{"annotation_id":"ef034369-64ca-4a9a-a170-8c49b6fbbeed","file_hash":"d88542d8f6d9fd3865cc609c3d6770c57ee9bf9841cb3fb105210b4e89654bb6","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"459d261a-d6bf-42f4-b6b7-ecc93395a25d","block_type":"box","text":"iShares U.S. ETF Trust","page_number":1,"box":{"x":418,"y":69,"width":167,"height":10}},{"id":"30f08dc0-fe79-4ef6-b17c-a65e2e67ab52","block_type":"box","text":"Supplement dated October 16, 2026 to the","page_number":1,"box":{"x":344,"y":92,"width":316,"height":13}},{"id":"97cba832-fc48-4d85-9f4e-0247b8238f75","block_type":"box","text":"currently effective Statement of Additional Information (“SAI”) for each of","page_number":1,"box":{"x":232,"y":108,"width":540,"height":13}},{"id":"9790548a-c17e-40a5-9cab-9505b1b34925","block_type":"box","text":"the iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY),","page_number":1,"box":{"x":251,"y":123,"width":501,"height":13}},{"id":"3c20f4a6-e87c-4a42-a587-1508d3b37fe9","block_type":"box","text":"iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) and","page_number":1,"box":{"x":263,"y":139,"width":478,"height":13}},{"id":"a0f08e7c-9da2-4a4e-943a-8c37dd409a31","block_type":"box","text":"iShares Strategic Metals ETF (ISTM) (each, a “Fund”)","page_number":1,"box":{"x":309,"y":154,"width":387,"height":13}},{"id":"ab906c94-07cc-44ff-bd77-543125b4b445","block_type":"box","text":"The following changes are expected to take place on or around November 16, 2026:","page_number":1,"box":{"x":116,"y":178,"width":614,"height":12}},{"id":"1812ae76-9bcc-45f4-8b0e-b98c3b16994f","block_type":"box","text":"1) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":1,"box":{"x":151,"y":201,"width":721,"height":13}},{"id":"b2764a82-3c6a-4f80-a362-43c423666f96","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":1,"box":{"x":184,"y":216,"width":628,"height":13}},{"id":"9e181fe7-ffb8-4298-8925-8ab8fb68c1b8","block_type":"box","text":"“Standard Creation Transaction Fee” table only for the SAI’s applicable Fund","page_number":1,"box":{"x":184,"y":232,"width":552,"height":13}},{"id":"9b6e1cb1-e5a4-412a-a294-3bddf1ab5e07","block_type":"box","text":":","page_number":1,"box":{"x":737,"y":236,"width":7,"height":6}},{"id":"82e197a3-c703-4928-9101-d7b829a7f295","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":1,"box":{"x":184,"y":255,"width":342,"height":10}},{"id":"a5ccfc7f-1d02-4ab8-9319-638f9ce7fbaa","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":1,"box":{"x":183,"y":278,"width":700,"height":13}},{"id":"7f50f593-5e38-4b84-8f8f-83075a8acb8c","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":1,"box":{"x":184,"y":294,"width":673,"height":13}},{"id":"97ef7cca-a82c-418c-adbe-c253e169456d","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":1,"box":{"x":184,"y":309,"width":670,"height":13}},{"id":"112ca388-6a11-4fbe-868f-167774f0cc96","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":1,"box":{"x":183,"y":325,"width":703,"height":13}},{"id":"daf3841b-aabb-442f-b59d-e57818f09fdb","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":1,"box":{"x":183,"y":340,"width":670,"height":13}},{"id":"78b5b9bc-d737-49e9-b289-f6436dbf5dc8","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":1,"box":{"x":184,"y":356,"width":639,"height":13}},{"id":"72274706-3adc-43e6-afd5-7a741ab1cd47","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":1,"box":{"x":184,"y":371,"width":684,"height":13}},{"id":"0c099ec1-4f16-4435-b98a-499e4e3bd076","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":1,"box":{"x":183,"y":387,"width":662,"height":13}},{"id":"5b6b2618-fb05-4462-b9b0-a0e4940ddbac","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":1,"box":{"x":184,"y":402,"width":698,"height":13}},{"id":"86b7cec9-a643-4d1f-b5b0-b10066eba9be","block_type":"box","text":"by such custodian.","page_number":1,"box":{"x":184,"y":418,"width":139,"height":13}},{"id":"4845f73e-9c1f-4f91-80e2-e7b34a6c062f","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":1,"box":{"x":183,"y":441,"width":674,"height":13}},{"id":"f7f0c647-38d0-4fb1-898c-7542ea09d598","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":1,"box":{"x":184,"y":457,"width":649,"height":12}},{"id":"8e02a793-8043-4378-aaed-f4f32fb85ee9","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":1,"box":{"x":184,"y":472,"width":674,"height":13}},{"id":"8098a23d-6208-4418-9df0-98bab83c1e6f","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":1,"box":{"x":184,"y":488,"width":681,"height":12}},{"id":"8b06b7b7-673d-4913-9c32-f1706b25c8d9","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":1,"box":{"x":184,"y":503,"width":648,"height":13}},{"id":"e8b781ef-5701-433b-833f-9ba0319aa459","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":1,"box":{"x":184,"y":519,"width":682,"height":12}},{"id":"c16a5acd-9e03-4070-b4cd-af94c5c21d6f","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":1,"box":{"x":184,"y":534,"width":675,"height":13}},{"id":"06e02552-ad0b-42ee-be58-98d738cf9448","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":1,"box":{"x":184,"y":550,"width":682,"height":11}},{"id":"a7ad9db8-0d93-4c43-aef9-6a4b82f5af4c","block_type":"box","text":"on data as of October 1, 2026. The actual fee charged to an Authorized Participant in","page_number":1,"box":{"x":184,"y":565,"width":620,"height":13}},{"id":"1f7b6e9e-5d79-4790-b02f-7a230208ca78","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":1,"box":{"x":184,"y":581,"width":692,"height":12}},{"id":"47af098e-8497-4b3e-85f1-ead7ffb53a3a","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":1,"box":{"x":184,"y":596,"width":348,"height":13}},{"id":"58dff762-5332-45ad-970d-a57e5af920fa","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":1,"box":{"x":184,"y":620,"width":666,"height":12}},{"id":"1ff7dc98-797e-4f46-963a-a1b8072df059","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":1,"box":{"x":184,"y":635,"width":684,"height":13}},{"id":"7d7f79a0-7da6-49bb-af9f-a55672fa1309","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":1,"box":{"x":184,"y":651,"width":678,"height":12}},{"id":"6047db52-3b2c-41d5-a11e-0b7f9bc3ca11","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":1,"box":{"x":183,"y":666,"width":653,"height":13}},{"id":"95de8d6f-0efa-4ec9-89ab-c4236850937a","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":1,"box":{"x":183,"y":682,"width":667,"height":12}},{"id":"3310a09c-4157-4289-8e73-52009e53475f","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":1,"box":{"x":183,"y":697,"width":649,"height":13}},{"id":"3da2986e-14e4-490a-a144-8e4fcecc826b","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":1,"box":{"x":184,"y":713,"width":687,"height":12}},{"id":"3e1dedab-f469-4cc3-8dda-0a243d93c502","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":1,"box":{"x":183,"y":728,"width":686,"height":13}},{"id":"131f8663-28d8-43bc-8d08-4069484812a6","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":1,"box":{"x":184,"y":744,"width":664,"height":12}},{"id":"0c5717da-4a7a-4df5-9852-aa5df698a563","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":1,"box":{"x":184,"y":759,"width":690,"height":13}},{"id":"0543ba73-cd01-4181-991c-94595ba3f4b4","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":1,"box":{"x":184,"y":775,"width":588,"height":12}},{"id":"515ef364-a49b-41b7-8c1e-a5420293e1d1","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":1,"box":{"x":183,"y":798,"width":656,"height":12}},{"id":"4a082c74-cc84-472c-b559-203084edde4c","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":1,"box":{"x":184,"y":813,"width":643,"height":13}},{"id":"7b489528-1e6c-47b2-9185-06daacaa7ed1","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":1,"box":{"x":184,"y":829,"width":666,"height":12}},{"id":"75b88261-9316-4726-866f-680fa08d27d3","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":1,"box":{"x":184,"y":844,"width":439,"height":13}},{"id":"4b6fed91-844a-46e0-9496-1148153cc7ac","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":2,"box":{"x":183,"y":69,"width":688,"height":13}},{"id":"582033db-6005-44bc-ac08-76cfa55e70f0","block_type":"box","text":"of October 1, 2026 and maximum additional charge (as described above):","page_number":2,"box":{"x":184,"y":85,"width":540,"height":12}},{"id":"ca393e0a-c825-420d-bcb9-13b1ed693be2","block_type":"box","text":"Fund","page_number":2,"box":{"x":117,"y":136,"width":29,"height":8}},{"id":"e6f414c6-0480-49ef-9640-ff270c21dda1","block_type":"box","text":"Standard","page_number":2,"box":{"x":717,"y":105,"width":55,"height":8}},{"id":"24930151-6715-4c03-8a54-3ddeba44666a","block_type":"box","text":"Creation","page_number":2,"box":{"x":719,"y":115,"width":51,"height":8}},{"id":"c6e52b19-96e2-4676-9470-ae01b9a2d781","block_type":"box","text":"Transaction","page_number":2,"box":{"x":708,"y":126,"width":72,"height":7}},{"id":"7689c86c-ff9f-48d7-a62a-2319b09423f7","block_type":"box","text":"Fee","page_number":2,"box":{"x":735,"y":136,"width":20,"height":8}},{"id":"067daa94-b2f7-4db2-8e85-367c9e9ea7e8","block_type":"box","text":"Maximum","page_number":2,"box":{"x":821,"y":115,"width":60,"height":8}},{"id":"807b05d5-3c2f-47ce-8547-6326f97b45af","block_type":"box","text":"Additional","page_number":2,"box":{"x":820,"y":125,"width":63,"height":8}},{"id":"f53198dc-62ca-49e0-91a2-99dd35cf7af0","block_type":"box","text":"Charge*","page_number":2,"box":{"x":826,"y":136,"width":51,"height":10}},{"id":"53d49983-26c9-4ca6-9901-8990876a32ca","block_type":"box","text":"iShares Bloomberg Roll Select Commodity Strategy ETF $305 7.0%","page_number":2,"box":{"x":117,"y":158,"width":767,"height":13}},{"id":"43af6b92-1bed-40af-afb8-53f6c750d0a4","block_type":"box","text":"iShares GSCI Commodity Dynamic Roll Strategy ETF $0 7.0%","page_number":2,"box":{"x":117,"y":178,"width":767,"height":12}},{"id":"de4e36de-f879-43f5-bc7c-14cab94243c6","block_type":"box","text":"iShares Strategic Metals ETF $0 7.0%","page_number":2,"box":{"x":117,"y":197,"width":767,"height":13}},{"id":"2c48cc26-c7cf-4bc4-ab47-b750037cb13d","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":2,"box":{"x":117,"y":225,"width":444,"height":13}},{"id":"e46ac084-26bd-4c6d-86ca-16311d98f724","block_type":"box","text":"2) For each Fund, the section of the SAI entitled “Costs Associated with Redemption Transactions”","page_number":2,"box":{"x":150,"y":249,"width":734,"height":12}},{"id":"cf5f6e17-a8fa-47af-8439-0ef8a540f8c2","block_type":"box","text":"is deleted in its entirety and replaced with the following, although each SAI will include a","page_number":2,"box":{"x":184,"y":264,"width":644,"height":13}},{"id":"b4479735-4f32-4c66-8ad1-511f7a05a286","block_type":"box","text":"“Standard Redemption Transaction Fee” table only for the SAI’s applicable Fund","page_number":2,"box":{"x":184,"y":280,"width":579,"height":12}},{"id":"b6e49981-438f-44b5-b1e8-6329c4c83a9c","block_type":"box","text":":","page_number":2,"box":{"x":764,"y":284,"width":7,"height":6}},{"id":"c0efc3a1-fb27-484b-a0ab-3704f1683d1d","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":2,"box":{"x":184,"y":303,"width":370,"height":13}},{"id":"65494f3a-d38a-4a39-a768-0e4c1284e22d","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs","page_number":2,"box":{"x":183,"y":326,"width":697,"height":13}},{"id":"14de45f4-5bb4-4f29-b130-cbc33f708d1a","block_type":"box","text":"that may be incurred by the relevant Fund. As described above, under an ETF Services","page_number":2,"box":{"x":183,"y":342,"width":626,"height":12}},{"id":"6642b99e-6a1c-4908-b7cf-8fe760e26555","block_type":"box","text":"Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF Services.","page_number":2,"box":{"x":183,"y":357,"width":680,"height":13}},{"id":"0611559c-6117-4380-9f98-73793f021825","block_type":"box","text":"BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":2,"box":{"x":184,"y":373,"width":694,"height":12}},{"id":"bb246e60-f725-4aa0-a16c-105146156939","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is","page_number":2,"box":{"x":184,"y":388,"width":675,"height":13}},{"id":"0bf582d3-8f41-4d57-b5fc-e1137330a83b","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will","page_number":2,"box":{"x":184,"y":404,"width":677,"height":12}},{"id":"1eecbd97-7e3b-4d60-bebb-dfb16c7969aa","block_type":"box","text":"reimburse any Custody Transaction Costs to the applicable Fund custodian according to the","page_number":2,"box":{"x":184,"y":419,"width":672,"height":13}},{"id":"aa9e120f-0d30-41e2-9062-5ad53d768752","block_type":"box","text":"amounts invoiced by such custodian.","page_number":2,"box":{"x":184,"y":435,"width":273,"height":12}},{"id":"100f2610-7728-4739-bfa7-849f91ca90e5","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":2,"box":{"x":183,"y":458,"width":674,"height":13}},{"id":"761658b4-ec00-421a-8587-58c4f1df592a","block_type":"box","text":"redeemed, which amount will vary among different Funds based on a number of factors,","page_number":2,"box":{"x":184,"y":474,"width":646,"height":12}},{"id":"a3bfba57-a10d-4c8e-ab75-227c406264c3","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":2,"box":{"x":184,"y":489,"width":674,"height":13}},{"id":"0630734b-2ab1-4304-b8aa-f4805632c936","block_type":"box","text":"Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero","page_number":2,"box":{"x":184,"y":505,"width":690,"height":12}},{"id":"f40d93c2-5f7d-4bf6-98a0-f8e72f86214d","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":2,"box":{"x":184,"y":520,"width":690,"height":13}},{"id":"015afc96-b578-49c0-86be-2b210109f73a","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets,","page_number":2,"box":{"x":184,"y":536,"width":686,"height":12}},{"id":"5d19fa8c-427a-4be6-83cb-4292931deeeb","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":2,"box":{"x":184,"y":551,"width":696,"height":13}},{"id":"1a7efe25-71d7-4296-9db8-a294acf71240","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":2,"box":{"x":184,"y":567,"width":660,"height":12}},{"id":"e16abcce-a522-4894-b437-5de8ecada94b","block_type":"box","text":"based on data as of October 1, 2026. The actual fee charged to an Authorized Participant in","page_number":2,"box":{"x":184,"y":582,"width":667,"height":13}},{"id":"af2d0659-3262-4c2c-b8a7-f774aea9f8bf","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":2,"box":{"x":184,"y":598,"width":665,"height":12}},{"id":"bdefc689-a3dd-4789-91da-c821e4bcf805","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":2,"box":{"x":184,"y":613,"width":400,"height":13}},{"id":"da2c11b4-44cc-46dd-9a3e-8bb87a15e9e5","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":2,"box":{"x":184,"y":636,"width":666,"height":13}},{"id":"59d63a25-465d-46bd-b35c-0dc111452bee","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":2,"box":{"x":184,"y":652,"width":626,"height":12}},{"id":"029216e7-5c14-44c8-a1cc-e73a8c32379f","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":2,"box":{"x":184,"y":667,"width":674,"height":13}},{"id":"1814234d-c692-4b70-819f-355f51ab09af","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":2,"box":{"x":184,"y":683,"width":638,"height":12}},{"id":"d3b663a0-b084-4048-b523-d56df980e0d9","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":2,"box":{"x":184,"y":698,"width":682,"height":13}},{"id":"ce0da274-85c9-4408-9f85-d6d46eccd8e2","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":2,"box":{"x":184,"y":714,"width":636,"height":12}},{"id":"46c86f4d-9600-4517-844c-d321c8544031","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":2,"box":{"x":184,"y":729,"width":686,"height":13}},{"id":"f11612a8-b860-49ca-8359-e790eeff9b77","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":2,"box":{"x":184,"y":745,"width":668,"height":12}},{"id":"daa9d08a-7258-4673-95fd-3d78a5957fd8","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":2,"box":{"x":183,"y":760,"width":697,"height":13}},{"id":"44aa0f81-adb3-421a-84d8-75022b0e6875","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":2,"box":{"x":184,"y":776,"width":670,"height":13}},{"id":"7330f16b-775f-4fe8-92ed-f5c3bff7959a","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":2,"box":{"x":184,"y":791,"width":683,"height":13}},{"id":"ab4dc4e8-1ef5-494f-b14b-dae52f27e765","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":2,"box":{"x":183,"y":815,"width":683,"height":12}},{"id":"f7ab7fc7-51d9-4792-a2b3-bc23d3e8f156","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":2,"box":{"x":183,"y":830,"width":701,"height":13}},{"id":"361f5626-25aa-4783-9df1-dc51c927d921","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":2,"box":{"x":184,"y":846,"width":699,"height":10}},{"id":"1b6e0019-71e2-43d1-925a-504d1a85426b","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":2,"box":{"x":184,"y":861,"width":575,"height":13}},{"id":"01e9c124-db4b-483a-bfae-6b12c648e35f","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":3,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"799cd3a4-d1cb-4777-8b34-30a241aff8f7","block_type":"box","text":"as of October 1, 2026 and maximum additional charge (as described 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Bloomberg Roll Select Commodity Strategy ETF $305 2.0%","page_number":3,"box":{"x":117,"y":158,"width":767,"height":13}},{"id":"27c0d15c-e028-4e3d-be88-f9c222908409","block_type":"box","text":"iShares GSCI Commodity Dynamic Roll Strategy ETF $0 2.0%","page_number":3,"box":{"x":117,"y":178,"width":767,"height":12}},{"id":"6324b0b9-ccba-4b29-9a40-30bad6fc35da","block_type":"box","text":"iShares Strategic Metals ETF $0 2.0%","page_number":3,"box":{"x":117,"y":197,"width":767,"height":13}},{"id":"39d6af3f-5fe9-40fa-91b2-7b35bb89e555","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":3,"box":{"x":117,"y":225,"width":444,"height":13}},{"id":"489adfce-cf33-4d85-a21b-bea974f73a07","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":3,"box":{"x":117,"y":249,"width":521,"height":12}},{"id":"646035f2-b796-4102-8bf9-2e00efa88606","block_type":"box","text":"iShares","page_number":3,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"e7253500-750a-421e-a551-68773cadb5f2","block_type":"box","text":"®","page_number":3,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"59444890-0704-45d3-a974-c884d38bf917","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":3,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"3992cc96-a56e-4bd6-9208-dc553a6625b2","block_type":"box","text":"IS-A-ESP-1026","page_number":3,"box":{"x":798,"y":887,"width":85,"height":8}},{"id":"30d5e022-2115-4ec9-b459-fad0fcea7d5c","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":3,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"bb43012f-4194-4ec4-8354-2494bc83777b","block_type":"box","text":"FOR FUTURE 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The Subsidiary is advised by BFA and","page_number":6,"box":{"x":157,"y":379,"width":727,"height":13}},{"id":"7b399000-6331-4097-a1e5-55d3111bde64","block_type":"box","text":"has the same investment objective as the Fund. Unlike the Fund, the Subsidiary is not an investment","page_number":6,"box":{"x":157,"y":395,"width":729,"height":12}},{"id":"f9beeb53-c278-41f6-9a19-3493ec679ff3","block_type":"box","text":"company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and,","page_number":6,"box":{"x":157,"y":410,"width":730,"height":13}},{"id":"7c0e1fd3-c848-4266-b987-456738558f5e","block_type":"box","text":"unless otherwise noted in this Prospectus, is not subject to the investor protections of the 1940 Act.","page_number":6,"box":{"x":157,"y":426,"width":728,"height":12}},{"id":"648572eb-f4d1-400d-b232-49e48231ba15","block_type":"box","text":"The Subsidiary invests solely in Commodity Investments and cash and cash equivalents.","page_number":6,"box":{"x":156,"y":441,"width":643,"height":13}},{"id":"bf379bc2-a6a3-4620-821b-8e8c47274032","block_type":"box","text":"In compliance with Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal","page_number":6,"box":{"x":158,"y":464,"width":721,"height":13}},{"id":"4787f6ed-3c05-4e9b-880c-2e8a833e03a9","block_type":"box","text":"Revenue Code”), the Fund may invest up to 25% of its total assets in the Subsidiary. The Fund’s","page_number":6,"box":{"x":157,"y":480,"width":696,"height":13}},{"id":"19f64502-0729-4bf5-a98f-11be5db55236","block_type":"box","text":"Commodity Investments held in the Subsidiary are intended to provide the Fund with exposure to","page_number":6,"box":{"x":157,"y":495,"width":711,"height":13}},{"id":"2f1811bd-384a-4c16-b353-856ec9bb1f34","block_type":"box","text":"broad commodities consistent with current U.S. federal income tax laws applicable to investment","page_number":6,"box":{"x":157,"y":511,"width":709,"height":13}},{"id":"6527a612-0127-4372-9c06-f608a5bb1d00","block_type":"box","text":"companies such as the Fund, which limit the ability of investment companies to invest directly in","page_number":6,"box":{"x":157,"y":526,"width":704,"height":13}},{"id":"4931c52b-80b7-4ca6-b286-8f7f60aef265","block_type":"box","text":"Commodity Investments.","page_number":6,"box":{"x":157,"y":542,"width":186,"height":13}},{"id":"7f0c4854-8b88-4549-a937-4005ba5d8858","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does","page_number":6,"box":{"x":157,"y":565,"width":704,"height":13}},{"id":"3ed79d0e-4204-44d0-9eea-610838cfbcb1","block_type":"box","text":"not try to “beat” the index it tracks and does not seek temporary defensive positions when markets","page_number":6,"box":{"x":157,"y":581,"width":723,"height":12}},{"id":"63d6a6a0-0362-4e7c-ad93-98ffb9d13b73","block_type":"box","text":"decline or appear overvalued.","page_number":6,"box":{"x":157,"y":596,"width":217,"height":13}},{"id":"e74889fa-d206-472d-9d71-d5e25694de69","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index","page_number":6,"box":{"x":158,"y":620,"width":726,"height":12}},{"id":"b6e7ef70-b1df-4c3e-a08a-58bd43327eb9","block_type":"box","text":"but also may reduce some of the risks of active management, such as poor selection of securities","page_number":6,"box":{"x":157,"y":635,"width":709,"height":13}},{"id":"96a46406-bf11-4985-8aaa-1321c7fdbc2c","block_type":"box","text":"and/or other instruments. Indexing seeks to achieve lower costs and better after-tax performance","page_number":6,"box":{"x":157,"y":651,"width":714,"height":12}},{"id":"b55cc7b8-6b50-4076-aef7-4dff0bc52b4c","block_type":"box","text":"by aiming to keep portfolio turnover low in comparison to actively managed investment companies.","page_number":6,"box":{"x":157,"y":666,"width":724,"height":13}},{"id":"bd03ca63-fac7-4a5b-9cf6-4b220ba1228f","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of","page_number":6,"box":{"x":156,"y":689,"width":721,"height":13}},{"id":"45a0c409-f84e-4851-b5a7-a371452602b0","block_type":"box","text":"the Fund. BFA uses a representative sampling indexing strategy to manage the Fund.","page_number":6,"box":{"x":156,"y":705,"width":615,"height":12}},{"id":"4a8c21af-a6b7-481e-ad0c-0704f37c11a9","block_type":"box","text":"“Representative sampling” is an indexing strategy that involves investing in a representative sample","page_number":6,"box":{"x":157,"y":720,"width":721,"height":13}},{"id":"c4138cc2-ffa1-417c-a502-be108031f3a4","block_type":"box","text":"of securities or other instruments intended to collectively have an investment profile similar to that","page_number":6,"box":{"x":157,"y":736,"width":715,"height":12}},{"id":"e240e307-f42e-4c82-a775-201a104fcf91","block_type":"box","text":"of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":6,"box":{"x":157,"y":751,"width":716,"height":13}},{"id":"5693f127-02ca-41f5-b094-45f57691be8c","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry","page_number":6,"box":{"x":157,"y":767,"width":632,"height":12}},{"id":"96fcf18f-00d0-40a3-93f2-642e2bbd4126","block_type":"box","text":"weightings), fundamental characteristics (such as return variability and yield) and liquidity","page_number":6,"box":{"x":156,"y":782,"width":655,"height":13}},{"id":"591e1446-6eb0-423f-a6cf-0330defeff15","block_type":"box","text":"measures similar to those of an applicable underlying index. The Fund may or may not hold all of","page_number":6,"box":{"x":157,"y":798,"width":703,"height":12}},{"id":"24a28d91-708c-4d5d-8d95-c6a4b9423b01","block_type":"box","text":"the components of the Underlying Index. The Fund may use derivatives to gain or reduce exposure","page_number":6,"box":{"x":156,"y":813,"width":716,"height":13}},{"id":"84d73ead-18ae-4d03-ae16-92bc83b4492c","block_type":"box","text":"to the components of the Underlying Index or exposure to one or more market risk factors","page_number":6,"box":{"x":156,"y":829,"width":660,"height":12}},{"id":"00452839-488a-487b-a7bf-f8a7142b66ed","block_type":"box","text":"associated with such components. Subject to the limits described herein, the Fund may purchase","page_number":6,"box":{"x":157,"y":844,"width":708,"height":13}},{"id":"4240c921-cd5e-4e32-8a0e-d2166480e83f","block_type":"box","text":"and hold cash and cash equivalents, including shares of money market funds advised by BFA or its","page_number":6,"box":{"x":157,"y":860,"width":718,"height":12}},{"id":"e7843c88-8d8a-4aec-9f64-b312bc0d8fcc","block_type":"box","text":"affiliates, and may also purchase and hold instruments not included in the Underlying Index when","page_number":6,"box":{"x":157,"y":875,"width":712,"height":13}},{"id":"da1d7ce5-c5b2-4b54-9a72-3cde80a43556","block_type":"box","text":"BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":6,"box":{"x":157,"y":891,"width":688,"height":12}},{"id":"c4c0d1fa-7667-4771-91e0-8d41e4336650","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or","page_number":6,"box":{"x":158,"y":906,"width":713,"height":13}},{"id":"bda18d5f-3572-4230-a6be-5006e38125e6","block_type":"box","text":"deletions from the Underlying Index, or other reasons as determined by BFA.","page_number":6,"box":{"x":157,"y":922,"width":553,"height":13}},{"id":"f04ee7c8-75cd-4d4c-8377-05cf42e37ca3","block_type":"box","text":"In accordance with Rule 35d-1 under the 1940 Act, under normal circumstances, the Fund will not","page_number":7,"box":{"x":158,"y":69,"width":717,"height":12}},{"id":"3b7993d9-4f20-4e84-9898-7d0ad0d686ec","block_type":"box","text":"invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":7,"box":{"x":157,"y":85,"width":648,"height":12}},{"id":"26809b93-c1b1-4034-84a5-0643a3fc8cc9","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other","page_number":7,"box":{"x":157,"y":100,"width":712,"height":13}},{"id":"4f08aecc-08ab-4166-a1e1-d7f637a2e3d6","block_type":"box","text":"investments will be counted toward the Fund’s 80% investment policy to the extent that they","page_number":7,"box":{"x":157,"y":116,"width":680,"height":12}},{"id":"699f097c-f48e-4ddc-a331-5d860cb4fd67","block_type":"box","text":"provide exposure to the components of its Underlying Index or exposure to one or more market risk","page_number":7,"box":{"x":157,"y":131,"width":728,"height":13}},{"id":"c889490e-2bce-49bf-9add-b0951bb7c2a3","block_type":"box","text":"factors associated with such components. The Fund’s 80% investment policy may be changed by","page_number":7,"box":{"x":156,"y":147,"width":713,"height":12}},{"id":"788c3861-af3c-4001-bd9c-59575d637511","block_type":"box","text":"the Company’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":7,"box":{"x":156,"y":162,"width":625,"height":13}},{"id":"e45f531e-a3e8-4667-a5c1-3b2bcd618945","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) has adopted certain requirements that","page_number":7,"box":{"x":156,"y":185,"width":691,"height":13}},{"id":"7c2a33ec-52e4-448c-91c3-7595c115db93","block_type":"box","text":"subject registered investment companies and their advisers to regulation by the CFTC if a registered","page_number":7,"box":{"x":157,"y":201,"width":728,"height":13}},{"id":"99aa673a-f668-479a-8d98-7b428dc01b4d","block_type":"box","text":"investment company invests more than a prescribed level of its net asset value in CFTC-regulated","page_number":7,"box":{"x":157,"y":216,"width":710,"height":13}},{"id":"fa68b736-24b7-468f-8b46-4c7e0a6c0ba9","block_type":"box","text":"futures, options and swaps, or if a registered investment company markets itself as providing","page_number":7,"box":{"x":156,"y":232,"width":680,"height":13}},{"id":"8f7970fc-6269-4de6-8d68-7960f25e453c","block_type":"box","text":"investment exposure to such instruments. Due to the Fund’s potential use of such instruments","page_number":7,"box":{"x":157,"y":247,"width":690,"height":13}},{"id":"54da4893-7c3d-425d-9a68-66928d60bd63","block_type":"box","text":"above the prescribed levels, it is considered a “commodity pool” under the Commodity Exchange","page_number":7,"box":{"x":157,"y":263,"width":708,"height":13}},{"id":"49db7bc6-b6ef-4c33-995c-1e01d7d2978a","block_type":"box","text":"Act (“CEA”). The Subsidiary is also deemed a commodity pool. BFA is considered a commodity pool","page_number":7,"box":{"x":156,"y":278,"width":728,"height":13}},{"id":"4c8b93c8-3686-41f3-9c4b-a1101b8ec0c4","block_type":"box","text":"operator (“CPO”) with respect to the Fund and the Subsidiary and is subject to regulation by the","page_number":7,"box":{"x":157,"y":294,"width":700,"height":13}},{"id":"2b3bf18a-2669-45c5-beb7-c99aa60ffb8d","block_type":"box","text":"CFTC and the National Futures Association (“NFA”).","page_number":7,"box":{"x":157,"y":309,"width":381,"height":13}},{"id":"f24c3348-953c-418f-9918-58b5739ac0f4","block_type":"box","text":"The Underlying Index is sponsored by the Index Provider, which is independent of the Fund and","page_number":7,"box":{"x":156,"y":333,"width":696,"height":12}},{"id":"5a7a68c2-6383-476f-aee6-fa60d422a95c","block_type":"box","text":"BFA. The Index Provider determines the composition and relative weightings of the components of","page_number":7,"box":{"x":157,"y":348,"width":720,"height":13}},{"id":"2747ee74-c21e-4aee-aa04-beadb5b49944","block_type":"box","text":"the Underlying Index and publishes information regarding the market value of the Underlying Index.","page_number":7,"box":{"x":156,"y":364,"width":728,"height":12}},{"id":"96074508-8b3b-45a1-8bbe-d78db87866b1","block_type":"box","text":"Š","page_number":7,"box":{"x":116,"y":389,"width":9,"height":7}},{"id":"73e4bceb-5b4d-4658-94a8-fcd228cbebdc","block_type":"box","text":"The subsection entitled “The Bloomberg Roll Select Commodity Total Return Index” in the section","page_number":7,"box":{"x":136,"y":387,"width":745,"height":13}},{"id":"ceb9c8b8-d2e5-4ccc-8590-4de11c7ffa2d","block_type":"box","text":"entitled Construction and Maintenance of the Underlying Indexes in the Fund’s SAI is deleted in its","page_number":7,"box":{"x":137,"y":402,"width":749,"height":13}},{"id":"e8302e58-de5b-4a20-ac27-7844601082e9","block_type":"box","text":"entirety and replaced with the following:","page_number":7,"box":{"x":137,"y":418,"width":307,"height":13}},{"id":"8f91b45c-770b-448d-9bad-f5bc18a34cff","block_type":"box","text":"The Bloomberg Enhanced Roll Yield Total Return Index","page_number":7,"box":{"x":156,"y":441,"width":416,"height":13}},{"id":"f2080f97-9516-4a6e-a6ad-aa4046216af1","block_type":"box","text":"The Bloomberg Enhanced Roll Yield Total Return Index (the “Underlying Index”) measures the","page_number":7,"box":{"x":156,"y":464,"width":686,"height":13}},{"id":"77805c5e-1576-41ea-a206-475a6d6583aa","block_type":"box","text":"performance of a long-only basket of liquid commodity futures contracts across six physical","page_number":7,"box":{"x":157,"y":480,"width":672,"height":13}},{"id":"62c8452e-3f75-4313-be41-b163c1b3e93d","block_type":"box","text":"commodity groups, including energy, precious metals, industrial metals, grains and derived grains,","page_number":7,"box":{"x":157,"y":495,"width":718,"height":13}},{"id":"3485de47-5a7d-4970-a348-c4ddb0fe72ca","block_type":"box","text":"softs, and livestock, as determined by Bloomberg Index Services Limited (“Bloomberg” or the “Index","page_number":7,"box":{"x":157,"y":511,"width":729,"height":13}},{"id":"b139ae75-76c0-4d4f-81e6-18022b54d3df","block_type":"box","text":"Provider”). The Underlying Index, which is rebalanced annually, provides a broad-based exposure to","page_number":7,"box":{"x":157,"y":526,"width":728,"height":13}},{"id":"a3a13e29-9bf7-4792-b9e2-f2b5775fbce9","block_type":"box","text":"commodities as an asset class by using liquidity factors and sector caps to avoid over-concentration","page_number":7,"box":{"x":157,"y":542,"width":730,"height":13}},{"id":"5ee3cbe5-dd8b-4f96-b9c7-037476b0567b","block_type":"box","text":"in any single commodity or commodity sector.","page_number":7,"box":{"x":157,"y":557,"width":342,"height":13}},{"id":"50de0fc1-47c6-49d2-a9c7-16d90e86369b","block_type":"box","text":"The Underlying Index employs a multi-contract roll schedule to spread risk across three to four","page_number":7,"box":{"x":156,"y":581,"width":693,"height":12}},{"id":"7ffafb5d-86aa-4f31-8c09-6babda76e354","block_type":"box","text":"futures contracts per commodity, e.g., three futures contracts per precious metal commodity and","page_number":7,"box":{"x":156,"y":596,"width":712,"height":13}},{"id":"661235b3-e27d-4ef5-aafb-6dabfa665534","block_type":"box","text":"four futures contracts per commodity in all other commodity groups, with a roll period of ten","page_number":7,"box":{"x":156,"y":612,"width":680,"height":12}},{"id":"09eaf4fe-6c12-41c6-acf4-c89b607c4175","block_type":"box","text":"business days. The Underlying Index rolls and rebalances these contracts monthly back to equal","page_number":7,"box":{"x":157,"y":627,"width":699,"height":13}},{"id":"a352adfa-c874-4701-9e5a-146fd98e954b","block_type":"box","text":"weightings on a price-percentage basis.","page_number":7,"box":{"x":156,"y":643,"width":293,"height":12}},{"id":"1609ee90-2627-4ea6-a03f-201b67f0a46d","block_type":"box","text":"To construct the Underlying Index, the Index Provider calculates the liquidity percentage and slope","page_number":7,"box":{"x":156,"y":666,"width":714,"height":13}},{"id":"18b5de32-2e4e-43da-9aaf-1649375d97ee","block_type":"box","text":"scores for each commodity using trading volumes and historic U.S. dollar values of each futures","page_number":7,"box":{"x":157,"y":682,"width":693,"height":12}},{"id":"d8ea3ce1-4d37-46ca-97c1-344922e8487c","block_type":"box","text":"contract within the volume horizon, and then applies the following capping:","page_number":7,"box":{"x":157,"y":697,"width":548,"height":13}},{"id":"c6a468d1-5ae0-48db-b1e6-d27ac9bb95b4","block_type":"box","text":"Š","page_number":7,"box":{"x":157,"y":723,"width":8,"height":6}},{"id":"f1fc4fa7-8e29-4d1e-8203-517ca4ded469","block_type":"box","text":"No single commodity (e.g., natural gas, silver) may constitute more than 15% of the Index;","page_number":7,"box":{"x":178,"y":720,"width":656,"height":13}},{"id":"685305be-cf7a-4f27-912a-cd04695af5b3","block_type":"box","text":"Š","page_number":7,"box":{"x":157,"y":746,"width":8,"height":6}},{"id":"62fbdc4c-19ac-4cef-8772-c6adea5ca66b","block_type":"box","text":"No related group of commodities (e.g., energy, precious metals, livestock, or grains & derived","page_number":7,"box":{"x":178,"y":744,"width":672,"height":12}},{"id":"31ceada8-517c-4e6a-9924-12bda8c420df","block_type":"box","text":"grains) may constitute more than 33% of the Index;","page_number":7,"box":{"x":177,"y":759,"width":375,"height":13}},{"id":"e123d739-ac7a-4021-906b-5188c5200015","block_type":"box","text":"Š","page_number":7,"box":{"x":157,"y":785,"width":8,"height":6}},{"id":"466bc7f2-6681-4df5-9a89-15ac7a3cec54","block_type":"box","text":"No single commodity (e.g., natural gas, silver) may constitute less than 1.5% of the Index as","page_number":7,"box":{"x":178,"y":782,"width":664,"height":13}},{"id":"e55bffbb-9a1f-425a-a957-dcd9189a044a","block_type":"box","text":"liquidity allows.","page_number":7,"box":{"x":178,"y":798,"width":109,"height":12}},{"id":"f5e04cf5-4ecd-4d54-889a-d3e01a50c79e","block_type":"box","text":"Such capping may be exceeded by the commodity target weight calculated for each commodity on","page_number":7,"box":{"x":157,"y":821,"width":719,"height":13}},{"id":"e6d18f9d-e619-4465-a728-653488bda0a7","block_type":"box","text":"the last Underlying Index business day of November for the following year and implemented at the","page_number":7,"box":{"x":156,"y":837,"width":719,"height":12}},{"id":"d2d0a7e6-ec88-448b-8b74-b7b693e00039","block_type":"box","text":"January Roll Period with the regular monthly roll and rebalance of the Underlying Index.","page_number":7,"box":{"x":156,"y":852,"width":637,"height":13}},{"id":"96342503-1fa7-4127-a348-06491ee6c0b7","block_type":"box","text":"Š","page_number":8,"box":{"x":116,"y":71,"width":9,"height":7}},{"id":"ea8f3721-fab5-4a0b-b76b-a28350241d96","block_type":"box","text":"The section entitled Non-Fundamental Investment Policies of the Fund in the Fund’s SAI is deleted","page_number":8,"box":{"x":136,"y":69,"width":748,"height":10}},{"id":"35f5e044-0c22-4aa4-9ace-268c1b347dd6","block_type":"box","text":"in its entirety and replaced with the following:","page_number":8,"box":{"x":137,"y":85,"width":348,"height":12}},{"id":"6883540a-e47c-4b4a-9b56-16b8cdc0161b","block_type":"box","text":"Non-Fundamental Investment Policies of the 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The Subsidiary is advised by BFA and","page_number":15,"box":{"x":550,"y":237,"width":404,"height":11}},{"id":"c92fd217-e683-471d-b4ec-628b22da133a","block_type":"box","text":"has the same investment objective as the Fund. 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The Subsidiary invests","page_number":15,"box":{"x":549,"y":308,"width":406,"height":11}},{"id":"2b733ee2-fa91-4204-a948-f1d80b97e02e","block_type":"box","text":"solely in Commodity Investments and cash and cash equivalents.","page_number":15,"box":{"x":549,"y":322,"width":415,"height":11}},{"id":"1ca90521-2530-49e3-a09f-b4fba189bee5","block_type":"box","text":"In compliance with Subchapter M of the Internal Revenue Code of","page_number":15,"box":{"x":550,"y":344,"width":420,"height":11}},{"id":"6393d637-f481-422e-a0ea-1b70a0a78135","block_type":"box","text":"1986, as amended (the “Internal Revenue Code”), the Fund may","page_number":15,"box":{"x":551,"y":358,"width":406,"height":11}},{"id":"1a7e28ad-9f8d-42ed-b640-57206991c8b7","block_type":"box","text":"invest up to 25% of its total assets in the Subsidiary. The Fund’s","page_number":15,"box":{"x":549,"y":372,"width":405,"height":11}},{"id":"968f0d33-ef5e-4a8e-b998-c79b703a1c78","block_type":"box","text":"Commodity Investments held in the Subsidiary are intended to","page_number":15,"box":{"x":549,"y":387,"width":399,"height":10}},{"id":"09bcc016-9ba6-4370-81f2-59d48a47ffa5","block_type":"box","text":"provide the Fund with exposure to broad commodities consistent","page_number":15,"box":{"x":549,"y":401,"width":417,"height":10}},{"id":"bdabcb0c-8f7c-448e-b12a-ac1dc4642228","block_type":"box","text":"with current U.S. federal income tax laws applicable to investment","page_number":15,"box":{"x":549,"y":415,"width":424,"height":11}},{"id":"3c31335e-6296-463a-b184-2147ca5a4024","block_type":"box","text":"companies such as the Fund, which limit the ability of investment","page_number":15,"box":{"x":549,"y":429,"width":417,"height":11}},{"id":"9a6305e9-e1af-4e52-99c8-ff3746f62576","block_type":"box","text":"companies to invest directly in Commodity Investments.","page_number":15,"box":{"x":549,"y":443,"width":359,"height":11}},{"id":"d21207fa-3b0b-42d3-82d9-2ca7c5e41e0f","block_type":"box","text":"The remainder of the Fund’s assets are invested directly by the","page_number":15,"box":{"x":549,"y":465,"width":401,"height":11}},{"id":"d9d84711-026d-4207-bbad-2835742bb8d9","block_type":"box","text":"Fund, primarily in Fixed-Income Investments, including","page_number":15,"box":{"x":550,"y":479,"width":348,"height":11}},{"id":"0d689def-d238-4415-a3aa-edfbae29489d","block_type":"box","text":"repurchase agreements, money market instruments, U.S.","page_number":15,"box":{"x":549,"y":494,"width":366,"height":10}},{"id":"bd9e8733-9088-49f9-b561-d525dbd0e859","block_type":"box","text":"government and agency securities, Treasury Inflation-Protected","page_number":15,"box":{"x":549,"y":508,"width":405,"height":11}},{"id":"b32bbe3d-c608-4140-b541-dbe70f10c23d","block_type":"box","text":"Securities, sovereign debt obligations of non-U.S. countries and","page_number":15,"box":{"x":549,"y":522,"width":407,"height":11}},{"id":"8f0daa5a-65dc-4788-9f77-5691b1fb72af","block_type":"box","text":"investment-grade corporate bonds.","page_number":15,"box":{"x":549,"y":536,"width":225,"height":11}},{"id":"8321a262-555b-48fd-b41b-0edc8dfd23d3","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":15,"box":{"x":550,"y":559,"width":376,"height":11}},{"id":"2199b895-a500-4f64-b350-cdd3d833c0bd","block_type":"box","text":"investment objective. The Fund does not try to “beat” the index it","page_number":15,"box":{"x":549,"y":573,"width":417,"height":11}},{"id":"4f9f3225-fb27-4213-ac22-6647bb353f7e","block_type":"box","text":"tracks and does not seek temporary defensive positions when","page_number":15,"box":{"x":549,"y":588,"width":396,"height":10}},{"id":"e6af2b75-3232-4441-9844-fc5a7315fea8","block_type":"box","text":"markets decline or appear overvalued.","page_number":15,"box":{"x":549,"y":602,"width":244,"height":11}},{"id":"c27bb794-a33c-4c35-9e30-e26419dee49b","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":15,"box":{"x":550,"y":625,"width":420,"height":11}},{"id":"a0850ddf-640a-4fce-892e-65122508b5c5","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":15,"box":{"x":549,"y":639,"width":421,"height":11}},{"id":"174e67f5-0637-41b0-80c8-d7a7a4899962","block_type":"box","text":"risks of active management, such as poor selection of securities","page_number":15,"box":{"x":549,"y":653,"width":410,"height":11}},{"id":"3b8dfbc8-2156-4389-a07d-5b24950c6973","block_type":"box","text":"and/or other instruments. Indexing seeks to achieve lower costs","page_number":15,"box":{"x":549,"y":668,"width":414,"height":10}},{"id":"d4a59557-6df9-4402-97b5-605851bc5f9d","block_type":"box","text":"and better after-tax performance by aiming to keep portfolio","page_number":15,"box":{"x":549,"y":682,"width":386,"height":11}},{"id":"7faebe3e-9cd1-420d-81b2-eadedd930b16","block_type":"box","text":"turnover low in comparison to actively managed investment","page_number":15,"box":{"x":549,"y":696,"width":382,"height":11}},{"id":"3ed41a31-a309-488e-8837-6cddf7ae25de","block_type":"box","text":"companies.","page_number":15,"box":{"x":549,"y":710,"width":72,"height":11}},{"id":"fc9f0fd6-e16a-40c9-8323-0ddb8af31d2b","block_type":"box","text":"BFA uses a representative sampling indexing strategy to manage","page_number":15,"box":{"x":550,"y":733,"width":411,"height":11}},{"id":"cb2767e3-08ba-4bac-9d4c-7b4c7562281b","block_type":"box","text":"the Fund. “Representative sampling” is an indexing strategy that","page_number":15,"box":{"x":549,"y":747,"width":411,"height":11}},{"id":"7fe492c2-8f8c-43dd-bc2d-5df5a5ec603c","block_type":"box","text":"involves investing in a representative sample of securities or other","page_number":15,"box":{"x":549,"y":762,"width":424,"height":10}},{"id":"8cfaf4f0-37cf-4d45-9f20-8e94baf6667d","block_type":"box","text":"instruments that collectively has an investment profile similar to","page_number":15,"box":{"x":549,"y":776,"width":410,"height":11}},{"id":"e5270f95-19e5-47d1-a4c4-24e9fe70923a","block_type":"box","text":"that of an applicable underlying index. The instruments selected","page_number":15,"box":{"x":549,"y":790,"width":408,"height":11}},{"id":"868e1da7-87d8-4bd4-9d84-b5d46d92eb04","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":15,"box":{"x":549,"y":804,"width":423,"height":11}},{"id":"0c5824fd-7365-476d-bbf9-a02db7d540a4","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":15,"box":{"x":549,"y":818,"width":415,"height":11}},{"id":"db3bcaaa-6c3a-46d9-b2f2-69aa3c10c452","block_type":"box","text":"fundamental characteristics (such as return variability, duration,","page_number":15,"box":{"x":549,"y":832,"width":409,"height":11}},{"id":"a96523a9-2a9f-43a3-b84e-aafad06801c6","block_type":"box","text":"maturity, credit ratings and yield) and liquidity measures similar to","page_number":15,"box":{"x":549,"y":847,"width":423,"height":11}},{"id":"b4e625ac-17f3-4789-b902-ef06d10a7c4e","block_type":"box","text":"those of an applicable underlying index. The Fund may or may not","page_number":15,"box":{"x":549,"y":861,"width":419,"height":11}},{"id":"f052b0e6-9695-4723-aa52-af821002f2bd","block_type":"box","text":"hold all of the components of the Underlying Index.","page_number":15,"box":{"x":549,"y":875,"width":326,"height":11}},{"id":"676fa697-202c-409f-b84d-d4dbdd40f13f","block_type":"box","text":"S-2","page_number":15,"box":{"x":525,"y":920,"width":20,"height":9}},{"id":"66e65173-4039-4d25-9016-f134c08dc12f","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) has","page_number":16,"box":{"x":82,"y":23,"width":372,"height":11}},{"id":"d30a07ce-85e5-4c57-ada9-0005f142e919","block_type":"box","text":"adopted certain requirements that subject registered investment","page_number":16,"box":{"x":83,"y":37,"width":415,"height":11}},{"id":"6ed2fcfe-3f61-413e-a381-bf2511517e20","block_type":"box","text":"companies and their advisers to regulation by the CFTC if a","page_number":16,"box":{"x":83,"y":51,"width":376,"height":11}},{"id":"86b42bb1-619d-421e-9ad2-1687ce228182","block_type":"box","text":"registered investment company invests more than a prescribed","page_number":16,"box":{"x":83,"y":66,"width":404,"height":11}},{"id":"8bfaca64-cf56-4291-8e58-e1a60f75acc1","block_type":"box","text":"level of its net asset value in CFTC-regulated futures, options and","page_number":16,"box":{"x":83,"y":80,"width":416,"height":11}},{"id":"d8b94aee-10b1-46b6-b0cc-91c5433acc0e","block_type":"box","text":"swaps, or if a registered investment company markets itself as","page_number":16,"box":{"x":83,"y":94,"width":400,"height":11}},{"id":"42bef300-fa53-4b23-9e10-e8ad2a1a26f6","block_type":"box","text":"providing investment exposure to such instruments. Due to the","page_number":16,"box":{"x":83,"y":108,"width":403,"height":11}},{"id":"8ce4c4d6-0376-420b-a11c-de54681be673","block_type":"box","text":"Fund’s potential use of such instruments above the prescribed","page_number":16,"box":{"x":84,"y":122,"width":397,"height":11}},{"id":"ac161000-9ec2-4df9-a0da-3ee987d1dc4a","block_type":"box","text":"levels, it is considered a “commodity pool” under the Commodity","page_number":16,"box":{"x":83,"y":137,"width":415,"height":10}},{"id":"1f44234d-1787-41c6-95c2-4eb942bda066","block_type":"box","text":"Exchange Act (“CEA”). The Subsidiary is also deemed a","page_number":16,"box":{"x":84,"y":151,"width":348,"height":11}},{"id":"591276db-54d3-4360-a817-35ebe9c0ccca","block_type":"box","text":"commodity pool. BFA is considered a commodity pool operator","page_number":16,"box":{"x":83,"y":165,"width":402,"height":11}},{"id":"8ab45415-6fcb-43b8-b7c5-1748484c8470","block_type":"box","text":"(“CPO”) with respect to the Fund and the Subsidiary and is","page_number":16,"box":{"x":83,"y":179,"width":374,"height":11}},{"id":"344d876c-300b-4121-ae8a-2137f79a3ff8","block_type":"box","text":"subject to regulation by the CFTC and the National Futures","page_number":16,"box":{"x":83,"y":193,"width":375,"height":11}},{"id":"8cd65cd9-ace3-4b40-ab7c-5f94227f3205","block_type":"box","text":"Association (“NFA”).","page_number":16,"box":{"x":82,"y":207,"width":128,"height":11}},{"id":"cf0806f4-0539-4aa4-acaf-efca7ce6dccf","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg Index Services","page_number":16,"box":{"x":82,"y":231,"width":409,"height":10}},{"id":"868b7c5c-ba85-4daf-a1b3-da379e03818c","block_type":"box","text":"Limited (the “Index Provider” or “Bloomberg”), which","page_number":16,"box":{"x":84,"y":245,"width":335,"height":11}},{"id":"71e0e8cd-5a3a-40bb-ad26-7a89f0b41f97","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":16,"box":{"x":83,"y":259,"width":354,"height":11}},{"id":"ed30330d-5b89-4a16-9bb9-86638a7af0eb","block_type":"box","text":"determines the composition and relative weightings of the","page_number":16,"box":{"x":83,"y":273,"width":372,"height":11}},{"id":"cf1d7466-c5f2-48e9-adc9-9fd1c176ce90","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":16,"box":{"x":83,"y":287,"width":401,"height":11}},{"id":"b569dc31-e908-4ae2-a193-157228ab7f61","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":16,"box":{"x":83,"y":302,"width":327,"height":10}},{"id":"e9e85ea9-efcf-4a29-b5eb-21b0149b7e3a","block_type":"box","text":"Summary of Principal Risks","page_number":16,"box":{"x":83,"y":331,"width":235,"height":13}},{"id":"2436baa1-bf50-4f70-92b3-ced2f8e02cab","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":16,"box":{"x":82,"y":356,"width":363,"height":11}},{"id":"ad5ddadc-cd62-470f-b8c4-618f040aa186","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":16,"box":{"x":83,"y":370,"width":402,"height":11}},{"id":"c4d90161-b6e6-4ed1-8e8d-326f9c9ad95e","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":16,"box":{"x":83,"y":384,"width":396,"height":11}},{"id":"88fccfb3-f4f9-4735-8207-a7d098b499c5","block_type":"box","text":"including the principal risks noted below (either directly or","page_number":16,"box":{"x":83,"y":398,"width":373,"height":11}},{"id":"fede6a57-ab73-43b4-9761-d473d0e40892","block_type":"box","text":"through its investments in the Subsidiary) any of which may","page_number":16,"box":{"x":83,"y":412,"width":381,"height":11}},{"id":"6d41eebf-215f-4969-8053-588925ebbeea","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":16,"box":{"x":83,"y":427,"width":392,"height":10}},{"id":"d6a97ef4-464f-423d-a583-eec699d24403","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":16,"box":{"x":83,"y":441,"width":416,"height":11}},{"id":"098a4ef0-987f-4bd8-8d20-7041a9add6e1","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":16,"box":{"x":83,"y":455,"width":387,"height":11}},{"id":"ad35f4f4-ebb9-4e11-8921-e1a83de82627","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":16,"box":{"x":82,"y":469,"width":426,"height":11}},{"id":"ffb2c038-6607-42ac-986a-67c70e2d7f1c","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":16,"box":{"x":83,"y":483,"width":404,"height":11}},{"id":"ad79e95e-b734-4ae5-a06e-cf982b100730","block_type":"box","text":"review each risk factor carefully.","page_number":16,"box":{"x":83,"y":498,"width":206,"height":10}},{"id":"908913f4-9cc0-44a9-af84-0a399a8c22f3","block_type":"box","text":"Commodity-Linked Derivatives Risk.","page_number":16,"box":{"x":83,"y":521,"width":244,"height":11}},{"id":"f0c39bac-15c3-4dfb-833e-e60cba41ad10","block_type":"box","text":"The value of a commodity","page_number":16,"box":{"x":332,"y":521,"width":169,"height":11}},{"id":"93bdf4d8-fbb0-43d6-9864-6b24a2791088","block_type":"box","text":"linked derivative instrument (including swaps based on such","page_number":16,"box":{"x":83,"y":535,"width":384,"height":11}},{"id":"741b66e0-db9f-4c00-a01c-b3c599b1609c","block_type":"box","text":"instruments) typically is based upon the price movements of the","page_number":16,"box":{"x":83,"y":549,"width":410,"height":11}},{"id":"65151c4e-4b81-419c-a17b-80b5f05e142a","block_type":"box","text":"underlying commodity or an economic variable linked to such","page_number":16,"box":{"x":83,"y":563,"width":391,"height":11}},{"id":"5c552d0c-c8a9-4da3-818b-6dda45bb764e","block_type":"box","text":"price movements. The current market prices, or “spot prices,” and","page_number":16,"box":{"x":83,"y":577,"width":422,"height":11}},{"id":"9ea53376-243e-45bd-93a8-d5aab8318c69","block_type":"box","text":"the price at a specified future date implied by the value of certain","page_number":16,"box":{"x":83,"y":592,"width":416,"height":10}},{"id":"32657139-d80f-4264-bab4-d408ee10ce65","block_type":"box","text":"commodity-linked derivatives (including swaps based on such","page_number":16,"box":{"x":83,"y":606,"width":394,"height":11}},{"id":"6f96824b-6857-4e32-a131-6f8435d8594b","block_type":"box","text":"instruments), or the “futures prices,” for commodities will vary","page_number":16,"box":{"x":83,"y":620,"width":400,"height":11}},{"id":"3121de55-10d8-43f9-844a-296c38845c3a","block_type":"box","text":"depending upon expectations regarding market conditions. The","page_number":16,"box":{"x":83,"y":634,"width":404,"height":11}},{"id":"cf2fb117-a4ae-43ee-be5e-78da00d6d36b","block_type":"box","text":"value of commodity-linked investments tied to both spot and","page_number":16,"box":{"x":82,"y":648,"width":388,"height":11}},{"id":"9f45282d-610c-4291-96f0-8cef626ad0ff","block_type":"box","text":"futures prices of commodities may fluctuate quickly and","page_number":16,"box":{"x":82,"y":662,"width":359,"height":11}},{"id":"8dc2f854-b5a7-43f3-8a91-7eb0a413f6b3","block_type":"box","text":"dramatically as a result of changes affecting a particular","page_number":16,"box":{"x":83,"y":677,"width":359,"height":11}},{"id":"50f5302a-12e3-493c-a89f-5cce06085a88","block_type":"box","text":"commodity and may not correlate to price movements in other","page_number":16,"box":{"x":83,"y":691,"width":401,"height":11}},{"id":"2b12e9b1-2821-4938-9353-ea36006c3ed0","block_type":"box","text":"asset classes, such as stocks, bonds and cash. Commodity-linked","page_number":16,"box":{"x":83,"y":705,"width":420,"height":11}},{"id":"57236087-ecd0-402d-b98f-4811c65f37f4","block_type":"box","text":"derivatives are subject to the risk that the counterparty to the","page_number":16,"box":{"x":83,"y":719,"width":395,"height":11}},{"id":"fe14e47c-2601-43a7-a1b0-ae3c8e25af91","block_type":"box","text":"transaction, the exchange or trading facility on which they trade","page_number":16,"box":{"x":83,"y":733,"width":408,"height":11}},{"id":"b8aaf1b5-0ad2-4903-ac45-5b5a9342923d","block_type":"box","text":"or the applicable clearing house may default or otherwise fail to","page_number":16,"box":{"x":83,"y":748,"width":407,"height":10}},{"id":"637904c3-dea2-498f-a6f5-04f87daa7414","block_type":"box","text":"perform. The Fund’s use of commodity-linked derivatives may also","page_number":16,"box":{"x":83,"y":762,"width":423,"height":11}},{"id":"fd3ab3a0-78b4-48e5-8eba-b21936a767e9","block_type":"box","text":"have a leveraging effect on the Fund’s portfolio because of the","page_number":16,"box":{"x":83,"y":776,"width":399,"height":11}},{"id":"ef125a24-ccef-4bf6-90a9-22563d6e29f3","block_type":"box","text":"leverage inherent in the use of derivatives. Leverage generally","page_number":16,"box":{"x":83,"y":790,"width":396,"height":11}},{"id":"501b0b99-d9dd-4258-a523-44657fff0654","block_type":"box","text":"magnifies the effect of a change in the value of an asset and","page_number":16,"box":{"x":83,"y":804,"width":383,"height":11}},{"id":"4f809dc1-d147-48e9-a290-5fa12e36b72e","block_type":"box","text":"creates a risk of loss of value on a larger pool of assets than the","page_number":16,"box":{"x":83,"y":818,"width":408,"height":11}},{"id":"59dda8ca-1eb1-4efa-8c16-28a56f7d497f","block_type":"box","text":"Fund would otherwise have had. The Fund is required to post","page_number":16,"box":{"x":84,"y":833,"width":388,"height":10}},{"id":"2c5b81f3-fbce-463c-ae38-d1c33455718b","block_type":"box","text":"margin with respect to its holdings in derivatives. Each of these","page_number":16,"box":{"x":83,"y":847,"width":404,"height":11}},{"id":"2357fd6c-8c03-479f-b4e1-759dcdf1f70f","block_type":"box","text":"factors and events could have a significant negative impact on the","page_number":16,"box":{"x":82,"y":861,"width":424,"height":11}},{"id":"565d4bc7-05ce-41fc-88e2-79e582630dc9","block_type":"box","text":"Fund.","page_number":16,"box":{"x":84,"y":875,"width":33,"height":9}},{"id":"a76d7312-fa5e-4012-8bfa-44b3c2b7433b","block_type":"box","text":"Carry Strategy Risk.","page_number":16,"box":{"x":549,"y":23,"width":134,"height":11}},{"id":"76ea63f7-d3cf-40af-9dc5-62299fe910db","block_type":"box","text":"The futures market for a commodity in","page_number":16,"box":{"x":688,"y":23,"width":245,"height":11}},{"id":"01878e7e-9e3c-4b96-b5b8-ca624b0b9f42","block_type":"box","text":"which the price for a new futures contract is less than the price of","page_number":16,"box":{"x":549,"y":37,"width":421,"height":11}},{"id":"0f2dd188-9712-499b-af9f-54b3b5631cb1","block_type":"box","text":"an expiring contract, known as a market trading in a state of","page_number":16,"box":{"x":549,"y":51,"width":385,"height":11}},{"id":"01fac58c-5a26-4ce8-8056-dea6ec6c40f9","block_type":"box","text":"“backwardation,” may not continue to trade with the same degree","page_number":16,"box":{"x":549,"y":66,"width":421,"height":10}},{"id":"fb2ef6fe-8d80-4e97-8bc8-7a0b014588a8","block_type":"box","text":"of backwardation or with the resulting returns. To the extent that a","page_number":16,"box":{"x":549,"y":80,"width":424,"height":11}},{"id":"13837e95-592f-4b6d-97d9-7d2f8f5d40c1","block_type":"box","text":"commodity futures market is not trading in a state of","page_number":16,"box":{"x":549,"y":94,"width":338,"height":11}},{"id":"6ee8a302-1e32-4c10-908d-ab82440765cb","block_type":"box","text":"backwardation (or is trading in such a state, but to a lesser","page_number":16,"box":{"x":549,"y":108,"width":376,"height":11}},{"id":"3e5e046b-9e6e-49c2-96c0-fe9b012cf06a","block_type":"box","text":"degree), the Fund’s cost to maintain exposure to the commodity","page_number":16,"box":{"x":549,"y":122,"width":411,"height":11}},{"id":"20bb9f90-9580-406e-8739-761bf83dcf8d","block_type":"box","text":"may increase, the positive carry strategy may prove unsuccessful,","page_number":16,"box":{"x":549,"y":136,"width":421,"height":11}},{"id":"ec371dce-6d69-4144-b616-64f3e7540a7e","block_type":"box","text":"and the investment performance of the Fund may suffer.","page_number":16,"box":{"x":549,"y":151,"width":360,"height":10}},{"id":"f2705d9d-cafc-4802-b133-08ba4db3e5a6","block_type":"box","text":"Futures Contract Risk.","page_number":16,"box":{"x":549,"y":174,"width":150,"height":8}},{"id":"fb5636ac-6754-4a59-a506-8551e74705f8","block_type":"box","text":"Futures contracts may involve risks","page_number":16,"box":{"x":706,"y":174,"width":225,"height":11}},{"id":"319322cc-37d7-4071-b5fe-16c92926fc64","block_type":"box","text":"different from, and possibly greater than, the risks associated with","page_number":16,"box":{"x":549,"y":188,"width":424,"height":11}},{"id":"86e41686-8394-4385-9c84-17e3ef3951bf","block_type":"box","text":"investing directly in the underlying assets. Swaps or other","page_number":16,"box":{"x":549,"y":202,"width":369,"height":11}},{"id":"30f676bc-81d5-41fe-8ae2-872573261060","block_type":"box","text":"derivatives on futures contracts also may be adversely impacted","page_number":16,"box":{"x":549,"y":216,"width":411,"height":11}},{"id":"81bb59b9-e04d-43cf-9d00-6c24659c013c","block_type":"box","text":"by these risks. The primary risks of futures contracts include: (i)","page_number":16,"box":{"x":549,"y":231,"width":407,"height":10}},{"id":"e10c47e4-4224-4e64-aa90-f018a2519cb9","block_type":"box","text":"an imperfect correlation between the value of the futures contract","page_number":16,"box":{"x":549,"y":245,"width":424,"height":11}},{"id":"da184a45-2f3d-4e03-bfcf-578b8b216c1e","block_type":"box","text":"and that of the underlying asset; (ii) resale restrictions or the lack","page_number":16,"box":{"x":549,"y":259,"width":418,"height":11}},{"id":"61b04fc6-2f1f-49b5-bad5-ad02344ec350","block_type":"box","text":"of a liquid secondary market and the resulting inability to close a","page_number":16,"box":{"x":549,"y":273,"width":412,"height":11}},{"id":"fbcb0a07-81d9-47cb-bade-7fd1298a4b41","block_type":"box","text":"futures contract when desired; (iii) losses from unanticipated","page_number":16,"box":{"x":549,"y":287,"width":389,"height":11}},{"id":"50023d24-4fa8-48c3-8c71-0fc194392b45","block_type":"box","text":"market movements, which are potentially unlimited; (iv) BFA’s","page_number":16,"box":{"x":549,"y":301,"width":393,"height":11}},{"id":"5d3a57cc-eadd-4858-b14f-6271d4570018","block_type":"box","text":"inability to predict correctly the direction of the prices of futures","page_number":16,"box":{"x":549,"y":316,"width":411,"height":10}},{"id":"10be92e2-a982-41ea-b9da-83f6e03b9ba4","block_type":"box","text":"contracts and other financial and economic factors; (v) a","page_number":16,"box":{"x":549,"y":330,"width":361,"height":11}},{"id":"2728da64-0b79-4df6-b588-338a0ff2bfb8","block_type":"box","text":"counterparty’s default in the performance of its obligations; (vi)","page_number":16,"box":{"x":549,"y":344,"width":404,"height":11}},{"id":"962b5524-182d-4c71-819d-ed488f81f7d0","block_type":"box","text":"the obligation to make daily cash payments to maintain the","page_number":16,"box":{"x":549,"y":358,"width":378,"height":11}},{"id":"3c83e53a-fdfe-4720-b6ce-fa2bda9001cb","block_type":"box","text":"required margin for the futures contract; and (vii) the possibility","page_number":16,"box":{"x":549,"y":372,"width":407,"height":11}},{"id":"6924d5b1-3c7f-4934-b441-6723091bfc42","block_type":"box","text":"that a failure to close a position may result in delivery of an illiquid","page_number":16,"box":{"x":549,"y":387,"width":423,"height":10}},{"id":"5b0ad6c2-0f47-48ee-89ff-de39b035d7a8","block_type":"box","text":"commodity to the Fund.","page_number":16,"box":{"x":549,"y":401,"width":151,"height":11}},{"id":"078be650-acf6-4a66-b483-d088a83df3cd","block_type":"box","text":"As futures contracts approach expiration, they may be “rolled”","page_number":16,"box":{"x":549,"y":424,"width":398,"height":11}},{"id":"3a921f2d-e4a4-4b05-9f7f-6c9bb4d7b25a","block_type":"box","text":"(","page_number":16,"box":{"x":549,"y":438,"width":3,"height":11}},{"id":"94763fe6-edba-412e-9ac5-2d7ab0152420","block_type":"box","text":"i.e","page_number":16,"box":{"x":553,"y":438,"width":14,"height":9}},{"id":"e56cd4dd-5d02-47a3-9610-25501d7f504e","block_type":"box","text":"., replaced by similar contracts with a later expiration to","page_number":16,"box":{"x":569,"y":438,"width":356,"height":11}},{"id":"00cc533a-06c6-4d82-a92d-d7412ccfedb4","block_type":"box","text":"maintain exposure to the underlying asset), which involves","page_number":16,"box":{"x":549,"y":452,"width":373,"height":11}},{"id":"054a5d5f-04df-4e2e-9fc9-6ab9cfbc61cd","block_type":"box","text":"additional risks. In certain market conditions, the sale price of a","page_number":16,"box":{"x":549,"y":466,"width":406,"height":11}},{"id":"ea516542-152d-467f-9e1e-bc9ead6e8bc6","block_type":"box","text":"near-term month contract can be lower than the purchase price of","page_number":16,"box":{"x":549,"y":481,"width":424,"height":10}},{"id":"64b9dcb8-96cf-4b2d-9361-ee2c291377cd","block_type":"box","text":"a longer-term contract, resulting in a cost to “roll” the futures","page_number":16,"box":{"x":549,"y":495,"width":392,"height":11}},{"id":"5b2aeef9-0f41-4094-bce7-28aa375841d7","block_type":"box","text":"contract.","page_number":16,"box":{"x":549,"y":510,"width":56,"height":7}},{"id":"e7b34df3-78c0-4fba-acc0-211310897067","block_type":"box","text":"Market Risk","page_number":16,"box":{"x":549,"y":532,"width":82,"height":9}},{"id":"7ec0962f-a77b-445b-903f-2ee057f35f2b","block_type":"box","text":".","page_number":16,"box":{"x":631,"y":539,"width":3,"height":2}},{"id":"a22a8b94-5922-409f-bd82-c6ec0b953c0a","block_type":"box","text":"The Fund could lose money over short periods due","page_number":16,"box":{"x":639,"y":532,"width":322,"height":11}},{"id":"068b4294-2bc8-4580-bee1-1186ffafe32f","block_type":"box","text":"to short-term market movements and over longer periods during","page_number":16,"box":{"x":549,"y":546,"width":413,"height":11}},{"id":"5609f97b-c43c-489d-9266-14b9770691e4","block_type":"box","text":"more prolonged market downturns. Local, regional or global","page_number":16,"box":{"x":549,"y":561,"width":382,"height":10}},{"id":"2a528b41-c11f-4741-aa37-4c53bd8e0b1b","block_type":"box","text":"events such as war, acts of terrorism, pandemics or other public","page_number":16,"box":{"x":549,"y":575,"width":411,"height":10}},{"id":"4bdbccab-ca9a-4d52-804c-8c7a4291de48","block_type":"box","text":"health issues, recessions, the prospect or occurrence of a","page_number":16,"box":{"x":549,"y":589,"width":370,"height":11}},{"id":"08a934d4-5ad2-4dca-804f-65ca7c092b48","block_type":"box","text":"sovereign default or other financial crisis, or other events could","page_number":16,"box":{"x":549,"y":603,"width":404,"height":11}},{"id":"1971a3c9-fb7a-480a-90ef-8b2c1367d28d","block_type":"box","text":"have a significant impact on the Fund and its investments and","page_number":16,"box":{"x":549,"y":617,"width":395,"height":11}},{"id":"2cc852c5-8368-44f6-baac-e47075590b0c","block_type":"box","text":"could result in increased premiums or discounts to the Fund’s","page_number":16,"box":{"x":549,"y":631,"width":395,"height":11}},{"id":"5aad85c4-12c8-480d-9f48-f3271adc839c","block_type":"box","text":"NAV.","page_number":16,"box":{"x":550,"y":646,"width":27,"height":8}},{"id":"acf7fdfc-0d50-4834-9582-0c0b3f957ea2","block_type":"box","text":"Index-Related Risk.","page_number":16,"box":{"x":549,"y":669,"width":129,"height":8}},{"id":"2b3a2be9-25dc-437b-993b-660b4c92caf2","block_type":"box","text":"The Index Provider may rely on various","page_number":16,"box":{"x":683,"y":669,"width":247,"height":11}},{"id":"3d10f6ff-866d-4f5a-89e1-2c48f5ddf581","block_type":"box","text":"sources of information to assess the criteria of components of the","page_number":16,"box":{"x":549,"y":683,"width":423,"height":11}},{"id":"806bee8d-df91-494e-b0cb-9523982484aa","block_type":"box","text":"Underlying Index, including information that may be based on","page_number":16,"box":{"x":550,"y":697,"width":391,"height":11}},{"id":"1855019e-ad78-4518-9735-e7889968e1ed","block_type":"box","text":"assumptions and estimates. Neither the Fund nor BFA can offer","page_number":16,"box":{"x":549,"y":711,"width":406,"height":11}},{"id":"201ac687-7f06-48a3-9e54-4e960ced4e84","block_type":"box","text":"assurances that the Index Provider’s methodology or sources of","page_number":16,"box":{"x":549,"y":726,"width":408,"height":10}},{"id":"9f1dd123-ce30-4065-9a25-04879f59d5b7","block_type":"box","text":"information will provide an accurate assessment of included","page_number":16,"box":{"x":549,"y":740,"width":384,"height":10}},{"id":"c3f5cbd0-603e-420c-8eb7-8ee49d31f4d9","block_type":"box","text":"components or will result in the Fund meeting its investment","page_number":16,"box":{"x":549,"y":754,"width":388,"height":11}},{"id":"435ccf09-775d-4d3e-8ba8-b031d2c9f1c6","block_type":"box","text":"objective. Errors in index data, index computations or the","page_number":16,"box":{"x":549,"y":768,"width":366,"height":11}},{"id":"7d564ef4-442c-49a5-b8f3-133ffa244388","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":16,"box":{"x":549,"y":782,"width":377,"height":11}},{"id":"1e38aba6-02a8-4e85-b786-ac46f7fafc0c","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":16,"box":{"x":549,"y":796,"width":413,"height":11}},{"id":"fc2ed91f-4a7f-4604-af01-03629a901a7c","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":16,"box":{"x":549,"y":811,"width":396,"height":10}},{"id":"40999057-76e8-47b4-a325-072cc48f3730","block_type":"box","text":"impact on the Fund and its shareholders. Unusual market","page_number":16,"box":{"x":549,"y":825,"width":367,"height":11}},{"id":"78faf9b1-ac12-4182-869d-f3c97ead471c","block_type":"box","text":"conditions or other unforeseen circumstances (such as natural","page_number":16,"box":{"x":549,"y":839,"width":400,"height":11}},{"id":"c909e630-130a-46e5-a717-1d24e0bd8a9d","block_type":"box","text":"disasters, political unrest or war) may impact the Index Provider","page_number":16,"box":{"x":549,"y":853,"width":409,"height":11}},{"id":"1c84d253-8a79-40c7-828d-2a41d9f288eb","block_type":"box","text":"or a third-party data provider and could cause the Index Provider","page_number":16,"box":{"x":549,"y":867,"width":414,"height":11}},{"id":"40fff525-b205-42ff-ab31-7bc8fccdf93d","block_type":"box","text":"S-3","page_number":16,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"4804b45f-d092-446d-90c3-0d1c1caf8858","block_type":"box","text":"to postpone a scheduled rebalance. This could cause the","page_number":17,"box":{"x":83,"y":23,"width":362,"height":11}},{"id":"c9a37091-a87d-40bf-8b05-265ec61ec68c","block_type":"box","text":"Underlying Index to vary from its normal or expected composition.","page_number":17,"box":{"x":83,"y":37,"width":423,"height":11}},{"id":"6e71e431-f677-4ddd-b628-32434257e1bf","block_type":"box","text":"Asset Class Risk.","page_number":17,"box":{"x":81,"y":60,"width":115,"height":9}},{"id":"1d92e021-98b4-48e5-a4ff-4d09c59e20c3","block_type":"box","text":"The securities and other assets in the","page_number":17,"box":{"x":202,"y":61,"width":239,"height":8}},{"id":"b5f370e5-9b74-45b8-a2be-04fa85348cc2","block_type":"box","text":"Underlying Index or in the Fund’s portfolio may underperform in","page_number":17,"box":{"x":83,"y":75,"width":406,"height":11}},{"id":"d8d573a0-627d-469b-bc68-7a007d698052","block_type":"box","text":"comparison to financial markets generally, a particular financial","page_number":17,"box":{"x":83,"y":89,"width":405,"height":11}},{"id":"36f71718-7832-4a87-9a8e-024763c10166","block_type":"box","text":"market, another index, or other asset classes.","page_number":17,"box":{"x":83,"y":103,"width":292,"height":10}},{"id":"f694a190-544d-475e-9fce-44786749936d","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":17,"box":{"x":81,"y":126,"width":290,"height":11}},{"id":"6fe88d99-61f3-433d-8f2f-7ec0e39d755c","block_type":"box","text":"An “Authorized","page_number":17,"box":{"x":381,"y":126,"width":93,"height":9}},{"id":"4500748e-0f19-44e6-a536-a916b64725b3","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":17,"box":{"x":84,"y":140,"width":379,"height":11}},{"id":"8c0f7ef3-8424-465b-b1e0-d4dd9b243221","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":17,"box":{"x":83,"y":155,"width":411,"height":10}},{"id":"ba549d55-0486-42a7-9861-9d30f97ededf","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":17,"box":{"x":84,"y":169,"width":395,"height":11}},{"id":"01a4fdfd-cba1-4ca0-9991-b12e5ca489c8","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":17,"box":{"x":84,"y":183,"width":399,"height":11}},{"id":"f23f3957-a413-4aa6-bb76-b47aea2e537e","block_type":"box","text":"creation units (“Creation Units”). 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No Authorized","page_number":17,"box":{"x":83,"y":254,"width":378,"height":11}},{"id":"dfe4775c-d724-4461-b500-a7eaec31b2ec","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":17,"box":{"x":84,"y":268,"width":379,"height":11}},{"id":"8b299f01-ca21-4799-8e86-abacc4868272","block_type":"box","text":"transactions. 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U.S. futures exchanges and some foreign exchanges limit","page_number":17,"box":{"x":83,"y":541,"width":421,"height":11}},{"id":"12364b0e-1d81-4078-aa75-5d5e31a62284","block_type":"box","text":"the amount of fluctuation in futures contract prices that may","page_number":17,"box":{"x":83,"y":555,"width":387,"height":11}},{"id":"a73cb00a-f820-4827-be2b-62c9e24bc924","block_type":"box","text":"occur in a single business day (generally referred to as “daily price","page_number":17,"box":{"x":83,"y":570,"width":423,"height":10}},{"id":"bda894db-db4c-44ff-be70-5b3df1de9190","block_type":"box","text":"fluctuation limits”). 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Limit prices have the","page_number":17,"box":{"x":83,"y":626,"width":393,"height":11}},{"id":"173a8bab-ba5f-4075-8d17-641b8e9378f0","block_type":"box","text":"effect of precluding trading in a particular contract or forcing the","page_number":17,"box":{"x":83,"y":641,"width":413,"height":10}},{"id":"a9e366df-b475-4b03-bc85-caa85fc9bb14","block_type":"box","text":"liquidation of contracts at disadvantageous times or prices. The","page_number":17,"box":{"x":83,"y":655,"width":406,"height":11}},{"id":"49dfbf5c-a824-451c-a984-a3a7ad16fe4b","block_type":"box","text":"CFTC and the U.S. commodities exchanges are also authorized to","page_number":17,"box":{"x":83,"y":669,"width":418,"height":11}},{"id":"0f813557-236e-4362-9cf1-222d8e3a2c74","block_type":"box","text":"take other actions in the event of a market emergency, including,","page_number":17,"box":{"x":83,"y":683,"width":416,"height":11}},{"id":"002606d5-ce54-44ca-9d74-6e1615799481","block_type":"box","text":"for example, the imposition of higher margin requirements and","page_number":17,"box":{"x":82,"y":697,"width":401,"height":11}},{"id":"2382abd8-cf13-44db-90a1-60486395fce8","block_type":"box","text":"the suspension of trading. 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The Fund may be negatively impacted by","page_number":17,"box":{"x":83,"y":763,"width":403,"height":11}},{"id":"a79aa9f9-5add-4e24-a4ce-acea4846c884","block_type":"box","text":"the cessation of trading in futures contracts included in the Fund’s","page_number":17,"box":{"x":83,"y":777,"width":424,"height":11}},{"id":"2fe803cc-4a71-48c9-afbe-9e9f5b895101","block_type":"box","text":"Underlying Index or by a futures exchange imposing a limit price.","page_number":17,"box":{"x":83,"y":791,"width":413,"height":11}},{"id":"4f23bba7-2e08-43c3-91c3-9976ce3e806c","block_type":"box","text":"Commodity Risk.","page_number":17,"box":{"x":83,"y":815,"width":113,"height":10}},{"id":"fd9b5637-6f7b-46a8-926e-7aac65da25a8","block_type":"box","text":"The Fund has substantial exposure to","page_number":17,"box":{"x":202,"y":815,"width":238,"height":10}},{"id":"b2b4acfd-cc85-440c-b1be-edd7a6c18a95","block_type":"box","text":"commodities. The Fund invests in instruments that are","page_number":17,"box":{"x":83,"y":829,"width":347,"height":8}},{"id":"a43acffc-443c-4fe0-8265-ae0fce7e1b7b","block_type":"box","text":"susceptible to fluctuations in certain commodity markets and to","page_number":17,"box":{"x":83,"y":843,"width":409,"height":11}},{"id":"381b7aac-0a33-4a55-aa67-163d3671ca8b","block_type":"box","text":"price changes due to trade relations, including the imposition of","page_number":17,"box":{"x":83,"y":857,"width":408,"height":11}},{"id":"cd8cc4ca-7fa6-44fd-80f0-8e5baff49575","block_type":"box","text":"tariffs by the U.S. and other countries. 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The Fund also may experience reduced returns as a","page_number":17,"box":{"x":548,"y":697,"width":391,"height":11}},{"id":"b716e038-94d9-417d-9490-8c334dd948a9","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":17,"box":{"x":549,"y":711,"width":398,"height":11}},{"id":"771b2ed9-b801-49fa-9aed-f2cf9233a6ce","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":17,"box":{"x":549,"y":725,"width":406,"height":11}},{"id":"17a070d0-563e-4eeb-b8d9-6f7d25232f4d","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":17,"box":{"x":549,"y":740,"width":363,"height":10}},{"id":"62cddb48-d2ce-4442-981e-a2c8cd29d9e8","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":17,"box":{"x":550,"y":754,"width":418,"height":11}},{"id":"9f48b44e-db2f-4d95-b5d1-f29533dbfc2a","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":17,"box":{"x":549,"y":768,"width":400,"height":11}},{"id":"6fe8fea9-25dc-4daf-a1e7-109604fed311","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":17,"box":{"x":550,"y":782,"width":380,"height":11}},{"id":"973fafd1-100b-4714-8839-8c3ae1802c98","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":17,"box":{"x":548,"y":796,"width":419,"height":11}},{"id":"73a37ca1-de54-462e-b20f-4a25d626faad","block_type":"box","text":"the instrument. 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The use of derivatives also","page_number":17,"box":{"x":549,"y":839,"width":402,"height":11}},{"id":"0280836a-4a06-411c-81b1-dfdc3bf58a25","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":17,"box":{"x":549,"y":853,"width":372,"height":11}},{"id":"94f7e87c-9141-4db7-8684-2c102379b650","block_type":"box","text":"S-4","page_number":17,"box":{"x":525,"y":920,"width":21,"height":9}},{"id":"bc915c4b-b874-4d20-b993-3d19b8207154","block_type":"box","text":"Energy Sector Risk.","page_number":18,"box":{"x":83,"y":23,"width":130,"height":11}},{"id":"f25744a6-9840-425d-8453-3711c06ae3b9","block_type":"box","text":"The performance of energy-related","page_number":18,"box":{"x":219,"y":23,"width":222,"height":11}},{"id":"42965e81-b93c-4a2c-bd7c-7382eb6cee9d","block_type":"box","text":"commodities is generally cyclical and highly dependent on energy","page_number":18,"box":{"x":83,"y":37,"width":419,"height":11}},{"id":"f23d014e-3aa7-4b82-b34a-f71c8e38f778","block_type":"box","text":"prices. The market value of energy-related commodities may","page_number":18,"box":{"x":83,"y":51,"width":387,"height":11}},{"id":"705fb14c-333c-4948-b119-9b344d173d5d","block_type":"box","text":"decline for many reasons, including, among others, changes in","page_number":18,"box":{"x":83,"y":66,"width":398,"height":11}},{"id":"c2cb6710-3285-4ad3-b543-8f997469b150","block_type":"box","text":"energy prices, energy supply and demand, global political","page_number":18,"box":{"x":83,"y":80,"width":365,"height":11}},{"id":"7a45fb3b-230e-475d-92ba-7099b0697078","block_type":"box","text":"changes, terrorism, natural disasters and other catastrophes;","page_number":18,"box":{"x":83,"y":94,"width":392,"height":11}},{"id":"0d7f7dfd-39bd-4c35-9f1c-5e24ad7de1ac","block_type":"box","text":"government regulations, taxation policies and energy","page_number":18,"box":{"x":83,"y":108,"width":339,"height":11}},{"id":"6d02674c-d5ee-4c27-b51f-6f4d8dcf4eb5","block_type":"box","text":"conservation efforts. 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In addition,","page_number":18,"box":{"x":83,"y":287,"width":424,"height":11}},{"id":"f48d2016-b14c-478b-b4d0-7ad2caf5498d","block_type":"box","text":"if the Fund is limited in its ability to sell illiquid investments during","page_number":18,"box":{"x":83,"y":302,"width":421,"height":10}},{"id":"2019d2ca-899f-4a6d-8ba2-7c3fd4541b20","block_type":"box","text":"periods when shareholders are redeeming their shares, it will","page_number":18,"box":{"x":83,"y":316,"width":389,"height":11}},{"id":"36bda441-299a-4b7c-9348-002ac74f8554","block_type":"box","text":"need to sell liquid securities to meet redemption requests and","page_number":18,"box":{"x":83,"y":330,"width":396,"height":11}},{"id":"9d75c424-882f-4fb7-add7-46f71882551f","block_type":"box","text":"illiquid securities will become a larger portion of the Fund’s","page_number":18,"box":{"x":83,"y":344,"width":377,"height":11}},{"id":"c9b1ceed-dfa1-45b8-83de-8d55022e385a","block_type":"box","text":"holdings. 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This can occur because the Fund","page_number":18,"box":{"x":83,"y":452,"width":407,"height":9}},{"id":"567c0d48-cb30-4649-8f71-2255155bdf1c","block_type":"box","text":"may be required to invest in lower-yielding bonds when a bond in","page_number":18,"box":{"x":83,"y":467,"width":414,"height":10}},{"id":"500d9d98-576b-44af-8980-4a013748d674","block_type":"box","text":"the Fund’s portfolio matures, is near maturity, is called or is","page_number":18,"box":{"x":83,"y":481,"width":380,"height":11}},{"id":"1816b8b2-2e22-47f0-a42c-63efd67ad6b3","block_type":"box","text":"prepaid, when bonds in the Underlying Index are substituted, or","page_number":18,"box":{"x":83,"y":495,"width":406,"height":11}},{"id":"43f9638f-3a60-4139-938f-279d58c90835","block_type":"box","text":"when the Fund otherwise needs to purchase additional bonds. The","page_number":18,"box":{"x":82,"y":509,"width":425,"height":11}},{"id":"1dd5852a-c817-4577-b394-35b20e599a5a","block_type":"box","text":"Index Provider’s substitution of bonds in the Underlying Index may","page_number":18,"box":{"x":83,"y":523,"width":424,"height":11}},{"id":"42b3e986-2a7e-4548-8032-266f4c4ffba8","block_type":"box","text":"occur, for example, when the time to maturity for the bond no","page_number":18,"box":{"x":83,"y":537,"width":394,"height":11}},{"id":"8517c5a4-5f12-4ba6-94f8-c934848914f4","block_type":"box","text":"longer matches the Underlying Index’s stated maturity guidelines.","page_number":18,"box":{"x":83,"y":552,"width":419,"height":10}},{"id":"a8107f98-72a9-438d-837c-17c9bec607df","block_type":"box","text":"Interest Rate Risk","page_number":18,"box":{"x":83,"y":575,"width":121,"height":8}},{"id":"843c38db-11c0-4301-8e22-591020bfc528","block_type":"box","text":".","page_number":18,"box":{"x":204,"y":581,"width":2,"height":2}},{"id":"439078fe-ffc7-4c89-93e3-e72dfe861acb","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":18,"box":{"x":212,"y":575,"width":233,"height":8}},{"id":"c5485aa9-a10a-4800-9c99-e75d69706a70","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":18,"box":{"x":82,"y":589,"width":425,"height":11}},{"id":"6ec377aa-5052-4389-aad0-c56e36fffbe2","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":18,"box":{"x":83,"y":603,"width":417,"height":11}},{"id":"4f19df4d-a9f3-4b54-aaea-22a74751f702","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":18,"box":{"x":83,"y":617,"width":388,"height":11}},{"id":"0f14c086-cfdc-4fa8-b94f-c410f536c04e","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":18,"box":{"x":82,"y":632,"width":402,"height":10}},{"id":"54052298-b95b-4e61-89f1-176ce2bda37d","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":18,"box":{"x":83,"y":646,"width":391,"height":11}},{"id":"d1798792-72a7-46b5-8104-e977815f0285","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":18,"box":{"x":82,"y":660,"width":424,"height":11}},{"id":"cba9df2f-962b-473c-90ce-8ca50c49772c","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":18,"box":{"x":83,"y":674,"width":407,"height":9}},{"id":"17e56dab-7d51-4b6f-aab2-34be4eba34d1","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":18,"box":{"x":82,"y":688,"width":424,"height":11}},{"id":"99b43d05-166c-4721-b720-bd5d376c89d6","block_type":"box","text":"changes and subject to greater fluctuations in value. 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Swaps may be leveraged and","page_number":19,"box":{"x":83,"y":447,"width":400,"height":11}},{"id":"52524358-9651-493f-8e9c-d8045b8d7e1a","block_type":"box","text":"are subject to counterparty risk, credit risk and pricing risk.","page_number":19,"box":{"x":83,"y":461,"width":379,"height":11}},{"id":"9d1008db-cab6-44f6-972b-6aad25630338","block_type":"box","text":"Swaps may be subject to illiquidity risk, and it may not be possible","page_number":19,"box":{"x":83,"y":476,"width":424,"height":10}},{"id":"7e238645-feb5-48aa-9c88-234b9873c2e6","block_type":"box","text":"for the Fund to liquidate a swap position at an advantageous time","page_number":19,"box":{"x":82,"y":490,"width":419,"height":11}},{"id":"5e28ad02-12a6-4a66-9a57-076c1f3ad4db","block_type":"box","text":"or price, which may result in significant losses. Certain","page_number":19,"box":{"x":83,"y":504,"width":348,"height":11}},{"id":"44d3c57c-7be2-40d1-ac48-07c692abbc85","block_type":"box","text":"standardized interest rate and credit default swaps are required to","page_number":19,"box":{"x":83,"y":518,"width":424,"height":11}},{"id":"13770552-0031-4b99-8285-ae8ad7217925","block_type":"box","text":"be traded on an exchange or trading platform and centrally","page_number":19,"box":{"x":83,"y":532,"width":376,"height":11}},{"id":"3eef7c24-955f-4e4b-a394-f9933f1a0469","block_type":"box","text":"cleared. Most other swaps are entered into a negotiated, bi-lateral","page_number":19,"box":{"x":83,"y":546,"width":423,"height":11}},{"id":"d941c71d-a73b-4a43-a9a7-cfdf51ed2561","block_type":"box","text":"basis and traded in the over-the-counter market. Swaps are","page_number":19,"box":{"x":83,"y":561,"width":381,"height":10}},{"id":"1e321c56-e17d-41a0-b619-42ad8c53c735","block_type":"box","text":"subject to bi-lateral variation margin. The Fund is required by","page_number":19,"box":{"x":83,"y":575,"width":389,"height":11}},{"id":"e02a8205-0453-43c7-b4f0-44031ab13573","block_type":"box","text":"financial regulators to post initial margin in connection with","page_number":19,"box":{"x":82,"y":589,"width":380,"height":11}},{"id":"416e996f-ceff-4c8a-aa9b-0eb5a76b1f9f","block_type":"box","text":"trading over-the-counter swaps. These requirements may raise","page_number":19,"box":{"x":83,"y":603,"width":401,"height":11}},{"id":"b50912b8-7f42-408a-a33d-4fb212eb0e5f","block_type":"box","text":"the costs for the Fund’s investment in swaps.","page_number":19,"box":{"x":83,"y":617,"width":289,"height":11}},{"id":"d7c87387-70ea-4b9a-9715-09e76ebbd948","block_type":"box","text":"Subsidiary Risk.","page_number":19,"box":{"x":82,"y":641,"width":108,"height":10}},{"id":"3e502ce1-be4d-4551-94f2-ed56ba05d9a7","block_type":"box","text":"By investing in the Subsidiary, the Fund is","page_number":19,"box":{"x":196,"y":641,"width":265,"height":10}},{"id":"2f9c5b81-105f-48be-8300-6237ddb27ab8","block_type":"box","text":"indirectly exposed to the risks associated with the Subsidiary’s","page_number":19,"box":{"x":83,"y":655,"width":402,"height":11}},{"id":"7d063bdd-26cb-4529-9449-6cce7baef735","block_type":"box","text":"investments. The Subsidiary is not registered under the 1940 Act,","page_number":19,"box":{"x":83,"y":669,"width":418,"height":11}},{"id":"f27a1c16-7cc6-4281-9fa1-2d92a7094035","block_type":"box","text":"and, unless otherwise noted in this Prospectus, is not subject to","page_number":19,"box":{"x":83,"y":683,"width":409,"height":11}},{"id":"082c8aad-4b7f-4b7f-8996-66b56f8b3bbd","block_type":"box","text":"the investor protections of the 1940 Act. Changes in the laws of","page_number":19,"box":{"x":83,"y":697,"width":408,"height":11}},{"id":"cd91b24a-3856-4306-b3e3-d3e150fcf76b","block_type":"box","text":"the U.S. and/or the Cayman Islands could result in the inability of","page_number":19,"box":{"x":83,"y":711,"width":420,"height":11}},{"id":"e6175966-a484-4761-b9de-a83c7ae34934","block_type":"box","text":"the Fund and/or the Subsidiary to operate as described in the","page_number":19,"box":{"x":83,"y":726,"width":397,"height":10}},{"id":"06d34943-8cfc-404a-91b8-37863c1e552b","block_type":"box","text":"Prospectus and the Statement of Additional Information (“SAI”),","page_number":19,"box":{"x":84,"y":740,"width":407,"height":11}},{"id":"0b84fd86-2347-4985-a61f-9323f7ee4ba4","block_type":"box","text":"and could adversely affect the Fund.","page_number":19,"box":{"x":83,"y":754,"width":231,"height":11}},{"id":"e9c88da2-6b39-497e-a0d2-bcfa07ff77c1","block_type":"box","text":"Tax Risk.","page_number":19,"box":{"x":84,"y":777,"width":56,"height":9}},{"id":"06852fc4-08a5-4ae3-94da-2a456d7c2800","block_type":"box","text":"The Fund invests in commodity-linked derivatives","page_number":19,"box":{"x":146,"y":777,"width":315,"height":11}},{"id":"efd042e1-c736-4a7b-87fa-5e30e0da8f24","block_type":"box","text":"indirectly through the Subsidiary because income from these","page_number":19,"box":{"x":83,"y":791,"width":389,"height":11}},{"id":"a1831b30-0a75-4efc-8fac-b54d4ebcc192","block_type":"box","text":"investments, if made directly, might not be treated as “qualifying","page_number":19,"box":{"x":83,"y":806,"width":413,"height":10}},{"id":"3c4cb54f-eec3-4111-9479-8f31a8b53a28","block_type":"box","text":"income” for purposes of the Fund qualifying as a regulated","page_number":19,"box":{"x":83,"y":820,"width":373,"height":11}},{"id":"93e9641e-2a37-4d0b-8ae2-cad5266c1066","block_type":"box","text":"investment company (“RIC”) for U.S. federal income tax purposes.","page_number":19,"box":{"x":549,"y":23,"width":423,"height":11}},{"id":"6922dd29-f16a-400d-be74-0fdef88de98b","block_type":"box","text":"Based on final regulations issued by the U.S. Internal Revenue","page_number":19,"box":{"x":550,"y":37,"width":395,"height":11}},{"id":"873009c6-4e85-4baa-87c5-1c6c4ec599ac","block_type":"box","text":"Service (“IRS”) on which taxpayers may rely for taxable years","page_number":19,"box":{"x":549,"y":51,"width":390,"height":11}},{"id":"36249be7-958f-4977-937b-3dbf2cff89e5","block_type":"box","text":"beginning after September 28, 2016, the Fund expects its income","page_number":19,"box":{"x":549,"y":66,"width":418,"height":10}},{"id":"ff4a4c30-c317-4374-8ac8-5033033c3c2e","block_type":"box","text":"with respect to the Subsidiary to be qualifying income. In the","page_number":19,"box":{"x":549,"y":80,"width":388,"height":11}},{"id":"8877c0ec-2e69-4f8d-8ad4-d451f8175f4d","block_type":"box","text":"future, if the IRS issues new regulations or other guidance, or","page_number":19,"box":{"x":549,"y":94,"width":392,"height":11}},{"id":"5c3a7fe3-17cd-4039-b086-a89b9785a5d8","block_type":"box","text":"Congress enacts legislation, limiting the circumstances in which","page_number":19,"box":{"x":549,"y":108,"width":409,"height":11}},{"id":"c04aed2b-a809-4772-ac42-7d9de108d21d","block_type":"box","text":"the Fund’s income with respect to the Subsidiary will be","page_number":19,"box":{"x":549,"y":122,"width":357,"height":11}},{"id":"0df1cd0b-9b4f-4433-b3f6-f62197c0983c","block_type":"box","text":"considered “qualifying income,” the Fund might be required to","page_number":19,"box":{"x":549,"y":136,"width":397,"height":11}},{"id":"6459152e-24a3-4acc-97a7-5cae029e4659","block_type":"box","text":"make changes to its operations, which could reduce the Fund’s","page_number":19,"box":{"x":549,"y":151,"width":403,"height":10}},{"id":"7fdff7d1-b0a6-4117-9ec2-b4215d8c8687","block_type":"box","text":"ability to gain investment exposure to commodities. Fund","page_number":19,"box":{"x":549,"y":165,"width":366,"height":11}},{"id":"183c750a-ea1f-4bd3-b74d-3e21120a9ce7","block_type":"box","text":"shareholders could also experience adverse tax consequences in","page_number":19,"box":{"x":549,"y":179,"width":415,"height":11}},{"id":"8aaf5afd-0ec9-45bd-a9ad-87ad8a32f83c","block_type":"box","text":"such circumstances.","page_number":19,"box":{"x":549,"y":193,"width":130,"height":9}},{"id":"d59b9e5f-4e9b-4927-a08b-e842c8f5111b","block_type":"box","text":"Tracking Error Risk","page_number":19,"box":{"x":550,"y":216,"width":128,"height":11}},{"id":"da1724fa-7e07-4421-bfcb-a46d25d11a8e","block_type":"box","text":".","page_number":19,"box":{"x":678,"y":223,"width":3,"height":2}},{"id":"a5075718-6ec5-4098-b876-b57b10fff75a","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":19,"box":{"x":686,"y":216,"width":284,"height":11}},{"id":"3813ad97-bc9c-4447-910c-8d795aceef1f","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":19,"box":{"x":549,"y":231,"width":404,"height":10}},{"id":"3fb753f4-4ea0-45a4-b277-3b0945c7649b","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":19,"box":{"x":549,"y":245,"width":425,"height":11}},{"id":"ed96b610-ad5f-44e5-ae78-2732a7b67691","block_type":"box","text":"factors, including differences between the securities and other","page_number":19,"box":{"x":549,"y":259,"width":401,"height":11}},{"id":"789ab71e-fa6c-40bd-b0d5-c131b5e24590","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":19,"box":{"x":549,"y":273,"width":381,"height":11}},{"id":"31e6f1a0-2747-445f-a547-2ba27918bb1a","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":19,"box":{"x":550,"y":287,"width":396,"height":11}},{"id":"27e7c3fd-11ba-4c5f-8f78-859b1904936c","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":19,"box":{"x":549,"y":301,"width":408,"height":11}},{"id":"d7b78b52-f701-4a02-9125-24439c169315","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":19,"box":{"x":549,"y":316,"width":400,"height":10}},{"id":"0ded6de5-dd95-4496-9fab-1dc4b2708d96","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":19,"box":{"x":549,"y":330,"width":421,"height":11}},{"id":"c3cd098e-91a6-488d-bf8d-97c1d6715b14","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":19,"box":{"x":549,"y":344,"width":374,"height":11}},{"id":"ef8d3a66-d31c-4fe9-b37c-a8d0074e2bd2","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":19,"box":{"x":549,"y":358,"width":370,"height":11}},{"id":"7dbe9058-39e6-4e90-a329-696182e1f9e8","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":19,"box":{"x":549,"y":372,"width":372,"height":11}},{"id":"9a20a174-cf0b-4ecc-b655-0d3fa20c93cc","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":19,"box":{"x":549,"y":386,"width":420,"height":11}},{"id":"60050031-6640-4155-83df-8ab4f47f0123","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":19,"box":{"x":549,"y":401,"width":387,"height":11}},{"id":"3894d438-19da-496c-8066-454386a7dc36","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":19,"box":{"x":549,"y":415,"width":377,"height":11}},{"id":"4e74e0e6-2441-4b41-a28c-2aa82c167c16","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":19,"box":{"x":549,"y":429,"width":380,"height":11}},{"id":"a7c36d57-d926-4ce7-8891-a64ec474d2e9","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":19,"box":{"x":549,"y":443,"width":366,"height":11}},{"id":"d64a50a7-9630-485c-b2b1-adb95ca97a6c","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":19,"box":{"x":549,"y":457,"width":414,"height":11}},{"id":"dd0f69bc-f9bf-42bb-99d4-52cb3c1dbb4b","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":19,"box":{"x":550,"y":472,"width":386,"height":10}},{"id":"04d7fa31-b036-4732-9a59-f950d5ed1716","block_type":"box","text":"certain regulatory requirements or limits. Tracking error risk may","page_number":19,"box":{"x":549,"y":486,"width":414,"height":11}},{"id":"c3644a70-d59c-4346-ba1b-584b190c4aa8","block_type":"box","text":"be heightened during times of increased market volatility or other","page_number":19,"box":{"x":549,"y":500,"width":420,"height":11}},{"id":"49965a6b-60b5-4412-bd93-b8f190ad9516","block_type":"box","text":"unusual market conditions. 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The price received by the Fund also may differ from","page_number":19,"box":{"x":549,"y":651,"width":418,"height":11}},{"id":"0979ecaf-9f59-4f25-8f28-9f74ceed8090","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":19,"box":{"x":549,"y":665,"width":406,"height":11}},{"id":"9f9afbcc-f5e6-4c56-9786-b28c907fc9e4","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":19,"box":{"x":549,"y":679,"width":411,"height":11}},{"id":"8b4de0e3-6b71-443b-acf2-bf22f903531b","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":19,"box":{"x":549,"y":693,"width":392,"height":11}},{"id":"214cb386-a8f8-42d6-a069-26c8f91d2580","block_type":"box","text":"purchase or sell Fund shares. 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(%) Period Ended","page_number":20,"box":{"x":576,"y":376,"width":159,"height":10}},{"id":"209d6e96-46ad-41f4-a1c4-0c541694ab0e","block_type":"box","text":"During the periods shown in the chart:","page_number":20,"box":{"x":318,"y":394,"width":239,"height":10}},{"id":"5c31e60a-56c8-44d5-979f-8bf98c330edf","block_type":"box","text":"Best Quarter","page_number":20,"box":{"x":331,"y":407,"width":72,"height":7}},{"id":"a9917068-ef9b-4d17-a592-b9288bea9cf6","block_type":"box","text":"24.15% March 31, 2022","page_number":20,"box":{"x":592,"y":407,"width":147,"height":9}},{"id":"558c6c04-c39e-4792-9b37-b49f7cfd47ff","block_type":"box","text":"Worst Quarter","page_number":20,"box":{"x":330,"y":420,"width":80,"height":7}},{"id":"9a7aa80e-ad0c-4b00-86ba-f13927efee69","block_type":"box","text":"-19.40% March 31, 2020","page_number":20,"box":{"x":585,"y":420,"width":154,"height":9}},{"id":"31856ba3-c4fd-4b6a-9d24-8cbbe97ce189","block_type":"box","text":"Average Annual Total Returns","page_number":20,"box":{"x":425,"y":449,"width":206,"height":10}},{"id":"8afbb3e9-1503-4799-a1fc-0e7050153443","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":20,"box":{"x":378,"y":463,"width":301,"height":11}},{"id":"febc8da5-ce45-46e7-bd25-72ddfc9b2830","block_type":"box","text":"One Year Five Years","page_number":20,"box":{"x":704,"y":492,"width":140,"height":8}},{"id":"ee89ffc0-4f58-4eb3-9a98-494b6d5b278d","block_type":"box","text":"Since Fund","page_number":20,"box":{"x":866,"y":479,"width":67,"height":8}},{"id":"9e737e79-ceab-4bb4-a4a1-02f235c2f00b","block_type":"box","text":"Inception","page_number":20,"box":{"x":871,"y":492,"width":57,"height":10}},{"id":"f8a27f88-5e62-4cb5-8261-929c094ba948","block_type":"box","text":"(Inception Date: 4/3/2018)","page_number":20,"box":{"x":123,"y":510,"width":169,"height":10}},{"id":"cf972cd9-80e7-4b53-9374-b71211af1ed5","block_type":"box","text":"Return Before Taxes","page_number":20,"box":{"x":124,"y":522,"width":112,"height":7}},{"id":"56d2f845-cb96-4c99-b872-dc151e9d6d74","block_type":"box","text":"16.11% 10.03% 5.59%","page_number":20,"box":{"x":718,"y":522,"width":201,"height":7}},{"id":"e6c8ef86-8e8d-400f-8aaf-0d8f69c3bd58","block_type":"box","text":"Return After Taxes on Distributions","page_number":20,"box":{"x":124,"y":533,"width":197,"height":8}},{"id":"6816a521-4684-4601-a449-f6d680ab0804","block_type":"box","text":"10.59% 6.56% 3.21%","page_number":20,"box":{"x":715,"y":533,"width":204,"height":8}},{"id":"18b3f12b-793f-4371-be00-c14357c93292","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares","page_number":20,"box":{"x":124,"y":545,"width":339,"height":7}},{"id":"0e1c2e5c-fa3a-42a5-9fe4-6a7d74d86e80","block_type":"box","text":"9.47% 6.27% 3.26%","page_number":20,"box":{"x":720,"y":545,"width":199,"height":7}},{"id":"00174429-3599-4adb-9d79-ec8282460a70","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":20,"box":{"x":124,"y":556,"width":216,"height":10}},{"id":"fe8da00b-8e97-459d-a3bd-e318b158fe03","block_type":"box","text":"1","page_number":20,"box":{"x":343,"y":555,"width":3,"height":5}},{"id":"e19289e8-b644-4c16-b30c-6e1f2f90ca86","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or","page_number":20,"box":{"x":348,"y":556,"width":319,"height":10}},{"id":"ed3f1f60-533e-45d4-88e7-e3e7a712fc3e","block_type":"box","text":"taxes except for withholding taxes on reinvested dividends)","page_number":20,"box":{"x":136,"y":569,"width":337,"height":10}},{"id":"48ce61f4-92fe-40de-a163-aaccf6ee6426","block_type":"box","text":"22.34% 11.19% 11.39%","page_number":20,"box":{"x":712,"y":569,"width":207,"height":8}},{"id":"679f90a1-cb13-48cf-98e8-9681b41a9671","block_type":"box","text":"Bloomberg Roll Select Commodity Total Return Index","page_number":20,"box":{"x":124,"y":581,"width":328,"height":10}},{"id":"5162d3a7-7d59-47cb-992d-a3355516e84c","block_type":"box","text":"(Returns do not reflect deductions for","page_number":20,"box":{"x":457,"y":581,"width":215,"height":10}},{"id":"f86d79be-db77-4c31-abbe-978ec9605881","block_type":"box","text":"fees, expenses or taxes)","page_number":20,"box":{"x":136,"y":594,"width":137,"height":9}},{"id":"d827315b-cabb-4e0f-a4f4-6f1c7a7b5965","block_type":"box","text":"16.52% 10.73% 6.17%","page_number":20,"box":{"x":715,"y":594,"width":204,"height":7}},{"id":"40f718a6-f58b-4489-a3cb-9bde193de2a2","block_type":"box","text":"1","page_number":20,"box":{"x":94,"y":627,"width":2,"height":5}},{"id":"37b96377-1708-4d62-91bb-9f88bc79d3b4","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable","page_number":20,"box":{"x":102,"y":629,"width":855,"height":9}},{"id":"fb029083-254d-457c-830b-0012cb96adde","block_type":"box","text":"to","page_number":20,"box":{"x":961,"y":629,"width":11,"height":7}},{"id":"1b886228-5e01-4ae5-b9eb-3cf2478a7c58","block_type":"box","text":"non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates t","page_number":20,"box":{"x":93,"y":642,"width":858,"height":9}},{"id":"46c96f9a-d84b-4900-9232-718fa1b016ca","block_type":"box","text":"o","page_number":20,"box":{"x":952,"y":644,"width":6,"height":5}},{"id":"26b7898e-7687-4161-ab24-5da16e2f2d4b","block_type":"box","text":"which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index","page_number":20,"box":{"x":92,"y":654,"width":828,"height":10}},{"id":"be11e8cc-a6a3-4c94-a5aa-249b814f8bba","block_type":"box","text":"performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":20,"box":{"x":93,"y":667,"width":560,"height":10}},{"id":"010d9ec0-3d73-4442-a463-961c833e3c1a","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":20,"box":{"x":82,"y":690,"width":882,"height":10}},{"id":"341c5f48-6e27-43e0-b305-eac1910980c7","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":20,"box":{"x":83,"y":704,"width":871,"height":11}},{"id":"c1517697-e956-4ca8-bc43-f6a70a6fcac6","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":20,"box":{"x":83,"y":718,"width":860,"height":11}},{"id":"2d3fed1d-2dfb-4ff6-af54-4b7531e9a9f0","block_type":"box","text":"such as 401(k) plans or individual retirement accounts (“IRAs”). 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The instruments selected","page_number":23,"box":{"x":549,"y":469,"width":408,"height":11}},{"id":"0ba4708b-582f-4266-a28a-faa876ff1dbf","block_type":"box","text":"are expected to have, in the aggregate, investment characteristics","page_number":23,"box":{"x":549,"y":483,"width":423,"height":11}},{"id":"a4a8a674-7d51-4958-83f1-571eda5f5960","block_type":"box","text":"(based on factors such as market value and industry weightings),","page_number":23,"box":{"x":549,"y":497,"width":415,"height":11}},{"id":"735016f9-70a1-4121-a471-6fa94d68942f","block_type":"box","text":"fundamental characteristics (such as return variability, duration,","page_number":23,"box":{"x":549,"y":512,"width":409,"height":10}},{"id":"1500aaa8-5830-4100-b093-d517f696b65e","block_type":"box","text":"maturity, credit ratings and yield) and liquidity measures similar to","page_number":23,"box":{"x":549,"y":526,"width":423,"height":11}},{"id":"35db8309-d5b3-4469-8453-ad2f6737e0a6","block_type":"box","text":"those of an applicable underlying index. The Fund may or may not","page_number":23,"box":{"x":549,"y":540,"width":419,"height":11}},{"id":"0148e0bf-dfd7-46b3-a644-fc5de2b03098","block_type":"box","text":"hold all of the components of the Underlying Index.","page_number":23,"box":{"x":549,"y":554,"width":326,"height":11}},{"id":"1a0db591-db13-45aa-a116-f2100c9bde4b","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) has","page_number":23,"box":{"x":549,"y":576,"width":371,"height":11}},{"id":"20b6318c-78dd-48a7-a4a5-6d4858ac98d3","block_type":"box","text":"adopted certain requirements that subject registered investment","page_number":23,"box":{"x":549,"y":590,"width":415,"height":11}},{"id":"59b36605-2de2-4b36-b263-b21112c7283c","block_type":"box","text":"companies and their advisers to regulation by the CFTC if a","page_number":23,"box":{"x":549,"y":604,"width":376,"height":11}},{"id":"acd25593-e49b-4843-bc3b-675447390525","block_type":"box","text":"registered investment company invests more than a prescribed","page_number":23,"box":{"x":549,"y":619,"width":404,"height":10}},{"id":"1688b176-1295-4e3b-a2a8-454b7b77857d","block_type":"box","text":"level of its net asset value in CFTC-regulated futures, options and","page_number":23,"box":{"x":549,"y":633,"width":416,"height":11}},{"id":"4be52074-fdf8-4a0f-b4b8-77bddefd1918","block_type":"box","text":"swaps, or if a registered investment company markets itself as","page_number":23,"box":{"x":549,"y":647,"width":400,"height":11}},{"id":"7b717c72-9126-4c92-ac07-59473587a4d6","block_type":"box","text":"providing investment exposure to such instruments. 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BFA is considered a commodity pool operator","page_number":23,"box":{"x":549,"y":718,"width":403,"height":11}},{"id":"2ee7a39c-c346-4dd7-81d7-b0c0a0b1b701","block_type":"box","text":"(“CPO”) with respect to the Fund and the Subsidiary and is","page_number":23,"box":{"x":549,"y":732,"width":374,"height":11}},{"id":"4674c404-475e-40ed-952a-aac1d2f68dbf","block_type":"box","text":"subject to regulation by the CFTC and the National Futures","page_number":23,"box":{"x":549,"y":746,"width":375,"height":11}},{"id":"aa6dce43-05c0-4630-be83-727a6d26de53","block_type":"box","text":"Association (“NFA”).","page_number":23,"box":{"x":549,"y":760,"width":127,"height":11}},{"id":"00a0151a-f063-4e57-a256-e56ab6413588","block_type":"box","text":"The Underlying Index is sponsored by S&P Dow Jones Indices LLC","page_number":23,"box":{"x":549,"y":784,"width":418,"height":10}},{"id":"4522ce77-6977-4707-aaa5-452ed7474740","block_type":"box","text":"(the “Index Provider”), which is independent of the Fund and BFA.","page_number":23,"box":{"x":549,"y":798,"width":418,"height":10}},{"id":"fb464f69-9b64-48ab-b68c-472a47c68f47","block_type":"box","text":"The Index Provider determines the composition and relative","page_number":23,"box":{"x":549,"y":812,"width":380,"height":11}},{"id":"ad9ce1f9-14ec-4e78-b72e-7b230a15881a","block_type":"box","text":"weightings of the components of the Underlying Index and","page_number":23,"box":{"x":549,"y":826,"width":372,"height":11}},{"id":"dc2e0591-6a33-43e4-b9cc-75a0c20df1ff","block_type":"box","text":"publishes information regarding the market value of the","page_number":23,"box":{"x":549,"y":840,"width":355,"height":11}},{"id":"2a4524a1-f7b3-4b50-a3f0-7780624c5e40","block_type":"box","text":"Underlying Index.","page_number":23,"box":{"x":550,"y":854,"width":109,"height":11}},{"id":"e9166495-9750-420e-93f9-122956fa2c0c","block_type":"box","text":"S-10","page_number":23,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"2e38c7d2-7c6f-49f5-b189-29c80c9b4768","block_type":"box","text":"Industry Concentration Policy.","page_number":24,"box":{"x":83,"y":23,"width":210,"height":11}},{"id":"f835a559-d1b4-4596-a264-b5b3799be2a9","block_type":"box","text":"The Fund will concentrate its","page_number":24,"box":{"x":298,"y":23,"width":185,"height":9}},{"id":"c4d5ccb9-08de-4d54-959d-5f81cad9c18d","block_type":"box","text":"investments (","page_number":24,"box":{"x":83,"y":37,"width":85,"height":11}},{"id":"73148f41-92e0-4580-84a7-fdbdcfd33e9d","block_type":"box","text":"i.e.","page_number":24,"box":{"x":169,"y":37,"width":17,"height":9}},{"id":"ce8c5e70-8be1-409f-91b1-cc4b24f57553","block_type":"box","text":", hold 25% or more of its total assets) in (i) equity","page_number":24,"box":{"x":189,"y":37,"width":313,"height":11}},{"id":"260695fd-a48a-4d8a-a538-8605d885c660","block_type":"box","text":"securities issued by commodity-related companies, derivatives","page_number":24,"box":{"x":83,"y":52,"width":402,"height":10}},{"id":"1e20722e-37be-4c71-b8ad-bade1dfe90ba","block_type":"box","text":"with exposure to commodity-related companies or investments in","page_number":24,"box":{"x":82,"y":66,"width":420,"height":10}},{"id":"d5374dab-ce32-44b7-83c8-8e7225b63462","block_type":"box","text":"securities and derivatives linked to the underlying price movement","page_number":24,"box":{"x":83,"y":80,"width":425,"height":11}},{"id":"ac9bfcae-5d52-45d7-827d-2042d26f8f7f","block_type":"box","text":"of commodities, including but not limited to commodity-linked","page_number":24,"box":{"x":83,"y":94,"width":397,"height":11}},{"id":"4103b292-59a6-46c7-b683-293b49ff0de3","block_type":"box","text":"derivatives such as commodity-linked notes, commodity futures,","page_number":24,"box":{"x":83,"y":108,"width":412,"height":11}},{"id":"dc01f578-a4f7-4e09-b882-f4100e3d2747","block_type":"box","text":"forward contracts and swaps and other similar derivative","page_number":24,"box":{"x":82,"y":122,"width":364,"height":11}},{"id":"7fcbc3fc-ae95-4dae-b36b-a229f68d6752","block_type":"box","text":"instruments and investment vehicles that invest in commodities,","page_number":24,"box":{"x":83,"y":137,"width":412,"height":10}},{"id":"2139240c-cda3-488b-97fe-85a29e847ddb","block_type":"box","text":"or commodity-linked derivatives, and (ii) the industry or group of","page_number":24,"box":{"x":83,"y":151,"width":412,"height":11}},{"id":"4659a344-1c38-4919-ac53-59feea485c1f","block_type":"box","text":"industries that constitutes the energy sector. For purposes of this","page_number":24,"box":{"x":83,"y":165,"width":419,"height":11}},{"id":"8752c2b2-c599-4fcd-a7a0-d2d352466490","block_type":"box","text":"limitation, securities of the U.S. government (including its","page_number":24,"box":{"x":83,"y":179,"width":367,"height":11}},{"id":"2cf9c4ef-89e4-44da-ac57-4f4358a4f799","block_type":"box","text":"agencies and instrumentalities), repurchase agreements","page_number":24,"box":{"x":83,"y":193,"width":360,"height":11}},{"id":"129354eb-1688-4c20-89b5-3f6e1756aaa3","block_type":"box","text":"collateralized by U.S. government securities, and securities of","page_number":24,"box":{"x":83,"y":207,"width":395,"height":11}},{"id":"711f523d-6e7e-439c-9ab1-4af3c27be9b4","block_type":"box","text":"state or municipal governments and their political subdivisions are","page_number":24,"box":{"x":83,"y":222,"width":424,"height":10}},{"id":"c98ed885-55f3-4e4d-be63-1080cad60edd","block_type":"box","text":"not considered to be issued by members of any industry.","page_number":24,"box":{"x":83,"y":236,"width":362,"height":11}},{"id":"4ff01ff0-0472-4ccc-880f-0538851914a6","block_type":"box","text":"Summary of Principal Risks","page_number":24,"box":{"x":83,"y":265,"width":235,"height":13}},{"id":"e318785e-0213-4dd8-b98a-6122dbdee1f8","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":24,"box":{"x":82,"y":290,"width":363,"height":11}},{"id":"47c90dc6-8e15-4de6-9041-2967f5798bdd","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":24,"box":{"x":83,"y":304,"width":402,"height":11}},{"id":"587c07b0-c31c-4cf2-b045-6d511763e532","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":24,"box":{"x":83,"y":318,"width":396,"height":11}},{"id":"fd868ed6-36d7-47a3-8ff4-ff57c0437739","block_type":"box","text":"including the principal risks noted below (either directly or","page_number":24,"box":{"x":83,"y":333,"width":373,"height":10}},{"id":"2cc179e8-424f-4619-a023-92f9c575b8c5","block_type":"box","text":"through its investments in the Subsidiary) any of which may","page_number":24,"box":{"x":83,"y":347,"width":381,"height":11}},{"id":"05cbb22b-447e-463f-99bf-09cbe31e557f","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":24,"box":{"x":83,"y":361,"width":392,"height":11}},{"id":"99c85fce-c9b4-4615-9a49-0717ec31c965","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":24,"box":{"x":83,"y":375,"width":416,"height":11}},{"id":"7f224d07-013d-46f7-8958-daea1f7fe84d","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":24,"box":{"x":83,"y":389,"width":387,"height":11}},{"id":"31d93986-39dc-4464-b586-5527afd95b33","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":24,"box":{"x":82,"y":403,"width":426,"height":11}},{"id":"7b186079-843e-4c69-b164-88a4cd1ded62","block_type":"box","text":"risk is difficult to predict and may change over time. You should","page_number":24,"box":{"x":83,"y":418,"width":404,"height":10}},{"id":"3b14af4c-e0c0-4cef-aad2-e7207b9ea159","block_type":"box","text":"review each risk factor carefully.","page_number":24,"box":{"x":83,"y":432,"width":206,"height":11}},{"id":"eaa6cee4-f1fc-4dd9-810d-fa2eaa1edb0b","block_type":"box","text":"Commodity-Linked Derivatives Risk.","page_number":24,"box":{"x":83,"y":455,"width":244,"height":11}},{"id":"5cd8f853-dd7e-4761-a1a5-f48c8f13a6b5","block_type":"box","text":"The value of a commodity","page_number":24,"box":{"x":332,"y":455,"width":169,"height":11}},{"id":"2d5c01a2-4701-44de-aee9-4259861e7006","block_type":"box","text":"linked derivative instrument typically is based upon the price","page_number":24,"box":{"x":83,"y":469,"width":387,"height":11}},{"id":"3107841d-6eb8-4c80-b523-9a5cb0da902d","block_type":"box","text":"movements of the underlying commodity or an economic variable","page_number":24,"box":{"x":83,"y":483,"width":419,"height":11}},{"id":"0deb1278-2260-4e30-9fbe-95d72f15b262","block_type":"box","text":"linked to such price movements. The prices of commodity-linked","page_number":24,"box":{"x":83,"y":497,"width":412,"height":11}},{"id":"084fe913-8ea5-4d32-93b7-e8ee2366746b","block_type":"box","text":"investments may fluctuate quickly and dramatically as a result of","page_number":24,"box":{"x":83,"y":512,"width":415,"height":10}},{"id":"6d1f26c8-d6f9-48b4-a6e9-04a67a2ebc03","block_type":"box","text":"changes affecting a particular commodity and may not correlate","page_number":24,"box":{"x":83,"y":526,"width":409,"height":11}},{"id":"dce90c10-e614-4f6d-9351-e23f49b3b074","block_type":"box","text":"to price movements in other asset classes, such as stocks, bonds","page_number":24,"box":{"x":83,"y":540,"width":419,"height":11}},{"id":"2912c2c4-77f2-4292-97d5-1ce303d2cae7","block_type":"box","text":"and cash. Commodity-linked derivatives are subject to the risk","page_number":24,"box":{"x":83,"y":554,"width":399,"height":11}},{"id":"a253fd83-384f-41a9-8d09-c04f81926463","block_type":"box","text":"that the counterparty to the transaction, the exchange or trading","page_number":24,"box":{"x":83,"y":568,"width":414,"height":11}},{"id":"e8b1073f-578a-4be2-b254-7ea6270c8d5c","block_type":"box","text":"facility on which they trade or the applicable clearing house may","page_number":24,"box":{"x":82,"y":583,"width":412,"height":10}},{"id":"b269e1aa-29b3-40a7-a4ea-601260362f54","block_type":"box","text":"default or otherwise fail to perform. The Fund’s use of commodity","page_number":24,"box":{"x":83,"y":597,"width":424,"height":11}},{"id":"9c73014a-b4ad-4b1c-a39a-c4b187af4d3b","block_type":"box","text":"linked derivatives may also have a leveraging effect on the Fund’s","page_number":24,"box":{"x":83,"y":611,"width":418,"height":11}},{"id":"d73b28df-a9d1-4959-87d0-a00d781b9026","block_type":"box","text":"portfolio because of the leverage inherent in the use of","page_number":24,"box":{"x":83,"y":625,"width":351,"height":11}},{"id":"9573cd90-7266-4aa1-bef9-ebf40c8c856b","block_type":"box","text":"derivatives. Leverage generally magnifies the effect of a change in","page_number":24,"box":{"x":83,"y":639,"width":421,"height":11}},{"id":"234671b9-72ef-4bb9-bc0d-5be75798b0cb","block_type":"box","text":"the value of an asset and creates a risk of loss of value on a larger","page_number":24,"box":{"x":83,"y":653,"width":422,"height":11}},{"id":"a2022ec1-8f3f-47a3-9371-fefb1219901e","block_type":"box","text":"pool of assets than the Fund would otherwise have had. The Fund","page_number":24,"box":{"x":83,"y":668,"width":418,"height":10}},{"id":"fead5d6e-bf02-42b7-a42b-a2a436a81826","block_type":"box","text":"is required to post margin with respect to its holdings in","page_number":24,"box":{"x":83,"y":682,"width":356,"height":11}},{"id":"0c1d1a9b-62f0-4a50-80c0-dda815fa386c","block_type":"box","text":"derivatives. 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Errors in index data, index computations or the","page_number":24,"box":{"x":549,"y":697,"width":366,"height":11}},{"id":"8d037725-3583-4fe7-a232-6239eca2b3ff","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":24,"box":{"x":549,"y":711,"width":377,"height":11}},{"id":"819346b8-ec4c-4bb6-abde-e8f0535a96fb","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":24,"box":{"x":549,"y":726,"width":413,"height":10}},{"id":"5c82986c-6d14-4889-89ba-8761e14682d3","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":24,"box":{"x":549,"y":740,"width":396,"height":11}},{"id":"6efb327d-f14a-411e-9d36-d32804915903","block_type":"box","text":"impact on the Fund and its shareholders. 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No Authorized","page_number":25,"box":{"x":83,"y":188,"width":378,"height":11}},{"id":"c5c230c2-a81b-4190-9316-dc31f244e8e6","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":25,"box":{"x":84,"y":202,"width":379,"height":11}},{"id":"73a75702-fd3d-470c-b644-6f57418abf9f","block_type":"box","text":"transactions. 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Further, the Fund may face increased","page_number":25,"box":{"x":83,"y":353,"width":389,"height":11}},{"id":"c3020eb1-1daa-4488-9a54-6d1d417be3a0","block_type":"box","text":"credit risk with respect to the bank or other counterparty holding","page_number":25,"box":{"x":83,"y":367,"width":416,"height":11}},{"id":"56e34af6-e7ab-4b6b-9c8e-c5352364c319","block_type":"box","text":"such assets and the risk that the counterparty may be unable or","page_number":25,"box":{"x":83,"y":381,"width":409,"height":11}},{"id":"96a966fe-ce42-4073-a20b-89f1e1628492","block_type":"box","text":"unwilling (or perceived as such) to honor its obligations.","page_number":25,"box":{"x":83,"y":396,"width":356,"height":10}},{"id":"e2536e65-56c4-48b0-9a09-8980b2022cd4","block_type":"box","text":"Cash Transactions Risk","page_number":25,"box":{"x":83,"y":419,"width":157,"height":8}},{"id":"664e1189-99da-4bbd-a9fb-6db6990059e5","block_type":"box","text":".","page_number":25,"box":{"x":240,"y":425,"width":3,"height":2}},{"id":"ec3b8a3f-be8c-4bf4-9c09-3493aa25b529","block_type":"box","text":"The Fund’s creation and redemption","page_number":25,"box":{"x":248,"y":419,"width":230,"height":11}},{"id":"6c00b833-d65b-47ac-bb7f-be4cc9024d7c","block_type":"box","text":"transactions generally are expected to be effected in cash, rather","page_number":25,"box":{"x":83,"y":433,"width":418,"height":11}},{"id":"311df381-5bc3-4528-8ee0-5c9b143a1d8f","block_type":"box","text":"than as in-kind transactions in which portfolio securities or other","page_number":25,"box":{"x":83,"y":447,"width":414,"height":11}},{"id":"6f6eb090-9d2f-4e1a-aec3-d81dc372f71a","block_type":"box","text":"investments are delivered. As a result, the Fund may have to sell","page_number":25,"box":{"x":83,"y":461,"width":411,"height":11}},{"id":"477240be-0049-4adf-918a-426cb44c9e8c","block_type":"box","text":"investments at inopportune times in order to obtain the cash","page_number":25,"box":{"x":83,"y":476,"width":388,"height":10}},{"id":"e203c0b3-f352-40c1-92b2-e99a71559304","block_type":"box","text":"needed to meet redemption orders. Such sales may cause the","page_number":25,"box":{"x":83,"y":490,"width":397,"height":11}},{"id":"750aa22c-a48a-4222-80e2-aed01c935ea8","block_type":"box","text":"Fund to recognize capital gains or losses that might not have been","page_number":25,"box":{"x":84,"y":504,"width":422,"height":11}},{"id":"440fc0f3-7255-4baa-8130-2d0c26a01c32","block_type":"box","text":"incurred if the redemption had been transacted in-kind. This may","page_number":25,"box":{"x":83,"y":518,"width":415,"height":11}},{"id":"2d6149f6-9098-4252-8cc3-fc83ed6ed9eb","block_type":"box","text":"decrease the tax efficiency of the Fund compared with that of","page_number":25,"box":{"x":83,"y":532,"width":394,"height":11}},{"id":"bf94d453-012d-40fd-b292-2fa811c5ecfa","block_type":"box","text":"ETFs that use in-kind redemptions. The use of cash creations and","page_number":25,"box":{"x":84,"y":546,"width":415,"height":11}},{"id":"ac320063-714b-46b4-bf5b-0d721a0b4b19","block_type":"box","text":"redemptions also may cause the Fund’s shares to trade in the","page_number":25,"box":{"x":83,"y":561,"width":394,"height":10}},{"id":"598f075b-8b40-4d1b-85f1-d03483cbd1db","block_type":"box","text":"market at wider bid-ask spreads or greater premiums or discounts","page_number":25,"box":{"x":83,"y":575,"width":424,"height":11}},{"id":"567ac36b-475f-4774-b700-8edbca119c94","block_type":"box","text":"to the Fund’s NAV.","page_number":25,"box":{"x":83,"y":589,"width":116,"height":8}},{"id":"01c44573-f683-461c-92dd-62e520bb0c90","block_type":"box","text":"Commodity Risk.","page_number":25,"box":{"x":83,"y":612,"width":113,"height":11}},{"id":"e95d3cce-4d05-4a87-a760-a83ce2ebfc45","block_type":"box","text":"The Fund invests in instruments that are","page_number":25,"box":{"x":202,"y":612,"width":257,"height":9}},{"id":"6568853a-0a6c-41a5-8d49-12d4fb43f69e","block_type":"box","text":"susceptible to fluctuations in certain commodity markets and to","page_number":25,"box":{"x":83,"y":626,"width":409,"height":11}},{"id":"4f422d9d-b997-4dff-bdab-85dcaff7af12","block_type":"box","text":"price changes due to trade relations, including the imposition of","page_number":25,"box":{"x":83,"y":641,"width":408,"height":10}},{"id":"07c97ce3-57ed-42ea-99cc-bc9d940aff0e","block_type":"box","text":"tariffs by the U.S. and other importing countries. Any negative","page_number":25,"box":{"x":83,"y":655,"width":396,"height":11}},{"id":"6f945fd4-8bef-494e-9267-b9601ab593f7","block_type":"box","text":"changes in commodity markets that may be due to changes in","page_number":25,"box":{"x":83,"y":669,"width":396,"height":11}},{"id":"ccb0eca2-8f24-42d7-b062-2ae2144ce190","block_type":"box","text":"supply and demand for commodities, market events, war,","page_number":25,"box":{"x":83,"y":683,"width":366,"height":11}},{"id":"887d8cfa-c493-45e0-a542-b48736e8c64a","block_type":"box","text":"regulatory developments, political instability, other catastrophic","page_number":25,"box":{"x":83,"y":697,"width":408,"height":11}},{"id":"de9ea3e8-a7e3-40fe-8ce2-15071654da69","block_type":"box","text":"events, or other factors that the Fund cannot control could have","page_number":25,"box":{"x":83,"y":711,"width":409,"height":11}},{"id":"8ad38f37-1513-498b-9a2a-8ecbc16a8c57","block_type":"box","text":"an adverse impact on Commodity-Linked Investments in which","page_number":25,"box":{"x":83,"y":726,"width":400,"height":10}},{"id":"dbe244da-755b-4b44-a13c-8265173793f3","block_type":"box","text":"the Fund invests.","page_number":25,"box":{"x":83,"y":740,"width":108,"height":8}},{"id":"f78e603d-ad45-4984-ab55-14fcd5148e80","block_type":"box","text":"Concentration Risk.","page_number":25,"box":{"x":83,"y":763,"width":132,"height":8}},{"id":"b292d774-75d7-46ec-944f-12f3fad2378a","block_type":"box","text":"The Fund may be susceptible to an","page_number":25,"box":{"x":220,"y":763,"width":222,"height":11}},{"id":"1b2954a1-6769-495f-8cbd-b2d6ac6de2fd","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":25,"box":{"x":83,"y":777,"width":419,"height":11}},{"id":"278473e2-843f-49fc-8f69-22969832a2b9","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":25,"box":{"x":83,"y":791,"width":408,"height":10}},{"id":"db49bdc7-bdd5-4b84-a7e0-7eac5d121be0","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":25,"box":{"x":83,"y":806,"width":417,"height":8}},{"id":"fb2219c5-a252-4067-8e0e-bcf413a05d03","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":25,"box":{"x":83,"y":820,"width":395,"height":10}},{"id":"8d758c1b-e303-453e-a4ae-bef05c94c096","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":25,"box":{"x":83,"y":834,"width":388,"height":11}},{"id":"86045e42-b88b-4152-b024-e2c4bc60a060","block_type":"box","text":"asset classes.","page_number":25,"box":{"x":83,"y":848,"width":88,"height":9}},{"id":"facffe11-e3f7-437c-81fd-8d1fa6820414","block_type":"box","text":"Counterparty Risk.","page_number":25,"box":{"x":549,"y":23,"width":125,"height":11}},{"id":"049a0422-e0f6-430f-897f-083d16e68e88","block_type":"box","text":"Certain commodity-linked derivative","page_number":25,"box":{"x":681,"y":23,"width":230,"height":11}},{"id":"51e07591-43d5-4b5a-bfc0-aae97cf091cb","block_type":"box","text":"instruments, uncleared swaps and other forms of financial","page_number":25,"box":{"x":549,"y":37,"width":371,"height":11}},{"id":"3ffe03b1-b88c-4011-bbc0-ff5482aec29f","block_type":"box","text":"instruments that involve counterparties subject the Fund to the","page_number":25,"box":{"x":549,"y":51,"width":405,"height":11}},{"id":"57204529-7568-4616-9fa1-65b31a3ac270","block_type":"box","text":"risk that the counterparty could default on its obligations under","page_number":25,"box":{"x":549,"y":66,"width":405,"height":10}},{"id":"e0887ee8-b596-495f-ac0c-d7dc4c83037c","block_type":"box","text":"the agreement, either through the counterparty’s bankruptcy or","page_number":25,"box":{"x":549,"y":80,"width":407,"height":11}},{"id":"3ba999be-ac82-48f6-ab0c-b5f4557f390e","block_type":"box","text":"failure to perform its obligations. In the event of a counterparty","page_number":25,"box":{"x":549,"y":94,"width":404,"height":11}},{"id":"dcd33780-0db2-4c70-9dab-cf51239fd86a","block_type":"box","text":"default, the Fund could experience lengthy delays in recovering","page_number":25,"box":{"x":549,"y":108,"width":404,"height":11}},{"id":"250eceb7-a6ae-41a6-8e80-2b05398c66fa","block_type":"box","text":"some or all of its assets or obtain no recovery at all and, if the","page_number":25,"box":{"x":549,"y":122,"width":395,"height":11}},{"id":"10f2256f-17c8-4b7a-a140-f87896cef42f","block_type":"box","text":"counterparty is subject to specified types of resolution","page_number":25,"box":{"x":549,"y":136,"width":348,"height":11}},{"id":"e6af2b77-a2f4-4f8f-90fb-26d4149665e0","block_type":"box","text":"proceedings, the Fund may be subject to stays that limit its ability","page_number":25,"box":{"x":549,"y":151,"width":421,"height":10}},{"id":"d555c45c-1511-47d9-9004-9fadd67f9c8e","block_type":"box","text":"to close out positions and limit risk. The Fund’s investments in the","page_number":25,"box":{"x":549,"y":165,"width":422,"height":11}},{"id":"bf7d6578-bae7-48ee-ad2e-19ff488f0951","block_type":"box","text":"futures markets also introduce the risk that its futures","page_number":25,"box":{"x":549,"y":179,"width":346,"height":8}},{"id":"166a8260-7666-435e-8b47-5c7f67f46541","block_type":"box","text":"commission merchant (“FCM”) could default on an obligation set","page_number":25,"box":{"x":549,"y":193,"width":414,"height":11}},{"id":"59a7ac13-6ae7-4d77-9899-ca599965255a","block_type":"box","text":"forth in an agreement between the Fund and the FCM, including","page_number":25,"box":{"x":549,"y":207,"width":408,"height":11}},{"id":"0ece4d0d-0426-4798-9748-30b3f88df260","block_type":"box","text":"the FCM’s obligation to return margin posted in connection with","page_number":25,"box":{"x":549,"y":222,"width":408,"height":10}},{"id":"4c006f4f-ef1d-44e6-acdb-99a942a10830","block_type":"box","text":"the Fund’s futures contracts.","page_number":25,"box":{"x":549,"y":236,"width":184,"height":8}},{"id":"11cc454e-1d60-4d10-81d9-befa0bff59fb","block_type":"box","text":"Credit Risk","page_number":25,"box":{"x":549,"y":259,"width":75,"height":8}},{"id":"ba0f843f-8718-435a-b80d-6484a81ec7ad","block_type":"box","text":".","page_number":25,"box":{"x":624,"y":265,"width":2,"height":2}},{"id":"005c5a7d-d66d-42ff-9a76-bee4fa276fa2","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":25,"box":{"x":632,"y":259,"width":311,"height":11}},{"id":"55fa96f0-1821-4df3-824e-872a96f1ba5f","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":25,"box":{"x":549,"y":273,"width":391,"height":11}},{"id":"6aaaa6a2-3312-4f8c-bce9-26397f6f0b0d","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":25,"box":{"x":549,"y":287,"width":395,"height":11}},{"id":"34f7d8c6-772e-4924-b5a2-4da6da2ce027","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":25,"box":{"x":549,"y":301,"width":410,"height":11}},{"id":"fa9d39a9-3f49-4a5c-b167-c9a8b19cf410","block_type":"box","text":"its obligations. The credit rating assigned to a security or its issuer","page_number":25,"box":{"x":549,"y":316,"width":424,"height":10}},{"id":"afdd12be-fe2e-4579-9508-bf21e169ef4a","block_type":"box","text":"does not necessarily reflect the issuer’s current financial","page_number":25,"box":{"x":549,"y":330,"width":361,"height":11}},{"id":"e390b6a8-831f-4d63-af96-193a151871c9","block_type":"box","text":"condition or an investment’s volatility or liquidity. An actual or","page_number":25,"box":{"x":549,"y":344,"width":395,"height":11}},{"id":"28717f18-42a3-4663-a4c1-8cdf69a6362f","block_type":"box","text":"perceived decline in an issuer’s creditworthiness may result in a","page_number":25,"box":{"x":549,"y":358,"width":408,"height":11}},{"id":"fa747a0f-279a-419a-9910-c4a3025eaedf","block_type":"box","text":"decrease in the value and liquidity of its securities as well as","page_number":25,"box":{"x":549,"y":372,"width":385,"height":11}},{"id":"844d98d3-3854-4670-84f0-f2ce22b28dec","block_type":"box","text":"greater price volatility, which may make it difficult to sell the","page_number":25,"box":{"x":549,"y":386,"width":385,"height":11}},{"id":"8ffcf287-c100-455f-aacc-5ee24b0cb288","block_type":"box","text":"securities. The Fund may be adversely affected if an investment","page_number":25,"box":{"x":549,"y":401,"width":406,"height":10}},{"id":"35e9b052-2c52-4a9f-a46d-fee11a9306c7","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":25,"box":{"x":549,"y":415,"width":324,"height":11}},{"id":"95f99242-c11f-4dd1-9a16-156574dcb0dd","block_type":"box","text":"Currency Risk","page_number":25,"box":{"x":549,"y":438,"width":96,"height":11}},{"id":"14608da8-c007-401e-aa0b-ad74ae361d10","block_type":"box","text":".","page_number":25,"box":{"x":645,"y":445,"width":2,"height":1}},{"id":"b6829fcc-a1cd-4c0e-b42a-8ea3cf0c997b","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":25,"box":{"x":653,"y":438,"width":292,"height":9}},{"id":"ede067f4-bd41-4993-8b8b-4dc157a8387f","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":25,"box":{"x":549,"y":452,"width":388,"height":11}},{"id":"8f86a1a8-94ed-4775-a777-df98a4cca03d","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":25,"box":{"x":549,"y":466,"width":395,"height":11}},{"id":"f4464e25-1c6e-4a00-a7de-3f9fdb726c48","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":25,"box":{"x":549,"y":481,"width":415,"height":10}},{"id":"bbd72833-e0ea-44e9-8b4d-8af22dbb60d9","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":25,"box":{"x":549,"y":495,"width":404,"height":11}},{"id":"f82259ab-93a1-4e8d-b7c1-e768b8ac63f5","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":25,"box":{"x":549,"y":509,"width":395,"height":11}},{"id":"28c2368b-20e5-4fb9-8f0d-44a562773d6a","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":25,"box":{"x":549,"y":523,"width":398,"height":11}},{"id":"21ceb49a-7338-4ce0-b345-b525de11cdb0","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":25,"box":{"x":549,"y":537,"width":392,"height":11}},{"id":"0c812288-3045-46a5-8cfd-99336c1b2289","block_type":"box","text":"dollars and foreign currencies.","page_number":25,"box":{"x":549,"y":551,"width":193,"height":11}},{"id":"f1047aa7-182c-4fd6-99a8-0dd0df794977","block_type":"box","text":"Derivatives Risk.","page_number":25,"box":{"x":549,"y":575,"width":111,"height":8}},{"id":"b196308a-0d82-4553-baa3-928dfe330cf0","block_type":"box","text":"The Fund’s use of derivatives (","page_number":25,"box":{"x":666,"y":575,"width":193,"height":10}},{"id":"92887f0e-3a47-4e1d-96fd-c939685fb41a","block_type":"box","text":"e.g","page_number":25,"box":{"x":860,"y":577,"width":19,"height":9}},{"id":"c1d1152e-bd96-4140-9cef-4c95cd0b0591","block_type":"box","text":"., futures,","page_number":25,"box":{"x":880,"y":575,"width":59,"height":10}},{"id":"7e94af6f-9c79-4ea5-bd46-2d4e6d1a12eb","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":25,"box":{"x":549,"y":589,"width":384,"height":11}},{"id":"4712c671-bc21-4283-9ac3-4a7d79884d73","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":25,"box":{"x":549,"y":603,"width":411,"height":11}},{"id":"7e4c672f-9913-40c2-8894-9b2f07b5ae96","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":25,"box":{"x":549,"y":617,"width":424,"height":11}},{"id":"1144afcf-30c3-48f7-a718-f5f9eee755f1","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":25,"box":{"x":549,"y":631,"width":365,"height":11}},{"id":"fa8a254f-9315-4c88-8857-76bb75a2c74b","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":25,"box":{"x":548,"y":646,"width":391,"height":10}},{"id":"6c1aa95e-97ce-4047-955d-2a64270d5cb3","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":25,"box":{"x":549,"y":660,"width":398,"height":11}},{"id":"b173bc03-9153-49ac-8033-0aa3baab2218","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":25,"box":{"x":549,"y":674,"width":406,"height":11}},{"id":"c9d4fa02-e87f-416b-bc54-9239ec8dfa77","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":25,"box":{"x":549,"y":688,"width":363,"height":11}},{"id":"0eb02f1a-a6e0-481b-a5fb-9210b4728684","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":25,"box":{"x":550,"y":702,"width":418,"height":11}},{"id":"42dafb8a-3560-4457-b375-58cad3feff1c","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":25,"box":{"x":549,"y":716,"width":400,"height":11}},{"id":"b87adee2-9d12-4214-b3d1-67305c488ecb","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":25,"box":{"x":550,"y":731,"width":380,"height":10}},{"id":"a448d067-bc68-4fd0-ae06-5428eeff03b3","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":25,"box":{"x":548,"y":745,"width":419,"height":11}},{"id":"b721f314-6107-48fc-95a1-c0d2ce3b9510","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":25,"box":{"x":549,"y":759,"width":401,"height":11}},{"id":"981268c9-7052-45ae-a502-521a6a9ef128","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":25,"box":{"x":549,"y":773,"width":404,"height":11}},{"id":"8e029d30-01c4-40a8-8bad-b31c4bac7e2b","block_type":"box","text":"not fulfill its contractual obligations. 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In some circumstances, the Fund may","page_number":26,"box":{"x":82,"y":688,"width":413,"height":11}},{"id":"51d4efa6-5a57-4aee-9556-6784ef7d6769","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":26,"box":{"x":83,"y":702,"width":352,"height":11}},{"id":"e6c13970-dec2-460c-9d29-11c5d9fed389","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":26,"box":{"x":83,"y":717,"width":415,"height":10}},{"id":"f01a00e4-161e-471a-accf-202d3e6b3bfb","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":26,"box":{"x":82,"y":731,"width":417,"height":11}},{"id":"76a4f1b0-9275-4252-9ccf-2e33be44467d","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":26,"box":{"x":83,"y":745,"width":387,"height":11}},{"id":"46a2eab0-0270-4b4c-a1bd-f9435563a1f1","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":26,"box":{"x":82,"y":759,"width":419,"height":11}},{"id":"0f87372c-0ddc-4ecb-a9eb-c882eafc8847","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":26,"box":{"x":83,"y":773,"width":389,"height":11}},{"id":"f12f4355-3ea4-4b42-9473-86fc855e86a1","block_type":"box","text":"price of Fund shares.","page_number":26,"box":{"x":83,"y":787,"width":133,"height":11}},{"id":"1c33803f-336c-4bd8-a164-0dd2bc4edd10","block_type":"box","text":"Management Risk","page_number":26,"box":{"x":83,"y":811,"width":123,"height":10}},{"id":"78aabd32-d52e-4d32-99c2-f487aaf76443","block_type":"box","text":".","page_number":26,"box":{"x":206,"y":817,"width":2,"height":2}},{"id":"b0b64248-6e6e-4c3b-9c68-674f17b84b4c","block_type":"box","text":"The Fund generally does not attempt to take","page_number":26,"box":{"x":213,"y":811,"width":283,"height":11}},{"id":"449f2d21-688d-4780-8706-474d15cae763","block_type":"box","text":"defensive positions under any market conditions, including","page_number":26,"box":{"x":83,"y":825,"width":376,"height":11}},{"id":"49d658bf-11be-458b-ac65-094c4bdd599e","block_type":"box","text":"declining markets. 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There is no guarantee that the Fund’s","page_number":26,"box":{"x":549,"y":37,"width":374,"height":11}},{"id":"429ce7a1-e8d6-4695-9ad3-dab688ac7437","block_type":"box","text":"investment results will have a high degree of correlation to those","page_number":26,"box":{"x":549,"y":51,"width":414,"height":11}},{"id":"e72e0c57-41d2-43ca-b45f-efe848d1d819","block_type":"box","text":"of the Underlying Index or that the Fund will achieve its","page_number":26,"box":{"x":549,"y":66,"width":352,"height":10}},{"id":"87b3d1e3-8222-4a1a-b965-ba09be695f51","block_type":"box","text":"investment objective.","page_number":26,"box":{"x":549,"y":80,"width":136,"height":10}},{"id":"379aa203-ed90-4d89-92e9-b6d24cbe071a","block_type":"box","text":"Market Trading Risk","page_number":26,"box":{"x":549,"y":103,"width":136,"height":11}},{"id":"94626f25-79d4-47f7-94b6-e0bf60215cab","block_type":"box","text":".","page_number":26,"box":{"x":685,"y":109,"width":2,"height":2}},{"id":"6e635566-c197-4a33-ac89-4eaae53211b9","block_type":"box","text":"The Fund faces numerous market trading","page_number":26,"box":{"x":692,"y":103,"width":264,"height":11}},{"id":"93be27f3-75b5-4d55-966a-39663984d4d8","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":26,"box":{"x":549,"y":117,"width":394,"height":11}},{"id":"18cc2e12-e519-45b0-be5d-2fb451aea493","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":26,"box":{"x":549,"y":131,"width":401,"height":11}},{"id":"8fcdcdf2-0003-49d8-8e77-ce45b9d7cb85","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":26,"box":{"x":549,"y":145,"width":404,"height":11}},{"id":"a6d5d778-af00-4cb6-bd7e-5bbabde737e7","block_type":"box","text":"the process of creating and redeeming Fund shares. 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In","page_number":27,"box":{"x":83,"y":612,"width":382,"height":11}},{"id":"978e7341-5624-4975-b6d0-867aeaa61c6b","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":27,"box":{"x":83,"y":626,"width":387,"height":11}},{"id":"56d04507-cda0-4b81-aad2-819f698a3017","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":27,"box":{"x":83,"y":641,"width":371,"height":10}},{"id":"3f945b7a-d43e-4f9b-9278-869e4388c0e6","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":27,"box":{"x":83,"y":655,"width":381,"height":11}},{"id":"62a499d3-860b-4018-9c71-b7a926a042bb","block_type":"box","text":"availability of certain commodities.","page_number":27,"box":{"x":83,"y":669,"width":222,"height":11}},{"id":"bfdf4b9d-0b85-4841-b854-f6c71fff1cc1","block_type":"box","text":"Risk of Investing in the U.S","page_number":27,"box":{"x":83,"y":692,"width":182,"height":11}},{"id":"cb16e84a-f179-4723-9e1f-dc44d0a810f6","block_type":"box","text":".","page_number":27,"box":{"x":266,"y":699,"width":2,"height":2}},{"id":"b6f282c5-f48c-457b-93ad-97286734a3f3","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":27,"box":{"x":274,"y":692,"width":210,"height":11}},{"id":"169955c0-bc76-43b9-ae53-d64008cffdd2","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":27,"box":{"x":83,"y":706,"width":391,"height":11}},{"id":"0165fa81-315c-42e6-94d8-ffccb061a9f8","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":27,"box":{"x":83,"y":720,"width":423,"height":11}},{"id":"9c4fc062-939a-439b-ad0c-a76935301e66","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":27,"box":{"x":83,"y":735,"width":413,"height":10}},{"id":"a18142fd-618d-4e80-a9bb-4fa4a91c6a99","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":27,"box":{"x":82,"y":749,"width":397,"height":11}},{"id":"4d7b5cc2-e1bf-49cf-8dd4-68acfe65c0de","block_type":"box","text":"Risk of Swap Agreements.","page_number":27,"box":{"x":83,"y":772,"width":175,"height":11}},{"id":"62b25df9-05b2-46b2-97c2-71430006a3c7","block_type":"box","text":"A swap is a two-party contract that","page_number":27,"box":{"x":263,"y":772,"width":225,"height":11}},{"id":"f491482a-d585-4592-90f5-ba7e23c8d01c","block_type":"box","text":"generally obligates each counterparty to exchange periodic","page_number":27,"box":{"x":83,"y":786,"width":378,"height":11}},{"id":"09acdbd6-84e3-4fe4-a1b1-4e86f8fd566c","block_type":"box","text":"payments based on a pre-determined underlying investment or","page_number":27,"box":{"x":83,"y":800,"width":403,"height":11}},{"id":"4feebe41-cd8f-4066-a02f-3d77e6ca5304","block_type":"box","text":"notional amount and to exchange collateral to secure the","page_number":27,"box":{"x":83,"y":815,"width":365,"height":10}},{"id":"3429e249-bf07-44e9-8e51-554d1ebc624b","block_type":"box","text":"obligations of each counterparty. Swaps may be leveraged and","page_number":27,"box":{"x":83,"y":829,"width":400,"height":11}},{"id":"86d1c43e-d29a-42d1-ac65-12486ffa55a4","block_type":"box","text":"are subject to counterparty risk, credit risk and pricing risk.","page_number":27,"box":{"x":83,"y":843,"width":379,"height":11}},{"id":"1296262c-4c03-4eac-ab1d-40d297c52d33","block_type":"box","text":"Swaps may be subject to illiquidity risk, and it may not be possible","page_number":27,"box":{"x":83,"y":857,"width":424,"height":11}},{"id":"dfb7f7ed-7c50-492f-b796-6695dac3dd71","block_type":"box","text":"for the Fund to liquidate a swap position at an advantageous time","page_number":27,"box":{"x":82,"y":871,"width":419,"height":11}},{"id":"01cf74f4-5ff6-4036-b519-d552895fbf66","block_type":"box","text":"or price, which may result in significant losses. Certain","page_number":27,"box":{"x":549,"y":23,"width":348,"height":11}},{"id":"0409f19e-f919-4eb2-a9b4-4ad12ceea0e5","block_type":"box","text":"standardized interest rate and credit default swaps are required to","page_number":27,"box":{"x":549,"y":37,"width":424,"height":11}},{"id":"5e2e79a1-7a1c-4f8c-9b61-b8fe8e7c0c62","block_type":"box","text":"be traded on an exchange or trading platform and centrally","page_number":27,"box":{"x":549,"y":51,"width":377,"height":11}},{"id":"33481410-a433-4651-8b5d-b155b4e9e4d1","block_type":"box","text":"cleared. Most other swaps are entered into a negotiated, bi-lateral","page_number":27,"box":{"x":549,"y":66,"width":424,"height":10}},{"id":"dadc487a-ec48-4a14-a764-b0993171eb4b","block_type":"box","text":"basis and traded in the over-the-counter market. Swaps are","page_number":27,"box":{"x":549,"y":80,"width":381,"height":10}},{"id":"f1cf0c2c-ca4b-425d-ba4e-3eb9ea73c29c","block_type":"box","text":"subject to bi-lateral variation margin. The Fund is required by","page_number":27,"box":{"x":549,"y":94,"width":389,"height":11}},{"id":"c2cd05cb-df06-48b7-a276-733e02192753","block_type":"box","text":"financial regulators to post initial margin in connection with","page_number":27,"box":{"x":549,"y":108,"width":379,"height":11}},{"id":"43d6caa5-c39d-4202-8ef9-202f0401ead4","block_type":"box","text":"trading over-the-counter swaps. These requirements may raise","page_number":27,"box":{"x":549,"y":122,"width":401,"height":11}},{"id":"8bb974c5-32b2-4b01-adcc-82e8094fff02","block_type":"box","text":"the costs for the Fund’s investment in swaps.","page_number":27,"box":{"x":549,"y":136,"width":289,"height":11}},{"id":"4ed781e3-1d63-4431-8892-1a0491a67cc8","block_type":"box","text":"Subsidiary Risk.","page_number":27,"box":{"x":548,"y":160,"width":108,"height":10}},{"id":"f3cef6f5-9499-4e62-9448-0914a7ae6038","block_type":"box","text":"By investing in the Subsidiary, the Fund is","page_number":27,"box":{"x":662,"y":160,"width":265,"height":10}},{"id":"22f37963-c22c-41ef-9303-e0a98dce61c3","block_type":"box","text":"indirectly exposed to the risks associated with the Subsidiary’s","page_number":27,"box":{"x":549,"y":174,"width":402,"height":11}},{"id":"e3a29cc8-e2b3-458d-91be-1d6fa7f10bcd","block_type":"box","text":"investments. The Subsidiary is not registered under the 1940 Act,","page_number":27,"box":{"x":549,"y":188,"width":418,"height":11}},{"id":"14b5a704-4a94-49a4-9734-a13ff974df37","block_type":"box","text":"and, unless otherwise noted in this Prospectus, is not subject to","page_number":27,"box":{"x":549,"y":202,"width":409,"height":11}},{"id":"8c853324-ab25-441b-be6b-73b26337d033","block_type":"box","text":"the investor protections of the 1940 Act. Changes in the laws of","page_number":27,"box":{"x":549,"y":216,"width":408,"height":11}},{"id":"74027ed8-fde9-4a47-8881-afb288b7d920","block_type":"box","text":"the U.S. and/or the Cayman Islands could result in the inability of","page_number":27,"box":{"x":549,"y":231,"width":420,"height":10}},{"id":"97d5787a-1af1-4d9d-98ac-516b16784cca","block_type":"box","text":"the Fund and/or the Subsidiary to operate as described in the","page_number":27,"box":{"x":549,"y":245,"width":397,"height":11}},{"id":"dbae9bb1-fee4-404c-9b95-765878639d01","block_type":"box","text":"Prospectus and the Statement of Additional Information (“SAI”),","page_number":27,"box":{"x":550,"y":259,"width":407,"height":11}},{"id":"bf87f5d5-5227-4ac0-94dc-706fbd439666","block_type":"box","text":"and could adversely affect the Fund.","page_number":27,"box":{"x":549,"y":273,"width":231,"height":11}},{"id":"1724a5bc-5c09-418f-b18c-42d469d34fee","block_type":"box","text":"Tax Risk.","page_number":27,"box":{"x":550,"y":296,"width":56,"height":9}},{"id":"c2532d8d-ace9-45a7-8922-8e1d7482decd","block_type":"box","text":"The Fund invests in commodity-linked derivatives","page_number":27,"box":{"x":612,"y":296,"width":315,"height":11}},{"id":"0d7a49be-329a-4980-b9c5-ef02fc291e8c","block_type":"box","text":"indirectly through the Subsidiary because income from these","page_number":27,"box":{"x":549,"y":310,"width":389,"height":11}},{"id":"314e6fc6-e1b7-40cb-a557-ae6f19063625","block_type":"box","text":"investments, if made directly, might not be treated as “qualifying","page_number":27,"box":{"x":549,"y":325,"width":413,"height":10}},{"id":"d4ffdc35-72e5-4b17-87e4-174bf278513d","block_type":"box","text":"income” for purposes of the Fund qualifying as a regulated","page_number":27,"box":{"x":549,"y":339,"width":373,"height":11}},{"id":"279c6081-8ac6-4c2a-bca6-7abe620db1c8","block_type":"box","text":"investment company (“RIC”) for U.S. federal income tax purposes.","page_number":27,"box":{"x":549,"y":353,"width":423,"height":11}},{"id":"b0bb5b5b-51d3-454a-b883-f7ae479ebf21","block_type":"box","text":"Based on final regulations issued by the U.S. Internal Revenue","page_number":27,"box":{"x":550,"y":367,"width":395,"height":11}},{"id":"7340d137-f21c-4c6a-9cd1-a93e0e91e0bc","block_type":"box","text":"Service (“IRS”) on which taxpayers may rely for taxable years","page_number":27,"box":{"x":549,"y":381,"width":390,"height":11}},{"id":"6ec49197-0eac-431d-9963-f39eae99d4bf","block_type":"box","text":"beginning after September 28, 2016, the Fund expects its income","page_number":27,"box":{"x":549,"y":396,"width":418,"height":10}},{"id":"10fb40ce-1dc7-4c40-b3c9-ccdca9c8f693","block_type":"box","text":"with respect to the Subsidiary to be qualifying income. In the","page_number":27,"box":{"x":549,"y":410,"width":388,"height":11}},{"id":"f56a0192-d360-441b-a023-ce29f9835105","block_type":"box","text":"future, if the IRS issues new regulations or other guidance, or","page_number":27,"box":{"x":549,"y":424,"width":392,"height":11}},{"id":"3755e6f0-feaa-45bc-bf23-6bea0bd3db56","block_type":"box","text":"Congress enacts legislation, limiting the circumstances in which","page_number":27,"box":{"x":549,"y":438,"width":409,"height":11}},{"id":"e3e3dd52-2a8b-4e1b-9497-70d52bfc7f60","block_type":"box","text":"the Fund’s income with respect to the Subsidiary will be","page_number":27,"box":{"x":549,"y":452,"width":357,"height":11}},{"id":"7a960c5c-5f57-46a4-9401-c6f59c962bc7","block_type":"box","text":"considered “qualifying income,” the Fund might be required to","page_number":27,"box":{"x":549,"y":466,"width":397,"height":11}},{"id":"56e70cd3-ab14-4db0-a304-07671d688829","block_type":"box","text":"make changes to its operations, which could reduce the Fund’s","page_number":27,"box":{"x":549,"y":481,"width":403,"height":10}},{"id":"2c6fca18-55e2-4dba-9cc7-6b4d11bdfa22","block_type":"box","text":"ability to gain investment exposure to commodities. Fund","page_number":27,"box":{"x":549,"y":495,"width":366,"height":11}},{"id":"261f114a-886d-4475-9b73-221c3ea78296","block_type":"box","text":"shareholders could also experience adverse tax consequences in","page_number":27,"box":{"x":549,"y":509,"width":415,"height":11}},{"id":"a517aa2c-11e4-41a5-a840-3755ebeaa59b","block_type":"box","text":"such circumstances.","page_number":27,"box":{"x":549,"y":523,"width":130,"height":9}},{"id":"28a1587d-2381-4223-95a0-13298d5d4518","block_type":"box","text":"Tracking Error Risk","page_number":27,"box":{"x":550,"y":546,"width":128,"height":11}},{"id":"44b4e68c-f32e-4836-9a06-e04932f8390d","block_type":"box","text":".","page_number":27,"box":{"x":678,"y":553,"width":3,"height":2}},{"id":"0b64887c-5412-40cc-879f-5b29e83e67a0","block_type":"box","text":"The Fund may be subject to “tracking error,”","page_number":27,"box":{"x":686,"y":546,"width":284,"height":11}},{"id":"3a077476-3060-4041-a75b-9b00c9d33641","block_type":"box","text":"which is the divergence of the Fund’s performance from that of","page_number":27,"box":{"x":549,"y":560,"width":404,"height":11}},{"id":"db099bea-1565-4659-8645-c213afd8c965","block_type":"box","text":"the Underlying Index. Tracking error may occur due to a number of","page_number":27,"box":{"x":549,"y":575,"width":425,"height":11}},{"id":"6b217be9-1f7f-42ae-be5d-f41f7000de59","block_type":"box","text":"factors, including differences between the securities and other","page_number":27,"box":{"x":549,"y":589,"width":401,"height":11}},{"id":"900c3cc1-5fb7-4cf4-875d-675f24f8ce1d","block_type":"box","text":"assets held in the Fund’s portfolio and those included in the","page_number":27,"box":{"x":549,"y":603,"width":381,"height":11}},{"id":"9930ed74-5773-4d2d-8158-17ed17edc9f9","block_type":"box","text":"Underlying Index; differences in the timing and methodologies","page_number":27,"box":{"x":550,"y":617,"width":396,"height":11}},{"id":"bd217938-e369-4fa4-b20b-6c69dd197acc","block_type":"box","text":"used to value securities and other assets; transaction costs and","page_number":27,"box":{"x":549,"y":631,"width":408,"height":11}},{"id":"1f447982-c045-4261-bbe1-0b237da8c9d4","block_type":"box","text":"other expenses incurred by the Fund that the Underlying Index","page_number":27,"box":{"x":549,"y":646,"width":400,"height":10}},{"id":"bf7e943b-e231-492c-9866-f2ffebd35eac","block_type":"box","text":"does not incur; the Fund’s holding of uninvested cash; differences","page_number":27,"box":{"x":549,"y":660,"width":421,"height":11}},{"id":"547673fb-f9a3-41aa-962d-1dbcbbd2467b","block_type":"box","text":"in the timing of the accrual or the valuation of dividends or","page_number":27,"box":{"x":549,"y":674,"width":374,"height":11}},{"id":"0da81024-c467-4205-8d35-4139645711bf","block_type":"box","text":"interest received by the Fund or distributions paid to Fund","page_number":27,"box":{"x":549,"y":688,"width":370,"height":11}},{"id":"cd481b22-ff62-4878-94a7-5934e42c30d5","block_type":"box","text":"shareholders; tax gains or losses; differences between the","page_number":27,"box":{"x":549,"y":702,"width":372,"height":11}},{"id":"c847f182-1fd3-4937-a656-90d3dc770efc","block_type":"box","text":"amount and/or timing of withholding taxes on dividends reflected","page_number":27,"box":{"x":549,"y":716,"width":420,"height":11}},{"id":"94992a1f-78ea-40e7-8f1a-039afd7d5ec4","block_type":"box","text":"in the Underlying Index from the Fund’s obligation, if any, for","page_number":27,"box":{"x":549,"y":731,"width":387,"height":10}},{"id":"97cab63a-89fc-49fc-bf31-df2b577473f1","block_type":"box","text":"foreign withholding taxes; the requirements for the Fund to","page_number":27,"box":{"x":549,"y":745,"width":377,"height":11}},{"id":"527da401-0759-4eb8-894e-42c6f39ccd78","block_type":"box","text":"maintain pass-through tax treatment; portfolio transactions","page_number":27,"box":{"x":549,"y":759,"width":380,"height":11}},{"id":"84a68f31-6358-4c84-a023-f87d56fbe8c1","block_type":"box","text":"carried out to minimize the distribution of capital gains to","page_number":27,"box":{"x":549,"y":773,"width":366,"height":11}},{"id":"36b1b7f1-32d0-459b-9c98-4c43875a786f","block_type":"box","text":"shareholders; the acceptance of custom baskets; changes to the","page_number":27,"box":{"x":549,"y":787,"width":414,"height":11}},{"id":"d81b32f0-9067-4713-9b6e-c9dfdddc18d4","block_type":"box","text":"Underlying Index; and impacts to the Fund of complying with","page_number":27,"box":{"x":550,"y":802,"width":386,"height":10}},{"id":"8ba2b0d2-0a4b-4e96-9374-be48811510ac","block_type":"box","text":"certain regulatory requirements or limits. 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A Fund that tracks an index with","page_number":27,"box":{"x":549,"y":844,"width":383,"height":9}},{"id":"ba8b3ed5-a844-43d0-85cc-510f20fbc667","block_type":"box","text":"S-14","page_number":27,"box":{"x":522,"y":920,"width":27,"height":9}},{"id":"3af930aa-b3c3-427c-9800-a0c77f8c8366","block_type":"box","text":"exposure to swaps, options, futures and/or other derivatives may","page_number":28,"box":{"x":83,"y":23,"width":420,"height":11}},{"id":"7d064c13-d96c-4041-b76a-77dde9b38ade","block_type":"box","text":"experience higher tracking error than ETFs that do not track such","page_number":28,"box":{"x":83,"y":37,"width":417,"height":11}},{"id":"496739d3-2066-4085-b764-bf964c586375","block_type":"box","text":"indexes.","page_number":28,"box":{"x":83,"y":52,"width":51,"height":8}},{"id":"4f45e106-312a-472c-8842-9ca8cf3fa28f","block_type":"box","text":"Valuation Risk","page_number":28,"box":{"x":84,"y":75,"width":96,"height":8}},{"id":"f2071828-1af6-4693-ac3c-877b97fdd09c","block_type":"box","text":".","page_number":28,"box":{"x":180,"y":81,"width":2,"height":2}},{"id":"44d72cc5-c53b-43bd-83c9-96ab8d5c43e6","block_type":"box","text":"The price that the Fund could receive upon the","page_number":28,"box":{"x":187,"y":75,"width":298,"height":10}},{"id":"a29310df-652a-40a9-a3b1-69f2c8152fae","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":28,"box":{"x":83,"y":89,"width":408,"height":11}},{"id":"a31fe5f3-a1fe-4daa-befc-d9f2d3d4f03c","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":28,"box":{"x":82,"y":103,"width":356,"height":11}},{"id":"a0cdf3d9-6f4a-40e5-a1f5-99c9dbde2604","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":28,"box":{"x":83,"y":117,"width":418,"height":11}},{"id":"c89aa61e-d6dd-4604-a55d-93dbd5e75208","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":28,"box":{"x":83,"y":131,"width":347,"height":11}},{"id":"e3db6043-54a2-4130-aa5b-bbf721421020","block_type":"box","text":"methodology. 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When this is the case, index","page_number":29,"box":{"x":92,"y":654,"width":828,"height":10}},{"id":"f2f3b3c5-7a32-4aa7-abb4-38578aeeb96a","block_type":"box","text":"performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":29,"box":{"x":93,"y":667,"width":560,"height":10}},{"id":"97c32aa6-008a-44af-9b6b-c12dc6b7f1aa","block_type":"box","text":"2","page_number":29,"box":{"x":93,"y":684,"width":4,"height":5}},{"id":"38537685-0e9e-44e8-96f4-a447ce4b20c6","block_type":"box","text":"The Fund now compares its performance to the S&P Global Broad Market Index (Net) as it represents the broad global equity market and will no longer","page_number":29,"box":{"x":102,"y":685,"width":858,"height":10}},{"id":"b7b5660a-1695-4b03-8231-5498e9362571","block_type":"box","text":"compare its performance to the S&P Total Market Index.","page_number":29,"box":{"x":93,"y":698,"width":319,"height":10}},{"id":"02391b52-c011-4379-95cb-42804d3d8854","block_type":"box","text":"3","page_number":29,"box":{"x":93,"y":715,"width":4,"height":5}},{"id":"fccf6ae2-8482-476f-9965-f3efb7936906","block_type":"box","text":"The S&P GSCI Dynamic Roll (USD) Total Return Index (Spliced) reflects the performance of the S&P GSCI Commodity Total Return Index through July 8,","page_number":29,"box":{"x":102,"y":716,"width":858,"height":10}},{"id":"66b42a2d-343d-4e81-9838-2ae4d0a9af5e","block_type":"box","text":"2018 (when the Fund was actively managed), the S&P GSCI Dynamic Roll Reduced Energy 70/30 Futures/Equity Blend Total Return Index from July 9,","page_number":29,"box":{"x":93,"y":729,"width":852,"height":10}},{"id":"7c5f9fa1-3eb4-42cc-92e5-bbcd3c765183","block_type":"box","text":"2018 through January 31, 2020 (when the Fund was actively managed), and the S&P GSCI Dynamic Roll (USD) Total Return Index thereafter. 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An investor may incur costs attributable to","page_number":30,"box":{"x":83,"y":280,"width":419,"height":10}},{"id":"d8b20cd5-20c3-41d1-bf3a-874100e26b21","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":30,"box":{"x":83,"y":294,"width":412,"height":11}},{"id":"f4d25d6c-aa44-4d45-8faf-9124410c84b6","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":30,"box":{"x":83,"y":308,"width":416,"height":11}},{"id":"9a575fa4-9d76-4ea7-8bad-cfd286f231ab","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":30,"box":{"x":83,"y":322,"width":400,"height":11}},{"id":"62e7ad64-f42e-42be-ac92-3674305fa9d3","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":30,"box":{"x":83,"y":336,"width":395,"height":11}},{"id":"33805031-cf43-4e00-b77a-10060b5ef82c","block_type":"box","text":"Tax Information","page_number":30,"box":{"x":548,"y":22,"width":133,"height":11}},{"id":"a9fdb071-7627-4f6b-88cd-491890c117c4","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":30,"box":{"x":549,"y":48,"width":422,"height":10}},{"id":"edcb9305-f1da-4b67-90cc-8a0e8ba71f67","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":30,"box":{"x":549,"y":62,"width":385,"height":11}},{"id":"bb9b7c0b-5df6-4008-8850-83f6558b519a","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":30,"box":{"x":549,"y":76,"width":406,"height":11}},{"id":"f3a94a1b-1acc-46f7-a2d1-7c12c0dd3fd3","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":30,"box":{"x":550,"y":90,"width":418,"height":11}},{"id":"25039fa5-ac0f-4352-9605-01d7bf02d440","block_type":"box","text":"withdrawn.","page_number":30,"box":{"x":549,"y":104,"width":69,"height":9}},{"id":"7172b520-424a-40e7-aba9-0e12cadb6684","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":30,"box":{"x":550,"y":133,"width":410,"height":14}},{"id":"357abce8-f87c-4a9b-a40b-3a53122a152f","block_type":"box","text":"Intermediaries","page_number":30,"box":{"x":550,"y":150,"width":123,"height":11}},{"id":"cfcc1597-20b1-461d-bd98-83111ad68051","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":30,"box":{"x":550,"y":175,"width":393,"height":11}},{"id":"dfb05087-854d-4142-b21f-62d9ed15c27e","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":30,"box":{"x":549,"y":189,"width":421,"height":11}},{"id":"52195bea-c477-4d80-ac8d-8e326880519c","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":30,"box":{"x":549,"y":204,"width":415,"height":10}},{"id":"a998d0b9-b4ad-4327-92e2-6d878b0614d7","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":30,"box":{"x":549,"y":218,"width":403,"height":11}},{"id":"369e6d7d-f76e-450a-a00f-21c8c7bf42cc","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":30,"box":{"x":549,"y":232,"width":403,"height":11}},{"id":"0950b542-5a86-4498-bff6-a2321923d234","block_type":"box","text":"other services related to the sale or promotion of the Fund. 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Mr. Montalvo, Mr. Mejzak, Ms. Armstrong and Mr. Peppo","page_number":30,"box":{"x":84,"y":141,"width":399,"height":11}},{"id":"cb874e0c-4a18-457f-b1b4-518ce5c91e8f","block_type":"box","text":"have been Portfolio Managers of the Fund since 2023, 2016,","page_number":30,"box":{"x":83,"y":155,"width":385,"height":11}},{"id":"c91dc558-72c9-4084-a762-8c928e9a2d41","block_type":"box","text":"2025 and 2026, respectively.","page_number":30,"box":{"x":83,"y":169,"width":186,"height":10}},{"id":"088bd9b8-680a-4de9-82f3-94bf754cfadd","block_type":"box","text":"Ticker: ISTM","page_number":31,"box":{"x":292,"y":53,"width":86,"height":10}},{"id":"37f843f1-2509-444e-a9fb-9450af0694e9","block_type":"box","text":"Stock Exchange: Nasdaq","page_number":31,"box":{"x":590,"y":53,"width":175,"height":12}},{"id":"cca9ee29-9169-454b-b15f-d47cc8981d83","block_type":"box","text":"Investment Objective","page_number":31,"box":{"x":84,"y":91,"width":181,"height":13}},{"id":"5eb1492f-8252-4c16-ba50-012cd0e412de","block_type":"box","text":"Fees and Expenses","page_number":31,"box":{"x":84,"y":174,"width":160,"height":13}},{"id":"08c8fe48-b081-4045-aeac-ad892d87102f","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. 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The Fund uses Fixed-Income Investments as","page_number":32,"box":{"x":550,"y":226,"width":379,"height":11}},{"id":"087e46a2-695e-4d71-a22c-a1a880e2ffe2","block_type":"box","text":"investments and to provide liquidity, serve as margin and/or","page_number":32,"box":{"x":549,"y":240,"width":387,"height":11}},{"id":"27f9ed54-961b-46df-9670-05b98395d391","block_type":"box","text":"collateralize the Subsidiary’s Commodity-Linked Investments","page_number":32,"box":{"x":549,"y":254,"width":390,"height":11}},{"id":"e9997e71-1c48-4b57-8ced-a8fecb65bd73","block_type":"box","text":"exposure on a day-to-day basis.","page_number":32,"box":{"x":549,"y":268,"width":202,"height":11}},{"id":"efe8d4e5-814d-4011-936c-073899edbaa7","block_type":"box","text":"The Fund gains exposure to Commodity-Linked Investments by","page_number":32,"box":{"x":549,"y":290,"width":402,"height":11}},{"id":"06d9879e-1dd1-4e04-a3df-9b166bd95d40","block_type":"box","text":"investing through a wholly owned subsidiary organized in the","page_number":32,"box":{"x":549,"y":304,"width":388,"height":11}},{"id":"3ae7c5c9-1299-4ec6-9f82-ad8fbc21d431","block_type":"box","text":"Cayman Islands (the “Subsidiary”). The Subsidiary is advised","page_number":32,"box":{"x":549,"y":318,"width":386,"height":11}},{"id":"9919b147-eb94-4262-a1d8-9d1d8e61eb36","block_type":"box","text":"by BFA and has the same investment objective as the Fund.","page_number":32,"box":{"x":549,"y":332,"width":380,"height":11}},{"id":"ef6ee2c5-6e54-41c7-a077-24afc9706f7f","block_type":"box","text":"Unlike the Fund, the Subsidiary is not an investment company","page_number":32,"box":{"x":550,"y":346,"width":395,"height":11}},{"id":"65a26d67-3f44-44bb-9864-74e908cf9866","block_type":"box","text":"registered under the Investment Company Act of 1940, as","page_number":32,"box":{"x":549,"y":360,"width":370,"height":11}},{"id":"cf202c56-c366-4c28-b2b1-838998dc33a1","block_type":"box","text":"amended (the “1940 Act”) and, unless otherwise noted in","page_number":32,"box":{"x":549,"y":374,"width":366,"height":11}},{"id":"0da07a00-4a32-4028-a074-e2ba7181e173","block_type":"box","text":"this Prospectus, is not subject to the investor protections of","page_number":32,"box":{"x":549,"y":388,"width":384,"height":11}},{"id":"68b49e8b-0815-43f7-8d7c-4cf6a0d0e91d","block_type":"box","text":"the 1940 Act. The Subsidiary will invest solely in Commodity","page_number":32,"box":{"x":549,"y":402,"width":389,"height":10}},{"id":"c049dded-9c2a-43b1-ac3b-497e0550c60c","block_type":"box","text":"Linked Investments and cash and cash equivalents.","page_number":32,"box":{"x":550,"y":416,"width":327,"height":10}},{"id":"797f2172-c1c8-4792-844b-5a363fd5b78c","block_type":"box","text":"Indexing may eliminate the chance that the Fund will substantially","page_number":32,"box":{"x":550,"y":705,"width":420,"height":11}},{"id":"ee6ec294-14eb-4196-9037-7eb8a30981db","block_type":"box","text":"outperform the Underlying Index but also may reduce some of the","page_number":32,"box":{"x":549,"y":719,"width":421,"height":11}},{"id":"1f7821b6-421f-4fb6-bac1-8325108b0188","block_type":"box","text":"risks of active management, such as poor selection of securities","page_number":32,"box":{"x":549,"y":734,"width":410,"height":11}},{"id":"963b3fd6-2827-4798-bb87-41ea5e0e63c9","block_type":"box","text":"and/or other instruments. Indexing seeks to achieve lower costs","page_number":32,"box":{"x":549,"y":748,"width":414,"height":11}},{"id":"1765d598-4455-450f-a36b-e33baecf8c73","block_type":"box","text":"and better after-tax performance by aiming to keep portfolio","page_number":32,"box":{"x":549,"y":762,"width":385,"height":11}},{"id":"1a925fe5-de23-4a63-9673-dc107dd09949","block_type":"box","text":"turnover low in comparison to actively managed investment","page_number":32,"box":{"x":549,"y":776,"width":382,"height":11}},{"id":"788ab47c-4a15-47cc-ad5b-403ea351c115","block_type":"box","text":"companies.","page_number":32,"box":{"x":549,"y":790,"width":72,"height":11}},{"id":"14549add-7a3a-4bba-9f7a-7960f3d2b852","block_type":"box","text":"Because the Fund uses a strategy of investing in the same or","page_number":32,"box":{"x":549,"y":815,"width":388,"height":11}},{"id":"df0545d9-02c8-4f3c-be56-1e4f09368896","block_type":"box","text":"similar metals futures contracts as the Underlying Index, it can be","page_number":32,"box":{"x":549,"y":829,"width":420,"height":11}},{"id":"635ea1f7-8316-404c-be4f-1991a0f91125","block_type":"box","text":"expected to have a larger tracking error than if it used a","page_number":32,"box":{"x":549,"y":844,"width":355,"height":11}},{"id":"6f8b3747-f563-47cf-aec8-1652b9e4c65d","block_type":"box","text":"replication indexing strategy. “Replication” is an indexing strategy","page_number":33,"box":{"x":83,"y":23,"width":420,"height":11}},{"id":"6e780ec1-361b-4102-a391-0b9e5df93638","block_type":"box","text":"in which a fund invests in substantially all of the components of its","page_number":33,"box":{"x":83,"y":37,"width":424,"height":11}},{"id":"697afdce-7b86-4ff9-a6dd-2a17c0104b51","block_type":"box","text":"underlying index in approximately the same proportions as in the","page_number":33,"box":{"x":83,"y":52,"width":414,"height":10}},{"id":"f6fbc704-6706-42a4-93c8-55f471c9cf4a","block_type":"box","text":"underlying index.","page_number":33,"box":{"x":83,"y":66,"width":107,"height":11}},{"id":"b10a2b10-640a-4beb-bf46-6da1a19d98fc","block_type":"box","text":"The Fund will invest at least 80% of its assets, plus the amounts of","page_number":33,"box":{"x":82,"y":88,"width":423,"height":10}},{"id":"8cd12476-a3a2-41e1-bdf8-ddb7562b93b7","block_type":"box","text":"any borrowings for investment purposes, in the same or similar","page_number":33,"box":{"x":83,"y":102,"width":403,"height":11}},{"id":"ebca1f8e-5156-4520-8f59-fdec58bd5779","block_type":"box","text":"metals futures contracts as the Underlying Index. Cash and cash","page_number":33,"box":{"x":83,"y":116,"width":412,"height":11}},{"id":"467267b3-ed1e-417d-89f8-5b5ff4756a5d","block_type":"box","text":"equivalent investments associated with a futures contract will be","page_number":33,"box":{"x":83,"y":130,"width":414,"height":11}},{"id":"f42c87e0-b7d1-4c1e-b92c-1da2f5a88356","block_type":"box","text":"treated as part of that position for purposes of calculating the","page_number":33,"box":{"x":83,"y":144,"width":394,"height":11}},{"id":"f729bfe3-ef4d-4589-afed-5eff5a6b607d","block_type":"box","text":"percentage of investments included in the same or similar metals","page_number":33,"box":{"x":83,"y":158,"width":417,"height":11}},{"id":"bd6da3ba-53cc-46cf-ab45-d83f8f8c79a9","block_type":"box","text":"futures contracts as the Underlying Index.","page_number":33,"box":{"x":82,"y":173,"width":268,"height":11}},{"id":"a6d73ccc-b20f-4359-9baf-c60ac063409d","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) has","page_number":33,"box":{"x":82,"y":195,"width":372,"height":10}},{"id":"958255cf-9b39-44b7-b7d7-dae77bac3965","block_type":"box","text":"adopted certain requirements that subject registered investment","page_number":33,"box":{"x":83,"y":209,"width":415,"height":11}},{"id":"14d4a34d-8995-428a-9d66-9e98df43fdc2","block_type":"box","text":"companies and their advisers to regulation by the CFTC if a","page_number":33,"box":{"x":83,"y":223,"width":376,"height":11}},{"id":"c649660c-7653-4664-9aff-258fa4408c7f","block_type":"box","text":"registered investment company invests more than a prescribed","page_number":33,"box":{"x":83,"y":237,"width":404,"height":11}},{"id":"4e017621-95a7-41cf-912c-74eb885e8fb0","block_type":"box","text":"level of its net asset value in CFTC-regulated futures, options and","page_number":33,"box":{"x":83,"y":251,"width":416,"height":11}},{"id":"3a3e2d49-8d7e-408d-8f56-c25898cd1f8c","block_type":"box","text":"swaps, or if a registered investment company markets itself as","page_number":33,"box":{"x":83,"y":265,"width":400,"height":11}},{"id":"3af94730-2178-4851-8364-2f5345a08fc0","block_type":"box","text":"providing investment exposure to such instruments. Due to the","page_number":33,"box":{"x":83,"y":280,"width":403,"height":11}},{"id":"03542f5e-a54f-4fc0-909e-3b9a5b4757f4","block_type":"box","text":"Fund’s potential use of such instruments above the prescribed","page_number":33,"box":{"x":84,"y":294,"width":397,"height":11}},{"id":"de24b8c8-7572-4b92-9813-2c837ad54b5e","block_type":"box","text":"levels, it is considered a “commodity pool” under the Commodity","page_number":33,"box":{"x":83,"y":308,"width":415,"height":11}},{"id":"2e2cfb5a-7c8a-41ec-aebd-81dc08f671e2","block_type":"box","text":"Exchange Act (“CEA”). The Subsidiary is also deemed a","page_number":33,"box":{"x":84,"y":322,"width":348,"height":11}},{"id":"83fd42e0-d06e-4c89-862e-cc3da7017f69","block_type":"box","text":"commodity pool. BFA is considered a commodity pool operator","page_number":33,"box":{"x":83,"y":336,"width":402,"height":11}},{"id":"e029f1fb-bb09-4c7d-b2df-473854131077","block_type":"box","text":"(“CPO”) with respect to the Fund and the Subsidiary and is","page_number":33,"box":{"x":83,"y":351,"width":374,"height":10}},{"id":"851befd1-b3a3-474e-b21d-e6b826f5aa63","block_type":"box","text":"subject to regulation by the CFTC and the National Futures","page_number":33,"box":{"x":83,"y":365,"width":375,"height":11}},{"id":"f6df46e3-7ac4-4634-8d5d-37c2c7986bf5","block_type":"box","text":"Association (“NFA”).","page_number":33,"box":{"x":82,"y":379,"width":128,"height":11}},{"id":"9d16a393-6331-41de-afcd-0c1bdfb6742e","block_type":"box","text":"The Underlying Index is sponsored by IDI, which is independent of","page_number":33,"box":{"x":82,"y":402,"width":422,"height":11}},{"id":"97d19bb2-0ab8-494c-9cff-276e2433df49","block_type":"box","text":"the Fund and BFA. 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For","page_number":33,"box":{"x":83,"y":523,"width":377,"height":11}},{"id":"8ea19fb7-9386-4882-aa35-4076c4dea550","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":33,"box":{"x":83,"y":537,"width":389,"height":11}},{"id":"10704d0e-2a41-486a-ba27-b6cc406c448a","block_type":"box","text":"(including its agencies and instrumentalities) and repurchase","page_number":33,"box":{"x":83,"y":552,"width":389,"height":10}},{"id":"77b2223c-7da0-494d-a4f8-2b25c7c83aa5","block_type":"box","text":"agreements collateralized by U.S. government securities are not","page_number":33,"box":{"x":83,"y":566,"width":410,"height":11}},{"id":"0a686b85-2018-4dcb-8f8c-6ba66e29e993","block_type":"box","text":"considered to be issued by members of any industry.","page_number":33,"box":{"x":83,"y":580,"width":337,"height":11}},{"id":"2d552492-c843-47d0-a13c-98b15c7b571b","block_type":"box","text":"Summary of Principal Risks","page_number":33,"box":{"x":83,"y":609,"width":235,"height":13}},{"id":"3f37d4e1-6ff1-41ab-9268-83c1914493a9","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":33,"box":{"x":82,"y":634,"width":363,"height":11}},{"id":"d896b0ca-9e4a-46b6-82d6-47af8b547b5d","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":33,"box":{"x":83,"y":648,"width":402,"height":11}},{"id":"6f295407-7e11-4067-bd48-33767441874e","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":33,"box":{"x":83,"y":663,"width":396,"height":10}},{"id":"00ac4421-31e3-4b5f-9eed-4e1a80204198","block_type":"box","text":"including the principal risks noted below (either directly or","page_number":33,"box":{"x":83,"y":677,"width":373,"height":11}},{"id":"fc38326a-e87f-471c-bfd4-5c630fa5a98a","block_type":"box","text":"through its investments in the Subsidiary) any of which may","page_number":33,"box":{"x":83,"y":691,"width":381,"height":11}},{"id":"3d073eca-d79c-43ac-8250-6bf4e41a230d","block_type":"box","text":"adversely affect the Fund’s NAV, trading price, yield, total return","page_number":33,"box":{"x":83,"y":705,"width":409,"height":11}},{"id":"ba47f906-5a6b-41a9-81ea-270feca4040d","block_type":"box","text":"and ability to meet its investment objective. Certain key risks are","page_number":33,"box":{"x":83,"y":719,"width":415,"height":11}},{"id":"96fbe7b1-16c9-4a74-8791-b39a3fe0f7d2","block_type":"box","text":"prioritized below (with others following in alphabetical order), but","page_number":33,"box":{"x":83,"y":734,"width":416,"height":11}},{"id":"28676c97-e1ae-4561-996f-23a148b87908","block_type":"box","text":"the relative significance of any risk is difficult to predict and may","page_number":33,"box":{"x":82,"y":748,"width":413,"height":11}},{"id":"e3d2cc3e-c4e0-4597-98f8-97bebb62859b","block_type":"box","text":"change over time. You should review each risk factor carefully.","page_number":33,"box":{"x":83,"y":763,"width":398,"height":11}},{"id":"fe8e11e5-be00-47b7-81f7-4b6eb62e173d","block_type":"box","text":"Re-Industrialization Metals Risk.","page_number":33,"box":{"x":82,"y":786,"width":218,"height":8}},{"id":"c60c079f-de43-4489-ad1d-723af78d3c81","block_type":"box","text":"Futures Contract Risk.","page_number":33,"box":{"x":549,"y":282,"width":150,"height":8}},{"id":"94117a1a-a9be-4f7e-b51e-456325e48ae9","block_type":"box","text":"Futures contracts may involve risks","page_number":33,"box":{"x":706,"y":282,"width":225,"height":11}},{"id":"d625aeb1-acb2-41fc-95b8-82f33693f1be","block_type":"box","text":"different from, and possibly greater than, the risks associated with","page_number":33,"box":{"x":549,"y":296,"width":424,"height":11}},{"id":"42e4325f-0953-45c3-983a-56969f80a821","block_type":"box","text":"investing directly in the underlying assets. Swaps or other","page_number":33,"box":{"x":549,"y":310,"width":369,"height":11}},{"id":"fde62ae5-b7c0-4824-a1c5-5d5aad59db1b","block_type":"box","text":"derivatives on futures contracts also may be adversely impacted","page_number":33,"box":{"x":549,"y":324,"width":411,"height":11}},{"id":"70c43934-6f12-41d1-9a77-21318a862d87","block_type":"box","text":"by these risks. 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In certain market conditions, the sale price of a","page_number":33,"box":{"x":549,"y":574,"width":406,"height":11}},{"id":"43fe9890-3c54-4a75-b93f-ca8c8b0bb468","block_type":"box","text":"near-term month contract can be lower than the purchase price of","page_number":33,"box":{"x":549,"y":589,"width":424,"height":10}},{"id":"8d9c40c2-728b-4a16-82ba-979d30d347e6","block_type":"box","text":"a longer-term contract, resulting in a cost to “roll” the futures","page_number":33,"box":{"x":549,"y":603,"width":392,"height":11}},{"id":"26afddeb-7e6d-467a-91c6-f64a0d13c59c","block_type":"box","text":"contract.","page_number":33,"box":{"x":549,"y":618,"width":56,"height":7}},{"id":"265e4c6b-c9f1-4991-8d6e-62cb1616817f","block_type":"box","text":"Commodity-Linked Derivatives Risk.","page_number":33,"box":{"x":549,"y":640,"width":244,"height":11}},{"id":"dc560e20-da6c-4860-aedc-4ee99453c9c4","block_type":"box","text":"The value of a commodity","page_number":33,"box":{"x":798,"y":640,"width":169,"height":11}},{"id":"f5fb9dec-11c2-4bce-91f7-055c8ebdfb5b","block_type":"box","text":"linked derivative instrument typically is based upon the price","page_number":33,"box":{"x":549,"y":654,"width":387,"height":11}},{"id":"26614532-2599-4ab6-997f-1b07432a00a3","block_type":"box","text":"movements of the underlying commodity or an economic variable","page_number":33,"box":{"x":549,"y":668,"width":419,"height":11}},{"id":"0ea501f0-6226-4415-80cd-97fc2db8d1d0","block_type":"box","text":"linked to such price movements. 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Investments","page_number":33,"box":{"x":549,"y":23,"width":390,"height":11}},{"id":"cfbb718f-fe6e-4ac7-a904-a084916c4a35","block_type":"box","text":"in re-industrialization metals may be speculative and subject","page_number":33,"box":{"x":549,"y":37,"width":387,"height":11}},{"id":"6ed44704-deec-46de-9614-62509a5f529f","block_type":"box","text":"to greater price volatility than investments in other types of","page_number":33,"box":{"x":549,"y":51,"width":380,"height":11}},{"id":"44c566c2-54ee-4633-a0df-e0d14c938098","block_type":"box","text":"assets. The market value of re-industrialization metals may","page_number":33,"box":{"x":549,"y":65,"width":376,"height":11}},{"id":"52f4c943-e4ed-4425-a26b-63f26acb1a45","block_type":"box","text":"be significantly affected for many reasons, including, among","page_number":33,"box":{"x":549,"y":79,"width":384,"height":11}},{"id":"5438fa03-ceaa-4a24-89c5-05c84ff606c0","block_type":"box","text":"others, obsolescence of existing technology, changes in energy","page_number":33,"box":{"x":549,"y":93,"width":405,"height":11}},{"id":"7def2530-c67a-40ae-8650-4c3b9153764c","block_type":"box","text":"prices, worldwide metal prices and extraction and production","page_number":33,"box":{"x":549,"y":107,"width":391,"height":10}},{"id":"032cf70d-ea5b-485c-9242-045ff3a78178","block_type":"box","text":"costs, global political changes, terrorism, war, natural disasters","page_number":33,"box":{"x":549,"y":121,"width":404,"height":10}},{"id":"d526814a-aab7-4f65-b48f-78f0408e43c2","block_type":"box","text":"and other catastrophes, government regulations and subsidies,","page_number":33,"box":{"x":549,"y":135,"width":403,"height":10}},{"id":"c0134d31-4dad-479a-b354-397343c60b5b","block_type":"box","text":"supply chains, and taxation policies. Worldwide metal prices","page_number":33,"box":{"x":549,"y":149,"width":384,"height":10}},{"id":"c0366b29-bf80-4bcc-8be5-641512a468ad","block_type":"box","text":"may fluctuate substantially over short periods of time, and as a","page_number":33,"box":{"x":549,"y":162,"width":402,"height":11}},{"id":"32510172-27c1-4f12-b990-30b7b62ea889","block_type":"box","text":"result, the Fund’s share price may be more volatile than other","page_number":33,"box":{"x":549,"y":176,"width":394,"height":11}},{"id":"35106c74-4636-401d-a992-1cb2c25d96d9","block_type":"box","text":"types of investments. Such risks may be heightened to the extent","page_number":33,"box":{"x":549,"y":190,"width":419,"height":11}},{"id":"39452e49-9388-4547-81ab-9316959ef709","block_type":"box","text":"the Fund’s Commodity-Linked Investments provide exposure to","page_number":33,"box":{"x":549,"y":204,"width":405,"height":11}},{"id":"6febfad7-7afc-4c64-bdd1-0c5e459ee47e","block_type":"box","text":"emerging markets. 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Commodity-linked derivatives are subject to the risk","page_number":33,"box":{"x":549,"y":740,"width":399,"height":11}},{"id":"3f0ffeef-f98a-443f-abcf-cc81fa05dd5e","block_type":"box","text":"that the counterparty to the transaction, the exchange or trading","page_number":33,"box":{"x":549,"y":754,"width":414,"height":11}},{"id":"3e4fe327-2b4d-46c0-9474-1558e2fbdf25","block_type":"box","text":"facility on which they trade or the applicable clearing house may","page_number":33,"box":{"x":549,"y":769,"width":411,"height":10}},{"id":"e1d9a5dd-a4cf-444a-80d9-55f16d4334b2","block_type":"box","text":"default or otherwise fail to perform. The Fund’s use of commodity","page_number":33,"box":{"x":549,"y":783,"width":424,"height":11}},{"id":"3435f6e6-39c5-4e68-aecf-46d5b2443645","block_type":"box","text":"linked derivatives may also have a leveraging effect on the Fund’s","page_number":33,"box":{"x":549,"y":797,"width":418,"height":11}},{"id":"4dc4dafd-fbe0-405f-9c3f-0550d0209bb0","block_type":"box","text":"portfolio because of the leverage inherent in the use of","page_number":33,"box":{"x":549,"y":811,"width":351,"height":11}},{"id":"5218ab84-53b6-4033-85a1-929d512259dc","block_type":"box","text":"derivatives. Leverage generally magnifies the effect of a change in","page_number":33,"box":{"x":549,"y":825,"width":421,"height":11}},{"id":"01838b11-7aeb-4d91-b2dc-b06c756b9743","block_type":"box","text":"the value of an asset and creates a risk of loss of value on a larger","page_number":33,"box":{"x":549,"y":839,"width":422,"height":11}},{"id":"2395abe0-e559-4173-8c16-91328b5770eb","block_type":"box","text":"pool of assets than the Fund would otherwise have had. The Fund","page_number":34,"box":{"x":83,"y":23,"width":418,"height":11}},{"id":"a095b03a-bb8e-4ef7-8d15-3233f1f6587b","block_type":"box","text":"is required to post margin with respect to its holdings in","page_number":34,"box":{"x":83,"y":37,"width":356,"height":11}},{"id":"efe59e54-7a62-46ad-ae94-2acd6122f06e","block_type":"box","text":"derivatives. 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Errors in index data, index computations or the","page_number":34,"box":{"x":83,"y":325,"width":366,"height":11}},{"id":"a70c5296-3916-4704-bc90-2a06f65eb6bd","block_type":"box","text":"construction of the Underlying Index in accordance with its","page_number":34,"box":{"x":83,"y":339,"width":377,"height":11}},{"id":"b2f27550-d83f-40cf-a867-9ad35744e6d2","block_type":"box","text":"methodology may occur, and the Index Provider may not identify","page_number":34,"box":{"x":83,"y":353,"width":413,"height":11}},{"id":"25646d7e-db82-4020-9f31-8af98b5a4ef2","block_type":"box","text":"or correct them promptly or at all, which may have an adverse","page_number":34,"box":{"x":83,"y":367,"width":396,"height":11}},{"id":"fad4b33f-c375-4a75-b408-561b1c9385e3","block_type":"box","text":"impact on the Fund and its shareholders. 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There can be no assurance that","page_number":34,"box":{"x":83,"y":612,"width":417,"height":9}},{"id":"60daefb1-7f9b-4141-a848-4ef6f1b959e3","block_type":"box","text":"any such entity would not redeem its investment or that the size","page_number":34,"box":{"x":83,"y":626,"width":410,"height":11}},{"id":"a8679ea0-5592-48c4-a0b9-601c3c0e2729","block_type":"box","text":"of the Fund would be maintained at such levels, which could","page_number":34,"box":{"x":83,"y":641,"width":383,"height":10}},{"id":"bede2664-33a3-426b-82fd-1ff8ce33b08d","block_type":"box","text":"negatively impact the Fund.","page_number":34,"box":{"x":83,"y":655,"width":175,"height":11}},{"id":"663e561c-db2a-4a4e-bf3f-7b08e52a9854","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":34,"box":{"x":81,"y":678,"width":290,"height":11}},{"id":"777456a6-4430-4c43-975e-0128432b7782","block_type":"box","text":"An “Authorized","page_number":34,"box":{"x":381,"y":678,"width":93,"height":8}},{"id":"a1bc6841-410f-4d20-adcb-c4380d0989b6","block_type":"box","text":"Participant” is a member or participant of a clearing agency","page_number":34,"box":{"x":84,"y":692,"width":379,"height":11}},{"id":"f38c2760-c555-4a7a-b807-1de2b753951a","block_type":"box","text":"registered with the SEC, which has a written agreement with the","page_number":34,"box":{"x":83,"y":706,"width":411,"height":11}},{"id":"c5a52744-dca0-4294-a0b0-1375d9cd04dd","block_type":"box","text":"Fund or one of its service providers that allows the Authorized","page_number":34,"box":{"x":84,"y":720,"width":395,"height":11}},{"id":"e643b04a-6c65-4aec-9b97-72350f40d62d","block_type":"box","text":"Participant to place orders for the purchase and redemption of","page_number":34,"box":{"x":84,"y":735,"width":399,"height":10}},{"id":"0aecbeae-812c-45f0-98a6-2499f9337ff4","block_type":"box","text":"creation units (“Creation Units”). Only an Authorized Participant","page_number":34,"box":{"x":83,"y":749,"width":407,"height":11}},{"id":"ab276191-32c4-45d9-b468-fa5edd84cc01","block_type":"box","text":"may engage in creation or redemption transactions directly with","page_number":34,"box":{"x":83,"y":764,"width":409,"height":10}},{"id":"ff46fe74-9c82-4d5f-826f-93e6f9865ea0","block_type":"box","text":"the Fund. There are a limited number of institutions that may act","page_number":34,"box":{"x":83,"y":778,"width":412,"height":11}},{"id":"9ce85652-3145-47aa-80a8-7432c375b504","block_type":"box","text":"as Authorized Participants for the Fund, including on an agency","page_number":34,"box":{"x":83,"y":792,"width":403,"height":11}},{"id":"92d455a7-2f5c-4254-8674-045ad9762058","block_type":"box","text":"basis on behalf of other market participants. No Authorized","page_number":34,"box":{"x":83,"y":806,"width":378,"height":11}},{"id":"aa532911-8a41-48a6-97ee-a1da3e5a8b38","block_type":"box","text":"Participant is obligated to engage in creation or redemption","page_number":34,"box":{"x":84,"y":820,"width":379,"height":11}},{"id":"19abc400-7f1f-429c-a9b2-623831c047a9","block_type":"box","text":"transactions. 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Further, the Fund may face increased","page_number":34,"box":{"x":549,"y":117,"width":389,"height":11}},{"id":"dd9a59c2-3ac2-40bb-973a-c53db6510c86","block_type":"box","text":"credit risk with respect to the bank or other counterparty holding","page_number":34,"box":{"x":549,"y":131,"width":416,"height":11}},{"id":"ab22cafd-645a-492d-8b89-d51bc7a743f0","block_type":"box","text":"such assets and the risk that the counterparty may be unable or","page_number":34,"box":{"x":549,"y":145,"width":409,"height":11}},{"id":"717ec663-3cf9-45e0-bdd6-12c0893c4624","block_type":"box","text":"unwilling (or perceived as such) to honor its obligations.","page_number":34,"box":{"x":549,"y":160,"width":356,"height":10}},{"id":"5984bb27-6a56-47a7-abf2-b962edb8fbe2","block_type":"box","text":"Cash Transactions Risk","page_number":34,"box":{"x":549,"y":183,"width":157,"height":8}},{"id":"5af82c90-2b3a-40ee-83a4-098dc12acd5d","block_type":"box","text":".","page_number":34,"box":{"x":706,"y":189,"width":3,"height":2}},{"id":"752e83c5-58f1-4444-a2dc-01540c0f129a","block_type":"box","text":"The Fund’s creation and redemption","page_number":34,"box":{"x":714,"y":183,"width":230,"height":11}},{"id":"6258b513-fab2-466d-af00-f9dbad590075","block_type":"box","text":"transactions generally are expected to be effected in cash, rather","page_number":34,"box":{"x":549,"y":197,"width":418,"height":11}},{"id":"22b88859-b8e5-464b-bbc2-1283ed4ef47b","block_type":"box","text":"than as in-kind transactions in which portfolio securities or other","page_number":34,"box":{"x":549,"y":211,"width":414,"height":11}},{"id":"399c0847-656c-4fa0-baae-7a231a3dfd61","block_type":"box","text":"investments are delivered. As a result, the Fund may have to sell","page_number":34,"box":{"x":549,"y":225,"width":411,"height":11}},{"id":"bb72f15c-6a3a-48bb-a03c-f8bc992b090d","block_type":"box","text":"investments at inopportune times in order to obtain the cash","page_number":34,"box":{"x":549,"y":240,"width":388,"height":10}},{"id":"107dfc67-8ec2-429c-a522-790ae631bb24","block_type":"box","text":"needed to meet redemption orders. Such sales may cause the","page_number":34,"box":{"x":549,"y":254,"width":397,"height":11}},{"id":"a37564ac-a170-44ae-a48d-4451c659bb67","block_type":"box","text":"Fund to recognize capital gains or losses that might not have been","page_number":34,"box":{"x":550,"y":268,"width":422,"height":11}},{"id":"ec92b143-d00e-4c0f-abd6-62885ab89351","block_type":"box","text":"incurred if the redemption had been transacted in-kind. This may","page_number":34,"box":{"x":549,"y":282,"width":415,"height":11}},{"id":"e5145b79-d7cf-46d5-b4c9-b1248c04abc1","block_type":"box","text":"decrease the tax efficiency of the Fund compared with that of","page_number":34,"box":{"x":549,"y":296,"width":394,"height":11}},{"id":"4af8e198-ecef-451d-a6ff-ed5192f17ff2","block_type":"box","text":"ETFs that use in-kind redemptions. The use of cash creations and","page_number":34,"box":{"x":550,"y":310,"width":415,"height":11}},{"id":"6bd7514c-a90d-4723-8b10-419e947ca5be","block_type":"box","text":"redemptions also may cause the Fund’s shares to trade in the","page_number":34,"box":{"x":549,"y":325,"width":394,"height":10}},{"id":"1346f412-5793-4d80-a133-0444da468e7f","block_type":"box","text":"market at wider bid-ask spreads or greater premiums or discounts","page_number":34,"box":{"x":549,"y":339,"width":424,"height":11}},{"id":"3f5cbc8b-adfc-4c56-95e8-01610b432f8f","block_type":"box","text":"to the Fund’s NAV.","page_number":34,"box":{"x":549,"y":353,"width":116,"height":8}},{"id":"12b44750-6184-4b49-915e-d790809d2caf","block_type":"box","text":"Commodity Risk.","page_number":34,"box":{"x":549,"y":376,"width":114,"height":11}},{"id":"644e8850-a038-4bfe-905a-de9f35078300","block_type":"box","text":"The Fund invests in instruments that are","page_number":34,"box":{"x":668,"y":376,"width":257,"height":9}},{"id":"0ea5c2a0-b47a-4b07-ac7c-228f28f7f767","block_type":"box","text":"susceptible to fluctuations in certain commodity markets and to","page_number":34,"box":{"x":549,"y":390,"width":409,"height":11}},{"id":"71cd8f17-37a5-4171-a6bd-66045919d16e","block_type":"box","text":"price changes due to trade relations, including the imposition of","page_number":34,"box":{"x":549,"y":404,"width":408,"height":11}},{"id":"389dcb31-7005-40ff-bad9-32be5700df1e","block_type":"box","text":"tariffs by the U.S. and other importing countries. Any negative","page_number":34,"box":{"x":549,"y":419,"width":396,"height":11}},{"id":"d2fd4071-bb5c-4b7b-ac4f-7d13dca0524f","block_type":"box","text":"changes in commodity markets that may be due to changes in","page_number":34,"box":{"x":549,"y":433,"width":396,"height":11}},{"id":"c156bedb-d9a0-49a8-b767-4a3bbe616990","block_type":"box","text":"supply and demand for commodities, market events, war,","page_number":34,"box":{"x":549,"y":447,"width":367,"height":11}},{"id":"48628646-7672-4fcc-952d-de4c6c6aa83b","block_type":"box","text":"regulatory developments, political instability, other catastrophic","page_number":34,"box":{"x":549,"y":461,"width":408,"height":11}},{"id":"95edf153-ac2a-43de-86f6-35d023b5341b","block_type":"box","text":"events, or other factors that the Fund cannot control could have","page_number":34,"box":{"x":549,"y":475,"width":409,"height":11}},{"id":"d240eefd-ad7d-4abd-83af-c71335005db4","block_type":"box","text":"an adverse impact on Commodity-Linked Investments in which","page_number":34,"box":{"x":549,"y":490,"width":400,"height":10}},{"id":"017435e2-884b-4646-af79-cf8415159c64","block_type":"box","text":"the Fund invests.","page_number":34,"box":{"x":549,"y":504,"width":108,"height":8}},{"id":"501b54e9-4954-4f28-ae13-81af7b4cd2c6","block_type":"box","text":"Concentration Risk.","page_number":34,"box":{"x":549,"y":527,"width":132,"height":8}},{"id":"77a5e57a-63de-4314-872a-4364ef384e02","block_type":"box","text":"The Fund may be susceptible to an","page_number":34,"box":{"x":687,"y":527,"width":221,"height":11}},{"id":"a68b140e-0e55-4f26-a758-1994bb183188","block_type":"box","text":"increased risk of loss, including losses due to adverse events that","page_number":34,"box":{"x":549,"y":541,"width":419,"height":11}},{"id":"a6916ce6-ac1c-497d-a6fb-ee5464b13ef6","block_type":"box","text":"affect the Fund’s investments more than the market as a whole,","page_number":34,"box":{"x":549,"y":555,"width":408,"height":10}},{"id":"d09db4c9-2b29-40ce-9eb4-3bc34e3b8353","block_type":"box","text":"to the extent that the Fund’s investments are concentrated in the","page_number":34,"box":{"x":549,"y":569,"width":418,"height":9}},{"id":"bebcc332-533c-491a-a252-42a39ac5d10b","block_type":"box","text":"securities or other assets of one or more issuers, countries or","page_number":34,"box":{"x":549,"y":584,"width":395,"height":10}},{"id":"651c18d8-bb4c-4623-92ab-d7c61654fad2","block_type":"box","text":"other geographic units, markets, industries, project types, or","page_number":34,"box":{"x":549,"y":598,"width":388,"height":11}},{"id":"65a6cc79-82cc-4120-92c1-7bb573864393","block_type":"box","text":"asset classes.","page_number":34,"box":{"x":549,"y":612,"width":88,"height":8}},{"id":"7eef879c-30cd-444a-8f9e-3052f1dd61b2","block_type":"box","text":"Counterparty Risk.","page_number":34,"box":{"x":549,"y":635,"width":125,"height":11}},{"id":"8cd3dee3-63b4-4c0f-8a2b-d811cf024373","block_type":"box","text":"Certain commodity-linked derivative","page_number":34,"box":{"x":681,"y":635,"width":230,"height":11}},{"id":"0e712857-4172-4ed1-a7bc-bf8278fd89f8","block_type":"box","text":"instruments, uncleared swaps and other forms of financial","page_number":34,"box":{"x":549,"y":649,"width":371,"height":11}},{"id":"0e9e358c-1936-4658-ab67-171a2b6a6486","block_type":"box","text":"instruments that involve counterparties subject the Fund to the","page_number":34,"box":{"x":549,"y":664,"width":405,"height":10}},{"id":"97a7a26a-90c1-4490-8d6c-28b201c9e84a","block_type":"box","text":"risk that the counterparty could default on its obligations under","page_number":34,"box":{"x":549,"y":678,"width":405,"height":11}},{"id":"6c015b49-0c36-4d58-adb2-68c773d2fbff","block_type":"box","text":"the agreement, either through the counterparty’s bankruptcy or","page_number":34,"box":{"x":549,"y":692,"width":407,"height":11}},{"id":"59dc3a5b-204c-4786-a859-0a142e254c39","block_type":"box","text":"failure to perform its obligations. In the event of a counterparty","page_number":34,"box":{"x":549,"y":706,"width":404,"height":11}},{"id":"4b31fa26-3afb-4b57-9bca-85654dbddd23","block_type":"box","text":"default, the Fund could experience lengthy delays in recovering","page_number":34,"box":{"x":549,"y":720,"width":404,"height":11}},{"id":"61d5e0cb-ba03-4d42-9cff-2880df24903f","block_type":"box","text":"some or all of its assets or obtain no recovery at all and, if the","page_number":34,"box":{"x":549,"y":734,"width":395,"height":11}},{"id":"8c5d3756-c10e-4e29-90ba-90f05ed1d6bd","block_type":"box","text":"counterparty is subject to specified types of resolution","page_number":34,"box":{"x":549,"y":749,"width":348,"height":10}},{"id":"cd0335da-9d17-4792-86b6-ea565db88396","block_type":"box","text":"S-21","page_number":34,"box":{"x":522,"y":920,"width":26,"height":9}},{"id":"99dcedb1-98f8-42fe-b0e5-72ea0a23d94e","block_type":"box","text":"proceedings, the Fund may be subject to stays that limit its ability","page_number":34,"box":{"x":549,"y":763,"width":421,"height":11}},{"id":"b90e30b0-3c8c-4a6a-ad83-c65433ea5317","block_type":"box","text":"to close out positions and limit risk. The Fund’s investments in the","page_number":34,"box":{"x":549,"y":778,"width":422,"height":10}},{"id":"cf432d8e-2cb5-4e13-93a5-81718271f927","block_type":"box","text":"futures markets also introduce the risk that its futures","page_number":34,"box":{"x":549,"y":792,"width":346,"height":8}},{"id":"d28a8b96-ef4d-494e-b43f-42d8479ce365","block_type":"box","text":"commission merchant (“FCM”) could default on an obligation set","page_number":34,"box":{"x":549,"y":806,"width":414,"height":11}},{"id":"b4f73665-d8db-49b5-a17d-c14732cb4bd7","block_type":"box","text":"forth in an agreement between the Fund and the FCM, including","page_number":34,"box":{"x":549,"y":820,"width":408,"height":11}},{"id":"a3665bed-ff7e-4351-af06-b4c2b1db1de1","block_type":"box","text":"the FCM’s obligation to return margin posted in connection with","page_number":34,"box":{"x":549,"y":834,"width":408,"height":11}},{"id":"0cf4f3f7-1b8f-42db-8463-bffe761b5bfa","block_type":"box","text":"the Fund’s futures contracts.","page_number":34,"box":{"x":549,"y":849,"width":184,"height":8}},{"id":"f1d69b6b-4088-4c23-b006-6a8a1059dd59","block_type":"box","text":"Credit Risk","page_number":35,"box":{"x":83,"y":23,"width":75,"height":9}},{"id":"eb5a366a-aedd-4433-be55-d28556e178fe","block_type":"box","text":".","page_number":35,"box":{"x":158,"y":30,"width":2,"height":2}},{"id":"ba1e4371-7c36-45b3-8936-00f1b8b4230b","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or","page_number":35,"box":{"x":166,"y":23,"width":311,"height":11}},{"id":"20988aba-bc14-4879-a021-c03d0c63b25a","block_type":"box","text":"liquidity provider of a fixed-income security may be unable or","page_number":35,"box":{"x":83,"y":37,"width":391,"height":11}},{"id":"3e8c25a7-d582-46c9-a7cd-84221f316687","block_type":"box","text":"unwilling, or may be perceived as unable or unwilling, to make","page_number":35,"box":{"x":83,"y":52,"width":395,"height":10}},{"id":"1f1bd98a-7676-4b61-a88a-b7124e20463f","block_type":"box","text":"timely principal and/or interest payments or to otherwise honor","page_number":35,"box":{"x":83,"y":66,"width":410,"height":11}},{"id":"c78f148e-d751-4870-ae9d-0b360264c79d","block_type":"box","text":"its obligations. 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An actual or","page_number":35,"box":{"x":83,"y":108,"width":395,"height":11}},{"id":"c161f18f-12fc-467d-bcb4-5378b260fb49","block_type":"box","text":"perceived decline in an issuer’s creditworthiness may result in a","page_number":35,"box":{"x":83,"y":122,"width":408,"height":11}},{"id":"e8c7cac9-f618-4e80-bf99-785fc1b99e52","block_type":"box","text":"decrease in the value and liquidity of its securities as well as","page_number":35,"box":{"x":83,"y":137,"width":385,"height":10}},{"id":"e41c57b5-13eb-4641-b949-60e41e1ef31d","block_type":"box","text":"greater price volatility, which may make it difficult to sell the","page_number":35,"box":{"x":83,"y":151,"width":385,"height":11}},{"id":"414d4e15-c608-4aab-9118-563a32cda27d","block_type":"box","text":"securities. The Fund may be adversely affected if an investment","page_number":35,"box":{"x":83,"y":165,"width":406,"height":11}},{"id":"fbeb63ad-78d4-4cb2-8207-653968e0233d","block_type":"box","text":"that it holds experiences a downgrade or a default.","page_number":35,"box":{"x":83,"y":179,"width":324,"height":11}},{"id":"0a47c272-bb99-4449-b570-14e1924681f8","block_type":"box","text":"Currency Risk","page_number":35,"box":{"x":83,"y":202,"width":96,"height":11}},{"id":"699e3f60-4adf-4a28-99bc-47484ac7c3fe","block_type":"box","text":".","page_number":35,"box":{"x":179,"y":209,"width":2,"height":2}},{"id":"e5f9d85b-6ca1-4d35-a570-98dd8e871d48","block_type":"box","text":"Because the Fund’s NAV is determined in U.S.","page_number":35,"box":{"x":187,"y":202,"width":292,"height":9}},{"id":"cf061117-5cc4-4da5-b858-63c4385780f9","block_type":"box","text":"dollars, the NAV could decline if the currency of the non-U.S.","page_number":35,"box":{"x":83,"y":217,"width":388,"height":10}},{"id":"986d45ed-4b3b-41f5-b9de-2f0a789a0ac9","block_type":"box","text":"market in which the Fund invests depreciates against the U.S.","page_number":35,"box":{"x":83,"y":231,"width":395,"height":11}},{"id":"50f1568b-1142-4115-a578-9aab3010d8bd","block_type":"box","text":"dollar or if there are delays or limits on the repatriation of foreign","page_number":35,"box":{"x":83,"y":245,"width":415,"height":11}},{"id":"ae3b90b1-d4e7-45df-b775-909c7bc58f89","block_type":"box","text":"currency. Currency exchange rates can be very volatile and can","page_number":35,"box":{"x":83,"y":259,"width":404,"height":11}},{"id":"ef453ac4-8c29-49e2-beda-dae4186c5354","block_type":"box","text":"change quickly and unpredictably. As a result, the Fund’s NAV","page_number":35,"box":{"x":83,"y":273,"width":394,"height":11}},{"id":"912bbca2-12b2-44f0-9702-2dda012fbadb","block_type":"box","text":"may change quickly and without warning. In addition, the Fund","page_number":35,"box":{"x":83,"y":287,"width":398,"height":11}},{"id":"00dacb94-a771-43d1-bfbd-24716092cae3","block_type":"box","text":"may incur costs in connection with conversions between U.S.","page_number":35,"box":{"x":83,"y":302,"width":392,"height":10}},{"id":"bda83c74-4e01-40d4-9781-966aa37c4452","block_type":"box","text":"dollars and foreign currencies.","page_number":35,"box":{"x":83,"y":316,"width":193,"height":11}},{"id":"df4af45b-685e-4940-8d02-208a8246d10c","block_type":"box","text":"Derivatives Risk.","page_number":35,"box":{"x":83,"y":339,"width":111,"height":8}},{"id":"6902e331-c8d4-4eab-bc83-75db3f3ff925","block_type":"box","text":"The Fund’s use of derivatives (","page_number":35,"box":{"x":200,"y":339,"width":193,"height":11}},{"id":"1dc5fad5-d126-4284-9e6e-d86a52642176","block_type":"box","text":"e.g","page_number":35,"box":{"x":394,"y":341,"width":19,"height":9}},{"id":"8c32ab99-db13-4eef-ba69-ffb2d1a64a9d","block_type":"box","text":"., futures,","page_number":35,"box":{"x":414,"y":339,"width":59,"height":10}},{"id":"7a4806e3-b3e2-4746-9941-1f1d43b725a7","block_type":"box","text":"forwards, swaps, options) may be riskier than other types of","page_number":35,"box":{"x":82,"y":353,"width":385,"height":11}},{"id":"2d4cbd46-0e6f-4e93-b64a-fb3638473083","block_type":"box","text":"investments and may not have the intended effect on the Fund’s","page_number":35,"box":{"x":83,"y":367,"width":411,"height":11}},{"id":"03f79c8b-75b2-4e60-b824-53274bcf624d","block_type":"box","text":"performance. Derivatives can be sensitive to changes in economic","page_number":35,"box":{"x":83,"y":382,"width":424,"height":10}},{"id":"163bdf63-f350-4a7f-ba5e-32fba06e895e","block_type":"box","text":"and market conditions, and they may increase the Fund’s","page_number":35,"box":{"x":83,"y":396,"width":365,"height":11}},{"id":"d3cadb0d-0dd3-4f02-881e-d8ad5fb8454f","block_type":"box","text":"volatility. The Fund also may experience reduced returns as a","page_number":35,"box":{"x":82,"y":410,"width":390,"height":11}},{"id":"0668b92e-97e2-4856-b38a-5929f087caf2","block_type":"box","text":"result of transaction costs and losses on derivatives positions.","page_number":35,"box":{"x":83,"y":424,"width":398,"height":11}},{"id":"78aac17d-45f3-4abc-a363-03fb591f6fbc","block_type":"box","text":"There is the risk of imperfect correlation between the value of a","page_number":35,"box":{"x":82,"y":438,"width":407,"height":11}},{"id":"2b32eaad-fd15-4b2d-8216-4dc35a6a48a5","block_type":"box","text":"derivative and that of the asset underlying the derivative.","page_number":35,"box":{"x":83,"y":452,"width":363,"height":11}},{"id":"b0e8aef0-cc1a-446a-87b3-12181cf086a3","block_type":"box","text":"Derivatives may create investment leverage, which could result in","page_number":35,"box":{"x":83,"y":467,"width":419,"height":10}},{"id":"274224e6-281c-468f-a6fc-8e00c4d39e04","block_type":"box","text":"losses that significantly exceed the Fund’s original investment.","page_number":35,"box":{"x":83,"y":481,"width":400,"height":11}},{"id":"796cc032-b0e9-45d6-9e23-570d9ceac346","block_type":"box","text":"Derivatives are subject to the risk of mispricing or improper","page_number":35,"box":{"x":83,"y":495,"width":381,"height":11}},{"id":"ae045f8e-2793-4a9c-a10c-f6d57b13bee7","block_type":"box","text":"valuation, particularly if there is not a liquid secondary market for","page_number":35,"box":{"x":82,"y":509,"width":418,"height":11}},{"id":"ad84e135-c212-4bb8-ac1d-beb0c0bf2f70","block_type":"box","text":"the instrument. Certain derivatives are subject to counterparty","page_number":35,"box":{"x":83,"y":523,"width":401,"height":11}},{"id":"c2779ef0-1875-46de-963e-0276d3558aea","block_type":"box","text":"risk, which is the risk that the other party in the transaction will","page_number":35,"box":{"x":83,"y":538,"width":403,"height":10}},{"id":"d1ad6e11-a76c-48b5-81a5-ee0aecaad71e","block_type":"box","text":"not fulfill its contractual obligations. The use of derivatives also","page_number":35,"box":{"x":83,"y":552,"width":402,"height":10}},{"id":"8b2f86a1-78a8-41ca-85ef-8ded3e77fc28","block_type":"box","text":"exposes the Fund to additional operational and legal risks.","page_number":35,"box":{"x":83,"y":566,"width":372,"height":11}},{"id":"da283dd8-493a-418a-b52b-036ec73db4b8","block_type":"box","text":"Interest Rate Risk","page_number":35,"box":{"x":83,"y":589,"width":121,"height":9}},{"id":"294c1739-9706-4fc2-b0e2-e26c1ba6d199","block_type":"box","text":".","page_number":35,"box":{"x":204,"y":596,"width":2,"height":1}},{"id":"270b76cc-c6dd-4805-a84b-835bd781818a","block_type":"box","text":"Interest rate risk refers to the risk of","page_number":35,"box":{"x":212,"y":589,"width":233,"height":9}},{"id":"8baf9eca-383c-4029-9f95-17794da5136a","block_type":"box","text":"fluctuations in the value of a fixed-income security due to changes","page_number":35,"box":{"x":82,"y":603,"width":425,"height":11}},{"id":"77792ccb-c4fa-442d-9045-9a0cdea8d5c8","block_type":"box","text":"in the general level of interest rates. Interest rate changes can be","page_number":35,"box":{"x":83,"y":617,"width":417,"height":11}},{"id":"941200bc-c458-4fe6-882c-9074fe2f87d2","block_type":"box","text":"sudden and unpredictable and are influenced by a number of","page_number":35,"box":{"x":83,"y":632,"width":388,"height":10}},{"id":"148fc9ea-2ea9-4f3e-9b0d-f18273d6cbb8","block_type":"box","text":"factors, including government policy, monetary policy, inflation","page_number":35,"box":{"x":82,"y":646,"width":402,"height":11}},{"id":"6a12fd43-f117-492d-98eb-6c1617551283","block_type":"box","text":"expectations, perceptions of risk, and supply and demand for","page_number":35,"box":{"x":83,"y":660,"width":391,"height":11}},{"id":"01183c7d-62cb-4e4b-8d4b-4c757c443e33","block_type":"box","text":"fixed-income securities. An increase in interest rates generally will","page_number":35,"box":{"x":82,"y":674,"width":424,"height":11}},{"id":"9e1be2ae-197f-4d6a-8ecf-60b9edb81d98","block_type":"box","text":"cause the value of fixed-income securities to decline. Securities","page_number":35,"box":{"x":83,"y":688,"width":407,"height":9}},{"id":"987712d2-df8e-4ec0-88d6-f44ad6d3dc2d","block_type":"box","text":"with longer maturities generally are more sensitive to interest rate","page_number":35,"box":{"x":82,"y":702,"width":424,"height":11}},{"id":"62add2ee-eb2d-4fd7-9dbd-7766d9c67355","block_type":"box","text":"changes and subject to greater fluctuations in value. Changes in","page_number":35,"box":{"x":83,"y":717,"width":409,"height":10}},{"id":"4af30e5c-f309-461d-b136-61d03a9335a9","block_type":"box","text":"interest rates may have unpredictable effects on fixed-income","page_number":35,"box":{"x":83,"y":731,"width":397,"height":11}},{"id":"b4ff0d7b-7b2e-46b3-8a15-ffdc5213d01f","block_type":"box","text":"markets and result in heightened volatility and lower liquidity for","page_number":35,"box":{"x":83,"y":745,"width":411,"height":11}},{"id":"f8b4e212-4668-4520-bf36-4e38002a1476","block_type":"box","text":"certain instruments, which may adversely affect a Fund’s","page_number":35,"box":{"x":83,"y":759,"width":363,"height":11}},{"id":"582f7ade-90cc-4017-9b93-5f4397f239c2","block_type":"box","text":"performance. During periods of very low or negative interest","page_number":35,"box":{"x":83,"y":774,"width":385,"height":10}},{"id":"af0c25a9-4a78-4baa-9114-bfde84f53241","block_type":"box","text":"rates, a Fund may be unable to maintain positive returns or pay","page_number":35,"box":{"x":83,"y":788,"width":404,"height":11}},{"id":"d1c7f85d-24b3-4c1b-93f4-414fd914dfb6","block_type":"box","text":"dividends to shareholders.","page_number":35,"box":{"x":83,"y":802,"width":167,"height":8}},{"id":"cc18c66e-988c-46af-b4b7-c2fa4b4ffaee","block_type":"box","text":"Issuer Risk","page_number":35,"box":{"x":82,"y":825,"width":76,"height":9}},{"id":"0f58ba4e-2ab8-4198-aee9-6a6deae5cafe","block_type":"box","text":".","page_number":35,"box":{"x":158,"y":832,"width":2,"height":2}},{"id":"776c70ed-5f83-4332-ba7a-e63126a08513","block_type":"box","text":"The performance of the Fund depends on the","page_number":35,"box":{"x":165,"y":825,"width":289,"height":11}},{"id":"3b77231a-655a-4123-82dc-35da759be995","block_type":"box","text":"performance of individual securities or other assets to which the","page_number":35,"box":{"x":83,"y":839,"width":411,"height":11}},{"id":"4f42df61-049c-4119-9c9d-807528d97a05","block_type":"box","text":"Fund has exposure. The value of securities or other assets may","page_number":35,"box":{"x":83,"y":853,"width":402,"height":11}},{"id":"fefb0683-049f-48cc-811e-68f04e621d15","block_type":"box","text":"decline, or perform differently from the market as a whole, due to","page_number":35,"box":{"x":83,"y":868,"width":418,"height":10}},{"id":"69ff9fd4-249f-4b44-ac93-f0ed2d3e9d67","block_type":"box","text":"changes in the financial condition or credit rating of the issuer or","page_number":35,"box":{"x":549,"y":23,"width":414,"height":11}},{"id":"0e1f56a7-700e-403e-b812-a3bb776f3782","block_type":"box","text":"counterparty.","page_number":35,"box":{"x":549,"y":38,"width":84,"height":10}},{"id":"70fc9f5d-02ff-4038-904b-dd9f8f802bf1","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":35,"box":{"x":549,"y":61,"width":360,"height":10}},{"id":"51456ca2-a03b-42bb-8aa9-41f1af2047cf","block_type":"box","text":"Certain","page_number":35,"box":{"x":915,"y":61,"width":45,"height":8}},{"id":"c6d7ee2f-53da-4b4b-9f9b-e67c7458371e","block_type":"box","text":"shareholders of the Fund, including an Authorized Participant, a","page_number":35,"box":{"x":549,"y":75,"width":405,"height":11}},{"id":"8ea90797-69a9-4ff5-9d63-820a2b2ad16b","block_type":"box","text":"third-party investor, the Fund’s adviser, an affiliate of the Fund’s","page_number":35,"box":{"x":549,"y":89,"width":409,"height":11}},{"id":"302cb6c5-992a-47ee-818a-e19b5525b409","block_type":"box","text":"adviser, a market maker, or another entity, may from time to time","page_number":35,"box":{"x":549,"y":103,"width":419,"height":11}},{"id":"e060107a-1b3f-4d89-bc2d-e15031930c7f","block_type":"box","text":"own or manage a substantial amount of Fund shares, or may hold","page_number":35,"box":{"x":549,"y":117,"width":417,"height":11}},{"id":"1df70ee9-a165-4e29-9906-2884fa56efe9","block_type":"box","text":"their investment in the Fund for a limited period of time. 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In some circumstances, the Fund may","page_number":35,"box":{"x":549,"y":273,"width":412,"height":11}},{"id":"f07811c2-8f48-4842-8afd-35341a0fe2b3","block_type":"box","text":"hold a relatively large proportion of its assets in cash in","page_number":35,"box":{"x":549,"y":287,"width":352,"height":11}},{"id":"f24d5457-ac5c-4f4b-bd59-191390016068","block_type":"box","text":"anticipation of large redemptions, diluting its investment returns.","page_number":35,"box":{"x":549,"y":302,"width":415,"height":10}},{"id":"566bb7e6-6cd8-4d9f-8345-b5cf3959e1d3","block_type":"box","text":"These large redemptions may also force the Fund to sell portfolio","page_number":35,"box":{"x":549,"y":316,"width":416,"height":11}},{"id":"450e7e8e-a01b-41c1-8acd-0fc91b58d2f2","block_type":"box","text":"securities or other assets when it might not otherwise do so,","page_number":35,"box":{"x":549,"y":330,"width":387,"height":11}},{"id":"a84de4e3-483a-4983-8a95-fcce03ebba86","block_type":"box","text":"which may negatively impact the Fund’s NAV, increase the Fund’s","page_number":35,"box":{"x":549,"y":344,"width":419,"height":11}},{"id":"8f894710-11c0-4d88-aa0c-0dd83f8b42b6","block_type":"box","text":"brokerage costs and/or have a material effect on the market","page_number":35,"box":{"x":549,"y":358,"width":389,"height":11}},{"id":"750d2bba-c184-4535-9a97-deb4242d8d57","block_type":"box","text":"price of Fund shares.","page_number":35,"box":{"x":549,"y":372,"width":133,"height":11}},{"id":"f5a314ac-0490-4b37-9e38-b5ab56478710","block_type":"box","text":"Management Risk","page_number":35,"box":{"x":549,"y":396,"width":123,"height":10}},{"id":"2b865d69-1724-4bf1-8aa8-c5048152f4a2","block_type":"box","text":".","page_number":35,"box":{"x":672,"y":402,"width":2,"height":2}},{"id":"af8960b4-24a5-45bf-9a88-abe3276ea589","block_type":"box","text":"The Fund generally does not attempt to take","page_number":35,"box":{"x":679,"y":396,"width":283,"height":11}},{"id":"3c68f79b-0168-473a-a84e-5b5572e3382e","block_type":"box","text":"defensive positions under any market conditions, including","page_number":35,"box":{"x":549,"y":410,"width":376,"height":11}},{"id":"3f1b0890-1207-4f8d-93b7-16d3f38ad317","block_type":"box","text":"declining markets. As the Fund will not fully replicate the","page_number":35,"box":{"x":549,"y":424,"width":362,"height":11}},{"id":"e756e56c-ff00-4a90-847a-9e05f69c4889","block_type":"box","text":"Underlying Index and may hold securities or other assets not","page_number":35,"box":{"x":550,"y":438,"width":387,"height":11}},{"id":"9c9645fc-9e77-45cc-a671-12308da347c0","block_type":"box","text":"included in the Underlying Index, it is subject to the risk that the","page_number":35,"box":{"x":549,"y":452,"width":409,"height":11}},{"id":"4ba06e04-bb1a-46c3-8897-946760d05ef8","block_type":"box","text":"investment strategy of BFA and the Sub-Adviser may not produce","page_number":35,"box":{"x":549,"y":467,"width":417,"height":10}},{"id":"22c4e491-677a-48cd-b97d-b9e063cb8023","block_type":"box","text":"the intended results. There is no guarantee that the Fund’s","page_number":35,"box":{"x":549,"y":481,"width":374,"height":11}},{"id":"20cf69ec-1a91-4aab-97fa-4c8265486e25","block_type":"box","text":"investment results will have a high degree of correlation to those","page_number":35,"box":{"x":549,"y":495,"width":414,"height":11}},{"id":"92cbe3e4-c333-4246-baba-b521d1fd8bc8","block_type":"box","text":"of the Underlying Index or that the Fund will achieve its","page_number":35,"box":{"x":549,"y":509,"width":352,"height":11}},{"id":"2d847cc3-86b0-4db9-bcb3-07e535e1f5d3","block_type":"box","text":"investment objective.","page_number":35,"box":{"x":549,"y":523,"width":136,"height":11}},{"id":"7bbb4414-a825-4812-a3e7-b23525b54ae8","block_type":"box","text":"Market Trading Risk","page_number":35,"box":{"x":549,"y":546,"width":136,"height":11}},{"id":"071e5c20-be49-4cd5-8f5d-d5fffd34cf53","block_type":"box","text":".","page_number":35,"box":{"x":685,"y":553,"width":2,"height":2}},{"id":"12093838-4c30-4ad9-b439-378eda81ac10","block_type":"box","text":"The Fund faces numerous market trading","page_number":35,"box":{"x":692,"y":546,"width":264,"height":11}},{"id":"c7ff7d30-2ad1-45ba-97f9-9faf0f5a544b","block_type":"box","text":"risks, including the potential lack of an active market for Fund","page_number":35,"box":{"x":549,"y":561,"width":394,"height":11}},{"id":"43182ac7-58ab-4929-88fc-af4500411e4c","block_type":"box","text":"shares (including through a trading halt), losses from trading in","page_number":35,"box":{"x":549,"y":575,"width":401,"height":11}},{"id":"2987b7df-1fc0-4aa6-abda-7f0e0e0450b0","block_type":"box","text":"secondary markets, periods of high volatility, and disruptions in","page_number":35,"box":{"x":549,"y":589,"width":404,"height":11}},{"id":"d5df3119-c252-4bdf-8339-5d1ef9968ff6","block_type":"box","text":"the process of creating and redeeming Fund shares. Any of these","page_number":35,"box":{"x":549,"y":603,"width":416,"height":11}},{"id":"bc62d13b-a50d-4de3-85e3-3520cab9905f","block_type":"box","text":"factors, among others, may lead to the Fund’s shares trading in","page_number":35,"box":{"x":549,"y":617,"width":404,"height":11}},{"id":"12b55f1f-867f-451d-8730-05bd3727ea1e","block_type":"box","text":"the secondary market at a premium or discount to NAV or to the","page_number":35,"box":{"x":549,"y":632,"width":411,"height":10}},{"id":"9ab45e55-3901-428b-9c52-49bc4fa1f725","block_type":"box","text":"intraday value of the Fund’s portfolio holdings. If you buy Fund","page_number":35,"box":{"x":549,"y":646,"width":397,"height":11}},{"id":"e231c3cd-cd1a-4057-8828-93207078935e","block_type":"box","text":"shares at a time when the market price is at a premium to NAV or","page_number":35,"box":{"x":549,"y":660,"width":419,"height":11}},{"id":"3f85dd83-cde0-4250-9cf9-38fc9f9a4e1c","block_type":"box","text":"sell Fund shares at a time when the market price is at a discount","page_number":35,"box":{"x":549,"y":674,"width":413,"height":11}},{"id":"247b36b7-8ea6-4eed-8a37-4e627fb9efeb","block_type":"box","text":"to NAV, you may pay significantly more or receive significantly","page_number":35,"box":{"x":549,"y":688,"width":397,"height":11}},{"id":"d0216122-d555-4821-8352-94d13ee2a8d1","block_type":"box","text":"less than the underlying value of the Fund shares.","page_number":35,"box":{"x":549,"y":702,"width":316,"height":11}},{"id":"05ed6878-a05c-4a62-9c15-bf27e15aa798","block_type":"box","text":"National Closed Market Trading Risk.","page_number":35,"box":{"x":549,"y":726,"width":250,"height":10}},{"id":"137c9558-c27b-46df-a2c0-255393cda078","block_type":"box","text":"To the extent that","page_number":35,"box":{"x":805,"y":726,"width":113,"height":8}},{"id":"b3075a1d-f3e4-49f1-819a-f6b0b7924d90","block_type":"box","text":"securities or other assets held by the Fund trade on foreign","page_number":35,"box":{"x":549,"y":740,"width":378,"height":11}},{"id":"aba9ebd8-6bdf-4691-8a5b-07522fbaa5c4","block_type":"box","text":"exchanges or in foreign markets that may be closed when the","page_number":35,"box":{"x":549,"y":754,"width":393,"height":11}},{"id":"019b45d1-f9e7-445c-bd5f-3ef2c2541366","block_type":"box","text":"securities exchange on which the Fund’s shares trade is open,","page_number":35,"box":{"x":549,"y":768,"width":396,"height":11}},{"id":"4a26ba9e-ebaf-4e82-a7ef-9009e3779812","block_type":"box","text":"S-22","page_number":35,"box":{"x":521,"y":920,"width":29,"height":9}},{"id":"93543b16-7373-49d6-8509-da6e3a661499","block_type":"box","text":"there are likely to be deviations between such asset’s current","page_number":35,"box":{"x":549,"y":783,"width":392,"height":11}},{"id":"65d22b11-2a1b-4a57-861e-24e5ebdd10e9","block_type":"box","text":"price and its last quoted price (","page_number":35,"box":{"x":549,"y":797,"width":198,"height":11}},{"id":"6bd55131-0660-4348-9586-405eab4a0e76","block_type":"box","text":"i.e","page_number":35,"box":{"x":748,"y":797,"width":14,"height":8}},{"id":"98e199c5-64b3-45c5-ae52-8f5fda975120","block_type":"box","text":"., the quote from the closed","page_number":35,"box":{"x":764,"y":797,"width":175,"height":11}},{"id":"25a91349-9681-4e12-90d6-be0628c45b80","block_type":"box","text":"foreign market to the Fund). The impact of a closed foreign","page_number":35,"box":{"x":549,"y":811,"width":376,"height":11}},{"id":"6ab7261a-33b4-448e-b816-66bbb0cd980a","block_type":"box","text":"market on the Fund is likely to be greater where a large portion of","page_number":35,"box":{"x":549,"y":825,"width":420,"height":11}},{"id":"be59c824-65cd-49e6-9281-96571df3f35e","block_type":"box","text":"the Fund’s holdings trade on a closed foreign market or when a","page_number":35,"box":{"x":549,"y":839,"width":403,"height":11}},{"id":"e3f9fbf4-bd97-41c1-b6a1-806b52ed779b","block_type":"box","text":"foreign market is closed for unscheduled reasons. These","page_number":35,"box":{"x":549,"y":854,"width":360,"height":10}},{"id":"af717f42-77ab-4d26-a6bd-d9f2dad6ee33","block_type":"box","text":"deviations could result in premiums or discounts to the Fund’s","page_number":36,"box":{"x":83,"y":23,"width":398,"height":11}},{"id":"6cb05658-5a7c-4331-93e7-24b89d1e5407","block_type":"box","text":"NAV that may be greater than those experienced by other funds.","page_number":36,"box":{"x":84,"y":37,"width":410,"height":11}},{"id":"ccda01da-3491-4193-8bfa-76b33fd929e1","block_type":"box","text":"Non-Diversification Risk","page_number":36,"box":{"x":83,"y":60,"width":165,"height":9}},{"id":"d8dbaf62-1e02-4ccf-a231-4ababf7814a9","block_type":"box","text":".","page_number":36,"box":{"x":248,"y":67,"width":2,"height":2}},{"id":"c217b0a7-99fa-4676-8551-7af08e0eca7b","block_type":"box","text":"The Fund is classified as “non","page_number":36,"box":{"x":255,"y":61,"width":193,"height":8}},{"id":"6e49e412-09d4-4c78-89af-8a2f12d0da05","block_type":"box","text":"diversified.” This means that, compared with funds that are","page_number":36,"box":{"x":83,"y":75,"width":377,"height":10}},{"id":"a6af9a2c-f1ab-4a54-a9a5-5674eaef462b","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater","page_number":36,"box":{"x":83,"y":89,"width":358,"height":11}},{"id":"45f66162-7261-4b0c-84eb-38ac0c7fbf62","block_type":"box","text":"percentage of its assets in securities or other instruments","page_number":36,"box":{"x":83,"y":103,"width":370,"height":11}},{"id":"84a697e1-fc91-4d5e-abb6-e8e3c595d26a","block_type":"box","text":"representing a small number of issuers or counterparties and thus","page_number":36,"box":{"x":83,"y":117,"width":422,"height":11}},{"id":"a7066295-f015-411a-93cf-e75dbdbaacde","block_type":"box","text":"may be more susceptible to the risks associated with these","page_number":36,"box":{"x":83,"y":131,"width":379,"height":11}},{"id":"b87c07ba-fd07-4c8a-8da6-54fabaafb1e5","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s","page_number":36,"box":{"x":83,"y":146,"width":375,"height":10}},{"id":"7b5bbe1f-efd1-4c69-aaf5-26da8a6338c5","block_type":"box","text":"performance may depend to a greater extent on the performance","page_number":36,"box":{"x":83,"y":160,"width":418,"height":11}},{"id":"321afe84-f2b2-42a9-805a-3f91125df759","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to","page_number":36,"box":{"x":83,"y":174,"width":418,"height":11}},{"id":"82360fe6-e865-48a1-9404-1f5258b91e6c","block_type":"box","text":"more volatility in the Fund’s NAV.","page_number":36,"box":{"x":83,"y":188,"width":209,"height":11}},{"id":"480c9e82-0439-420c-b0ab-7f43c7230be1","block_type":"box","text":"Non-U.S. Securities Risk","page_number":36,"box":{"x":83,"y":211,"width":165,"height":9}},{"id":"697a662c-5487-4549-b505-2ae9b0583a78","block_type":"box","text":".","page_number":36,"box":{"x":248,"y":218,"width":2,"height":2}},{"id":"8e4b7017-0498-4293-8846-38e390a87814","block_type":"box","text":"Securities issued by non-U.S. issuers","page_number":36,"box":{"x":256,"y":211,"width":236,"height":11}},{"id":"053c3139-2fcc-4b2c-a137-59db8633f5a0","block_type":"box","text":"(including depositary receipts) are subject to different legal,","page_number":36,"box":{"x":83,"y":225,"width":382,"height":11}},{"id":"94f44fe9-b0ea-4fcc-9317-2fce3fdb2719","block_type":"box","text":"regulatory, political, economic, and market risks than securities","page_number":36,"box":{"x":83,"y":240,"width":406,"height":11}},{"id":"36e1f800-7e9b-4323-b488-9b3cebce18b4","block_type":"box","text":"issued by U.S. issuers. These risks include greater market","page_number":36,"box":{"x":83,"y":254,"width":369,"height":11}},{"id":"61156424-8709-4ce4-920e-b2bc22dbe34c","block_type":"box","text":"volatility, less market liquidity, higher transaction costs,","page_number":36,"box":{"x":82,"y":268,"width":356,"height":11}},{"id":"15e85099-229d-4fbb-b900-20910ef46046","block_type":"box","text":"expropriation, confiscatory taxation, adverse changes in foreign","page_number":36,"box":{"x":83,"y":282,"width":406,"height":11}},{"id":"812bd7c0-e4e2-44f1-bd26-25d57a10aef1","block_type":"box","text":"investment or currency control regulations, restrictions on the","page_number":36,"box":{"x":83,"y":296,"width":397,"height":11}},{"id":"bc996302-a664-49bc-bd67-53a2ba30ed93","block_type":"box","text":"repatriation of capital, and political instability. Non-U.S. issuers","page_number":36,"box":{"x":83,"y":311,"width":403,"height":10}},{"id":"af041551-17e8-4cc5-a037-113b12a53223","block_type":"box","text":"may be subject to different accounting, audit and financial","page_number":36,"box":{"x":83,"y":325,"width":371,"height":11}},{"id":"270a5088-9d72-46c1-8ae8-dca7fb652825","block_type":"box","text":"reporting standards than U.S. issuers, and there may be less","page_number":36,"box":{"x":83,"y":339,"width":386,"height":11}},{"id":"e8a25450-d3fb-4ad6-a594-f5879f883f4a","block_type":"box","text":"publicly available information about non-U.S. issuers. Foreign","page_number":36,"box":{"x":83,"y":353,"width":391,"height":11}},{"id":"15c013ba-67a8-4d9e-995f-a7e19516442d","block_type":"box","text":"market trading hours, different clearing and settlement","page_number":36,"box":{"x":83,"y":367,"width":351,"height":11}},{"id":"c005763f-8406-4c12-add7-fdc258494938","block_type":"box","text":"procedures, and holiday schedules may limit the Fund’s ability to","page_number":36,"box":{"x":83,"y":381,"width":413,"height":11}},{"id":"4309c4f0-4897-49d4-9d36-7030d4f21a09","block_type":"box","text":"engage in portfolio transactions. 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Operational and technology risks for the","page_number":36,"box":{"x":82,"y":589,"width":411,"height":11}},{"id":"8c1d20d8-3d5b-4823-ba15-0c350390d706","block_type":"box","text":"issuers in which the Fund invests could also result in material","page_number":36,"box":{"x":83,"y":603,"width":391,"height":9}},{"id":"b84e9b45-7320-486f-891e-2f2c133ca7a4","block_type":"box","text":"adverse consequences for such issuers and may cause the Fund’s","page_number":36,"box":{"x":83,"y":617,"width":421,"height":11}},{"id":"938e7189-580d-471b-9e1c-42d02481c666","block_type":"box","text":"investments in such issuers to lose value.","page_number":36,"box":{"x":83,"y":632,"width":264,"height":8}},{"id":"8681c235-2733-46c1-8ccf-051622dac8cd","block_type":"box","text":"Reliance on Trading Partners Risk","page_number":36,"box":{"x":83,"y":655,"width":228,"height":10}},{"id":"9c894adf-2684-4ec3-a8d9-5832382b0607","block_type":"box","text":".","page_number":36,"box":{"x":311,"y":661,"width":3,"height":2}},{"id":"e9049349-0c7c-4de0-a389-7e6efd873e28","block_type":"box","text":"The Fund invests in countries","page_number":36,"box":{"x":319,"y":655,"width":186,"height":8}},{"id":"3c003fbf-424b-4915-96d5-fd0720fd0caa","block_type":"box","text":"or regions whose economies are heavily dependent upon trading","page_number":36,"box":{"x":83,"y":669,"width":413,"height":11}},{"id":"d742562b-c90c-487b-a507-86b4604fdccf","block_type":"box","text":"with key partners. Any reduction in this trading may have an","page_number":36,"box":{"x":82,"y":683,"width":383,"height":11}},{"id":"f737750c-a207-43db-bebd-a855ca2dd280","block_type":"box","text":"adverse impact on the Fund’s investments. Through its holdings of","page_number":36,"box":{"x":83,"y":697,"width":424,"height":11}},{"id":"789341e2-c987-49b9-aaa6-80365be0f8f6","block_type":"box","text":"securities of certain issuers, the Fund is specifically exposed to","page_number":36,"box":{"x":83,"y":711,"width":404,"height":11}},{"id":"f1213308-b6d3-47fe-af09-d59344bde264","block_type":"box","text":"North American Economic Risk","page_number":36,"box":{"x":83,"y":726,"width":217,"height":8}},{"id":"321456d2-4078-4e3e-904f-25431b14e7cf","block_type":"box","text":".","page_number":36,"box":{"x":301,"y":733,"width":2,"height":1}},{"id":"12aec250-aeab-40c7-a008-0d7c103b24b1","block_type":"box","text":"Risk of Investing in Developed Countries","page_number":36,"box":{"x":83,"y":749,"width":276,"height":11}},{"id":"a65686d6-8fdc-4434-8bb0-f5241ac779d3","block_type":"box","text":".","page_number":36,"box":{"x":360,"y":755,"width":2,"height":2}},{"id":"62c68909-0081-4f11-9027-609a11280b20","block_type":"box","text":"The Fund’s","page_number":36,"box":{"x":367,"y":749,"width":69,"height":8}},{"id":"15bcde6e-5a9a-4c72-86cd-b49393a1765f","block_type":"box","text":"investment in developed country issuers will subject the Fund to","page_number":36,"box":{"x":83,"y":763,"width":415,"height":11}},{"id":"cbd5bfd9-2a38-441b-b222-185344e09e3d","block_type":"box","text":"legal, regulatory, political, currency, security, economic and other","page_number":36,"box":{"x":83,"y":777,"width":419,"height":11}},{"id":"b13eb113-2570-4e7b-b840-a5799738eff6","block_type":"box","text":"risks associated with developed countries. Developed countries","page_number":36,"box":{"x":83,"y":791,"width":407,"height":11}},{"id":"30c33300-417d-4ddc-b08a-9757b9953fdf","block_type":"box","text":"tend to represent a significant portion of the global economy and","page_number":36,"box":{"x":82,"y":806,"width":416,"height":11}},{"id":"f18ced95-6f34-47b5-b869-2a7d126df6e7","block_type":"box","text":"have generally experienced slower economic growth than some","page_number":36,"box":{"x":83,"y":820,"width":406,"height":11}},{"id":"4cdb86b1-7096-4c80-94e7-659e28751652","block_type":"box","text":"less developed countries. Certain developed countries have","page_number":36,"box":{"x":83,"y":834,"width":381,"height":11}},{"id":"d60434a1-215b-4290-9cca-1487309165bc","block_type":"box","text":"experienced security concerns, such as war, terrorism and","page_number":36,"box":{"x":83,"y":848,"width":373,"height":11}},{"id":"e6452a3d-b993-4f50-8af9-1b6f5a56cc36","block_type":"box","text":"strained international relations. Incidents involving a country’s or","page_number":36,"box":{"x":83,"y":862,"width":415,"height":11}},{"id":"091a6315-12a3-440a-b20b-ac3a9c166c8d","block_type":"box","text":"region’s security may cause uncertainty in its markets and may","page_number":36,"box":{"x":83,"y":877,"width":403,"height":10}},{"id":"7f071c17-0749-4506-a0b6-114147c4d8ea","block_type":"box","text":"adversely affect its economy and the Fund’s investments. In","page_number":36,"box":{"x":549,"y":23,"width":383,"height":11}},{"id":"5a3dbd08-d6ee-46a6-9191-a5c1853f1aeb","block_type":"box","text":"addition, developed countries may be adversely impacted by","page_number":36,"box":{"x":549,"y":37,"width":387,"height":11}},{"id":"f4435914-d11d-4286-a873-ac4ef3ae0db3","block_type":"box","text":"changes to the economic conditions of certain key trading","page_number":36,"box":{"x":549,"y":51,"width":372,"height":11}},{"id":"d1d39432-b0b1-4931-8bd3-782c986ff2b8","block_type":"box","text":"partners, regulatory burdens, debt burdens and the price or","page_number":36,"box":{"x":549,"y":66,"width":381,"height":10}},{"id":"cfd08300-e902-46fb-9a61-7da700eebc44","block_type":"box","text":"availability of certain commodities.","page_number":36,"box":{"x":549,"y":80,"width":222,"height":11}},{"id":"663fef27-69c2-4930-9603-be3f4efd4ac3","block_type":"box","text":"Risk of Investing in the U.S","page_number":36,"box":{"x":549,"y":103,"width":182,"height":11}},{"id":"37da3e38-79eb-4164-a232-60065c2f4363","block_type":"box","text":".","page_number":36,"box":{"x":732,"y":109,"width":2,"height":2}},{"id":"ee58eec7-17a6-451e-a66f-d291f5250252","block_type":"box","text":"Investing in U.S. issuers subjects","page_number":36,"box":{"x":740,"y":103,"width":210,"height":11}},{"id":"b9a3cfa7-faa3-4b4e-8edf-18ef08531918","block_type":"box","text":"the Fund to legal, regulatory, political, currency, security, and","page_number":36,"box":{"x":549,"y":117,"width":391,"height":11}},{"id":"06eaa561-9c47-46f9-876d-1d2817042b84","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the","page_number":36,"box":{"x":549,"y":131,"width":423,"height":11}},{"id":"af24175b-a199-4000-9d16-cf6188dd5974","block_type":"box","text":"U.S., such as a weakening of the U.S. economy or a decline in its","page_number":36,"box":{"x":550,"y":145,"width":412,"height":11}},{"id":"ac98a7bd-eb50-4d86-9946-ae5cc7477554","block_type":"box","text":"financial markets, may have an adverse effect on U.S. issuers.","page_number":36,"box":{"x":549,"y":160,"width":396,"height":10}},{"id":"36408373-c6e3-4334-9697-67161df6b3ea","block_type":"box","text":"Small Fund Risk.","page_number":36,"box":{"x":548,"y":183,"width":111,"height":8}},{"id":"03275677-865f-408c-80a1-90cb14c83663","block_type":"box","text":"When the Fund’s size is small, the Fund may","page_number":36,"box":{"x":665,"y":183,"width":282,"height":11}},{"id":"9329fce9-1bb7-48bb-a022-bb73152e6215","block_type":"box","text":"experience low trading volume and wide bid/ask spreads. The","page_number":36,"box":{"x":549,"y":197,"width":397,"height":11}},{"id":"02f31f54-77be-46c7-9ddc-dfcfb103c993","block_type":"box","text":"Fund’s performance near its inception date may not represent","page_number":36,"box":{"x":550,"y":211,"width":396,"height":11}},{"id":"76371aef-0678-48ba-9231-52801e1eda0f","block_type":"box","text":"how the Fund will perform in the future or with a larger asset","page_number":36,"box":{"x":549,"y":225,"width":387,"height":11}},{"id":"3c69b394-150d-4610-9df2-61423e06eba0","block_type":"box","text":"base. A Fund that holds fixed-income securities may buy smaller","page_number":36,"box":{"x":549,"y":240,"width":417,"height":10}},{"id":"c110c2c2-2288-41e6-9ff9-72de1b8cf6e1","block_type":"box","text":"sized bonds known as “odd lots,” which may be purchased or sold","page_number":36,"box":{"x":549,"y":254,"width":420,"height":11}},{"id":"54843c84-1f25-4ec3-ad73-ff6340abac72","block_type":"box","text":"at a discount to similar “round lot” bonds. The prices used by the","page_number":36,"box":{"x":549,"y":268,"width":414,"height":11}},{"id":"0959b7f9-599a-43fe-98ec-bae0252ee60e","block_type":"box","text":"Fund may differ from the value that would be realized if these","page_number":36,"box":{"x":550,"y":282,"width":390,"height":11}},{"id":"fb3eb758-0af2-4050-9a3d-71ba650deb05","block_type":"box","text":"securities were sold, and the impact of such pricing differences on","page_number":36,"box":{"x":549,"y":296,"width":424,"height":11}},{"id":"73db1dc2-a692-4cc3-8eb0-30edc92e530c","block_type":"box","text":"a Fund’s performance may be heightened when the Fund’s size is","page_number":36,"box":{"x":549,"y":310,"width":417,"height":11}},{"id":"320645ce-43d9-4dac-a5c3-4e5a8d7a06af","block_type":"box","text":"small. In addition, the Fund may face the risk of being delisted if it","page_number":36,"box":{"x":549,"y":325,"width":421,"height":10}},{"id":"f81cd580-82e7-4a83-9a73-b2091f7259e4","block_type":"box","text":"does not meet certain requirements set by the listing exchange.","page_number":36,"box":{"x":549,"y":339,"width":408,"height":11}},{"id":"3ea6a4b1-6a32-49bb-b7f1-0c38e69ffd4f","block_type":"box","text":"Any resulting liquidation of the Fund could lead to elevated","page_number":36,"box":{"x":549,"y":353,"width":375,"height":11}},{"id":"0ee7582a-90c9-4077-9189-aca2a832a67e","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for","page_number":36,"box":{"x":549,"y":367,"width":420,"height":11}},{"id":"815724db-b09d-47b9-a2e1-427c13585462","block_type":"box","text":"its shareholders.","page_number":36,"box":{"x":549,"y":381,"width":105,"height":9}},{"id":"ca37eb73-dbfe-4521-a149-3592a3118194","block_type":"box","text":"Subsidiary Risk.","page_number":36,"box":{"x":548,"y":405,"width":108,"height":10}},{"id":"840fdca0-383b-4a44-9608-846205d407f0","block_type":"box","text":"By investing in the Subsidiary, the Fund is","page_number":36,"box":{"x":662,"y":405,"width":265,"height":10}},{"id":"af28ec6a-3647-438d-8cee-e23a112321da","block_type":"box","text":"indirectly exposed to the risks associated with the Subsidiary’s","page_number":36,"box":{"x":549,"y":419,"width":402,"height":11}},{"id":"689fea3f-5352-4d24-81ca-b0207a19846b","block_type":"box","text":"investments. The Subsidiary is not registered under the 1940 Act,","page_number":36,"box":{"x":549,"y":433,"width":418,"height":11}},{"id":"3a121108-2ef1-41d7-8106-79e23efd2b0f","block_type":"box","text":"and, unless otherwise noted in this Prospectus, is not subject to","page_number":36,"box":{"x":549,"y":447,"width":409,"height":11}},{"id":"dd49fc73-4df3-4ccb-a82f-49f937ff4a80","block_type":"box","text":"the investor protections of the 1940 Act. Changes in the laws of","page_number":36,"box":{"x":549,"y":461,"width":408,"height":11}},{"id":"f3297e0b-810b-4c8b-82d0-49615efd05a6","block_type":"box","text":"the U.S. and/or the Cayman Islands could result in the inability of","page_number":36,"box":{"x":549,"y":475,"width":420,"height":11}},{"id":"6fd04ece-0368-47f2-b729-84afc584d368","block_type":"box","text":"the Fund and/or the Subsidiary to operate as described in the","page_number":36,"box":{"x":549,"y":490,"width":397,"height":10}},{"id":"9362581b-dcdf-449e-b53a-4e8ebcf69164","block_type":"box","text":"Prospectus and the Statement of Additional Information (“SAI”),","page_number":36,"box":{"x":550,"y":504,"width":407,"height":11}},{"id":"48685145-835e-430d-adb0-0c11ae05afe0","block_type":"box","text":"and could adversely affect the Fund.","page_number":36,"box":{"x":549,"y":518,"width":231,"height":11}},{"id":"107d98ac-a192-487a-8d43-77f5541972e3","block_type":"box","text":"Tax Risk.","page_number":36,"box":{"x":550,"y":541,"width":56,"height":9}},{"id":"a018d074-f49c-47a8-bccd-9124fb6689fb","block_type":"box","text":"The Fund invests in commodity-linked derivatives","page_number":36,"box":{"x":612,"y":541,"width":315,"height":11}},{"id":"b2046594-c744-41af-bb9b-585b22c1760b","block_type":"box","text":"indirectly through the Subsidiary because income from these","page_number":36,"box":{"x":549,"y":555,"width":389,"height":11}},{"id":"aed869b6-b4fb-4cd6-898d-1c5d39cb48c6","block_type":"box","text":"investments, if made directly, might not be treated as “qualifying","page_number":36,"box":{"x":549,"y":570,"width":413,"height":10}},{"id":"75e02860-63e2-4ede-b5df-63a3df503320","block_type":"box","text":"income” for purposes of the Fund qualifying as a regulated","page_number":36,"box":{"x":549,"y":584,"width":373,"height":11}},{"id":"2f801142-c410-4415-96f1-1f914bedccce","block_type":"box","text":"investment company (“RIC”) for U.S. federal income tax purposes.","page_number":36,"box":{"x":549,"y":598,"width":423,"height":11}},{"id":"3688800e-1321-4871-b62d-e27fdf09c4ff","block_type":"box","text":"Based on final regulations issued by the U.S. Internal Revenue","page_number":36,"box":{"x":550,"y":612,"width":395,"height":11}},{"id":"77aaea50-46fe-4439-bd90-d1846c85cb4d","block_type":"box","text":"Service (“IRS”) on which taxpayers may rely for taxable years","page_number":36,"box":{"x":549,"y":626,"width":390,"height":11}},{"id":"888a1f56-629a-48a3-bbef-13e293c66f8b","block_type":"box","text":"beginning after September 28, 2016, the Fund expects its income","page_number":36,"box":{"x":549,"y":640,"width":418,"height":11}},{"id":"20990dcd-bd4f-4184-81f3-9979c29ef968","block_type":"box","text":"with respect to the Subsidiary to be qualifying income. In the","page_number":36,"box":{"x":549,"y":655,"width":388,"height":10}},{"id":"7bd32ae5-fc00-4520-a2f0-ea25ac9ab813","block_type":"box","text":"future, if the IRS issues new regulations or other guidance, or","page_number":36,"box":{"x":549,"y":669,"width":392,"height":11}},{"id":"f09cc39e-15d5-4d12-8dd3-111a3540436a","block_type":"box","text":"Congress enacts legislation, limiting the circumstances in which","page_number":36,"box":{"x":549,"y":683,"width":409,"height":11}},{"id":"fd791b07-92e9-49dd-9ca5-30be508f0158","block_type":"box","text":"the Fund’s income with respect to the Subsidiary will be","page_number":36,"box":{"x":549,"y":697,"width":357,"height":11}},{"id":"3548255c-97ae-444a-a9c8-6d86c3043cf8","block_type":"box","text":"considered “qualifying income,” the Fund might be required to","page_number":36,"box":{"x":549,"y":711,"width":397,"height":11}},{"id":"104ce7bc-9bb4-4e35-a7bb-c2d30ad63d72","block_type":"box","text":"make changes to its operations, which could reduce the Fund’s","page_number":36,"box":{"x":549,"y":725,"width":403,"height":11}},{"id":"41ec63e2-f024-436e-89da-a17fa0a80ada","block_type":"box","text":"ability to gain investment exposure to commodities. 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Until the Fund reaches greater scale, it may experience","page_number":37,"box":{"x":83,"y":264,"width":410,"height":11}},{"id":"1cdbaed5-2f9f-4b83-ac7d-a45fdd4090ae","block_type":"box","text":"higher tracking error than is typical for similar index ETFs.","page_number":37,"box":{"x":83,"y":278,"width":368,"height":11}},{"id":"abd907c4-d8a4-497a-b562-c87f2cfdd542","block_type":"box","text":"Valuation Risk","page_number":37,"box":{"x":84,"y":301,"width":96,"height":9}},{"id":"68e8ec54-5cd0-4509-880d-8dd890a2f260","block_type":"box","text":".","page_number":37,"box":{"x":180,"y":308,"width":2,"height":2}},{"id":"63b60eb0-ad79-4f3a-94d5-8dfc039ef530","block_type":"box","text":"The price that the Fund could receive upon the","page_number":37,"box":{"x":187,"y":302,"width":298,"height":10}},{"id":"02dbb9f1-663e-4b06-a084-29bf251b2d7b","block_type":"box","text":"sale (or other disposition) of a security or other asset may differ","page_number":37,"box":{"x":83,"y":316,"width":408,"height":11}},{"id":"951eda52-2593-4081-be9e-467b9241e1ac","block_type":"box","text":"from the Fund’s valuation of the security or other asset,","page_number":37,"box":{"x":82,"y":330,"width":356,"height":11}},{"id":"3d6dcf2e-c053-4fcc-9bdd-872331d8380b","block_type":"box","text":"particularly for securities or other assets that trade in low volume","page_number":37,"box":{"x":549,"y":23,"width":418,"height":11}},{"id":"acf488b7-1395-43b9-be4a-4fd261ad178e","block_type":"box","text":"or volatile markets or that are valued using a fair value","page_number":37,"box":{"x":549,"y":37,"width":347,"height":11}},{"id":"a64d81c0-fd73-4775-b513-6128a291a1a8","block_type":"box","text":"methodology. The price received by the Fund also may differ from","page_number":37,"box":{"x":549,"y":51,"width":418,"height":11}},{"id":"50e52193-0b54-408c-9e5c-7dece4f1c039","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":37,"box":{"x":549,"y":66,"width":406,"height":10}},{"id":"d6a8778c-f6e2-4d88-9005-2c524f5ea485","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":37,"box":{"x":549,"y":80,"width":411,"height":11}},{"id":"b8e5eb9d-779f-45de-9089-092f84ea9d70","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":37,"box":{"x":549,"y":94,"width":392,"height":11}},{"id":"37444f8b-41fa-4135-85ca-7b7a5d6870d0","block_type":"box","text":"purchase or sell Fund shares. 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Such indices use withholding tax rates that are often at a higher rate than the rates t","page_number":38,"box":{"x":93,"y":626,"width":858,"height":10}},{"id":"72817b5b-3dd9-418d-a82d-1fc52f80da3d","block_type":"box","text":"o","page_number":38,"box":{"x":952,"y":628,"width":6,"height":6}},{"id":"bcda84fa-6f5d-4356-a578-4739c2a33e30","block_type":"box","text":"which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. 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In addition, a Fund is subject to (i) the credit risk of the","page_number":42,"box":{"x":77,"y":772,"width":886,"height":11}},{"id":"e20ad624-08cd-43e5-ac19-b559ff6e5893","block_type":"box","text":"bank or other counterparty holding the cash and (ii) the risk that the counterparty may be unable or unwilling (or perceived as such) to honor","page_number":42,"box":{"x":76,"y":787,"width":901,"height":10}},{"id":"c8a9eb4d-a22c-49db-ad87-f3a9e9cb94aa","block_type":"box","text":"its obligations.","page_number":42,"box":{"x":76,"y":801,"width":92,"height":11}},{"id":"8e3676d6-f36e-410f-8ce8-752d15aeb896","block_type":"box","text":"Cash may be invested in institutional money market funds, including funds advised by BFA or its affiliates. An institutional money market fund","page_number":42,"box":{"x":76,"y":824,"width":904,"height":11}},{"id":"75adf1d8-c958-4876-b3e2-cacbc3705165","block_type":"box","text":"does not maintain a stable $1.00 net asset value per share; rather, the fund’s net asset value fluctuates with changes in the values of the","page_number":42,"box":{"x":76,"y":837,"width":875,"height":12}},{"id":"f8066453-219d-430e-bd20-5025b0871d7d","block_type":"box","text":"securities in which the fund invests, and the fund’s shares may be worth more or less than their original purchase price. An institutional","page_number":42,"box":{"x":76,"y":852,"width":864,"height":11}},{"id":"cefba9f5-0dfc-4afd-8276-3e39b6bf7d3f","block_type":"box","text":"money market fund is permitted to impose a liquidity fee on the redemption of its shares and generally is required to impose a liquidity fee","page_number":42,"box":{"x":76,"y":867,"width":885,"height":10}},{"id":"f7d907be-defe-44ed-b99e-568900d0f1f1","block_type":"box","text":"when daily net redemptions exceed certain levels.","page_number":42,"box":{"x":76,"y":881,"width":319,"height":11}},{"id":"68f7226a-7569-429c-8dc7-5acc4f1f7198","block_type":"box","text":"3","page_number":42,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"cd510194-ba82-439e-916a-518f2640ea78","block_type":"box","text":"Risk of Investing in Agriculture and Livestock","page_number":42,"box":{"x":82,"y":119,"width":286,"height":11}},{"id":"38b80372-f5b7-4f39-8ee3-460376c543f4","block_type":"box","text":"iShares","page_number":42,"box":{"x":889,"y":46,"width":51,"height":9}},{"id":"c764eeb1-818d-4209-a465-6288a9b86001","block_type":"box","text":"Strategic Metals","page_number":42,"box":{"x":859,"y":58,"width":114,"height":11}},{"id":"3d61b667-72b2-4caf-9f38-b8b98978e96e","block_type":"box","text":"ETF","page_number":42,"box":{"x":903,"y":70,"width":23,"height":8}},{"id":"c8fb28cb-9240-49ce-9428-a647b6a011f5","block_type":"box","text":"Cash Transactions Risk.","page_number":43,"box":{"x":76,"y":23,"width":164,"height":9}},{"id":"1d04800e-ca5d-43f5-9ed6-96a39b280eea","block_type":"box","text":"Certain Funds expect to effect their creation and redemption transactions in cash, rather than as in-kind","page_number":43,"box":{"x":245,"y":23,"width":668,"height":11}},{"id":"f296b173-5b02-4d1d-b065-a84fcc0b0455","block_type":"box","text":"transactions. Paying redemption proceeds in cash rather than through in-kind delivery may require a Fund to sell investments at an","page_number":43,"box":{"x":76,"y":37,"width":838,"height":11}},{"id":"09a28a82-8b85-46a7-9764-33f615f33a63","block_type":"box","text":"inopportune time to obtain the cash needed to meet redemption orders. As a result, the Fund may recognize capital gains or losses that","page_number":43,"box":{"x":76,"y":52,"width":869,"height":10}},{"id":"09bfd231-cbf4-4fa5-b997-053cbf351c4c","block_type":"box","text":"might not have been incurred if it had made an in-kind redemption, and it may pay out higher or lower annual capital gains distributions than","page_number":43,"box":{"x":76,"y":66,"width":897,"height":11}},{"id":"76b2a64f-ecfb-41de-96aa-d8fe7b23719f","block_type":"box","text":"ETFs that redeem in-kind. This may decrease the tax efficiency of the Fund compared with that of ETFs that use in-kind redemptions. The use","page_number":43,"box":{"x":77,"y":80,"width":902,"height":11}},{"id":"9a849242-79c0-4ed7-9e76-bd4367e53e8a","block_type":"box","text":"of cash creations and redemptions also may cause a Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or","page_number":43,"box":{"x":76,"y":94,"width":897,"height":11}},{"id":"6c404455-ee32-4bf2-86be-e47a6abad333","block_type":"box","text":"discounts to the Fund’s NAV. Furthermore, a Fund may not be able to purchase or sell investments in connection with cash creations and","page_number":43,"box":{"x":76,"y":108,"width":876,"height":11}},{"id":"81d4ac40-c369-4ab1-a201-c46e47c7afb5","block_type":"box","text":"redemptions, respectively, at the same price used to determine the Fund’s NAV for such creations or redemptions. To the extent that the","page_number":43,"box":{"x":77,"y":122,"width":873,"height":11}},{"id":"2a7bcb3b-53d3-48f1-a730-0d4aeb2f8daa","block_type":"box","text":"maximum additional charge for creation or redemption transactions that can be allocated to Authorized Participants is insufficient to cover","page_number":43,"box":{"x":76,"y":137,"width":888,"height":10}},{"id":"1a1094f1-a6af-4d37-be73-b10240705a34","block_type":"box","text":"the execution costs of a cash transaction, a Fund’s performance could be negatively impacted.","page_number":43,"box":{"x":76,"y":151,"width":606,"height":11}},{"id":"a96ac893-4c9a-42f8-a849-9ba93fc97fec","block_type":"box","text":"Close-Out Risk for Qualified Financial Contracts.","page_number":43,"box":{"x":76,"y":174,"width":336,"height":8}},{"id":"1bb7635d-d065-475b-a85b-fd38deb7d914","block_type":"box","text":"Regulations adopted by global prudential regulators require counterparties that are part","page_number":43,"box":{"x":418,"y":174,"width":562,"height":11}},{"id":"deb88bec-84a6-48a5-aadd-f5e70c8d8643","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":43,"box":{"x":76,"y":188,"width":880,"height":11}},{"id":"6846b675-dd7d-4c0b-b94d-4340a2762bd3","block_type":"box","text":"agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards","page_number":43,"box":{"x":76,"y":202,"width":881,"height":11}},{"id":"029746a4-dca3-4dc5-857a-da27a1fed8d9","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":43,"box":{"x":76,"y":216,"width":896,"height":11}},{"id":"cc648525-4325-459b-a4cb-c0912c748672","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":43,"box":{"x":76,"y":231,"width":889,"height":11}},{"id":"dc27ad29-8b77-4360-8518-371657c08379","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":43,"box":{"x":76,"y":245,"width":903,"height":11}},{"id":"0137bd19-2eac-4f85-874a-4287bca7eeba","block_type":"box","text":"credit risk and other risks to a Fund.","page_number":43,"box":{"x":76,"y":259,"width":231,"height":9}},{"id":"414bb67a-5c8e-458b-91ea-3e0c5dfa0d41","block_type":"box","text":"Commodity-Linked Derivatives Risk.","page_number":43,"box":{"x":76,"y":282,"width":251,"height":11}},{"id":"d7b2013d-3718-487d-8dd5-4cfc57778c00","block_type":"box","text":"The value of a commodity-linked derivative instrument (including swaps based on such instruments)","page_number":43,"box":{"x":332,"y":282,"width":640,"height":11}},{"id":"a010eb0e-a3e1-4839-9160-162ac10413f3","block_type":"box","text":"typically is based upon the price movements of the underlying commodity or an economic variable linked to such price movements.","page_number":43,"box":{"x":76,"y":296,"width":841,"height":11}},{"id":"a0c18d99-6bf4-4df8-8cc0-041f3e859816","block_type":"box","text":"Therefore, the value of commodity-linked derivative instruments may be affected by changes in overall economic conditions, interest rates,","page_number":43,"box":{"x":76,"y":311,"width":889,"height":10}},{"id":"277e8375-d839-4631-a514-7822c7eb5e72","block_type":"box","text":"or factors affecting a particular commodity or industry, such as production, disease, climate conditions, supply or demand, politics,","page_number":43,"box":{"x":76,"y":325,"width":839,"height":11}},{"id":"b9c175be-060e-403f-bebd-a5f790b10d0a","block_type":"box","text":"geopolitics, changes in international balance of payments and trade, currency devaluations and revaluations, market liquidity, and economic,","page_number":43,"box":{"x":76,"y":339,"width":900,"height":11}},{"id":"378ff28f-e1cd-4a5d-ad2a-de364a04f6f2","block_type":"box","text":"political and regulatory developments. The current market prices, or “spot prices,” and the price at a specified future date implied by the","page_number":43,"box":{"x":76,"y":353,"width":872,"height":11}},{"id":"b795c45c-d1f6-409a-9121-da53908dc2f3","block_type":"box","text":"value of certain commodity-linked derivatives (including swaps based on such instruments), or the “futures prices,” for commodities will vary","page_number":43,"box":{"x":76,"y":367,"width":902,"height":11}},{"id":"d6c727a4-f409-471a-923a-300d6fb0daf1","block_type":"box","text":"depending upon expectations regarding market conditions. The value of commodity-linked investments tied to both spot and futures prices of","page_number":43,"box":{"x":76,"y":382,"width":907,"height":10}},{"id":"38497c5f-e88b-47d1-9f79-11374da5fcc1","block_type":"box","text":"commodities may fluctuate quickly and dramatically as a result of changes affecting a particular commodity and may or may not correlate to","page_number":43,"box":{"x":76,"y":396,"width":899,"height":11}},{"id":"90146333-0b3b-4d87-b73e-9708a2c8f6ac","block_type":"box","text":"price movements in other asset classes, such as stocks, bonds and cash. Investments in commodity-linked derivatives may be subject to","page_number":43,"box":{"x":76,"y":410,"width":876,"height":11}},{"id":"894d7576-7845-4175-94c8-7573c5bd3f82","block_type":"box","text":"greater volatility than non-derivative based investments because of the leverage inherent in the use of derivatives. A highly liquid secondary","page_number":43,"box":{"x":76,"y":424,"width":895,"height":11}},{"id":"79a18551-0e3d-4b82-841f-52049213d940","block_type":"box","text":"market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked","page_number":43,"box":{"x":76,"y":438,"width":863,"height":11}},{"id":"06128247-ad50-489e-9e86-1e44c343f026","block_type":"box","text":"derivatives also may be subject to credit and interest rate risks that in general affect the values of fixed-income securities. Therefore, at","page_number":43,"box":{"x":76,"y":452,"width":869,"height":11}},{"id":"d1b88669-e8fe-4ab2-be90-e1e2ee40637e","block_type":"box","text":"maturity, the Fund may receive more or less principal than it originally invested. The Fund might receive interest payments that are more or","page_number":43,"box":{"x":76,"y":467,"width":891,"height":10}},{"id":"58dcd291-0b2b-4ce1-a8af-91d9a23487e1","block_type":"box","text":"less than the stated coupon interest payments. Commodity derivatives are subject to the risk that the counterparty to the transaction, the","page_number":43,"box":{"x":77,"y":481,"width":883,"height":11}},{"id":"e5f18f85-3884-4496-a6c1-5b7bd11c024d","block_type":"box","text":"exchange or trading facility on which they trade or the applicable clearing house may default or otherwise fail to perform. In addition, each","page_number":43,"box":{"x":76,"y":495,"width":884,"height":11}},{"id":"974a4fc0-70d0-4ac6-a3ac-a94517ca93e0","block_type":"box","text":"exchange or trading facility on which derivatives are traded has the right to suspend or limit trading in all futures or other instruments that it","page_number":43,"box":{"x":76,"y":509,"width":896,"height":11}},{"id":"5aa6a4d7-3610-469f-a0f7-d0174884c20c","block_type":"box","text":"lists. The Fund’s use of commodity-linked derivatives can result in large amounts of financial leverage. Although the Fund will not borrow","page_number":43,"box":{"x":77,"y":523,"width":872,"height":11}},{"id":"38b7b10e-f208-467e-b09e-b0f834cbf398","block_type":"box","text":"money in order to increase the amount of its trading, the low margin deposits normally required in futures trading permit a high degree of","page_number":43,"box":{"x":76,"y":537,"width":879,"height":11}},{"id":"6f4cae08-6b6c-4b28-9813-7b9ddac7b315","block_type":"box","text":"leverage on the investment itself. Accordingly, a relatively small price movement in a futures contract may result in immediate and","page_number":43,"box":{"x":77,"y":552,"width":832,"height":11}},{"id":"e480c779-3e7e-42bf-9442-465eecbfff70","block_type":"box","text":"substantial losses to the Fund. Like other leveraged investments, any trade may result in losses in excess of the amount invested. Each of","page_number":43,"box":{"x":76,"y":566,"width":882,"height":11}},{"id":"dce19100-a9f3-4b25-b5ad-2faf86645971","block_type":"box","text":"these factors and events could have a significant negative impact on the Fund.","page_number":43,"box":{"x":76,"y":580,"width":502,"height":11}},{"id":"8e963f9a-8b56-4fef-889c-a4f84be2245f","block_type":"box","text":"Commodity Market Disruption Risk.","page_number":43,"box":{"x":76,"y":603,"width":248,"height":11}},{"id":"02c4a2a7-7604-4e75-99a4-8138a7b1a061","block_type":"box","text":"The commodity markets are subject to temporary distortions and other disruptions due to, among","page_number":43,"box":{"x":329,"y":603,"width":629,"height":11}},{"id":"c70448b0-2d49-4712-b948-1637c50ff5a6","block_type":"box","text":"other factors, lack of liquidity, the participation of speculators, and government regulation, intervention and other actions. U.S. futures","page_number":43,"box":{"x":76,"y":617,"width":861,"height":11}},{"id":"85125c46-ddf6-43d8-a459-86a46429581d","block_type":"box","text":"exchanges and some foreign exchanges limit the amount of fluctuation in futures contract prices that may occur in a single business day","page_number":43,"box":{"x":76,"y":632,"width":874,"height":10}},{"id":"1c0cd164-10f1-41db-92c3-69998edd0bf5","block_type":"box","text":"(generally referred to as “daily price fluctuation limits”). The maximum or minimum price of a contract as a result of these limits is referred to","page_number":43,"box":{"x":77,"y":646,"width":901,"height":11}},{"id":"cae90433-08d4-4149-990b-75a688514574","block_type":"box","text":"as a “limit price.” If the limit price has been reached in a particular contract, no trades may be executed beyond the limit price. Limit prices","page_number":43,"box":{"x":76,"y":660,"width":889,"height":11}},{"id":"fadb0905-ae6b-4d0b-9e3b-170dcf3defa0","block_type":"box","text":"have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices. The","page_number":43,"box":{"x":77,"y":674,"width":882,"height":11}},{"id":"ee6f5733-1c24-4b30-89dc-67188f22c433","block_type":"box","text":"CFTC and the U.S. commodities exchanges are also authorized to take other actions in the event of a market emergency, including, for","page_number":43,"box":{"x":76,"y":688,"width":862,"height":11}},{"id":"59a5fa21-80a9-4f1d-81fc-be25739734bf","block_type":"box","text":"example, the imposition of higher margin requirements and the suspension of trading. Any of those actions, if taken, could adversely affect","page_number":43,"box":{"x":76,"y":702,"width":888,"height":11}},{"id":"137d543d-1926-46d6-831c-8704edb57375","block_type":"box","text":"the returns of the Fund.","page_number":43,"box":{"x":76,"y":717,"width":150,"height":8}},{"id":"74ebea50-4868-4415-9fe1-a289336713c7","block_type":"box","text":"The constituents of the Underlying Index may experience such disruptions in trading. The Fund may be negatively impacted by the cessation","page_number":43,"box":{"x":76,"y":740,"width":895,"height":11}},{"id":"868206c8-9671-4451-a7e3-57c6a9ff1363","block_type":"box","text":"of trading in futures contracts included in the Fund’s Underlying Index or by a futures exchange imposing a limit price. If there is a market","page_number":43,"box":{"x":76,"y":754,"width":879,"height":11}},{"id":"602938cc-b806-4e31-a830-414bee8c4347","block_type":"box","text":"disruption event on a day when the Fund enters into or terminates a swap transaction tied to the Underlying Index, there could be an adverse","page_number":43,"box":{"x":76,"y":768,"width":903,"height":11}},{"id":"8dc0a02b-6426-4a98-9e48-cfbb101cfd34","block_type":"box","text":"impact on the Fund’s portfolio and the performance of the Fund. Market disruption events may delay payments on swaps tied to the futures","page_number":43,"box":{"x":76,"y":782,"width":894,"height":11}},{"id":"d672c03b-f2f3-4fa4-8e3a-839465bdb9fb","block_type":"box","text":"market. In order to meet redemption requests, the Fund may be forced to terminate swaps tied to the futures market at disadvantageous","page_number":43,"box":{"x":76,"y":797,"width":877,"height":10}},{"id":"de31831d-4c62-40a4-ae93-749457a5a504","block_type":"box","text":"times or prices if a market disruption event persists beyond two consecutive business days.","page_number":43,"box":{"x":76,"y":811,"width":586,"height":11}},{"id":"9961d859-342f-4c2f-8e09-2c05fdef88f5","block_type":"box","text":"In the event of a market disruption event, the execution price the Fund will pay or receive upon the settlement of a swap transaction tied to","page_number":43,"box":{"x":77,"y":834,"width":889,"height":11}},{"id":"79c49be9-1749-4ec4-aa7a-00b629da63e5","block_type":"box","text":"the Underlying Index may differ from the Fund’s initial valuation of the swap, which is based on the official closing price of the Underlying","page_number":43,"box":{"x":76,"y":848,"width":876,"height":11}},{"id":"344f4b23-58b5-4bb8-be0f-f801f13b7d18","block_type":"box","text":"Index, which uses the limit price of the affected contract. Authorized Participants who purchase or redeem shares on a day when one or more","page_number":43,"box":{"x":77,"y":862,"width":905,"height":11}},{"id":"252c0d79-ff06-409a-8b59-739114fa2878","block_type":"box","text":"constituents of the Underlying Index is experiencing a market disruption event could bear additional costs associated with increased market","page_number":43,"box":{"x":76,"y":877,"width":897,"height":10}},{"id":"053da333-f3fd-4259-8c7f-49e1d46323a7","block_type":"box","text":"4","page_number":43,"box":{"x":525,"y":921,"width":8,"height":8}},{"id":"5fe5855e-5d4e-45b5-850e-d8565e56cf94","block_type":"box","text":"risk because the execution price of the swap may differ from the value assigned to the swap on the day the Authorized Participant submits","page_number":44,"box":{"x":77,"y":23,"width":885,"height":11}},{"id":"910dd625-8c6f-4da5-9730-076b5bee6118","block_type":"box","text":"their creation or redemption order. Such market disruption events may have an adverse effect on the value of the Fund shares.","page_number":44,"box":{"x":76,"y":37,"width":811,"height":11}},{"id":"bc69d37e-d056-4fe8-829d-86bcbe8f147b","block_type":"box","text":"Commodity Risk.","page_number":44,"box":{"x":76,"y":61,"width":117,"height":10}},{"id":"d1620b3b-380b-4195-8ae9-102b433b97cc","block_type":"box","text":"Commodity prices may be influenced or characterized by unpredictable factors, including, where applicable, high","page_number":44,"box":{"x":198,"y":61,"width":723,"height":10}},{"id":"8e37c29b-80af-4df8-b1e4-044abb4db175","block_type":"box","text":"volatility, changes in supply and demand relationships, weather, agriculture, trade, pestilence, political instability, war, catastrophic even","page_number":44,"box":{"x":76,"y":75,"width":873,"height":11}},{"id":"b75c1f8c-cae2-45ab-b5b0-d6388b34208b","block_type":"box","text":"ts,","page_number":44,"box":{"x":951,"y":76,"width":14,"height":9}},{"id":"f57cf8da-621c-497a-bc8b-54db4d36cc28","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":44,"box":{"x":76,"y":89,"width":895,"height":11}},{"id":"176dc793-04ea-484a-8b8d-4749afbb9478","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":44,"box":{"x":76,"y":103,"width":890,"height":11}},{"id":"b8aa3eec-9efc-4ed5-901a-fe69ac941c5d","block_type":"box","text":"even higher volatility attributable to commodity prices.","page_number":44,"box":{"x":76,"y":117,"width":349,"height":11}},{"id":"3dfebbac-234e-40fe-87d5-6c0157697aae","block_type":"box","text":"Concentration Risk.","page_number":44,"box":{"x":76,"y":140,"width":136,"height":9}},{"id":"4c098ffa-dc3e-471e-882f-3ae67ce1446b","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":44,"box":{"x":217,"y":140,"width":744,"height":11}},{"id":"786eb13a-e6a3-4ca7-9646-0041396e9011","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":44,"box":{"x":76,"y":155,"width":903,"height":10}},{"id":"21340d62-65ba-47eb-a433-ebcbde8050ec","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":44,"box":{"x":76,"y":169,"width":853,"height":11}},{"id":"d47036d5-6c57-48df-bfee-0385a406f373","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":44,"box":{"x":76,"y":183,"width":897,"height":11}},{"id":"6ade75b3-64fe-4638-bc5c-f7ba9b5d4176","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":44,"box":{"x":76,"y":197,"width":905,"height":11}},{"id":"fd251726-d1c7-4ec1-8db9-1915a8e2b809","block_type":"box","text":"its investments.","page_number":44,"box":{"x":76,"y":211,"width":100,"height":9}},{"id":"6c77a32f-d2ba-4382-9a15-5d6440591bfa","block_type":"box","text":"Counterparty Risk.","page_number":44,"box":{"x":76,"y":235,"width":129,"height":10}},{"id":"d82f14f3-736b-4c6d-a75f-604b368e5bc3","block_type":"box","text":"Certain commodity-linked derivative instruments, uncleared swaps and other forms of financial instruments that involve","page_number":44,"box":{"x":211,"y":235,"width":767,"height":10}},{"id":"59a19564-d4d1-4495-a001-1f6fe20e9ad3","block_type":"box","text":"counterparties subject the Fund to the risk that the counterparty could default on its obligations under the agreement, either through the","page_number":44,"box":{"x":76,"y":249,"width":877,"height":11}},{"id":"7c1cd577-fbfb-45dd-ac87-1b45f6fe71bd","block_type":"box","text":"counterparty’s bankruptcy or failure to perform its obligations. In the event of a counterparty default, the Fund could experience lengthy","page_number":44,"box":{"x":76,"y":263,"width":871,"height":11}},{"id":"c517c526-2aaa-452a-9416-b3e75d9923e9","block_type":"box","text":"delays in recovering some or all of its assets or obtain no recovery at all and, if the counterparty is subject to specified types of resolution","page_number":44,"box":{"x":76,"y":277,"width":880,"height":11}},{"id":"97a06586-6c64-40f3-8ee2-31852b9bca91","block_type":"box","text":"proceedings, the Fund may be subject to stays that limit its ability to close out positions and limit risk. The Fund may deposit funds required","page_number":44,"box":{"x":76,"y":291,"width":894,"height":11}},{"id":"39194e40-3e62-4d1d-84de-f337d274fe5f","block_type":"box","text":"to margin open positions in the derivative instruments subject to the CEA with a clearing broker registered as an FCM, which is an entity that","page_number":44,"box":{"x":76,"y":305,"width":901,"height":11}},{"id":"9565fa9e-ce2f-4f36-accc-6cb488e57c5d","block_type":"box","text":"solicits or accepts orders to buy or sell commodity futures, options, swaps or forward contracts and accepts money or other assets from","page_number":44,"box":{"x":76,"y":320,"width":875,"height":10}},{"id":"1a3ef638-be02-40d8-8aea-759b2d32e666","block_type":"box","text":"customers to support such orders. The FCM could default on an obligation set forth in an agreement between the Fund and the FCM,","page_number":44,"box":{"x":76,"y":334,"width":849,"height":11}},{"id":"2e0dcc7d-2773-448e-8615-bfb06deab0a6","block_type":"box","text":"including the FCM’s obligation to return margin posted in connection with the Fund’s futures contracts. If a counterparty defaults on its","page_number":44,"box":{"x":76,"y":348,"width":864,"height":11}},{"id":"bcb63363-bd79-44fc-8409-e0872f7deee3","block_type":"box","text":"payment obligations, the Fund may lose money and the value of an investment in Fund shares may decrease. In addition, the Fund may","page_number":44,"box":{"x":76,"y":362,"width":864,"height":11}},{"id":"e9fa6586-ef64-40ad-a4f6-53c7a4f57a86","block_type":"box","text":"engage in such investment transactions with a limited number of counterparties, which may increase the Fund’s exposure to counterparty","page_number":44,"box":{"x":76,"y":376,"width":883,"height":11}},{"id":"b52c47c6-9f24-4a13-b9d9-e11a9fbc0a38","block_type":"box","text":"credit risk.","page_number":44,"box":{"x":76,"y":391,"width":67,"height":8}},{"id":"ababb66c-abbd-4ca9-9e54-9c521b543d33","block_type":"box","text":"Credit Risk.","page_number":44,"box":{"x":76,"y":414,"width":79,"height":8}},{"id":"1d6bb7dc-5a89-424f-95b7-f7a136bc005c","block_type":"box","text":"Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security may be unable or unwilling, or may","page_number":44,"box":{"x":161,"y":414,"width":818,"height":11}},{"id":"fde3b6c1-1793-470c-96c9-e5f656f9872d","block_type":"box","text":"be perceived as unable or unwilling (whether by market participants, ratings agencies, pricing services or otherwise), to make timely principal","page_number":44,"box":{"x":76,"y":428,"width":904,"height":11}},{"id":"3cf12826-c7f0-4ca5-ab99-ce40dc770358","block_type":"box","text":"and/or interest payments or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating","page_number":44,"box":{"x":76,"y":442,"width":877,"height":11}},{"id":"cff6cef3-613f-4b49-bc37-dcad275fbdae","block_type":"box","text":"agency; generally, lower credit quality issuers present higher credit risks. The credit rating assigned to a security or its issuer does not","page_number":44,"box":{"x":76,"y":456,"width":858,"height":11}},{"id":"1fb674c0-6018-4533-a788-257c1ba40c4d","block_type":"box","text":"necessarily reflect the issuer’s current financial condition or an investment’s volatility or liquidity. An actual or perceived decline in an","page_number":44,"box":{"x":76,"y":470,"width":853,"height":11}},{"id":"a7336995-351f-4802-afe0-fb3706fea9d5","block_type":"box","text":"issuer’s creditworthiness may result in a decrease in the value and liquidity of its securities as well as greater price volatility, which may make","page_number":44,"box":{"x":76,"y":485,"width":906,"height":10}},{"id":"f57c5929-57c4-4b5b-98cc-a090930ebd15","block_type":"box","text":"it difficult for a Fund to sell the securities and otherwise have an adverse impact on the Fund. It is possible that the ability of an issuer to","page_number":44,"box":{"x":76,"y":499,"width":872,"height":11}},{"id":"383ee5c7-a072-46a9-ae77-c800744ccab4","block_type":"box","text":"meet its obligations will decline substantially during the period when a Fund owns securities of the issuer or that the issuer will default on its","page_number":44,"box":{"x":76,"y":513,"width":897,"height":11}},{"id":"6dd2e13c-2e04-400a-b9c5-1a6a5cbb2f33","block_type":"box","text":"obligations or that the obligations of the issuer will be limited or restructured. A Fund may be adversely affected if an investment that it holds","page_number":44,"box":{"x":76,"y":527,"width":903,"height":11}},{"id":"dd0d98e2-d9c5-49c1-b6b0-7dfbb2d83ea6","block_type":"box","text":"experiences a downgrade or a default.","page_number":44,"box":{"x":76,"y":541,"width":244,"height":11}},{"id":"ae1c0efd-60e0-482c-b8cf-084957175263","block_type":"box","text":"Currency Risk.","page_number":44,"box":{"x":76,"y":565,"width":100,"height":10}},{"id":"fe7fc05b-6ce0-401c-8be2-976957435896","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":44,"box":{"x":182,"y":565,"width":782,"height":10}},{"id":"deba9335-b860-4df9-8fe1-9f070fcfd7eb","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":44,"box":{"x":77,"y":579,"width":871,"height":11}},{"id":"724712df-6d36-48fd-a483-c38d4d23f0ee","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":44,"box":{"x":76,"y":593,"width":867,"height":11}},{"id":"d8e00643-cce8-42eb-99f6-8c3a6c8f8d37","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":44,"box":{"x":76,"y":607,"width":892,"height":11}},{"id":"8ab1c25b-ac4d-44c1-ab13-fb69142dcd5e","block_type":"box","text":"connection with conversions between U.S. dollars and foreign currencies.","page_number":44,"box":{"x":76,"y":621,"width":470,"height":11}},{"id":"fcff5203-2551-451e-926c-d824c8ecfa67","block_type":"box","text":"Derivatives Risk.","page_number":44,"box":{"x":77,"y":644,"width":115,"height":9}},{"id":"b8d28b60-c6db-4432-9f21-97ad47a6bfd2","block_type":"box","text":"A Fund’s use of derivatives (","page_number":44,"box":{"x":197,"y":644,"width":179,"height":11}},{"id":"816528cb-1bda-47e0-af4f-700b0d5c8908","block_type":"box","text":"e.g.","page_number":44,"box":{"x":377,"y":647,"width":21,"height":8}},{"id":"4beeb303-7571-45e5-943e-d33f2e8699a7","block_type":"box","text":", futures, forwards, swaps, options) may be riskier than other types of investments and","page_number":44,"box":{"x":400,"y":644,"width":555,"height":11}},{"id":"769896c2-d15d-4a7d-810e-52f136edeb82","block_type":"box","text":"may not have the intended effect on a Fund’s performance. Derivatives can be sensitive to changes in economic and market conditions, and","page_number":44,"box":{"x":76,"y":659,"width":896,"height":11}},{"id":"4a05ce20-405e-4d35-a253-f20a1fdda5a7","block_type":"box","text":"they may increase a Fund’s volatility. A Fund also may experience reduced returns as a result of transaction costs and losses on derivatives","page_number":44,"box":{"x":76,"y":673,"width":891,"height":11}},{"id":"5a071fb0-591c-4c96-aa5e-7393e39536f4","block_type":"box","text":"positions. There is the risk of imperfect correlation between the value of a derivative and that of the asset underlying the derivative.","page_number":44,"box":{"x":76,"y":687,"width":841,"height":11}},{"id":"811e0f8c-8794-4d2e-b516-d96e3e99c560","block_type":"box","text":"Derivatives may create investment leverage, which could result in losses that significantly exceed a Fund’s original investment. Due to their","page_number":44,"box":{"x":77,"y":701,"width":891,"height":11}},{"id":"a041ff9d-7664-4b2d-9286-66c3929babf7","block_type":"box","text":"complexity, derivatives are subject to the risk of mispricing or improper valuation. The possible lack of a liquid secondary market for","page_number":44,"box":{"x":76,"y":715,"width":845,"height":11}},{"id":"0583a974-7050-4109-be5d-ac59bbe69c98","block_type":"box","text":"derivatives and the resulting inability of a Fund to sell or otherwise close a derivatives position could expose a Fund to losses and could make","page_number":44,"box":{"x":76,"y":730,"width":904,"height":10}},{"id":"a7d7e287-5202-4788-bd93-cf6d191d9f46","block_type":"box","text":"derivatives more difficult for a Fund to value accurately.","page_number":44,"box":{"x":76,"y":744,"width":355,"height":11}},{"id":"b3dde211-7302-4365-a864-9220b55fbe06","block_type":"box","text":"Certain derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual","page_number":44,"box":{"x":76,"y":767,"width":863,"height":11}},{"id":"19be1955-1d32-4cef-b9e6-613e415981e0","block_type":"box","text":"obligations. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard","page_number":44,"box":{"x":76,"y":781,"width":895,"height":11}},{"id":"751d1e36-d445-493f-a06e-a4455a603a51","block_type":"box","text":"to such derivatives, a Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Regulatory","page_number":44,"box":{"x":76,"y":795,"width":838,"height":11}},{"id":"b0ea3801-f2ce-40e7-ae23-2fd38f917bdf","block_type":"box","text":"requirements may delay or restrict a Fund’s exercise of remedies if a derivative counterparty were to default, which could adversely impact","page_number":44,"box":{"x":77,"y":809,"width":888,"height":11}},{"id":"ac4cfe4d-6354-4af5-8853-6705757b80b0","block_type":"box","text":"the Fund.","page_number":44,"box":{"x":76,"y":824,"width":59,"height":8}},{"id":"2f93f59a-f73a-4a8b-9cdc-ef76362c5891","block_type":"box","text":"The use of derivatives exposes a Fund to operational risks, such as documentation and settlement issues, systems failures, inadequate","page_number":44,"box":{"x":76,"y":847,"width":863,"height":11}},{"id":"5a343262-7af6-4b6d-801c-44e8984b394d","block_type":"box","text":"controls and human error. Derivatives also involve legal risks, including insufficient documentation, insufficient capacity or authority of a","page_number":44,"box":{"x":76,"y":861,"width":872,"height":11}},{"id":"a238f62e-6c3c-427d-880d-9ad1de59c336","block_type":"box","text":"5","page_number":44,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"b7ed0209-a354-4b83-81e4-7a38ff9704cc","block_type":"box","text":"counterparty, and the legality and enforceability of a contract. Derivatives expose a Fund to derivative liquidity risks relating to potential","page_number":45,"box":{"x":76,"y":23,"width":869,"height":11}},{"id":"77d5517e-962a-4971-9adc-b100e41dffdc","block_type":"box","text":"liquidity demands for a Fund to make margin, collateral, or settlement payments.","page_number":45,"box":{"x":77,"y":37,"width":515,"height":11}},{"id":"1db78567-8656-4f04-9e12-d9d449e74aed","block_type":"box","text":"Energy Sector Risk.","page_number":45,"box":{"x":77,"y":61,"width":133,"height":10}},{"id":"f74ce8c6-b2f6-4274-a938-058f4ac7ecf9","block_type":"box","text":"The performance of energy-related commodities is generally cyclical and highly dependent on energy prices. Energy","page_number":45,"box":{"x":215,"y":61,"width":743,"height":10}},{"id":"8067780e-05f6-4ebc-a0c8-b184a9c079a7","block_type":"box","text":"prices may fluctuate significantly due to, among other things, national and international political changes, Organization of Petroleum","page_number":45,"box":{"x":76,"y":75,"width":845,"height":11}},{"id":"a51c23b2-e3c3-4dda-bc64-dfaea92a13b8","block_type":"box","text":"Exporting Countries (“OPEC”) and non-OPEC energy exporters, such as the Russian Federation, policies and relationships, and the","page_number":45,"box":{"x":77,"y":89,"width":831,"height":11}},{"id":"4ee0407e-e147-4872-afff-9a4abb47e4fc","block_type":"box","text":"economies of key energy-consuming countries. The market value of energy-related commodities may decline for many reasons, including,","page_number":45,"box":{"x":76,"y":103,"width":881,"height":11}},{"id":"da790bc2-6fac-4c37-8298-0a75fb2777d4","block_type":"box","text":"among other things: changes in the levels and volatility of global energy prices, energy supply and demand, and capital expenditures on","page_number":45,"box":{"x":76,"y":117,"width":865,"height":11}},{"id":"79f21764-ca14-4970-ad51-e75306408493","block_type":"box","text":"exploration and production of energy sources; exchange rates, interest rates, economic conditions, and tax treatment; terrorism, natural","page_number":45,"box":{"x":76,"y":131,"width":874,"height":11}},{"id":"132caaf9-dc86-4e93-aff2-ffdcae09e047","block_type":"box","text":"disasters and other catastrophes; and energy conservation efforts, increased competition and technological advances. The energy sector","page_number":45,"box":{"x":76,"y":146,"width":879,"height":10}},{"id":"260628ad-4498-4653-8843-da2f3eb7de0f","block_type":"box","text":"may also be subject to substantial government regulation and contractual fixed pricing. In 2020, in the context of the COVID-19 outbreak and","page_number":45,"box":{"x":76,"y":160,"width":905,"height":11}},{"id":"18ea8ac4-7d27-49a5-add3-4fe293311917","block_type":"box","text":"disputes among oil-producing countries regarding potential limits on the production of crude oil, the energy sector has experienced","page_number":45,"box":{"x":76,"y":174,"width":840,"height":11}},{"id":"2c3000a1-d0d2-40d4-8174-e60ca30c3914","block_type":"box","text":"increased volatility. In particular, significant market volatility occurred in the crude oil markets as well as the oil futures markets, which","page_number":45,"box":{"x":76,"y":188,"width":861,"height":11}},{"id":"0f0c9426-ced0-4544-94da-2f7be6288d89","block_type":"box","text":"resulted in the market price of the front month WTI crude oil futures contract falling below zero for a period of time.","page_number":45,"box":{"x":77,"y":202,"width":737,"height":11}},{"id":"4919ca57-f462-445f-b825-ddd0788bde6c","block_type":"box","text":"European Economic Risk.","page_number":45,"box":{"x":77,"y":226,"width":174,"height":10}},{"id":"4254d3f0-118b-444e-8e6f-9cbe81f81f8d","block_type":"box","text":"The Economic and Monetary Union (the “eurozone”) of the EU requires compliance by member states that are","page_number":45,"box":{"x":256,"y":226,"width":704,"height":10}},{"id":"80dd4d15-ec13-4d3a-b47e-48a06e1009d8","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":45,"box":{"x":76,"y":240,"width":893,"height":11}},{"id":"e675d154-c34f-4607-b815-8822136b3ef0","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":45,"box":{"x":76,"y":254,"width":899,"height":11}},{"id":"ab23702d-0a18-48d4-be6d-696a5ddd64d8","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":45,"box":{"x":77,"y":268,"width":888,"height":11}},{"id":"63b3bd74-6fb5-41c0-a3af-95875f4254a2","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":45,"box":{"x":77,"y":282,"width":879,"height":11}},{"id":"3396387f-5ac6-4b21-a843-0c0fb7d9129a","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":45,"box":{"x":76,"y":296,"width":887,"height":11}},{"id":"df3780d3-e1df-4d07-b732-b4af0e5fd444","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":45,"box":{"x":76,"y":311,"width":874,"height":10}},{"id":"b9efb4a0-07d6-43b1-85d3-0ad53d645cfd","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":45,"box":{"x":76,"y":325,"width":889,"height":11}},{"id":"c283353b-3c6e-4c5e-ba4d-b55a57708075","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":45,"box":{"x":76,"y":339,"width":899,"height":11}},{"id":"914106e3-331d-4045-8a06-1a00a2b517d0","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":45,"box":{"x":76,"y":353,"width":904,"height":11}},{"id":"ded117c8-00f0-4c31-a25b-8be92132daff","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":45,"box":{"x":76,"y":367,"width":857,"height":11}},{"id":"b9498b9f-19b5-4371-bb87-e4880876c23f","block_type":"box","text":"countries.","page_number":45,"box":{"x":76,"y":382,"width":63,"height":8}},{"id":"405169cb-9c7d-49f6-9e1c-1b0e86a42f19","block_type":"box","text":"Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not","page_number":45,"box":{"x":77,"y":405,"width":878,"height":11}},{"id":"80b7a3ed-de05-41a0-afb5-c736c7402d3c","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":45,"box":{"x":76,"y":419,"width":858,"height":11}},{"id":"1ef9ee96-63ca-4486-ae8d-f011f4d5ce77","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":45,"box":{"x":76,"y":433,"width":882,"height":11}},{"id":"64d81f4f-fc11-4cde-b861-e13a2711039a","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":45,"box":{"x":76,"y":447,"width":859,"height":11}},{"id":"68f74de9-79b8-4a18-86f6-5b9d73f80727","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":45,"box":{"x":76,"y":461,"width":866,"height":11}},{"id":"82227beb-e6de-4844-9799-36ddf3091290","block_type":"box","text":"regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financia","page_number":45,"box":{"x":77,"y":476,"width":894,"height":10}},{"id":"87ec7703-cb1e-4fa0-bbba-594d40d10a84","block_type":"box","text":"l","page_number":45,"box":{"x":973,"y":476,"width":1,"height":8}},{"id":"886f83fa-ae65-4141-87da-05127f2fb364","block_type":"box","text":"markets.","page_number":45,"box":{"x":76,"y":490,"width":55,"height":8}},{"id":"2c37cc1b-d978-4e5c-abd0-c9e17cb9a55f","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":45,"box":{"x":76,"y":513,"width":880,"height":11}},{"id":"8b740cfa-74a6-45c0-9b0d-14b387bcb2b9","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":45,"box":{"x":76,"y":527,"width":896,"height":11}},{"id":"080586f1-0900-47b4-9ae9-119d637f2d84","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant","page_number":45,"box":{"x":76,"y":541,"width":845,"height":11}},{"id":"c23f09c7-41ea-45cc-ae00-a5859c46fab4","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":45,"box":{"x":76,"y":556,"width":871,"height":10}},{"id":"938a8ccd-9a32-42b4-b8dc-4594c8949051","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":45,"box":{"x":76,"y":570,"width":872,"height":11}},{"id":"411acb1c-b0c3-445b-8f6c-60dd11ae03f8","block_type":"box","text":"investments.","page_number":45,"box":{"x":76,"y":584,"width":81,"height":8}},{"id":"be221041-9711-4052-8934-98ebb2a229c8","block_type":"box","text":"Russian Invasion of Ukraine","page_number":45,"box":{"x":76,"y":607,"width":172,"height":9}},{"id":"053ee726-e441-49d0-acb5-78c779541d4b","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":45,"box":{"x":250,"y":607,"width":720,"height":11}},{"id":"1084337d-a793-4c9a-8007-e6a2cfd2798a","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":45,"box":{"x":76,"y":621,"width":893,"height":11}},{"id":"3d371036-f6a0-402e-aee4-6c5f1e77ba1e","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":45,"box":{"x":76,"y":635,"width":887,"height":11}},{"id":"6d4c2f01-5f60-4dfc-81e1-1f15865bb704","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions,","page_number":45,"box":{"x":76,"y":650,"width":886,"height":10}},{"id":"5af48e3a-76a6-441f-93f2-fcde3d86b308","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":45,"box":{"x":76,"y":664,"width":894,"height":11}},{"id":"40c852a5-e70a-4457-a810-c34b8e0a686a","block_type":"box","text":"government, Russian companies or Russian individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in","page_number":45,"box":{"x":76,"y":678,"width":891,"height":11}},{"id":"cbccbced-ef64-419d-b151-79af4d1f14a3","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":45,"box":{"x":76,"y":692,"width":885,"height":11}},{"id":"316cc81a-c47c-4b36-8bb8-43484bc059f8","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":45,"box":{"x":76,"y":706,"width":892,"height":11}},{"id":"e49ee412-18f5-4001-b416-4d367d0bc848","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":45,"box":{"x":77,"y":721,"width":431,"height":10}},{"id":"376721b7-9da5-4b18-88bb-fb8298a417b6","block_type":"box","text":"Futures Contract Risk.","page_number":45,"box":{"x":77,"y":744,"width":154,"height":8}},{"id":"ca8ed4af-e876-48c3-8cad-7a6eda826d30","block_type":"box","text":"Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing","page_number":45,"box":{"x":237,"y":744,"width":718,"height":11}},{"id":"2b34810d-29df-4743-87ad-0ce01b646146","block_type":"box","text":"directly in the underlying assets. Swaps or other derivatives on futures contracts also may be adversely impacted by these risks. The primary","page_number":45,"box":{"x":76,"y":758,"width":901,"height":11}},{"id":"12d754a5-d32c-4d88-961f-a90154d9acee","block_type":"box","text":"risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and that of the underlying asset; (ii)","page_number":45,"box":{"x":77,"y":772,"width":890,"height":11}},{"id":"c6ca0009-90ec-4de8-9fba-872fc15f62de","block_type":"box","text":"resale restrictions or the lack of a liquid secondary market and the resulting inability to close a futures contract when desired; (iii) losses","page_number":45,"box":{"x":77,"y":786,"width":873,"height":11}},{"id":"21dfd605-67f9-476d-bcf0-252e48fe4f52","block_type":"box","text":"from unanticipated market movements, which are potentially unlimited; (iv) BFA’s inability to predict correctly the direction of the prices of","page_number":45,"box":{"x":76,"y":800,"width":886,"height":11}},{"id":"f4e90f50-2fdf-49de-a827-60fdf5fc06a2","block_type":"box","text":"futures contracts and other financial and economic factors; (v) a counterparty’s default in the performance of its obligations; (vi) the","page_number":45,"box":{"x":76,"y":815,"width":845,"height":10}},{"id":"392f766b-4381-4334-97fd-d957cca839a8","block_type":"box","text":"obligation to make daily cash payments to maintain the required margin for the futures contract; and (vii) the possibility that a failure to close","page_number":45,"box":{"x":76,"y":829,"width":904,"height":11}},{"id":"d8b2773a-63ef-4310-bc25-768dc7bff19e","block_type":"box","text":"a position may result in delivery of an illiquid commodity.","page_number":45,"box":{"x":76,"y":843,"width":362,"height":11}},{"id":"3b43c027-0256-4cf3-910b-2ba506fbf5ef","block_type":"box","text":"A Fund that rolls futures contracts is subject to additional risk. If the market for the futures contracts is in “contango,” meaning that the price","page_number":45,"box":{"x":76,"y":866,"width":904,"height":11}},{"id":"fbb2ca9a-b6a8-4cd0-b2e0-2885e819486f","block_type":"box","text":"of futures contracts in nearer months is lower than the price of contracts in distant months, the sale of a near-term month contract will be at","page_number":45,"box":{"x":76,"y":880,"width":901,"height":11}},{"id":"79782562-4fb1-448c-9200-7363454be812","block_type":"box","text":"6","page_number":45,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"f2442de9-479f-476b-a5b1-8b655a9db25d","block_type":"box","text":"a lower price than the cost of the longer-term contract, resulting in a cost to roll the contract. A Fund may also lose money in rolling a","page_number":46,"box":{"x":76,"y":23,"width":858,"height":11}},{"id":"0e519a59-257c-4077-b28b-1c718a0ec00d","block_type":"box","text":"futures contract if the two contracts are trading at different prices as compared to fair value – for example, if the futures contract held by the","page_number":46,"box":{"x":76,"y":37,"width":903,"height":11}},{"id":"39ca3015-9324-444a-9e28-b5136752bcf3","block_type":"box","text":"Fund is trading at a discount to fair value and the new contract being rolled into is trading at a premium to fair value. A Fund may not roll","page_number":46,"box":{"x":77,"y":51,"width":871,"height":11}},{"id":"d76111e2-30d6-456e-a344-814d4c5e2988","block_type":"box","text":"futures contracts on a predefined schedule; instead, BFA may determine to roll to another futures contract in an attempt to generate","page_number":46,"box":{"x":76,"y":66,"width":849,"height":11}},{"id":"6bbe3b43-b660-4440-8522-215fb9198d69","block_type":"box","text":"maximum yield. There can be no guarantee that such a strategy will produce the desired results.","page_number":46,"box":{"x":76,"y":80,"width":615,"height":11}},{"id":"bdf4cddf-479b-4b21-85ed-0ad990b5537f","block_type":"box","text":"In addition, U.S. regulations limit the types of foreign-listed futures contracts that U.S. investors are allowed to invest in. As a result, a Fund","page_number":46,"box":{"x":77,"y":103,"width":891,"height":11}},{"id":"870c1fb7-f4fc-48b1-a49e-b2eb61300b00","block_type":"box","text":"may not be able to gain the exposure it seeks through certain non-U.S. futures contracts.","page_number":46,"box":{"x":76,"y":117,"width":570,"height":11}},{"id":"6370b3f1-7950-4a04-a3a2-40732c5bac90","block_type":"box","text":"Geographic and Security Risks.","page_number":46,"box":{"x":76,"y":140,"width":216,"height":11}},{"id":"3627695d-8671-4491-bd0e-f2824d2a2029","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":46,"box":{"x":298,"y":140,"width":668,"height":11}},{"id":"e0449e66-e068-4d78-aeb8-8f3d58bb27fe","block_type":"box","text":"natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In","page_number":46,"box":{"x":76,"y":155,"width":885,"height":10}},{"id":"ef969cfa-cf86-4d68-be84-02d63a4a6a1c","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":46,"box":{"x":76,"y":169,"width":840,"height":11}},{"id":"dfd458bb-ae3e-447d-8d55-d29556625270","block_type":"box","text":"terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":46,"box":{"x":76,"y":183,"width":845,"height":11}},{"id":"23506d86-f051-44ed-bcf7-628b5afe2ef2","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":46,"box":{"x":76,"y":197,"width":570,"height":11}},{"id":"638869f6-fc7c-4fe1-bc44-b320f1e2cd07","block_type":"box","text":"Illiquid Investments Risk.","page_number":46,"box":{"x":77,"y":220,"width":174,"height":11}},{"id":"eadbab07-d0b4-4885-ad3a-0cc4726c0c36","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":46,"box":{"x":256,"y":220,"width":719,"height":11}},{"id":"c88ec882-2d8b-4292-b968-5af1fbc5442c","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":46,"box":{"x":76,"y":235,"width":883,"height":10}},{"id":"0eb550cb-99f5-4e9d-bd71-edce7d00b05c","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":46,"box":{"x":76,"y":249,"width":885,"height":11}},{"id":"2a004fdd-4dc6-47ca-ba62-cace02d21746","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":46,"box":{"x":76,"y":263,"width":902,"height":11}},{"id":"7a2d9fab-a4e5-4dc9-9d42-10fdf253b706","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":46,"box":{"x":76,"y":277,"width":890,"height":11}},{"id":"611133d0-e41d-486f-950e-9e31e0c31f94","block_type":"box","text":"risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.","page_number":46,"box":{"x":77,"y":291,"width":751,"height":11}},{"id":"09a6f6e1-4512-4d22-9d4f-d22804423df6","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":46,"box":{"x":77,"y":314,"width":884,"height":11}},{"id":"eee1e49c-4070-43f0-97d0-68b8d94abcec","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":46,"box":{"x":76,"y":329,"width":900,"height":10}},{"id":"7a71d54a-ede6-4d9c-a548-27bf0ade1050","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":46,"box":{"x":76,"y":343,"width":867,"height":11}},{"id":"172ccf31-6014-49d0-862e-58f43788a482","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":46,"box":{"x":77,"y":366,"width":900,"height":11}},{"id":"ac7fb0f9-9091-4051-a766-8eca4d677778","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":46,"box":{"x":76,"y":380,"width":890,"height":11}},{"id":"3b262946-6b89-4f6b-b1a2-9d814bb86184","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":46,"box":{"x":76,"y":394,"width":828,"height":11}},{"id":"30f976c5-1653-4456-887c-330de26d3caf","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":46,"box":{"x":77,"y":409,"width":873,"height":10}},{"id":"b041fc9a-90cd-4734-8bf5-a284fc895a88","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":46,"box":{"x":77,"y":423,"width":887,"height":11}},{"id":"1d4ca64c-bfdb-4de9-94cf-d6683fe848e0","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":46,"box":{"x":77,"y":437,"width":896,"height":11}},{"id":"214f9203-4b61-4268-95fb-f362d59d49de","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":46,"box":{"x":76,"y":451,"width":869,"height":11}},{"id":"5b9b838b-d12f-4bc9-ad5a-de75f9a66e46","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":46,"box":{"x":77,"y":465,"width":886,"height":11}},{"id":"47ce3633-5a3a-4f02-8708-625c2c70cbbe","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":46,"box":{"x":77,"y":479,"width":858,"height":11}},{"id":"d789e5a1-7193-4b15-8122-d63a6109f370","block_type":"box","text":"premium or discount to the Fund’s NAV.","page_number":46,"box":{"x":76,"y":494,"width":254,"height":10}},{"id":"b58d825d-af53-43d0-85dd-9af5f8bc60ad","block_type":"box","text":"Income Risk.","page_number":46,"box":{"x":77,"y":517,"width":87,"height":8}},{"id":"5e36b8d7-76b5-4c8d-90c1-d8f0282e5252","block_type":"box","text":"A Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund may be required to","page_number":46,"box":{"x":169,"y":517,"width":811,"height":11}},{"id":"710f5b7e-05b7-4372-927b-6570727f13d9","block_type":"box","text":"invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is prepaid or when the Fund","page_number":46,"box":{"x":76,"y":531,"width":843,"height":11}},{"id":"e94f522c-cfb0-40d3-99ac-3141533bf190","block_type":"box","text":"otherwise needs to purchase additional bonds, such as due to a substitution in the underlying index for an index fund.","page_number":46,"box":{"x":76,"y":545,"width":752,"height":11}},{"id":"92319ec2-7820-4357-a634-9f32e19d814d","block_type":"box","text":"Index-Related Risk.","page_number":46,"box":{"x":77,"y":568,"width":132,"height":9}},{"id":"036ad4a7-84ae-47fb-8d02-59f4377fb9db","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":46,"box":{"x":214,"y":568,"width":728,"height":11}},{"id":"ff0a578d-479e-437a-8e6a-a94c4ddee906","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":46,"box":{"x":76,"y":583,"width":869,"height":10}},{"id":"5c28595d-562c-40c4-8130-2d472b22bf10","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":46,"box":{"x":77,"y":597,"width":872,"height":11}},{"id":"f01ff757-dad0-49a2-a1a7-634346cc574b","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":46,"box":{"x":77,"y":611,"width":862,"height":11}},{"id":"14031781-31af-46c3-bbd2-04ed2d2382a1","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":46,"box":{"x":76,"y":625,"width":897,"height":11}},{"id":"9f4eceaa-9185-40b8-9ae8-fc38977cc11a","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":46,"box":{"x":76,"y":639,"width":881,"height":11}},{"id":"313c4ffc-5489-48ab-932d-12a521fc89c0","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":46,"box":{"x":76,"y":663,"width":852,"height":10}},{"id":"3bb60a1e-5b71-4f76-93c2-96c5916a3ad6","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":46,"box":{"x":76,"y":677,"width":850,"height":11}},{"id":"96c8bc21-97ae-407a-b653-1f78990d9315","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":46,"box":{"x":76,"y":691,"width":877,"height":11}},{"id":"ac9554e2-2ab4-4002-bcc0-08d20971d389","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":46,"box":{"x":76,"y":705,"width":906,"height":11}},{"id":"1961706c-9fc6-4403-93b4-497a139d0e6b","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":46,"box":{"x":76,"y":719,"width":904,"height":11}},{"id":"344d08a4-12fe-48b9-bee6-28ec3f8086b6","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":46,"box":{"x":76,"y":733,"width":894,"height":11}},{"id":"a45477a8-43ce-43e9-a406-a46d7e41ac4d","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":46,"box":{"x":76,"y":748,"width":877,"height":10}},{"id":"08033d37-7672-484d-9bd6-847c93154cf0","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":46,"box":{"x":76,"y":762,"width":881,"height":11}},{"id":"adef9516-8451-44e5-9232-d10dfaaa1e10","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":46,"box":{"x":76,"y":776,"width":844,"height":11}},{"id":"d2fef1e8-17ae-4d55-85ef-e48c03873cc6","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":46,"box":{"x":77,"y":790,"width":879,"height":11}},{"id":"d3fec574-35e7-43af-9043-35e1d942b0e0","block_type":"box","text":"errors will be borne by the Fund and its shareholders.","page_number":46,"box":{"x":76,"y":804,"width":340,"height":11}},{"id":"11f0ccea-126d-45d7-a28e-7942274a24c4","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":46,"box":{"x":77,"y":828,"width":857,"height":10}},{"id":"2995ecdc-ae9a-415b-b405-8d9aa7f6e92e","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":46,"box":{"x":77,"y":842,"width":880,"height":11}},{"id":"1a1d439b-2205-4d8b-bef1-39a7298e5f09","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":46,"box":{"x":76,"y":856,"width":902,"height":11}},{"id":"d9534897-7a3b-479f-91b0-a286e79b8215","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":46,"box":{"x":76,"y":870,"width":905,"height":11}},{"id":"acbf6ea3-c346-4657-ba91-051087562c4f","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":46,"box":{"x":76,"y":884,"width":889,"height":11}},{"id":"9944fbd4-e087-419a-b85c-39cd6a1110db","block_type":"box","text":"7","page_number":46,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"9d77c51e-ecb7-4dc9-9ff9-a47b3448360a","block_type":"box","text":"extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not","page_number":47,"box":{"x":76,"y":23,"width":890,"height":11}},{"id":"9d805fa4-989a-48f0-9b77-58045c330769","block_type":"box","text":"align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.","page_number":47,"box":{"x":76,"y":37,"width":723,"height":11}},{"id":"c9b62fca-b16d-4f0b-a5f4-d18feb6f07b3","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":47,"box":{"x":77,"y":61,"width":899,"height":10}},{"id":"46cc2f9f-8246-454c-8c46-593b3b7a1350","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":47,"box":{"x":76,"y":75,"width":876,"height":10}},{"id":"c2713e6f-0eed-4885-a814-76f1428f391e","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":47,"box":{"x":76,"y":89,"width":865,"height":11}},{"id":"1a1dd6f5-5940-4c9b-97f7-ced0a28c8389","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":47,"box":{"x":76,"y":103,"width":897,"height":11}},{"id":"9842e250-2efe-4f3d-acf4-0cd4cdc172b1","block_type":"box","text":"a Fund’s costs and tracking error.","page_number":47,"box":{"x":76,"y":117,"width":213,"height":11}},{"id":"d2c0c863-024a-4d2e-b25e-df66fc1323df","block_type":"box","text":"Interest Rate Risk.","page_number":47,"box":{"x":77,"y":140,"width":127,"height":9}},{"id":"dea36bad-cac5-4f06-bd18-c92c14d79b81","block_type":"box","text":"Interest rate changes can be sudden and unpredictable and are influenced by a number of factors, including government","page_number":47,"box":{"x":210,"y":140,"width":770,"height":11}},{"id":"73326f22-f494-4ed6-b91a-4118cfdd28b0","block_type":"box","text":"policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for fixed-income securities. Changes in interest","page_number":47,"box":{"x":76,"y":155,"width":889,"height":10}},{"id":"a6578a41-a3e2-44bb-9a8b-5a4aa0cd75c6","block_type":"box","text":"rates may have unpredictable effects on fixed-income markets and may result in heightened volatility and lower liquidity for certain","page_number":47,"box":{"x":77,"y":169,"width":837,"height":11}},{"id":"a181ae5b-ebca-45e9-adcd-da1adcd0f73e","block_type":"box","text":"instruments, which may adversely affect a Fund’s performance. When interest rates rise, the value of fixed-income securities or other","page_number":47,"box":{"x":76,"y":183,"width":854,"height":11}},{"id":"4e680c9f-1e6f-4b49-a99c-11ab67716485","block_type":"box","text":"instruments sensitive to interest rates typically decreases. Duration is a measure of how sensitive a bond is to interest rate changes. Fixed","page_number":47,"box":{"x":76,"y":197,"width":892,"height":11}},{"id":"3dea5ac4-7382-4b8f-8f25-db4ed00281f8","block_type":"box","text":"income securities with longer durations tend to be more sensitive to interest rate changes, and their prices usually are more volatile than","page_number":47,"box":{"x":76,"y":211,"width":876,"height":11}},{"id":"c4119d57-14fd-4ffa-95d6-17a900dc9a9e","block_type":"box","text":"those of shorter-duration securities. For example, if a bond has a duration of five years and interest rates rise, the price of the bond will likely","page_number":47,"box":{"x":76,"y":226,"width":902,"height":10}},{"id":"70b5541a-f846-4af6-9c28-3cb1c8452f6b","block_type":"box","text":"decline by a greater percentage than for a bond with a one-year duration. To the extent a Fund invests a substantial portion of its assets in","page_number":47,"box":{"x":76,"y":240,"width":883,"height":11}},{"id":"175a1b7e-3111-49e7-9465-4367f9b7fe8e","block_type":"box","text":"fixed-income securities with longer duration, rising interest rates may cause the value of the Fund’s investments to decline significantly,","page_number":47,"box":{"x":76,"y":254,"width":869,"height":11}},{"id":"29e94e30-3611-407e-9cce-047164df8a9b","block_type":"box","text":"which would adversely affect the Fund’s performance.","page_number":47,"box":{"x":76,"y":268,"width":345,"height":11}},{"id":"d934384f-6ddd-4947-a2d3-21f051590e27","block_type":"box","text":"In addition, changes in prevailing interest rates, particularly sudden and significant changes, may lead to fluctuations in the value of floating","page_number":47,"box":{"x":77,"y":291,"width":896,"height":11}},{"id":"29226af6-3efa-48e0-9a7d-6ec192a9458f","block_type":"box","text":"rate debt securities, because the rates for those securities typically reset only periodically. Additionally, during periods of very low or","page_number":47,"box":{"x":77,"y":305,"width":848,"height":11}},{"id":"d12ca113-a384-4180-89cc-d1089687ad3f","block_type":"box","text":"negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders. Under certain market conditions","page_number":47,"box":{"x":76,"y":320,"width":900,"height":10}},{"id":"0ecb5f21-4159-481d-bb0c-0b96d7092295","block_type":"box","text":"when interest rates are set at low levels and the market prices of portfolio securities have increased, a Fund may have a very low or even","page_number":47,"box":{"x":76,"y":334,"width":875,"height":11}},{"id":"1268358e-04e4-4243-9311-0b565017e044","block_type":"box","text":"negative yield, which would cause the Fund to lose money under certain conditions.","page_number":47,"box":{"x":76,"y":348,"width":534,"height":11}},{"id":"5bed0b48-f0db-490b-be9e-d6ea9f548479","block_type":"box","text":"Decreases in market-making capacity for fixed-income dealers may lead to lower trading volume, heightened volatility, wider bid-ask spreads","page_number":47,"box":{"x":77,"y":371,"width":902,"height":11}},{"id":"5d1212a0-b40d-4d7f-8a27-dd8a3f62c7f7","block_type":"box","text":"and less transparent pricing in certain fixed-income markets.","page_number":47,"box":{"x":76,"y":385,"width":389,"height":11}},{"id":"240f28c1-3c99-4bb6-96a6-c32af59f9e89","block_type":"box","text":"Issuer Risk.","page_number":47,"box":{"x":77,"y":409,"width":79,"height":8}},{"id":"43cad0ad-2b4e-48f3-a23b-84a2464a7f7a","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":47,"box":{"x":161,"y":409,"width":755,"height":10}},{"id":"0026f823-c453-493c-a5fa-439c4af969b5","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":47,"box":{"x":76,"y":423,"width":861,"height":11}},{"id":"32907352-f5ca-47e5-adbf-391bf5c47d19","block_type":"box","text":"financial condition or credit rating of the issuer or counterparty.","page_number":47,"box":{"x":76,"y":437,"width":406,"height":11}},{"id":"67c427aa-f2cc-41e8-b92a-59be60752c01","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk.","page_number":47,"box":{"x":77,"y":460,"width":368,"height":11}},{"id":"2fb7c049-0d41-4fe1-bc7b-0dc4e9c69668","block_type":"box","text":"Certain shareholders of a Fund, including an Authorized Participant, a third-party","page_number":47,"box":{"x":450,"y":460,"width":518,"height":11}},{"id":"7fd12488-f557-4d61-b4c9-2cedbb74ec3a","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":47,"box":{"x":76,"y":474,"width":875,"height":11}},{"id":"dc6487aa-e738-41e3-8cc0-b8b1a7de29d5","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":47,"box":{"x":76,"y":489,"width":899,"height":10}},{"id":"14e2e396-6097-4156-89e4-7a241cf9e616","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":47,"box":{"x":76,"y":503,"width":901,"height":11}},{"id":"f5e839a3-9364-49ad-9924-5e801c5076c9","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":47,"box":{"x":76,"y":517,"width":888,"height":11}},{"id":"6f823042-e322-470b-897a-2f05465d8db2","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":47,"box":{"x":76,"y":531,"width":882,"height":11}},{"id":"c9ec43d7-505f-483d-a8d4-0db7c9a8c51f","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":47,"box":{"x":76,"y":545,"width":889,"height":11}},{"id":"78dd8135-ab8b-4444-ba75-e6b82e2c438c","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":47,"box":{"x":76,"y":559,"width":906,"height":11}},{"id":"e1656779-1d5e-4dcb-a682-6774a6a08eb1","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":47,"box":{"x":76,"y":574,"width":904,"height":10}},{"id":"1e2aaf9a-dbc9-4d40-a93a-440361bfb446","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":47,"box":{"x":76,"y":588,"width":855,"height":11}},{"id":"46042590-b13b-4a17-acd1-6724cc11c767","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":47,"box":{"x":77,"y":602,"width":892,"height":11}},{"id":"521a1b40-2454-4556-8df4-207644b0298b","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":47,"box":{"x":77,"y":616,"width":901,"height":11}},{"id":"5e0346f7-fb51-4862-a5f4-2dcf22ff94a0","block_type":"box","text":"to price.","page_number":47,"box":{"x":76,"y":630,"width":52,"height":11}},{"id":"8d78ecb9-f270-4310-ae70-ec810df428c2","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":47,"box":{"x":76,"y":654,"width":840,"height":10}},{"id":"4f8bbc64-0792-47cc-ba5b-d061ffdd2b4a","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":47,"box":{"x":76,"y":668,"width":898,"height":11}},{"id":"4b03f58c-e02f-4fc1-b6d2-5fb6d46cd1b5","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":47,"box":{"x":76,"y":682,"width":878,"height":11}},{"id":"ae67bee8-04ae-4672-9ef6-6a1fce4b4368","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":47,"box":{"x":76,"y":696,"width":792,"height":11}},{"id":"ef036c48-1f36-4fca-a8de-acd968374c87","block_type":"box","text":"Management Risk.","page_number":47,"box":{"x":77,"y":719,"width":126,"height":11}},{"id":"6bb3173d-f828-450a-b104-1ae0a0a71333","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":47,"box":{"x":208,"y":719,"width":757,"height":11}},{"id":"41d4a1ff-7c40-42f4-a434-364eb823e0f2","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":47,"box":{"x":76,"y":733,"width":863,"height":11}},{"id":"e758f9a5-03f6-4d4d-8b09-7b0b890abeb8","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":47,"box":{"x":76,"y":748,"width":864,"height":10}},{"id":"a959490a-4ac3-4d75-86ef-cfc00b27f36f","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":47,"box":{"x":77,"y":762,"width":898,"height":11}},{"id":"cbfa2754-912a-4ed5-a9df-dad6738afb5f","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":47,"box":{"x":76,"y":776,"width":837,"height":11}},{"id":"612d036c-66c3-4af0-9259-4fd1adc78172","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":47,"box":{"x":77,"y":790,"width":888,"height":11}},{"id":"20c350c4-e431-4e2a-99f5-b886114c3a4b","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":47,"box":{"x":77,"y":804,"width":883,"height":11}},{"id":"e21f2cdc-c5d6-4f11-8b86-80872ddf70a5","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":47,"box":{"x":76,"y":819,"width":889,"height":10}},{"id":"02722076-0607-4ec4-8828-4458faa58ffc","block_type":"box","text":"its investment objective.","page_number":47,"box":{"x":76,"y":833,"width":156,"height":10}},{"id":"d8d318f4-0a5b-4d76-a125-a459d431bc75","block_type":"box","text":"Market Risk.","page_number":47,"box":{"x":77,"y":856,"width":85,"height":8}},{"id":"296ea187-71ba-4ae1-af5a-996400031155","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":47,"box":{"x":167,"y":856,"width":764,"height":11}},{"id":"33c9a43d-dfca-48da-8395-6ea536a9f1f8","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":47,"box":{"x":76,"y":870,"width":879,"height":11}},{"id":"5a47fb29-343f-4c4e-abf0-decb5a78e8a4","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":47,"box":{"x":76,"y":884,"width":884,"height":11}},{"id":"47a477d2-7944-4391-8aef-60b2c38ee1ba","block_type":"box","text":"8","page_number":47,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"aa53bfac-0862-4b40-a4cb-15ecbfefec5e","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":48,"box":{"x":76,"y":23,"width":904,"height":11}},{"id":"8e24b4d9-8691-420d-a837-32d16b6d8799","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":48,"box":{"x":76,"y":37,"width":858,"height":11}},{"id":"5ed7c530-4523-4f11-a53c-9d3c809a77b6","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":48,"box":{"x":76,"y":51,"width":869,"height":11}},{"id":"43a15307-c8ef-4dcf-a43b-2b40a1b4537e","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":48,"box":{"x":76,"y":66,"width":885,"height":11}},{"id":"56b22be1-23d5-49f2-a2e1-16c8ca264cea","block_type":"box","text":"and assets.","page_number":48,"box":{"x":76,"y":80,"width":71,"height":8}},{"id":"112fafa7-4a13-4543-9e59-a841757318f8","block_type":"box","text":"Market Trading Risk.","page_number":48,"box":{"x":77,"y":103,"width":140,"height":11}},{"id":"e9c22056-ab23-4eb1-91ed-eaac17d38f68","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":48,"box":{"x":222,"y":103,"width":753,"height":11}},{"id":"bcb223b0-a12e-4422-9da6-419880f3713b","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":48,"box":{"x":76,"y":117,"width":896,"height":11}},{"id":"df8b85f9-763f-4270-96ff-326f431d66e9","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":48,"box":{"x":76,"y":131,"width":877,"height":11}},{"id":"5e9af195-2ccd-4b29-8112-11026b710732","block_type":"box","text":"receive significantly less than the underlying value of the Fund shares.","page_number":48,"box":{"x":77,"y":146,"width":446,"height":10}},{"id":"eefcf301-e77d-4d76-a623-4fc74c0412cb","block_type":"box","text":"Absence of an Active Primary Market.","page_number":48,"box":{"x":75,"y":169,"width":236,"height":11}},{"id":"602f6d00-e2fe-4ff8-a8a7-58339ab2d908","block_type":"box","text":"Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance","page_number":48,"box":{"x":317,"y":169,"width":663,"height":11}},{"id":"52378773-072d-4da0-8de9-0fd39458a3f9","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":48,"box":{"x":76,"y":183,"width":826,"height":11}},{"id":"c3c14f2f-adbf-4ace-af8c-7cbf0c70b759","block_type":"box","text":"Secondary Listing Risks.","page_number":48,"box":{"x":76,"y":206,"width":151,"height":11}},{"id":"e45eb637-fe3e-4af7-852f-28549eedaba0","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":48,"box":{"x":233,"y":206,"width":732,"height":11}},{"id":"93f1d3f3-7a69-4508-b15b-5c1acb7872f3","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":48,"box":{"x":76,"y":220,"width":841,"height":11}},{"id":"91d3a498-0687-4154-a5ae-4e47f67866c3","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":48,"box":{"x":76,"y":235,"width":890,"height":10}},{"id":"6cb77b85-a4e0-41cc-a304-910186da0f0f","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":48,"box":{"x":76,"y":249,"width":880,"height":11}},{"id":"b91e083a-0bda-4197-a762-a39adee0ded5","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":48,"box":{"x":76,"y":263,"width":872,"height":11}},{"id":"0a3df297-cd05-4fb3-adff-b472079a89ab","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":48,"box":{"x":76,"y":277,"width":897,"height":11}},{"id":"ff83cca3-aa7a-4b28-ab38-76133a918b82","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":48,"box":{"x":76,"y":291,"width":862,"height":11}},{"id":"71016866-66c3-458c-9140-1b013501213b","block_type":"box","text":"markets, which may result in secondary market prices in such markets being less efficient.","page_number":48,"box":{"x":76,"y":305,"width":579,"height":11}},{"id":"5d99edd5-8db8-4d20-9286-1f0dad883dd9","block_type":"box","text":"Secondary Market Trading Risk.","page_number":48,"box":{"x":76,"y":329,"width":196,"height":10}},{"id":"969855ee-5a8f-46f4-9687-36af6676ff7f","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":48,"box":{"x":279,"y":329,"width":703,"height":10}},{"id":"262e8a72-d942-4e5e-aebc-7a75f0f33c43","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":48,"box":{"x":76,"y":343,"width":896,"height":11}},{"id":"f78f9da9-e9c7-4ece-ac34-355d83f241e7","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":48,"box":{"x":76,"y":357,"width":880,"height":11}},{"id":"e5571efb-e5e7-490f-8a06-2dde3034a2ea","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":48,"box":{"x":76,"y":371,"width":900,"height":11}},{"id":"4858eceb-7f9e-44bc-94ac-fb2fd1ab32f6","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":48,"box":{"x":76,"y":385,"width":893,"height":11}},{"id":"722accdb-a990-4807-ad3d-94fd07a8fcb8","block_type":"box","text":"may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.","page_number":48,"box":{"x":76,"y":400,"width":581,"height":10}},{"id":"848b985a-eee1-4875-87f8-073e402b3788","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":48,"box":{"x":77,"y":423,"width":900,"height":11}},{"id":"eaacbaa8-0576-43ed-892c-bc38ab0c5879","block_type":"box","text":"the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.","page_number":48,"box":{"x":76,"y":437,"width":547,"height":11}},{"id":"a602b7fd-0b06-4045-9b23-82804014ce54","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":48,"box":{"x":76,"y":460,"width":894,"height":11}},{"id":"2d94804b-6648-4bea-b294-0c50ef2b4a25","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":48,"box":{"x":76,"y":474,"width":905,"height":11}},{"id":"be78806e-9eb4-4a11-a7cc-3fdc894e43f6","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":48,"box":{"x":77,"y":489,"width":874,"height":10}},{"id":"2a6fdcf5-9028-4de0-a347-9659b8566d97","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":48,"box":{"x":76,"y":503,"width":890,"height":11}},{"id":"0e7542cd-f0ef-45fa-af5f-bb333dbad3d4","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":48,"box":{"x":76,"y":517,"width":857,"height":11}},{"id":"efcaf822-d10f-47ee-8912-fe23f5f7b217","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":48,"box":{"x":76,"y":531,"width":891,"height":11}},{"id":"032e187a-5525-4471-8314-73a58506c2ff","block_type":"box","text":"substantial trading losses.","page_number":48,"box":{"x":76,"y":545,"width":166,"height":11}},{"id":"3fa6cee4-ed39-451c-8c47-ac581dd6e7ad","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":48,"box":{"x":76,"y":568,"width":874,"height":11}},{"id":"73f4d4a0-9736-4af0-9d31-65531d50a71a","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":48,"box":{"x":76,"y":583,"width":893,"height":10}},{"id":"6f986182-e604-44b5-82af-426afd4e5320","block_type":"box","text":"may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.","page_number":48,"box":{"x":76,"y":597,"width":658,"height":11}},{"id":"a8f13148-275c-46c6-b6fa-8ddf13d40e4a","block_type":"box","text":"Fund Shares May Trade at Prices Other Than NAV.","page_number":48,"box":{"x":76,"y":620,"width":310,"height":11}},{"id":"53a8ffcc-51fb-4e67-bd17-0fa11073a8bf","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":48,"box":{"x":385,"y":620,"width":572,"height":11}},{"id":"0c1c5b7c-28e6-453b-91ae-9119764352a4","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":48,"box":{"x":77,"y":634,"width":852,"height":11}},{"id":"0fc77630-c83c-41ea-a607-e7e5fabbfc5e","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":48,"box":{"x":76,"y":648,"width":892,"height":11}},{"id":"a33aeb0a-d663-4e98-bf16-9539bb353f7d","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":48,"box":{"x":77,"y":663,"width":885,"height":10}},{"id":"68122bc3-59f7-4e15-98b1-141466cc9b7b","block_type":"box","text":"significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions","page_number":48,"box":{"x":76,"y":677,"width":792,"height":11}},{"id":"b55e605c-d4e9-48bd-bfe6-974eac51b2b9","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":48,"box":{"x":77,"y":700,"width":886,"height":11}},{"id":"cc99149b-176c-4b33-875c-51253687d68b","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":48,"box":{"x":77,"y":714,"width":891,"height":11}},{"id":"32664b63-58a6-4517-98ad-835fa0278a85","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":48,"box":{"x":76,"y":728,"width":899,"height":11}},{"id":"49314812-eb07-4c47-8f79-53f9f767e33b","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":48,"box":{"x":77,"y":742,"width":899,"height":11}},{"id":"b920a6dc-2263-4939-97ba-aa935fc095cf","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":48,"box":{"x":76,"y":757,"width":878,"height":10}},{"id":"726f8cf5-23bd-4c80-b2c4-1c7a4bbe3e58","block_type":"box","text":"creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods","page_number":48,"box":{"x":76,"y":771,"width":902,"height":11}},{"id":"bc7e7da1-ecea-4fe5-802f-c48b706290fc","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":48,"box":{"x":76,"y":785,"width":891,"height":11}},{"id":"e9fc6c4e-c17b-460d-855f-56be0b702e44","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":48,"box":{"x":76,"y":799,"width":849,"height":11}},{"id":"3aed1df2-e54e-4da5-8d6d-ec55e14023d2","block_type":"box","text":"investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.","page_number":48,"box":{"x":76,"y":813,"width":622,"height":11}},{"id":"3e519b2c-2581-433b-b8fc-ff7f070cea08","block_type":"box","text":"Costs of Buying or Selling Fund Shares.","page_number":48,"box":{"x":76,"y":837,"width":245,"height":10}},{"id":"0daed7f4-ddc3-4c1d-991c-295c510ae1fc","block_type":"box","text":"Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities","page_number":48,"box":{"x":328,"y":837,"width":636,"height":10}},{"id":"9c4e0373-72b8-4718-9989-c41ed852e575","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":48,"box":{"x":76,"y":851,"width":853,"height":11}},{"id":"a575a3a3-438b-440a-8f0c-f2cd290caf3c","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":48,"box":{"x":76,"y":865,"width":895,"height":11}},{"id":"fa995d0d-9e6b-4d5e-a67d-7263186cb1ea","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":48,"box":{"x":76,"y":879,"width":865,"height":11}},{"id":"2dbacc58-9b86-4d4d-9219-4cbeab1ec1dd","block_type":"box","text":"9","page_number":48,"box":{"x":526,"y":921,"width":6,"height":8}},{"id":"ba6a2310-df43-48ef-80ba-1dc15dd2deea","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":49,"box":{"x":76,"y":23,"width":885,"height":11}},{"id":"d8fff393-3a33-4992-831e-b6e3e4d6cb0f","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":49,"box":{"x":77,"y":37,"width":891,"height":11}},{"id":"736b94e4-00bf-456a-8e81-6ceaac5a3c49","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":49,"box":{"x":76,"y":51,"width":901,"height":11}},{"id":"2105ccd3-1adf-4934-9436-36f251203341","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":49,"box":{"x":76,"y":66,"width":858,"height":11}},{"id":"9fe4744b-06db-4f69-b2f6-ce0bf2ccac80","block_type":"box","text":"regularly making small investments through a brokerage account.","page_number":49,"box":{"x":77,"y":80,"width":418,"height":11}},{"id":"641ab194-586f-4ccf-a9de-5fd30cd0e6c5","block_type":"box","text":"National Closed Market Trading Risk.","page_number":49,"box":{"x":77,"y":103,"width":254,"height":11}},{"id":"7aa52ecd-77e4-40f6-8caa-969e6231d48c","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":49,"box":{"x":336,"y":103,"width":637,"height":11}},{"id":"9c96f7b2-dfc6-4e0a-9f0c-ef04837eced8","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":49,"box":{"x":76,"y":117,"width":905,"height":11}},{"id":"2b0eaef4-00b7-4785-b74e-9d41bcb0467d","block_type":"box","text":"such asset’s current price and its last quoted price (","page_number":49,"box":{"x":76,"y":131,"width":332,"height":11}},{"id":"09d13bca-d43c-4b32-bd75-3a5f4fdd6906","block_type":"box","text":"i.e","page_number":49,"box":{"x":408,"y":131,"width":15,"height":9}},{"id":"da34a761-05cb-4927-a830-e11b8f369b8a","block_type":"box","text":"., the quote from the closed foreign market to the Fund). The impact of a closed","page_number":49,"box":{"x":425,"y":131,"width":508,"height":11}},{"id":"0a53ba53-22d9-4ec0-8911-3e8f566a61a0","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":49,"box":{"x":76,"y":146,"width":863,"height":10}},{"id":"d7f046cf-ac36-4423-9be9-825380e7b4e0","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":49,"box":{"x":76,"y":160,"width":862,"height":11}},{"id":"aca7d9a3-80c0-4ea5-8ef6-50c5b005cbda","block_type":"box","text":"greater than those experienced by other funds.","page_number":49,"box":{"x":76,"y":174,"width":300,"height":11}},{"id":"212a621e-01f0-47fd-b203-25b2543732ac","block_type":"box","text":"Non-Diversification Risk.","page_number":49,"box":{"x":77,"y":197,"width":170,"height":9}},{"id":"8ebeae8a-f9d5-4599-8f21-bd54ad671b03","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":49,"box":{"x":252,"y":197,"width":711,"height":11}},{"id":"1d24e037-50cd-4470-a9a1-02151bc5998c","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":49,"box":{"x":76,"y":211,"width":855,"height":11}},{"id":"d5323b10-c746-4f94-bfc5-5f99736cc858","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":49,"box":{"x":76,"y":226,"width":886,"height":10}},{"id":"0240df31-8a2d-4c66-ab3d-d6f4eb1eebdf","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":49,"box":{"x":76,"y":240,"width":879,"height":11}},{"id":"5558eace-2e19-47d0-9031-235501a02730","block_type":"box","text":"Fund, and a non-diversified Fund’s NAV may be more volatile.","page_number":49,"box":{"x":77,"y":254,"width":390,"height":11}},{"id":"2ae74b1f-a2ec-42f1-96d1-f2951bd1395a","block_type":"box","text":"Non-U.S. Securities Risk.","page_number":49,"box":{"x":77,"y":277,"width":171,"height":9}},{"id":"fc3c0626-5855-43c9-8680-808834761587","block_type":"box","text":"Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory,","page_number":49,"box":{"x":253,"y":277,"width":698,"height":11}},{"id":"f043bcff-a399-468c-b1f8-f894421a896d","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":49,"box":{"x":76,"y":291,"width":889,"height":11}},{"id":"90ce1a44-9c95-41df-88a2-5d54732594bd","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":49,"box":{"x":76,"y":305,"width":880,"height":11}},{"id":"2f2e65a4-cd3f-4ac4-b270-b441cd1f0818","block_type":"box","text":"following, any of which may have an adverse impact on a Fund:","page_number":49,"box":{"x":76,"y":320,"width":402,"height":10}},{"id":"77d835e0-86da-4b23-aded-fd208faf07f9","block_type":"box","text":"Less liquid markets, which may make valuing securities more difficult;","page_number":49,"box":{"x":114,"y":338,"width":445,"height":11}},{"id":"6b649687-4e3d-49a5-84f5-b811907c2ee3","block_type":"box","text":"Greater market volatility;","page_number":49,"box":{"x":113,"y":356,"width":158,"height":11}},{"id":"7bcb87b0-b565-4e73-a07a-310c8d426925","block_type":"box","text":"Government intervention in issuers’ operations or structure;","page_number":49,"box":{"x":113,"y":374,"width":383,"height":11}},{"id":"dfd5df76-5953-46c3-b6a6-4f91d96d93a6","block_type":"box","text":"Government expropriation or nationalization of assets;","page_number":49,"box":{"x":113,"y":392,"width":348,"height":11}},{"id":"f9ee678b-9bb0-449b-8e09-3c7d94a2d17e","block_type":"box","text":"Exchange rate fluctuations and currency controls;","page_number":49,"box":{"x":114,"y":410,"width":316,"height":11}},{"id":"ecd9603b-4a4d-41a0-b5ec-d0418188b456","block_type":"box","text":"Limitations on the foreign ownership of securities;","page_number":49,"box":{"x":114,"y":428,"width":319,"height":11}},{"id":"59652b34-2d59-4149-bfa0-8b3f83c60472","block_type":"box","text":"Imposition of withholding or other taxes;","page_number":49,"box":{"x":114,"y":446,"width":257,"height":11}},{"id":"508c0ed0-d9af-4cf7-acc1-af197ac2c947","block_type":"box","text":"Restrictions on the repatriation of capital;","page_number":49,"box":{"x":114,"y":464,"width":265,"height":11}},{"id":"cac82293-358b-46fc-81c1-10a9b9d15dcb","block_type":"box","text":"Higher transaction and custody costs;","page_number":49,"box":{"x":114,"y":482,"width":241,"height":11}},{"id":"2345d34e-906f-43e7-9b9d-939210a17afd","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":49,"box":{"x":114,"y":500,"width":852,"height":11}},{"id":"93b1da97-ec70-40f6-a9c6-9c30a8554e16","block_type":"box","text":"engage in portfolio transactions;","page_number":49,"box":{"x":113,"y":514,"width":206,"height":11}},{"id":"cf13818b-164f-4629-8b9d-1e8d20f473dd","block_type":"box","text":"Less regulation of the securities and other financial markets;","page_number":49,"box":{"x":114,"y":532,"width":386,"height":11}},{"id":"550af401-a38c-4bd2-92cf-560d3b68e0eb","block_type":"box","text":"Less availability of public information about issuers;","page_number":49,"box":{"x":114,"y":550,"width":329,"height":11}},{"id":"c1d828d5-c31d-4018-b256-dfe42d94bf54","block_type":"box","text":"Weaker accounting, audit, disclosure and financial reporting requirements and the risk of being delisted from U.S. exchanges;","page_number":49,"box":{"x":113,"y":568,"width":803,"height":11}},{"id":"cfe714f7-906e-4be0-9a20-f10f4556ec1e","block_type":"box","text":"Difficulties in enforcing contractual obligations; and","page_number":49,"box":{"x":114,"y":586,"width":328,"height":11}},{"id":"cf844bbb-fb57-494f-aa5e-b22b1fade472","block_type":"box","text":"Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities, and shareholder rights that are less robust","page_number":49,"box":{"x":114,"y":605,"width":853,"height":10}},{"id":"b5f0fcc2-4750-478f-91c6-6fcc34f8647a","block_type":"box","text":"than those that apply in the U.S.","page_number":49,"box":{"x":113,"y":619,"width":205,"height":11}},{"id":"0d4306f9-2b26-4741-b76a-d21f0f9e42f7","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":49,"box":{"x":77,"y":642,"width":188,"height":11}},{"id":"b5771b6e-4f64-404a-beaa-fd0ebe8831e1","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":49,"box":{"x":265,"y":642,"width":674,"height":11}},{"id":"bdd454a5-e94f-4798-bc66-68112dc23f05","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":49,"box":{"x":76,"y":656,"width":905,"height":11}},{"id":"9b6a485d-54bf-4fe6-bc2a-0d35b646a6e7","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":49,"box":{"x":76,"y":670,"width":898,"height":11}},{"id":"3477a2cf-9e64-4de0-bba6-323d06d9d209","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":49,"box":{"x":76,"y":684,"width":892,"height":11}},{"id":"7e66aaf3-8484-4634-91b0-58fc6a818c9e","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":49,"box":{"x":76,"y":699,"width":840,"height":10}},{"id":"29430926-2aec-41e3-bf0c-51c901800d9e","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":49,"box":{"x":76,"y":713,"width":901,"height":11}},{"id":"f77b7c2f-ba5a-4649-9ead-85ee189c5b58","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":49,"box":{"x":76,"y":727,"width":897,"height":11}},{"id":"d7e2c833-97f6-48e9-adc1-ea24c3236c84","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":49,"box":{"x":77,"y":741,"width":882,"height":11}},{"id":"a7e0a350-2763-4283-9869-c82b1754e9b3","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":49,"box":{"x":76,"y":755,"width":906,"height":11}},{"id":"cfd678ac-e65d-4801-82fe-baffd1c90e3a","block_type":"box","text":"NAV. Investors who sold their shares prior to such time will not benefit from any such NAV increase.","page_number":49,"box":{"x":77,"y":770,"width":636,"height":10}},{"id":"678f50b5-3c6a-46fb-ab07-ce4ba577198b","block_type":"box","text":"North American Economic Risk","page_number":49,"box":{"x":77,"y":793,"width":215,"height":8}},{"id":"97cd88b0-71e8-475f-830f-9ebd188cf4ca","block_type":"box","text":". A decrease in imports or exports, changes in trade regulations or an economic recession in any North","page_number":49,"box":{"x":293,"y":793,"width":657,"height":11}},{"id":"60e1c9d8-aef5-4ef8-a239-63fa9c18c1a6","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":49,"box":{"x":76,"y":807,"width":866,"height":11}},{"id":"945e6a0b-0caa-427a-bd9e-a6ecab9222c4","block_type":"box","text":"countries in which a Fund invests.","page_number":49,"box":{"x":76,"y":821,"width":215,"height":9}},{"id":"1dcd2f23-8d08-4099-afb3-f0df2e7585a1","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":49,"box":{"x":76,"y":844,"width":903,"height":11}},{"id":"a79bae2b-b76b-446d-a2dc-53e9f48948ed","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":49,"box":{"x":76,"y":858,"width":852,"height":11}},{"id":"4cfd9204-2d3b-4ff5-856e-0c59ff2f4e88","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":49,"box":{"x":76,"y":873,"width":891,"height":11}},{"id":"e20ff0a5-1386-4e9b-9be8-77d1b589d429","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":49,"box":{"x":76,"y":887,"width":847,"height":11}},{"id":"cd8d8d9a-dac1-4147-93e6-705b93577ef8","block_type":"box","text":"10","page_number":49,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"43d107fd-bea0-47b6-8240-83a473d12476","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":50,"box":{"x":77,"y":23,"width":883,"height":11}},{"id":"36d6c8be-e3e2-4682-a6e7-4a2ff5000d1c","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":50,"box":{"x":76,"y":37,"width":888,"height":11}},{"id":"a3ee952c-d5c9-478b-b604-2addd641e5a5","block_type":"box","text":"as well as on the value of certain securities held by a Fund.","page_number":50,"box":{"x":76,"y":51,"width":375,"height":11}},{"id":"ff7ed01c-d617-4a57-95ee-6810a31ccc15","block_type":"box","text":"Operational and Technology Risks.","page_number":50,"box":{"x":76,"y":75,"width":239,"height":11}},{"id":"ee6c35ad-7b6c-442b-a625-8b78b633dc31","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and","page_number":50,"box":{"x":320,"y":75,"width":648,"height":11}},{"id":"b6aa52c2-2de4-401f-bef4-3ceb3eeb3ccf","block_type":"box","text":"technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity","page_number":50,"box":{"x":76,"y":89,"width":842,"height":11}},{"id":"d717a4b1-18c3-409a-84fa-5189e217b5ef","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":50,"box":{"x":76,"y":103,"width":877,"height":11}},{"id":"7ca6bed4-ab32-4a73-8414-ad0877a9e4d9","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":50,"box":{"x":76,"y":117,"width":844,"height":11}},{"id":"b967f03a-0c0c-4011-a3f3-5c35ee31325b","block_type":"box","text":"providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties,","page_number":50,"box":{"x":76,"y":131,"width":866,"height":11}},{"id":"48e20b67-a5fa-44b9-ae09-dd16074dd861","block_type":"box","text":"market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and","page_number":50,"box":{"x":76,"y":146,"width":892,"height":10}},{"id":"bbf84c63-b8ff-4ad3-8a88-594eadfb5518","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":50,"box":{"x":76,"y":160,"width":889,"height":11}},{"id":"5dd73909-04d6-4cda-8ff6-94d68bf5e196","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":50,"box":{"x":76,"y":174,"width":870,"height":11}},{"id":"34b13b2c-de9d-4ef1-ae5a-c17951ad0fca","block_type":"box","text":"risks.","page_number":50,"box":{"x":77,"y":188,"width":32,"height":9}},{"id":"bb7edd45-678e-4dff-b0a3-f3d00e6216e0","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":50,"box":{"x":76,"y":211,"width":895,"height":11}},{"id":"e0868d48-da26-4ced-a786-5ee62eb55786","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":50,"box":{"x":76,"y":226,"width":878,"height":10}},{"id":"9a3b359e-7590-4c55-87e5-6e3561ec8014","block_type":"box","text":"information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication","page_number":50,"box":{"x":76,"y":240,"width":905,"height":11}},{"id":"812c3b8b-df7f-489a-a43e-b9a7e0ac21a3","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":50,"box":{"x":76,"y":254,"width":885,"height":11}},{"id":"53c14ad2-84c3-4c94-9f01-7655e9d576aa","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":50,"box":{"x":76,"y":268,"width":828,"height":11}},{"id":"87b07fd6-3152-494d-b690-167d7290e037","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":50,"box":{"x":76,"y":282,"width":898,"height":11}},{"id":"6408320c-278c-4cbc-9823-faa26615f4e4","block_type":"box","text":"its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage;","page_number":50,"box":{"x":76,"y":296,"width":884,"height":11}},{"id":"04d6f6f5-7399-4f3c-bc70-929daaaf9b43","block_type":"box","text":"reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":50,"box":{"x":77,"y":311,"width":880,"height":10}},{"id":"2371020e-0a63-4ba8-baab-6b82a75ccae0","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":50,"box":{"x":77,"y":325,"width":898,"height":11}},{"id":"262943ea-36b6-454a-b887-9fd3d9df8c34","block_type":"box","text":"a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing","page_number":50,"box":{"x":76,"y":339,"width":866,"height":11}},{"id":"98f1c1f7-feae-4ce3-ba9a-63499db4034e","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":50,"box":{"x":76,"y":353,"width":906,"height":11}},{"id":"5a196379-2dd3-4745-b0f5-8756ee6db1c4","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":50,"box":{"x":76,"y":367,"width":904,"height":11}},{"id":"b8fbf72a-08b7-4d48-9331-25193839eb1c","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":50,"box":{"x":76,"y":382,"width":885,"height":10}},{"id":"818f7626-a0d3-48ba-aa9f-95045001d671","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":50,"box":{"x":77,"y":396,"width":872,"height":11}},{"id":"6c8a45c9-9dc6-43b5-929f-ad39912dae0e","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":50,"box":{"x":76,"y":410,"width":855,"height":11}},{"id":"e7047e20-fe73-4b9f-a0b0-c91dfb7226c0","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":50,"box":{"x":76,"y":424,"width":857,"height":11}},{"id":"b4ffda24-cc44-4efd-9db0-28444c86a1f1","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":50,"box":{"x":76,"y":438,"width":897,"height":11}},{"id":"9fcdf22a-3c95-4e7a-9a58-a5cd3de3aaaf","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":50,"box":{"x":76,"y":452,"width":886,"height":11}},{"id":"060c5a30-e3ce-46e1-8f00-84b1478e948f","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":50,"box":{"x":76,"y":467,"width":876,"height":10}},{"id":"1e77aa13-d253-4f6a-b042-07ca75c0ad4f","block_type":"box","text":"anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.","page_number":50,"box":{"x":76,"y":481,"width":585,"height":11}},{"id":"8806a589-41e8-421a-a2d3-ef97778278f4","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management","page_number":50,"box":{"x":76,"y":504,"width":864,"height":11}},{"id":"b60b2022-1392-47c5-ad95-28bf0b5a337d","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":50,"box":{"x":76,"y":518,"width":889,"height":11}},{"id":"1c75cf6c-eff6-4356-b2cb-c91dfb01a13b","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":50,"box":{"x":77,"y":532,"width":839,"height":11}},{"id":"5b90edf1-8529-4c08-879d-eb9e9b31e120","block_type":"box","text":"procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent","page_number":50,"box":{"x":76,"y":547,"width":862,"height":10}},{"id":"ae0e3bba-f6ab-4deb-a169-79702b5ee1e1","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":50,"box":{"x":77,"y":561,"width":863,"height":11}},{"id":"28d2d283-f8b3-40e1-b0eb-b06abdf017ad","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":50,"box":{"x":76,"y":575,"width":871,"height":11}},{"id":"9fbd79bc-8d24-455b-a911-d1f3b2850f5a","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":50,"box":{"x":76,"y":589,"width":895,"height":11}},{"id":"473d5db7-ea4a-42cc-ac7a-37517ba22326","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":50,"box":{"x":76,"y":603,"width":882,"height":11}},{"id":"60311684-0340-4092-b4ce-12bd7266eec1","block_type":"box","text":"invests or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":50,"box":{"x":76,"y":617,"width":659,"height":11}},{"id":"9d9e04e9-0eb5-4b80-bc85-8e62af9fbc9d","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across","page_number":50,"box":{"x":77,"y":641,"width":830,"height":10}},{"id":"1704a832-28cb-45cc-a36d-f15e43291ce5","block_type":"box","text":"jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving","page_number":50,"box":{"x":75,"y":655,"width":905,"height":11}},{"id":"ef7631b2-72cd-490f-90b6-7f2ca4152a72","block_type":"box","text":"regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.","page_number":50,"box":{"x":77,"y":669,"width":756,"height":11}},{"id":"9fd51816-48f8-4952-8df0-3c28c844baf2","block_type":"box","text":"Ownership Limitations Risk.","page_number":50,"box":{"x":76,"y":692,"width":195,"height":11}},{"id":"a9992b96-4365-4783-b77c-0007b16a0bfa","block_type":"box","text":"If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by","page_number":50,"box":{"x":277,"y":692,"width":697,"height":11}},{"id":"65dccecc-3c6e-458c-abe8-e761e88485bd","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":50,"box":{"x":77,"y":706,"width":900,"height":11}},{"id":"00cd615b-03fe-4df4-937f-b1a88eafce55","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":50,"box":{"x":76,"y":721,"width":851,"height":10}},{"id":"926eff11-ec17-48f0-9530-284c3a48ce99","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":50,"box":{"x":77,"y":735,"width":866,"height":11}},{"id":"d733815c-a317-4425-bbe0-21e88db09cfb","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":50,"box":{"x":76,"y":749,"width":903,"height":11}},{"id":"e917a804-92b0-40cf-b996-c8a73c4b90dd","block_type":"box","text":"holdings.","page_number":50,"box":{"x":77,"y":763,"width":55,"height":11}},{"id":"ac8ce362-2b7e-4494-8ee5-d6971af050d2","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":50,"box":{"x":77,"y":786,"width":851,"height":11}},{"id":"b74fb0cc-b27a-4c43-9c76-0bddfc21ab01","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":50,"box":{"x":76,"y":800,"width":890,"height":11}},{"id":"ef5183e8-bab9-4ed0-8389-5875470fc3f6","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":50,"box":{"x":76,"y":815,"width":870,"height":10}},{"id":"cc9224c7-ee8f-4558-900b-429134f76daf","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":50,"box":{"x":76,"y":829,"width":884,"height":11}},{"id":"2675f41b-e42b-4a87-8286-c14b3fb90508","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":50,"box":{"x":76,"y":843,"width":906,"height":11}},{"id":"0477ff68-bf58-4310-a727-3ab1ac48c2a0","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":50,"box":{"x":76,"y":857,"width":886,"height":11}},{"id":"936b83f7-f7a6-4400-a40b-de71ff414e15","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":50,"box":{"x":76,"y":871,"width":896,"height":11}},{"id":"77785d80-8109-4180-ad42-2798a2a275f7","block_type":"box","text":"11","page_number":50,"box":{"x":524,"y":921,"width":10,"height":8}},{"id":"bad37f92-21c0-44ad-b6fb-90885fc24646","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":51,"box":{"x":76,"y":23,"width":885,"height":11}},{"id":"fa381790-67df-42e7-86d0-b5f019821402","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":51,"box":{"x":76,"y":37,"width":854,"height":11}},{"id":"8edb9f9b-bd17-4772-ac13-e2dfb2efdacb","block_type":"box","text":"disapproval that was obtained.","page_number":51,"box":{"x":76,"y":52,"width":195,"height":10}},{"id":"d8907264-d6d8-4795-af73-e394ed66976c","block_type":"box","text":"Privately Issued Securities Risk.","page_number":51,"box":{"x":77,"y":75,"width":222,"height":11}},{"id":"99ce11dd-a3c3-4835-8689-d678227e5693","block_type":"box","text":"Privately issued securities are securities that have not been registered under the 1933 Act, including","page_number":51,"box":{"x":305,"y":75,"width":643,"height":11}},{"id":"0fb280a6-3748-427d-97a8-37005356534c","block_type":"box","text":"securities that are normally purchased pursuant to Rule 144A or Regulation S under the 1933 Act. Such securities typically are subject to","page_number":51,"box":{"x":76,"y":89,"width":876,"height":11}},{"id":"cce9b138-c88b-4a81-8038-637e87b02fd7","block_type":"box","text":"legal restrictions on resale and generally are not traded in established public markets. As a result, privately issued securities may be deemed","page_number":51,"box":{"x":77,"y":103,"width":899,"height":11}},{"id":"468be5f7-072f-48cc-86e9-1611eab5b311","block_type":"box","text":"to be illiquid investments, may be more difficult to value than publicly traded securities, may be subject to wide fluctuations in value and may","page_number":51,"box":{"x":76,"y":117,"width":903,"height":11}},{"id":"d5025447-1b32-4c90-a3d5-e307598997fb","block_type":"box","text":"have higher transaction costs. There can be no assurance that a trading market will exist at any time for any particular privately issued","page_number":51,"box":{"x":77,"y":131,"width":858,"height":11}},{"id":"6cbe4bc8-029d-406b-8d3d-21a3a628cfce","block_type":"box","text":"security, especially under adverse market or economic conditions or if there are adverse events related to the issuer. Because there may be","page_number":51,"box":{"x":76,"y":146,"width":895,"height":10}},{"id":"d7fcd9a3-a238-4ce2-a907-9738336574ad","block_type":"box","text":"relatively few potential purchasers for privately issued securities, a Fund may find it more difficult to sell such securities when it may be","page_number":51,"box":{"x":77,"y":160,"width":865,"height":11}},{"id":"078452e0-9a1d-45eb-980e-dee39025b108","block_type":"box","text":"advisable to do so, or a Fund may be able to sell such securities only at prices that are lower than if such securities were more widely held","page_number":51,"box":{"x":76,"y":174,"width":882,"height":11}},{"id":"d1d9f84e-ab8c-4006-af28-e304cca29b57","block_type":"box","text":"and traded. Difficulty in selling such securities at a desirable time or price may result in a loss to a Fund.","page_number":51,"box":{"x":76,"y":188,"width":665,"height":11}},{"id":"dd9ce435-71e2-43fc-af28-1f730ba42561","block_type":"box","text":"At times, it may be more difficult to determine the fair value of privately issued securities for purposes of computing a Fund’s NAV due to the","page_number":51,"box":{"x":76,"y":211,"width":899,"height":11}},{"id":"2195dfac-9917-4f32-bb9b-6295b0f793d5","block_type":"box","text":"absence of an active trading market. There can be no assurance that a privately issued security that is deemed to be liquid when purchased","page_number":51,"box":{"x":76,"y":226,"width":892,"height":10}},{"id":"4ee33ea1-d919-464f-8701-1487a6a27c14","block_type":"box","text":"will continue to be liquid for as long as it is held by a Fund, and its value may decline as a result, which may adversely affect the Fund.","page_number":51,"box":{"x":76,"y":240,"width":853,"height":11}},{"id":"028a4356-a5da-45ee-935b-b026d225567d","block_type":"box","text":"Reliance on Trading Partners Risk.","page_number":51,"box":{"x":77,"y":425,"width":235,"height":11}},{"id":"3794ad24-7d28-4a89-9188-6de64f9920c7","block_type":"box","text":"The economies of some countries or regions depend on trading with certain key trading partners. A","page_number":51,"box":{"x":317,"y":425,"width":636,"height":11}},{"id":"1a8e1327-d240-42f0-8851-390b4ca8d58c","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":51,"box":{"x":77,"y":440,"width":873,"height":10}},{"id":"a405213b-7ebd-478d-bcf5-a77b60ee680a","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":51,"box":{"x":76,"y":454,"width":893,"height":11}},{"id":"632b25a5-8b60-47d4-b0df-6bda52fcb9c2","block_type":"box","text":"regions and may negatively impact the performance of a Fund with exposure to those countries or regions.","page_number":51,"box":{"x":77,"y":468,"width":681,"height":11}},{"id":"15d9042d-c177-431b-8cc0-d507e9de1ecb","block_type":"box","text":"Risk of Investing in Agriculture and Livestock.","page_number":51,"box":{"x":77,"y":491,"width":318,"height":11}},{"id":"bb2315b6-0a2f-4264-97a9-c8fff83abadf","block_type":"box","text":"The agricultural and livestock sectors are subject to government subsidy policies and","page_number":51,"box":{"x":401,"y":491,"width":546,"height":11}},{"id":"3c17c34e-c02f-49d2-bee0-0ec1cbf4cdec","block_type":"box","text":"environmental, health and safety laws and regulations. Specific governmental policies, such as taxes, tariffs, duties, subsidies and import and","page_number":51,"box":{"x":76,"y":505,"width":904,"height":11}},{"id":"4b9acec3-2f4e-4602-b1b2-e0283ea6856a","block_type":"box","text":"export restrictions on agricultural commodities, commodity products and livestock, can influence the profitability of investing in agriculture","page_number":51,"box":{"x":76,"y":519,"width":890,"height":11}},{"id":"793232bf-7e78-409c-ae8d-e345f069e1dd","block_type":"box","text":"and livestock. Import restrictions and tariffs that have recently been imposed by foreign countries on U.S. agricultural and livestock products","page_number":51,"box":{"x":76,"y":534,"width":901,"height":10}},{"id":"5ca7aa61-d751-4b42-88a4-c479ca851eeb","block_type":"box","text":"are expected to negatively impact the profitability of investing in these products. These industries may also be adversely affected by changes","page_number":51,"box":{"x":76,"y":548,"width":902,"height":11}},{"id":"d3cf2ac9-d5b4-4328-ab59-d07dd8e8b0c4","block_type":"box","text":"in commercial and consumer demand for their products. A growing competitive landscape and increased availability of such commodities","page_number":51,"box":{"x":76,"y":562,"width":883,"height":11}},{"id":"77dc07e7-abc8-4182-b081-6ab37af2bffb","block_type":"box","text":"can influence: (i) the planting and raising of certain crops/livestock versus other uses of resources; (ii) the location and size of crop and","page_number":51,"box":{"x":76,"y":576,"width":869,"height":11}},{"id":"ca8f0daf-295a-445b-b607-208a2c83ba9b","block_type":"box","text":"livestock production; (iii) whether unprocessed or processed commodity products are traded; and (iv) the volume and types of imports and","page_number":51,"box":{"x":77,"y":590,"width":887,"height":11}},{"id":"19ef1361-3f40-45cc-8b09-d1521968e1ac","block_type":"box","text":"exports. Economic recession or labor difficulties may also lead to a decrease in demand for the products and services involved in agriculture.","page_number":51,"box":{"x":76,"y":605,"width":902,"height":10}},{"id":"43cfc106-785e-4bfa-8954-988213664212","block_type":"box","text":"As a result, the price of agricultural or livestock commodities could decline, which would affect the performance of the Fund.","page_number":51,"box":{"x":76,"y":619,"width":797,"height":11}},{"id":"293b91d2-209d-448f-8def-2d6144f24f0d","block_type":"box","text":"The agricultural and livestock sectors also are particularly sensitive to changing weather conditions, such as floods or droughts, natural","page_number":51,"box":{"x":76,"y":642,"width":864,"height":11}},{"id":"5584a829-4622-4709-99a6-09a2639ee7fd","block_type":"box","text":"disasters and other factors, such as disease outbreaks and pollution.","page_number":51,"box":{"x":76,"y":656,"width":440,"height":11}},{"id":"260886be-0788-4e1e-b2d6-88326526c696","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":51,"box":{"x":77,"y":679,"width":285,"height":11}},{"id":"7401229c-5ae0-4470-9d28-2702adb7b818","block_type":"box","text":"Investment in developed country issuers will subject a Fund to legal, regulatory, political,","page_number":51,"box":{"x":368,"y":679,"width":568,"height":11}},{"id":"bb242f5d-c6ad-49b3-b0de-79df6e1ebf64","block_type":"box","text":"currency, security, economic and other risks associated with developed countries. Developed countries generally tend to rely on services","page_number":51,"box":{"x":76,"y":694,"width":878,"height":10}},{"id":"26b4143a-23d5-4f2f-b355-4e2781e6b90f","block_type":"box","text":"sectors (","page_number":51,"box":{"x":76,"y":708,"width":55,"height":10}},{"id":"e5eda9ed-45cc-4687-b583-36f816389d41","block_type":"box","text":"e.g.,","page_number":51,"box":{"x":132,"y":710,"width":25,"height":9}},{"id":"b173a09e-454f-4de9-9c3c-3a1a4c55b91f","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":51,"box":{"x":163,"y":708,"width":817,"height":11}},{"id":"56d0e977-cb88-4c17-9985-710f9cf9ebd6","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":51,"box":{"x":76,"y":722,"width":887,"height":11}},{"id":"69747689-8a22-420f-9ce6-ab315dcbf975","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":51,"box":{"x":76,"y":736,"width":884,"height":11}},{"id":"6927783c-2e18-4f38-8822-b746489b2048","block_type":"box","text":"areas in which a Fund invests have experienced strained international relations due to territorial disputes, historical animosities, defense","page_number":51,"box":{"x":76,"y":750,"width":874,"height":11}},{"id":"29449959-61b9-4f60-933d-a5bafc67b047","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":51,"box":{"x":76,"y":764,"width":868,"height":11}},{"id":"b8df5ffb-ff2f-4fa3-8ad6-d5575d333751","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":51,"box":{"x":76,"y":779,"width":897,"height":10}},{"id":"ab8b3470-e5c9-43ed-b827-9076d754bcc4","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":51,"box":{"x":77,"y":793,"width":899,"height":11}},{"id":"95894e00-19ab-43a9-bed6-ff9be3e0fe58","block_type":"box","text":"prolonged periods of recession. Many developed countries are heavily indebted and face rising healthcare and retirement expenses. In","page_number":51,"box":{"x":76,"y":807,"width":860,"height":11}},{"id":"8d55172e-0522-45ab-b595-42d64db1fd84","block_type":"box","text":"addition, price fluctuations of certain commodities and regulations impacting the import of commodities may negatively affect developed","page_number":51,"box":{"x":76,"y":821,"width":877,"height":11}},{"id":"e346eee2-8868-4173-b3b1-b0e7e9101621","block_type":"box","text":"country economies.","page_number":51,"box":{"x":76,"y":835,"width":126,"height":11}},{"id":"2de9ac63-f4d5-47d4-810e-8771b1067cad","block_type":"box","text":"12","page_number":51,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"c6235854-d2eb-4614-849c-26005c90e0fa","block_type":"box","text":"The performance of re-industrialization metals (i.e., metals used to facilitate AI infrastructure,","page_number":51,"box":{"x":304,"y":263,"width":598,"height":11}},{"id":"b689c264-e138-47ce-8fdb-ee7552c1a7d5","block_type":"box","text":"manufacturing, energy production and distribution, and national security) is highly dependent on manufacturing reshoring, amplified battery","page_number":51,"box":{"x":76,"y":277,"width":895,"height":11}},{"id":"6db940be-ce6d-47fa-b30f-d8991cf140ce","block_type":"box","text":"production, increased defense spending and the expansion of AI infrastructure. Investments in re-industrialization metals may be speculative","page_number":51,"box":{"x":76,"y":291,"width":902,"height":11}},{"id":"7de325b2-d32c-4b50-a5dd-17b5eb0d50cb","block_type":"box","text":"and subject to greater price volatility than investments in other types of assets. The market value of re-industrialization metals may be","page_number":51,"box":{"x":76,"y":305,"width":859,"height":11}},{"id":"9c17db4b-e1a6-4761-9028-9861d91fb280","block_type":"box","text":"significantly affected for many reasons, including, among others, obsolescence of existing technology, changes in energy prices, worldwide","page_number":51,"box":{"x":76,"y":319,"width":890,"height":10}},{"id":"1ce8cb13-9690-4f6c-9622-c4bb1e5e94f6","block_type":"box","text":"metal prices and extraction and production costs, global political changes, terrorism, war, natural disasters and other catastrophes,","page_number":51,"box":{"x":76,"y":333,"width":842,"height":10}},{"id":"0f9cd786-fcc3-40e0-ab92-0109e4ae2234","block_type":"box","text":"government regulations and subsidies, supply chains, and taxation policies. Worldwide metal prices may fluctuate substantially over short","page_number":51,"box":{"x":76,"y":346,"width":881,"height":11}},{"id":"f3b4b072-e887-46a3-b308-99baea9cad2a","block_type":"box","text":"periods of time, and as a result, the Fund’s share price may be more volatile than other types of investments. Such risks may be heightened","page_number":51,"box":{"x":76,"y":360,"width":893,"height":11}},{"id":"1d3d0479-0ed6-4e23-90ee-48467c7d7b93","block_type":"box","text":"to the extent the Fund’s Commodity-Linked Investments provide exposure to emerging markets. In addition, the industry is relatively","page_number":51,"box":{"x":76,"y":374,"width":848,"height":11}},{"id":"51495f70-1fe2-4021-bbbf-b5636a53a498","block_type":"box","text":"nascent and under-researched in comparison to more established and mature sectors, and should therefore be regarded as having greater","page_number":51,"box":{"x":76,"y":388,"width":888,"height":11}},{"id":"2a36a8e9-c830-433f-beaa-9461e08b501e","block_type":"box","text":"investment risk.","page_number":51,"box":{"x":76,"y":402,"width":101,"height":9}},{"id":"e8786131-7233-483f-9db7-ab0d4546b4c5","block_type":"box","text":"Re-Industrialization Metals Risk.","page_number":51,"box":{"x":77,"y":263,"width":222,"height":8}},{"id":"3588bc6b-35d9-4c54-bb3c-57ce63d2a3ff","block_type":"box","text":"This sector also could be adversely affected by changes in exchange rates and inflation, imposition of import controls, increased competition,","page_number":52,"box":{"x":76,"y":221,"width":904,"height":11}},{"id":"59eeb501-aac0-4f0b-a9df-98008f6b71d0","block_type":"box","text":"and changes in industrial and commercial demand for industrial metals as the principal supplies of metal industries may be concentrated in a","page_number":52,"box":{"x":76,"y":235,"width":902,"height":11}},{"id":"32aa6f49-18cd-45f5-a8a2-959c6764de64","block_type":"box","text":"small number of countries and regions.","page_number":52,"box":{"x":76,"y":249,"width":249,"height":11}},{"id":"6c53474c-6adb-443c-a959-a7056d1c3a79","block_type":"box","text":"Risk of Investing in Precious Metals.","page_number":52,"box":{"x":77,"y":272,"width":251,"height":11}},{"id":"ba420231-dfd9-46a7-9f62-bab8f1d1256f","block_type":"box","text":"Prices of precious metals and of precious metal-related financial instruments historically have been","page_number":52,"box":{"x":334,"y":272,"width":637,"height":11}},{"id":"bd4f6334-d46c-439b-8974-8872185522af","block_type":"box","text":"very volatile. The high volatility of precious metal prices may adversely affect the prices of financial instruments that derive their value from","page_number":52,"box":{"x":76,"y":286,"width":890,"height":11}},{"id":"4c3d74ee-bd76-4826-bcec-4795ade256b9","block_type":"box","text":"the price of underlying precious metals. The production and sale of precious metals by governments, central banks or other larger holders","page_number":52,"box":{"x":76,"y":301,"width":882,"height":11}},{"id":"2f216da7-c0f6-4fbe-a749-c67a27be20b2","block_type":"box","text":"can be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on","page_number":52,"box":{"x":76,"y":315,"width":900,"height":11}},{"id":"3f55091c-2d95-434b-8e78-784d7f9660df","block_type":"box","text":"the prices of precious metals. Other factors that may affect the prices of precious metal-related financial instruments include changes in","page_number":52,"box":{"x":76,"y":329,"width":874,"height":11}},{"id":"12226bdc-f805-4b17-b482-7a1f4302c570","block_type":"box","text":"inflation, the outlook for inflation and changes in industrial and commercial demand for precious metals.","page_number":52,"box":{"x":76,"y":343,"width":667,"height":11}},{"id":"bde23154-edd3-4466-ba91-59dc3c3cb32b","block_type":"box","text":"Some precious metals mining operation companies may hedge, to varying degrees, their exposure to declines in precious metals prices by","page_number":52,"box":{"x":76,"y":366,"width":886,"height":11}},{"id":"b41e0e8f-5436-4971-8556-eb0b19cdf5c0","block_type":"box","text":"selling forward future production. This may affect prices of precious metals-related financial instruments, which in turn may limit the Fund’s","page_number":52,"box":{"x":76,"y":381,"width":893,"height":10}},{"id":"d499796e-5340-4548-9af9-209ca5c17ba2","block_type":"box","text":"ability to benefit from future increases in the price of precious metals, thereby lowering returns to the Fund.","page_number":52,"box":{"x":76,"y":395,"width":689,"height":11}},{"id":"66e467cd-fc7c-4019-9e7d-d5a942d595a4","block_type":"box","text":"Additionally, increased environmental or labor costs may depress the value of mining and metal investments.","page_number":52,"box":{"x":76,"y":418,"width":697,"height":11}},{"id":"704353a4-6de5-430b-8544-7f8e27cd97c5","block_type":"box","text":"Risk of Investing in the U.S.","page_number":52,"box":{"x":77,"y":441,"width":190,"height":11}},{"id":"df235edb-bcfb-4f26-bcbc-39be78b3836f","block_type":"box","text":"Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are","page_number":52,"box":{"x":273,"y":441,"width":683,"height":11}},{"id":"1f952581-ac73-406a-954e-090dd8488216","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":52,"box":{"x":76,"y":455,"width":897,"height":11}},{"id":"8981e899-bd89-4823-b6b7-ffca3827e9ba","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":52,"box":{"x":76,"y":470,"width":902,"height":10}},{"id":"2e3ee92d-de96-4c12-bcd9-48bf582b5e95","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":52,"box":{"x":76,"y":484,"width":887,"height":11}},{"id":"c1bb249e-e30c-4ee6-9772-e289a1731e03","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":52,"box":{"x":76,"y":498,"width":894,"height":11}},{"id":"a6a630d4-c8b1-41a9-b57d-3579043df26b","block_type":"box","text":"financial markets or issuers.","page_number":52,"box":{"x":76,"y":512,"width":179,"height":9}},{"id":"75c79523-c036-4dc5-be54-9518d0274db4","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":52,"box":{"x":76,"y":535,"width":868,"height":11}},{"id":"6a081e8c-7f69-49ac-8cb2-53384f4e8505","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":52,"box":{"x":77,"y":549,"width":867,"height":11}},{"id":"38240f71-c6c1-4710-accb-5f251d0c88cd","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":52,"box":{"x":76,"y":564,"width":868,"height":11}},{"id":"5f890ea7-9c01-4bb7-aa9d-2f96b7f0b7f7","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":52,"box":{"x":77,"y":578,"width":899,"height":11}},{"id":"304a8633-c769-4be2-bcd9-4130ea609810","block_type":"box","text":"system.","page_number":52,"box":{"x":76,"y":593,"width":49,"height":10}},{"id":"557faebc-ba91-4af5-9519-45643a7ede9b","block_type":"box","text":"Risk of Swap Agreements.","page_number":52,"box":{"x":77,"y":615,"width":180,"height":11}},{"id":"d6612c16-60a9-4d2c-abae-58aaf924019c","block_type":"box","text":"Swaps can involve greater risks than direct investment in securities or physical commodities because swaps","page_number":52,"box":{"x":262,"y":615,"width":695,"height":11}},{"id":"7413863a-88a1-4273-a694-565cd7c09ffb","block_type":"box","text":"may be leveraged and are subject to counterparty risk (","page_number":52,"box":{"x":76,"y":629,"width":354,"height":11}},{"id":"7b185a26-2696-4417-b842-f68056e2522b","block_type":"box","text":"e.g.","page_number":52,"box":{"x":431,"y":632,"width":21,"height":8}},{"id":"49f4f05b-11c2-4296-9328-1666091f5461","block_type":"box","text":", the risk of a counterparty defaulting on the obligation or bankruptcy), credit risk","page_number":52,"box":{"x":454,"y":629,"width":519,"height":11}},{"id":"5916bdaa-5133-4318-9f75-4ca78f35786a","block_type":"box","text":"and pricing risk (","page_number":52,"box":{"x":76,"y":644,"width":106,"height":10}},{"id":"84e5e365-467b-4b1a-b591-3383c63bd96c","block_type":"box","text":"i.e.","page_number":52,"box":{"x":182,"y":644,"width":18,"height":8}},{"id":"928d0a3a-a8ae-4ce1-9c09-d5c7440ac423","block_type":"box","text":", swaps may be difficult to value). Swaps may be subject to illiquidity risk, and it may not be possible for the Fund to","page_number":52,"box":{"x":202,"y":644,"width":744,"height":10}},{"id":"1d7ad56f-7427-4e01-ae87-b91a8ae6c283","block_type":"box","text":"liquidate a swap position at an advantageous time or price, which may result in significant losses. Certain standardized interest rate and","page_number":52,"box":{"x":77,"y":658,"width":868,"height":11}},{"id":"086ee41e-e2b4-4a08-91b2-e4be5ac3f3b7","block_type":"box","text":"credit default swaps are required to be traded on an exchange or trading platform and centrally cleared. Most other swaps are entered into","page_number":52,"box":{"x":76,"y":672,"width":889,"height":11}},{"id":"ce889d7a-9a11-4ee5-867a-5aaf30772df9","block_type":"box","text":"on a negotiated, bi-lateral basis and traded in the over-the-counter market. Swaps are subject to bi-lateral variation margin. The Fund is","page_number":52,"box":{"x":76,"y":686,"width":867,"height":11}},{"id":"7aa388f0-933d-4e74-8e39-521ac8b8c377","block_type":"box","text":"required by financial regulators to post initial margin in connection with trading over-the-counter swaps. These requirements may raise the","page_number":52,"box":{"x":77,"y":700,"width":886,"height":11}},{"id":"29632c78-621e-49c9-b001-012700428a39","block_type":"box","text":"costs for the Fund’s investment in swaps. Central clearing is expected to reduce counterparty credit risk and increase liquidity, but central","page_number":52,"box":{"x":76,"y":714,"width":884,"height":11}},{"id":"e2bf733a-d4c9-4a45-9753-06d356df17c7","block_type":"box","text":"clearing does not make swap transactions risk-free. Swaps entered into by the Fund through its Subsidiary are not expected to be centrally","page_number":52,"box":{"x":76,"y":729,"width":891,"height":11}},{"id":"6cb6baba-dc03-4ea9-960c-b7b308390f92","block_type":"box","text":"cleared and thus will expose the Fund to counter-party default risk and illiquidity risk, as liquidity depends on the willingness of","page_number":52,"box":{"x":76,"y":743,"width":812,"height":11}},{"id":"99d81790-160b-4f55-81ec-f448ea42a27c","block_type":"box","text":"counterparties to enter into, and the ability of counterparties to hedge the risks of, such contracts. All swaps require posting of collateral,","page_number":52,"box":{"x":76,"y":757,"width":879,"height":11}},{"id":"9868480c-428d-4dac-92e8-391021b9a196","block_type":"box","text":"which may restrict the ability of the Fund to invest the assets in different ways and which involve costs to the Fund. Swaps provide","page_number":52,"box":{"x":76,"y":771,"width":834,"height":11}},{"id":"ffce2112-409f-40fe-95b8-8bbb4caa8a19","block_type":"box","text":"customized contractual terms, which may not, in all cases, provide the hedging or other intended benefits.","page_number":52,"box":{"x":76,"y":785,"width":679,"height":11}},{"id":"ca49e356-34fa-4564-a9f5-4f1b73962c33","block_type":"box","text":"13","page_number":52,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"91171130-08e8-4eb4-9a61-23d0f1702cfd","block_type":"box","text":"Risk of Investing in Gold.","page_number":52,"box":{"x":77,"y":23,"width":171,"height":11}},{"id":"6696fb55-826e-4e79-bf34-e395a45d37d3","block_type":"box","text":"The Fund has exposure to gold through its investments in total return swaps on the Underlying Index. Thus, the","page_number":52,"box":{"x":253,"y":23,"width":710,"height":11}},{"id":"6eb14428-89a9-4a98-9d76-4258d65dbc4f","block_type":"box","text":"Fund’s portfolio may be adversely affected by changes or trends in the price of gold. The price of gold and of gold-related instruments","page_number":52,"box":{"x":77,"y":37,"width":853,"height":11}},{"id":"2cbbe18f-4a15-4288-95e9-e7e1e86fe162","block_type":"box","text":"historically has been volatile. Governments, central banks, or other large holders can influence the production and sale of gold, which may","page_number":52,"box":{"x":77,"y":52,"width":883,"height":11}},{"id":"284b010f-9834-4305-899b-ac83c1aa2b74","block_type":"box","text":"adversely affect the supply and price of gold, and thus, the performance of the Fund. Unpredictable economic, financial, social, and political","page_number":52,"box":{"x":76,"y":66,"width":894,"height":11}},{"id":"8368c6a7-cbb1-40f9-9f4e-aef737e0f428","block_type":"box","text":"factors may also affect the price of gold.","page_number":52,"box":{"x":76,"y":80,"width":257,"height":11}},{"id":"1161c247-b215-4e8f-a90a-a9e4cf4d9ef2","block_type":"box","text":"Investments related to gold are considered to be speculative. The price of gold may fluctuate sharply over short periods of time due to,","page_number":52,"box":{"x":77,"y":103,"width":861,"height":11}},{"id":"ba0ad2e9-4686-4b36-bcb6-6c4d1dcbc274","block_type":"box","text":"among other things: (i) changes in inflation or expectations regarding inflation in various countries; (ii) the availability of supply; (iii) chang","page_number":52,"box":{"x":76,"y":117,"width":881,"height":11}},{"id":"865d77c6-494f-49ff-9ea9-f8730eddf1a7","block_type":"box","text":"es","page_number":52,"box":{"x":958,"y":120,"width":13,"height":6}},{"id":"29cf9809-6eee-49a8-9362-b878fea99e30","block_type":"box","text":"in demand; (iv) investment speculation and political uncertainty; and (v) monetary and other economic policies of various governments.","page_number":52,"box":{"x":76,"y":132,"width":865,"height":10}},{"id":"784008eb-dcc7-49dd-9a36-2d9a85344863","block_type":"box","text":"Risk of Investing in Industrial Metals.","page_number":52,"box":{"x":77,"y":155,"width":257,"height":11}},{"id":"f9c82c53-e9d6-4c35-9c49-8f085b6bc82a","block_type":"box","text":"The price of industrial metals may be adversely affected by unpredictable international economic","page_number":52,"box":{"x":339,"y":155,"width":622,"height":11}},{"id":"bf9f9f74-324f-4391-b4f0-9452af75bb25","block_type":"box","text":"and political policies, such as currency devaluations or revaluations, economic and social conditions within an individual country, trade","page_number":52,"box":{"x":76,"y":169,"width":861,"height":11}},{"id":"6a851570-3a8d-4087-b53c-1d91ca77a3dc","block_type":"box","text":"imbalances, or trade or currency restrictions between countries. As a result, the price of industrial metals historically has been subject to","page_number":52,"box":{"x":76,"y":183,"width":878,"height":11}},{"id":"ddf2cef1-dc3d-480b-b834-68380eca4c15","block_type":"box","text":"substantial price fluctuations over short periods of time.","page_number":52,"box":{"x":76,"y":197,"width":358,"height":11}},{"id":"10ba625a-58f3-4692-8212-717b17269be3","block_type":"box","text":"or Congress enacts legislation, limiting the circumstances in which each Fund’s income with respect to the Subsidiary will be considered","page_number":53,"box":{"x":76,"y":312,"width":873,"height":10}},{"id":"c9d91f60-ed8b-49ae-96a8-e6d73054f20a","block_type":"box","text":"“qualifying income,” the Fund might be required to make changes to its operations, which could reduce the Fund’s ability to gain investment","page_number":53,"box":{"x":76,"y":326,"width":895,"height":11}},{"id":"19e86386-317d-42ac-b0ce-5ba12777f063","block_type":"box","text":"exposure to commodities. Fund shareholders could also experience adverse tax consequences in such circumstances. Moreover, changes in","page_number":53,"box":{"x":76,"y":340,"width":900,"height":11}},{"id":"53d4012e-0789-4f9b-b182-238a21490d98","block_type":"box","text":"the laws of the U.S. and/or the Cayman Islands could result in the inability of each Fund and/or Subsidiary to operate as described in the","page_number":53,"box":{"x":76,"y":354,"width":880,"height":11}},{"id":"21cefa0e-59de-4ad5-b761-5cd10f79e5f8","block_type":"box","text":"Prospectus and in the SAI, and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income,","page_number":53,"box":{"x":77,"y":368,"width":872,"height":11}},{"id":"bff956ba-8b8c-483a-889e-768b0ba2c53b","block_type":"box","text":"corporate or capital gains taxes, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes","page_number":53,"box":{"x":76,"y":382,"width":874,"height":11}},{"id":"6d5f0bf5-5120-4a12-828a-dceb690483fd","block_type":"box","text":"such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely experience decreased investment returns.","page_number":53,"box":{"x":76,"y":397,"width":840,"height":10}},{"id":"88d8eb08-015b-481b-bd48-67af8c819387","block_type":"box","text":"Tracking Error Risk.","page_number":53,"box":{"x":76,"y":420,"width":135,"height":11}},{"id":"553cb2fa-3584-48b2-81dd-f01f19fde194","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":53,"box":{"x":216,"y":420,"width":749,"height":11}},{"id":"2ce9de1f-c259-4ca9-943b-cb476e6bf06b","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":53,"box":{"x":76,"y":434,"width":871,"height":11}},{"id":"4f4bb7d6-c9cf-47b2-94c3-a07b26aa592f","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":53,"box":{"x":76,"y":448,"width":897,"height":11}},{"id":"4ed6cf35-a927-4780-93b6-e6d554030ccf","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":53,"box":{"x":76,"y":462,"width":868,"height":11}},{"id":"ad9106d1-0a93-45ce-ab11-237451e03014","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":53,"box":{"x":77,"y":477,"width":823,"height":10}},{"id":"664455d1-4f7a-4c52-a716-66f65f3b794b","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":53,"box":{"x":76,"y":491,"width":905,"height":11}},{"id":"e106c265-0099-4dfb-8a8f-81ba84934e94","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":53,"box":{"x":77,"y":505,"width":901,"height":11}},{"id":"76564ea4-d8ba-4640-85a4-6d865f21aa07","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":53,"box":{"x":76,"y":519,"width":869,"height":11}},{"id":"96cce992-09f8-43fb-9d7e-093fe02af87b","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":53,"box":{"x":76,"y":533,"width":884,"height":11}},{"id":"fe1aaf9a-3ece-43be-81df-282b129960d5","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":53,"box":{"x":76,"y":548,"width":844,"height":10}},{"id":"712ae43c-c313-4548-9503-0edc8dbbf9ff","block_type":"box","text":"experience greater tracking error than a Fund that tracks a more narrow index. Tracking error risk may be heightened during times of","page_number":53,"box":{"x":76,"y":562,"width":851,"height":11}},{"id":"2ad345d7-b731-4850-8f5c-df698e10f077","block_type":"box","text":"increased market volatility or other unusual market conditions.","page_number":53,"box":{"x":76,"y":576,"width":401,"height":11}},{"id":"6c328072-eaa1-4851-916a-21edf16d2e7a","block_type":"box","text":"Valuation Risk.","page_number":53,"box":{"x":76,"y":599,"width":102,"height":9}},{"id":"f6e25b30-9e68-4ea8-bbe8-22bcb0a186e8","block_type":"box","text":"The price that a Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the","page_number":53,"box":{"x":183,"y":599,"width":756,"height":11}},{"id":"e65aec5c-fb94-4620-a200-e5c23c9c1376","block_type":"box","text":"Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that","page_number":53,"box":{"x":77,"y":613,"width":889,"height":11}},{"id":"77f5ddba-4ff0-446b-bfb6-653a6791db29","block_type":"box","text":"are valued using a fair value methodology. The price received by a Fund also may differ from the value used by the Underlying Index (if","page_number":53,"box":{"x":76,"y":628,"width":857,"height":10}},{"id":"e933bebd-4f35-44f9-9387-52f784a57a33","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":53,"box":{"x":76,"y":642,"width":898,"height":11}},{"id":"2b3b4bdb-7dbd-4fc7-93ca-d5774e605dab","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":53,"box":{"x":76,"y":656,"width":849,"height":11}},{"id":"f7392d99-1030-4f6b-ad0e-cacbe8136f2a","block_type":"box","text":"purchase or sell Fund shares.","page_number":53,"box":{"x":76,"y":670,"width":187,"height":11}},{"id":"5425c4ea-1525-4e0d-8fb5-e816f9982e0d","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":53,"box":{"x":77,"y":693,"width":886,"height":11}},{"id":"bb915a69-aa6b-4709-aac4-6a9e22194e8a","block_type":"box","text":"dollars at the prevailing market rates. For a Fund that tracks an Underlying Index, this may result in a difference between the prices used to","page_number":53,"box":{"x":76,"y":707,"width":890,"height":11}},{"id":"c5986cb2-dab6-4593-b453-4dacf5d5c3f7","block_type":"box","text":"calculate the Fund’s NAV and the prices used by the Underlying Index, which, in turn, could result in a difference between the Fund’s","page_number":53,"box":{"x":76,"y":722,"width":847,"height":11}},{"id":"2a8cf99a-14f3-4698-8546-a3ddfcbebbd4","block_type":"box","text":"performance and the performance of the Underlying Index. Authorized Participants that create or redeem Fund shares on days when a Fund","page_number":53,"box":{"x":76,"y":736,"width":895,"height":11}},{"id":"cf5b651d-1b69-4191-b519-d0e981eda8cc","block_type":"box","text":"is holding fair-valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would","page_number":53,"box":{"x":76,"y":750,"width":892,"height":11}},{"id":"82105ac2-5b51-4698-8fe9-e52c82647553","block_type":"box","text":"have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value","page_number":53,"box":{"x":77,"y":764,"width":857,"height":11}},{"id":"59f95452-8ab0-43f2-8105-d5c632f89cda","block_type":"box","text":"investments may be impacted by technological issues or errors by pricing services or other third-party service providers.","page_number":53,"box":{"x":76,"y":778,"width":772,"height":11}},{"id":"ab74f8b2-529f-4411-8581-5b09b1c611b6","block_type":"box","text":"Portfolio Holdings Information","page_number":53,"box":{"x":78,"y":807,"width":296,"height":17}},{"id":"a433838e-0e2d-4528-a115-46b254f49ab1","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":53,"box":{"x":76,"y":836,"width":896,"height":11}},{"id":"85c89095-3858-4b63-ac0c-131e3d125a7a","block_type":"box","text":"is available in the applicable Statement of Additional Information (“SAI”). Each Fund discloses its portfolio holdings daily at www.iShares.com.","page_number":53,"box":{"x":76,"y":851,"width":906,"height":10}},{"id":"13207b3e-c331-4d77-8668-1d0187048b35","block_type":"box","text":"Fact sheets providing information about each Fund’s top holdings are posted on www.iShares.com when available and may be requested by","page_number":53,"box":{"x":77,"y":865,"width":893,"height":11}},{"id":"f9a5f8f2-4212-409b-a2ec-8869fbd4c52a","block_type":"box","text":"calling 1-800-iShares (1-800-474-2737).","page_number":53,"box":{"x":76,"y":879,"width":256,"height":11}},{"id":"a62a2da9-3195-4bf0-903b-bfd32ac6a01f","block_type":"box","text":"14","page_number":53,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"64c88626-e6b7-485e-9650-6dc131a01b0a","block_type":"box","text":"Small Fund Risk.","page_number":53,"box":{"x":76,"y":24,"width":114,"height":8}},{"id":"ed755203-f50c-4f15-a413-fbfd6fe323f9","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":53,"box":{"x":195,"y":24,"width":704,"height":10}},{"id":"e8872625-639c-4781-8fd6-804ffed0e94f","block_type":"box","text":"performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. A Fund that holds","page_number":53,"box":{"x":76,"y":38,"width":898,"height":11}},{"id":"a3025479-3696-48ac-8211-c5f563907913","block_type":"box","text":"fixed-income securities may buy smaller-sized bonds known as “odd lots,” which may be purchased or sold at a discount to similar “round","page_number":53,"box":{"x":76,"y":52,"width":880,"height":11}},{"id":"2e9417f5-cc30-4a63-9ce8-4623b7b5eda0","block_type":"box","text":"lot” bonds. The prices used by the Fund may differ from the value that would be realized if these securities were sold, and the impact of such","page_number":53,"box":{"x":77,"y":66,"width":898,"height":11}},{"id":"b86b045f-f20b-4857-8fc7-27314baf01c0","block_type":"box","text":"pricing differences on a Fund’s performance may be heightened when the Fund’s size is small. In addition, a Fund may face the risk of being","page_number":53,"box":{"x":76,"y":80,"width":894,"height":11}},{"id":"20998abe-b415-4425-b7ef-47130c3b539d","block_type":"box","text":"delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from the listing exchange, the","page_number":53,"box":{"x":76,"y":94,"width":890,"height":11}},{"id":"6ac52a45-5dfd-44bc-952a-6c4d8645dd1e","block_type":"box","text":"Fund’s value may rapidly decline and its performance may be negatively impacted. Any resulting liquidation of a Fund could lead to elevated","page_number":53,"box":{"x":77,"y":109,"width":893,"height":10}},{"id":"2b210f6a-e9f7-4cc1-abee-2bdc7d211098","block_type":"box","text":"transaction costs for the Fund and negative tax consequences for its shareholders.","page_number":53,"box":{"x":76,"y":123,"width":530,"height":11}},{"id":"4fcbc8e2-0b2f-4446-bfc0-0ea4423d5e7c","block_type":"box","text":"Subsidiary Risk.","page_number":53,"box":{"x":76,"y":146,"width":111,"height":11}},{"id":"cb1e8195-013d-4d01-9933-f92eaf2b5b81","block_type":"box","text":"In compliance with Subchapter M of the Internal Revenue Code, a Fund may invest up to 25% of its total assets, as","page_number":53,"box":{"x":193,"y":146,"width":731,"height":11}},{"id":"a7a12acc-f1f0-43e6-9fae-faa61fe69a65","block_type":"box","text":"determined at the end of the Fund’s fiscal quarters, in a Subsidiary. By investing in a Subsidiary, a Fund is indirectly exposed to the risks","page_number":53,"box":{"x":76,"y":160,"width":870,"height":11}},{"id":"74c601a4-8721-4b85-ab77-b3bc6011b1c0","block_type":"box","text":"associated with the Subsidiary’s investments. For each Fund, the Subsidiary is not registered under the 1940 Act, and, unless otherwise","page_number":53,"box":{"x":76,"y":174,"width":869,"height":11}},{"id":"3aa47d08-7a0c-4524-9348-dd78233a43fc","block_type":"box","text":"noted in the Prospectus, is not subject to the investor protections of the 1940 Act. The Trust’s Board of Trustees has oversight responsibility","page_number":53,"box":{"x":76,"y":189,"width":895,"height":10}},{"id":"7a4e7285-c877-451e-9932-8b5394648a3c","block_type":"box","text":"for the investment activities of each Fund, including its investment in a Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary.","page_number":53,"box":{"x":76,"y":203,"width":897,"height":11}},{"id":"48c2eb9d-0785-4f31-99df-8f28b7a845af","block_type":"box","text":"Each Subsidiary follows the same compliance policies and procedures as the Funds. Each Subsidiary’s financial statements are consolidated","page_number":53,"box":{"x":77,"y":217,"width":898,"height":11}},{"id":"b43a1f98-939c-4842-b888-c4e9e46b3232","block_type":"box","text":"with the applicable Fund’s financial statements.","page_number":53,"box":{"x":76,"y":231,"width":304,"height":11}},{"id":"42a6638d-425f-4080-9416-d7a2edc6bd46","block_type":"box","text":"Tax Risk.","page_number":53,"box":{"x":76,"y":254,"width":60,"height":9}},{"id":"c1e06869-151d-4106-94cd-d18a691cbd00","block_type":"box","text":"Each Fund invests in commodity-linked derivatives indirectly through the Subsidiary because income from these investments, if","page_number":53,"box":{"x":142,"y":254,"width":815,"height":11}},{"id":"bcee5c4e-6cc9-4174-b9c1-1e23fc7e2bb1","block_type":"box","text":"made directly, might not be treated as “qualifying income” for purposes of the Fund qualifying as a RIC for U.S. federal income tax purposes.","page_number":53,"box":{"x":76,"y":268,"width":898,"height":11}},{"id":"0b35c994-5cfd-4226-a9f4-64cd910e7f82","block_type":"box","text":"Based on final regulations issued by the IRS on which taxpayers may rely for taxable years beginning after September 28, 2016, each Fund","page_number":53,"box":{"x":77,"y":283,"width":883,"height":11}},{"id":"51fae55e-70cf-421b-b220-32a95dd862ca","block_type":"box","text":"expects its income with respect to the Subsidiary to be qualifying income. In the future, if the IRS issues new regulations or other guidance,","page_number":53,"box":{"x":76,"y":297,"width":892,"height":11}},{"id":"92f37dbc-4ba3-4fe5-b0b1-f2fc477abafb","block_type":"box","text":"Management of the Funds","page_number":54,"box":{"x":78,"y":22,"width":258,"height":17}},{"id":"0949ada6-44e8-48ec-9006-16077be7a292","block_type":"box","text":"Investment Adviser","page_number":54,"box":{"x":77,"y":51,"width":135,"height":9}},{"id":"99e68e31-55ab-4079-b7ce-d14f55fb2727","block_type":"box","text":"As investment adviser, BFA has overall responsibility for the general management and administration of the Funds. BFA provides an","page_number":54,"box":{"x":76,"y":75,"width":839,"height":11}},{"id":"2f931a97-b1de-4dcd-918b-2f17973d0a3c","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":54,"box":{"x":76,"y":89,"width":899,"height":11}},{"id":"71600b16-3112-4d2a-81f9-bc6910193683","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":54,"box":{"x":76,"y":103,"width":886,"height":11}},{"id":"fbb0e475-27a9-4c1a-a098-6b2af6f31809","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":54,"box":{"x":77,"y":117,"width":852,"height":11}},{"id":"1335747a-b763-4e08-a63c-e5eed87f908e","block_type":"box","text":"Under the Commodity Exchange Act, BFA is considered a commodity pool operator (“CPO”) with respect to each Fund listed below and its","page_number":54,"box":{"x":77,"y":140,"width":882,"height":11}},{"id":"796e2f31-4d0d-46a1-ae51-affed7c00a93","block_type":"box","text":"Subsidiary. BFA is subject to regulation by the Commodity Futures Trading Commission and the National Futures Association with respect to","page_number":54,"box":{"x":76,"y":155,"width":897,"height":10}},{"id":"f8a0da59-a649-46af-8ca1-d24c44ab4a3d","block_type":"box","text":"its activities as a CPO.","page_number":54,"box":{"x":76,"y":169,"width":142,"height":8}},{"id":"a54ae652-08f9-4bb3-b913-37ecb6c40557","block_type":"box","text":"iShares Bloomberg Roll Select Commodity Strategy ETF","page_number":54,"box":{"x":137,"y":192,"width":355,"height":11}},{"id":"1ddfdd17-29df-4983-83bd-b138985848f5","block_type":"box","text":"iShares GSCI Commodity Dynamic Roll Strategy ETF","page_number":54,"box":{"x":137,"y":206,"width":334,"height":11}},{"id":"d35de5a1-3ba1-4031-8c54-1f0937312f81","block_type":"box","text":"iShares Strategic Metals ETF","page_number":54,"box":{"x":137,"y":220,"width":183,"height":11}},{"id":"9a9ae5f5-3b77-483d-a2b2-6c231529a413","block_type":"box","text":"BFA is a consolidated subsidiary of BlackRock, Inc. (“BlackRock”) and is located at 400 Howard Street, San Francisco, CA 94105. 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This may include transactions in securities issued by other open-end and closed-end investment companies, including","page_number":55,"box":{"x":77,"y":735,"width":855,"height":11}},{"id":"6fae1ae3-1427-4426-8772-6026c62d97a0","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":55,"box":{"x":76,"y":749,"width":868,"height":11}},{"id":"cbb0cc62-194d-4402-8e20-10450bfa9cfc","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":55,"box":{"x":76,"y":763,"width":855,"height":11}},{"id":"d16832da-61f3-4223-bb7e-4f0b9fe01ac5","block_type":"box","text":"indirectly by a Fund. These activities may result in BFA or an Affiliate having positions in assets that are senior or junior to, or that have","page_number":55,"box":{"x":76,"y":778,"width":861,"height":11}},{"id":"71aaa725-3061-4909-a3d2-1483ebe9dc7b","block_type":"box","text":"interests different from or adverse to, the assets held by a Fund.","page_number":55,"box":{"x":76,"y":792,"width":411,"height":11}},{"id":"ef81bb5e-cb37-4766-b744-6da67d1aa4e6","block_type":"box","text":"A Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has significant debt or equity","page_number":55,"box":{"x":76,"y":814,"width":891,"height":11}},{"id":"9ef3b641-efcb-47b6-9f1a-6e030d890bbe","block_type":"box","text":"investments or other interests. A Fund may also invest in issuances (such as debt offerings or structured notes) for which an Affiliate is","page_number":55,"box":{"x":76,"y":828,"width":864,"height":11}},{"id":"fd6f2fbc-1119-4700-8f60-a69843245867","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":55,"box":{"x":76,"y":842,"width":845,"height":11}},{"id":"be3db719-2fdb-4268-b54a-fc3e2ef5f0b0","block_type":"box","text":"transactions with, entities for which an Affiliate provides or may provide research coverage or other analysis.","page_number":55,"box":{"x":76,"y":856,"width":695,"height":11}},{"id":"84709f22-cd03-4953-bc93-54921d15d803","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others who recommend a","page_number":55,"box":{"x":76,"y":878,"width":871,"height":11}},{"id":"90b50fbd-b43e-452e-b18e-918e99b883cc","block_type":"box","text":"Fund or who engage in transactions with or for a Fund.","page_number":55,"box":{"x":77,"y":892,"width":347,"height":11}},{"id":"0cb9db17-469d-4a26-a237-c477470373e0","block_type":"box","text":"16","page_number":55,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"03b8ea92-27a7-4e2e-98a1-77fbd3147fcb","block_type":"box","text":"iShares","page_number":55,"box":{"x":87,"y":510,"width":46,"height":9}},{"id":"fdeb8b47-f3e6-4554-bb52-22117bc0fa89","block_type":"box","text":"Strategic","page_number":55,"box":{"x":139,"y":510,"width":56,"height":11}},{"id":"f42a653f-7138-4dfd-a488-f98977b01c55","block_type":"box","text":"Metals","page_number":55,"box":{"x":201,"y":510,"width":41,"height":9}},{"id":"d6bc207e-e38b-4d3e-807f-efca7f107e9a","block_type":"box","text":"ETF*","page_number":55,"box":{"x":248,"y":510,"width":29,"height":8}},{"id":"d44c0066-a4c2-4932-bbf6-1253c1d4903f","block_type":"box","text":"Kyle Peppo has been employed by BFA or its affiliates as a portfolio manager since 2017. He is a Director of BlackRock, Inc.","page_number":55,"box":{"x":77,"y":321,"width":789,"height":10}},{"id":"e3737d39-b141-4d51-aad3-c32b2bb9e1bb","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with a Fund. As a result, an","page_number":56,"box":{"x":77,"y":23,"width":891,"height":11}},{"id":"686bf932-d512-440d-b095-f8997bf90872","block_type":"box","text":"Affiliate may compete with a Fund for appropriate investment opportunities. The results of a Fund’s investment activities, therefore, may","page_number":56,"box":{"x":76,"y":37,"width":873,"height":11}},{"id":"8082bbbd-99f5-4431-abab-67dcdef3b9ea","block_type":"box","text":"differ from those of an Affiliate and of other accounts managed by an Affiliate. It is possible that a Fund could sustain losses during periods in","page_number":56,"box":{"x":76,"y":51,"width":903,"height":11}},{"id":"4c9f335f-f4de-4251-8b25-7c7f5b5c2ed9","block_type":"box","text":"which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also","page_number":56,"box":{"x":76,"y":66,"width":897,"height":11}},{"id":"af69240d-8ce6-4c1c-b1a9-e38e0da2f11f","block_type":"box","text":"possible.","page_number":56,"box":{"x":76,"y":80,"width":56,"height":11}},{"id":"feffce2e-5ac1-4e5d-a8e3-ec1188e9a4a7","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":56,"box":{"x":77,"y":103,"width":888,"height":11}},{"id":"90359593-de08-4e11-84d4-af54c5b5792b","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":56,"box":{"x":76,"y":117,"width":857,"height":11}},{"id":"b2cdde2b-ed21-48a7-b5d7-0c3aed9b9a24","block_type":"box","text":"employees or clients.","page_number":56,"box":{"x":76,"y":131,"width":135,"height":11}},{"id":"e5272fa9-f053-45a0-9259-28948a8044d5","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":56,"box":{"x":77,"y":155,"width":876,"height":10}},{"id":"0094374e-6df3-4169-b817-871b04fa10db","block_type":"box","text":"purchase and hold shares of a Fund. The price, availability, liquidity, and (in some cases) expense ratio of a Fund may be impacted by","page_number":56,"box":{"x":76,"y":169,"width":851,"height":11}},{"id":"c3849035-9dfb-47e8-ba56-e95ce63ea78b","block_type":"box","text":"purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":56,"box":{"x":76,"y":183,"width":440,"height":11}},{"id":"1927ce18-79f7-49e2-804c-6b9841fb2380","block_type":"box","text":"A Fund’s activities may be limited because of regulatory restrictions applicable to BFA or an Affiliate or their policies designed to comply with","page_number":56,"box":{"x":76,"y":206,"width":901,"height":11}},{"id":"396f526f-a495-440d-8ab7-8de954ae4511","block_type":"box","text":"such restrictions.","page_number":56,"box":{"x":76,"y":220,"width":110,"height":9}},{"id":"d5a8473c-44e0-4d89-8ad6-ac5198792366","block_type":"box","text":"Under a securities lending program approved by the Board, the Funds have retained BTC, an Affiliate of BFA, to serve as their securities","page_number":56,"box":{"x":77,"y":244,"width":863,"height":10}},{"id":"36b5932f-5862-4408-a01a-c4c8cb2fc774","block_type":"box","text":"lending agent to the extent that they participate in the securities lending program. For these services, the securities lending agent will","page_number":56,"box":{"x":77,"y":258,"width":854,"height":11}},{"id":"2ee1af7a-2844-4da3-a444-aee154d5a195","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":56,"box":{"x":77,"y":272,"width":862,"height":11}},{"id":"17109799-9d78-45c7-8b0b-01458df05d79","block_type":"box","text":"received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which a Fund may lend its","page_number":56,"box":{"x":77,"y":286,"width":876,"height":11}},{"id":"58793ce5-8b82-424a-80e6-9ba1afe3a11c","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":56,"box":{"x":76,"y":300,"width":363,"height":11}},{"id":"1c7c5615-4942-4cf5-816f-02d47b8980d9","block_type":"box","text":"Under an ETF Services Agreement, certain Funds have retained BlackRock Investments, LLC (the “Distributor” or “BRIL”), an Affiliate of BFA,","page_number":56,"box":{"x":77,"y":323,"width":894,"height":11}},{"id":"40031768-4656-414e-811f-388ba7abc5c3","block_type":"box","text":"to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":56,"box":{"x":76,"y":338,"width":860,"height":11}},{"id":"404beb2d-e122-4213-8001-b91febef9a46","block_type":"box","text":"redemption of Creation Units (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor to provide certain ETF","page_number":56,"box":{"x":77,"y":352,"width":854,"height":11}},{"id":"4ea22cf7-3366-461e-a929-040b12c3621f","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":56,"box":{"x":76,"y":366,"width":894,"height":11}},{"id":"92738d76-6136-48c0-9633-d56b0b3210a2","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":56,"box":{"x":76,"y":380,"width":871,"height":11}},{"id":"622c5234-8e35-4b47-9ca2-aaa44a2bee9c","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":56,"box":{"x":76,"y":394,"width":848,"height":11}},{"id":"860ab74e-7773-41ca-8811-7d5b312435f0","block_type":"box","text":"BlackRock or funds managed by BFA and its Affiliates.","page_number":56,"box":{"x":77,"y":409,"width":342,"height":10}},{"id":"70691a7d-4e6e-4fb2-88a3-53e1e855ac2d","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":56,"box":{"x":77,"y":432,"width":893,"height":11}},{"id":"43052e0a-5255-4847-90af-d67234c4d8f4","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":56,"box":{"x":76,"y":446,"width":885,"height":11}},{"id":"0452aff8-0268-4447-99e9-b3c867a39cdc","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":56,"box":{"x":76,"y":460,"width":897,"height":11}},{"id":"bdb7b4b0-2ee4-4fe4-9449-bc730fbe3f46","block_type":"box","text":"licensees.","page_number":56,"box":{"x":77,"y":474,"width":61,"height":9}},{"id":"d065be9d-1820-4653-8cf5-845a6d499720","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":56,"box":{"x":76,"y":498,"width":875,"height":10}},{"id":"b7de1a40-1eaf-4efe-b8b0-163c0bd231fa","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":56,"box":{"x":76,"y":512,"width":886,"height":11}},{"id":"39347d78-488a-493c-9bbb-47b958f032a5","block_type":"box","text":"interest. Please see the SAI for further information.","page_number":56,"box":{"x":76,"y":526,"width":326,"height":8}},{"id":"66356583-de57-48f3-b0eb-02d08684c805","block_type":"box","text":"Shareholder Information","page_number":56,"box":{"x":77,"y":555,"width":240,"height":13}},{"id":"4fd431d5-00d5-4983-a81a-e86eea7bd4c4","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":56,"box":{"x":75,"y":584,"width":821,"height":11}},{"id":"340ccbcd-347d-4278-97be-250a90e92da0","block_type":"box","text":"1-800-iShares (1-800-474-2737) or visiting www.iShares.com.","page_number":56,"box":{"x":78,"y":598,"width":383,"height":11}},{"id":"ceb59c66-1d51-4aae-89d6-2623e35bb92c","block_type":"box","text":"Buying and Selling Shares","page_number":56,"box":{"x":77,"y":621,"width":180,"height":11}},{"id":"228aead3-7eb2-4ce5-b861-e24580341284","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":56,"box":{"x":76,"y":644,"width":839,"height":11}},{"id":"a766bc56-dc63-40d1-814b-979d3967752b","block_type":"box","text":"“creations” and “redemptions,” occur only between the Funds and Authorized Participants (","page_number":56,"box":{"x":76,"y":659,"width":584,"height":10}},{"id":"7d1218a7-d8e2-4eb3-b310-e8d66b9b1d58","block_type":"box","text":"i.e","page_number":56,"box":{"x":661,"y":659,"width":14,"height":8}},{"id":"c1a10ece-e6b8-4b17-b0c5-fe87c5ee1297","block_type":"box","text":"., financial institutions that are authorized to","page_number":56,"box":{"x":677,"y":659,"width":282,"height":10}},{"id":"d0d31a6a-25ef-451a-9788-86418d68c07d","block_type":"box","text":"participate in such transactions), as described in the","page_number":56,"box":{"x":76,"y":673,"width":335,"height":11}},{"id":"886caf8f-aa81-42fe-9806-6b15c701f2cb","block_type":"box","text":"Creations and Redemptions","page_number":56,"box":{"x":417,"y":673,"width":173,"height":11}},{"id":"ed7ee4da-fbc0-4c4c-98c6-f26ac8e49b8a","block_type":"box","text":"section below.","page_number":56,"box":{"x":595,"y":673,"width":90,"height":8}},{"id":"48b79f41-7f8f-41a9-8bfe-848858bda79c","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":56,"box":{"x":77,"y":696,"width":904,"height":11}},{"id":"1ebac162-c4ae-47f4-8ac8-8687c2fe4af6","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":56,"box":{"x":77,"y":710,"width":860,"height":11}},{"id":"34d6d32d-0690-4148-9e15-0f56717c15c5","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":56,"box":{"x":76,"y":724,"width":857,"height":11}},{"id":"2d535a7c-dae9-4131-bf4c-e29091c908e4","block_type":"box","text":"investment for Fund shares purchased on an exchange or otherwise in the secondary market.","page_number":56,"box":{"x":76,"y":739,"width":598,"height":10}},{"id":"8afc3702-f845-4631-8d5d-33225b0fc66b","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":56,"box":{"x":77,"y":762,"width":899,"height":11}},{"id":"56f9e0bc-6dc6-4703-9cb6-43291225d887","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":56,"box":{"x":76,"y":776,"width":869,"height":11}},{"id":"568d275f-0d02-49f5-ba4e-b5279688914f","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":56,"box":{"x":76,"y":790,"width":888,"height":11}},{"id":"50b52e5d-fb72-4879-ba67-670f207aedda","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":56,"box":{"x":76,"y":804,"width":884,"height":11}},{"id":"67a04141-2f33-4b07-9d21-ca53b8885fa0","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":56,"box":{"x":76,"y":819,"width":904,"height":10}},{"id":"9662e5ad-a3c3-416f-b63b-be7e608ed987","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":56,"box":{"x":76,"y":833,"width":897,"height":11}},{"id":"92c0f1f2-03b5-43d5-90a1-ee637406c3f5","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":56,"box":{"x":76,"y":847,"width":887,"height":11}},{"id":"fb46895e-42da-43a0-983d-94d57ebe53ea","block_type":"box","text":"particularly for newly launched or smaller funds, or by instances of significant volatility of the underlying assets.","page_number":56,"box":{"x":76,"y":861,"width":713,"height":11}},{"id":"e9162d5d-a1de-4cac-be4c-b6a6c53aecd6","block_type":"box","text":"17","page_number":56,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"549f3d0f-e74b-4008-9315-9b050d34372f","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":57,"box":{"x":76,"y":23,"width":902,"height":11}},{"id":"539baf1f-f7f1-405f-8079-206a0051a3c1","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":57,"box":{"x":76,"y":37,"width":856,"height":11}},{"id":"4f67296c-5b7d-4107-8680-180419d11316","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":57,"box":{"x":77,"y":52,"width":612,"height":10}},{"id":"26d64660-81be-4b66-86c9-e6bc3c8263fe","block_type":"box","text":"Investments in Investment Companies","page_number":57,"box":{"x":77,"y":75,"width":268,"height":10}},{"id":"2b7ae06e-498c-4486-b3ea-256bbf1815be","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":57,"box":{"x":76,"y":98,"width":873,"height":11}},{"id":"2627fa43-ce8e-467c-bf5c-d1d570c6b700","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":57,"box":{"x":76,"y":112,"width":889,"height":11}},{"id":"18097d2f-bcc5-4b44-aa61-13404e164221","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":57,"box":{"x":76,"y":126,"width":847,"height":11}},{"id":"960c8959-aacb-4c3d-b7d2-204bbf69a439","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":57,"box":{"x":76,"y":140,"width":897,"height":11}},{"id":"b095fc28-41b4-4cc1-8ca1-21ff58bdff1c","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":57,"box":{"x":76,"y":155,"width":890,"height":10}},{"id":"652d7b16-da81-487c-99f0-6c7fdd2e03b4","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":57,"box":{"x":76,"y":169,"width":904,"height":11}},{"id":"7d12f91b-0809-492f-a58f-39955411f394","block_type":"box","text":"investment companies and companies controlled by them.","page_number":57,"box":{"x":76,"y":183,"width":374,"height":11}},{"id":"3335b323-ef9f-47fd-a0df-804b44080867","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":57,"box":{"x":77,"y":206,"width":867,"height":11}},{"id":"8278efc3-3979-4911-a535-e0ef68529e38","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":57,"box":{"x":78,"y":220,"width":871,"height":11}},{"id":"60e5d478-d713-46a3-8d5a-8075a1f333df","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":57,"box":{"x":77,"y":235,"width":855,"height":10}},{"id":"adef5192-32f4-4ba5-bc79-37b0038a12dd","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":57,"box":{"x":76,"y":249,"width":874,"height":11}},{"id":"1bfe9bec-ef65-41c2-8d9a-4fa8e324dba6","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":57,"box":{"x":78,"y":263,"width":894,"height":11}},{"id":"895d417c-8af0-458f-a293-0d7a987e9d0a","block_type":"box","text":"the limits set forth in Section 12(d)(1) should contact BFA.","page_number":57,"box":{"x":76,"y":277,"width":367,"height":11}},{"id":"abf0e4af-11d0-4c26-b33d-d0995bb97c5a","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":57,"box":{"x":77,"y":300,"width":883,"height":11}},{"id":"6ba72306-92f5-4b07-a42a-96769b2ba427","block_type":"box","text":"SEC no-action relief.","page_number":57,"box":{"x":76,"y":314,"width":130,"height":9}},{"id":"a868bf63-f98e-4f92-a3bc-8573a629c8d6","block_type":"box","text":"Book Entry","page_number":57,"box":{"x":77,"y":338,"width":76,"height":10}},{"id":"642209aa-453a-424a-a37d-d41c294c6735","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":57,"box":{"x":76,"y":361,"width":892,"height":11}},{"id":"c7528201-ad19-4936-80f1-af5297e0ca29","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":57,"box":{"x":76,"y":375,"width":832,"height":11}},{"id":"73384d86-9ed3-4554-8dcf-178bf2c4c360","block_type":"box","text":"outstanding shares of the Funds.","page_number":57,"box":{"x":76,"y":389,"width":209,"height":11}},{"id":"369c5801-55ed-4031-82bd-3c4fedf7b2c4","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":57,"box":{"x":77,"y":412,"width":885,"height":11}},{"id":"879acfb0-0b71-4866-a330-88316e635ddf","block_type":"box","text":"brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial","page_number":57,"box":{"x":76,"y":427,"width":863,"height":10}},{"id":"ca5a2c15-2582-44c4-ab60-cd1ebc0ac8eb","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":57,"box":{"x":77,"y":441,"width":888,"height":11}},{"id":"504014f8-9e3c-42fb-843b-534dadde3ca5","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":57,"box":{"x":76,"y":455,"width":874,"height":11}},{"id":"4860da4a-64b9-4f46-b8ea-4b47e36bdcc5","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":57,"box":{"x":77,"y":469,"width":899,"height":11}},{"id":"35590eaf-d889-4e7e-8a0c-faf5434c20ef","block_type":"box","text":"securities held in book-entry or “street name” form.","page_number":57,"box":{"x":76,"y":483,"width":330,"height":11}},{"id":"2535513c-ef3a-4742-8305-a6bda7429ab7","block_type":"box","text":"Share Prices","page_number":57,"box":{"x":76,"y":507,"width":87,"height":8}},{"id":"dae5edd7-0126-46e6-bc6e-eb7c989cd91d","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":57,"box":{"x":76,"y":530,"width":894,"height":11}},{"id":"4746a301-e2ad-4e34-af08-59c1c9e455e9","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":57,"box":{"x":76,"y":544,"width":876,"height":11}},{"id":"b1c9a6f9-1fd3-4e28-9c47-fe8781a20da2","block_type":"box","text":"conditions.","page_number":57,"box":{"x":76,"y":558,"width":69,"height":9}},{"id":"26c314d9-e7f5-4fe6-8d6b-6191b1029089","block_type":"box","text":"Determination of Net Asset Value","page_number":57,"box":{"x":77,"y":581,"width":233,"height":9}},{"id":"eca2e67b-f6a5-4abf-a2dd-baa9d42f7967","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":57,"box":{"x":76,"y":605,"width":872,"height":10}},{"id":"a4ca2fd8-9a2e-4c14-9f0b-54febc9654c8","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":57,"box":{"x":76,"y":619,"width":904,"height":11}},{"id":"ea32a830-b5a4-473b-80cb-0c0226cf6440","block_type":"box","text":"on prices at the time of closing.","page_number":57,"box":{"x":76,"y":633,"width":201,"height":11}},{"id":"2f270d5e-0248-46fc-a5fa-294a42dcd038","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":57,"box":{"x":76,"y":656,"width":883,"height":11}},{"id":"cec82542-1359-487f-b4f1-2c40e7db89f5","block_type":"box","text":"market rates on the date of valuation as quoted by one or more data service providers.","page_number":57,"box":{"x":76,"y":670,"width":554,"height":11}},{"id":"54b0155b-cd2b-4f09-b295-2e5462ea2cfe","block_type":"box","text":"The NAV of a Fund is calculated by dividing the value of the Fund’s net assets (","page_number":57,"box":{"x":76,"y":693,"width":501,"height":11}},{"id":"235c0806-bfd0-4aaa-ad09-3010230cd208","block_type":"box","text":"i.e","page_number":57,"box":{"x":578,"y":694,"width":14,"height":8}},{"id":"2c94eb59-e9a1-4106-828b-43b011a5fd9e","block_type":"box","text":"., the value of its total assets, including the value of any","page_number":57,"box":{"x":594,"y":693,"width":353,"height":11}},{"id":"34a6055e-e2e6-468e-9e89-8c3c5b1bb3b7","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":57,"box":{"x":77,"y":708,"width":857,"height":11}},{"id":"12abc07b-2ad8-4307-8f07-b3d507c1c2f8","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":57,"box":{"x":77,"y":722,"width":883,"height":11}},{"id":"0fe956fd-a399-4cf1-adae-5f945de957e7","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":57,"box":{"x":77,"y":736,"width":881,"height":11}},{"id":"c9ac87da-ee74-447a-962f-0ee0aee92415","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":57,"box":{"x":77,"y":759,"width":867,"height":11}},{"id":"998b0e6d-15d3-42a4-ac82-9919318e31e3","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":57,"box":{"x":76,"y":773,"width":896,"height":11}},{"id":"7adeccf9-691e-43f9-807e-ae6a30885f42","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":57,"box":{"x":77,"y":788,"width":903,"height":10}},{"id":"c53d95f7-5ceb-4833-8008-502a3ba3ed29","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":57,"box":{"x":76,"y":802,"width":897,"height":11}},{"id":"45c551ba-3577-458b-baba-927e061e1cb2","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":57,"box":{"x":76,"y":816,"width":887,"height":11}},{"id":"6e035c40-7d40-4f6d-89eb-99e947874e68","block_type":"box","text":"price.","page_number":57,"box":{"x":76,"y":830,"width":35,"height":11}},{"id":"39f5a5ad-c620-4845-9138-ce5194c9c76a","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":57,"box":{"x":77,"y":853,"width":904,"height":11}},{"id":"0f6afa27-bb80-4405-87ed-48316d108d01","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":57,"box":{"x":76,"y":868,"width":891,"height":10}},{"id":"146745f9-c6fa-423f-951f-f3c74802ab80","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":57,"box":{"x":76,"y":882,"width":861,"height":11}},{"id":"5c140098-6525-4bb5-a0d9-9017c331f87e","block_type":"box","text":"18","page_number":57,"box":{"x":524,"y":921,"width":12,"height":8}},{"id":"7399c281-2198-4a7f-a509-2cc9191574cb","block_type":"box","text":"assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round","page_number":58,"box":{"x":76,"y":23,"width":901,"height":11}},{"id":"3acef2e5-52bd-455a-9c22-48099c426bf1","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":58,"box":{"x":77,"y":37,"width":904,"height":11}},{"id":"73d9d6e2-3d10-4306-b7c4-0b13cbae22ca","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":58,"box":{"x":77,"y":51,"width":899,"height":11}},{"id":"f30c77c7-c806-4abe-841e-e4f560292023","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":58,"box":{"x":77,"y":66,"width":902,"height":11}},{"id":"af3886b9-f434-4607-be0a-7a9f4432bc46","block_type":"box","text":"BFA determines in good faith that such method does not represent fair value.","page_number":58,"box":{"x":77,"y":80,"width":491,"height":11}},{"id":"092e2db2-288f-4937-877a-265548545aa9","block_type":"box","text":"Generally, trading in certain instruments (","page_number":58,"box":{"x":76,"y":103,"width":265,"height":11}},{"id":"4d14148e-e68c-4c94-879b-d504df8644e0","block_type":"box","text":"e.g","page_number":58,"box":{"x":343,"y":105,"width":19,"height":9}},{"id":"952d7b7d-e568-4003-973f-21a15e1e75a7","block_type":"box","text":"., non-U.S. securities, money market instruments, etc.) is substantially completed each day at","page_number":58,"box":{"x":362,"y":103,"width":599,"height":11}},{"id":"5ff896fa-9462-4532-baed-f2e8792ab86a","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":58,"box":{"x":76,"y":117,"width":869,"height":11}},{"id":"f9e7f4d5-731a-435d-b54a-4d81636ed6fd","block_type":"box","text":"determined as of such times.","page_number":58,"box":{"x":76,"y":131,"width":185,"height":9}},{"id":"a2391b4d-75ff-43c9-99b6-20e7f260a161","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":58,"box":{"x":77,"y":155,"width":885,"height":10}},{"id":"5a3943da-5604-419d-8195-a92c8f87af19","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":58,"box":{"x":76,"y":169,"width":901,"height":11}},{"id":"69ddb80b-df8b-4c7f-8be2-5df951e94adc","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":58,"box":{"x":76,"y":183,"width":904,"height":11}},{"id":"802a865d-c22d-4887-8e87-5b2ea789b1ce","block_type":"box","text":"a Fund’s pricing time.","page_number":58,"box":{"x":76,"y":197,"width":136,"height":11}},{"id":"8a4f1f05-a24b-44a3-abdf-5b18999afd7b","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":58,"box":{"x":76,"y":220,"width":877,"height":11}},{"id":"c04a6eb0-c2c5-4249-8326-9484057a07d0","block_type":"box","text":"model that may incorporate a number of market data factors.","page_number":58,"box":{"x":76,"y":235,"width":392,"height":10}},{"id":"92fdb9dc-54fb-4590-bf3a-74e779f3476d","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":58,"box":{"x":76,"y":258,"width":837,"height":11}},{"id":"4e5b3a76-ddbe-43df-ac1e-e8ffb007e1d1","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":58,"box":{"x":76,"y":272,"width":874,"height":11}},{"id":"f293bab7-4c43-45bd-815f-0734573afb6b","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":58,"box":{"x":76,"y":286,"width":879,"height":11}},{"id":"52e475bb-fef6-4e0a-a262-a65792fb02d3","block_type":"box","text":"length transaction.","page_number":58,"box":{"x":77,"y":300,"width":118,"height":11}},{"id":"9c7ffad4-4618-4702-8f66-23ca3c146530","block_type":"box","text":"BFA may conclude that a market quotation is not readily available or is unreliable if:","page_number":58,"box":{"x":77,"y":323,"width":531,"height":11}},{"id":"4de25e59-3ca8-4201-9843-845db763e936","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":58,"box":{"x":113,"y":342,"width":582,"height":10}},{"id":"7ec045de-f1a2-46df-847a-2cccb9143c4a","block_type":"box","text":"A market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value;","page_number":58,"box":{"x":113,"y":360,"width":767,"height":10}},{"id":"2c82d840-67d8-4e74-bd50-7073c55d1ec9","block_type":"box","text":"An asset or liability is thinly traded;","page_number":58,"box":{"x":113,"y":378,"width":223,"height":10}},{"id":"a4be5f0a-a306-4511-afbd-721c591c8a2c","block_type":"box","text":"There is a significant event subsequent to the most recent market quotation; or","page_number":58,"box":{"x":113,"y":396,"width":508,"height":11}},{"id":"b30f19c1-6d85-4434-9b41-de313d25ea8d","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":58,"box":{"x":113,"y":414,"width":853,"height":11}},{"id":"ef83b152-1912-4225-bc0e-83385ee6ebac","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":58,"box":{"x":76,"y":437,"width":874,"height":11}},{"id":"d4726c6f-8332-4808-a3ac-c6a3561c1229","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":58,"box":{"x":76,"y":451,"width":876,"height":11}},{"id":"d995155a-4639-4c1c-a30e-22109952a499","block_type":"box","text":"more of the Fund’s assets or liabilities.","page_number":58,"box":{"x":76,"y":465,"width":246,"height":9}},{"id":"38f30008-86ba-40fb-a8ee-f76e609c46df","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":58,"box":{"x":76,"y":489,"width":890,"height":10}},{"id":"d91718ef-6a47-47a9-a021-942d3e17ed0f","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":58,"box":{"x":76,"y":503,"width":888,"height":11}},{"id":"8dc54544-181c-470d-a90a-be997ebfd769","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":58,"box":{"x":76,"y":517,"width":896,"height":11}},{"id":"008831ab-77e6-4d33-96fe-dae064e2019d","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":58,"box":{"x":77,"y":531,"width":870,"height":11}},{"id":"4756df84-ccaa-4fcd-adcf-1495fc9109b8","block_type":"box","text":"Fund’s performance and the performance of its underlying index.","page_number":58,"box":{"x":77,"y":545,"width":414,"height":11}},{"id":"e6ef02dc-41a9-4622-8ed6-e8f4b9e1806e","block_type":"box","text":"Dividends and Distributions","page_number":58,"box":{"x":77,"y":568,"width":192,"height":9}},{"id":"2efe1ce8-35e8-478f-bba4-04063adb9a7a","block_type":"box","text":"General Policies.","page_number":58,"box":{"x":76,"y":592,"width":103,"height":8}},{"id":"0d36981c-8e79-4ee4-8937-dee58f268b5f","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":58,"box":{"x":185,"y":592,"width":782,"height":10}},{"id":"76d0fb23-417f-4626-8583-c1e3ba0fb14b","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":58,"box":{"x":77,"y":606,"width":887,"height":11}},{"id":"a18e199c-2156-4edd-95a9-d53b9d577fb9","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":58,"box":{"x":76,"y":620,"width":904,"height":11}},{"id":"743dd297-30c0-4975-a411-8c78a8ae3b90","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":58,"box":{"x":76,"y":634,"width":893,"height":11}},{"id":"e2fe8f62-95af-44eb-b91e-eb1052e29a6f","block_type":"box","text":"or realized gains.","page_number":58,"box":{"x":76,"y":648,"width":107,"height":11}},{"id":"8da36597-c523-4e46-a758-849fa135861d","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":58,"box":{"x":77,"y":672,"width":885,"height":10}},{"id":"2fb55c3e-d863-4e5d-be35-780558959b5c","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":58,"box":{"x":76,"y":686,"width":856,"height":11}},{"id":"11e509be-dc4f-4f71-a5ec-e47771631fab","block_type":"box","text":"received from the Funds.","page_number":58,"box":{"x":77,"y":700,"width":157,"height":8}},{"id":"51659069-92e4-4603-82ff-a7dd7577926a","block_type":"box","text":"Dividend Reinvestment Service.","page_number":58,"box":{"x":76,"y":723,"width":197,"height":9}},{"id":"027e9e9b-df83-4b85-8d2c-9faecbd453c8","block_type":"box","text":"No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry","page_number":58,"box":{"x":280,"y":723,"width":667,"height":11}},{"id":"8c5605a3-e349-4c77-a839-d5e7270ad291","block_type":"box","text":"Dividend Reinvestment Program available to beneficial owners of Fund shares for the reinvestment of distributions. Beneficial owners should","page_number":58,"box":{"x":77,"y":737,"width":899,"height":11}},{"id":"0cdb440a-6503-4162-ab02-632c8287f8ab","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":58,"box":{"x":76,"y":751,"width":869,"height":11}},{"id":"1fbda779-a4a7-4f86-b1ca-1bb133841756","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":58,"box":{"x":76,"y":766,"width":895,"height":11}},{"id":"38264ad9-8634-44e8-84ce-233159a74a69","block_type":"box","text":"be automatically reinvested in additional whole Fund shares purchased in the secondary market.","page_number":58,"box":{"x":76,"y":780,"width":617,"height":11}},{"id":"215fcd5d-414a-4772-9474-6cf891952413","block_type":"box","text":"Note on Tax Information.","page_number":58,"box":{"x":76,"y":803,"width":167,"height":9}},{"id":"bdd771d0-0fd3-4e58-8b7e-24cfdc4e8173","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":58,"box":{"x":249,"y":803,"width":723,"height":11}},{"id":"40d0c43a-0d8d-40d8-967b-d4c9262a77c7","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":58,"box":{"x":76,"y":817,"width":905,"height":11}},{"id":"85f2ca1c-fdd9-4870-8655-7ab0ceb7ccfc","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":58,"box":{"x":76,"y":831,"width":893,"height":11}},{"id":"ecda7bee-fcd6-4550-b5b2-f5912de535bb","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":58,"box":{"x":76,"y":846,"width":893,"height":10}},{"id":"54abf12f-3208-4cfb-a371-55000ae38455","block_type":"box","text":"laws.","page_number":58,"box":{"x":76,"y":860,"width":30,"height":8}},{"id":"02a4b220-4d67-4f2d-9d5d-6aea9c6bc753","block_type":"box","text":"19","page_number":58,"box":{"x":524,"y":921,"width":11,"height":8}},{"id":"5a729f91-ed91-465c-b711-1a8790270f0a","block_type":"box","text":"Taxes","page_number":59,"box":{"x":76,"y":23,"width":38,"height":9}},{"id":"e93020d7-2be5-41b0-a572-a686fe732d3c","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":59,"box":{"x":76,"y":46,"width":874,"height":11}},{"id":"726af690-5522-4a6e-8558-09d422f4fd45","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":59,"box":{"x":76,"y":61,"width":877,"height":10}},{"id":"7b69b4fe-bfc2-488e-a474-7ce6654d32a2","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":59,"box":{"x":76,"y":75,"width":895,"height":11}},{"id":"3acf9e2c-1910-423d-9ac6-0203f904bef2","block_type":"box","text":"is no guarantee that shares of a Fund will receive certain regulatory or accounting treatment.","page_number":59,"box":{"x":76,"y":89,"width":594,"height":11}},{"id":"521275f2-97f2-48b9-a122-e6b9c072249f","block_type":"box","text":"Taxes on Fund Distributions","page_number":59,"box":{"x":76,"y":112,"width":194,"height":9}},{"id":"35a21810-7608-46f4-b456-9bf0b12cfd86","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":59,"box":{"x":76,"y":135,"width":863,"height":11}},{"id":"c8f99fbb-9261-490f-8c0e-e92cdec1f594","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":59,"box":{"x":76,"y":149,"width":873,"height":11}},{"id":"888dbfc4-0a0f-4345-b082-6a101365414a","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":59,"box":{"x":76,"y":164,"width":713,"height":10}},{"id":"18445d1f-44c8-47ec-9dba-bce2e19e6f05","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":59,"box":{"x":77,"y":187,"width":902,"height":11}},{"id":"ec3a6442-c78d-44ac-bbc4-d804e2afd8ff","block_type":"box","text":"may be treated as paid on December 31 of the prior year.","page_number":59,"box":{"x":76,"y":201,"width":365,"height":11}},{"id":"e24c0300-1ba5-4d89-95e4-498168ebebcb","block_type":"box","text":"Capital Gains.","page_number":59,"box":{"x":76,"y":224,"width":86,"height":11}},{"id":"bdc0be9a-56b6-4490-ad0d-78eb19c3bf85","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":59,"box":{"x":169,"y":224,"width":785,"height":11}},{"id":"ffb57047-5ea5-49dc-985e-61b8b8c21a5d","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":59,"box":{"x":76,"y":238,"width":857,"height":11}},{"id":"45865054-91f6-41d3-be9e-1de9611110b1","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":59,"box":{"x":76,"y":253,"width":878,"height":10}},{"id":"b7be22be-1abe-461f-97ee-dcdc08182fbb","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":59,"box":{"x":77,"y":267,"width":871,"height":11}},{"id":"f916bd5d-6259-4e0e-a8fe-0c01941ba859","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":59,"box":{"x":76,"y":281,"width":892,"height":11}},{"id":"53631d8e-38e1-4765-b27b-9f5cfbe873ea","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":59,"box":{"x":76,"y":295,"width":878,"height":11}},{"id":"09a70cbc-535f-4b4c-9d89-bf15142aae41","block_type":"box","text":"real estate investment trusts (“REITs”), if any.","page_number":59,"box":{"x":77,"y":309,"width":289,"height":11}},{"id":"3a36d9d4-65a8-4dc6-a172-11a2ad084e69","block_type":"box","text":"Return of Capital.","page_number":59,"box":{"x":76,"y":333,"width":108,"height":10}},{"id":"3e1a79b8-416a-45d8-ae70-fe85813ce57c","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":59,"box":{"x":191,"y":333,"width":775,"height":10}},{"id":"ef86b1b2-e465-4fbf-aaad-49601f0646d7","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":59,"box":{"x":76,"y":347,"width":904,"height":11}},{"id":"ff4db6c9-919c-4aa3-8e3f-5bd9985c7135","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":59,"box":{"x":76,"y":361,"width":888,"height":11}},{"id":"6d2f61e6-9cc3-4ae0-a3bb-cf029d13bfd8","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":59,"box":{"x":76,"y":375,"width":843,"height":11}},{"id":"142d4c0a-a1fb-4135-b5c6-4d880bf5591f","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":59,"box":{"x":76,"y":389,"width":874,"height":11}},{"id":"4e9962ec-815b-4c37-8ce6-fb1fe867ffac","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":59,"box":{"x":76,"y":403,"width":803,"height":11}},{"id":"a86b5bcf-1d81-4f38-a50c-cd7bf43fa9c8","block_type":"box","text":"Qualified Dividend Income.","page_number":59,"box":{"x":76,"y":427,"width":167,"height":8}},{"id":"66a3190c-907a-4776-bef9-f5a620adac30","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":59,"box":{"x":249,"y":427,"width":702,"height":10}},{"id":"1cb88ca4-52a9-4469-a1bf-097f1dc4f7be","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":59,"box":{"x":76,"y":441,"width":848,"height":11}},{"id":"86c47e16-9719-4391-9fb4-75f1ac95e6f6","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":59,"box":{"x":76,"y":455,"width":846,"height":11}},{"id":"cd8cf2b2-445c-42fc-9676-4afc7ff52cfd","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":59,"box":{"x":76,"y":469,"width":872,"height":11}},{"id":"eeb5f8b4-09a4-4fae-b242-a6660601194d","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":59,"box":{"x":76,"y":483,"width":892,"height":11}},{"id":"758ad892-5a90-48f2-bfbe-ab2405598abf","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":59,"box":{"x":76,"y":498,"width":886,"height":10}},{"id":"c56841c9-6bc4-48fd-82f4-33f764774743","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":59,"box":{"x":76,"y":512,"width":854,"height":11}},{"id":"470e0e81-cac1-4358-9143-31795a1d720f","block_type":"box","text":"company.","page_number":59,"box":{"x":76,"y":528,"width":60,"height":9}},{"id":"612fb723-3d1c-4a8d-9a1e-208c1278d4bc","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":59,"box":{"x":77,"y":549,"width":904,"height":11}},{"id":"979e3064-e567-444d-9ab4-109bb3778b78","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":59,"box":{"x":76,"y":563,"width":901,"height":11}},{"id":"d4a87c19-976e-4b15-a778-c0866a9f4a32","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":59,"box":{"x":76,"y":577,"width":865,"height":11}},{"id":"67580081-91db-4fa7-82b3-10a425be3409","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":59,"box":{"x":76,"y":592,"width":895,"height":10}},{"id":"308df608-0bf3-4921-876e-38b9712396d8","block_type":"box","text":"from ordinary REIT dividends, reduced by allocable Fund expenses.","page_number":59,"box":{"x":76,"y":606,"width":428,"height":11}},{"id":"59a32502-6e2b-4666-a887-8c14c2d8e5cc","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":59,"box":{"x":77,"y":629,"width":891,"height":11}},{"id":"445b0436-2ff4-4485-a380-dbdd2b5f09bf","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":59,"box":{"x":77,"y":643,"width":861,"height":11}},{"id":"02d0a750-c94a-467c-b188-7368fd3c5e48","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":59,"box":{"x":76,"y":657,"width":883,"height":11}},{"id":"2098dbf5-f8c2-4ad0-8467-699815847c81","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":59,"box":{"x":76,"y":672,"width":682,"height":10}},{"id":"d0d92ace-b725-4311-8921-a35789a42618","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":59,"box":{"x":77,"y":695,"width":872,"height":11}},{"id":"56c5e816-07ea-4bb1-b0cd-b065e09dc564","block_type":"box","text":"Fund shareholders that are corporations, subject to certain hedging and holding requirements.","page_number":59,"box":{"x":77,"y":709,"width":603,"height":11}},{"id":"12275cac-7e02-45fb-a4bd-8ee6f0570edc","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":59,"box":{"x":76,"y":732,"width":876,"height":11}},{"id":"dbf49036-75b9-41c2-b3c1-0f15e095c716","block_type":"box","text":"Medicare Tax.","page_number":59,"box":{"x":76,"y":755,"width":85,"height":9}},{"id":"8374047f-7041-43b0-8680-9610cdf83508","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":59,"box":{"x":167,"y":755,"width":791,"height":11}},{"id":"0cc8ed91-2a9b-4153-b00f-a92d772ef578","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":59,"box":{"x":76,"y":769,"width":876,"height":11}},{"id":"203dfdc3-3f4e-40fd-93c2-ad2937f78639","block_type":"box","text":"trusts.","page_number":59,"box":{"x":76,"y":785,"width":40,"height":7}},{"id":"7a33a566-eea9-4097-901e-f7787ed93d9c","block_type":"box","text":"Alternative Minimum Tax.","page_number":59,"box":{"x":75,"y":807,"width":157,"height":8}},{"id":"9ebeba4e-c9c2-4bb9-b72c-16f24a82ed16","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":59,"box":{"x":238,"y":807,"width":738,"height":11}},{"id":"f4ad20c7-4481-4133-b646-d3341e5f782e","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":59,"box":{"x":76,"y":821,"width":833,"height":11}},{"id":"bb0cfdfa-a400-42be-b7cf-9f803da42f76","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":59,"box":{"x":76,"y":835,"width":877,"height":11}},{"id":"191628ce-3dde-4a08-9d97-1b846f0bdbfd","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":59,"box":{"x":77,"y":849,"width":903,"height":11}},{"id":"2020892b-3fcd-482f-ad58-a822bf7a0df6","block_type":"box","text":"liability and the regular income tax liability.","page_number":59,"box":{"x":77,"y":864,"width":271,"height":10}},{"id":"1b7cd370-a5ae-4140-b625-8ae0b09d2215","block_type":"box","text":"20","page_number":59,"box":{"x":522,"y":921,"width":15,"height":8}},{"id":"f1249772-94f1-4042-9d86-94120dffbc4c","block_type":"box","text":"Original Issue Discount and Inflation-Related Adjustments","page_number":60,"box":{"x":76,"y":23,"width":406,"height":11}},{"id":"cee25f7b-a538-45bd-b34d-faccd90999b9","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":60,"box":{"x":76,"y":46,"width":892,"height":11}},{"id":"50cd3a67-6acc-4145-a66f-fc511c7edf68","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":60,"box":{"x":76,"y":61,"width":874,"height":10}},{"id":"9b554dc5-231e-4844-aeaa-eaa4ec8c35dc","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":60,"box":{"x":76,"y":75,"width":864,"height":11}},{"id":"7df45e76-06e8-43cf-95ae-aed130390f64","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":60,"box":{"x":76,"y":89,"width":895,"height":11}},{"id":"90b7eecb-7e63-4437-8409-0f86df66beb3","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":60,"box":{"x":77,"y":103,"width":896,"height":11}},{"id":"c4d66e58-2a07-424a-9fe5-2c1d43b10305","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":60,"box":{"x":76,"y":117,"width":905,"height":11}},{"id":"c8528963-6daf-45b1-8894-7604c91325ad","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":60,"box":{"x":76,"y":131,"width":707,"height":11}},{"id":"35669981-2f8b-4691-9788-1c1a84c7be58","block_type":"box","text":"Market Discount Bonds","page_number":60,"box":{"x":77,"y":155,"width":162,"height":8}},{"id":"356f7802-7453-4bbc-82a3-6b420f38920a","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":60,"box":{"x":76,"y":178,"width":898,"height":11}},{"id":"f0339ce4-bd92-49ef-b346-7ec18a49a62d","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":60,"box":{"x":76,"y":192,"width":903,"height":11}},{"id":"ef553f63-98fe-4e54-895e-3c230fdde686","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":60,"box":{"x":76,"y":206,"width":898,"height":11}},{"id":"eff93247-1632-4b09-be60-337349667fb8","block_type":"box","text":"treated as ordinary income rather than capital gains to the extent of the accrued market discount.","page_number":60,"box":{"x":76,"y":220,"width":626,"height":11}},{"id":"e44c6427-38fe-4a7b-9786-a8306fb06565","block_type":"box","text":"Derivatives and Other Complex Instruments","page_number":60,"box":{"x":77,"y":244,"width":307,"height":10}},{"id":"ea56b073-e65f-4058-80ec-8e69d43f8c4a","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":60,"box":{"x":76,"y":267,"width":874,"height":11}},{"id":"c7c4c27b-894b-48b7-9a8d-791b7dc1b101","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":60,"box":{"x":76,"y":281,"width":860,"height":11}},{"id":"71023f6d-b843-4f96-8c83-3338c65b5c0a","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":60,"box":{"x":77,"y":295,"width":852,"height":11}},{"id":"98446ca2-1e9d-49b2-9c57-33a4d52f2813","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":60,"box":{"x":76,"y":309,"width":863,"height":11}},{"id":"da7ccce0-a71f-4247-8ec7-1f30f58d86d4","block_type":"box","text":"Non-U.S. Income Taxes","page_number":60,"box":{"x":77,"y":333,"width":158,"height":8}},{"id":"9df97ec4-1431-4db3-9c45-7d46e7014ec8","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":60,"box":{"x":77,"y":356,"width":837,"height":11}},{"id":"50e38701-cf2a-4f75-a3ac-c5ac5d3bfa40","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":60,"box":{"x":76,"y":370,"width":863,"height":11}},{"id":"02b2640e-a26e-46c5-be69-a07c9e4792e7","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":60,"box":{"x":77,"y":384,"width":865,"height":11}},{"id":"7c18559e-dcdd-40e9-86fe-d1f434b9f5de","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":60,"box":{"x":77,"y":398,"width":875,"height":11}},{"id":"f1dc9d0c-9da9-4cad-bdda-d4ddca5fe109","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":60,"box":{"x":77,"y":412,"width":895,"height":11}},{"id":"346be153-15fc-40e9-b17a-9625dd6447bf","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":60,"box":{"x":76,"y":427,"width":888,"height":10}},{"id":"88407bbf-3a25-496e-8c2f-c10f3b89e8a4","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":60,"box":{"x":76,"y":441,"width":875,"height":11}},{"id":"051c8ea2-1ba7-4521-95ff-24fb2fb40658","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":60,"box":{"x":76,"y":455,"width":896,"height":11}},{"id":"402262ec-c792-4b3a-93bf-7028d53b00a2","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":60,"box":{"x":76,"y":469,"width":635,"height":11}},{"id":"25b93b42-981a-41b1-a82d-614eabb6480a","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":60,"box":{"x":77,"y":492,"width":896,"height":11}},{"id":"7eaaf3eb-9829-4d52-8bbb-5462d4609fd8","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":60,"box":{"x":76,"y":507,"width":903,"height":10}},{"id":"964d50c6-7481-4367-8ce3-cf048f22b3e5","block_type":"box","text":"could be reduced.","page_number":60,"box":{"x":76,"y":521,"width":114,"height":8}},{"id":"7d81ed5c-2074-4e1f-9ab5-fc2c8d8065c6","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":60,"box":{"x":77,"y":544,"width":853,"height":11}},{"id":"441038de-855a-4247-8ea2-30166d4f61d0","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":60,"box":{"x":76,"y":558,"width":900,"height":11}},{"id":"d3ee8944-b9fb-47dd-bbac-a41582686d85","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":60,"box":{"x":76,"y":572,"width":876,"height":11}},{"id":"1ee8b436-6bb3-4bb5-99c1-52a51e5d4f65","block_type":"box","text":"paid by the Fund or, if its assets meet these requirements, the Underlying Fund.","page_number":60,"box":{"x":76,"y":586,"width":509,"height":11}},{"id":"696093d4-2f20-46fb-aa4f-52adfb6c04bc","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":60,"box":{"x":77,"y":610,"width":879,"height":11}},{"id":"f23837f6-9e09-4b5a-b73b-5c4688bca7a1","block_type":"box","text":"income, limiting the availability of such credits for U.S. persons.","page_number":60,"box":{"x":76,"y":624,"width":407,"height":11}},{"id":"9c7f6144-d3b6-4619-88ad-1dc2701cb4f8","block_type":"box","text":"Non-U.S. Shareholders","page_number":60,"box":{"x":77,"y":647,"width":156,"height":9}},{"id":"1d036f07-1d95-4cfe-a206-c506101cde4d","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":60,"box":{"x":77,"y":670,"width":888,"height":11}},{"id":"418e6b56-0bb5-44cb-975e-c69080ad4f02","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":60,"box":{"x":77,"y":684,"width":904,"height":11}},{"id":"9beb23b4-9a21-47b9-869b-ebba125be76d","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":60,"box":{"x":77,"y":699,"width":868,"height":10}},{"id":"a1686899-1849-453e-a715-ad38e537fc48","block_type":"box","text":"other disposition of Fund shares or with respect to certain distributions paid to a non-U.S. shareholder and reported by a Fund as capital gain","page_number":60,"box":{"x":76,"y":713,"width":903,"height":11}},{"id":"0dcef021-e0ae-498e-aef5-4fd255010a55","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends.","page_number":60,"box":{"x":76,"y":727,"width":468,"height":11}},{"id":"245811ec-2a95-4bae-9289-2a3ec8ec5cf9","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":60,"box":{"x":76,"y":750,"width":896,"height":11}},{"id":"0a9d19e4-f663-4fa8-9123-f58c6d6337bd","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":60,"box":{"x":76,"y":764,"width":894,"height":11}},{"id":"476671c7-1eb9-4058-b4de-79f31360904e","block_type":"box","text":"U.S.-owned foreign investment accounts.","page_number":60,"box":{"x":77,"y":779,"width":262,"height":10}},{"id":"1151f9ea-f4aa-4af9-9ec7-ec72263b916b","block_type":"box","text":"Backup Withholding","page_number":60,"box":{"x":77,"y":802,"width":139,"height":11}},{"id":"1733c558-ff44-4323-9ada-e00dee8bcfc4","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":60,"box":{"x":77,"y":825,"width":890,"height":11}},{"id":"0a4e3ddc-3898-45ec-98c7-0617ce9a42ae","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":60,"box":{"x":76,"y":839,"width":789,"height":11}},{"id":"19374e70-8009-49e1-929c-e9508e60b938","block_type":"box","text":"21","page_number":60,"box":{"x":522,"y":921,"width":12,"height":8}},{"id":"3112df6d-247d-4166-9a2a-7221c2f0b0b4","block_type":"box","text":"Securities Lending","page_number":61,"box":{"x":76,"y":23,"width":129,"height":11}},{"id":"ade9be5a-0db1-411f-8f4f-55b5527ed9ab","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":61,"box":{"x":77,"y":46,"width":901,"height":11}},{"id":"99365aef-8abf-4543-98cc-50d934138486","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":61,"box":{"x":76,"y":61,"width":892,"height":10}},{"id":"5b706f7a-3a6f-4757-aee7-d44c148c3580","block_type":"box","text":"through by the Fund.","page_number":61,"box":{"x":76,"y":75,"width":132,"height":11}},{"id":"ff12349e-2094-4e55-8c6a-e00c93656013","block_type":"box","text":"Fund of Funds","page_number":61,"box":{"x":77,"y":98,"width":98,"height":8}},{"id":"ff555d6c-1b87-4be2-97db-5d999300e804","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":61,"box":{"x":77,"y":121,"width":844,"height":11}},{"id":"9db143b2-9b99-417e-ad73-a190243280a5","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":61,"box":{"x":76,"y":135,"width":870,"height":11}},{"id":"631c23cc-cf2e-4144-b7a9-1d49855893c1","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":61,"box":{"x":77,"y":149,"width":864,"height":11}},{"id":"6b90f4eb-52ea-46d6-a1b4-72146f5bcc09","block_type":"box","text":"Capital loss carryforwards of the Underlying Fund, if any, will not offset net capital gains of the Fund.","page_number":61,"box":{"x":76,"y":164,"width":643,"height":10}},{"id":"d57e5be3-2c97-4372-8801-da543980d292","block_type":"box","text":"Taxes on the Sale of Exchange-Listed Fund Shares","page_number":61,"box":{"x":76,"y":187,"width":350,"height":11}},{"id":"e961e11d-5f3d-4533-a3e5-23d9793bf431","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":61,"box":{"x":76,"y":210,"width":876,"height":11}},{"id":"0cb68c97-e342-4789-a6dc-a046675c87da","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":61,"box":{"x":77,"y":224,"width":896,"height":11}},{"id":"096893b2-c39c-43ca-8a3c-39fdedae7f93","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":61,"box":{"x":76,"y":238,"width":870,"height":11}},{"id":"d780db40-2a2e-4881-a59b-5ff0b725c4fa","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":61,"box":{"x":77,"y":253,"width":892,"height":10}},{"id":"8daace6f-48a5-47ba-b74b-d7d7454518a1","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":61,"box":{"x":76,"y":267,"width":892,"height":11}},{"id":"9dbb5aa4-0a81-4f1d-b2d5-b79a4f246d19","block_type":"box","text":"contribution tax mentioned above.","page_number":61,"box":{"x":76,"y":281,"width":219,"height":8}},{"id":"e17ae9fd-204b-47f0-9886-240e8f815ab2","block_type":"box","text":"Creations and Redemptions","page_number":61,"box":{"x":76,"y":304,"width":193,"height":11}},{"id":"029d4346-61c9-477f-a4b5-c882b321a2d2","block_type":"box","text":"Prior to being traded in the secondary market, Fund shares are “created” at NAV by Authorized Participants (","page_number":61,"box":{"x":77,"y":327,"width":693,"height":11}},{"id":"5b71450d-0860-4b9c-aead-96d12661cd09","block_type":"box","text":"i.e.","page_number":61,"box":{"x":771,"y":327,"width":17,"height":9}},{"id":"78c7f8f2-d16a-4626-b925-8ce2e4e24168","block_type":"box","text":", market makers, large","page_number":61,"box":{"x":790,"y":327,"width":143,"height":11}},{"id":"d0416131-d044-417a-87a3-94a7c910a3e1","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":61,"box":{"x":76,"y":342,"width":866,"height":10}},{"id":"1208dc59-8133-4091-82fe-ac504ff28d4d","block_type":"box","text":"Creation Units, and only Authorized Participants may create or redeem Creation Units with the Funds.","page_number":61,"box":{"x":76,"y":356,"width":650,"height":11}},{"id":"60e88584-96c5-40c4-aa03-68d4df882e62","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":61,"box":{"x":77,"y":379,"width":832,"height":11}},{"id":"b7b3db06-601b-4305-a03f-0232c38ed96d","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":61,"box":{"x":76,"y":393,"width":891,"height":11}},{"id":"affb5f34-2b79-4326-ab68-b31a20e725da","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":61,"box":{"x":76,"y":407,"width":874,"height":11}},{"id":"b5ac452f-3881-43d3-b6f4-8544a8597a8a","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":61,"box":{"x":76,"y":421,"width":904,"height":11}},{"id":"a7fc879c-5ebf-4ab5-98e4-91f5d7ebc02c","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":61,"box":{"x":76,"y":445,"width":875,"height":11}},{"id":"bccdf038-554c-45a1-92d7-49009c187b3b","block_type":"box","text":"cash.","page_number":61,"box":{"x":76,"y":459,"width":33,"height":8}},{"id":"57b07daa-6564-46ab-81ce-86c225c06d00","block_type":"box","text":"In-Kind","page_number":61,"box":{"x":76,"y":482,"width":45,"height":9}},{"id":"0669a878-7228-4473-b1d8-5147eed104ca","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":61,"box":{"x":122,"y":482,"width":860,"height":11}},{"id":"a9f4c4b2-ee9b-49f9-a99f-a76286eb25d4","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":61,"box":{"x":76,"y":496,"width":898,"height":11}},{"id":"c2fdeecf-edc4-44f1-b19f-cb8b297cbde5","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":61,"box":{"x":77,"y":510,"width":851,"height":11}},{"id":"60e93025-90e9-429e-8c60-9b3d10eabdaa","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":61,"box":{"x":76,"y":525,"width":686,"height":10}},{"id":"c7bba25e-0dd7-4b5b-9849-5d6bc27a7be7","block_type":"box","text":"Partial Cash","page_number":61,"box":{"x":76,"y":548,"width":74,"height":8}},{"id":"648d0ed3-b6fb-4f6e-8ad9-3e6d837d5352","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":61,"box":{"x":152,"y":548,"width":806,"height":11}},{"id":"dab3f68d-3da1-4598-9687-364e6f76215f","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":61,"box":{"x":76,"y":562,"width":870,"height":11}},{"id":"f99ef3fa-d362-43a7-9a2f-d86336dda1b8","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":61,"box":{"x":77,"y":576,"width":870,"height":11}},{"id":"40b2faa8-1252-4008-b201-6a5a0d868077","block_type":"box","text":"replaces a security or other asset in the redemption basket.","page_number":61,"box":{"x":77,"y":590,"width":380,"height":11}},{"id":"9be86e84-d126-44d6-b92b-27678ee1bba3","block_type":"box","text":"All Cash","page_number":61,"box":{"x":75,"y":614,"width":51,"height":8}},{"id":"d45bc35d-3352-47e3-ba9c-edb609dcda18","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":61,"box":{"x":128,"y":614,"width":833,"height":10}},{"id":"edd731ac-49e0-4da7-8659-529e122840de","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":61,"box":{"x":76,"y":628,"width":869,"height":10}},{"id":"2c7d2e89-7c45-4fb0-9d84-a0770f04ad9c","block_type":"box","text":"specified amount of cash.","page_number":61,"box":{"x":76,"y":642,"width":164,"height":11}},{"id":"5a519111-0049-46ad-91c4-592724f74d1d","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":61,"box":{"x":76,"y":665,"width":845,"height":11}},{"id":"86f6c40b-0ded-47b1-bcb0-9e460b1d51ab","block_type":"box","text":"information about custom baskets is provided in the Funds’ SAI.","page_number":61,"box":{"x":76,"y":679,"width":408,"height":11}},{"id":"d9768099-7e5c-41a4-8eaa-d3261b9cca50","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":61,"box":{"x":77,"y":703,"width":855,"height":10}},{"id":"784138c0-769c-452c-a782-c30c443e33ee","block_type":"box","text":"circumstances, however, a Fund may use another transaction method (","page_number":61,"box":{"x":76,"y":717,"width":455,"height":11}},{"id":"e05fa403-d01d-4356-90b1-9d6821de3a6f","block_type":"box","text":"e.g.","page_number":61,"box":{"x":532,"y":719,"width":21,"height":9}},{"id":"d96b91ce-a565-4fcc-8403-f891465ca4fb","block_type":"box","text":", an in-kind Fund may transact partially or fully in cash).","page_number":61,"box":{"x":555,"y":717,"width":354,"height":11}},{"id":"afabab88-230f-49e4-b70a-a2873daa53a3","block_type":"box","text":"Fund","page_number":61,"box":{"x":87,"y":748,"width":33,"height":8}},{"id":"dd4ae6f9-b073-486b-a116-24c7cacc56e4","block_type":"box","text":"In-Kind Partial All Cash","page_number":61,"box":{"x":621,"y":748,"width":296,"height":8}},{"id":"595d1ec6-2f74-4245-b623-d69dd371b136","block_type":"box","text":"iShares Bloomberg Roll Select Commodity Strategy ETF","page_number":61,"box":{"x":87,"y":766,"width":355,"height":11}},{"id":"d8b1d807-241c-4846-a471-497115ff5da2","block_type":"box","text":"iShares GSCI Commodity Dynamic Roll Strategy ETF","page_number":61,"box":{"x":87,"y":784,"width":334,"height":11}},{"id":"d6df9cba-7ff7-4356-bc83-73c1dcafaffd","block_type":"box","text":"iShares Strategic Metals ETF","page_number":61,"box":{"x":87,"y":802,"width":183,"height":11}},{"id":"11657d4a-c6b7-4339-b841-6182e5cee54a","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":61,"box":{"x":76,"y":832,"width":897,"height":11}},{"id":"b8572e0e-4188-45c7-9b1a-094ca7dbdc5d","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":61,"box":{"x":76,"y":846,"width":905,"height":11}},{"id":"83cea98e-476d-4acd-b9ee-178f569d7212","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":61,"box":{"x":76,"y":860,"width":849,"height":11}},{"id":"6836ab32-72ac-42c8-a7eb-4d75023b19ab","block_type":"box","text":"instructions or may not be executed at all.","page_number":61,"box":{"x":76,"y":875,"width":269,"height":10}},{"id":"9dafafa2-8620-44eb-bcdc-f4b708a82595","block_type":"box","text":"22","page_number":61,"box":{"x":522,"y":921,"width":14,"height":8}},{"id":"cf91b104-d07f-482f-9595-b508acac5106","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":62,"box":{"x":76,"y":23,"width":854,"height":11}},{"id":"c01801d5-5ebe-4522-99f3-1e352f2cb842","block_type":"box","text":"redemption orders) is included in the Funds’ SAI.","page_number":62,"box":{"x":77,"y":37,"width":310,"height":11}},{"id":"da35c776-1207-41ea-8e70-9c3fb16b8a9e","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":62,"box":{"x":76,"y":61,"width":848,"height":10}},{"id":"77da35ee-cdcd-42e9-b78a-52ef24b21b7a","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":62,"box":{"x":76,"y":75,"width":876,"height":11}},{"id":"8b48771a-8f70-4476-ad4a-e4945f9b100a","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":62,"box":{"x":76,"y":89,"width":894,"height":11}},{"id":"83208ed0-3a06-4d67-8eec-755ea03b0771","block_type":"box","text":"placing cash-related transactions no later than the close of the primary markets for the Fund’s portfolio securities. 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