{"annotation_id":"fdc7d21b-f555-4a54-adca-6a401c8eebc9","file_hash":"da2a251283931c716d88a0d705d8c13b1d5965b9efcc83e77789a2bebbfce0ae","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"a1db4daf-bb58-4f9a-b564-c6b56ab96058","block_type":"box","text":"iShares Trust","page_number":1,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"59c23e30-c578-4cf4-8870-13338158dbe8","block_type":"box","text":"Supplement dated October 23, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"316b5e91-723c-4276-9364-7eb2e45ecb08","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus and","page_number":1,"box":{"x":270,"y":108,"width":463,"height":13}},{"id":"4e07f750-92d0-407e-b061-184cf0acf2f8","block_type":"box","text":"Statement of Additional Information for the","page_number":1,"box":{"x":342,"y":123,"width":320,"height":10}},{"id":"5c481ef3-8d33-4517-9b6f-27094884566e","block_type":"box","text":"iShares Semiconductor ETF (SOXX) (the “Fund”)","page_number":1,"box":{"x":323,"y":139,"width":358,"height":13}},{"id":"2b05b04c-6663-4bc4-a5cb-7e9d2c40037c","block_type":"box","text":"As previously announced, the Board of Trustees approved a three-for-one forward stock split of the","page_number":1,"box":{"x":116,"y":162,"width":726,"height":13}},{"id":"e986f85a-dc56-4722-b86c-a6d2ed693467","block_type":"box","text":"Fund’s shares. The record date for the split will be November 3, 2026, the distribution date will be","page_number":1,"box":{"x":117,"y":178,"width":709,"height":12}},{"id":"1e85dc82-b973-44e2-a5ae-5a40165ed928","block_type":"box","text":"November 4, 2026, and the forward split will be recognized at the commencement of trading on The","page_number":1,"box":{"x":117,"y":193,"width":732,"height":13}},{"id":"c150f949-ae9f-4d87-9805-660fdc14d7df","block_type":"box","text":"Nasdaq Stock Market LLC on November 5, 2026 (the ex-dividend date).","page_number":1,"box":{"x":117,"y":209,"width":522,"height":12}},{"id":"9beac7ae-07df-484b-9e5a-728b3e5f5d48","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":1,"box":{"x":117,"y":232,"width":521,"height":13}},{"id":"80303d4b-c545-4df8-bea9-4173fb9859e8","block_type":"box","text":"iShares","page_number":1,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"4a4c75b1-4aa6-4ade-be0e-6e863fc42a84","block_type":"box","text":"®","page_number":1,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"7b863ff1-cde9-4894-971e-98ef4d5d1aaa","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":1,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"dacbbe17-3588-4c8b-b4df-1ed442825e11","block_type":"box","text":"IS-A-FSA-1026","page_number":1,"box":{"x":796,"y":887,"width":87,"height":8}},{"id":"23f8d169-e039-4215-bcf3-ac2b77572e20","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":1,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"ebe8cc7d-7093-42a2-9c8a-a436993255ad","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":1,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"ce3edf54-bd91-4812-9599-7af715ad5c24","block_type":"box","text":"iShares Trust","page_number":2,"box":{"x":450,"y":69,"width":103,"height":10}},{"id":"3f479750-0481-4028-9ef2-5d60d56cfdeb","block_type":"box","text":"Supplement dated August 21, 2026","page_number":2,"box":{"x":365,"y":85,"width":273,"height":12}},{"id":"73edee65-bda3-417a-ac8c-972151fe02fc","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus","page_number":2,"box":{"x":276,"y":100,"width":451,"height":13}},{"id":"c184b3ca-4e2c-4d8c-a61b-579e7d5d401d","block_type":"box","text":"and Statement of Additional Information (“SAI”)","page_number":2,"box":{"x":316,"y":116,"width":371,"height":12}},{"id":"63c62a97-4ab0-4ed9-8801-d2fbca3cf7b3","block_type":"box","text":"for the iShares Semiconductor ETF (SOXX) (the “Fund”)","page_number":2,"box":{"x":288,"y":131,"width":427,"height":13}},{"id":"0fab1ecd-0dce-402d-b312-ed8e45c6329f","block_type":"box","text":"The Board of Trustees of iShares Trust has authorized a forward stock split for the Fund at the ratio set","page_number":2,"box":{"x":116,"y":154,"width":749,"height":13}},{"id":"d044b7a2-ec95-4e0d-ac91-1da75aeddfaf","block_type":"box","text":"out below. The Creation Unit size for the Fund will remain at 50,000 shares per unit.","page_number":2,"box":{"x":116,"y":170,"width":610,"height":13}},{"id":"aea19a6b-5807-42fe-b6cd-a75701492fcd","block_type":"box","text":"Fund Name Ticker","page_number":2,"box":{"x":306,"y":205,"width":251,"height":10}},{"id":"ac2ebf57-da31-4030-baa0-2549d3d9d514","block_type":"box","text":"Forward","page_number":2,"box":{"x":650,"y":198,"width":67,"height":10}},{"id":"c6df162a-3ef5-47c8-aafb-dfe876cb6b05","block_type":"box","text":"Split Ratio","page_number":2,"box":{"x":643,"y":211,"width":81,"height":13}},{"id":"9e415eee-9f29-4863-a848-10e567972c3b","block_type":"box","text":"iShares Semiconductor ETF SOXX 3:1","page_number":2,"box":{"x":225,"y":232,"width":472,"height":10}},{"id":"154af4d5-a59d-4b41-95cb-5ce422eb8769","block_type":"box","text":"The record date for the forward stock split will be November 3, 2026, and the stock split will be","page_number":2,"box":{"x":116,"y":271,"width":693,"height":12}},{"id":"a5d2cbcb-bb08-4be5-8acd-92f7bae8639c","block_type":"box","text":"effectuated after the close of trading on November 4, 2026. Shares of the Fund will begin trading on a","page_number":2,"box":{"x":116,"y":286,"width":741,"height":13}},{"id":"8a1d0992-0a94-4dab-93d3-fbb0e5a8c4ee","block_type":"box","text":"split-adjusted basis on November 5, 2026.","page_number":2,"box":{"x":116,"y":302,"width":310,"height":12}},{"id":"3e6edf62-5495-4ae2-b320-ee9564141947","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":2,"box":{"x":117,"y":333,"width":521,"height":12}},{"id":"7465fee0-90e2-412b-956a-4c6e710dc9b4","block_type":"box","text":"iShares","page_number":2,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"d2e214b9-3aea-44bb-8307-bb99842906b8","block_type":"box","text":"®","page_number":2,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"ad295204-89e1-4a10-a946-19f02fa55d4e","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":2,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"c8cbc255-f927-4cc1-9cfd-9c30a43a048a","block_type":"box","text":"IS-A-FS-0826","page_number":2,"box":{"x":805,"y":887,"width":78,"height":8}},{"id":"a286c5f3-986d-4295-a51d-1dd9b6c1ab9a","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":2,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"3454c6b2-84e4-4272-b8c4-9d23a9565405","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":2,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"53d86a2b-50de-406f-80e0-12526b0c01a0","block_type":"box","text":"iShares Semiconductor ETF","page_number":3,"box":{"x":53,"y":47,"width":386,"height":16}},{"id":"e4b62daf-c939-43d6-adad-7e294f7f13b0","block_type":"box","text":"SOXX | Nasdaq","page_number":3,"box":{"x":53,"y":70,"width":207,"height":21}},{"id":"6a67269d-d05d-4f76-a549-c457b8b0fae1","block_type":"box","text":"Summary Prospectus — July 31, 2026","page_number":3,"box":{"x":52,"y":96,"width":491,"height":20}},{"id":"b7ecde69-d583-4942-b6f1-aa8dbbb1584a","block_type":"box","text":"Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its","page_number":3,"box":{"x":53,"y":133,"width":861,"height":11}},{"id":"906c450d-310c-46cc-b9f1-f7fa5fb4d147","block_type":"box","text":"risks. You can find the Fund’s prospectus and other information about the Fund, including the Fund’s statement of additional","page_number":3,"box":{"x":53,"y":147,"width":883,"height":11}},{"id":"6c2256ff-06c3-4160-9700-cdd0e96b15ea","block_type":"box","text":"information and reports to shareholders, online at www.blackrock.com/prospectus. You can also get this information at no","page_number":3,"box":{"x":53,"y":161,"width":863,"height":11}},{"id":"237ec609-ff6b-445f-8540-4027355df2f3","block_type":"box","text":"cost by calling 1-800-iShares (1-800-474-2737) or by sending an email request to iSharesETFs@blackrock.com, or from your","page_number":3,"box":{"x":53,"y":175,"width":888,"height":11}},{"id":"cd932aa3-31fe-4c05-9130-ff1ba4b10c58","block_type":"box","text":"financial professional. The Fund’s prospectus and statement of additional information, both dated July 31, 2026, as amended","page_number":3,"box":{"x":52,"y":189,"width":888,"height":11}},{"id":"b4eb9f63-569c-4453-aca8-1e874d4c69ae","block_type":"box","text":"and supplemented from time to time, are incorporated by reference into this Summary Prospectus.","page_number":3,"box":{"x":53,"y":204,"width":697,"height":11}},{"id":"8806c74b-53d7-4f97-a113-203a5615229b","block_type":"box","text":"Investment Objective","page_number":3,"box":{"x":54,"y":233,"width":191,"height":13}},{"id":"4ec788cb-2a29-4f47-9055-12fcb167b033","block_type":"box","text":"The iShares Semiconductor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.-listed","page_number":3,"box":{"x":52,"y":258,"width":833,"height":10}},{"id":"be039365-13bb-4405-ae44-36de60e6eb7e","block_type":"box","text":"equities in the semiconductor sector.","page_number":3,"box":{"x":53,"y":272,"width":260,"height":10}},{"id":"88ca3dce-92dc-4afc-bd6a-87e9fbe332d2","block_type":"box","text":"Fees and Expenses","page_number":3,"box":{"x":54,"y":301,"width":168,"height":13}},{"id":"15311245-a1e3-4161-93b3-67dd362f3490","block_type":"box","text":"The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts","page_number":3,"box":{"x":52,"y":326,"width":874,"height":11}},{"id":"43e7ecbf-15a5-4fff-972f-4a3ca5462875","block_type":"box","text":"in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement","page_number":3,"box":{"x":53,"y":340,"width":871,"height":11}},{"id":"4bb41dbe-f734-4489-a235-a5a5d280e640","block_type":"box","text":"between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that","page_number":3,"box":{"x":53,"y":354,"width":888,"height":11}},{"id":"5b198f17-b7b4-4a74-abec-afaa564980cf","block_type":"box","text":"BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes,","page_number":3,"box":{"x":53,"y":369,"width":795,"height":11}},{"id":"6bdf2f35-86d4-488c-92e3-20a9d667a620","block_type":"box","text":"(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio","page_number":3,"box":{"x":53,"y":383,"width":854,"height":10}},{"id":"ae5c969c-961d-42ff-ab9a-1396e6f3fe40","block_type":"box","text":"transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any","page_number":3,"box":{"x":52,"y":397,"width":829,"height":11}},{"id":"a0c8e501-6b54-41bd-ad5c-1ec1b2ab9dae","block_type":"box","text":"extraordinary expenses.","page_number":3,"box":{"x":53,"y":411,"width":167,"height":11}},{"id":"d9a3b16a-1f4f-445a-b010-abfa561baeca","block_type":"box","text":"You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not","page_number":3,"box":{"x":52,"y":434,"width":830,"height":11}},{"id":"0a440e0f-d076-41d5-9c99-b66eb277edb7","block_type":"box","text":"reflected in the table and example below.","page_number":3,"box":{"x":53,"y":448,"width":300,"height":11}},{"id":"28dd62db-c156-4496-8510-65f40e5d0a1a","block_type":"box","text":"Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)","page_number":3,"box":{"x":57,"y":471,"width":761,"height":10}},{"id":"a55811ec-9abb-4c2c-9d11-907a32293b2b","block_type":"box","text":"1","page_number":3,"box":{"x":819,"y":470,"width":5,"height":5}},{"id":"74f4a37a-1659-4378-aef4-04188a875662","block_type":"box","text":"Management Fee","page_number":3,"box":{"x":58,"y":492,"width":109,"height":9}},{"id":"da8ece5f-1a3b-40ac-82e7-29f0d73312bb","block_type":"box","text":"0.33%","page_number":3,"box":{"x":890,"y":492,"width":41,"height":7}},{"id":"172c7501-184c-49d1-952a-0ea6dd9a8cf5","block_type":"box","text":"Other Expenses","page_number":3,"box":{"x":58,"y":507,"width":98,"height":9}},{"id":"3802df78-ac14-4c16-b23e-1d027e3f0da6","block_type":"box","text":"0.00%","page_number":3,"box":{"x":890,"y":507,"width":41,"height":7}},{"id":"2e7d3cf7-f69a-421b-a310-a5b05402ee8a","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":3,"box":{"x":57,"y":522,"width":246,"height":10}},{"id":"5af53b88-4e75-49fc-b695-0e26de21551a","block_type":"box","text":"0.33%","page_number":3,"box":{"x":890,"y":522,"width":41,"height":8}},{"id":"d9af4eed-593b-453a-bd65-0143bed7b51f","block_type":"box","text":"1","page_number":3,"box":{"x":80,"y":550,"width":5,"height":5}},{"id":"31b13207-4cb7-4549-9ca1-6a7f3157a9d3","block_type":"box","text":"Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.","page_number":3,"box":{"x":93,"y":551,"width":779,"height":10}},{"id":"cf1f2eec-0531-4bd1-bc98-287bae689868","block_type":"box","text":"Example.","page_number":3,"box":{"x":53,"y":571,"width":67,"height":11}},{"id":"ffbf9a8c-7099-4e2d-8081-6cb83292ecb4","block_type":"box","text":"This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in","page_number":3,"box":{"x":124,"y":571,"width":795,"height":11}},{"id":"fc8b7cd0-fcd1-4fa7-a45e-edd537ea2d43","block_type":"box","text":"other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your","page_number":3,"box":{"x":53,"y":585,"width":885,"height":11}},{"id":"c8ceb06d-5419-43c1-b5f1-cc799d66874f","block_type":"box","text":"shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the","page_number":3,"box":{"x":52,"y":599,"width":871,"height":11}},{"id":"5671e706-a6a0-459d-9bac-ad03170e026c","block_type":"box","text":"Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,","page_number":3,"box":{"x":53,"y":614,"width":887,"height":10}},{"id":"46a91230-9ab1-4b81-a0f2-2a3aadc6237f","block_type":"box","text":"your costs would be:","page_number":3,"box":{"x":52,"y":628,"width":143,"height":11}},{"id":"30c44918-0517-418e-9fc3-ee9be1a511f5","block_type":"box","text":"Expense Example","page_number":3,"box":{"x":58,"y":651,"width":115,"height":9}},{"id":"fd10b42f-fd3e-4ef2-b83d-3a941f74aa55","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":663,"y":651,"width":280,"height":7}},{"id":"88c295ba-d77d-455d-88aa-3929f9dc5478","block_type":"box","text":"Example Fund Costs","page_number":3,"box":{"x":58,"y":666,"width":128,"height":9}},{"id":"28385fad-5200-4d74-9ad8-1b67e3540b93","block_type":"box","text":"$34 $106 $185 $418","page_number":3,"box":{"x":671,"y":666,"width":261,"height":8}},{"id":"b62d3a2a-d483-426a-a71f-29b83e8ad303","block_type":"box","text":"Portfolio Turnover.","page_number":3,"box":{"x":53,"y":695,"width":137,"height":9}},{"id":"6eb5c7fa-78be-44ef-a8ab-ffe8ca844b57","block_type":"box","text":"The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns","page_number":3,"box":{"x":194,"y":695,"width":722,"height":11}},{"id":"9aedf33b-800a-48c1-9ba6-24c1ab142ba8","block_type":"box","text":"over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":53,"y":710,"width":883,"height":11}},{"id":"87d2b800-dc09-4b54-ab8b-b6904e8db295","block_type":"box","text":"Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in","page_number":3,"box":{"x":53,"y":724,"width":876,"height":11}},{"id":"d12a608e-ade0-4bdc-a30b-06261b31ee6a","block_type":"box","text":"the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 33% of","page_number":3,"box":{"x":52,"y":738,"width":886,"height":11}},{"id":"ed531589-b0af-43a5-8d24-9ba73748689e","block_type":"box","text":"the average value of its portfolio.","page_number":3,"box":{"x":52,"y":752,"width":231,"height":11}},{"id":"433e516e-8a58-4aa0-9665-edf60d45edb5","block_type":"box","text":"Principal Investment Strategies","page_number":3,"box":{"x":54,"y":781,"width":284,"height":14}},{"id":"bb4783bf-5b0e-4ad9-b108-5e33ed74977d","block_type":"box","text":"The Fund seeks to track the investment results of the NYSE Semiconductor Index (the “Underlying Index”), which measures","page_number":3,"box":{"x":52,"y":806,"width":871,"height":11}},{"id":"26801232-979e-4204-9627-0644cf8ffd9b","block_type":"box","text":"the performance of the equity securities of the 30 largest U.S.-listed companies that are classified according to the ICE","page_number":3,"box":{"x":52,"y":821,"width":840,"height":10}},{"id":"3fe7d441-daee-40fe-b7f7-c6728c24466c","block_type":"box","text":"Uniform Sector Classification schema within the semiconductors industry (as determined by ICE Data Indices, LLC or its","page_number":3,"box":{"x":53,"y":835,"width":851,"height":11}},{"id":"375bda23-b27a-434b-b960-08c0ec6f5cc8","block_type":"box","text":"affiliates (collectively “Index Provider” or “IDI”)). Constituents must also meet other eligibility criteria determined by the Index","page_number":3,"box":{"x":53,"y":849,"width":883,"height":11}},{"id":"94e3c108-a8b4-42ef-be24-06efd5cba086","block_type":"box","text":"Provider, including minimum market capitalization and liquidity requirements. Companies classified within the","page_number":3,"box":{"x":53,"y":863,"width":783,"height":11}},{"id":"359b5057-17b3-433c-9062-2dfc5135e0ec","block_type":"box","text":"semiconductors industry include companies that either manufacture materials that have electrical conductivity","page_number":3,"box":{"x":52,"y":877,"width":791,"height":11}},{"id":"b31fe88b-62b7-4869-9e46-6783751c5156","block_type":"box","text":"(semiconductors) to be used in electronic applications or utilize LED and OLED technology. The semiconductors industry","page_number":3,"box":{"x":53,"y":891,"width":859,"height":11}},{"id":"cf164d28-9f5c-4a57-af88-09153cf12e05","block_type":"box","text":"also includes companies that provide services or equipment associated with semiconductors such as packaging and testing.","page_number":3,"box":{"x":53,"y":906,"width":881,"height":10}},{"id":"e0fa57ce-becd-4532-981a-143eec3d7a53","block_type":"box","text":"S-1","page_number":3,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"14e4a38a-a6ca-40ff-8bb6-90c549377cd4","block_type":"box","text":"The Underlying Index may include large- and mid-capitalization companies. As of March 31, 2026, a significant portion of the","page_number":4,"box":{"x":52,"y":46,"width":889,"height":11}},{"id":"b7b64a2a-debb-481b-a52a-f8e10bba50fa","block_type":"box","text":"Underlying Index was represented by securities of companies in the semiconductor and technology industries or sectors. The","page_number":4,"box":{"x":53,"y":61,"width":884,"height":10}},{"id":"d92393b9-a332-4c9d-97b3-1103e3f8aefa","block_type":"box","text":"components of the Underlying Index are likely to change over time.","page_number":4,"box":{"x":53,"y":75,"width":471,"height":11}},{"id":"d5b0f487-6972-42a8-9070-d411d8680d77","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a","page_number":4,"box":{"x":52,"y":98,"width":853,"height":11}},{"id":"22edf348-8083-4136-a022-343b0300b6ff","block_type":"box","text":"representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that","page_number":4,"box":{"x":53,"y":112,"width":839,"height":11}},{"id":"1011703f-1c52-45a8-bd07-e58a7daa1465","block_type":"box","text":"involves investing in a representative sample of securities or other instruments intended to collectively have an investment","page_number":4,"box":{"x":53,"y":126,"width":868,"height":11}},{"id":"67dd278e-d6de-492b-a3d6-96d382aed9c0","block_type":"box","text":"profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":4,"box":{"x":53,"y":141,"width":851,"height":10}},{"id":"0c15511a-b19c-443d-bcfb-9ef725eaabbf","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings), fundamental","page_number":4,"box":{"x":53,"y":155,"width":806,"height":11}},{"id":"93ad206f-ac62-4ff3-b635-10890716721e","block_type":"box","text":"characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index.","page_number":4,"box":{"x":53,"y":169,"width":884,"height":11}},{"id":"d551190a-04b5-4467-97ff-8e7570a64740","block_type":"box","text":"The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce","page_number":4,"box":{"x":52,"y":183,"width":884,"height":11}},{"id":"c82ebafc-c7e5-4acf-a49d-078b64e1199f","block_type":"box","text":"exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such","page_number":4,"box":{"x":53,"y":197,"width":852,"height":11}},{"id":"d0814d77-e0dd-4e81-9aa4-e3e2fea80f57","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including","page_number":4,"box":{"x":53,"y":211,"width":867,"height":11}},{"id":"d6a4caf2-69ea-412e-9c96-6f642bc3db86","block_type":"box","text":"shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in","page_number":4,"box":{"x":52,"y":226,"width":869,"height":10}},{"id":"705a8ca1-a0fa-490b-bcbb-89f9f6e6dda2","block_type":"box","text":"the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying","page_number":4,"box":{"x":52,"y":240,"width":863,"height":11}},{"id":"140d9c6b-627c-4fee-a875-090dd6d18bca","block_type":"box","text":"Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the","page_number":4,"box":{"x":53,"y":254,"width":826,"height":11}},{"id":"8baea004-3692-4459-8e88-915b9c72b1d2","block_type":"box","text":"Underlying Index, or other reasons as determined by BFA.","page_number":4,"box":{"x":53,"y":268,"width":405,"height":11}},{"id":"b5a7ab30-ee53-4232-8c29-ea5d90bc0e85","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal","page_number":4,"box":{"x":53,"y":291,"width":844,"height":11}},{"id":"7bce969a-35ea-4bf7-a0f9-a68c9fdf48c9","block_type":"box","text":"circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for","page_number":4,"box":{"x":53,"y":306,"width":860,"height":10}},{"id":"7d75ae98-bc3e-4ea7-b4a2-15fbb5b49000","block_type":"box","text":"investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be","page_number":4,"box":{"x":53,"y":320,"width":831,"height":11}},{"id":"a90bc8ae-ee50-4584-8136-f3068dcfaeae","block_type":"box","text":"counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its","page_number":4,"box":{"x":53,"y":334,"width":817,"height":11}},{"id":"45b393ea-29ed-4935-bc50-bce3cac2a029","block_type":"box","text":"Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80%","page_number":4,"box":{"x":53,"y":348,"width":818,"height":11}},{"id":"bffa7a0d-ef3f-4bdf-a6d7-da3529485e2f","block_type":"box","text":"investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.","page_number":4,"box":{"x":53,"y":362,"width":835,"height":11}},{"id":"a98496e5-6e30-4062-8aa8-90c052c77a83","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any","page_number":4,"box":{"x":52,"y":385,"width":873,"height":11}},{"id":"423f44f1-10ca-4e1a-ae3c-17a85465434a","block_type":"box","text":"collateral received).","page_number":4,"box":{"x":53,"y":400,"width":136,"height":9}},{"id":"c02a469d-b6b2-444f-bc2a-1ebb3938a8e9","block_type":"box","text":"The Underlying Index is sponsored by the Index Provider, which is independent of the Fund and BFA. The Index Provider","page_number":4,"box":{"x":52,"y":423,"width":845,"height":11}},{"id":"cc0849b9-e85a-4eaa-a9cb-0710c80f109e","block_type":"box","text":"determines the composition and relative weightings of the components of the Underlying Index and publishes information","page_number":4,"box":{"x":53,"y":437,"width":866,"height":11}},{"id":"722540f9-aa0f-494e-810d-deb6fc5c2b6e","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":4,"box":{"x":53,"y":451,"width":363,"height":11}},{"id":"e4e88c35-7c0e-40bc-812e-4c7d9a28afc7","block_type":"box","text":"Industry Concentration Policy.","page_number":4,"box":{"x":53,"y":474,"width":224,"height":11}},{"id":"48e8ed70-bc23-4835-a674-a44709fcc8bf","block_type":"box","text":"The Fund will concentrate its investments (","page_number":4,"box":{"x":281,"y":474,"width":304,"height":10}},{"id":"59fef319-f598-45c0-b2d8-6641ab29971b","block_type":"box","text":"i.e.","page_number":4,"box":{"x":587,"y":475,"width":17,"height":8}},{"id":"0bebb14f-a59a-4d02-a6d5-c448a09bdb85","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":4,"box":{"x":606,"y":474,"width":292,"height":10}},{"id":"25316e27-1d2e-4621-a243-5d25c340d623","block_type":"box","text":"particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For","page_number":4,"box":{"x":53,"y":489,"width":858,"height":10}},{"id":"ad51c5f3-72dc-4781-abd1-f6917648c2d0","block_type":"box","text":"purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase","page_number":4,"box":{"x":53,"y":503,"width":868,"height":11}},{"id":"60deef5a-aa35-43f5-9f0f-897ec22c4574","block_type":"box","text":"agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.","page_number":4,"box":{"x":53,"y":517,"width":826,"height":11}},{"id":"4fdb7df3-117f-4fa4-afd1-110be020c6a1","block_type":"box","text":"Summary of Principal Risks","page_number":4,"box":{"x":52,"y":546,"width":248,"height":13}},{"id":"2471a515-55fb-462d-bfd3-400a93f67372","block_type":"box","text":"As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that","page_number":4,"box":{"x":52,"y":571,"width":881,"height":11}},{"id":"4ed0ce87-0ba7-479c-8877-b7dcaba06107","block_type":"box","text":"of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may","page_number":4,"box":{"x":53,"y":584,"width":824,"height":11}},{"id":"50c48006-be11-4182-bf22-d00790d92f47","block_type":"box","text":"adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its","page_number":4,"box":{"x":53,"y":597,"width":807,"height":11}},{"id":"0d697b00-f5bf-4c69-a677-554c6528d63a","block_type":"box","text":"investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative","page_number":4,"box":{"x":53,"y":610,"width":844,"height":11}},{"id":"edf77f67-6d85-49fb-80fe-30116f079dab","block_type":"box","text":"significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.","page_number":4,"box":{"x":52,"y":623,"width":815,"height":10}},{"id":"27cb7714-1834-4119-b144-9c1091a1b233","block_type":"box","text":"Semiconductor Companies Risk.","page_number":4,"box":{"x":52,"y":644,"width":239,"height":11}},{"id":"b9906288-973d-4203-9c61-b76a58bd695a","block_type":"box","text":"The semiconductor industry is characterized by rapid technological change and product","page_number":4,"box":{"x":295,"y":645,"width":625,"height":10}},{"id":"a193550b-ea5b-4aea-a956-8cb4364657f2","block_type":"box","text":"obsolescence, cyclical market patterns, price erosion, periods of over-capacity and production shortages, variations in","page_number":4,"box":{"x":53,"y":657,"width":833,"height":11}},{"id":"f6d729e2-5a27-48b6-bf18-cfc7c42e89dc","block_type":"box","text":"manufacturing costs and yields, and significant expenditures for capital equipment and product development.","page_number":4,"box":{"x":53,"y":670,"width":781,"height":11}},{"id":"d46c5f0b-944d-4808-b45a-50d14851c4a3","block_type":"box","text":"Semiconductor companies depend significantly on third-party suppliers and the availability of raw materials and may be","page_number":4,"box":{"x":52,"y":683,"width":854,"height":11}},{"id":"de704c0a-40b1-4c72-ac92-b13b2a2e1894","block_type":"box","text":"adversely affected by supply chain disruptions. They also may be adversely affected by the loss or impairment of intellectual","page_number":4,"box":{"x":53,"y":696,"width":874,"height":11}},{"id":"3431cebd-b7fc-4a55-b133-0118ac606685","block_type":"box","text":"property rights. Growing demand related to AI and other emerging technologies may contribute to increased competition,","page_number":4,"box":{"x":53,"y":709,"width":859,"height":11}},{"id":"d49bf39f-6ed7-491c-85eb-e0ed59249ba8","block_type":"box","text":"capacity constraints and customer concentration.","page_number":4,"box":{"x":53,"y":722,"width":352,"height":11}},{"id":"a68b1794-a24a-4b59-ac47-1c2602498384","block_type":"box","text":"Equity Securities Risk.","page_number":4,"box":{"x":53,"y":744,"width":164,"height":11}},{"id":"708c7365-ff9e-4977-9439-b1272d688beb","block_type":"box","text":"Equity securities are subject to changes in value, and their values may be more volatile than those of","page_number":4,"box":{"x":223,"y":744,"width":709,"height":11}},{"id":"a3965368-d9da-4d05-b26a-1e63d4accaf2","block_type":"box","text":"other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as","page_number":4,"box":{"x":53,"y":757,"width":889,"height":11}},{"id":"de514d4f-46b1-4a98-a642-5359fcfcb6e4","block_type":"box","text":"due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s","page_number":4,"box":{"x":53,"y":770,"width":880,"height":10}},{"id":"fabab0ac-6b34-47d4-b6e6-8e05b899059c","block_type":"box","text":"capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation","page_number":4,"box":{"x":53,"y":783,"width":867,"height":10}},{"id":"7f2f61df-770f-4cbc-9b4d-38c69bb81353","block_type":"box","text":"payments in the event of an issuer’s bankruptcy.","page_number":4,"box":{"x":53,"y":795,"width":339,"height":11}},{"id":"dada7f79-9f12-4d04-a13a-d48c6a0e70ff","block_type":"box","text":"Market Risk.","page_number":4,"box":{"x":53,"y":817,"width":91,"height":9}},{"id":"9b6274ae-9dd8-4fb1-bc64-b779ba6ef6fb","block_type":"box","text":"The Fund could lose money over short periods due to short-term market movements and over longer periods","page_number":4,"box":{"x":148,"y":818,"width":768,"height":10}},{"id":"531446c5-cddb-4526-b01e-d3af3ff55879","block_type":"box","text":"during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other","page_number":4,"box":{"x":53,"y":830,"width":882,"height":11}},{"id":"8d82bbb5-e9b1-42d5-8bf0-fc9912d7f20f","block_type":"box","text":"public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events","page_number":4,"box":{"x":53,"y":843,"width":858,"height":11}},{"id":"055159a2-fc5d-456c-b8d8-a1db63fe4793","block_type":"box","text":"could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the","page_number":4,"box":{"x":53,"y":856,"width":875,"height":11}},{"id":"5a3febfa-7be8-4031-b1b6-20ae17e12bcf","block_type":"box","text":"Fund’s NAV.","page_number":4,"box":{"x":53,"y":869,"width":82,"height":8}},{"id":"9bec426c-b0e1-4e28-a062-a8b383dad1e9","block_type":"box","text":"Index-Related Risk.","page_number":4,"box":{"x":53,"y":891,"width":143,"height":8}},{"id":"0ac28c71-9623-4a80-9ed9-2f58fa967423","block_type":"box","text":"The Index Provider may rely on various sources of information to assess the criteria of components of the","page_number":4,"box":{"x":201,"y":891,"width":742,"height":11}},{"id":"94f97597-4def-418c-b892-758f03852e82","block_type":"box","text":"Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can","page_number":4,"box":{"x":53,"y":904,"width":856,"height":11}},{"id":"e50176dc-2304-4008-a802-f42f7b96ef25","block_type":"box","text":"S-2","page_number":4,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"d9e28489-9ea8-4e94-9087-52ba64e28af6","block_type":"box","text":"offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of","page_number":5,"box":{"x":53,"y":46,"width":852,"height":11}},{"id":"800879d5-7dde-4bba-a8a4-f32c66d794b6","block_type":"box","text":"included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or","page_number":5,"box":{"x":53,"y":60,"width":876,"height":10}},{"id":"634aff3e-f662-41b3-a12c-14a07f93ee1e","block_type":"box","text":"the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not","page_number":5,"box":{"x":52,"y":72,"width":849,"height":11}},{"id":"be004c89-daa5-40f6-a430-2fc522d79f5e","block_type":"box","text":"identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual","page_number":5,"box":{"x":53,"y":85,"width":849,"height":11}},{"id":"877096f6-3909-4f69-8c18-d4472d041762","block_type":"box","text":"market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index","page_number":5,"box":{"x":53,"y":98,"width":890,"height":11}},{"id":"8e6947ee-f128-449d-80a6-4238fa71ee41","block_type":"box","text":"Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could","page_number":5,"box":{"x":53,"y":111,"width":853,"height":11}},{"id":"56e4cafe-755b-4216-9b39-0e9d44d57868","block_type":"box","text":"cause the Underlying Index to vary from its normal or expected composition.","page_number":5,"box":{"x":53,"y":124,"width":539,"height":11}},{"id":"544d8c32-65af-444f-a349-27b1578950a5","block_type":"box","text":"Asset Class Risk.","page_number":5,"box":{"x":52,"y":146,"width":122,"height":8}},{"id":"4ebab22e-0aa9-4a25-bdd7-1e1658f887f4","block_type":"box","text":"The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in","page_number":5,"box":{"x":179,"y":146,"width":721,"height":11}},{"id":"725346f9-f244-4695-8201-3453e06e75bb","block_type":"box","text":"comparison to financial markets generally, a particular financial market, another index, or other asset classes.","page_number":5,"box":{"x":53,"y":159,"width":774,"height":10}},{"id":"d571fb74-eaa9-47a0-a1cd-a93960961965","block_type":"box","text":"Authorized Participant Concentration Risk.","page_number":5,"box":{"x":52,"y":180,"width":318,"height":11}},{"id":"e9d7bd1b-8932-487f-b875-48d6bf0e4725","block_type":"box","text":"An “Authorized Participant” is a member or participant of a clearing agency","page_number":5,"box":{"x":374,"y":180,"width":531,"height":11}},{"id":"cb7a92b7-f6f0-413e-92e8-945965336eff","block_type":"box","text":"registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the","page_number":5,"box":{"x":53,"y":193,"width":810,"height":11}},{"id":"4acd3da7-0b1e-43fc-8f5a-e5f8221cb626","block_type":"box","text":"Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an","page_number":5,"box":{"x":52,"y":206,"width":816,"height":11}},{"id":"c3bd8800-f6ec-47a7-9683-49875bf06dfc","block_type":"box","text":"Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number","page_number":5,"box":{"x":52,"y":219,"width":884,"height":11}},{"id":"a75030b4-6a9b-451f-b8d1-36888bf5c947","block_type":"box","text":"of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market","page_number":5,"box":{"x":53,"y":232,"width":871,"height":11}},{"id":"2f6c2ac3-ebfa-4d06-ac35-769e3f45702c","block_type":"box","text":"participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that","page_number":5,"box":{"x":53,"y":245,"width":846,"height":11}},{"id":"2c4b1067-f520-4eae-905a-0da3e846f821","block_type":"box","text":"Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized","page_number":5,"box":{"x":52,"y":258,"width":881,"height":10}},{"id":"5fd51c2b-c71c-456d-9399-ffcb759a60a0","block_type":"box","text":"Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading","page_number":5,"box":{"x":53,"y":271,"width":853,"height":11}},{"id":"ba5e53d0-6a6e-40c2-85da-8b7bdbfacbe3","block_type":"box","text":"halts or delisting.","page_number":5,"box":{"x":53,"y":284,"width":121,"height":10}},{"id":"c6661240-c8eb-49b8-ad58-13b47b34d1d4","block_type":"box","text":"Concentration Risk.","page_number":5,"box":{"x":53,"y":305,"width":145,"height":9}},{"id":"e7595a26-9dd1-4463-86a0-b6556d985e0d","block_type":"box","text":"The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that","page_number":5,"box":{"x":202,"y":306,"width":711,"height":10}},{"id":"c867ebac-4cd4-4f3d-b50b-27041ef2e288","block_type":"box","text":"affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in","page_number":5,"box":{"x":53,"y":318,"width":884,"height":10}},{"id":"cdf3cfa1-c919-454a-ad32-957cbd142f67","block_type":"box","text":"the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or","page_number":5,"box":{"x":52,"y":331,"width":887,"height":11}},{"id":"fa09a514-696d-4603-89f6-59820d2b7512","block_type":"box","text":"asset classes.","page_number":5,"box":{"x":53,"y":344,"width":95,"height":9}},{"id":"a7680ce4-c3cc-407c-a2d8-29ff90839350","block_type":"box","text":"Issuer Risk.","page_number":5,"box":{"x":53,"y":366,"width":83,"height":9}},{"id":"69cf3c4d-1e6f-451f-aedf-3d333560f557","block_type":"box","text":"The performance of the Fund depends on the performance of individual securities or other assets to which the","page_number":5,"box":{"x":140,"y":366,"width":780,"height":11}},{"id":"0ca237f3-6998-489e-b741-50d4afae84e6","block_type":"box","text":"Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due","page_number":5,"box":{"x":53,"y":379,"width":886,"height":11}},{"id":"59b64897-5fc2-4614-8455-682d01ce39e3","block_type":"box","text":"to changes in the financial condition or credit rating of the issuer or counterparty.","page_number":5,"box":{"x":52,"y":392,"width":576,"height":11}},{"id":"3a368116-4eae-433d-b426-08811e4a81c5","block_type":"box","text":"Large-Capitalization Companies Risk.","page_number":5,"box":{"x":53,"y":414,"width":278,"height":11}},{"id":"3cb31e9e-dd85-4296-b8ee-2563c9a721f3","block_type":"box","text":"Large-capitalization companies may be less able than smaller-capitalization","page_number":5,"box":{"x":337,"y":414,"width":540,"height":11}},{"id":"15e602c5-b781-48bc-9ee2-21de2ad61f06","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more","page_number":5,"box":{"x":53,"y":427,"width":890,"height":11}},{"id":"3eb1d128-323f-4751-ad8b-8468564e64f2","block_type":"box","text":"mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of","page_number":5,"box":{"x":53,"y":440,"width":868,"height":10}},{"id":"f4884c04-daa7-4f82-ad4d-eb975f57df2e","block_type":"box","text":"large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":5,"box":{"x":53,"y":452,"width":709,"height":11}},{"id":"142621df-91ef-49b8-a8b3-9a8d7547e9fd","block_type":"box","text":"Management Risk.","page_number":5,"box":{"x":53,"y":474,"width":137,"height":11}},{"id":"aeb21c67-cf4f-48cb-a2a1-752d2e9c938c","block_type":"box","text":"The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive","page_number":5,"box":{"x":194,"y":474,"width":711,"height":11}},{"id":"2f44efbd-bd00-4284-a24e-93b35959d4ad","block_type":"box","text":"positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index","page_number":5,"box":{"x":53,"y":487,"width":877,"height":11}},{"id":"c71fa155-663a-4910-a157-09d3b63fc316","block_type":"box","text":"and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment","page_number":5,"box":{"x":53,"y":500,"width":859,"height":11}},{"id":"87064d95-d843-44d8-aaa6-c9e478e980e3","block_type":"box","text":"strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high","page_number":5,"box":{"x":52,"y":513,"width":848,"height":11}},{"id":"8fec0152-cb75-4f55-ac76-42532719dc81","block_type":"box","text":"degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.","page_number":5,"box":{"x":53,"y":526,"width":756,"height":11}},{"id":"c3d0e977-7762-4017-ac8e-f3e49a1abbcf","block_type":"box","text":"Market Trading Risk.","page_number":5,"box":{"x":53,"y":548,"width":152,"height":11}},{"id":"d9564171-d447-43c1-bea3-3ba4e4bb2fc8","block_type":"box","text":"The Fund faces numerous market trading risks, including the potential lack of an active market for","page_number":5,"box":{"x":209,"y":548,"width":694,"height":11}},{"id":"6c57ed9a-4b76-4aee-a25c-3e6bbd4c7d3b","block_type":"box","text":"Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and","page_number":5,"box":{"x":53,"y":561,"width":841,"height":11}},{"id":"4d1af0ee-1a31-4d47-a212-018f98009e4c","block_type":"box","text":"disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s","page_number":5,"box":{"x":53,"y":574,"width":887,"height":10}},{"id":"f42aa99c-b7ce-4b32-819c-22b24d1d1e86","block_type":"box","text":"shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio","page_number":5,"box":{"x":52,"y":587,"width":839,"height":10}},{"id":"ff3ecb8a-2cda-47c7-a2d2-ba6e542a17ad","block_type":"box","text":"holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when","page_number":5,"box":{"x":53,"y":599,"width":866,"height":11}},{"id":"198f9a63-8d52-4d38-abdf-1fccfa24c8fa","block_type":"box","text":"the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value","page_number":5,"box":{"x":52,"y":612,"width":885,"height":11}},{"id":"575c31d2-9e63-465b-b451-5cf2182ca2e6","block_type":"box","text":"of the Fund shares.","page_number":5,"box":{"x":53,"y":625,"width":134,"height":9}},{"id":"7a4bf3a8-1338-4d00-9fcb-ef7367d5d690","block_type":"box","text":"Non-Diversification Risk.","page_number":5,"box":{"x":53,"y":647,"width":184,"height":9}},{"id":"08e43650-414f-454c-90e7-383475291dd8","block_type":"box","text":"The Fund is classified as “non-diversified.” This means that, compared with funds that are","page_number":5,"box":{"x":242,"y":647,"width":633,"height":11}},{"id":"58347730-4638-459e-b9c1-fb9cff9a8816","block_type":"box","text":"classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments","page_number":5,"box":{"x":53,"y":660,"width":802,"height":11}},{"id":"f09e03c2-8158-42ef-b6df-8360cb52368c","block_type":"box","text":"representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":5,"box":{"x":53,"y":673,"width":888,"height":11}},{"id":"9133d79e-4544-4c97-98b0-4df43bd076ef","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance","page_number":5,"box":{"x":53,"y":686,"width":876,"height":11}},{"id":"87a3b1ad-64a7-4357-9c61-857d62fbbbf7","block_type":"box","text":"of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.","page_number":5,"box":{"x":53,"y":699,"width":696,"height":11}},{"id":"39e8eeb1-7412-4e2a-b13c-03bead25549c","block_type":"box","text":"Operational and Technology Risks.","page_number":5,"box":{"x":53,"y":721,"width":254,"height":11}},{"id":"b88a8bb0-b847-49ed-a70b-7081af87c1f6","block_type":"box","text":"The Fund is directly and indirectly susceptible to operational and technology risks,","page_number":5,"box":{"x":312,"y":721,"width":581,"height":10}},{"id":"8804cb4d-2a77-4738-9e9e-a2b467a7966f","block_type":"box","text":"including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents,","page_number":5,"box":{"x":53,"y":734,"width":876,"height":10}},{"id":"3c8e7b08-7ff2-4dd4-a7f3-31e7612c91d7","block_type":"box","text":"and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders","page_number":5,"box":{"x":53,"y":746,"width":879,"height":11}},{"id":"9aeeca0d-e9d0-496c-8ee8-b81fa5c7b251","block_type":"box","text":"or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":5,"box":{"x":53,"y":759,"width":825,"height":11}},{"id":"4f26d67f-04f2-4ba0-8cec-83338c58c71b","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":5,"box":{"x":53,"y":772,"width":862,"height":11}},{"id":"8daef081-8e69-4c14-9b3b-d9a3e132e692","block_type":"box","text":"differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in","page_number":5,"box":{"x":53,"y":785,"width":872,"height":11}},{"id":"c309ca21-46d2-4d2e-ad1c-2b181aef599b","block_type":"box","text":"material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.","page_number":5,"box":{"x":53,"y":798,"width":824,"height":11}},{"id":"05b805dd-fc1a-4b1e-a114-106a5e90f048","block_type":"box","text":"Risk of Investing in the U.S.","page_number":5,"box":{"x":53,"y":820,"width":200,"height":11}},{"id":"7cf712eb-5b02-4bd9-a51f-5d05b837f873","block_type":"box","text":"Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and","page_number":5,"box":{"x":259,"y":820,"width":663,"height":11}},{"id":"584ee494-82cd-4fa9-8a35-657b3f21eb50","block_type":"box","text":"economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline","page_number":5,"box":{"x":53,"y":833,"width":877,"height":11}},{"id":"b53cf09e-6ca2-4ff0-9eec-77eae4dc4a0e","block_type":"box","text":"in its financial markets, may have an adverse effect on U.S. issuers.","page_number":5,"box":{"x":53,"y":846,"width":470,"height":11}},{"id":"e6cfbb89-fbdd-454e-8f20-f82a5e828dea","block_type":"box","text":"Securities Lending Risk.","page_number":5,"box":{"x":52,"y":868,"width":178,"height":10}},{"id":"99615249-79d0-40d8-9fee-37b6fc0458ba","block_type":"box","text":"The Fund may engage in securities lending. Securities lending involves the risk that the Fund may","page_number":5,"box":{"x":234,"y":868,"width":692,"height":10}},{"id":"f331ab2a-b47f-42d6-ab26-4efbe4712ddd","block_type":"box","text":"lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund","page_number":5,"box":{"x":53,"y":880,"width":870,"height":11}},{"id":"c305ad31-6a54-43c1-b343-e037fd8c3a68","block_type":"box","text":"S-3","page_number":5,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"347dd1bb-8ac4-4aad-958a-9b828657c8b4","block_type":"box","text":"could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value","page_number":6,"box":{"x":53,"y":46,"width":886,"height":11}},{"id":"0acb00b0-8a8f-4c63-976d-bf334c3ab8e8","block_type":"box","text":"of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.","page_number":6,"box":{"x":53,"y":59,"width":831,"height":11}},{"id":"ad8846a3-4fbc-4eff-aa6c-f687255efc75","block_type":"box","text":"Technology Companies Risk.","page_number":6,"box":{"x":52,"y":81,"width":211,"height":11}},{"id":"be190f7e-ab05-4612-9fd2-b7c69d687dae","block_type":"box","text":"Technology companies and companies that rely heavily on technological advances may have","page_number":6,"box":{"x":267,"y":81,"width":657,"height":11}},{"id":"5bde5f39-b7f7-4e35-adc7-c50fd03f54f0","block_type":"box","text":"limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense","page_number":6,"box":{"x":53,"y":95,"width":849,"height":11}},{"id":"366633e1-29c2-40b9-833b-e7e3a779cac1","block_type":"box","text":"competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face","page_number":6,"box":{"x":53,"y":110,"width":887,"height":10}},{"id":"8b24f388-9249-4764-b685-7752e8b98c49","block_type":"box","text":"unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning.","page_number":6,"box":{"x":53,"y":124,"width":883,"height":11}},{"id":"d4ee6dde-dd52-4707-8191-3fdfcf230543","block_type":"box","text":"Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or","page_number":6,"box":{"x":52,"y":138,"width":839,"height":11}},{"id":"b4e71318-6af8-4c74-906a-09660a4bbaa5","block_type":"box","text":"impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse","page_number":6,"box":{"x":53,"y":152,"width":870,"height":11}},{"id":"cb5d0a4d-f06a-4abc-a77c-ce4c351c5d81","block_type":"box","text":"government or legal action.","page_number":6,"box":{"x":53,"y":167,"width":192,"height":10}},{"id":"93dd5177-71d5-483b-85ac-b7040ffe8565","block_type":"box","text":"Tracking Error Risk.","page_number":6,"box":{"x":52,"y":189,"width":145,"height":11}},{"id":"a0ccdb70-ff64-4127-a18f-3414ba27586e","block_type":"box","text":"The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that","page_number":6,"box":{"x":201,"y":189,"width":741,"height":11}},{"id":"66931898-d384-4ccf-9c5d-090122a5ec00","block_type":"box","text":"of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities","page_number":6,"box":{"x":53,"y":204,"width":861,"height":11}},{"id":"4cd74c37-2674-4150-9c24-9cbaf1d246d5","block_type":"box","text":"and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and","page_number":6,"box":{"x":53,"y":218,"width":832,"height":11}},{"id":"c3179761-01a8-44a2-b72e-4547254bb5de","block_type":"box","text":"methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the","page_number":6,"box":{"x":53,"y":232,"width":880,"height":11}},{"id":"15fbd8e7-db4c-449e-b15a-701e5e63e139","block_type":"box","text":"Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the","page_number":6,"box":{"x":53,"y":246,"width":831,"height":11}},{"id":"5808c75d-537c-4c71-a9c6-2711e05a376a","block_type":"box","text":"valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses;","page_number":6,"box":{"x":52,"y":260,"width":828,"height":11}},{"id":"ef169329-de24-4f2e-aee2-a067a16ede79","block_type":"box","text":"differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the","page_number":6,"box":{"x":53,"y":275,"width":873,"height":10}},{"id":"95056fde-a19c-49da-b42c-711a3c2bfcf1","block_type":"box","text":"Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment;","page_number":6,"box":{"x":53,"y":289,"width":889,"height":11}},{"id":"6d691850-5455-414c-bcb1-85170b887afb","block_type":"box","text":"portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom","page_number":6,"box":{"x":53,"y":303,"width":852,"height":11}},{"id":"4f81d495-fbfe-439e-800d-32f895805621","block_type":"box","text":"baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes","page_number":6,"box":{"x":53,"y":317,"width":886,"height":11}},{"id":"8e3740c7-d859-4e03-aa70-1046fd266837","block_type":"box","text":"in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error","page_number":6,"box":{"x":53,"y":331,"width":873,"height":11}},{"id":"9c5b667c-142f-4026-ba81-7f9d1ea5c42d","block_type":"box","text":"risk may be heightened during times of increased market volatility or other unusual market conditions.","page_number":6,"box":{"x":53,"y":345,"width":724,"height":11}},{"id":"9661800e-bfaa-4781-b357-eac51e4543aa","block_type":"box","text":"Performance Information","page_number":6,"box":{"x":54,"y":374,"width":228,"height":11}},{"id":"ea392f29-57ce-4187-a794-bab5f5df2e4f","block_type":"box","text":"The performance information below illustrates how the Fund’s performance has varied over different periods and provides","page_number":6,"box":{"x":52,"y":400,"width":864,"height":10}},{"id":"ced68f1f-abc8-467c-b595-823698fd0943","block_type":"box","text":"some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from","page_number":6,"box":{"x":52,"y":414,"width":872,"height":11}},{"id":"84459e99-a8e6-4da4-83e0-88c087f0ecf4","block_type":"box","text":"one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate","page_number":6,"box":{"x":53,"y":428,"width":868,"height":11}},{"id":"d74e017b-5e13-4ede-bea7-a447d3b4cfb4","block_type":"box","text":"broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and","page_number":6,"box":{"x":53,"y":442,"width":838,"height":11}},{"id":"425aea3c-7dc3-452a-9491-881e24724b1c","block_type":"box","text":"distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce","page_number":6,"box":{"x":53,"y":456,"width":868,"height":11}},{"id":"e3e9d366-6909-4734-95b8-2f705454c437","block_type":"box","text":"performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will","page_number":6,"box":{"x":53,"y":470,"width":832,"height":11}},{"id":"792f210f-deff-4370-a345-8b2d815c2731","block_type":"box","text":"perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting","page_number":6,"box":{"x":53,"y":485,"width":842,"height":11}},{"id":"ac9300bb-476e-4c28-b23d-18670d6ef5a9","block_type":"box","text":"www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).","page_number":6,"box":{"x":52,"y":499,"width":531,"height":11}},{"id":"ebdd80a8-7ea8-4f57-a8be-1bb534a62cbe","block_type":"box","text":"Calendar Year-by-Year Returns (%)","page_number":6,"box":{"x":135,"y":523,"width":260,"height":11}},{"id":"c7aadc29-c7b6-4912-a4c9-86e7b56dc164","block_type":"box","text":"38.41","page_number":6,"box":{"x":85,"y":595,"width":25,"height":6}},{"id":"baab2295-8063-4f0c-a2f8-98cffa2c049e","block_type":"box","text":"39.83","page_number":6,"box":{"x":122,"y":594,"width":27,"height":6}},{"id":"17b90578-cc7d-4e67-bf59-8b5e448d3a3b","block_type":"box","text":"-6.47","page_number":6,"box":{"x":161,"y":640,"width":23,"height":6}},{"id":"6774943b-d668-4557-93f2-c040d79c8b7e","block_type":"box","text":"62.38","page_number":6,"box":{"x":197,"y":579,"width":26,"height":6}},{"id":"2f0d4a3b-f50f-4178-aad4-681f6150e771","block_type":"box","text":"52.93","page_number":6,"box":{"x":234,"y":585,"width":26,"height":6}},{"id":"15838323-bb1e-4e5d-8656-86fd0dc1fbca","block_type":"box","text":"44.00","page_number":6,"box":{"x":270,"y":591,"width":27,"height":6}},{"id":"be3a4246-ca6b-41b4-be79-f28cb27b0c62","block_type":"box","text":"-35.03","page_number":6,"box":{"x":306,"y":659,"width":30,"height":6}},{"id":"2786b49c-8eb6-46d8-96d0-31cdd7b042b5","block_type":"box","text":"66.90","page_number":6,"box":{"x":345,"y":576,"width":26,"height":6}},{"id":"4e8a76ec-56c7-4857-b6b1-c7a51751f8d8","block_type":"box","text":"12.97","page_number":6,"box":{"x":383,"y":612,"width":25,"height":6}},{"id":"1ca1d0ed-9db7-4a9b-bc4b-331d7a820c87","block_type":"box","text":"40.71","page_number":6,"box":{"x":418,"y":593,"width":26,"height":6}},{"id":"ff7207c7-abdf-44ed-8470-8decd5271846","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":6,"box":{"x":87,"y":678,"width":356,"height":6}},{"id":"f84dc862-065b-4bbe-a411-ba751c992a38","block_type":"box","text":"Return (%) Period Ended","page_number":6,"box":{"x":770,"y":538,"width":171,"height":9}},{"id":"1c6509a4-0578-4199-b5b1-59bc053e19b5","block_type":"box","text":"Calendar Year-to-Date Return","page_number":6,"box":{"x":520,"y":557,"width":197,"height":7}},{"id":"8c5c6288-345f-4675-af1e-0ec610cf7796","block_type":"box","text":"113.00% June 30, 2026","page_number":6,"box":{"x":777,"y":557,"width":165,"height":8}},{"id":"7cad58c8-679b-484e-b6f3-7b767b0a1667","block_type":"box","text":"During the periods shown in the chart:","page_number":6,"box":{"x":520,"y":569,"width":250,"height":10}},{"id":"b6d74ae3-3993-430f-bcfb-d0b575b87f52","block_type":"box","text":"Best Quarter 32.60% June 30, 2020","page_number":6,"box":{"x":534,"y":582,"width":408,"height":9}},{"id":"c79d6d7d-5887-49e9-bb85-9c7c458f7f65","block_type":"box","text":"Worst Quarter -25.81% June 30, 2022","page_number":6,"box":{"x":533,"y":595,"width":409,"height":9}},{"id":"933e1253-1597-48e3-a5e4-80c64e7f1dc2","block_type":"box","text":"Average Annual Total Returns (%)","page_number":6,"box":{"x":372,"y":708,"width":251,"height":11}},{"id":"1a405317-78ec-4fc5-ba1a-8b53403a8845","block_type":"box","text":"(for the periods ended December 31, 2025)","page_number":6,"box":{"x":340,"y":722,"width":315,"height":10}},{"id":"2d816468-473a-486b-a04b-770123ec37b2","block_type":"box","text":"One Year Five Years Ten Years","page_number":6,"box":{"x":670,"y":738,"width":268,"height":8}},{"id":"7ac69449-823a-4161-b11b-b3321b2251df","block_type":"box","text":"Fund Inception: 07/10/2001","page_number":6,"box":{"x":58,"y":754,"width":187,"height":9}},{"id":"b2e36170-aebc-4634-b2e4-79a101f30cc8","block_type":"box","text":"Return Before Taxes","page_number":6,"box":{"x":58,"y":765,"width":125,"height":8}},{"id":"5b388798-dcf3-47b5-8817-de55e2f3a5d5","block_type":"box","text":"40.71% 19.94% 27.28%","page_number":6,"box":{"x":681,"y":765,"width":258,"height":8}},{"id":"3742dceb-0619-4e73-be9b-82270f16a19b","block_type":"box","text":"Return After Taxes on Distributions 40.47% 19.70% 26.96%","page_number":6,"box":{"x":58,"y":777,"width":881,"height":8}},{"id":"18de1b7c-f1ea-4197-9ae8-0346febc9cca","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 24.21% 16.23% 24.01%","page_number":6,"box":{"x":58,"y":789,"width":881,"height":7}},{"id":"dbfb2032-cb6f-4c62-93f2-88940aaeda42","block_type":"box","text":"MSCI USA Index","page_number":6,"box":{"x":58,"y":800,"width":106,"height":8}},{"id":"4904520d-47a0-47bd-986d-f47949c4f047","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses or taxes) 17.75% 13.87% 14.79%","page_number":6,"box":{"x":168,"y":800,"width":771,"height":10}},{"id":"396ffeee-2cb8-42f2-8883-59bece6482fb","block_type":"box","text":"NYSE Semiconductor Index (Spliced)","page_number":6,"box":{"x":58,"y":812,"width":242,"height":9}},{"id":"e79b0da6-9b0a-41d5-8299-bd847bc9da3b","block_type":"box","text":"1","page_number":6,"box":{"x":301,"y":810,"width":5,"height":5}},{"id":"26ff02ec-56b6-488e-8728-67ed817cf19f","block_type":"box","text":"(Returns do not reflect deductions for fees, expenses","page_number":6,"box":{"x":310,"y":812,"width":331,"height":9}},{"id":"09afa569-375f-426c-a088-26b016c86ed0","block_type":"box","text":"or taxes)","page_number":6,"box":{"x":71,"y":825,"width":53,"height":8}},{"id":"dbaa5db1-0208-48ad-8a8f-867520a072ab","block_type":"box","text":"41.22% 20.44% 27.88%","page_number":6,"box":{"x":681,"y":825,"width":258,"height":7}},{"id":"aa2557dc-96e6-40e9-ab29-ffe5930eef57","block_type":"box","text":"1","page_number":6,"box":{"x":80,"y":843,"width":5,"height":5}},{"id":"e7364c79-181c-4213-ae80-2556f173c896","block_type":"box","text":"The NYSE Semiconductor Index (Spliced) reflects the performance of the PHLX Semiconductor Sector Index through June 20, 2021","page_number":6,"box":{"x":92,"y":845,"width":829,"height":9}},{"id":"df1df147-aedc-4257-bf5e-800c1f29f2c7","block_type":"box","text":"and the NYSE Semiconductor Index thereafter, which reflect the times when each index was the Underlying Index of the Fund.","page_number":6,"box":{"x":93,"y":855,"width":790,"height":10}},{"id":"acaa2c74-7a41-497f-a294-6900a5084423","block_type":"box","text":"After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax","page_number":6,"box":{"x":52,"y":875,"width":857,"height":11}},{"id":"65328c25-e752-420f-8475-2016a1f7a709","block_type":"box","text":"rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and","page_number":6,"box":{"x":53,"y":889,"width":865,"height":10}},{"id":"bdf8c131-cc52-400d-adb2-11ee3855c879","block_type":"box","text":"may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold","page_number":6,"box":{"x":53,"y":903,"width":847,"height":11}},{"id":"b11a4c12-cad7-44a5-925f-4a9df6227040","block_type":"box","text":"S-4","page_number":6,"box":{"x":493,"y":944,"width":25,"height":8}},{"id":"aecf36a8-fd80-47c5-822f-19ad1c3de703","block_type":"box","text":"shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns","page_number":7,"box":{"x":52,"y":46,"width":857,"height":11}},{"id":"e8de825a-ea49-44dd-8d70-ac05f99d2fd6","block_type":"box","text":"after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of","page_number":7,"box":{"x":53,"y":61,"width":877,"height":10}},{"id":"60de9928-a9b0-41ec-9c01-2d81edb82963","block_type":"box","text":"the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund","page_number":7,"box":{"x":52,"y":75,"width":836,"height":11}},{"id":"1b4895af-e346-4e8b-8bdb-f1e6a6e0ee01","block_type":"box","text":"returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes","page_number":7,"box":{"x":53,"y":89,"width":886,"height":11}},{"id":"d8d3de68-c851-4c1d-a5cf-7ff13f017867","block_type":"box","text":"on distributions.","page_number":7,"box":{"x":53,"y":103,"width":114,"height":9}},{"id":"b4bedd0a-69b0-4ed4-b98e-e679a15098c6","block_type":"box","text":"Management","page_number":7,"box":{"x":54,"y":132,"width":119,"height":14}},{"id":"665bf496-1c3b-4804-a70a-f088de5c5de6","block_type":"box","text":"Investment Adviser.","page_number":7,"box":{"x":53,"y":157,"width":145,"height":9}},{"id":"2b58fe8c-31f0-4cd4-aa95-682227df05b0","block_type":"box","text":"BlackRock Fund Advisors.","page_number":7,"box":{"x":204,"y":157,"width":180,"height":9}},{"id":"495805af-dcb3-4e5d-addb-4b0b1193cf17","block_type":"box","text":"Portfolio Managers.","page_number":7,"box":{"x":53,"y":180,"width":146,"height":11}},{"id":"3d672e02-55f4-4d0a-a4ef-bf51f5c9f947","block_type":"box","text":"The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day","page_number":7,"box":{"x":203,"y":180,"width":679,"height":11}},{"id":"e581813b-06d7-4a1f-9dd0-3f3cc1a25d0c","block_type":"box","text":"management of the Fund:","page_number":7,"box":{"x":53,"y":195,"width":182,"height":10}},{"id":"ae43754d-8896-4f06-ac66-1018d9448250","block_type":"box","text":"Portfolio Manager","page_number":7,"box":{"x":58,"y":230,"width":119,"height":10}},{"id":"4c1a9833-2fbb-48c4-a005-a55f90a77761","block_type":"box","text":"Portfolio Manager of the","page_number":7,"box":{"x":411,"y":217,"width":160,"height":10}},{"id":"6167a798-bb92-499a-9477-b2580d79d989","block_type":"box","text":"Fund Since","page_number":7,"box":{"x":455,"y":230,"width":72,"height":8}},{"id":"ba967d61-57ae-44dd-b7b9-d74136a06a06","block_type":"box","text":"Title with Investment","page_number":7,"box":{"x":804,"y":217,"width":140,"height":8}},{"id":"1fdd2317-60af-4526-a463-2d85cf18e4b3","block_type":"box","text":"Adviser","page_number":7,"box":{"x":849,"y":230,"width":49,"height":8}},{"id":"f4e681e7-bf90-4f71-9df4-ccba630c4833","block_type":"box","text":"Jennifer Hsui 2012 Managing Director","page_number":7,"box":{"x":57,"y":246,"width":876,"height":9}},{"id":"238be863-70ec-4255-b883-fed1bdf27a2a","block_type":"box","text":"Peter Sietsema 2025 Managing Director","page_number":7,"box":{"x":58,"y":261,"width":875,"height":10}},{"id":"a2e31efe-44fb-45fb-b0a9-71bbdb3056ba","block_type":"box","text":"Matt Waldron 2025 Managing Director","page_number":7,"box":{"x":58,"y":277,"width":875,"height":9}},{"id":"daf02a9c-5a9b-4a91-90db-3958f17c0a56","block_type":"box","text":"Steven White 2025 Managing Director","page_number":7,"box":{"x":57,"y":292,"width":876,"height":10}},{"id":"55c10ee5-cb28-420e-a95e-d324d576a425","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":7,"box":{"x":54,"y":327,"width":304,"height":11}},{"id":"986a44ec-4999-4433-9090-6f3fedca89dd","block_type":"box","text":"The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought","page_number":7,"box":{"x":52,"y":352,"width":878,"height":11}},{"id":"32d0e052-14f5-49c4-90c2-0345025cfa53","block_type":"box","text":"and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV,","page_number":7,"box":{"x":53,"y":367,"width":855,"height":11}},{"id":"409721d0-2184-4251-b954-cf6a9979b29d","block_type":"box","text":"shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs","page_number":7,"box":{"x":52,"y":381,"width":817,"height":11}},{"id":"d7c91e62-695e-4498-8559-cf7872c5c370","block_type":"box","text":"attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the","page_number":7,"box":{"x":53,"y":395,"width":878,"height":11}},{"id":"b7e9aee7-39ba-4a5b-b773-082e7c488906","block_type":"box","text":"lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market","page_number":7,"box":{"x":53,"y":409,"width":861,"height":11}},{"id":"318af333-e771-4a73-b914-9db8320e13d9","block_type":"box","text":"(the “bid-ask spread”).","page_number":7,"box":{"x":53,"y":423,"width":156,"height":11}},{"id":"3c3f02d0-5f80-412f-8a99-05ee094cf75a","block_type":"box","text":"Tax Information","page_number":7,"box":{"x":52,"y":452,"width":144,"height":11}},{"id":"710474db-9160-49a8-af33-47f8641e6ccc","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are","page_number":7,"box":{"x":52,"y":478,"width":831,"height":10}},{"id":"fd8e1d07-5630-4fc8-a01a-c708a1292629","block_type":"box","text":"investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will","page_number":7,"box":{"x":53,"y":492,"width":883,"height":11}},{"id":"9f725221-de73-4fe0-afa8-572c01726218","block_type":"box","text":"be taxed when withdrawn.","page_number":7,"box":{"x":53,"y":506,"width":182,"height":8}},{"id":"2e254cce-c9ea-4b0b-9541-656d9d908765","block_type":"box","text":"Payments to Broker-Dealers and Other Financial Intermediaries","page_number":7,"box":{"x":54,"y":535,"width":575,"height":13}},{"id":"e00c266f-49fd-42e5-ae87-ad11a308e93e","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other","page_number":7,"box":{"x":53,"y":560,"width":855,"height":11}},{"id":"7fac1c99-d6b9-4411-bb01-fce97b1503c8","block_type":"box","text":"related companies may pay the intermediary for marketing activities and presentations, educational training programs,","page_number":7,"box":{"x":53,"y":574,"width":843,"height":11}},{"id":"ef6839c2-e1ed-44c2-b9a6-e0ba0d9bec84","block_type":"box","text":"conferences, the development of technology platforms and reporting systems or other services related to the sale or","page_number":7,"box":{"x":53,"y":588,"width":820,"height":11}},{"id":"53de6112-ac02-4fa2-8b2d-26a79a04a6d2","block_type":"box","text":"promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other","page_number":7,"box":{"x":53,"y":603,"width":801,"height":11}},{"id":"05088a1c-c097-4c16-8d09-97a3f9a815c1","block_type":"box","text":"intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your","page_number":7,"box":{"x":53,"y":617,"width":841,"height":11}},{"id":"9c384d3b-a978-4922-9694-71f93886f85a","block_type":"box","text":"financial intermediary’s website for more information.","page_number":7,"box":{"x":52,"y":631,"width":380,"height":11}},{"id":"4a243bc5-4f99-46bb-9ca6-33a99f16ecf1","block_type":"box","text":"S-5","page_number":7,"box":{"x":493,"y":944,"width":24,"height":8}},{"id":"346a30ec-dc8e-41db-bf55-f07c9a6dce71","block_type":"box","text":"©2026 BlackRock, Inc. or its affiliates. All rights reserved.","page_number":8,"box":{"x":53,"y":908,"width":357,"height":9}},{"id":"7fb51916-9876-4e75-a162-5397e6dd9753","block_type":"box","text":"iSHARES and BLACKROCK are registered trademarks of","page_number":8,"box":{"x":53,"y":920,"width":352,"height":10}},{"id":"f0600d85-1683-4f23-99ed-a46c81536b74","block_type":"box","text":"BlackRock, Inc. or its affiliates. All other trademarks are","page_number":8,"box":{"x":53,"y":932,"width":344,"height":9}},{"id":"996c4db6-89b8-4391-8959-ef466793478c","block_type":"box","text":"those of their respective owners.","page_number":8,"box":{"x":52,"y":945,"width":203,"height":9}},{"id":"e88a5783-b486-4388-9e61-bfd944f012bf","block_type":"box","text":"Investment Company Act","page_number":8,"box":{"x":786,"y":920,"width":158,"height":10}},{"id":"7cd9bfea-c808-41dc-9fc2-c0f41242e70d","block_type":"box","text":"file No.: 811-09729","page_number":8,"box":{"x":821,"y":932,"width":122,"height":8}},{"id":"7aaa6af2-014f-42cf-adaa-2a43f8bf6a90","block_type":"box","text":"IS-SP-SOXX-0726","page_number":8,"box":{"x":829,"y":945,"width":114,"height":7}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":8}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"9ced5ff9-7c16-472f-8b3c-fb76634740ba"},"user_id":1000002,"date_created":"2026-10-23T23:53:33.357000Z","date_modified":"2026-10-23T23:53:33.357000Z","private":false}