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2026-04-30 0001761055 betf:S000090468Member betf:C000257713Member 2026-04-30 2026-04-30 iso4217:USD pure 0001761055 false 485BPOS 2026-04-30 N-1A -0.0610 0.1970 0.1156 0.1718 -0.1227 0.1756 0.1264 0.1305 -0.1332 0.2694 0.2152 0.1835 -0.1757 0.1783 0.1892 0.2022 N-1A BLACKROCK ETF TRUST 2026-08-28 iSHARES DISCIPLINED VOLATILITY EQUITY ACTIVE ETF Ticker: BDVL      Stock Exchange: The Nasdaq Stock Market LLC Investment Objective <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The <span style="font-weight:bold">iShares Disciplined Volatility Equity Active ETF</span> (the “Fund”) seeks to provide risk-adjusted total return. </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 a percentage of the value of your investments) 0.0039 0 0.0000 0.0001 0.0040 -0.0001 0.0039 June 30, 2028 Other Expenses are based on estimated amounts for the Fund’s current fiscal year. Acquired Fund Fees and Expenses are based on estimated amounts for the 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: 40 127 223 504 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. As a result of a reorganization (the “Reorganization”) that was completed on September 12, 2025, the Fund acquired all of the assets and assumed certain stated liabilities of BlackRock GA Disciplined Volatility Equity Fund (the “Predecessor Fund”), a series of Managed Account Series (the “Predecessor Trust”). For the fiscal year ended April 30, 2026, the Fund’s and the Predecessor Fund’s portfolio turnover rate was 193% of the average value of its portfolio. </div> 1.93 Principal Investment Strategies <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. The Fund seeks to achieve its investment objective by investing in both equity and fixed-income securities, including money market securities and other short-term securities or instruments that the Fund management team believes may offer attractive risk-adjusted returns. Equity securities include common stock, preferred stock, American Depository Receipts, or securities or other instruments whose price is linked to the value of common stock. The combination of equity securities will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends. The Fund may also purchase convertible securities. The Fund may invest in the securities of companies of any market capitalization. The Fund may also invest in Real Estate Investment Trusts. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund seeks to provide risk-adjusted total return while managing volatility levels by using a systematic, quantitative model-based approach. Generally, the Fund seeks diversification across markets, industries and issuers as one of its strategies to reduce volatility. Fund management may consider a variety of factors, such as, without limitation, valuation, the relative opportunity for capital appreciation, quality and sentiment. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest in developed and emerging markets, including frontier markets. This flexibility allows Fund management to look for investments in </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> markets around the world that it believes will provide the best relative asset allocation to meet the Fund’s objective. In pursuing its investment objective, the Fund may utilize short positions. The Fund expects to implement short positions through short sales of any instrument that the Fund may purchase for investment or by using options, swaps, futures, forwards, contracts for difference or other derivative instruments. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">With respect to the Fund’s fixed-income investments, the Fund may invest in all types of debt securities, including, but not limited to, U.S. and foreign government bonds, corporate bonds and convertible bonds, structured notes, credit-linked notes, loan assignments and participations, mortgage- and asset-backed securities, inflation-linked bonds, and securities issued or guaranteed by certain international organizations such as the World Bank. The Fund may invest in “junk” bonds, corporate loans, bank loans and distressed securities. These securities offer the possibility of relatively higher returns but are significantly riskier than higher rated debt securities. The Fund may invest in debt securities of any maturity or duration. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may use derivatives, including options, futures, credit default swaps, swaps (including, but not limited to, total return swaps that may be referred to as 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. Derivatives are financial instruments whose value is derived from another security, a commodity, a currency or an index. The Fund has the ability to use forward currency contracts and other currency derivatives. From time to time, the Fund may own foreign cash equivalents or foreign bank deposits as part of the Fund’s investment strategy. The Fund may also invest in non‑U.S. currencies, however, the Fund may underweight or overweight a currency based on the Fund management team’s outlook. The Fund may invest in indexed and inverse securities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest a portion of its assets in securities related to real assets (like real estate- or precious metals-related securities) such as stock, bonds or convertible bonds issued by real estate investment trusts or companies that mine precious metals. The Fund may hold a portion of its assets in cash or cash equivalents. </div> <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. The Fund seeks to achieve its investment objective by investing in both equity and fixed-income securities, including money market securities and other short-term securities or instruments that the Fund management team believes may offer attractive risk-adjusted returns. Equity securities include common stock, preferred stock, American Depository Receipts, or securities or other instruments whose price is linked to the value of common stock. The combination of equity securities will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends. The Fund may also purchase convertible securities. The Fund may invest in the securities of companies of any market capitalization. The Fund may also invest in Real Estate Investment Trusts. </div> The Fund will, under normal circumstances, invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest a portion of its assets in securities related to real assets (like real estate- or precious metals-related securities) such as stock, bonds or convertible bonds issued by real estate investment trusts or companies that mine precious metals. The Fund may hold a portion of its assets in cash or cash equivalents. </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><span style="font-weight:bold">.</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">Foreign Securities Risk</span></span><span style="font-weight:bold">.</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 in payment for or delivery of securities not </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;"> 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">Model Risk</span></span><span style="font-weight:bold">.</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 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">Authorized Participant Concentration Risk</span></span><span style="font-weight:bold">.</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">Cash Transactions Risk</span></span><span style="font-weight:bold">.</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</span></span><span style="font-weight:bold">.</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">Corporate Loans Risk</span></span><span style="font-weight:bold">.</span> Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate (“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks and other lenders. </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">Debt Securities Risk</span></span><span style="font-weight:bold">.</span> Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> 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 creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. </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 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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> 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 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-weight:bold"><span style="font-style:italic">Derivatives Risk</span></span><span style="font-weight:bold">.</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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> 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">Distressed Securities Risk</span></span><span style="font-weight:bold">.</span> Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale. </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">Emerging Markets Risk</span></span><span style="font-weight:bold">.</span> Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed 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">High Portfolio Turnover Risk</span></span><span style="font-weight:bold">.</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:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">High Yield Bonds Risk</span></span><span style="font-weight:bold">.</span> Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for 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">Indexed and Inverse Securities Risk</span></span><span style="font-weight:bold">.</span> Indexed and inverse securities provide a potential return based on a particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index levels move in a way Fund management does not anticipate. </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">Inflation-Indexed Bonds Risk</span></span><span style="font-weight:bold">.</span> The principal value of an investment in the Fund is not protected or otherwise guaranteed by virtue of any investments by the Fund in </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> inflation-indexed bonds. The value of inflation-indexed securities generally fluctuates with changes in real interest rates, decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates minus the inflation rates. If the Fund purchases TIPS in the secondary market and the bonds’ principal values previously were adjusted upward, but then there is a period of declining inflation rates, the Fund may receive at maturity less than it invested. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">In addition, interest payments on inflation-indexed securities generally vary up or down along with the rate of inflation, and inflation-indexed bonds typically have lower nominal yields than conventional fixed-rate bonds. If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity. Periodic adjustments for inflation to the principal amount of an inflation-indexed bond may give rise to original issue discount, which will be includable in the Fund’s gross income. Due to original issue discount, the Fund may be required to make annual distributions to shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is not advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due to deflation, amounts previously distributed in the taxable year may be characterized in some circumstances as a return of capital. </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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> 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><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 of 1940, as amended (the “Investment Company Act” or the “1940 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><span style="font-weight:bold">.</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. The Fund seeks </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> to pursue its investment objective by using proprietary models that incorporate quantitative analysis and is subject to “Model Risk” as described above. </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><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. 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">Mid Cap Securities Risk</span></span><span style="font-weight:bold">.</span> The securities of mid cap companies generally trade in lower volumes and are generally subject to greater and less predictable price changes than the securities of larger capitalization 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">Mortgage- and Asset-Backed Securities Risks</span></span><span style="font-weight:bold">.</span> Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. </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><span style="font-weight:bold">.</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 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">Precious Metal and Related Securities Risk</span></span><span style="font-weight:bold">.</span> Prices of precious metals and of precious metal related securities historically have been very volatile. The high volatility of precious metal prices may adversely affect the financial condition of companies involved with precious metals. The production and sale of precious metals by governments or central banks or other larger holders can be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that may affect the prices of precious metals and securities related to them include changes in inflation, the outlook for inflation and changes in industrial and commercial demand for precious metals. </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">Real Estate-Related Securities Risk</span></span><span style="font-weight:bold">.</span> The main risk of real estate-related securities is that the value of the underlying real estate may go down. Many factors may affect real estate values. These factors include both the general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re‑lease space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one property type, the Fund will be particularly subject to the risks associated with that area or property type. Many issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities. The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or commenced development on properties and may develop additional properties in the future. Real estate </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> development involves significant risks in addition to those involved in the ownership and operation of established properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow dependency and defaults by borrowers or tenants. </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. 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">Short Sales and Short Position Risk</span></span><span style="font-weight:bold">.</span> Because making short sales or taking short positions in securities that it does not own would expose the Fund to the risks associated with those securities, such short sales or positions involve speculative exposure risk. In such situations, the Fund will incur a loss as a result of a short sale or position if the price of the reference instrument increases after the Fund entered into the short sale or position. The Fund may engage in short sales and gain short exposure through certain derivative instruments, such as futures, options or swaps. The Fund may lose more money than the actual cost of a short sale or position and the potential losses are theoretically unlimited on a short sale or position. </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 Cap and Emerging Growth Securities Risk</span></span><span style="font-weight:bold">.</span> Small cap or emerging growth companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a more limited management group than larger capitalized 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">Sovereign Debt Risk</span></span><span style="font-weight:bold">.</span> Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. </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">Structured Notes Risk</span></span><span style="font-weight:bold">.</span> Structured notes and other related instruments purchased by the Fund are generally privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“reference </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> measure”). The purchase of structured notes exposes the Fund to the credit risk of the issuer of the structured product. Structured notes may be leveraged, increasing the volatility of each structured note’s value relative to the change in the reference measure. Structured notes may also be less liquid and more difficult to price accurately than less complex securities and instruments or more traditional debt securities. </div> Performance Information <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund adopted the performance of the Predecessor Fund as a result of the Reorganization on September 12, 2025. The performance information below is based on the performance of Class K Shares of the Predecessor Fund for periods prior to the date of the Reorganization. The Predecessor Fund had the same investment objective and substantially similar investment strategies as the Fund as of the date of the Reorganization. The Predecessor Fund was managed by a different investment adviser that is under common control with BFA and had the same portfolio management team as the Fund as of the date of the Reorganization. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">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 MSCI World Index (Net) and the MSCI ACWI Minimum Volatility Index (USD) (Net). The MSCI ACWI Minimum Volatility Index (USD) (Net) 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 Predecessor 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 MSCI World Index (Net) and the MSCI ACWI Minimum Volatility Index (USD) (Net). The MSCI ACWI Minimum Volatility Index (USD) (Net) 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 2026-06-30 0.0590 <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The best calendar quarter return during the period shown above was 15.39% in the 2nd quarter of 2020; the worst was ‑17.10% in the 1st quarter of 2020. </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 0.1539 2020-06-30 worst -0.1710 2020-03-31 www.blackrock.com 1‑800‑474‑2737 (toll free) Average Annual Total Returns (for the periods ended December 31, 2025) 2017-06-01 2017-06-01 2017-06-01 0.1305 0.0900 0.0864 0.1054 0.0746 0.0740 0.0827 0.0652 0.0649 0.2109 0.1215 0.1200 0.1065 0.0629 0.0687 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. iSHARES DYNAMIC EQUITY ACTIVE ETF Ticker: BDYN      Stock Exchange: The Nasdaq Stock Market LLC Investment Objective <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The <span style="font-weight:bold">iShares Dynamic Equity Active ETF</span> (the “Fund”) seeks to provide total return. </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 a percentage of the value of your investments) 0.0039 0 0.0000 0.0001 0.0040 -0.0001 0.0039 June 30, 2028 Other Expenses are based on estimated amounts for the Fund’s current fiscal year. Acquired Fund Fees and Expenses are based on estimated amounts for the 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.<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> 40 127 223 504 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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> “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. As a result of a reorganization (the “Reorganization”) that was completed on September 12, 2025, the Fund acquired all of the assets and assumed certain stated liabilities of BlackRock GA Dynamic Equity Fund (the “Predecessor Fund”), a series of Managed Account Series (the “Predecessor Trust”). For the fiscal year ended April 30, 2026, the Fund’s and the Predecessor Fund’s portfolio turnover rate was 84% of the average value of its portfolio. </div> 0.84 Principal Investment Strategies <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. The Fund seeks to achieve its investment objective by investing in both equity and fixed-income securities, including money market securities and other short-term securities or instruments, of issuers located around the world. Equity securities include common stock, preferred stock, American Depository Receipts, or securities or other instruments whose price is linked to the value of common stock. The combination of equity securities will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends. The Fund may also purchase convertible securities. The Fund may invest in the securities of companies of any market capitalization. The Fund may also invest in Real Estate Investment Trusts. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Generally, the Fund seeks diversification across markets, industries and issuers. In making investment decisions, Fund management seeks to identify the long term trends and changes that Fund management believes could benefit particular markets, industries and/or issuers relative to other markets, industries and/or issuers, respectively. Fund management will consider a variety of factors when selecting the markets, such as the rate of economic growth, natural resources, capital reinvestment and the social and political environment. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest in developed and emerging markets, including frontier markets. This flexibility allows Fund management to look for investments in markets around the world that it believes will provide the best relative asset allocation to meet the Fund’s objective. In pursuing its investment objective, the Fund may utilize short positions. The Fund expects to </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> implement short positions through short sales of any instrument that the Fund may purchase for investment or by using options, swaps, futures, forwards, contracts for difference or other derivative instruments. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">With respect to the Fund’s fixed-income investments, the Fund may invest in all types of debt securities, including, but not limited to, U.S. and foreign government bonds, corporate bonds and convertible bonds, structured notes, credit-linked notes, loan assignments and participations, mortgage- and asset-backed securities, and securities issued or guaranteed by certain international organizations such as the World Bank. The Fund may invest in “junk” bonds, corporate loans and distressed securities. These securities offer the possibility of relatively higher returns but are significantly riskier than higher rated debt securities. The Fund may invest in debt securities of any maturity or duration. </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 that may be referred to as contracts for difference), credit default swaps 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. Derivatives are financial instruments whose value is derived from another security, a commodity, a currency or an index. The Fund has the ability to use forward currency contracts and other currency derivatives. From time to time, the Fund may own foreign cash equivalents or foreign bank deposits as part of the Fund’s investment strategy. The Fund may also invest in non‑U.S. currencies, however, the Fund may underweight or overweight a currency based on the Fund management team’s outlook. The Fund may invest in indexed and inverse securities. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest a portion of its assets in securities related to real assets (like real estate- or precious metals-related securities) such as stock, bonds or convertible bonds issued by real estate investment trusts or companies that mine precious metals. The Fund may hold a portion of its assets in cash or cash equivalents. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investment in commodity-linked derivative instruments and investment vehicles such as exchange traded funds that invest exclusively in commodities and are designed to provide this exposure without direct investment in physical </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> commodities. The Fund may gain exposure to commodity markets by investing up to 25% of its total assets in Cayman GA Dynamic Equity Fund, Ltd. (the “Subsidiary”), a wholly owned subsidiary of the Fund following the reorganization formed in the Cayman Islands, which invests primarily in commodity-related instruments. The Subsidiary may also hold cash and invest in other instruments, including fixed income securities, either as investments or to serve as margin or collateral for the Subsidiary’s derivative positions. The Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments. </div> <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund will, under normal circumstances, invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. The Fund seeks to achieve its investment objective by investing in both equity and fixed-income securities, including money market securities and other short-term securities or instruments, of issuers located around the world. Equity securities include common stock, preferred stock, American Depository Receipts, or securities or other instruments whose price is linked to the value of common stock. The combination of equity securities will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends. The Fund may also purchase convertible securities. The Fund may invest in the securities of companies of any market capitalization. The Fund may also invest in Real Estate Investment Trusts. </div> The Fund will, under normal circumstances, invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may invest a portion of its assets in securities related to real assets (like real estate- or precious metals-related securities) such as stock, bonds or convertible bonds issued by real estate investment trusts or companies that mine precious metals. The Fund may hold a portion of its assets in cash or cash equivalents. </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><span style="font-weight:bold">.</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">Foreign Securities Risk</span></span><span style="font-weight:bold">.</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 </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;"> 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. </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;">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 in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. </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">Market Risk and Selection Risk</span></span><span style="font-weight:bold">.</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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> 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">Authorized Participant Concentration Risk</span></span><span style="font-weight:bold">.</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: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><span style="font-style:italic">. </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">Commodities Related Investments Risk</span></span><span style="font-weight:bold">.</span> Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. </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><span style="font-weight:bold">.</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">Corporate Loans Risk</span></span><span style="font-weight:bold">.</span> Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate (“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks and other lenders. </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">Debt Securities Risk</span></span><span style="font-weight:bold">.</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 creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. </div><div style="margin-top:0pt;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 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 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:0pt;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-weight:bold"><span style="font-style:italic">Derivatives Risk</span></span><span style="font-weight:bold">.</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: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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> 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">Distressed Securities Risk</span></span><span style="font-weight:bold">.</span> Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale. </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">Emerging Markets Risk</span></span><span style="font-weight:bold">.</span> Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> markets have far lower trading volumes and less liquidity than developed 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">High Yield Bonds Risk</span></span><span style="font-weight:bold">.</span> Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for 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">Indexed and Inverse Securities Risk</span></span><span style="font-weight:bold">.</span> Indexed and inverse securities provide a potential return based on a particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index levels move in a way Fund management does not anticipate. </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 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><span style="font-weight:bold">.</span> Some transactions may give rise to a form of economic leverage. These transactions may </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> 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 of 1940, as amended (the “Investment Company Act” or the “1940 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 Trading Risk</span></span><span style="font-weight:bold">.</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. 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">Mid Cap Securities Risk</span></span><span style="font-weight:bold">.</span> The securities of mid cap companies generally trade in lower volumes and are generally subject to greater and less predictable price changes than the securities of larger capitalization 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">Mortgage- and Asset-Backed Securities Risks</span></span><span style="font-weight:bold">.</span> Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. </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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> 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">Precious Metal and Related Securities Risk</span></span><span style="font-weight:bold">.</span> Prices of precious metals and of precious metal related securities historically have been very volatile. The high volatility of precious metal prices may adversely affect the financial condition of companies involved with precious metals. The production and sale of precious metals by governments or central banks or other larger holders can be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that may affect the prices of precious metals and securities related to them include changes in inflation, the outlook for inflation and changes in industrial and commercial demand for precious metals. </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">Real Estate-Related Securities Risk</span></span><span style="font-weight:bold">.</span> The main risk of real estate-related securities is that the value of the underlying real estate may go down. Many factors may affect real estate values. These factors include both the general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re‑lease space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one property type, the Fund will be particularly subject to the risks associated with that area or property type. Many issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities. The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or commenced development on properties and may develop additional properties in the future. Real estate development involves significant risks in addition to those involved in the ownership and operation of established properties. Real estate securities may have limited diversification and are, therefore, subject </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> to risks inherent in operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow dependency and defaults by borrowers or tenants. </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. 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">Short Sales and Short Position Risk</span></span><span style="font-weight:bold">.</span> Because making short sales or taking short positions in securities that it does not own would expose the Fund to the risks associated with those securities, such short sales or positions involve speculative exposure risk. In such situations, the Fund will incur a loss as a result of a short sale or position if the price of the reference instrument increases after the Fund entered into the short sale or position. The Fund may engage in short sales and gain short exposure through certain derivative instruments, such as futures, options or swaps. The Fund may lose more money than the actual cost of a short sale or position and the potential losses are theoretically unlimited on a short sale or position. </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 Cap and Emerging Growth Securities Risk</span></span><span style="font-weight:bold">.</span> Small cap or emerging growth companies may have limited product lines or markets. They may be less financially secure than larger, more established companies. They may depend on a more limited management group than larger capitalized 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">Sovereign Debt Risk</span></span><span style="font-weight:bold">.</span> Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. </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">Structured Notes Risk</span></span><span style="font-weight:bold">.</span> Structured notes and other related instruments purchased by the Fund are generally privately negotiated debt obligations where </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> the principal and/or interest is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The purchase of structured notes exposes the Fund to the credit risk of the issuer of the structured product. Structured notes may be leveraged, increasing the volatility of each structured note’s value relative to the change in the reference measure. Structured notes may also be less liquid and more difficult to price accurately than less complex securities and instruments or more traditional debt securities. </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">Subsidiary Risk</span></span><span style="font-weight:bold">.</span> By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund (see “Commodities Related Investments Risk” above). There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment Company Act and, unless otherwise noted in this prospectus, is not subject to all the investor protections of the Investment Company Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by BFA, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of the Fund, including its investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies and procedures, as the Fund, except that the Subsidiary may invest without limitation in commodity-related instruments. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the Statement of Additional Information and could adversely affect the Fund. </div> Performance Information <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund adopted the performance of the Predecessor Fund as a result of the Reorganization on September 12, 2025. The performance information below is based on the performance of Class K Shares of the Predecessor Fund for periods prior to the date of the Reorganization. The Predecessor Fund had the same investment objective and substantially similar investment strategies as the Fund as of the date of the Reorganization. The Predecessor Fund was managed by a different investment adviser that is under common control with BFA and had the same portfolio management team as the Fund as of the date of the Reorganization. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">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 MSCI World Index (Net). 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. 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 2026-06-30 0.0814 <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The best calendar quarter return during the period shown above was 22.77% in the 2nd quarter of 2020; the worst was ‑22.22% in the 1st quarter of 2020. </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 0.2277 2020-06-30 worst -0.2222 2020-03-31 www.blackrock.com 1‑800‑474‑2737 (toll free) Average Annual Total Returns (for the periods ended December 31, 2025) 2017-06-01 2017-06-01 2017-06-01 0.2022 0.1044 0.1115 0.1926 0.0945 0.1024 0.1238 0.0796 0.0878 0.2109 0.1215 0.1200 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 year-to-date return as of June 30, 2026 was 8.14%. The Fund’s year-to-date return as of June 30, 2026 was 5.90%. As described in the “Management” section of the Fund’s prospectus beginning on page 21, 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 21, 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. MSCI World Index (Net) captures large- and mid‑cap representation across 23 developed markets countries. With 1,352 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. For additional comparative performance information for the MSCI World Index (Net), please see the Fund’s Statement of Additional Information. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. MSCI ACWI Minimum Volatility Index (USD) (Net) aims to reflect the performance characteristics of a minimum variance strategy applied to large- and mid‑cap equities across 23 developed markets and 24 emerging markets countries. The index is calculated by optimizing the MSCI ACWI Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints). For additional comparative performance information for the MSCI ACWI Minimum Volatility Index (USD) (Net), please see the Fund’s Statement of Additional Information. As described in the “Management” section of the Fund’s prospectus beginning on page 21, 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 21, 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. Other Expenses are based on estimated amounts for the Fund’s current fiscal year. Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year. 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. MSCI World Index (Net) captures large- and mid-cap representation across 23 developed markets countries. With 1,352 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. For additional comparative performance information for the MSCI World Index (Net), please see the Fund’s Statement of Additional Information. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.