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2022 Prospectus |
• | BlackRock Future Health ETF | BMED | NYSE ARCA |
Ticker: BMED | Stock Exchange: NYSE Arca |
(ongoing expenses that you pay each year as a percentage of the value of your investments) | ||||||||||
Management Fees1 |
Distribution and Service (12b-1) Fees |
Other Expenses |
Total
Annual Fund Operating Expenses |
Fee Waiver1 |
Total
Annual Fund Operating Expenses After Fee Waiver1 | |||||
1 |
One Year | Since
Fund Inception | ||
(Inception
Date): |
|||
Return Before Taxes | - |
||
Return after Taxes on Distributions1 | - |
||
Return after Taxes on Distributions and Sale of Fund Shares1 | - |
||
MSCI ACWI Index2 (Index returns do not reflect deductions for fees, expenses or taxes) | |||
MSCI ACWI SMID Growth Health Care Index3 (Index returns do not reflect deductions for fees, expenses or taxes) |
1 |
2 | |
3 |
■ | identifying companies and industries that appear to have the potential for above-average returns; and |
■ | identifying companies that are expected to show above-average growth over the long-term as well as those that appear to be trading below their true worth. |
■ | Government intervention in issuers’ operations or structure; |
■ | A lack of market liquidity and market efficiency; |
■ | Greater securities price volatility; |
■ | Exchange rate fluctuations and exchange controls; |
■ | Less availability of public information about issuers; |
■ | Limitations on foreign ownership of securities; |
■ | Imposition of withholding or other taxes; |
■ | Imposition of restrictions on the expatriation of the funds or other assets of the Fund; |
■ | Higher transaction and custody costs and delays in settlement procedures; |
■ | Difficulties in enforcing contractual obligations; |
■ | Lower levels of regulation of the securities markets; |
■ | Weaker accounting, disclosure and reporting requirements and the risk of being delisted from U.S. exchanges; and |
■ | Legal principles relating to corporate governance, directors’ fiduciary duties and liabilities and stockholders’ rights in markets in which the Fund invests may differ from or may not be as extensive or protective as those that apply in the U.S. |
■ | High yield securities may be issued by less creditworthy issuers. Issuers of high yield securities may have a larger amount of outstanding debt relative to their assets than issuers of investment-grade bonds. In the event of an issuer’s bankruptcy, claims of |
other creditors may have priority over the claims of high yield securities holders, leaving few or no assets available to repay high yield securities holders. | |
■ | Prices of high yield securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of high yield securities than on other higher rated fixed-income securities. The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. |
■ | Issuers of high yield securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing. |
■ | High yield securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems high yield securities held by the Fund, the Fund may have to invest the proceeds in bonds with lower yields and may lose income. |
■ | High yield securities may be less liquid than higher rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the high yield securities market, and there may be significant differences in the prices quoted for high yield securities by the dealers. Because high yield securities may be less liquid than higher rated fixed-income securities, judgment may play a greater role in valuing certain of the Fund’s securities than is the case with securities trading in a more liquid market. |
■ | The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. |
BlackRock Future Health ETF | |||
Year
Ended 07/31/22 |
Period
From 09/29/20(a) to 07/31/21 | ||
Net asset value, beginning of period | $30.04 | $25.13 | |
Net investment loss(b) | (0.13) | (0.15) | |
Net realized and unrealized gain (loss)(c) | (6.70) | 5.06 | |
Net increase (decrease) from investment operations | (6.83) | 4.91 | |
Net asset value, end of period | $23.21 | $30.04 | |
Total Return(d) | |||
Based on net asset value | (22.72)%(e) | 19.50%(f) | |
Ratios to Average Net Assets(g) | |||
Total expenses | 0.85% | 0.85%(h) | |
Total expenses after fees waived | 0.85% | 0.85%(h) | |
Net investment loss | (0.49)% | (0.64)%(h) | |
Supplemental Data | |||
Net assets, end of period (000) | $7,426 | $7,209 | |
Portfolio turnover rate(i) | 103% | 39%(f) | |
(a) Commencement of operations. | |||
(b) Based on average shares outstanding. | |||
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. | |||
(d) Where applicable, assumes the reinvestment of distributions. | |||
(e) Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been -22.73%. | |||
(f) Not annualized. | |||
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |||
(h) Annualized. | |||
(i) Portfolio turnover rate excludes in-kind transactions. |
Call: | 1-800-474-2737 (toll free) |
Write: | c/o
BlackRock Investments, LLC 1 University Square Drive, Princeton, NJ 08540 |