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Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between 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) 0.0055 0 0.0000 0.0055 0.0000 0.0055 June 30, 2028 Example. <span style="font-weight:bold"> </span>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> 56 176 307 689 Portfolio Turnover <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was 99% of the average value of its portfolio. </div> 0.99 Principal Investment Strategies <div style="margin-top:4pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap growth equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For purposes of the Fund’s 80% policy, large cap growth equity securities are equity securities that (i) at the time of purchase have a market capitalization within the range of companies included in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index (the “Russell 1000 Growth Index”) and (ii) are included within at least one growth index, as determined by BlackRock (the “Growth Indices”). Currently, such Growth Indices are the Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index (the “Russell 3000 Growth Index”), the S&amp;P Composite 1500<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index (the “S&amp;P Composite 1500 Growth Index”) and the MSCI World Growth Index (the “MSCI World Growth Index”). The Russell 1000 Growth Index is a capitalization weighted index from a broad range of industries chosen for market size, liquidity and industry group representation. As of July 31, 2026, the market capitalization range of companies included in the Russell 1000 Growth Index is $2.91 billion to $4.88 trillion. The Russell 3000 Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with relatively higher price-to-book ratios, higher Institutional Brokers’ Estimate System (“I/B/E/S”) forecast medium term (2 year) growth and higher sales per share historical growth (5 years). The S&amp;P Composite 1500 Growth Index measures constituents from the S&amp;P Composite 1500® Index that are classified as growth stocks based on three factors: sales growth, the ratio of earnings change to price and momentum. The MSCI World Growth Index captures large and mid-cap securities exhibiting overall growth style characteristics across 23 developed markets countries. The growth investment style characteristics for index construction are defined using five variables: long-term forward earnings per share (“EPS”) growth rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and long-term historical sales per share growth trend. Equity securities consist of common stock, preferred stock, other financial instruments that are components of, or have characteristics similar to, the securities included in the Growth Indices, and American Depositary Receipts (“ADRs”), which are receipts typically issued by an American bank or trust company that evidence underlying securities issued by a foreign company. The Fund may also purchase convertible securities. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">In addition to ADRs, the Fund may also invest up to 20% of its total assets in other forms of securities of foreign companies, including but not limited to European Depositary Receipts, which are receipts typically issued in Europe evidencing an ownership arrangement with the foreign company or other securities convertible into securities of foreign companies. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended. </div> Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap growth equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For purposes of the Fund’s 80% policy, large cap growth equity securities are equity securities that (i) at the time of purchase have a market capitalization within the range of companies included in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index (the “Russell 1000 Growth Index”) and (ii) are included within at least one growth index, as determined by BlackRock (the “Growth Indices”). Currently, such Growth Indices are the Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index (the “Russell 3000 Growth Index”), the S&amp;P Composite 1500<sup style="font-size:75%;vertical-align:top">®</sup> Growth Index (the “S&amp;P Composite 1500 Growth Index”) and the MSCI World Growth Index (the “MSCI World Growth Index”). The Russell 1000 Growth Index is a capitalization weighted index from a broad range of industries chosen for market size, liquidity and industry group representation. As of July 31, 2026, the market capitalization range of companies included in the Russell 1000 Growth Index is $2.91 billion to $4.88 trillion. The Russell 3000 Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000® Index companies with relatively higher price-to-book ratios, higher Institutional Brokers’ Estimate System (“I/B/E/S”) forecast medium term (2 year) growth and higher sales per share historical growth (5 years). The S&amp;P Composite 1500 Growth Index measures constituents from the S&amp;P Composite 1500® Index that are classified as growth stocks based on three factors: sales growth, the ratio of earnings change to price and momentum. The MSCI World Growth Index captures large and mid-cap securities exhibiting overall growth style characteristics across 23 developed markets countries. The growth investment style characteristics for index construction are defined using five variables: long-term forward earnings per share (“EPS”) growth rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and long-term historical sales per share growth trend. Equity securities consist of common stock, preferred stock, other financial instruments that are components of, or have characteristics similar to, the securities included in the Growth Indices, and American Depositary Receipts (“ADRs”), which are receipts typically issued by an American bank or trust company that evidence underlying securities issued by a foreign company. The Fund may also purchase convertible securities. <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">In addition to ADRs, the Fund may also invest up to 20% of its total assets in other forms of securities of foreign companies, including but not limited to European Depositary Receipts, which are receipts typically issued in Europe evidencing an ownership arrangement with the foreign company or other securities convertible into securities of foreign companies. </div> As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Equity Securities Risk.</span></span> Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Non‑Diversification Risk.</span></span> The Fund is a non-diversified fund. Because the Fund may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Investment Style Risk.</span></span> Under certain market conditions, growth investments have performed better during the later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Risk of Investing in the United States.</span></span> Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Authorized Participant Concentration Risk.</span></span> Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Cash Transactions Risk.</span></span> The Fund may effect some or all of its creations and redemptions for cash, rather than in‑kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption in‑kind. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at wider bid‑ask spreads or greater premiums or discounts to the Fund’s NAV. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Convertible Securities Risk.</span></span> The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Depositary Receipts Risk.</span></span> Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition to investment risks associated with the underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> programs, currency risk and the risk of an illiquid market for depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their respective markets and currencies, they continue to be subject to many of the risks associated with investing directly in foreign securities, including political, economic, and currency risk. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Foreign Securities Risk</span></span>. Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:20.25pt;"> </td> <td style="width:19.5pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:20.25pt;"> </td> <td style="width:19.5pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:20.25pt;"> </td> <td style="width:19.5pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:20.25pt;"> </td> <td style="width:19.5pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:20.25pt;"> </td> <td style="width:19.5pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:20.25pt;"> </td> <td style="width:19.5pt;vertical-align:top;text-align:left;">•</td> <td style="width:0.75pt;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;">Settlement and clearance procedures in certain foreign markets may result in delays 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">Information Technology Sector Risk.</span></span> Information Technology (“IT”) companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the IT sector may face increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. Companies in the software industry may be adversely affected by, among other things, the decline or fluctuation of subscription renewal rates for their products and services and actual or perceived vulnerabilities in their products or services. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"></span><span style="font-weight:bold"><span style="font-style:italic">Issuer Risk</span></span><span style="font-weight:bold"></span><span style="font-weight:bold"><span style="font-style:italic">.</span></span> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Large-Capitalization Companies Risk.</span></span> Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall performance of the broader securities markets. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Large Shareholder and Large-Scale Redemption Risk.</span></span> 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 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> 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. 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">Market Risk and Selection Risk. </span></span>Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market movements and over longer periods during market downturns. Securities or other investments held by the Fund may underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> 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> 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">Operational and Technology Risks.</span></span> The Fund is directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Preferred Securities Risk.</span></span> Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;">applicable generally to equity securities. In addition, a </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"> company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Small Fund Risk.</span></span> When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by the listing exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders. </div> <div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic"></span></span><span style="font-weight:bold"><span style="font-style:italic">Valuation Risk.</span></span> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers. </div> Performance Information <div style="margin-top:4pt;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 Russell 1000 Index and the Russell 1000 Growth Index. The Russell 1000 Growth Index is relevant to the Fund because it has characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. </div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the Russell 1000 Index and the Russell 1000 Growth Index. The Russell 1000 Growth Index is relevant to the Fund because it has characteristics similar to the Fund’s investment strategy. As with all such investments, past performance (before and after taxes) is not an indication of future results. Calendar Year by Year Returns1 year‑to‑date return 2026-06-30 0.1218 <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 21.08% in the 2nd quarter of 2025; the worst was -1.17% in the 4th quarter of 2025. </div><div style="margin-top:11pt;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 0.2108 2025-06-30 worst -0.0117 2025-12-31 www.blackrock.com 1‑800‑474‑2737 (toll free) Average Annual Total Returns (for the periods ended December 31, 2025) 2024-06-04 2024-06-04 2024-06-04 0.1231 0.1669 0.1230 0.1669 0.0730 0.1285 0.1737 0.1930 0.1856 0.2302 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. As described in the “Management” section of the Fund’s prospectus beginning on page 14, 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 14, BFA has contractually agreed to waive a portion of its management fees in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in money market funds managed by BFA or its affiliates through June 30, 2028. The agreement (with respect to either waiver) may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. The Russell 1000 Index measures the performance of the large cap segment of the US equity market. The index includes approximately 1,000 of the largest US companies based on a combination of their market cap and current index membership. The Fund’s year-to-date return as of June 30, 2026 was 12.18%. The Russell 1000 Growth Index measures the performance of US large cap growth stocks. The index includes US large cap stocks with relatively higher price-to-book ratios, higher 2-year I/B/E/S forecast growth and higher historical 5-year sales growth.