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Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between<span style="font-weight: bold;"> </span>BlackRock ETF Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses. The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</div> Annual Fund Operating Expenses(ongoing expenses that you pay each year as apercentage of the value of your investments) 0.0020 0 0.0000 0.0020 0.0000 0.0020 June 30, 2028 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</div> 20 64 113 255 Portfolio Turnover <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.</div> 0 Principal Investment Strategies <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund seeks to achieve its investment objective by allocating opportunistically across global fixed income, equities and currencies.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund invests a majority of its assets in a portfolio of U.S. and non‑U.S. dollar-denominated investment-grade fixed- and floating-rate bonds that are rated BBB‑ or higher by S&amp;P Global Ratings and/or Fitch Ratings, Inc. (“Fitch”), or Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”), or, if unrated, determined by the Fund’s management team to be of equivalent quality. Fixed-income securities include corporate bonds of U.S. and non-U.S. issuers, U.S. government bonds (including U.S. Treasury Bills, notes, bonds, and Treasury Inflation-Protected Securities (“TIPS”)); municipal bonds; non-U.S. government bonds, bills, and inflation linked bonds; repurchase agreements; and money market instruments. Floating rate bonds are bonds in which the interest rate paid fluctuates based on a reference rate (e.g., the Secured Overnight Financing Rate (“SOFR”)). The Fund may also invest in reverse repurchase agreements. With respect to its portfolio of fixed-income securities, the Fund will seek to maintain a weighted average duration that is less than three years. Duration is a mathematical calculation of the average life of a bond (or bonds in a fund) that serves as a useful measure of its interest rate risk. Each year of duration represents an expected 1% change in the net asset value of the bonds in a fund for every 1% immediate change in interest rates. For example, if the bonds in a fund have an average duration of four years, such bonds’ net asset value will fall about 4% when interest rates rise by one percentage point. Conversely, such bonds’ net asset value will rise about 4% when interest rates fall by one percentage point. Duration, which measures price sensitivity to interest rate changes, is not necessarily equal to average maturity.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may invest in derivatives such as futures (including but not limited to government bond futures and equity index futures), interest rate swaps, equity total return swaps, foreign exchange spot contracts and forwards.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may seek to invest in equity securities. As part of its investment in equity securities, the Fund may seek to pursue an equity relative value strategy pursuant to which the Fund may seek to establish substantially offsetting positions to earn a spread (e.g., long positions in equity securities and offsetting short positions through total return swaps and equity index futures). The Fund expects to maintain net</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">notional equity exposures below 5%. Net notional equity exposure means the Fund’s aggregate long notional exposure to equity securities and equity-related instruments, including derivatives, less the Fund’s aggregate short notional exposure to such securities and instruments, as a percentage of the Fund’s net assets. Equity securities may include common stock, preferred stock, and depositary receipts. The Fund may invest in equity securities of both U.S. and non-U.S. issuers, which may be U.S. dollar-based or non-U.S. dollar based and may be currency hedged or unhedged. The Fund may invest in equity securities of companies of any market capitalization and may also invest in securities convertible into common stock.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund is an actively managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specified index. The Fund may have a higher degree of portfolio turnover than funds that seek to replicate the performance of an index.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund is classified as non‑diversified under the Investment Company Act of 1940, as amended (the “Investment Company Act”).</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund is not a money market fund and does not seek to maintain a stable net asset value of $1.00 per share.</div> The Fund may seek to invest in equity securities. As part of its investment in equity securities, the Fund may seek to pursue an equity relative value strategy pursuant to which the Fund may seek to establish substantially offsetting positions to earn a spread (e.g., long positions in equity securities and offsetting short positions through total return swaps and equity index futures). The Fund expects to maintain netnotional equity exposures below 5%. Net notional equity exposure means the Fund’s aggregate long notional exposure to equity securities and equity-related instruments, including derivatives, less the Fund’s aggregate short notional exposure to such securities and instruments, as a percentage of the Fund’s net assets. Equity securities may include common stock, preferred stock, and depositary receipts. The Fund may invest in equity securities of both U.S. and non-U.S. issuers, which may be U.S. dollar-based or non-U.S. dollar based and may be currency hedged or unhedged. The Fund may invest in equity securities of companies of any market capitalization and may also invest in securities convertible into common stock. As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Debt Securities Risk. </span></span>Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in further detail below:</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-style: italic;">Credit Risk</span> — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">creditworthiness may also affect the value of the Fund’s investment in that issuer.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-style: italic;">Interest Rate Risk</span> — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund’s performance.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-style: italic;">Extension Risk</span> — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-style: italic;">Prepayment Risk</span> — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-style: italic;">TIPS Risk</span> — The interest rate on TIPS is fixed at issuance, but over the life of the bond this interest may be paid on an increasing or decreasing principal value that has been adjusted for inflation. Although repayment of the original bond principal upon maturity is guaranteed, the market value of TIPS is not guaranteed, and will fluctuate.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Derivatives Risk. </span></span>The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or increase volatility. Derivatives involve significant risks, including:</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-style: italic;">Leverage Risk </span>— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-style: italic;">Market Risk</span> — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, BFA may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives positions to lose value.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-style: italic;">Counterparty Risk</span> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-style: italic;">Illiquidity Risk</span> — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-style: italic;">Operational Risk</span> — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-style: italic;">Legal Risk</span> — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-style: italic;">Volatility and Correlation Risk</span> — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-style: italic;">Valuation Risk </span>— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-style: italic;">Hedging Risk</span> — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-style: italic;">Tax Risk </span>— Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Equity Securities Risk.</span></span> Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Issuer Risk</span></span><span style="font-weight: bold;">.</span> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Authorized Participant Concentration Risk</span></span><span style="font-weight: bold;">.</span> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units. Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Cash Transactions Risk. </span></span>The Fund may effect some or all of its creations and redemptions for cash, rather than in‑kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption in‑kind. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at wider bid‑ask spreads or greater premiums or discounts to the Fund’s NAV.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Convertible Securities Risk. T</span></span>he market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Depositary Receipts Risk. </span></span>Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition to investment risks associated with the underlying issuer, depositary receipts expose the Fund to additional risks</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their respective markets and currencies, they continue to be subject to many of the risks associated with investing directly in foreign securities, including political, economic, and currency risk.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Foreign Securities Risk.</span></span> Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 20.25pt;"> </td> <td style="width: 19.5pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 20.25pt;"> </td> <td style="width: 19.5pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 20.25pt;"> </td> <td style="width: 19.5pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 20.25pt;"> </td> <td style="width: 19.5pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 20.25pt;"> </td> <td style="width: 19.5pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 20.25pt;"> </td> <td style="width: 19.5pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">Settlement and clearance procedures in certain foreign markets may result in delays</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 39.75pt; vertical-align: top; color: #000000; text-align: left;"> </td> <td style="width: 0.75pt;"> </td> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 10pt;">in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 20.25pt;"> </td> <td style="width: 19.5pt; vertical-align: top; text-align: left;">•</td> <td style="width: 0.75pt; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;">The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full, which will adversely affect the Fund’s net asset value.</td> </tr> </table> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Illiquid Investments Risk</span></span><span style="font-weight: bold;">.</span> The Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the Fund’s holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional market participants to make a market in fixed-income securities or the lack of an active trading market. To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">illiquid investments, may be subject to purchase and sale restrictions. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Large Shareholder and Large-Scale Redemption Risk</span></span><span style="font-weight: bold;">.</span> Certain shareholders, including an Authorized Participant, a third-party investor, the Fund’s adviser or an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to time own or manage a substantial amount of Fund shares, or may invest in the Fund and hold their investment for a limited period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their investment.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. To the extent the Fund permits redemptions in cash, these large redemptions may also force the Fund to sell portfolio securities when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase the Fund’s brokerage costs and/or have a material effect on the market price of the Fund shares.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Leverage Risk</span></span><span style="font-weight: bold;">. </span>Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Market Risk and Selection Risk.</span></span> Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Market Trading Risk. </span></span>The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s shares trading in the secondary market at a 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 is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund shares.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Non‑Diversification Risk</span></span><span style="font-weight: bold;">.</span> The Fund is a non‑diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Not a Money Market Fund Risk</span></span><span style="font-weight: bold;">.</span> The Fund is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal circumstances, the Fund’s investments may be more susceptible than a money market fund is to credit risk, interest rate risk, valuation risk and other risks relevant to the Fund’s investments. <span style="font-weight: bold;">The Fund does not seek to maintain a stable net asset value of $1.00 per share.</span></div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Operational and Technology Risks.</span></span> The Fund is directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">systems failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Preferred Securities Risk.</span></span> Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Repurchase Agreements Risk</span></span><span style="font-weight: bold;">. </span>If the other party to a repurchase agreement defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value of the security declines, the Fund may lose money.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Reverse Repurchase Agreements Risk. </span></span>Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Risk of Investing in the United States</span></span><span style="font-weight: bold;">.</span> Certain changes in the U.S. economy, such as when the U.S.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Small and Mid-Capitalization Company Risk.</span></span> Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Tax Risk.</span></span> The Fund intends to elect and to qualify each year to be treated as a regulated investment company (“RIC”) under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Internal Revenue Code. However, the federal income tax treatment of certain aspects of the proposed operations of the Fund is not entirely clear. This includes the tax aspects of the Fund’s equity relative value strategy and the possible application of the “straddle” rules.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund’s investments in offsetting positions in connection with the equity relative value strategy are expected to be subject to the Internal Revenue Code’s “straddle” rules, which can affect the timing and character of income and gains generated by the Fund. If the straddle rules apply, the Fund may not be able to recognize all (or a portion) of any loss sustained on positions of the straddle until a later taxable year, which could increase the Fund’s investment company taxable income and/or net capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. Additionally, the holding period of a straddle position that has not already been held for the long-term holding period would be terminated and begin anew once the position was no longer part of a straddle, which may cause the Fund to realize greater amounts of short-term capital gain (taxable to individual shareholders as ordinary income when distributed by the Fund) than it would have realized absent the straddle. As a result, shareholders may pay more in taxes and/or pay taxes sooner than they would have had the Fund not engaged in transactions constituting a straddle.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">U.S. Government Issuer Risk</span></span><span style="font-weight: bold;">.</span> Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Valuation Risk</span></span><span style="font-weight: bold;">.</span> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the 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 are valued using a fair value methodology. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when investors are not able to purchase or sell Fund shares.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Authorized Participants that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Variable and Floating Rate Instrument Risk</span></span><span style="font-weight: bold;">.</span><span style="font-weight: bold;"><span style="font-style: italic;"> </span></span>Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the securities. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">securities of the same maturity. These securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from variable and floating rate securities held by the Fund and may adversely affect the value of the Fund’s shares. These securities may be subject to greater illiquidity risk than other fixed income securities, meaning the absence of an active market for these securities could make it difficult for the Fund to dispose of them at any given time. Floating rate securities generally are subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such loans. Benchmark interest rates may not accurately track market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and default risk, which could impair their value.</div> Performance Information <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Effective June 23, 2026, the Fund changed its name and investment strategies. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the Bloomberg Global Aggregate Bond Index and the ICE BofA 3-Month U.S. Treasury Bill Index. The ICE BofA 3-Month U.S. Treasury Bill Index is relevant to the Fund because it has characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower.</div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the Bloomberg Global Aggregate Bond Index and the ICE BofA 3-Month U.S. Treasury Bill Index. The ICE BofA 3-Month U.S. Treasury Bill Index is relevant to the Fund because it has characteristics similar to the Fund’s investment strategy. As with all such investments, past performance (before and after taxes) is not an indication of future results. Calendar Year by Year Returns1 year-to-date return 2026-03-31 0.0095 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The best calendar quarter return during the period shown above was 1.06% in the 2nd quarter of 2025; the worst was 0.99% in the 1st quarter of 2025.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at www.blackrock.com or by calling 1-800-474-2737 (toll free).</div> best 0.0106 2025-06-30 worst 0.0099 2025-03-31 www.blackrock.com 1-800-474-2737 (toll free) Average Annual Total Returns (for the periods ended December 31, 2025) 2024-07-17 2024-07-17 2024-07-17 0.0413 0.0442 0.0189 0.0231 0.0242 0.0248 0.0817 0.0514 0.0418 0.0448 After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not 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, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. The Fund’s year-to-date return as of March 31, 2026 was 0.95%. As described in the “Management” section of the Fund’s prospectus beginning on page 15, BFA has contractually agreed to waive a portion of its management fees in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other equity and fixed-income mutual funds and exchange-traded funds (“ETFs”) advised by BFA or its affiliates through June 30, 2028. As described in the “Management” section of the Fund’s prospectus beginning on page 15, BFA has contractually agreed to waive a portion of its management fees in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in money market funds managed by BFA or its affiliates through June 30, 2028. The agreement (with respect to either waiver) may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not 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, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. The Bloomberg Global Aggregate Bond Index is a flagship measure of global investment grade debt from twenty-seven local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. ICE BofA 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. The amount rounded to 0.00%.