0001761055 betf:S000096437Member betf:AssetsUnderManagementAUMRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:AuthorizedParticipantConcentrationRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:ConvertibleSecuritiesRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:DerivativesRisksMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:EquitySecuritiesRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:HighPortfolioTurnoverRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:InvestmentStyleRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:IssuerRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:LargeCapitalizationCompaniesRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:LargeShareholderAndLargeScaleRedemptionRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:LeverageRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:MarketRiskAndSelectionRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:MarketTradingRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:ModelRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:NewFundRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:NewIssuesRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:OperationalAndTechnologyRisksMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:PreferredSecuritiesRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member oef:RiskLoseMoneyMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member oef:RiskNondiversifiedStatusMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:RiskOfInvestingInTheUnitedStatesMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:SmallFundRiskMember 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:TrackingErrorRiskMember 2026-04-30 2026-04-30 0001761055 2026-04-30 2026-04-30 0001761055 betf:S000096437Member 2026-04-30 2026-04-30 0001761055 betf:S000096437Member betf:C000265272Member 2026-04-30 2026-04-30 iso4217:USD pure 0001761055 false 485BPOS 2026-04-30 N-1A BLACKROCK ETF TRUST 2026-08-28 iSHARES ENHANCED LARGE CAP CORE ACTIVE ETF Ticker: ENHU       Stock Exchange: NASDAQ Investment Objective <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The <span style="font-weight: bold;">iShares Enhanced Large Cap Core Active ETF</span> (the “Fund”) seeks to outperform the Russell 1000 Index.</div> Fees and Expenses <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between 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) 0.0022 0 0.0000 0.0022 0.0000 0.0022 June 30, 2028 Other Expenses are based on estimated amounts for the Fund’s current fiscal year. 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.Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 23 71 124 280 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 taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. From inception (November 4, 2025) to April 30, 2026, 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 is actively managed and seeks to pursue its investment objective while seeking to maintain a low tracking error to the Russell 1000 Index. The Fund invests in a portfolio of large cap equity securities in a disciplined manner, using proprietary return forecast models that incorporate quantitative analysis. These forecast models are designed to identify aspects of mispricing across stocks which the Fund can seek to capture by over- and under-weighting particular stocks, while seeking to control incremental risk. While the Fund primarily invests in securities included in the Russell 1000 Index, the Fund may also hold securities that are not included in the Russell 1000 Index.</div><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For purposes of the Fund’s 80% policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within the range of companies included in the Russell 1000 Index. The Fund primarily intends to invest in equity securities, which include common stock and preferred stock or other financial instruments that are components of, or have characteristics similar to, the securities included in the Russell 1000 Index. The Russell 1000 Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry group representation. From time to time, the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). The Fund may also purchase convertible securities.</div><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some of which may be referred to as</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">contracts for difference) and forward contracts, both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial instruments whose value is derived from another security, a currency or an index, including but not limited to the Russell 1000 Index. The use of options, futures, swaps and forward contracts can be effective in protecting or enhancing the value of the Fund’s assets.</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.</div> Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For purposes of the Fund’s 80% policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within the range of companies included in the Russell 1000 Index. The Fund primarily intends to invest in equity securities, which include common stock and preferred stock or other financial instruments that are components of, or have characteristics similar to, the securities included in the Russell 1000 Index. The Russell 1000 Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry group representation. From time to time, the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). The Fund may also purchase convertible securities. <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps, some of which may be referred to as</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">contracts for difference) and forward contracts, both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets. In order to manage cash flows into or out of the Fund effectively, the Fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial instruments whose value is derived from another security, a currency or an index, including but not limited to the Russell 1000 Index. The use of options, futures, swaps and forward contracts can be effective in protecting or enhancing the value of the Fund’s assets.</div> 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;">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;">Investment Style Risk</span></span> — Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.</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;">Model Risk</span></span> — The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis. Investments selected using these models may perform differently</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">than as forecasted due to the factors incorporated into the models and the weighting of each factor, changes from historical trends, and issues in the construction and implementation of the models (including, but not limited to, software issues, issues related to the use of artificial intelligence and machine learning (“AI”), and other technological issues). There is no guarantee that BFA’s use of these models will result in effective investment decisions for the Fund.</div><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may limit the effectiveness of the models. In addition, some of the data that BFA uses may be historical data, which may not accurately predict future market movement. There is a risk that the models will not be successful in selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.</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> — Certain changes in the U.S. economy, such as when the U.S. 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;">Assets Under Management (AUM) Risk</span></span> — From time to time, an Authorized Participant (as defined in the Creations and Redemptions section of the Prospectus), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at such levels, which could negatively impact the Fund.</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;">Authorized Participant Concentration Risk</span></span> — 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: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Convertible Securities Risk</span></span> — The 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;">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 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: 0pt; 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;">High Portfolio Turnover Risk — </span></span>The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark‑ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with less active trading policies, such as index ETFs. These effects of higher than normal portfolio turnover may adversely affect Fund performance.</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;">Issuer Risk — </span></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: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;"><span style="font-weight: bold;"><span style="font-style: italic;">Large-Capitalization Companies Risk </span></span>— Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall performance of the broader securities markets.</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>—<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 tax 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>— 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</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment Company Act of 1940, as amended, 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. An investor could lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market movements and over longer periods during market downturns. Securities or other investments held by the Fund may underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of a security or other asset 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. The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.</div><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.</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>—<span style="font-weight: bold;"><span style="font-style: italic;"> </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.</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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;">New Fund Risk</span></span> — The Fund is new and has limited or no performance history as of the date of this prospectus. Like other new funds, large inflows and outflows may impact the Fund’s market exposure, and in turn, the Fund’s returns for limited periods of time. While the Fund is new, it may temporarily not be fully invested consistent with the principal investment strategies disclosed in its prospectus.</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;">“New Issues” Risk</span></span> — “New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO.</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> — 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;">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, 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</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">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;">Small Fund Risk</span></span> — When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by the listing exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.</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;">Tracking Error Risk</span></span> — The Fund is subject to the risk of “tracking error,” which is the divergence of the Fund’s performance from that of the Russell 1000 Index. Tracking error may occur due to a number of factors, including differences between the securities and other assets held in the Fund’s portfolio and those included in the Russell 1000 Index; differences in the timing and methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the Russell 1000 Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends reflected in the Russell 1000 Index from the Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; changes to the Russell 1000 Index, such as during a rebalancing or reconstitution; and impacts to the Fund of complying with certain regulatory requirements or limits. A fund that tracks an index composed of a large number of securities or other assets may experience greater tracking error than a fund that tracks a more narrow index. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.</div> Performance Information <div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">As of the date of this prospectus (the “Prospectus”), the Fund does not have a full calendar year of</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: arial;">performance information to report. The Fund’s benchmark is the Russell 1000 Index.</div> As of the date of this prospectus (the “Prospectus”), the Fund does not have a full calendar year ofperformance information to report. As described in the “Management” section of the Fund’s prospectus beginning on page 13, 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 13, 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. Other Expenses are based on estimated amounts for the Fund’s current fiscal year.