5ca0d286-996e-4cfb-8242-287ac1bc86e7","block_type":"box","text":"or are deemed compliant, with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of","page_number":101,"box":{"x":76,"y":215,"width":894,"height":11}},{"id":"54a8440c-f8be-4911-a0d4-3d4ecf25fe8c","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":101,"box":{"x":77,"y":229,"width":262,"height":11}},{"id":"5e29b809-e2c9-4fa2-9da5-84b758d806b8","block_type":"box","text":"Backup Withholding","page_number":101,"box":{"x":77,"y":253,"width":139,"height":10}},{"id":"b2d25428-81bd-457e-9e58-b6e7c9a9b6bf","block_type":"box","text":"If you are a resident or a citizen of the U.S. and you have not provided a taxpayer identification number or social security number and made","page_number":101,"box":{"x":77,"y":276,"width":890,"height":11}},{"id":"3ff6282a-7c96-4865-8d14-f8cdb2ec919a","block_type":"box","text":"other required certifications, by law, backup withholding at a 24% rate will apply to Fund distributions and proceeds (if any).","page_number":101,"box":{"x":76,"y":290,"width":789,"height":11}},{"id":"8d1b3ebd-28e4-480a-a16f-9ab3650718be","block_type":"box","text":"Securities Lending","page_number":101,"box":{"x":76,"y":313,"width":129,"height":11}},{"id":"47d3ade8-abf6-4b84-87cb-9bd82e983424","block_type":"box","text":"If your shares of a Fund are loaned out pursuant to a securities lending arrangement, you may lose the ability to treat Fund dividends that are","page_number":101,"box":{"x":77,"y":336,"width":901,"height":11}},{"id":"b729bdbd-d139-4b87-9250-58b2a24ba52f","block_type":"box","text":"paid while the shares are held by the borrower as qualified dividend income, and you may lose the ability to use non-U.S. tax credits passed","page_number":101,"box":{"x":76,"y":351,"width":892,"height":10}},{"id":"4977ffb8-09e5-4c4c-a4e2-0f3145816859","block_type":"box","text":"through by the Fund.","page_number":101,"box":{"x":76,"y":365,"width":132,"height":11}},{"id":"bfd3e316-b624-419d-863f-5fbd95a6d424","block_type":"box","text":"Fund of Funds","page_number":101,"box":{"x":77,"y":388,"width":98,"height":8}},{"id":"05fe2249-d843-40ec-a172-9b2b75152936","block_type":"box","text":"If a Fund invests in an Underlying Fund, short-term capital gains earned by the Underlying Fund, if any, will be ordinary income when","page_number":101,"box":{"x":77,"y":411,"width":844,"height":11}},{"id":"17e1720f-7948-41d2-a364-68d2c19e75f5","block_type":"box","text":"distributed to the Fund and will not be offset by the Fund’s capital losses. To the extent such Fund is expected to invest in an Underlying","page_number":101,"box":{"x":76,"y":425,"width":870,"height":11}},{"id":"a261057e-482c-4798-9f44-adff32b87987","block_type":"box","text":"Fund, the Fund’s realized losses on sales of shares of the Underlying Fund may be indefinitely or permanently deferred as “wash sales.”","page_number":101,"box":{"x":77,"y":440,"width":864,"height":10}},{"id":"a129d52d-1a18-44cb-8145-3fb3e36d3f80","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":101,"box":{"x":76,"y":454,"width":643,"height":11}},{"id":"3a6b1d8e-0ade-4be0-8c3c-e513b611844b","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":101,"box":{"x":76,"y":477,"width":350,"height":11}},{"id":"fc3df96b-2e4f-4418-96d0-c7c64ea76f7d","block_type":"box","text":"Any capital gain or loss realized upon a sale of Fund shares is generally treated as a long-term capital gain or loss if the shares have been","page_number":101,"box":{"x":76,"y":500,"width":876,"height":11}},{"id":"22dd3895-c559-42a7-acf6-f4672e7d3fed","block_type":"box","text":"held for more than one year. Any capital gain or loss realized upon a sale of Fund shares that have been held for one year or less is generally","page_number":101,"box":{"x":77,"y":514,"width":896,"height":11}},{"id":"949e6ae1-1c60-404c-a973-2dbbc5b4d967","block_type":"box","text":"treated as a short-term capital gain or loss. However, any capital loss on a sale of Fund shares held for six months or less is treated as a","page_number":101,"box":{"x":76,"y":528,"width":870,"height":11}},{"id":"480f369f-a16e-4f89-979d-ffa9347cfa01","block_type":"box","text":"long-term capital loss to the extent that capital gain dividends were paid with respect to such shares. Any such capital gains, including from","page_number":101,"box":{"x":77,"y":543,"width":892,"height":10}},{"id":"057e6574-f167-4d8f-83bd-eae699599f31","block_type":"box","text":"sales of Fund shares or from capital gain dividends, are included in “net investment income” for purposes of the 3.8% U.S. federal Medicare","page_number":101,"box":{"x":76,"y":557,"width":892,"height":11}},{"id":"08074f60-8ed8-47e6-8558-afbcd30f842e","block_type":"box","text":"contribution tax mentioned above.","page_number":101,"box":{"x":76,"y":571,"width":219,"height":9}},{"id":"613f931f-5bc9-4bd5-ac80-14fa57cef31d","block_type":"box","text":"Creations and Redemptions","page_number":101,"box":{"x":76,"y":594,"width":193,"height":11}},{"id":"71b25a27-7720-44df-97f6-4d0178bee802","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":101,"box":{"x":77,"y":617,"width":693,"height":11}},{"id":"e3882a51-868b-4c03-997f-3fb6d1bde928","block_type":"box","text":"i.e.","page_number":101,"box":{"x":771,"y":617,"width":17,"height":9}},{"id":"506ac230-7df6-4620-814c-465eb8a46594","block_type":"box","text":", market makers, large","page_number":101,"box":{"x":790,"y":618,"width":143,"height":10}},{"id":"76099e0e-ff6c-4ef9-b406-94f14c1f6aeb","block_type":"box","text":"investors and other financial institutions) in block-size Creation Units or multiples thereof. Fund shares are created or redeemed only in","page_number":101,"box":{"x":76,"y":632,"width":866,"height":10}},{"id":"a6009cc7-fd09-4ee7-b6ea-8d8024e0167c","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":101,"box":{"x":76,"y":646,"width":650,"height":11}},{"id":"1b3f7474-6c90-4f01-9d63-428f5e4eb9e4","block_type":"box","text":"Each Authorized Participant is a member or participant of a clearing agency registered with the SEC and has entered into a written","page_number":101,"box":{"x":77,"y":669,"width":832,"height":11}},{"id":"d1384631-cc5b-4a43-a308-ec1fb881c2a1","block_type":"box","text":"agreement with the Funds’ Distributor, an affiliate of BFA. The agreement allows the Authorized Participant to place orders for the purchase","page_number":101,"box":{"x":76,"y":683,"width":891,"height":11}},{"id":"aee45ca3-2f99-49da-8452-bba016260f76","block_type":"box","text":"and redemption of Creation Units. Authorized Participants may create or redeem Creation Units for their own accounts or for customers,","page_number":101,"box":{"x":76,"y":697,"width":874,"height":11}},{"id":"e097292d-565c-4605-90dd-8cccf89fad1f","block_type":"box","text":"including, without limitation, affiliates of the Funds. Creation transactions are subject to acceptance by the Distributor and the relevant Fund.","page_number":101,"box":{"x":76,"y":712,"width":904,"height":10}},{"id":"139109d1-c1b3-4eb8-b2ec-c52f75d23b6b","block_type":"box","text":"Generally, there are three transaction methods for creating and redeeming Fund shares: in-kind securities (“in-kind”), partial cash and all","page_number":101,"box":{"x":76,"y":735,"width":875,"height":11}},{"id":"57ec1cc9-98a1-40f1-9574-4229b0985252","block_type":"box","text":"cash.","page_number":101,"box":{"x":76,"y":749,"width":33,"height":8}},{"id":"7b298a3d-f69b-44e2-82db-abaab043cff1","block_type":"box","text":"In-Kind","page_number":101,"box":{"x":76,"y":772,"width":45,"height":9}},{"id":"03408cac-5d18-44f9-906c-7abf0274f54d","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a “creation basket,” which is a portfolio of securities or other","page_number":101,"box":{"x":122,"y":772,"width":860,"height":11}},{"id":"bcc52e92-7605-4ce0-8816-66be7e14eb46","block_type":"box","text":"assets designated by the Fund, as well as a cash amount. The Authorized Participant receives a specified number of Creation Units in return.","page_number":101,"box":{"x":76,"y":786,"width":898,"height":11}},{"id":"ede59ef2-258a-4407-86f0-d872f4c57abd","block_type":"box","text":"In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a “redemption","page_number":101,"box":{"x":77,"y":800,"width":851,"height":11}},{"id":"03deb108-c983-4ba4-beb0-a1d7b4247577","block_type":"box","text":"basket,” which is a portfolio of securities or other assets designated by the Fund, as well as a cash amount.","page_number":101,"box":{"x":76,"y":815,"width":686,"height":11}},{"id":"5295ca30-9059-44a4-8585-2f74e043a675","block_type":"box","text":"Partial Cash","page_number":101,"box":{"x":76,"y":838,"width":74,"height":8}},{"id":"3939341e-0061-4da7-b259-ef3ebd097719","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund a creation basket and a cash amount, including cash","page_number":101,"box":{"x":152,"y":838,"width":806,"height":11}},{"id":"c58d101d-cd12-4fa4-aa51-ac53a2c87c60","block_type":"box","text":"that replaces a security or other asset in the creation basket, in exchange for Creation Units. In a redemption transaction, an Authorized","page_number":101,"box":{"x":76,"y":852,"width":870,"height":11}},{"id":"b22f2da2-b787-438e-9d20-1e4e7890a425","block_type":"box","text":"Participant deposits Creation Units with a Fund and receives from the Fund a redemption basket and a cash amount, including cash that","page_number":101,"box":{"x":77,"y":866,"width":870,"height":11}},{"id":"52b14c05-98ef-4f4e-814e-930450ceb903","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":101,"box":{"x":77,"y":880,"width":380,"height":11}},{"id":"af30d619-6ae4-49d7-a026-05f6744572aa","block_type":"box","text":"29","page_number":101,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"6457f232-202e-45bd-ad00-4735a690fe84","block_type":"box","text":"All Cash","page_number":102,"box":{"x":75,"y":23,"width":51,"height":9}},{"id":"5baa6b33-5f30-4190-b3f9-a6e51b6774d2","block_type":"box","text":". In a creation transaction, an Authorized Participant deposits into a Fund an amount of cash specified by the Fund in exchange for","page_number":102,"box":{"x":128,"y":23,"width":833,"height":11}},{"id":"8e462ffe-d17a-41de-9061-2df95f23999f","block_type":"box","text":"Creation Units. In a redemption transaction, an Authorized Participant deposits Creation Units with a Fund and receives from the Fund a","page_number":102,"box":{"x":76,"y":37,"width":869,"height":11}},{"id":"ea35a6c8-c77e-4710-8161-e8eb39bd7b56","block_type":"box","text":"specified amount of cash.","page_number":102,"box":{"x":76,"y":51,"width":164,"height":11}},{"id":"aa8ed041-c87a-4146-be00-345a451b9c58","block_type":"box","text":"The creation and redemption baskets for a Fund may differ in composition, and certain iShares ETFs accept “custom baskets.” More","page_number":102,"box":{"x":76,"y":75,"width":845,"height":11}},{"id":"a70886e0-cf6e-4728-9fa6-a8c775e2890e","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":102,"box":{"x":76,"y":89,"width":408,"height":11}},{"id":"32cb6269-0424-46fd-9166-7997f6712f88","block_type":"box","text":"Each Fund generally engages in creation and redemption transactions according to the method indicated in the table below. In certain","page_number":102,"box":{"x":77,"y":112,"width":855,"height":11}},{"id":"eac7e8be-a771-479a-8738-52dc4e0afb82","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":102,"box":{"x":76,"y":126,"width":455,"height":11}},{"id":"21c6ad4a-3a4a-45dd-a14a-2eea45f5c008","block_type":"box","text":"e.g.","page_number":102,"box":{"x":532,"y":129,"width":21,"height":8}},{"id":"1c1867cf-e105-43b2-92b5-7a7d956a8025","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":102,"box":{"x":555,"y":126,"width":354,"height":11}},{"id":"20b7c1d3-860c-4165-a56a-baefbae70b01","block_type":"box","text":"Fund","page_number":102,"box":{"x":87,"y":158,"width":33,"height":8}},{"id":"441e5cf5-cd9e-462a-a510-d7d0def1e019","block_type":"box","text":"In-Kind Partial Cash All Cash","page_number":102,"box":{"x":621,"y":158,"width":296,"height":8}},{"id":"c9bb7e16-8dc1-4a95-9d62-0f341ca4894e","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF","page_number":102,"box":{"x":87,"y":176,"width":248,"height":8}},{"id":"2d949887-6df7-4fc0-94f1-00d6171b376c","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF","page_number":102,"box":{"x":87,"y":194,"width":235,"height":8}},{"id":"fc3e22fe-4722-449e-808a-1fed69084ef1","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF","page_number":102,"box":{"x":87,"y":212,"width":225,"height":8}},{"id":"4de81380-b46d-43af-a8eb-b9e1c11a6ae1","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF","page_number":102,"box":{"x":87,"y":230,"width":223,"height":8}},{"id":"6fff5f57-3370-42e1-a9d4-479e02e8f9b1","block_type":"box","text":"iShares MSCI Global Quality Factor ETF","page_number":102,"box":{"x":87,"y":248,"width":251,"height":11}},{"id":"09ab0fd7-2092-43e2-bdac-6af170df2432","block_type":"box","text":"iShares MSCI Global Sustainable Development Goals ETF","page_number":102,"box":{"x":87,"y":266,"width":366,"height":11}},{"id":"85879e76-b464-45d3-a961-59d1cd0888a6","block_type":"box","text":"iShares MSCI World Small-Cap ETF","page_number":102,"box":{"x":87,"y":284,"width":224,"height":11}},{"id":"be21ebe0-06b1-4750-9c13-dd0aef0b40a3","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF","page_number":102,"box":{"x":87,"y":302,"width":414,"height":11}},{"id":"591327b4-fe47-4eee-a86c-7e7db6731dfe","block_type":"box","text":"The prices at which creations and redemptions occur are based on the next calculation of a Fund’s NAV after a creation or redemption order","page_number":102,"box":{"x":76,"y":332,"width":897,"height":11}},{"id":"d63ca390-22f6-4828-a496-c8ae17a34151","block_type":"box","text":"is tendered in an acceptable form under the Authorized Participant agreement. In the event of a system failure or other interruption, including","page_number":102,"box":{"x":76,"y":346,"width":905,"height":11}},{"id":"fca42ce8-4fb6-420e-9051-cbc0e2e040d6","block_type":"box","text":"disruptions at market makers or Authorized Participants, creation and redemption orders may not be executed according to a Fund’s","page_number":102,"box":{"x":76,"y":360,"width":849,"height":11}},{"id":"ad3d7a01-8885-4e38-ae57-df79a3eae0a0","block_type":"box","text":"instructions or may not be executed at all.","page_number":102,"box":{"x":76,"y":374,"width":269,"height":11}},{"id":"2df6f988-0ce3-4da3-b4f8-1a3e00d74552","block_type":"box","text":"Additional information about the creation and redemption of Creation Units (including the cut-off times for the receipt of creation and","page_number":102,"box":{"x":76,"y":398,"width":854,"height":10}},{"id":"afe1d780-c3b6-4143-9aed-23ff8ab41554","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":102,"box":{"x":77,"y":412,"width":310,"height":11}},{"id":"c67f9cf4-8550-42bc-9232-2a8662837a33","block_type":"box","text":"The Funds do not impose restrictions on the frequency of purchases and redemptions of Fund shares directly with a Fund. The Board","page_number":102,"box":{"x":76,"y":435,"width":848,"height":11}},{"id":"4011a923-da51-481b-a0c9-32dd50e5fa86","block_type":"box","text":"determined not to adopt policies and procedures designed to prevent or monitor for frequent purchases and redemptions of Fund shares","page_number":102,"box":{"x":76,"y":449,"width":876,"height":11}},{"id":"2b1f7673-41d6-4902-af9a-20368c4251a1","block_type":"box","text":"because each Fund generally sells and redeems its shares directly through transactions that are in-kind and/or for cash, with a deadline for","page_number":102,"box":{"x":76,"y":463,"width":894,"height":11}},{"id":"d6eeddfe-cd03-461f-896e-2480008d8262","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. However, the Funds have","page_number":102,"box":{"x":76,"y":478,"width":898,"height":10}},{"id":"cf48cbc2-7196-4789-bfa3-63073f83f30d","block_type":"box","text":"taken certain measures (","page_number":102,"box":{"x":76,"y":492,"width":158,"height":11}},{"id":"c558f429-b9a3-4862-a5aa-773dbf93a17a","block_type":"box","text":"e.g.","page_number":102,"box":{"x":235,"y":494,"width":21,"height":9}},{"id":"9017477f-3d7e-4385-aa33-31f6e7a741ba","block_type":"box","text":", imposing transaction fees on purchases and redemptions of Creation Units and reserving the right to reject","page_number":102,"box":{"x":259,"y":492,"width":694,"height":11}},{"id":"49601f2a-2915-46e8-b68d-07be275f05e4","block_type":"box","text":"purchases of Creation Units under certain circumstances) to minimize the potential consequences of frequent cash purchases and","page_number":102,"box":{"x":76,"y":506,"width":835,"height":11}},{"id":"62581b6a-927c-4685-9610-e2c6a7d04d1a","block_type":"box","text":"redemptions by Authorized Participants, such as increased tracking error, disruption of portfolio management, dilution to the Funds, and/or","page_number":102,"box":{"x":77,"y":520,"width":894,"height":11}},{"id":"d788ea92-98e3-4dd1-9eea-0b50f234c954","block_type":"box","text":"increased transaction costs. Further, the vast majority of trading in Fund shares occurs on the secondary market, which does not involve the","page_number":102,"box":{"x":76,"y":534,"width":900,"height":11}},{"id":"4517c4b3-7f3a-4315-a4ae-169036dc7a57","block_type":"box","text":"Funds directly, and such trading is unlikely to cause many of the harmful effects of frequent cash purchases or redemptions of Fund shares.","page_number":102,"box":{"x":77,"y":548,"width":892,"height":11}},{"id":"9c6bd578-8694-445c-9228-127ffbb1fc05","block_type":"box","text":"To the extent a Fund engages in in-kind transactions, the Fund intends to comply with the U.S. federal securities laws in accepting securities","page_number":102,"box":{"x":76,"y":572,"width":898,"height":11}},{"id":"70b91bbd-3032-4fef-9799-97ebaf95ba56","block_type":"box","text":"for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit","page_number":102,"box":{"x":76,"y":586,"width":896,"height":11}},{"id":"81bed053-bbd4-4c06-ba0f-707200a6961a","block_type":"box","text":"and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the","page_number":102,"box":{"x":76,"y":600,"width":844,"height":11}},{"id":"901ba43f-83b8-4a1c-9eae-aba730e7a81a","block_type":"box","text":"Securities Act of 1933, as amended (the “1933 Act”). Further, an Authorized Participant that is not a “qualified institutional buyer,” as such","page_number":102,"box":{"x":76,"y":614,"width":885,"height":11}},{"id":"1f84c182-c5c9-46ab-ac35-cb73ba0f0eb8","block_type":"box","text":"term is defined in Rule 144A under the 1933 Act, will not be able to receive restricted securities eligible for resale under Rule 144A.","page_number":102,"box":{"x":76,"y":628,"width":838,"height":11}},{"id":"58987d9e-b22d-4753-aa67-ace1cfa6b76a","block_type":"box","text":"Because Fund shares may be created and issued on an ongoing basis, at any point during the life of a Fund a “distribution,” as such term is","page_number":102,"box":{"x":77,"y":652,"width":886,"height":10}},{"id":"e9a84760-e034-4c25-b451-d6c675ac4eb7","block_type":"box","text":"used in the 1933 Act, may be occurring. Broker-dealers and other persons are cautioned that some activities on their part may, depending on","page_number":102,"box":{"x":77,"y":666,"width":902,"height":11}},{"id":"ecc62bef-3127-4822-b1c7-ac7b40421a17","block_type":"box","text":"the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters","page_number":102,"box":{"x":76,"y":680,"width":868,"height":11}},{"id":"ddbdf6bf-9d82-423a-9d0f-a5023096c9e3","block_type":"box","text":"subject to the prospectus delivery and liability provisions of the 1933 Act. Any determination of whether one is an underwriter must take into","page_number":102,"box":{"x":76,"y":694,"width":901,"height":11}},{"id":"de2e4c06-cd19-416e-bb5e-ac25093bfd37","block_type":"box","text":"account all the relevant facts and circumstances of each particular case.","page_number":102,"box":{"x":76,"y":708,"width":464,"height":11}},{"id":"e07c4495-209b-445e-a24f-28491199ed4c","block_type":"box","text":"Broker-dealers should also note that dealers who are not “underwriters” but are participating in a distribution (as contrasted to ordinary","page_number":102,"box":{"x":77,"y":732,"width":868,"height":10}},{"id":"3fbb3a72-3801-415d-868a-01f7136f048b","block_type":"box","text":"secondary transactions), and thus dealing with shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of the","page_number":102,"box":{"x":76,"y":746,"width":889,"height":11}},{"id":"22481941-0931-4e39-a02c-2cc1a08b437e","block_type":"box","text":"1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933 Act. For delivery","page_number":102,"box":{"x":78,"y":760,"width":892,"height":11}},{"id":"0230544f-253f-4a36-93ab-8291c8e93982","block_type":"box","text":"of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the 1933 Act is available only with respect to","page_number":102,"box":{"x":76,"y":774,"width":892,"height":11}},{"id":"550b3cb3-c613-4aa8-ba66-28f08ebde889","block_type":"box","text":"transactions on a national securities exchange.","page_number":102,"box":{"x":76,"y":788,"width":300,"height":11}},{"id":"72f37de9-4559-40a1-93cb-280b57dafa2b","block_type":"box","text":"Householding","page_number":102,"box":{"x":77,"y":811,"width":95,"height":11}},{"id":"acaaf5a3-da02-49cb-ab1a-25c233b390a4","block_type":"box","text":"Householding is an option available to certain Fund investors. Householding is a method of delivery, based on the preference of the individual","page_number":102,"box":{"x":77,"y":835,"width":903,"height":10}},{"id":"50476424-7fe1-4bd4-909b-fc84e9aaee4f","block_type":"box","text":"investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their","page_number":102,"box":{"x":76,"y":849,"width":880,"height":11}},{"id":"18cb7e75-4430-4a38-affd-267419693749","block_type":"box","text":"accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and","page_number":102,"box":{"x":76,"y":863,"width":862,"height":11}},{"id":"af747fe1-46f4-49c5-a937-eb673a24d1ec","block_type":"box","text":"30","page_number":102,"box":{"x":521,"y":921,"width":16,"height":8}},{"id":"faa9cdf4-da68-4297-a058-90f865606050","block_type":"box","text":"receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to","page_number":103,"box":{"x":77,"y":23,"width":855,"height":11}},{"id":"40cf025b-0d2e-4040-bd5a-dcab1e9ee4ea","block_type":"box","text":"change your householding status.","page_number":103,"box":{"x":76,"y":37,"width":214,"height":11}},{"id":"5a585361-13db-4c14-9409-2c507c3d814f","block_type":"box","text":"Distribution","page_number":103,"box":{"x":78,"y":66,"width":113,"height":13}},{"id":"adb99634-2359-451c-8e1f-fecbfae38f79","block_type":"box","text":"The Distributor or its agent distributes Creation Units for the Funds on an agency basis. The Distributor does not maintain a secondary","page_number":103,"box":{"x":76,"y":95,"width":859,"height":11}},{"id":"eb6266ef-28d6-4779-adee-7db371352a32","block_type":"box","text":"market in shares of the Funds. The Distributor has no role in determining the policies of the Funds or the securities or other assets (as","page_number":103,"box":{"x":76,"y":109,"width":857,"height":11}},{"id":"79bd7a8c-eaff-4898-a897-51ee749980f1","block_type":"box","text":"applicable) that are purchased or sold by the Funds. The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001.","page_number":103,"box":{"x":76,"y":124,"width":824,"height":11}},{"id":"5640f6ec-9234-472d-978f-64ea4eceb393","block_type":"box","text":"BFA or its affiliates make payments to broker-dealers, registered investment advisers, banks or other intermediaries (together,","page_number":103,"box":{"x":77,"y":147,"width":808,"height":11}},{"id":"751be2d2-019e-49d5-822e-fa0562a864b2","block_type":"box","text":"“intermediaries”) related to marketing activities and presentations, educational training programs, conferences, the development of","page_number":103,"box":{"x":76,"y":161,"width":844,"height":11}},{"id":"2de7366f-0475-40b3-af42-3e8ac23e232d","block_type":"box","text":"technology platforms and reporting systems, data provision services, or their making shares of the Funds available to their customers","page_number":103,"box":{"x":76,"y":175,"width":855,"height":11}},{"id":"62495dc6-8349-42b4-a25b-ba8d6e36fe07","block_type":"box","text":"generally and in certain investment programs. Such payments, which may be significant to the intermediary, are not made by the Funds.","page_number":103,"box":{"x":76,"y":189,"width":871,"height":11}},{"id":"20f06907-a7af-4333-878e-f97513959ccb","block_type":"box","text":"Rather, such payments are made by BFA or its affiliates from their own resources, which come directly or indirectly in part from fees paid by","page_number":103,"box":{"x":77,"y":204,"width":894,"height":10}},{"id":"e8022687-47b9-47b7-8ae1-8b2476940dd8","block_type":"box","text":"the Funds. Payments of this type are sometimes referred to as revenue-sharing payments. 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Therefore, such payments or other financial incentives that are offered or","page_number":103,"box":{"x":76,"y":246,"width":896,"height":11}},{"id":"6161db07-99be-4de8-9777-0f078c4e47f9","block_type":"box","text":"made to an intermediary create conflicts of interest between the intermediary and its customers and may cause the intermediary to","page_number":103,"box":{"x":76,"y":260,"width":844,"height":11}},{"id":"72658e32-1d24-4ac2-b482-048af02ed1a8","block_type":"box","text":"recommend the Funds over another investment. 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