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oef:AfterTaxesOnDistributionsAndSalesMember 2024-12-02 2025-12-31 0001879238 cik0001879238:C000255313Member cik0001879238:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001879238 cik0001879238:C000255313Member cik0001879238:BloombergUSAggregateBondIndexMember 2024-12-02 2025-12-31 iso4217:USD pure false 485BPOS 0001879238 N-1A BONDBLOXX ETF TRUST 2026-02-28 2026-02-28 BONDBLOXX USD HIGH YIELD BOND INDUSTRIAL SECTOR ETF Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zo4pCrTUFFL4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx USD High Yield Bond Industrial Sector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds in the industrial sector.</span></p> Fees and Expenses <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zfVzmecQtStf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zclyOgI25dOj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zjkdGPnCPXUj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member__oef--ClassAxis__custom--C000231820Member_zLRkq4mz01h3" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zv9gnJz9Cgmj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F47_zkmDj0zvkEHf">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.35</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zbpRcKDaGRa2" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zqma4uHhdVN8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zcRMTx2l2DDe" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.35</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zzLxXLIeRqlb">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F18_zYO58HJASPr7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0035 0 0.0000 0.0035 Example. <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zA2KMlZ4gYmh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_z2bctyrmwgz5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zZHMROtRxqbj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_482_eoef--ExpenseExampleYear01_zB7oFLiYHc9i" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zoLB4zoiJP1j" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zaBWZVHbPnPb" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zGtA41ygPBS8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41E_20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member__oef--ClassAxis__custom--C000231820Member_zbKWTuOrZX68" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$36</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$113 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$197 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$443 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 36 113 197 443 Portfolio Turnover. <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zM1W0tmcOOY3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024, to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_901_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member_zOsATR2O5u9i">28%</span> of the average value of its portfolio.</p> 0.28 Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zuG3MDAz8ve2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is diversified and seeks to track the investment results of the ICE Diversified US Cash Pay High Yield Core Industrial Index (the “Index”), which is a rules-based index consisting of U.S. dollar-denominated below investment grade bonds (as determined by ICE Data Indices, LLC or its affiliates (collectively “Index Provider” or “IDI”)) that contains issuers from the industrial sector, including the basic materials, capital goods, transportation and services sub-sectors. Below investment grade bonds are commonly referred to as “junk bonds.” The Index is a modified market value-weighted index with a cap on each issuer of 25% of the market capitalization of the Index. This means that Index constituents are capitalization weighted, based on their current amount outstanding, and then adjusted in accordance with the index methodology detailed below. There is no limit to the number of issues in the Index, but as of December 31, 2025, the Index included approximately 492 constituents. The bonds included in the Index are publicly issued in the United States domestic market. Because the Index is reconstituted and rebalanced monthly, the components of the Index are likely to change over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is composed of a subset of bonds in the ICE BofA US Cash Pay High Yield Constrained Index (the “Underlying Index”). The Index components are classified into “large cap” and “small cap” categories. Their weightings are then adjusted based on a capitalization-weighting adjustment formula. See “More Information About the Funds—Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the bonds eligible for inclusion in the Index include U.S. dollar-denominated high yield corporate bonds, currently in a coupon paying period, that are publicly issued in the U.S. domestic market, and that: (i) are issued by companies having “risk exposure” to countries (<i>i.e.,</i> issuers that are subject to the risks of one or more of these countries as a result of the principal country of domicile of the issuers (as determined by the Index Provider)) that are members of the FX-G10, which include Australia, Austria, Belgium, Canada, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, the U.K. and the U.S. and their respective territories; (ii) have an average rating of below investment grade (ratings from Fitch Ratings, Inc. (“Fitch”), Moody’s Investors Service, Inc. (“Moody’s”) or S&amp;P Global Ratings are considered; if more than one agency provides a rating, the average rating is attached to the bond); (iii) are registered with the SEC, exempt from registration at issuance, or offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), with or without registration rights; (iv) have at least $250 million of outstanding face value; (v) have an original maturity date of at least 18 months at the time of issuance; (vi) have at least one year to maturity as of the rebalancing date; and (vii) are issued by companies that each derive at least 50% of their revenues or profits from the ownership, operation, development, construction, management, financing, leasing or sale of industrial assets. There is no upper limit on the maturity of bonds eligible for inclusion in the Index. For more information regarding the Underlying Index, see “More Information About the Funds—Underlying Index” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high-yield, below-investment grade bonds denominated in U.S. dollars of issuers in the industrial sector, either directly or indirectly (e.g., through derivatives). The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, securities of other registered investment companies, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An issuer is considered to be in the industrial sector if it derives at least 50% of its revenues or profits from the ownership, operation, development, construction, management, financing, leasing or sale of industrial assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to track the investment results of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is concentrated.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As of December 31, 2025, the Index currently holds 25% or more of its assets in the basic industry, capital goods, and services sub-sectors.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_z8BTNxU1qwDh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zedzwXPMleP8">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zEanG9v1T5d7"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zXnXB3KCYoc8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>High Yield Securities Risk. </i></b>Securities that are rated below investment-grade (sometimes referred to as “junk bonds,” which may include those bonds rated below “BBB-” by S&amp;P Global Ratings and Fitch or below “Baa3” by Moody’s), or similar securities that are unrated, may be deemed speculative, may involve greater levels of risk than higher-rated securities of similar maturity and may be more likely to default. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in the NAV of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities because there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities could experience sudden and sharp volatility, which is generally associated more with investments in stocks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zE2lcQPLyU18"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zCKroYwkLHWk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zcpU3lFKcHS"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zinZBvbVg1jb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zN2Nxmeirj25"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zC4fJboZlcf2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. <b>INDEX-BASED EXCHANGE TRADED FUNDS (“ETFs”) THAT TRACK INDICES WITH SIGNIFICANT WEIGHT IN HIGH YIELD SECURITIES MAY EXPERIENCE HIGHER TRACKING ERROR THAN OTHER INDEX ETFs THAT DO NOT TRACK SUCH INDICES.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zjxTUWkARq2d"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--BondRiskMember_zB8tZP6LY75i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Bond Risk.</i></b> The Fund invests a substantial portion of its assets in U.S. dollar-denominated bonds. A bond is an interest-bearing security typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors. An issuer may have the right to redeem or “call” a bond before maturity, in which case the Fund may have to reinvest the proceeds at lower market rates. Similarly, the Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Bonds may be unsecured (backed only by the issuer’s general creditworthiness) or secured (backed by specified collateral).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zo5Bm82TLmP2"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_zIU2u3JGsPt5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Corporate Bond Risk.</i></b> The Fund will invest in corporate bonds, which are debt instruments issued by corporations to raise capital. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zaaR0d03Y6p7"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zjt4o3A0hsT9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. The Fund invests in fixed income securities of high yield issuers that may exhibit higher levels of credit risk than other types of fixed income instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zl6e8Jgxm9V5"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zXPG0bsO1wL3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zpz3rBRCNqgi"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zbTeRjJO1o3i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests more heavily in particular sectors, sub-sectors, industries, groups of industries, asset classes, markets, regions, countries, or groups of countries, its performance will be especially sensitive to developments that significantly affect those sectors, sub-sectors, industries, asset classes, markets, regions, or countries. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. An individual sector, sub-sector, industry, group of industries, asset-class, market, region, country, or group of countries may outperform the broader market during particular periods, but may do so with considerably greater volatility than the broader market. In addition, the several industries that constitute a sector or sub-sector or the several countries or markets that constitute a region or group of countries may all react similarly to economic, political, regulatory or other market events. The Fund’s performance could also be affected if the sectors, sub-sectors, industries, asset classes, markets, regions, or countries do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zQujOF5vg9b2"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zJqlP9rsnoY1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zXe4bxLsYjq6"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zKwCTFMSYjb7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zgS7ULfxzmFj"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zxJcCounxhkg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zWr3U6j6Kq47"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zBNPdjueT3Nc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zWGcZdHR2gRd"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zu43XFjPu2nl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zGh1K0nrVIA3"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zRWbFDJDKDy9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zvzYYBIaosN2"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialSectorRiskMember_zJaSCHqoYiwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Industrial Sector Risk</i>.</b> The industrial sector consists of numerous sub-sectors, including the basic materials, capital goods, transportation and services sub-sectors. Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this sector rely, to a significant extent, on U.S. and foreign government demand for their products and services. Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zEeBn5dNpon5"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--BasicMaterialsSubSectorRiskMember_z7QOMzro6cvb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basic Materials Sub-Sector Risk</i>.</b> Issuers in the basic materials sub-sector may be adversely affected by commodity price volatility, exchange rate fluctuations, import controls and increased competition. Production of industrial materials often exceeds demand as a result of over-building or economic downturns, leading to poor investment returns. Issuers in the basic materials sub-sector are at risk for environmental damage and product liability claims and may be adversely affected by depletion of resources, interruptions in supplies of certain commodities, delays in technical progress, labor relations and government and environmental regulations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zGs0KtbgIe7g"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CapitalGoodsSubSectorRiskMember_zhiugspbCvpg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital Goods Sub-Sector Risk</i>. </b>Companies in the capital goods sub-sector include aerospace &amp; defense, building products, construction &amp; engineering, and other manufacturers of capital-intensive products. Companies in the capital goods sub-sector may be affected by fluctuations in the business cycle and by other factors affecting manufacturing demands, including the availability and price of certain commodities. The capital goods sub-sector depends heavily on corporate spending. Companies in the capital goods sub-sector may perform well during times of economic expansion, but as economic conditions worsen, the demand for capital goods may decrease. Many capital goods are sold internationally, and companies in this sub-sector may be affected by market conditions in other countries and regions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_z80AO3dp0FUl"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TransportationSubSectorRiskMember_zmQiKyFOGsoc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Transportation Sub-Sector Risk.</i></b> Companies in the transportation sub-sector may be adversely affected by changes in the economy, increases in fuel and operating costs, labor relations, technology developments, exchange rates, insurance costs, industry competition and government regulation. Companies in the transportation sub-sector are also affected by severe weather events, mass casualty accidents or environmental catastrophes, acts of terrorism and other similar events that target or damage transportation infrastructure or vessels, war or risk of war, widespread disruption of technology systems and increasing equipment and operational costs. Such global or regional events and conditions may adversely affect the operations, financial condition and liquidity of companies in the transportation sub-sector and cause insurance premiums to increase dramatically or result in insurance coverage becoming unavailable for certain business lines or assets. Securities of companies in the transportation sub-sector are generally cyclical and occasionally subject to sharp price movements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zUWqOAPQ5dN"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zTZ7ZG8x5iql" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zLJhtGCGBsAf"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicRiskMember_zV9G7qIIKbS3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Geographic Risk</i>.</b> A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zG94vwklVaOi"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_zuOrRVyk7bM6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk of Investing in the United States</i>.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zKOoKlcOBupb"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zPZk7QNFbc54" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration Risk.</i></b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, sector, sub-sector, market segment, market, industry, group of industries, country, group of countries, region or asset class.</span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zjkOPUtrHai6"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zcDP2ld2HbDe"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zJnCh1vZNHq4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV. The high yield securities in which the Fund invests may experience greater liquidity challenges than other types of securities during periods of market stress.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zGjgDSzx3xcj"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatelyIssuedSecuritiesRiskMember_zCdl1mldvgl4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Privately Issued Securities Risk. </i></b>The Fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately issued securities are securities that have not been registered under the 1933 Act and as a result may be subject to legal restrictions on resale. Privately issued securities are generally not traded on established markets. As a result of the absence of a public trading market, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly traded securities and may be subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zQy1ePhIeRki"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zvHg7sHSuoh5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zG1nNnPXevbl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_ztJzzUDIYOR"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zehPAO8JOrU7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk. </i></b>The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_znHZZ25km2Ek" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zQlZxfmL1tKa"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z6wLKJJyDGr" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_z9NT6KLKZyYg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>. </i>The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_z4WPeeiXB9m8"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zoDXrfKz35Z6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zJFv6QG7rze1"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zZktzIhGYXza" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> Performance Information <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zzjaWkypYYD6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member_zpnVOLkFGoml">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. </span><span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member_zdiDPErfzmO3">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member_zVlLFpqXn1ql">www.bondbloxxetf.com </span>or by calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member_zJlQpDJNpEx7">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zctvN3xGUwL" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xhyi_001.jpg" style="height: 240px; width: 400px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z1xzyHSrsvTe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000231820Member_z41OYzB5nF3d" style="display: none; text-align: center; width: 50%">12.28%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000231820Member_zvF8EhJgAyOh" style="display: none; text-align: center">7.24%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000231820Member_z6P8cvEQXPvk" style="display: none; text-align: center">8.04%</td></tr> </table> 0.1228 0.0724 0.0804 <p id="xdx_A89_eoef--BarChartClosingTextBlock_z1kAfl5AiOva" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:<br/> <span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member_zY4Euu5n4Pt9">Highest</span>: <span id="xdx_909_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member_z33UGBTFsMrf">6.58%</span> Quarter ended: <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member_zlNQ3FL9cPll">12/31/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member_zH6Cfra4q47c">Lowest</span>: <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member_zq3FWmI5p14c">(9.20)% Quarter ended:</span> <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member_zJ0mmS0a2u99">6/30/2022</span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline: true">The <span id="xdx_907_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member_zJJfrpMUyM8j">year-to-date total return</span> for the Fund as of <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member_zK0GHVPHJzP7">December 31, 2025</span> was <span id="xdx_902_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member_zuX3ezibJNug">8.04%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Highest 0.0658 2023-12-31 Lowest -0.0920 2022-06-30 year-to-date total return 2025-12-31 0.0804 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A89_eoef--PerformanceTableTextBlock_zjw28VIbx925"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zNJJZ9NxM9i" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20251231_zbjJbFT3OkLg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20220215__20251231_z25AP4SvRSGa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/> (<span id="xdx_903_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000231820Member_zaKIuWhUoe54">02/15/2022</span>)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231820Member_znxjB84ySQW" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">8.04</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">5.61</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231820Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zB4BLASJoWH8" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.21</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.82</td> <td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231820Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z8O8c9kgzQcf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.70</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.04</td> <td style="text-align: left">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231820Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zP0RVFT65Kz5" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Aggregate Bond Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.03</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231820Member__oef--PerformanceMeasureAxis__custom--ICEDiversifiedUSCashPayHighYieldCoreIndustrialIndexMember_z66ePMBCoXZj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICE Diversified US Cash Pay High Yield Core Industrial Index<br/> <i>(<span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000074213Member_z69qaR0et8y6">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.04</td> <td style="text-align: left">%</td></tr> </table> 2022-02-15 0.0804 0.0561 0.0521 0.0282 0.0470 0.0304 0.0730 0.0103 reflects no deduction for fees, expenses, or taxes 0.0830 0.0604 BONDBLOXX USD HIGH YIELD BOND TELECOM, MEDIA & TECHNOLOGY SECTOR ETF Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zTDG8jEPLnxc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx USD High Yield Bond Telecom, Media &amp; Technology Sector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds in the telecommunications, media and technology sector.</span></p> Fees and Expenses <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zcz7KIA3YGrd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zrW9jbjH4Mik"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zvykLRhQ4zhl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member__oef--ClassAxis__custom--C000231821Member_zgfM1gx4wKp2" style="text-align: center"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zNHmqsQ9ycIe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F46_zAvrOGMSn0W8">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.35</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z4YlEihiXZui" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zfyzbOEXFgG7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zW9Q484eZ6n4" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.35</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0A_ziPw49pk4qvg">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F1A_zR6SJ4xkJdU3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0035 0 0.0000 0.0035 Example. <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zorR5DFShiJ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_z2Mseh4QjdL2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zjFhl8zj6Kcb" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_486_eoef--ExpenseExampleYear01_zEh6v6IEzghk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_482_eoef--ExpenseExampleYear03_zwoQIlGVGrE" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_483_eoef--ExpenseExampleYear05_zZeJ36IN6bda" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zDbSHxYV4E87" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41A_20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member__oef--ClassAxis__custom--C000231821Member_zOnEQh1ZgQeg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$36 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$113 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$197 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$443 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 36 113 197 443 Portfolio Turnover. <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zddcXwEpPFf5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_907_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member_zjTSnPgS7oXi">41%</span> of the average value of its portfolio.</p> 0.41 Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zwFuAbErOfl8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is diversified and seeks to track the investment results of the ICE Diversified US Cash Pay High Yield Telecom, Media &amp; Technology Index (the “Index”), which is a rules-based index consisting of U.S. dollar-denominated below investment grade bonds (as determined by ICE Data Indices, LLC or its affiliates (collectively “Index Provider” or “IDI”)) that contains issuers from the telecom, media and technology sector, including the telecommunications, technology and electronics, and media sub-sectors. Below investment grade bonds are commonly referred to as “junk bonds.” The Index is a modified market value-weighted index with a cap on each issuer of 25% of the market capitalization of the Index. This means that Index constituents are capitalization weighted, based on their current amount outstanding, and then adjusted in accordance with the index methodology detailed below. There is no limit to the number of issues in the Index, but as of December 31, 2025, the Index included approximately 315 constituents. The bonds included in the Index are publicly issued in the United States domestic market. Because the Index is reconstituted and rebalanced monthly, the components of the Index are likely to change over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is composed of a subset of bonds in the ICE BofA US Cash Pay High Yield Constrained Index (the “Underlying Index”). The Index components are classified into “large cap” and “small cap” categories. Their weightings are then adjusted based on a capitalization-weighting adjustment formula. See “More Information About the Funds—Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the bonds eligible for inclusion in the Index include U.S. dollar-denominated high yield corporate bonds, currently in a coupon paying period, that are publicly issued in the U.S. domestic market, and that: (i) are issued by companies having “risk exposure” to countries (<i>i.e.,</i> issuers that are subject to the risks of one or more of these countries as a result of the principal country of domicile of the issuers (as determined by the Index Provider)) that are members of the FX-G10, which include Australia, Austria, Belgium, Canada, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, the U.K. and the U.S. and their respective territories; (ii) have an average rating of below investment grade (ratings from Fitch Ratings, Inc. (“Fitch”), Moody’s Investors Service, Inc. (“Moody’s”) or S&amp;P Global Ratings are considered; if more than one agency provides a rating, the average rating is attached to the bond); (iii) are registered with the SEC, exempt from registration at issuance, or offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), with or without registration rights; (iv) have at least $250 million of outstanding face value; (v) have an original maturity date of at least 18 months at the time of issuance; (vi) have at least one year to maturity as of the rebalancing date; and (vii) are issued by companies that each derive at least 50% of their revenues or profits from the ownership, operation, development, construction, management, financing, leasing or sale of telecom, media and technology assets. There is no upper limit on the maturity of bonds eligible for inclusion in the Index. For more information regarding the Underlying Index, see “More Information About the Funds—Underlying Index” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high-yield, below-investment grade bonds denominated in U.S. dollars of issuers in the telecom, media and technology sector, either directly or indirectly (e.g., through derivatives). Because the Index does not have a minimum percentage in the telecommunications sub-sector, technology and electronics sub-sector, or media sub-sector, the Fund also does not have a sub-sector investment minimum; however, the Fund intends to invest at least 15% of its net assets in each of the telecommunications, media and technology sub-sectors subject to the Fund’s investment objective to track the investment results of its Index and the Fund’s fundamental investment policy. The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, securities of other registered investment companies, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An issuer is considered to be in the telecom, media and technology sector if it derives at least 50% of its revenues or profits from the ownership, operation, development, construction, management, financing, leasing or sale of telecom, media and technology assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to track the investment results of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is concentrated.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As of December 31, 2025, the Index currently holds 25% or more of its assets in the media, telecommunications, and technology and electronics sub-sectors.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_zaoGOGWKyiR6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zTertljoJX0h">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zqgOoRtf33i8"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zTJwnr1Yl1V" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>High Yield Securities Risk. </i></b>Securities that are rated below investment-grade (sometimes referred to as “junk bonds,” which may include those bonds rated below “BBB-” by S&amp;P Global Ratings and Fitch or below “Baa3” by Moody’s), or similar securities that are unrated, may be deemed speculative, may involve greater levels of risk than higher-rated securities of similar maturity and may be more likely to default. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in the NAV of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities because there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities could experience sudden and sharp volatility, which is generally associated more with investments in stocks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zFjUr0IsnJu4"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zp96JE9Bk966" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zdgrUiOyJONj"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zVpXh6shIV8c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zoS14PvbK5L4"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zlUJ3azCfzkb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. <b>INDEX-BASED EXCHANGE TRADED FUNDS (“ETFs”) THAT TRACK INDICES WITH SIGNIFICANT WEIGHT IN HIGH YIELD SECURITIES MAY EXPERIENCE HIGHER TRACKING ERROR THAN OTHER INDEX ETFs THAT DO NOT TRACK SUCH INDICES.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zVkbrPHn9lY9"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--BondRiskMember_zCiUESeFDXq9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Bond Risk.</i></b> The Fund invests a substantial portion of its assets in U.S. dollar-denominated bonds. A bond is an interest-bearing security typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors. An issuer may have the right to redeem or “call” a bond before maturity, in which case the Fund may have to reinvest the proceeds at lower market rates. Similarly, the Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Bonds may be unsecured (backed only by the issuer’s general creditworthiness) or secured (backed by specified collateral).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zptI4b0ABK1b"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_zppNMtxBQOB7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Corporate Bond Risk.</i></b> The Fund will invest in corporate bonds, which are debt instruments issued by corporations to raise capital. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zE6xz58ug46i"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zVzUWMdBESx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. The Fund invests in fixed income securities of high yield issuers that may exhibit higher levels of credit risk than other types of fixed income instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zXHnHFRWfND"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_z17wtLet2vYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_z6wmVUjGuLYb"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zkolRjLQld6i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests more heavily in particular sectors, sub-sectors, industries, groups of industries, asset classes, markets, regions, countries, or groups of countries, its performance will be especially sensitive to developments that significantly affect those sectors, sub-sectors, industries, asset classes, markets, regions, or countries. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. An individual sector, sub-sector, industry, group of industries, asset-class, market, region, country, or group of countries may outperform the broader market during particular periods, but may do so with considerably greater volatility than the broader market. In addition, the several industries that constitute a sector or sub-sector or the several countries or markets that constitute a region or group of countries may all react similarly to economic, political, regulatory or other market events. The Fund’s performance could also be affected if the sectors, sub-sectors, industries, asset classes, markets, regions, or countries do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zgT3zRFwyrEg"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zOdNBhrMWhA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_z7YOQJIEuia3"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zzvloqJZqzp5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zWXnE2u02Upb"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zXCk4EPW12I6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zCYAlJ8pcSve"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zEn13Nzl87v2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zBvfwYTL7054"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zLfP4MT3PAj1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zfNmE9kpGRtf"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zPDUTAz6vDEj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_z65qYX6mdmX7"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TelecomMediaAndTechnologySectorRiskMember_zNaqZz7vP6Mh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Telecom, Media and Technology Sector Risk. </i></b>The telecom, media and technology sector consists of a number of sub-sectors, including the telecommunications, technology and electronics and media sub-sectors. These sectors are subject to the risks of rapid innovation and obsolescence cycles, intellectual property theft, government regulation, cybersecurity incidents and labor force challenges, among others. There is significant competition for technological advances, and issuers that fail to innovate will be adversely impacted. In addition, issuers in certain sub-sectors require substantial capital investments to develop products and services. While all companies may be susceptible to network security breaches, certain companies in the telecom, media and technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. The telecom, media and technology sector can also be significantly affected by intense competition for market share, including competition with alternative technologies such as wireless communications, product compatibility and standardization, consumer preferences, rapid product obsolescence, research and development of new products, lack of standardization or compatibility with existing technologies, and a dependency on patent and copyright protections.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_znoUyoQLrhs6"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TelecommunicationsSubSectorRiskMember_zNgcKgCcmclh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Telecommunications Sub-Sector Risk</i>.</b> The telecommunications sub-sector is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunications companies. Government actions around the world, specifically in the area of pre-marketing clearance of products and prices, can be arbitrary and unpredictable. Companies in the telecommunications sub-sector may be affected by sub-sector competition, substantial capital requirements, government regulation, and obsolescence of communications products and services due to technological advancement. Companies in the telecommunications sub-sector may encounter distressed cash flows due to the need to commit substantial capital to meet increasing competition, particularly in developing new products and services using new technology. Technological innovations may make the products and services of certain telecommunications companies obsolete. Licensing and franchise rights in the telecommunications sub-sector are limited, which may provide an advantage to certain participants. Limited availability of such rights, high barriers to market entry, and regulatory oversight, among other factors, have led to consolidation of companies within the sub-sector, which could lead to further regulation or other negative effects in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zFNMqYnCDFyd"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediaSubSectorRiskMember_zzHhfctP9UJ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Media Sub-Sector Risk</i>. </b>Companies in the media sub-sector may encounter distressed cash flows due to the need to commit substantial capital to meet increasing competition, particularly in formulating new content, products and services using new technology. Media companies are subject to risks that include cyclicality of revenues and earnings, a potential decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, competition in the sub-sector and among different media delivery mechanisms, and the potential for increased state and federal regulation. Advertising spending is an important source of revenue for media companies. Fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a media company’s profitability. During economic downturns advertising spending typically decreases and as a result, media companies tend to generate less revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zcOFHOKcb6Rf"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologyAndElectronicsSubSectorRiskMember_znirVGxW4Fh1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Technology and Electronics Sub-Sector Risk</i>.</b> Technology and electronics companies, including information technology companies, face intense competition, both domestically and internationally, which may have an adverse effect on a company’s profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology and electronics companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the technology and electronics sub-sector are heavily dependent on patent and other intellectual property rights. A technology company’s loss or impairment of these rights, including through industrial espionage or state action, may adversely affect the company’s profitability. Companies in the technology and electronics sub-sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zzohcW1Q2Ng5"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zSYAl21aX5k9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_z46OXlFw8y0a"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicRiskMember_zIwdaxAXoDL9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Geographic Risk</i>.</b> A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zEXkYmGT6fGb"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_zqJFv8E2eT66" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk of Investing in the United States</i>.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_ziSvJ5Y9jGK2"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zfwbnZeq1Rdi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration Risk.</i></b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, sector, sub-sector, market segment, market, industry, group of industries, country, group of countries, region or asset class.</span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zmZA4NX8vNrf"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_z9aAMYG3C2Y1"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zvDlRq2RNTmf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV. The high yield securities in which the Fund invests may experience greater liquidity challenges than other types of securities during periods of market stress.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_z7OlIzT6UOh1"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatelyIssuedSecuritiesRiskMember_zGZI4ppVUH6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Privately Issued Securities Risk. </i></b>The Fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately issued securities are securities that have not been registered under the 1933 Act and as a result may be subject to legal restrictions on resale. Privately issued securities are generally not traded on established markets. As a result of the absence of a public trading market, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly traded securities and may be subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zuAaqUA0w1m1"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zLSRRHH3CD6i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zWN1emB7DENf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_z6igkznygfMe"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zUPqcUDCTzS9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk. </i></b>The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zA3JITmvnbze"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zmNkasI3cGr" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zUdk0Leu7gma"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zWddMbiHogVi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_ztUJbrtMDmA" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>. </i>The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zh7STWzxDSKk"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zU6QuDlXfOt6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zPD4PNz1Gapd"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zB1pP811Eib7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> Performance Information <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zPBiN9Txp728" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member_zwAVAnwVxzdi">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. </span><span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member_z8j8fSVjCuX5">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member_zHh7Lmv7pf2">www.bondbloxxetf.com </span>or by calling <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member_zGqDlM35BbQk">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zbnm6Ecbszbf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xhyt_001.jpg" style="height: 240px; width: 400px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zrQLrq0JCFE2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000231821Member_zOY6pCZYvnj9" style="display: none; text-align: center; width: 50%">11.69%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000231821Member_zdaKoK7m4Sni" style="display: none; text-align: center">6.74%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000231821Member_zVRumEiecnX6" style="display: none; text-align: center">8.64%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 0.1169 0.0674 0.0864 <p id="xdx_A84_eoef--BarChartClosingTextBlock_zMmuaUDjDd8c" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:</p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_900_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member_z0DlBl12hls5">Highest</span>: <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member_zAh0DMHFIn42">8.35% Quarter ended:</span> <span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member_z9ZnQcCeRaNl"> 9/30/2024</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member_zoDzjlPG7ADl">Lowest</span>: <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member_zT9hh6uPbMC">(10.57)% Quarter ended:</span> <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member_z1pBF20Mh6Lb"> 6/30/2022</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; -sec-ix-redline: true">The <span id="xdx_907_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member_zlMv51yxe2ti">year-to-date total return</span> for the Fund as of <span id="xdx_90D_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member_zpXGUC3UaBP7">December 31, 2025</span> was <span id="xdx_907_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member_zVPn7zCNxlD2">8.64%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Highest 0.0835 2024-09-30 Lowest -0.1057 2022-06-30 year-to-date total return 2025-12-31 0.0864 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A81_eoef--PerformanceTableTextBlock_zfrLrC8gOrle"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zY7KJSuOkUj7" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250101__20251231_zP5JdJitPVqe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20220215__20251231_zNJiPIeuCgD9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/> (<span id="xdx_90D_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000231821Member_zoIl9BiJDUr5">02/15/2022</span>)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231821Member_zVn5rxRY5S84" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">8.64</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4.06</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231821Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zwcF00XWYaU4" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.27</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.93</td> <td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231821Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zHFwtn7REHl2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.04</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.68</td> <td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231821Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_z1VbUq71zW95" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Aggregate Bond Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.03</td> <td style="text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231821Member__oef--PerformanceMeasureAxis__custom--ICEDiversifiedUSCashPayHighYieldTelecomMediaAndTechnologyIndexMember_zzPxCGQ8Ci05" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICE Diversified US Cash Pay High Yield Telecom, Media &amp; Technology Index<br/> <i>(<span id="xdx_90F_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000074214Member_z10rPkBFrp4j">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.23</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.48</td> <td style="text-align: left">%</td></tr> </table> 2022-02-15 0.0864 0.0406 0.0527 0.0093 0.0504 0.0168 0.0730 0.0103 reflects no deduction for fees, expenses, or taxes 0.0923 0.0448 BONDBLOXX USD HIGH YIELD BOND HEALTHCARE SECTOR ETF Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zx1e337ECnqc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx USD High Yield Bond Healthcare Sector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds in the healthcare sector.</span></p> Fees and Expenses <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zl4qPFGx7fF2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_ztG1tkZneYHb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zDhS7jkwOOoa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49E_20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member__oef--ClassAxis__custom--C000231819Member_zGgOzzyriC11" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zDNvPikA3Ov3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F47_zbfbVOszMguc">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.35</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_znyR7jlcUtIj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zwrKuNUEl0Ga" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zk9w6Qh5fge6" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.35</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F00_zVXrvumeec91">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F1C_zlqltAv3tO04" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0035 0 0.0000 0.0035 Example. <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zvtQS1mlSj2d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zEOD4kc06U21"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zOlzaY2x6Ued" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_483_eoef--ExpenseExampleYear01_zCgpBfaWxGva" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zEP3CaKCfU57" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_485_eoef--ExpenseExampleYear05_znxKKHsYUrY8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zZdfsh2XdS56" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41F_20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member__oef--ClassAxis__custom--C000231819Member_zThrhcJ2Bee6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$36 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$113 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$197 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$443 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 36 113 197 443 Portfolio Turnover. <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zCHVt8wSTIL9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90B_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member_zPrseETqlH4j">27%</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the average value of its portfolio.</span></p> 0.27 Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zXHdXPWTCmNg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is “non-diversified,” which means that it may invest a greater percentage of its assets in a particular issuer and may invest in fewer issuers than a diversified fund. The Fund seeks to track the investment results of the ICE Diversified US Cash Pay High Yield Healthcare Index (the “Index”), which is a rules-based index consisting of U.S. dollar-denominated below investment grade bonds (as determined by ICE Data Indices, LLC or its affiliates (collectively “Index Provider” or “IDI”)) that contains issuers from the healthcare sector, including the health facilities, health services, managed care, medical products, and pharmaceuticals sub-sectors. Below investment grade bonds are commonly referred to as “junk bonds.” The Index is a modified market value-weighted index with a cap on each issuer of 25% of the market capitalization of the Index. This means that Index constituents are capitalization weighted, based on their current amount outstanding, and then adjusted in accordance with the index methodology detailed below. There is no limit to the number of issues in the Index, but as of December 31, 2025, the Index included approximately 127 constituents. The bonds included in the Index are publicly issued in the United States domestic market. Because the Index is reconstituted and rebalanced monthly, the components of the Index are likely to change over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is composed of a subset of bonds in the ICE BofA US Cash Pay High Yield Constrained Index (the “Underlying Index”). The Index components are classified into “large cap” and “small cap” categories. Their weightings are then adjusted based on a capitalization-weighting adjustment formula. See “More Information About the Funds—Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the bonds eligible for inclusion in the Index include U.S. dollar-denominated high yield corporate bonds, currently in a coupon paying period, that are publicly issued in the U.S. domestic market, and that: (i) are issued by companies having “risk exposure” to countries (<i>i.e.,</i> issuers that are subject to the risks of one or more of these countries as a result of the principal country of domicile of the issuers (as determined by the Index Provider)) that are members of the FX-G10, which include Australia, Austria, Belgium, Canada, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, the U.K. and the U.S. and their respective territories; (ii) have an average rating of below investment grade (ratings from Fitch Ratings, Inc. (“Fitch”), Moody’s Investors Service, Inc. (“Moody’s”) or S&amp;P Global Ratings are considered; if more than one agency provides a rating, the average rating is attached to the bond); (iii) are registered with the SEC, exempt from registration at issuance, or offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), with or without registration rights; (iv) have at least $250 million of outstanding face value; (v) have an original maturity date of at least 18 months at the time of issuance; (vi) have at least one year to maturity as of the rebalancing date; and (vii) are issued by companies that each derive at least 50% of their revenues or profits from the ownership, operation, development, construction, management, financing, leasing or sale of healthcare assets. There is no upper limit on the maturity of bonds eligible for inclusion in the Index. For more information regarding the Underlying Index, see “More Information About the Funds—Underlying Index” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high-yield, below-investment grade bonds denominated in U.S. dollars of issuers in the healthcare sector, either directly or indirectly (e.g., through derivatives).The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, securities of other registered investment companies, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An issuer is considered to be in the healthcare sector if it derives at least 50% of its revenues or profits from the ownership, operation, development, construction, management, financing, leasing or sale of healthcare assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to track the investment results of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is concentrated.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As of December 31, 2025, the Index currently holds 25% or more of its assets in the healthcare sub-sector.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_zBpOaREkFvX7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zBdd4Jlnolbc">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zdUoyrY44Rfc"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zz8C4Lx0l3Ch" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>High Yield Securities Risk. </i></b>Securities that are rated below investment-grade (sometimes referred to as “junk bonds,” which may include those bonds rated below “BBB-” by S&amp;P Global Ratings and Fitch or below “Baa3” by Moody’s), or similar securities that are unrated, may be deemed speculative, may involve greater levels of risk than higher-rated securities of similar maturity and may be more likely to default. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in the NAV of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities because there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities could experience sudden and sharp volatility, which is generally associated more with investments in stocks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zB0vbKHUm78a"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zmqMd5Xtlkgf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zI8RMsRMEnB4"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zuKxIdh0uVV6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zWPDASB3hVe9"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zUSLk7qmFxya" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. <b>INDEX-BASED EXCHANGE TRADED FUNDS (“ETFs”) THAT TRACK INDICES WITH SIGNIFICANT WEIGHT IN HIGH YIELD SECURITIES MAY EXPERIENCE HIGHER TRACKING ERROR THAN OTHER INDEX ETFs THAT DO NOT TRACK SUCH INDICES.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_z9HLC3AOEDfh"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--BondRiskMember_zYyXjwpLxzsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Bond Risk.</i></b> The Fund invests a substantial portion of its assets in U.S. dollar-denominated bonds. A bond is an interest-bearing security typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors. An issuer may have the right to redeem or “call” a bond before maturity, in which case the Fund may have to reinvest the proceeds at lower market rates. Similarly, the Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Bonds may be unsecured (backed only by the issuer’s general creditworthiness) or secured (backed by specified collateral).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zMZAy7YLiSqj"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_zq69D1qJ2or2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Corporate Bond Risk.</i></b> The Fund will invest in corporate bonds, which are debt instruments issued by corporations to raise capital. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_z98Mr6uvxeQ3"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_z0dY2S4zof8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. The Fund invests in fixed income securities of high yield issuers that may exhibit higher levels of credit risk than other types of fixed income instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_z58e3Lxs8Haa"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zPvJb5nnUpdd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zpyZRd5CaMPh"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zNPlG2eTbnt" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests more heavily in particular sectors, sub-sectors, industries, groups of industries, asset classes, markets, regions, countries, or groups of countries, its performance will be especially sensitive to developments that significantly affect those sectors, sub-sectors, industries, asset classes, markets, regions, or countries. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. An individual sector, sub-sector, industry, group of industries, asset-class, market, region, country, or group of countries may outperform the broader market during particular periods, but may do so with considerably greater volatility than the broader market. In addition, the several industries that constitute a sector or sub-sector or the several countries or markets that constitute a region or group of countries may all react similarly to economic, political, regulatory or other market events. The Fund’s performance could also be affected if the sectors, sub-sectors, industries, asset classes, markets, regions, or countries do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zn7Tm3iG8gJ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_z8FRK1o5NkTj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zrHENSqBUMCd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_z0YwpBW2n8rk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zw8p5WAEaTJl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zwR5bJvdMWo1"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_ztVVkgVavbn2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zzVMSBZ9Iy7k"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareSectorRiskMember_zwtg5DwEynq2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Healthcare Sector Risk.</i></b> The healthcare sector consists of numerous sub-sectors, including the health facilities, health services, managed care, medical products, and pharmaceuticals sub-sectors. The profitability of companies in the healthcare sector may be adversely affected by the following factors, among others: extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient and tele-health services, changes in the demand for medical products and services, a limited number of products, industry innovation, changes in technologies and other market developments. Many healthcare companies are heavily dependent on patent protection. The expiration of a company’s patents, or regulations restricting the ability of healthcare companies to enforce its patents, may adversely affect that company’s profitability. Many healthcare companies are subject to extensive litigation based on product liability and similar claims. Many new products in the healthcare sector may be subject to regulatory approvals. The process of obtaining such approvals may be long and costly, and such efforts ultimately may be unsuccessful. In addition, many healthcare products and services may be impacted by changes in healthcare insurance coverage practices and regulations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zNmHHBc8eXLl"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zarBbP1m4Cil" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zzLmihbN68wf"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicRiskMember_zOdDKV8fqVS3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Geographic Risk</i>.</b> A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_znyQSJnvgHJb"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_zT5Po1B4A4Lb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk of Investing in the United States.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zYNeeh08HV49"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zjCRH77Wb8m2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration Risk.</i></b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, sector, sub-sector, market segment, market, industry, group of industries, country, group of countries, region or asset class.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zG6H9q5ARphf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Non-Diversification Risk.</i> </b><span id="xdx_90B_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zCHpS2bg7RS8">The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is subject to a higher degree of risk associated with and developments affecting that issuer than a fund that invests more widely.</span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zkP7tA9NIpfc"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zCRWfX5cm8J9"></span></div> The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is subject to a higher degree of risk associated with and developments affecting that issuer than a fund that invests more widely. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zWTmjiE0VSod" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV. The high yield securities in which the Fund invests may experience greater liquidity challenges than other types of securities during periods of market stress.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zvRZCfW4Qkd6"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatelyIssuedSecuritiesRiskMember_zUcjxPoMio9f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Privately Issued Securities Risk. </i></b>The Fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately issued securities are securities that have not been registered under the 1933 Act and as a result may be subject to legal restrictions on resale. Privately issued securities are generally not traded on established markets. As a result of the absence of a public trading market, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly traded securities and may be subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zAfOYmVcDJGl"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zbcNPwNaWTLi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_z74TGH5MFumg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zf00eRH5v0Z9"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_z3E8NCNq7w0f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk. </i></b>The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zVItoW4mwILk"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zMTY0U6brGO4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_z6h4iha38r42"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zdaOuLRsz7y9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zDsw9AxNA9zb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; -sec-ix-redline: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Limited History of Operations Risk.</i></b> The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zLQ4AhO8hGnb"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zYHn0spgH7Xi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zNKC0jmxV7d7"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zVRk2DLMrZT7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> Performance Information <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zeJZkdW8kG7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member_zJRivbCVVvn">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. </span><span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member_zAhM8i1k4527">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member_z669y8XtmEuh">www.bondbloxxetf.com </span>or by calling <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member_zWPVcplM74Vj">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zz5q4cArejF2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xhyh_001.jpg" style="height: 240px; width: 400px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zjtO5rk8x6Aa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000231819Member_zjJyGQqDDxy5" style="display: none; text-align: center; width: 50%">13.23%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_987_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000231819Member_zi0V75XuSja8" style="display: none; text-align: center">9.74%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000231819Member_zPaYnsxE9IC4" style="display: none; text-align: center">10.47%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 0.1323 0.0974 0.1047 <p id="xdx_A8B_eoef--BarChartClosingTextBlock_zgfJIoxCmEuj" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:<br/> <span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member_zpNFXq4CDF3e">Highest</span>: <span id="xdx_909_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member_z6L7K9nabeM">8.01%</span> Quarter ended: <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member_zKoD60wDa8qc">12/31/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member_zLzmRYy9W5I1">Lowest</span>: <span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member_zeyJU33fOv76">(12.46)%</span> Quarter ended: <span id="xdx_90A_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member_zZfWN92Pm9Bc">6/30/2022</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The <span id="xdx_905_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member_zdvpsYNSCKva">year-to-date total return</span> for the Fund as of <span id="xdx_906_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member_zTjVT50DeHrc">December 31, 2025</span> was <span id="xdx_90F_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074212Member_zxHe7Ge4ZSlb">10.47%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> Highest 0.0801 2023-12-31 Lowest -0.1246 2022-06-30 year-to-date total return 2025-12-31 0.1047 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zHFx1pcW9e6b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_ztfT67tGISm9" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231_zzH1TekJ1ZAj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20220215__20251231_z71FKIShPCXf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/> (<span id="xdx_90A_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000231819Member_z5edpx7PYGge">02/15/2022</span>)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231819Member_zoJCUzQk4TQj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">10.47</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4.63</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231819Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z04BnpnfzY1a" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.35</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.54</td> <td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231819Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z2SB2ObaSS54" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.12</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.11</td> <td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231819Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zpBGEbdmRYp" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Aggregate Bond Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.03</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231819Member__oef--PerformanceMeasureAxis__custom--ICEDiversifiedUSCashPayHighYieldHealthcareIndexMember_zFV61TlPVKHd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICE Diversified US Cash Pay High Yield Healthcare Index<br/> <i>(<span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--C000231819Member_zuw3SdqAImq">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10.73</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.07</td> <td style="text-align: left">%</td></tr> </table> 2022-02-15 0.1047 0.0463 0.0735 0.0154 0.0612 0.0211 0.0730 0.0103 reflects no deduction for fees, expenses, or taxes 0.1073 0.0507 BONDBLOXX USD HIGH YIELD BOND FINANCIAL & REIT SECTOR ETF Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zO3TeY8xt2i3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx USD High Yield Bond Financial &amp; REIT Sector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds in the financial and REIT sector.</span></p> Fees and Expenses <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_z6TAYiwZI8yh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zZZ7G56BeoTg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zHgj29XOwzWg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member__oef--ClassAxis__custom--C000231818Member_z1pibvSz6vHd" style="text-align: center"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zrEer41NQvzi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F45_z31LrD7WzzOe">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.35</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zJtP7nNGRLUf" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zqYI1IJqhWLc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zydtX51HKPmi" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.35</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="-sec-ix-redline: true; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_z9da2MTnVku7">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F13_zZRWVXOo8yDl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0035 0 0.0000 0.0035 Example. <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zy3AotnKGt84" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4RVA6nkbjti"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zqBp6FjKxFl1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_482_eoef--ExpenseExampleYear01_z5twJNxHBfM1" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zNGGOE90vwU9" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_482_eoef--ExpenseExampleYear05_zBbXbJxbH7ql" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_487_eoef--ExpenseExampleYear10_zQRbvRcHrLK1" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41A_20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member__oef--ClassAxis__custom--C000231818Member_zWUJZ8rgv7K9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$36 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$113 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$197 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$443 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 36 113 197 443 Portfolio Turnover. <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zJPlS8D6oSq9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> 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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90B_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member_ztcJK7GkWBwc">37%</span> of the average value of its portfolio.</p> 0.37 Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zvaJcqWpbL64" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is diversified and seeks to track the investment results of the ICE Diversified US Cash Pay High Yield Financial &amp; REIT Index (the “Index”), which is a rules-based index consisting of U.S. dollar-denominated below investment grade bonds (as determined by ICE Data Indices, LLC or its affiliates (collectively “Index Provider” or “IDI”)) that contains issuers from the financial sector, including the banking, financial services, and insurance sub-sectors, and the REIT sector. The REIT sector is comprised solely of debt issued by real estate investment trusts. Below investment grade bonds are commonly referred to as “junk bonds.” The Index is a modified market value-weighted index with a cap on each issuer of 25% of the market capitalization of the Index. This means that Index constituents are capitalization weighted, based on their current amount outstanding, and then adjusted in accordance with the index methodology detailed below. There is no limit to the number of issues in the Index, but as of December 31, 2025, the Index included approximately 272 constituents. The bonds included in the Index are publicly issued in the United States domestic market. Because the Index is reconstituted and rebalanced monthly, the components of the Index are likely to change over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is composed of a subset of bonds in the ICE BofA US Cash Pay High Yield Constrained Index (the “Underlying Index”). The Index components are classified into “large cap” and “small cap” categories. Their weightings are then adjusted based on a capitalization-weighting adjustment formula. See “More Information About the Funds—Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the bonds eligible for inclusion in the Index include U.S. dollar-denominated high yield corporate bonds, currently in a coupon paying period, that are publicly issued in the U.S. domestic market, and that: (i) are issued by companies having “risk exposure” to countries (<i>i.e.,</i> issuers that are subject to the risks of one or more of these countries as a result of the principal country of domicile of the issuers (as determined by the Index Provider)) that are members of the FX-G10, which include Australia, Austria, Belgium, Canada, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, the U.K. and the U.S. and their respective territories; (ii) have an average rating of below investment grade (ratings from Fitch Ratings, Inc. (“Fitch”), Moody’s Investors Service, Inc. (“Moody’s”) or S&amp;P Global Ratings are considered; if more than one agency provides a rating, the average rating is attached to the bond); (iii) are registered with the SEC, exempt from registration at issuance, or offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), with or without registration rights; (iv) have at least $250 million of outstanding face value; (v) have an original maturity date of at least 18 months at the time of issuance; (vi) have at least one year to maturity as of the rebalancing date; and (vii) are issued by companies that each derive at least 50% of their revenues or profits from the ownership, operation, development, construction, management, financing, leasing or sale of financial or REIT assets. There is no upper limit on the maturity of bonds eligible for inclusion in the Index. For more information regarding the Underlying Index, see “More Information About the Funds—Underlying Index” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high-yield, below-investment grade bonds denominated in U.S. dollars of issuers in the financial and REIT sector, either directly or indirectly (e.g., through derivatives). Because the Index does not have a minimum percentage in the financial sub-sector or the REIT sector, the Fund also does not have a sector or sub-sector investment minimum; however, the Fund intends to invest at least 15% of its net assets in each of the financial and REIT sectors subject to the Fund’s investment objective to track the investment results of its index and the Fund’s fundamental investment policy. The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, securities of other registered investment companies, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An issuer is considered to be in the financial sector or the REIT sector if it derives at least 50% of its revenues or profits from the ownership, operation, development, construction, management, financing, leasing or sale of financial or REIT assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to track the investment results of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is concentrated.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As of December 31, 2025, the Index currently holds 25% or more of its assets in the financial services and REIT sub-sectors.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_zwGM8xrDrT6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member__oef--RiskAxis__oef--RiskLoseMoneyMember_ztfrxKwrqKIe">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zX7VxoPuSgy5"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_ztyU4LhADWJ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>High Yield Securities Risk. </i></b>Securities that are rated below investment-grade (sometimes referred to as “junk bonds,” which may include those bonds rated below “BBB-” by S&amp;P Global Ratings and Fitch or below “Baa3” by Moody’s), or similar securities that are unrated, may be deemed speculative, may involve greater levels of risk than higher-rated securities of similar maturity and may be more likely to default. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in the NAV of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities because there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities could experience sudden and sharp volatility, which is generally associated more with investments in stocks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zZAjzKypxdCf"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_z5ykd9uhTuw2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zXMpBGx7nZqc"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zADhFpjLGj7g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zmw5AujocGTf"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_znIlJ98Bkk5a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. <b>INDEX-BASED EXCHANGE TRADED FUNDS (“ETFs”) THAT TRACK INDICES WITH SIGNIFICANT WEIGHT IN HIGH YIELD SECURITIES MAY EXPERIENCE HIGHER TRACKING ERROR THAN OTHER INDEX ETFs THAT DO NOT TRACK SUCH INDICES.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zRCiFJHxcZil"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--BondRiskMember_zU25O8D5ZZF8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Bond Risk.</i></b> The Fund invests a substantial portion of its assets in U.S. dollar-denominated bonds. A bond is an interest-bearing security typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors. An issuer may have the right to redeem or “call” a bond before maturity, in which case the Fund may have to reinvest the proceeds at lower market rates. Similarly, the Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Bonds may be unsecured (backed only by the issuer’s general creditworthiness) or secured (backed by specified collateral).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zSksyV8MQQX8"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_zdiD47i8wOla" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Corporate Bond Risk.</i></b> The Fund will invest in corporate bonds, which are debt instruments issued by corporations to raise capital. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zU9IBxOibMM7"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zVBordrvZQp" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. The Fund invests in fixed income securities of high yield issuers that may exhibit higher levels of credit risk than other types of fixed income instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zChlQPgxZ3oj"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zj5rygUlW6Ac" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zm7FGqTWRI22"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_z7vuaLZtqxa5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests more heavily in particular sectors, sub-sectors, industries, groups of industries, asset classes, markets, regions, countries, or groups of countries, its performance will be especially sensitive to developments that significantly affect those sectors, sub-sectors, industries, asset classes, markets, regions, or countries. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. An individual sector, sub-sector, industry, group of industries, asset-class, market, region, country, or group of countries may outperform the broader market during particular periods, but may do so with considerably greater volatility than the broader market. In addition, the several industries that constitute a sector or sub-sector or the several countries or markets that constitute a region or group of countries may all react similarly to economic, political, regulatory or other market events. The Fund’s performance could also be affected if the sectors, sub-sectors, industries, asset classes, markets, regions, or countries do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zTq35CVs3kCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zlcJPFIG2Qyb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zdTg4hJ3x4Nj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zjdmEeUOLlTe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zPLIYG3jlUkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zYcr3AL7eamk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zGRNch6IlHel"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_zW3jMo2UTmCg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial Sector Risk</i>.</b> The financial sector consists of numerous sub-sectors, including the banking, financial services, insurance and REIT sub-sectors. Companies in the financial sector of an economy are subject to extensive governmental regulation and intervention, which may adversely affect the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their size. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. Governmental regulation may change frequently and may have significant adverse consequences for companies in the financial sector, including effects not intended by such regulation. Companies in the financial sector may also be adversely affected by increases in interest rates and loan losses, decreases in the availability of money or asset valuations, credit rating downgrades and adverse conditions in other related markets. Insurance companies, in particular, may be subject to severe price competition and/or rate regulation, which may have an adverse impact on their profitability. The financial sector is particularly sensitive to fluctuations in interest rates. The financial sector is also a target for cyberattacks, and may experience technology malfunctions and disruptions. In recent years, cyberattacks and technology malfunctions and failures have become increasingly frequent in this sector and have reportedly caused losses to companies in this sector, which may negatively impact the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_z4CGwyO4CJai"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--BankingSubSectorRiskMember_zqmyZ1wC3Mak" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Banking Sub-Sector Risk.</i></b> Banking and financial services companies are subject to extensive regulation. Previously, enacted legislation in the U.S. has relaxed capital requirements and other regulatory burdens on certain U.S. banks. While the effect of the legislation may benefit certain companies in the banking sub-sector, increased risk taking by affected banks may also result in greater overall risk in the U.S. and global financial sector. The impact of changes in capital requirements, or recent or future regulation in various countries, on any individual financial company or on the banking sub-sector as a whole cannot be predicted. Certain risks may impact the value of investments in the banking sub-sector more severely than those of investments outside this sub-sector, including the risks associated with companies that operate with substantial financial leverage.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zKCBEjGv2UX2"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InsuranceSubSectorRiskMember_zAfYe0GaIU26" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Insurance Sub-Sector Risk</i></b>. The insurance sub-sector is subject to extensive government regulation in some countries and can be significantly affected by changes in interest rates, general economic conditions, price and marketing competition, the imposition of premium rate caps or other changes in government regulation or tax law. Different segments of the insurance sub-sector can be significantly affected by changes in mortality and morbidity rates, environmental clean-up costs and catastrophic events such as earthquakes, hurricanes and terrorist acts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zE4JOA802cta"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateAndREITSubSectorRiskMember_zu6WyqDadvT4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Real Estate and REIT Sub-Sector Risk</i>.</b> Investments in real estate related securities are subject to the risk that the value of the real estate underlying the securities will go down. Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. REITs may fail to qualify for the favorable tax treatment available to REITs or may fail to maintain their exemptions from investment company registration. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. Additionally, rising interest rates may cause REIT investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity securities issued by a REIT. Some REITs may utilize leverage, which increases investment risk and may potentially increase the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zzFvTgjyEjFj"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_ztV6QiitBpld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_z1hHlNVq9YB1"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicRiskMember_zXq6apq2Kbu" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Geographic Risk</i>.</b> A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zt9TblTzgJ7h"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_zeJBgaVgljP3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk of Investing in the United States</i>.</b> 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.</span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zKO1Wei5V4Qh"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zByIFof8F2kf"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zg5MS7POftvj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Concentration Risk.</i></b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, sector, sub-sector, market segment, market, industry, group of industries, country, group of countries, region or asset class.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zL1MMroy1kt7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV. The high yield securities in which the Fund invests may experience greater liquidity challenges than other types of securities during periods of market stress.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatelyIssuedSecuritiesRiskMember_zkRQBaEayRA1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Privately Issued Securities Risk. </i></b>The Fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately issued securities are securities that have not been registered under the 1933 Act and as a result may be subject to legal restrictions on resale. Privately issued securities are generally not traded on established markets. As a result of the absence of a public trading market, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly traded securities and may be subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zaFgA4zHnOha"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zCAspPgby1E9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zgS3t0hEAF2a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_z31FuRNVrrfg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk. </i></b>The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zrIXaoucOYyj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zLUPFR2bBrml"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zprt0ZEEqmnc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zO5Tjx7WFKPc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>. </i>The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zTNumd760MA7"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zHQdBawJUSm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zqtviVzvq3X4"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z52Pie1sYGj9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> Performance Information <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zBVW4vcYLF27" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member_zEtgqQ7C2Jk5">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. </span><span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member_zwfnQezcIcu2">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member_zRiR8t0dMp6i">www.bondbloxxetf.com </span>or by calling <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member_zNO5hddAX3M9">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zCmWShgNfcP7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xhyf_001.jpg" style="height: 240px; width: 400px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zcvvVNugHNb9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000231818Member_zoWGAgl5UiEa" style="display: none; text-align: center; width: 50%">13.77%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000231818Member_zEZdGlwx2Z81" style="display: none; text-align: center">8.24%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000231818Member_zo7pgegRCpIa" style="display: none; text-align: center">8.98%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 0.1377 0.0824 0.0898 <p id="xdx_A88_eoef--BarChartClosingTextBlock_zIkBXN29IwV" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:<br/> <span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member_zwOwG0CkB4Y9">Highest</span>: <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member_z4sLezXwv9Zj">7.78%</span> Quarter ended: <span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member_zFsvpFs6z0I1">12/31/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member_zPt4qEBr7sRc">Lowest</span>: <span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member_zZ1bJGaU25t">(10.08)%</span> Quarter ended: <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member_zI3nXcq6xQU6">6/30/2022</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The <span id="xdx_900_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member_zvFVZ2qvbjhi">year-to-date total return</span> for the Fund as of <span id="xdx_901_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member_zsnIFR7gnJVj">December 31, 2025</span> was <span id="xdx_904_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member_zQgS5N3HkZF6">8.98%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Highest 0.0778 2023-12-31 Lowest -0.1008 2022-06-30 year-to-date total return 2025-12-31 0.0898 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zuK4moV66tk4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zvdWt9QveLD2" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250101__20251231_zGLmlokPy48h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20220215__20251231_zSy5h2bSsSMg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/> (<span id="xdx_904_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000231818Member_zEuXN88k3JVc">02/15/2022</span>)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231818Member_zdosoPuaFrvc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">8.98</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">5.77</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231818Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zaLmpM59UNEf" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.02</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.87</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231818Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_znrpteQrASQ2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.25</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.10</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231818Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_z0PtuR6g3PSe" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Aggregate Bond Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.03</td> <td style="text-align: left">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231818Member__oef--PerformanceMeasureAxis__custom--ICEDiversifiedUSCashPayHighYieldFinancialAndREITIndexMember_z4Uhr4aeZxf8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICE Diversified US Cash Pay High Yield Financial &amp; REIT Index<br/> <i>(<span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000074211Member_zToKFqDig1Yf">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.19</td> <td style="text-align: left">%</td></tr> </table> 2022-02-15 0.0898 0.0577 0.0602 0.0287 0.0525 0.0310 0.0730 0.0103 reflects no deduction for fees, expenses, or taxes 0.0930 0.0619 BONDBLOXX USD HIGH YIELD BOND ENERGY SECTOR ETF Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zrxXWoPIiMdi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx USD High Yield Bond Energy Sector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds in the energy sector.</span></p> Fees and Expenses <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zhbP8dTH8koe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zYNgWX0hBD5a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zNTxqU4WZRXk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_497_20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member__oef--ClassAxis__custom--C000231817Member_zg0Vej8N43cc" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zE90X30Tp4Zj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F45_zUkR7cYs0DUl">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.35</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zK2ZjENseoNb" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zDw023pqOlzk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zCWcQ26HKOef" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.35</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F01_zHuJMCj5asJa">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F1D_z73ghFr62MDk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0035 0 0.0000 0.0035 Example. <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zyoji0l47Y62" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zaaYSk23Zl52"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zAOlDffADjF1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_488_eoef--ExpenseExampleYear01_zbp7UOTD3iq1" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_ztwcI2IXdnIk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_487_eoef--ExpenseExampleYear05_znC5j4lEJc6h" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zbvOsRYxnakh" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_416_20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member__oef--ClassAxis__custom--C000231817Member_zfORRExHOgib" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$36 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$113 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$197 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$443 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 36 113 197 443 Portfolio Turnover. <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zvWQAZ8cueQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-size: 10pt">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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member_zwN3wDgTHpa2">28%</span> of the average value of its portfolio.</span></p> 0.28 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zmorCpahFydf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is diversified and seeks to track the investment results of the ICE Diversified US Cash Pay High Yield Energy Index (the “Index”), which is a rules-based index consisting of U.S. dollar-denominated below investment grade bonds (as determined by ICE Data Indices, LLC or its affiliates (collectively “Index Provider” or “IDI”)) that contains issuers from the energy sector, including the exploration &amp; production, gas distribution, oil field equipment &amp; services, and oil refining &amp; marketing sub-sectors. Below investment grade bonds are commonly referred to as “junk bonds.” The Index is a modified market value-weighted index with a cap on each issuer of 25% of the market capitalization of the Index. This means that Index constituents are capitalization weighted, based on their current amount outstanding, and then adjusted in accordance with the index methodology detailed below. There is no limit to the number of issues in the Index, but as of December 31, 2025, the Index included approximately 215 constituents. The bonds included in the Index are publicly issued in the United States domestic market. Because the Index is reconstituted and rebalanced monthly, the components of the Index are likely to change over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is composed of a subset of bonds in the ICE BofA US Cash Pay High Yield Constrained Index (the “Underlying Index”). The Index components are classified into “large cap” and “small cap” categories. Their weightings are then adjusted based on a capitalization-weighting adjustment formula. See “More Information About the Funds—Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the bonds eligible for inclusion in the Index include U.S. dollar-denominated high yield corporate bonds, currently in a coupon paying period, that are publicly issued in the U.S. domestic market, and that: (i) are issued by companies having “risk exposure” to countries (<i>i.e.,</i> issuers that are subject to the risks of one or more of these countries as a result of the principal country of domicile of the issuers (as determined by the Index Provider)) that are members of the FX-G10, which include Australia, Austria, Belgium, Canada, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, the U.K. and the U.S. and their respective territories; (ii) have an average rating of below investment grade (ratings from Fitch Ratings, Inc. (“Fitch”), Moody’s Investors Service, Inc. (“Moody’s”) or S&amp;P Global Ratings are considered; if more than one agency provides a rating, the average rating is attached to the bond); (iii) are registered with the SEC, exempt from registration at issuance, or offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), with or without registration rights; (iv) have at least $250 million of outstanding face value; (v) have an original maturity date of at least 18 months at the time of issuance; (vi) have at least one year to maturity as of the rebalancing date; and (vii) are issued by companies that each derive at least 50% of their revenues or profits from the ownership, operation, development, construction, management, financing, leasing or sale of energy assets. There is no upper limit on the maturity of bonds eligible for inclusion in the Index. For more information regarding the Underlying Index, see “More Information About the Funds—Underlying Index” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high-yield, below-investment grade bonds denominated in U.S. dollars of issuers in the energy sector, either directly or indirectly (e.g., through derivatives).The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, securities of other registered investment companies, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An issuer is considered to be in the energy sector if it derives at least 50% of its revenues or profits from the ownership, operation, development, construction, management, financing, leasing or sale of energy assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to track the investment results of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is concentrated.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As of December 31, 2025, the Index currently holds 25% or more of its assets in the energy sub-sector.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_zHE42t6coKe4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member__oef--RiskAxis__oef--RiskLoseMoneyMember_znC7AdX737Jg">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zl5zYRSNDIU9"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zI9giqJt19Ul" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>High Yield Securities Risk. </i></b>Securities that are rated below investment-grade (sometimes referred to as “junk bonds,” which may include those bonds rated below “BBB-” by S&amp;P Global Ratings and Fitch or below “Baa3” by Moody’s), or similar securities that are unrated, may be deemed speculative, may involve greater levels of risk than higher-rated securities of similar maturity and may be more likely to default. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in the NAV of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities because there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities could experience sudden and sharp volatility, which is generally associated more with investments in stocks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zQ7kelblPyhb"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zx3K7x8d0BCi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zAAV59ZeSLXj"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zfnUGuguJhHa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zg1FfDWINgL7"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_ziI6TTsRcMvi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. <b>INDEX-BASED EXCHANGE TRADED FUNDS (“ETFs”) THAT TRACK INDICES WITH SIGNIFICANT WEIGHT IN HIGH YIELD SECURITIES MAY EXPERIENCE HIGHER TRACKING ERROR THAN OTHER INDEX ETFs THAT DO NOT TRACK SUCH INDICES.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zBOIr5SAeIE9"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--BondRiskMember_zoYXz319w8Wc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Bond Risk.</i></b> The Fund invests a substantial portion of its assets in U.S. dollar-denominated bonds. A bond is an interest-bearing security typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors. An issuer may have the right to redeem or “call” a bond before maturity, in which case the Fund may have to reinvest the proceeds at lower market rates. Similarly, the Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Bonds may be unsecured (backed only by the issuer’s general creditworthiness) or secured (backed by specified collateral).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zENwWyfJE8Dj"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_zTVOBigKzFL8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Corporate Bond Risk.</i></b> The Fund will invest in corporate bonds, which are debt instruments issued by corporations to raise capital. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_z9vu9HKvJw4g"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zHJy3pb1Jk3d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. The Fund invests in fixed income securities of high yield issuers that may exhibit higher levels of credit risk than other types of fixed income instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zC2fe0nCmh8b"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zv5Ndz7cP7q" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zmZG8Prg6ada"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zsa7cXGUtCi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests more heavily in particular sectors, sub-sectors, industries, groups of industries, asset classes, markets, regions, countries, or groups of countries, its performance will be especially sensitive to developments that significantly affect those sectors, sub-sectors, industries, asset classes, markets, regions, or countries. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. An individual sector, sub-sector, industry, group of industries, asset-class, market, region, country, or group of countries may outperform the broader market during particular periods, but may do so with considerably greater volatility than the broader market. In addition, the several industries that constitute a sector or sub-sector or the several countries or markets that constitute a region or group of countries may all react similarly to economic, political, regulatory or other market events. The Fund’s performance could also be affected if the sectors, sub-sectors, industries, asset classes, markets, regions, or countries do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zM6qcHke0RIl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zQTz7KHRSOA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_ze30eJoWj6Wk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zf6m6fx9qeOb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zPIbkwmXsLfk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zVmegknBQdzc"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zmkDhBEFUVA8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zHTh9v60gL64"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_zZcHZOwP9eNd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Energy Sector Risk.</i></b> The energy sector consists of a number of sub-sectors, including the exploration &amp; production, gas distribution, oil field equipment &amp; services, and oil refining &amp; marketing sub-sectors. The market value of securities in the energy sector may decline for many reasons, including, among others, changes in energy prices, energy supply and demand, geopolitical instability, government regulations and energy conservation efforts. The energy sector has recently experienced increased volatility. In particular, there has been significant market volatility in the crude oil markets as well as the oil futures markets, which resulted in the market price of certain crude oil futures contracts falling below zero for a period of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zHEKrpf93KGd"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OilAndGasSubSectorRiskMember_zPw3qTmLQPV4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Oil and Gas Sub-Sector Risk. </i></b>Companies in the oil and gas sub-sector are strongly affected by the levels and volatility of global energy prices, oil and gas supply and demand, government regulations and policies, oil and gas production and conservation efforts and technological change. The oil and gas sub-sector is cyclical and from time to time may experience a shortage of drilling rigs, equipment, supplies or qualified personnel, or due to significant demand, such services may not be available on commercially reasonable terms. Prices and supplies of oil and gas may fluctuate significantly over short and long periods of time due to national and international political changes, OPEC policies, changes in relationships among OPEC members and between OPEC and oil-importing nations, the regulatory environment, taxation policies, and the economies of key energy-consuming countries. Disruptions in the oil and gas sub-sector or shifts in energy consumption may significantly impact companies in this sub-sector.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zhIFFVXB0Us7"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExplorationProductionSubSectorRiskMember_zSo3oRUFA1v6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exploration &amp; Production Sub-Sector Risk.</i></b> Financial results of companies in the exploration and production sub-sector correlate closely to the prices they obtain for their products, such as oil, natural gas, and their chemical products. These prices have historically fluctuated wildly, and if prices decline, these companies’ operations, financial condition, cash flows, expenditure levels and quantity of estimated proved reserved attributable to their properties may be materially and adversely affected. Prices are set by global and local market forces not in these companies’ control. In addition, activities in this sub-sector are subject to risks outside the companies’ control, including the risk that drilling will not result in commercially viable oil or natural gas production. Exploration is inherently risky and subject to delays, misinterpretation of geologic or engineering data, unexpected geologic conditions or finding reserves of disappointing quality or quantity, which may result in significant losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zTNgTnbf5OEa"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--GasDistributionSubSectorRiskMember_z3iwST7iHrdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gas Distribution Sub-Sector Risk.</i></b> Companies in the gas distribution sub-sector are generally highly dependent on companies in the exploration and production sub-sector, which means that material adverse impacts on the exploration and production sub-sector may have material adverse effects on companies in the gas distribution sub-sector. Lower prices of oil or natural gas could have a material adverse effect on these companies’ business, operating results, financial condition or ability to make distributions to investors, such as the Fund. The gas distribution sub-sector is highly competitive, with a large number of competitors, and companies’ customers may seek to compete with companies in this sub-sector.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zBDJ5jziCB2l"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OilFieldEquipmentServicesSubSectorRiskMember_zw0a5PLjh94b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Oil Field Equipment &amp; Services Sub-Sector Risk.</i></b> Companies in the oil field equipment and services sub-sector are highly dependent on activity levels in the oil and gas industry, which is significantly affected by volatile oil and gas prices, and other factors. This includes activity levels in offshore areas worldwide. Prolonged reductions in oil and natural gas prices could depress the immediate levels of exploration, development and production activity. Perceptions of longer-term lower oil and natural gas prices by oil and gas companies could similarly reduce or defer major expenditures given the long-term nature of many large-scale development projects. Lower levels of activity result in a corresponding decline in the demand for these companies’ services, which could have a material adverse effect on revenue and profitability. Oil and gas prices and market expectations of potential changes in these prices significantly affect this level of activity. However, increases in near-term commodity prices do not necessarily translate into increased offshore drilling activity since customers’ expectations of longer-term future commodity prices typically have a greater impact on demand for rigs. Consistent with this dynamic, customers may delay or cancel many exploration and development programs, resulting in reduced demand for services. Also, increased competition for customers’ drilling budgets could come from, among other areas, land-based energy markets worldwide. The availability of quality drilling prospects, exploration success, relative production costs, the stage of reservoir development and political and regulatory environments also affect customers’ drilling campaigns. Worldwide military, political and economic events have often contributed to oil and gas price volatility and are likely to do so in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zaZcxTra7YX4"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OilRefiningMarketingSubSectorRiskMember_z8b8LXQRdW4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Oil Refining &amp; Marketing Sub-Sector Risk.</i></b> Business closings and layoffs in the markets in which a company in the oil refining and marketing sub-sector operates may adversely affect demand for refined products. Sustained deterioration of general economic conditions or persistent weak demand levels could require additional actions on a company’s part to lower its operating costs, including temporarily or permanently ceasing to operate units at its facilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These companies’ revenues, profitability, cash flows and liquidity from operations depend primarily on the margin above operating expenses (including the cost of refinery feedstocks, such as crude oil, intermediate partially refined petroleum products, and natural gas liquids that are processed and blended into refined products) at which a company is able to sell refined products. Refining is primarily a margin-based business and, to increase profitability, it is important to maximize the yields of high value finished products while minimizing the costs of feedstock and operating expenses. An increase or decrease in the price of crude oil will likely result in a similar increase or decrease in prices for refined products; however, there may be a time lag in the realization, or no such realization, of the similar increase or decrease in prices for refined products. The effect of changes in crude oil prices on a company’s refining margins therefore depends in part on how quickly and how fully refined product prices adjust to reflect these changes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zAvpx69WiqE7"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_z9nE6s4weE54" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zxw3QVKDjAF5"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicRiskMember_zIx5O8OYT8U5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Geographic Risk</i>.</b> A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_z6aJbOa78qfa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk of Investing in the United States</i>.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z0rVjxyWYcZ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Concentration Risk.</i></b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, sector, sub-sector, market segment, market, industry, group of industries, country, group of countries, region or asset class.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zOv1SDAOQ4r6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV. The high yield securities in which the Fund invests may experience greater liquidity challenges than other types of securities during periods of market stress.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatelyIssuedSecuritiesRiskMember_zitbkzrC66P1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Privately Issued Securities Risk. </i></b>The Fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately issued securities are securities that have not been registered under the 1933 Act and as a result may be subject to legal restrictions on resale. Privately issued securities are generally not traded on established markets. As a result of the absence of a public trading market, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly traded securities and may be subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zivqDellrB76"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_z78cwGgHshe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zmb65N9ugZVf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zd7A0lo3MBo7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk. </i></b>The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zv1AStWio779" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zhZFZc0kymLf"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zIr2NwFPFHJ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zlZ63UNv8RHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>. </i>The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zLu39eYN0uyg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z2TnMG76fHLh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> Performance Information <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zAwqAuk3Mj85" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member_zfN0UXmCZp79">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. </span><span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member_z1ao4UQqhvx8">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member_zxhHyU6EvbRh">www.bondbloxxetf.com </span>or by calling <span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member_z3vexylduP59">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zMEkrsdMXDNi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xhye_001.jpg" style="height: 240px; width: 400px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z1GcLAUcxb0l" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000231817Member_zUNTsPXbzO37" style="display: none; text-align: center; width: 50%">12.11%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000231817Member_ziYzTiSARCsa" style="display: none; text-align: center">7.22%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_980_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000231817Member_z7fuTUsBUWX6" style="display: none; text-align: center">6.87%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 0.1211 0.0722 0.0687 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_zPPuME7wTW7i" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:<br/> <span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member_zD6vnLgQeCY3">Highest</span>: <span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member_z4dgObUvyhNg">5.01%</span> Quarter ended: <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member_zmNOcy6cOac4">12/31/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member_zLc3QxddiDf9">Lowest</span>: <span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member_zNlNy3EVdxd7">(8.36)%</span> Quarter ended: <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member_zbKdtMsagsg1">6/30/2022</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The <span id="xdx_907_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member_z4ghslL2CEMa">year-to-date total return</span> for the Fund as of <span id="xdx_901_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member_zAoul8pcQBDf">December 31, 2025</span> was <span id="xdx_907_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member_zEg2PF16yvRa">6.87%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Highest 0.0501 2023-12-31 Lowest -0.0836 2022-06-30 year-to-date total return 2025-12-31 0.0687 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A88_eoef--PerformanceTableTextBlock_zC5KRwYAatCi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zT63c7Z1Z2ql" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20251231_zWffWN2R7Jge" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20220215__20251231_z0Fw41Xcbobj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/> (<span id="xdx_904_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000231817Member_z5IqBHcEJeo3">02/15/2022</span>)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231817Member_zZIJCROMMbT7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6.87</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6.06</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231817Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zztr1iyzZvOc" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.05</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.26</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231817Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z8WbM03i2yr" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.01</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.39</td> <td style="text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231817Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zx7z4v9jQk33" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Aggregate Bond Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.03</td> <td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231817Member__oef--PerformanceMeasureAxis__custom--ICEDiversifiedUSCashPayHighYieldEnergyIndexMember_zJOpZawZbMqi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICE Diversified US Cash Pay High Yield Energy Index<br/> <i>(<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000074210Member_zUfjhsHaO1nl">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.16</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.56</td> <td style="text-align: left">%</td></tr> </table> 2022-02-15 0.0687 0.0606 0.0405 0.0326 0.0401 0.0339 0.0730 0.0103 reflects no deduction for fees, expenses, or taxes 0.0716 0.0656 BONDBLOXX USD HIGH YIELD BOND CONSUMER CYCLICALS SECTOR ETF Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zV5OLeQrQpMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx USD High Yield Bond Consumer Cyclicals Sector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds in the consumer cyclicals sector.</span></p> Fees and Expenses <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zbj0zh83fVLa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_z9whBJEmshtg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z0zfOyAkpJ67" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_495_20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member__oef--ClassAxis__custom--C000231815Member_zgZf0iG7CkWa" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zhoGBUBaabk3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F42_z5IkV8eXBlH">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.35</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zNtFYzZ9oCld" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zqVnNFKY4xG6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zp1hLPMCbyr2" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.35</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0A_zpbLcRxwSYT8">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F11_zCtsESOVDkJa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0035 0 0.0000 0.0035 Example. <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zTzDkEp2prsk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJyJ0XWjObV"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z02HWe9JGYP8" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_489_eoef--ExpenseExampleYear01_zpElStbtEoAg" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zKdSD6ediRwa" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48B_eoef--ExpenseExampleYear05_z4kjebeiImK1" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_482_eoef--ExpenseExampleYear10_zSf7u8Vs7l3b" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_419_20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member__oef--ClassAxis__custom--C000231815Member_zeoEGAtYEQh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$36 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$113 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$197 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$443 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 36 113 197 443 Portfolio Turnover. <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_znypHwW8pqg8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> 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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member_zd1s9NsFDjVk">38%</span> of the average value of its portfolio.</p> 0.38 Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zqARRrZE4m8i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is diversified and seeks to track the investment results of the ICE Diversified US Cash Pay High Yield Consumer Cyclical Index (the “Index”), which is a rules-based index consisting of U.S. dollar-denominated below investment grade bonds (as determined by ICE Data Indices, LLC or its affiliates (collectively “Index Provider” or “IDI”)) that contains issuers from the consumer cyclicals sector (companies whose performance is generally more closely connected to the business cycle and current economic conditions), including the leisure, real estate development &amp; management, department stores, and specialty retail sub-sectors. The performance of securities in this sector, in the aggregate, may exhibit greater volatility in response to macroeconomic or systematic changes in the overall economy. Below investment grade bonds are commonly referred to as “junk bonds.” The Index is a modified market value-weighted index with a cap on each issuer of 25% of the market capitalization of the Index. This means that Index constituents are capitalization weighted, based on their current amount outstanding, and then adjusted in accordance with the index methodology detailed below. There is no limit to the number of issues in the Index, but as of December 31, 2025, the Index included approximately 274 constituents. The bonds included in the Index are publicly issued in the United States domestic market. Because the Index is reconstituted and rebalanced monthly, the components of the Index are likely to change over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is composed of a subset of bonds in the ICE BofA US Cash Pay High Yield Constrained Index (the “Underlying Index”). The Index components are classified into “large cap” and “small cap” categories. Their weightings are then adjusted based on a capitalization-weighting adjustment formula. See “More Information About the Funds—Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the bonds eligible for inclusion in the Index include U.S. dollar-denominated high yield corporate bonds, currently in a coupon paying period, that are publicly issued in the U.S. domestic market, and that: (i) are issued by companies having “risk exposure” to countries (<i>i.e.,</i> issuers that are subject to the risks of one or more of these countries as a result of the principal country of domicile of the issuers (as determined by the Index Provider)) that are members of the FX-G10, which include Australia, Austria, Belgium, Canada, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, the U.K. and the U.S. and their respective territories; (ii) have an average rating of below investment grade (ratings from Fitch Ratings, Inc. (“Fitch”), Moody’s Investors Service, Inc. (“Moody’s”) or S&amp;P Global Ratings are considered; if more than one agency provides a rating, the average rating is attached to the bond); (iii) are registered with the SEC, exempt from registration at issuance, or offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), with or without registration rights; (iv) have at least $250 million of outstanding face value; (v) have an original maturity date of at least 18 months at the time of issuance; (vi) have at least one year to maturity as of the rebalancing date; and (vii) are issued by companies that each derive at least 50% of their revenues or profits from the ownership, operation, development, construction, management, financing, leasing or sale of consumer cyclical assets. There is no upper limit on the maturity of bonds eligible for inclusion in the Index. For more information regarding the Underlying Index, see “More Information About the Funds—Underlying Index” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high-yield, below-investment grade bonds denominated in U.S. dollars of issuers in the consumer cyclicals sector, either directly or indirectly (e.g., through derivatives).The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, securities of other registered investment companies, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An issuer is considered to be in the consumer cyclicals sector if it derives at least 50% of its revenues or profits from the ownership, operation, development, construction, management, financing, leasing or sale of consumer cyclicals assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to track the investment results of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is concentrated.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As of December 31, 2025, the Index currently holds 25% or more of its assets in the leisure sub-sector.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_z711RaNf06lh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member__oef--RiskAxis__oef--RiskLoseMoneyMember_znd3ZrINVXNg">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zjplToQALPpa"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zRdjCvlRGFo9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>High Yield Securities Risk. </i></b>Securities that are rated below investment-grade (sometimes referred to as “junk bonds,” which may include those bonds rated below “BBB-” by S&amp;P Global Ratings and Fitch or below “Baa3” by Moody’s), or similar securities that are unrated, may be deemed speculative, may involve greater levels of risk than higher-rated securities of similar maturity and may be more likely to default. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in the NAV of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities because there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities could experience sudden and sharp volatility, which is generally associated more with investments in stocks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zCZvSbRMhFU3"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_z9kQn3pkFmOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zI0NqjBhZeEk"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_z0Z0NJV33WEb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zPG4DPBzKVSc"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zvMrsSyb6hK4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. <b>INDEX-BASED EXCHANGE TRADED FUNDS (“ETFs”) THAT TRACK INDICES WITH SIGNIFICANT WEIGHT IN HIGH YIELD SECURITIES MAY EXPERIENCE HIGHER TRACKING ERROR THAN OTHER INDEX ETFs THAT DO NOT TRACK SUCH INDICES.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zxMpOFC9T3R9"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--BondRiskMember_zfmwQYXAwjDk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Bond Risk.</i></b> The Fund invests a substantial portion of its assets in U.S. dollar-denominated bonds. A bond is an interest-bearing security typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors. An issuer may have the right to redeem or “call” a bond before maturity, in which case the Fund may have to reinvest the proceeds at lower market rates. Similarly, the Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Bonds may be unsecured (backed only by the issuer’s general creditworthiness) or secured (backed by specified collateral).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zc1cQnE4SbZa"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_zqDje5FKPfWa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Corporate Bond Risk.</i></b> The Fund will invest in corporate bonds, which are debt instruments issued by corporations to raise capital. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zncmmOoumC8f"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_z4c7W0fGw6v3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. The Fund invests in fixed income securities of high yield issuers that may exhibit higher levels of credit risk than other types of fixed income instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zUvPVeYTYjW1"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zvwpepWosGE8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zrMNFXeOuOL2"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zvOHpkd45Z0b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests more heavily in particular sectors, sub-sectors, industries, groups of industries, asset classes, markets, regions, countries, or groups of countries, its performance will be especially sensitive to developments that significantly affect those sectors, sub-sectors, industries, asset classes, markets, regions, or countries. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. An individual sector, sub-sector, industry, group of industries, asset-class, market, region, country, or group of countries may outperform the broader market during particular periods, but may do so with considerably greater volatility than the broader market. In addition, the several industries that constitute a sector or sub-sector or the several countries or markets that constitute a region or group of countries may all react similarly to economic, political, regulatory or other market events. The Fund’s performance could also be affected if the sectors, sub-sectors, industries, asset classes, markets, regions, or countries do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zsIfE2T3k8od" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Passive Investment Risk.</i></b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zYRDu2IBAYy" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_z7Bgk2CibHIb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zbi1y5yFu6y4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zMv4s2cTkTog" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_za7CkU29mch2"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zJPoLci6xBh9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_z4AW7NBU8Nj2"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerCyclicalsSectorRiskMember_zAmjHs3Up6l7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consumer Cyclicals Sector Risk</i>.</b> The consumer cyclicals sector consists of a number of sub-sectors, including the consumer discretionary, leisure, real estate development and management, department store and specialty retail sub-sectors. The success of consumer cyclical companies is tied closely to the performance of domestic and international economies, exchange rates, interest rates, competition, consumer confidence, changes in demographics and preferences. Companies in the consumer cyclicals sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zpZPMTDlIBLi"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySubSectorRiskMember_zSHyQTPZuMg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consumer Discretionary Sub-Sector Risk.</i></b> Companies engaged in the design, production or distribution of products or services for the consumer discretionary sub-sector (including, for example, leisure, gaming, hotels, recreation, theaters, entertainment, etc.) are subject to the risk that their products or services may become obsolete quickly. The success of these companies can depend heavily on disposable household income and consumer spending. During periods of an expanding economy, the consumer discretionary sub-sector may outperform other sub-sectors, but may underperform when economic conditions worsen. Moreover, the consumer discretionary sub-sector can be significantly affected by several factors, including, without limitation, the performance of domestic and international economies, exchange rates, changing consumer preferences, demographics, marketing campaigns, cyclical revenue generation, consumer confidence, commodity price volatility, labor relations, interest rates, import and export controls, intense competition, technological developments and government regulation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zJqLiCQoUrH5"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RetailSubSectorRiskMember_zgnLt5fe5qt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Retail Sub-Sector Risk. </i></b>The retail sub-sector may be affected by changes in domestic and international economies, consumer confidence, disposable household income and spending, and consumer tastes and preferences. Companies in the retail sub-sector face intense competition, which may have an adverse effect on their profitability. The success of companies in the retail sub-sector may be strongly affected by social trends, marketing campaigns and public perceptions. Companies in the retail sub-sector may be dependent on outside financing, which may be difficult to obtain. Many of these companies are dependent on third party suppliers and distribution systems. Retail companies may be unable to protect their intellectual property rights or may be liable for infringing the intellectual property rights of others.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zE6cYwEYEQzh"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zRPoWMkC2l86" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zdJfBmbFy1m8"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicRiskMember_zoJ32HQNz0I2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Geographic Risk</i>.</b> A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zS5bVQRt0f18"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_ze9ifBICoL7k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk of Investing in the United States.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zyM6vvAkyGyj"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zu8SyNOjnpzl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration Risk.</i></b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, sector, sub-sector, market segment, market, industry, group of industries, country, group of countries, region or asset class.</span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zXJzrvbeQYb4"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_z6EPIKUN7vnc"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zEuh2uPfsfml" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV. The high yield securities in which the Fund invests may experience greater liquidity challenges than other types of securities during periods of market stress.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zv9xC2GhMM5g"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatelyIssuedSecuritiesRiskMember_zcHxGaWB5dN3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Privately Issued Securities Risk. </i></b>The Fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately issued securities are securities that have not been registered under the 1933 Act and as a result may be subject to legal restrictions on resale. Privately issued securities are generally not traded on established markets. As a result of the absence of a public trading market, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly traded securities and may be subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zn35yub0UAp8"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_ziqPtZH37DNg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zjCBpFjWm7I" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zsCvDZ8uR1zl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk. </i></b>The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zUJ2xFZoEtS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zrHrYF0WmZq2"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zaqTcocz0qu6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b></span> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zbT0S4xSOCM5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>.</i> The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_z80upJ1n2DMa"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zZgq2tHCZuJ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zgR6ssrqw0bi"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zCdDB8FJcAx7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> Performance Information <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zWXmRxWsZQFe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member_zzrzAe4LgRtb">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. </span><span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member_zfC66BiAI5U7">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member_zcACPhzlNDkc">www.bondbloxxetf.com </span>or by calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member_zlfRcucvpZWd">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zbwfbiI3AYE8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xhyc_001.jpg" style="height: 240px; width: 400px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zLQ3IoavAp08" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_987_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000231815Member_z9XBlrJAJ2sh" style="display: none; text-align: center; width: 50%">15.25%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000231815Member_zUtcD1NatS4g" style="display: none; text-align: center">7.58%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000231815Member_zUybBcsVGxI2" style="display: none; text-align: center">7.37%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 0.1525 0.0758 0.0737 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_zDe2LGcylQ19" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:<br/> <span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member_zZUTafWwhh9a">Highest</span>: <span id="xdx_906_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member_zmIXhaHKfZUl">7.06%</span> Quarter ended: <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member_zBlGNHXXBfx3">12/31/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member_z4bKoRxYSV79">Lowest</span>: <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member_z0sKpvEZ3yag">(10.93)%</span> Quarter ended: <span id="xdx_904_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member_znwuDDkGRuUd">6/30/2022</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The <span id="xdx_901_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member_zs9b0GOjVagb">year-to-date total return</span> for the Fund as of <span id="xdx_904_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member_zmUHoEjwKbUc">December 31, 2025</span> was <span id="xdx_90F_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member_zNQvzyEnoFoa">7.37</span>%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Highest 0.0706 2023-12-31 Lowest -0.1093 2022-06-30 year-to-date total return 2025-12-31 7.37 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A86_eoef--PerformanceTableTextBlock_zKhkMqoKuJL7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zIfB6qt7KwNl" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20251231_z1b5RDKq5xqa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20220215__20251231_zchLv4e7XqN2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/> (<span id="xdx_903_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000231815Member_zAIo5YOW7Kij">02/15/2022</span>)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231815Member_zJJ9Rt8iTvJc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">7.37</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">5.08</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231815Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zngP2gKeRlek" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.50</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.29</td> <td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231815Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zfYS3O2EQwKj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.62</td> <td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231815Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zNaboMpWNGIi" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Aggregate Bond Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.03</td> <td style="text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231815Member__oef--PerformanceMeasureAxis__custom--ICEDiversifiedUSCashPayHighYieldConsumerCyclicalIndexMember_zCoWU3NQ2Ho6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICE Diversified US Cash Pay High Yield Consumer Cyclical Index<br/> <i>(<span id="xdx_90F_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000074208Member_zK15xy4mGgN2">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.59</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.46</td> <td style="text-align: left">%</td></tr> </table> 2022-02-15 0.0737 0.0508 0.0450 0.0229 0.0430 0.0262 0.0730 0.0103 reflects no deduction for fees, expenses, or taxes 0.0759 0.0546 BONDBLOXX USD HIGH YIELD BOND CONSUMER NON-CYCLICALS SECTOR ETF Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zfgLiAnrupsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx USD High Yield Bond Consumer Non-Cyclicals Sector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds in the consumer non-cyclicals sector.</span></p> Fees and Expenses <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zQwlqcOx04sb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zYprcR4C4EHa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zmbzUlAbOK29" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_494_20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member__oef--ClassAxis__custom--C000231816Member_zeCM2o6jIzU5" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zbDLOWoy4aDc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F4D_zSWFIKj9NbFi">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.35</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zQpi4ZvjaCC4" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zx605yGIdLPe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zWbEyf70M5Z2" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.35</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0B_zrHZbblbnoK6">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F17_zORzsxU4JWae" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0035 0 0.0000 0.0035 Example. <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zbFwRTsxZg6d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zaLq7kgADwEd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zCLMxWX5E882" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zSok9SSxcvXi" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_zSbQPn0Q0Yjk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_486_eoef--ExpenseExampleYear05_zzbgnve69hr4" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zaT6lRxUIvG" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41F_20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member__oef--ClassAxis__custom--C000231816Member_zLKHFrMRyTVd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$36 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$113 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$197 </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$443 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 36 113 197 443 Portfolio Turnover. <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_znQppWuzLX0k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_903_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member_z1d8qpau05t1">28%</span> of the average value of its portfolio.</p> 0.28 Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zQLjlYK8ShBe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is diversified and seeks to track the investment results of the ICE Diversified US Cash Pay High Yield Consumer Non-Cyclical Index (the “Index”), which is a rules-based index consisting of U.S. dollar-denominated below investment grade bonds (as determined by ICE Data Indices, LLC or its affiliates (collectively “Index Provider” or “IDI”)) that contains issuers from the consumer non-cyclicals sector (companies whose performance is generally less closely connected to the business cycle and current economic conditions), including the consumer goods, discount stores, food &amp; drug retail, restaurants, and utilities sub-sectors. The performance of securities in this sector, in the aggregate, may exhibit lower sensitivity in response to macroeconomic or systematic changes in the overall economy. Below investment grade bonds are commonly referred to as “junk bonds.” The Index is a modified market value-weighted index with a cap on each issuer of 25% of the market capitalization of the Index. This means that Index constituents are capitalization weighted, based on their current amount outstanding, and then adjusted in accordance with the index methodology detailed below. There is no limit to the number of issues in the Index, but as of December 31, 2025, the Index included approximately 180 constituents. The bonds included in the Index are publicly issued in the United States domestic market. Because the Index is reconstituted and rebalanced monthly, the components of the Index are likely to change over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is composed of a subset of bonds in the ICE BofA US Cash Pay High Yield Constrained Index (the “Underlying Index”). The Index components are classified into “large cap” and “small cap” categories. Their weightings are then adjusted based on a capitalization-weighting adjustment formula. See “More Information About the Funds—Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the bonds eligible for inclusion in the Index include U.S. dollar-denominated high yield corporate bonds, currently in a coupon paying period, that are publicly issued in the U.S. domestic market, and that: (i) are issued by companies having “risk exposure” to countries (<i>i.e.,</i> issuers that are subject to the risks of one or more of these countries as a result of the principal country of domicile of the issuers (as determined by the Index Provider)) that are members of the FX-G10, which include Australia, Austria, Belgium, Canada, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, the U.K. and the U.S. and their respective territories; (ii) have an average rating of below investment grade (ratings from Fitch Ratings, Inc. (“Fitch”), Moody’s Investors Service, Inc. (“Moody’s”) or S&amp;P Global Ratings are considered; if more than one agency provides a rating, the average rating is attached to the bond); (iii) are registered with the SEC, exempt from registration at issuance, or offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), with or without registration rights; (iv) have at least $250 million of outstanding face value; (v) have an original maturity date of at least 18 months at the time of issuance; (vi) have at least one year to maturity as of the rebalancing date; and (vii) are issued by companies that each derive at least 50% of their revenues or profits from the ownership, operation, development, construction, management, financing, leasing or sale of consumer non-cyclical assets. There is no upper limit on the maturity of bonds eligible for inclusion in the Index. For more information regarding the Underlying Index, see “More Information About the Funds—Underlying Index” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high-yield, below-investment grade bonds denominated in U.S. dollars of issuers in the consumer non-cyclicals sector, either directly or indirectly (e.g., through derivatives).The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, securities of other registered investment companies, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An issuer is considered to be in the consumer non-cyclicals sector if it derives at least 50% of its revenues or profits from the ownership, operation, development, construction, management, financing, leasing or sale of consumer non-cyclicals assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to track the investment results of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is concentrated.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As of December 31, 2025, the Index currently holds 25% or more of its assets in the consumer goods and utilities sub-sectors.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_zoBByBG6wWGi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z3CSpAyBgM1d">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_z0tthhxh3g4d"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zesh95hLWnP3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>High Yield Securities Risk.</i></b> Securities that are rated below investment-grade (sometimes referred to as “junk bonds,” which may include those bonds rated below “BBB-” by S&amp;P Global Ratings and Fitch or below “Baa3” by Moody’s), or similar securities that are unrated, may be deemed speculative, may involve greater levels of risk than higher-rated securities of similar maturity and may be more likely to default. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in the NAV of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities because there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities could experience sudden and sharp volatility, which is generally associated more with investments in stocks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_za92TYKlKHO"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zQKEXuakEpq" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zJin1surt9v"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zSUSR2L3mc6d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_z6WZRsGchBSl"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z582mocGOhl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. <b>INDEX-BASED EXCHANGE TRADED FUNDS (“ETFs”) THAT TRACK INDICES WITH SIGNIFICANT WEIGHT IN HIGH YIELD SECURITIES MAY EXPERIENCE HIGHER TRACKING ERROR THAN OTHER INDEX ETFs THAT DO NOT TRACK SUCH INDICES.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zaXEoXG89pZ"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--BondRiskMember_zhRcny8CtKfh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Bond Risk.</i></b> The Fund invests a substantial portion of its assets in U.S. dollar-denominated bonds. A bond is an interest-bearing security typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors. An issuer may have the right to redeem or “call” a bond before maturity, in which case the Fund may have to reinvest the proceeds at lower market rates. Similarly, the Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Bonds may be unsecured (backed only by the issuer’s general creditworthiness) or secured (backed by specified collateral).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zbMDEM0F5WU7"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_zj5bety0mSE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Corporate Bond Risk.</i></b> The Fund will invest in corporate bonds, which are debt instruments issued by corporations to raise capital. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zWSwWwuT35S4"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_z75YUWXU3qu6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. The Fund invests in fixed income securities of high yield issuers that may exhibit higher levels of credit risk than other types of fixed income instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zhTsXPNZHop6"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zXcbPgbiYcLj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zHxD8Z2u1Jl7"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zGN0fpqrFq7j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests more heavily in particular sectors, sub-sectors, industries, groups of industries, asset classes, markets, regions, countries, or groups of countries, its performance will be especially sensitive to developments that significantly affect those sectors, sub-sectors, industries, asset classes, markets, regions, or countries. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. An individual sector, sub-sector, industry, group of industries, asset-class, market, region, country, or group of countries may outperform the broader market during particular periods, but may do so with considerably greater volatility than the broader market. In addition, the several industries that constitute a sector or sub-sector or the several countries or markets that constitute a region or group of countries may all react similarly to economic, political, regulatory or other market events. The Fund’s performance could also be affected if the sectors, sub-sectors, industries, asset classes, markets, regions, or countries do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zkNX9ccRDUdj"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zp8iBuTgETdi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zbW2fhIvRRm9"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zeHSWopAo7ik" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zN4SdWatUs5c"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zkTaQSRo8EEj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zuOddjnsQwGd"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zfGiznDPWwDf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_z8ahkVGBNV8i"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_z4BPMT1s3DI4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zhOJfKAt6E8g"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zPqfNRdc7q14" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zKSWQLEpK2Vg"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerNonCyclicalsSectorRiskMember_zPODgzSoiGCd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consumer Non-Cyclicals Sector Risk.</i></b> The consumer non-cyclicals sector consists principally of consumer staples companies that operate in numerous sub-sectors, including the consumer goods, discount stores, food &amp; drug retail, restaurants, and utilities sub-sectors. Investments in the consumer non-cyclicals sector involve risks associated with companies that manufacture products and provide discretionary services directly to the consumer. Performance of companies in the consumer non-cyclicals sector may be adversely impacted by fluctuations in supply and demand, changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the consumer non-cyclicals sector are also affected by changes in government regulation, global economic, environmental and political events, and economic conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zGNEulWxIjA8"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerStaplesSubSectorRiskMember_zNVOe1nZqOLd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consumer Staples Sub-Sector Risk</i>.</b> Companies in the consumer goods sub-sector may be strongly affected by social trends, marketing campaigns and other factors affecting consumer demand. Governmental regulation affecting the use of various food additives may affect the profitability of certain consumer goods companies represented in the Index. Many consumer goods in the U.S. may also be marketed globally, and such consumer goods companies may be affected by the demand and market conditions in non-U.S. countries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zgOAI1mkeni6"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSubSectorRiskMember_zzLRs4ss9ZW" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Utilities Sub-Sector Risk. </i></b>The utilities sub-sector may be adversely affected by changing commodity prices, government regulation stipulating rates charged by utilities, increased tariffs, changes in tax laws, interest rate fluctuations and changes in the cost of providing specific utility services. The utilities sub-sector is also subject to potential terrorist attacks, including hacks and cyber-security attacks, natural disasters and severe weather conditions, as well as regulatory and operational burdens associated with the operation and maintenance of nuclear facilities. Government regulators monitor and control utility revenues and costs, and therefore may limit utility profits. In certain countries, regulatory authorities may also restrict a company’s access to new markets, thereby diminishing the company’s long-term prospects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zZBG1yoW2Iuf"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_z7NTCaOvHIn2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_z5rOLYW1KtIe"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicRiskMember_z2Wyf7tCOV" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Geographic Risk</i>.</b> A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zabeC7V8pBQf"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_zQcF0COzyZWh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk of Investing in the United States</i>.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_z0gekg6WU0zj"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zonEcHXVUAq5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration Risk.</i></b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, sector, sub-sector, market segment, market, industry, group of industries, country, group of countries, region or asset class.</span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zcstSwVanNMf"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zqy7CwyiKzKc"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zRCjU8l3kQ0g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV. The high yield securities in which the Fund invests may experience greater liquidity challenges than other types of securities during periods of market stress.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_z3oKXmowNgv2"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatelyIssuedSecuritiesRiskMember_zrB3QiyntzE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Privately Issued Securities Risk. </i></b>The Fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately issued securities are securities that have not been registered under the 1933 Act and as a result may be subject to legal restrictions on resale. Privately issued securities are generally not traded on established markets. As a result of the absence of a public trading market, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly traded securities and may be subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zFqfjmxPWLwd"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zyGP7cxaZ7Ob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zPH9j4ASPjqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zbeI3DdNoz99"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zGFwDdPhCfHl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk. </i></b>The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zxqo2pguelEi"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zEn8CHKNdFl8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zBnUyrZc4491"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zAoSEE9WGZnc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zlBBSLdSQlof" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>. </i>The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zKmDtgdIfog"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zxW2zNsRpu3e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zPhxPX1dFTc7"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z3wOzffHZQ42" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> Performance Information <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zWX6UVBxxKK7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member_zYvEY0wqb6Xi">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. </span><span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member_zaPMGYAl5Njh">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member_ziuHgp2KOi0g">www.bondbloxxetf.com </span>or by calling <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member_zGgpA0jPACFh">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zZMHSi1unvuh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xhyd_001.jpg" style="height: 240px; width: 400px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zcVgT7Ck9id5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000231816Member_zuxuBLRKLLxf" style="display: none; text-align: center; width: 50%">12.18%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000231816Member_zMLWKgfizCG9" style="display: none; text-align: center">6.00%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000231816Member_zoynGP8rHXBl" style="display: none; text-align: center">8.54%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 0.1218 0.0600 0.0854 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_zu1LnVGRhKw6" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:<br/> <span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member_zkjtOk4BPHgd">Highest</span>: <span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member_zeUd3v6H3iz6">7.45%</span> Quarter ended: <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member_zN8OY197g6M4">12/31/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member_zngfBGXBpLH7">Lowest</span>: <span id="xdx_907_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member_z41DEoh1dMYg">(7.63)%</span> Quarter ended: <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member_zIfZw7wOsACe">6/30/2022</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The <span id="xdx_90A_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member_zmtV3sggdbvg">year-to-date total return</span> for the Fund as of <span id="xdx_90E_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member_zCK8HevrXqPh">December 31, 2025</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member_zESsP35RsuHh">8.54%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> </p> Highest 0.0745 2023-12-31 Lowest -0.0763 2022-06-30 year-to-date total return 2025-12-31 0.0854 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zGCNFFUx3hV7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zZMEO2tNOFG5" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_z6vq2j7Z5Xxb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20220215__20251231_zRN8cYcyFvfg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/> (<span id="xdx_90F_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000231816Member_zgYUGCFksDnb">02/15/2022</span>)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231816Member_zP66sD0qewnh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">8.54</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">5.14</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231816Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zRDu2taYxTN4" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.97</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.62</td> <td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231816Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zluD8EYWFr2j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.00</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.80</td> <td style="text-align: left">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231816Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zBgRJH9dB0Ml" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Aggregate Bond Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.03</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231816Member__oef--PerformanceMeasureAxis__custom--ICEDiversifiedUSCashPayHighYieldConsumerNonCyclicalIndexMember_zNxVua6tZUJ9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICE Diversified US Cash Pay High Yield Consumer Non-Cyclical Index<br/> <i>(<span id="xdx_90F_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000074209Member_zS22YAySkTb2">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.80</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.49</td> <td style="text-align: left">%</td></tr> </table> 2022-02-15 0.0854 0.0514 0.0597 0.0262 0.0500 0.0280 0.0730 0.0103 reflects no deduction for fees, expenses, or taxes 0.0880 0.0549 BONDBLOXX USD HIGH YIELD BOND SECTOR ROTATION ETF Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zCP5J4MYjK3j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx USD High Yield Bond Sector Rotation ETF (the “Fund”) seeks to provide total return by primarily investing its assets in U.S. dollar-denominated, high yield corporate bonds in the various sectors of the fixed income securities market through other exchange-traded funds (“ETFs”).</span></span></p> Fees and Expenses <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zyPh3qnsF5sb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zhYsMcR5RVh1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zTcezqeUvnG8" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member__oef--ClassAxis__custom--C000243215Member_zb7rYecjsQsf" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zNTV09IxWB09" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 88%; font-weight: bold; text-align: left">Management Fees</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.45</span></td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zAumkWpCmb13" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zImQa3K0dYp6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Expenses</b></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.31</span></td> <td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zW6KUieECYE6" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Acquired (Underlying) Fund Fees and Expenses<sup id="xdx_F42_zN6BX6UiN9Si">1</sup></b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.35</span></td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zkHTAeF69vO9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.11</span></td> <td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zJjgYjZURaa4" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fee Waiver and/or Expense Reimbursement<sup id="xdx_F4C_z2IXpgzDy6Ik">2</sup></b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.56</span></td> <td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dpn_zWyODnkoDyvl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Annual Fund Operating Expenses</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>After Fee Waiver and/or Expense Reimbursement</b></span> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.55</span></td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0F_z7OMZ6JSdEIb">1</sup></span></span></td> <td style="text-align: justify"><span><span id="xdx_F1A_zjjcnnjUJlx5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The Fund may incur “Acquired (Underlying) Fund Fees and Expenses.” Acquired (Underlying) Fund Fees and Expenses reflect the Fund’s <i>pro rata</i> share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. The Acquired (Underlying) Fund Fees and Expenses are based on estimated amounts for the current fiscal year.</span></span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="padding: 0pt; width: 0.25in; text-align: left; text-indent: 0pt"><sup id="xdx_F06_zgksEssSzsfh">2</sup></td> <td id="xdx_F15_zpyP6NrUWOu7" style="padding: 0pt; text-align: justify; text-indent: 0pt"> BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) has contractually agreed to waive fees and/or reimburse operating expenses (other than interest, brokerage, taxes, extraordinary expenses and non-affiliated acquired fund fees and expenses) so that the ratio of the Fund’s net total annual operating expenses will not exceed 0.55% through the anniversary of the listing date of the Fund in 2027. The contractual fee waiver may be terminated prior to the anniversary of the listing date of the Fund in 2027 only upon written agreement of the Trust and BIM.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0.0045 0 0.0031 0.0035 0.0111 -0.0056 0.0055 Example. <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zC9j66MQ3TI1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zegM9OMzr5h4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zlnH5gM7CVO9" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: White"> <td id="xdx_482_eoef--ExpenseExampleYear01_zKZP1iArPbO7" style="border-bottom: Black 1pt solid; width: 23%; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year </b></span></td> <td style="width: 2%; padding-bottom: 1pt; font-weight: bold; text-align: left"><span> </span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_zc6LkQaHlrpd" style="border-bottom: Black 1pt solid; width: 24%; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years </b></span></td> <td style="width: 2%"><span> </span></td> <td id="xdx_488_eoef--ExpenseExampleYear05_zO8pwuANPxW1" style="border-bottom: Black 1pt solid; text-align: center; width: 24%"><span><b>5 Years</b></span></td> <td style="width: 2%"><span> </span></td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zIxkTczis1Nf" style="border-bottom: Black 1pt solid; text-align: center; width: 23%"><span><b>10 Years</b></span></td></tr> <tr id="xdx_413_20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member__oef--ClassAxis__custom--C000243215Member_z8xyovKtWqWh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$56</span></td> <td style="text-align: left"><span> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$297</span></td> <td><span> </span></td> <td style="text-align: center"><span>$557</span></td> <td><span> </span></td> <td style="text-align: center"><span>$1,301</span></td></tr> </table> 56 297 557 1301 Portfolio Turnover. <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zY5MiyJ9UrE8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The Fund and the Underlying Funds may pay transaction costs, such as commissions, when they buy and sell securities (or “turns over” its portfolio). A higher portfolio turnover rate for the Fund or the Underlying Funds may indicate higher transaction costs, may cause the Fund or the Underlying Funds to incur increased expenses 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 (except costs to the Underlying Funds included as part of Acquired (Underlying) Fund Fees and Expenses), affect the Fund’s performance. To the extent an Underlying Fund incurs costs from high portfolio turnover, such costs may have a negative effect on the performance of the Fund. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_903_eoef--PortfolioTurnoverRate_dp_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member_zsSNJXeXVTtb">28%</span> of the average value of its portfolio.</p> 0.28 Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zTSj7dx0hdV" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; -sec-ix-redline: true">The Fund is “non-diversified,” which means that it may invest a greater percentage of its assets in a particular issuer and may invest in fewer issuers than a diversified fund. The Fund is “actively managed” and does not seek to replicate the performance of a specified index. The Fund operates as a “fund of funds,” meaning that it primarily invests its assets in securities of other ETFs. In particular, the Fund allocates its assets among ETFs that each focus on U.S. dollar-denominated, high yield corporate bonds (commonly referred to as “junk bonds”) in the various sectors of the fixed income securities market (each, a “Sector” and collectively, the “Sectors”). As of December 31, 2025, the Sectors include: Industrials, Telecom, Media &amp; Technology, Healthcare, Financial &amp; REIT, Energy, Consumer Cyclicals, Consumer Non-Cyclicals, BB-rated, single-B rated, and CCC-rated Sectors. Exposure to the Sectors is obtained by investing in ETFs that invest in the specific sectors included in the ICE BofA US Cash Pay High Yield Constrained Index (the “Underlying Benchmark”), which is a rules-based index consisting of U.S. dollar-denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market (as determined by ICE Data Indices, LLC (“IDI” or “Index Provider”)). The sector classifications as determined by IDI are subject to change and are not controlled by the Fund or BondBloxx Investment Management Corporation (the “Adviser” or “BIM”), the Fund’s and the Underlying Funds’ (as defined below) investment adviser. The ETFs in which the Fund invests are: BondBloxx USD High Yield Bond Industrial Sector ETF (ticker: XHYI), BondBloxx USD High Yield Bond Telecom, Media &amp; Technology Sector ETF (ticker: XHYT), BondBloxx USD High Yield Bond Healthcare Sector ETF (ticker: XHYH), BondBloxx USD High Yield Bond Financial &amp; REIT Sector ETF (ticker: XHYF), BondBloxx USD High Yield Bond Energy Sector ETF (ticker: XHYE), BondBloxx USD High Yield Bond Consumer Cyclicals Sector ETF (ticker: XHYC), BondBloxx USD High Yield Bond Consumer Non-Cyclicals Sector ETF (ticker: XHYD), BondBloxx BB Rated USD High Yield Corporate Bond ETF (ticker: XBB), BondBloxx B Rated USD High Yield Corporate Bond ETF (ticker: XB), and BondBloxx CCC Rated USD High Yield Corporate Bond ETF (ticker: XCCC) (each, an “Underlying Fund”). The Fund will be close to fully invested at all times in the Underlying Funds. Each Underlying Fund is an affiliated fund advised by the Adviser.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">“Sector rotation” refers to the allocation and reallocation of Fund assets from one or more Sectors into one or more other Sectors. The Adviser makes asset allocation recommendations among the Underlying Funds based on its fundamental investment approach that takes into consideration the analysis of macroeconomic, financial and market data to formulate decisions regarding the recommended sector allocation(s) within the portfolio, which may result in the allocation and reallocation of Fund assets from one or more Sectors into one or more other Sectors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The Adviser’s asset allocations may attempt to enhance returns relative to the Underlying Benchmark by overweighting and underweighting exposure to the Sectors and this may consequently increase or reduce the Fund’s overall exposure to certain Underlying Funds. It is possible the Fund may not have exposure to all Sectors or Underlying Funds at all times.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The Adviser typically rebalances the Fund’s portfolio of Underlying Funds on a monthly basis, although rebalancing may occur more or less frequently depending on market conditions. As a result of frequent rebalances, the Fund may experience a high turnover rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) directly or indirectly through the Underlying Funds, in high yield bonds issued by U.S. companies. High yield bonds are below investment grade securities (sometimes referred to as “junk bonds”) that are rated below “BBB-” by S&amp;P Global Ratings and Fitch Ratings, Inc. (“Fitch”) or below “Baa3” by Moody’s Investors Service, Inc. (“Moody’s”) or similar securities that are unrated but considered to be of equivalent quality by BIM. The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, securities of other registered investment companies, cash and cash equivalents.</p> <p id="xdx_A8B_eoef--RiskTextBlock_zlSE6aoGeyPh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z3Kx96N6ps74">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below (either directly or through its investments in the Underlying Funds). Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective. The description of the principal risks below applies to the Fund and the Underlying Funds, as applicable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zvcmckZ1SuF9"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zkj0FVCWp5Ah" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>High Yield Securities Risk. </i></b>Securities that are rated below investment-grade (sometimes referred to as “junk bonds,” which may include those bonds rated below “BBB-” by S&amp;P Global Ratings and Fitch or below “Baa3” by Moody’s), or similar securities that are unrated, may be deemed speculative, may involve greater levels of risk than higher-rated securities of similar maturity and may be more likely to default. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in the NAV of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities because there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities could experience sudden and sharp volatility, which is generally associated more with investments in stocks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">High yield securities that are unrated expose investors to risks with respect to capacity to pay interest or repay principal that are similar to the risks of below investment grade bonds. Evaluation of these securities is dependent on BIM’s judgment, analysis and experience in the evaluation of such securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_z85xzBAl2fDe"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zQGwcXVn1zod" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zCVLcQrtlGSl"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentInTheUnderlyingFundsRiskMember_zy20DYWMspKf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b><i>Investment in the Underlying Funds Risk</i></b>. The Fund invests a substantial portion of its assets in the Underlying Funds. Accordingly, the Fund’s investment performance will be directly related to the performance of the Underlying Funds, and the Fund is subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. To the extent the Fund is exposed more heavily to one or more particular Sectors, its performance will be especially sensitive to risks associated with those Sectors, which include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td> <td style="text-align: justify"><span><b><i>Industrial Sector Risk</i></b>. Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td> <td style="text-align: justify"><span><b><i>Telecom, Media and Technology Sector Risk</i></b>. The telecom, media and technology sector consists of a number of sub-sectors, including the telecommunications, communication services, technology and electronics and media sub-sectors. These sectors are subject to the risks of rapid innovation and obsolescence cycles, intellectual property theft, government regulation, cybersecurity incidents and labor force challenges, among others. There is significant competition for technological advances, and issuers that fail to innovate will be adversely impacted. In addition, issuers in certain sub-sectors require substantial capital investments to develop products and services.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td> <td style="text-align: justify"><span><b><i>Healthcare Sector Risk</i></b>. The profitability of companies in the healthcare sector may be adversely affected by the following factors, among others: extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient and tele-health services, changes in the demand for medical products and services, a limited number of products, industry innovation, changes in technologies and other market developments.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td> <td style="text-align: justify"><span><b><i>Financial Sector Risk</i></b>. The financial sector consists of numerous sub-sectors, including the banking, financial services, insurance and REIT sub-sectors. Companies in the financial sector of an economy are subject to extensive governmental regulation and intervention, which may adversely affect the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their size. Certain risks may impact the value of investments in the financial sector more severely than those of investments outside this sector, including the risks associated with companies that operate with substantial financial leverage. Companies in the financial sector are exposed directly to the credit risk of their borrowers and counterparties, who may be leveraged to an unknown degree, including through swaps and other derivatives products. Financial services companies may have significant exposure to the same borrowers and counterparties, with the result that a borrower’s or counterparty’s inability to meet its obligations to one company may affect other companies with exposure to the same borrower or counterparty. This interconnectedness of risk may result in significant negative impacts to companies with direct exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the financial sector generally. Companies in the financial sector may also be adversely affected by increases in interest rates and loan losses, decreases in the availability of money or asset valuations, credit rating downgrades and adverse conditions in other related markets. The financial sector is particularly sensitive to fluctuations in interest rates. Events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the Fund’s investments. The financial sector is also a target for cyberattacks, and may experience technology malfunctions and disruptions. In recent years, cyberattacks and technology malfunctions and failures have become increasingly frequent in this sector and have reportedly caused losses to companies in this sector, which may negatively impact the Fund.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td> <td style="text-align: justify"><span><b><i>Energy Sector Risk</i></b>. The energy sector consists of a number of sub-sectors, including the exploration &amp; production, gas distribution, oil field equipment &amp; services, and oil refining &amp; marketing sub-sectors. The success of companies in the energy sector may be cyclical and highly dependent on energy prices. The market value of securities issued by companies in the energy sector may decline for the following reasons, among others: changes in the levels and volatility of global energy prices, energy supply and demand, geopolitical instability and capital expenditures on exploration and production of energy sources; exchange rates, interest rates, economic conditions, and tax treatment; regulation of energy production and the cost and availability of government subsidies; and energy conservation efforts, increased competition and technological advances. Companies in this sector may be subject to substantial government regulation and contractual fixed pricing, which may increase the cost of doing business and limit the earnings of these companies.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td> <td style="text-align: justify"><span><b><i>Consumer Cyclicals Sector Risk</i></b>. The consumer cyclicals sector consists of a number of sub-sectors, including the automotive, consumer discretionary, leisure, real estate development and management, department store and specialty retail sub-sectors. The success of consumer cyclical companies is tied closely to the performance of domestic and international economies, exchange rates, interest rates, competition, consumer confidence, changes in demographics and preferences. Companies in the consumer cyclicals sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td> <td style="text-align: justify"><span><b><i>Consumer Non-Cyclicals Sector Risk</i></b>. The consumer non-cyclicals sector consists principally of consumer staples companies that operate in numerous sub-sectors, including the consumer goods, discount stores, food &amp; drug retail, restaurants, and utilities sub-sectors. Investments in the consumer non-cyclicals sector involve risks associated with companies that manufacture products and provide discretionary services directly to the consumer. Performance of companies in the consumer non-cyclicals sector may be adversely impacted by fluctuations in supply and demand, changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the consumer non-cyclicals sector are also affected by global economic, environmental and political events, and economic conditions. The products of consumer non-cyclical companies are subject to government regulation which may negatively impact such companies’ performance.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>A strategy used by the Underlying Funds may fail to produce the intended results. If the Fund has allocated a higher portion of its net assets to a particular Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund and may be more susceptible to losses because of these developments. The Fund’s ability to achieve its investment objective will depend on the ability of the Underlying Funds to achieve their investment objectives. There can be no assurance that the investment objective of any Underlying Fund can be achieved. With respect to the Underlying Funds, which are all designed to track an index, the price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The Fund’s NAV will change with changes in the value of the Underlying Funds and other investments based on their market valuations. The Fund’s market price may deviate from the value of the Fund’s underlying holdings, particularly in times of market stress, and as a result, investors may pay more or receive less than the underlying value of the Fund’s shares bought or sold. See also “Exchange-Traded Fund (ETF) and Other Registered Investment Company Risk” below. An investment in the Fund will entail more costs and expenses than a direct investment in the Underlying Funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zG272T9gRJua"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedETFRiskMember_zryPYApUljz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b><i>Affiliated ETF Risk</i></b><i>.</i> The Adviser receives advisory fees from the Underlying Funds. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Adviser fulfills its fiduciary duties to the Fund and the Underlying Funds. The Adviser may have an incentive to take into account the effect on an Underlying Fund in which the Fund may invest in determining whether, and under what circumstances, to purchase or sell shares in that Underlying Fund. In addition, the fees payable to the Adviser by certain of the Underlying Funds may be higher than the fee payable by the Fund. However, the Adviser has a fiduciary duty to act in the Fund’s best interests when selecting the Underlying Funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zmm9QWVVYlBa"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetAllocationRiskMember_zZd9p1N9yokj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Allocation Risk. </i></b>The Fund’s investment performance depends upon the successful allocation by the Adviser of the Fund’s assets among the Sectors. There is no guarantee that the allocation techniques and decisions made in connection therewith will produce the desired results. Any imperfections, errors or limitations in the allocation techniques and decisions made could result in investment outcomes different from or opposite to those expected or desired by the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zIp5jyOsDzwb"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zYis58Xn6Q73" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk. </i></b>The Fund may invest in shares of other registered investment companies and ETFs, including the affiliated Underlying Funds. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zXJAkZOywlkj"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--BondRiskMember_zmAEom8pp0sh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Bond Risk.</i></b> The Fund invests a substantial portion of its assets in U.S. dollar-denominated bonds. A bond is an interest-bearing security typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors. An issuer may have the right to redeem or “call” a bond before maturity, in which case the Fund may have to reinvest the proceeds at lower market rates. Similarly, the Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Bonds may be unsecured (backed only by the issuer’s general creditworthiness) or secured (backed by specified collateral).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_zOhrqa0eoXig" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Corporate Bond Risk.</i></b> The Fund will invest in corporate bonds, which are debt instruments issued by corporations to raise capital. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zSa6hlnk87Vd"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zObHSUpJCdhf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in an Underlying Fund’s underlying index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zgtuJrd0Tvc9"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zdiy1Nm17iNf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zsvFKGap3hR4"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zkMbHIdmPPab" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in an Underlying Fund’s underlying index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zTPDqc17EUkb"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zbG1tIhbeqX3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zvHaJdzjLbw2"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zxQe2bhBmKK9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. The Fund invests in fixed income securities of high yield issuers that may exhibit higher levels of credit risk than other types of fixed income instruments.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zgUALfm2VC5g"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zbZYMbzeFmOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zqaIpwh2Bno3"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zdIAqttI323a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>. </b>The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_ziSrSXoFUkS5"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zrrGauRF79T1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_z0NvumTt50ci"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_ztVdEfmiD8nl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b><i>Risk of Investing in the United States</i>. </b>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. In addition, a natural disaster could occur in a geographic region of the United States in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zZXfrODNiHx9"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zjCz9CGWDi1h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b><i>Concentration Risk.</i></b> It is possible the Fund may not have exposure to all Sectors or Underlying Funds at all times. Accordingly, the Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that, based on the Fund’s exposure to certain Sectors or Underlying Funds at various times, the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, sector, sub-sector, market segment, market, industry, group of industries, country, group of countries, region or asset class.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Each Underlying Fund has an industry concentration policy such that the Underlying Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that its underlying index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As of December 31, 2025: with respect to BondBloxx USD High Yield Bond Industrial Sector ETF, its underlying index holds 25% or more of its assets in the basic industry, capital goods, and services sub-sectors; with respect to BondBloxx USD High Yield Bond Telecom, Media &amp; Technology Sector ETF, its underlying index currently holds 25% or more of its assets in the media, telecommunications and technology and electronics sub-sectors; with respect to BondBloxx USD High Yield Bond Healthcare Sector ETF, its underlying index currently holds 25% or more of its assets in the healthcare sub-sector; with respect to BondBloxx USD High Yield Bond Financial &amp; REIT Sector ETF, its underlying index currently holds 25% or more of its assets in the financial services and REIT sub-sectors; with respect to BondBloxx USD High Yield Bond Energy Sector ETF, its underlying index currently holds 25% or more of its assets in the energy sub-sector; with respect to BondBloxx USD High Yield Bond Consumer Cyclicals Sector ETF, its underlying index currently holds 25% or more of its assets in the leisure sub-sector; and with respect to BondBloxx USD High Yield Bond Consumer Non-Cyclicals Sector ETF, its underlying index currently holds 25% or more of its assets in the consumer goods and utilities sub-sectors.</p> <p style="margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>To the extent the Fund invests more heavily in particular sectors, sub-sectors, industries, groups of industries, asset classes, markets, regions, countries, or groups of countries, its performance will be especially sensitive to developments that significantly affect those sectors, sub-sectors, industries, asset classes, markets, regions, or countries. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. An individual sector, sub-sector, industry, group of industries, asset-class, market, region, country, or group of countries may outperform the broader market during particular periods, but may do so with considerably greater volatility than the broader market. In addition, the several industries that constitute a sector or sub-sector or the several countries or markets that constitute a region or group of countries may all react similarly to economic, political, regulatory or other market events. The Fund’s performance could also be affected if the sectors, sub-sectors, industries, asset classes, markets, regions, or countries do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zNnS3LMlGlJf"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zVG92cptd8Sl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-Diversification Risk.</i> </b><span id="xdx_90A_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zwtB2cowf0v7">The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is subject to a higher degree of risk associated with and developments affecting that issuer than a fund that invests more widely.</span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zcwUPi1W3TG"></span></div> The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is subject to a higher degree of risk associated with and developments affecting that issuer than a fund that invests more widely. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zsLZsbdOdGd3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV. The high yield securities in which the Fund invests may experience greater liquidity challenges than other types of securities during periods of market stress.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zpZo0liMh59d"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatelyIssuedSecuritiesRiskMember_zGnYalhuW2Bd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Privately Issued Securities Risk. </i></b>The Fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended (the “1933 Act”). Privately issued securities are securities that have not been registered under the 1933 Act and as a result may be subject to legal restrictions on resale. Privately issued securities are generally not traded on established markets. As a result of the absence of a public trading market, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly traded securities and may be subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zjujbexvkIze"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_z1aCYDPKU2ag" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zoRH30OjWdil" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zrrt5MQmcgf4"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zmhoys3JElCb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, an Underlying Fund may not be able to fully replicate its underlying index and may hold securities not included in the underlying index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_znZNhsSTgjA2"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zwEUsK6uFXq" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Portfolio Turnover Risk. </i></b>High portfolio turnover (considered by the Fund and the Underlying Funds to mean higher than 100% annually) may result in increased transaction costs to the Fund or an Underlying Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_z89G5hfzWFsj"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zOhMz3MbLmWh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; -sec-ix-redline: true"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zVnwpOW3uph6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; -sec-ix-redline: true"><b><i>Limited History of Operations Risk</i></b><i>.</i> The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zeUEe6Slpvha"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zbED5sJKL8Zd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by an Underlying Fund’s underlying index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zLjZY4iMH6oc"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zun7OK9rSPHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span> </span></p> Performance Information <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zNdrRRkw0vi7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The Fund acquired the assets and liabilities of the Highland/iBoxx Senior Loan ETF, a series of NexPoint Funds I (the “Predecessor Fund”), following the reorganization of the Predecessor Fund with and into the Fund on September 18, 2023. Prior to the reorganization, the Predecessor Fund was advised by another investment adviser, had a different investment objective and policies, and was a passively managed fund that sought to track the performance of the Markit iBoxx Liquid Leveraged Loan Index. The Predecessor Fund’s performance for the periods prior to the reorganization is not shown.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member_zzdRNE6M4Lw">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. </span><span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member_z514uz2dXNEk">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member_zpPBU6eysuA7">www.bondbloxxetf.com </span>or by calling <span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member_zSlgjrChzXA7">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zhqKTH2VmAvb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="hysa_001.jpg" style="height: 240px; width: 400px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zdoAsGufDKUg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000243215Member_zRKgNnuSENmj" style="display: none; text-align: center; width: 50%">7.35%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000243215Member_ziz5wujuw0ha" style="display: none; text-align: center">7.80%</td></tr> </table> 0.0735 0.0780 <p id="xdx_A8B_eoef--BarChartClosingTextBlock_zfa1VLZYeDzg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: center">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: center"> <span id="xdx_909_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member_zsNUCWyCp3R1">Highest</span>: <span id="xdx_904_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member_zZZbdGvD8Mv7">7.01%</span> Quarter ended: <span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member_zZI7ge4zimTf">12/31/2023</span><br/> <span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member_zQvFcqyZh1W6">Lowest</span>: <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member_z7xXg2koUefi">0.11%</span> Quarter ended: <span id="xdx_905_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member_znof8S9gukBa">12/31/2024</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: left">The <span id="xdx_90D_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member_zDn9KX68iTPi">year-to-date total return</span> for the Fund as of <span id="xdx_90C_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member_zFJVmAGxPAPj">December 31, 2025</span> was <span id="xdx_90D_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member_zbHRTk1PwCDe">7.80%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> Highest 0.0701 2023-12-31 Lowest 0.0011 2024-12-31 year-to-date total return 2025-12-31 0.0780 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A87_eoef--PerformanceTableTextBlock_zI8xDrxFazSi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_znEbCdA4o0ol" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20251231_zJQiqpEpavuc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20230918__20251231_zcbn42JsvFL9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/>(<span id="xdx_901_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000243215Member_zuXOTHKMVhGc">9/18/2023</span>)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243215Member_zvQdPSA9jGB4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">7.80</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">9.23</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243215Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zf3cSAIXqstk" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.89</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.08</td> <td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243215Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zRQ09v6QFmZ9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.56</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.70</td> <td style="text-align: left">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243215Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zcpiLaoR6r21" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Aggregate Bond Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.97</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243215Member__oef--PerformanceMeasureAxis__custom--ICEBofAUSCashPayHighYieldConstrainedIndexMember_z5OoJQ5SDug9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICE BofA US Cash Pay High Yield Constrained Index<br/> <i>(<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000080692Member_zkjUuSg5IPCj">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.55</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10.00</td> <td style="text-align: left">%</td></tr> </table> 2023-09-18 0.0780 0.0923 0.0489 0.0608 0.0456 0.0570 0.0730 0.0597 reflects no deduction for fees, expenses, or taxes 0.0855 0.1000 BONDBLOXX BB RATED USD HIGH YIELD CORPORATE BOND ETF Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zlOfMEWNspu8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx BB Rated USD High Yield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of BB (or its equivalent) fixed rate U.S. dollar-denominated, high yield corporate bonds.</span></p> Fees and Expenses <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zASMkqlWsOii" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zPXXTb9nGHvi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zZ5lOdCU0aX6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_499_20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member__oef--ClassAxis__custom--C000234989Member_zwwgZV6Dsto6" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zYWBTyL6kpnf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 88%; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F48_z0Y7qLDOWPn7">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.20</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z651YBIQc9fe" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: justify">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zk56X6FZHS3k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: justify; padding-bottom: 1pt">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zwHdmpLrXLWk" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: justify">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.20</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0A_zlaIXKKC7JZk">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F1D_z9Dc8OlZpP7e" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0020 0 0.0000 0.0020 Example. <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zK1lZeVWQQv3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGMDZ44YCMBa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zyN8o2vpHbFi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_482_eoef--ExpenseExampleYear01_zqGKO0xS9k03" style="border-bottom: Black 1pt solid; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_zaMCFZJUC51k" style="border-bottom: Black 1pt solid; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_481_eoef--ExpenseExampleYear05_zcl6lztEyfcl" style="border-bottom: Black 1pt solid; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_484_eoef--ExpenseExampleYear10_zPBa1Qet8BJb" style="border-bottom: Black 1pt solid; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41D_20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member__oef--ClassAxis__custom--C000234989Member_zgzvidodRHE2" style="vertical-align: top"> <td style="background-color: #C9EDFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$20</span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$64</span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$113</span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center; background-color: #C9EDFF"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$255</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 20 64 113 255 Portfolio Turnover. <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zYFfuiKO9zvj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> 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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member_zkgEhIiPthHa">39%</span> of the average value of its portfolio.</p> 0.39 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zRZcnEsP5ND3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is diversified and seeks to track the investment results of the ICE BofA BB US Cash Pay High Yield Constrained Index (the “Index”), which contains all bonds in the ICE BofA US Cash Pay High Yield Index (the “Underlying Index”) that are rated BB1 though BB3, based on an average of Moody’s Investors Services, Inc. (“Moody’s”), S&amp;P Global Ratings (“S&amp;P”) and Fitch Ratings, Inc. (“Fitch”), but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis. See “More Information About the Funds—Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is no limit to the number of issues in the Index, but as of December 31, 2025, the Index included approximately 1,066 constituents. The bonds included in the Index are publicly issued in the United States domestic market. Because the Index is reconstituted and rebalanced monthly, the components of the Index are likely to change over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the bonds eligible for inclusion in the Index include U.S. dollar-denominated high yield corporate bonds, currently in a coupon paying period, that are publicly issued in the U.S. domestic market, and that: (i) are issued by companies having “risk exposure” to countries (<i>i.e.,</i> issuers that are subject to the risks of one or more of these countries as a result of the principal country of domicile of the issuers (as determined by ICE Data Indices, LLC or its affiliates, collectively “Index Provider” or “IDI”)) that are members of the FX-G10, which include Australia, Austria, Belgium, Canada, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, the U.K. and the U.S. and their respective territories; (ii) have an average rating of below investment grade (ratings from Fitch, Moody’s or S&amp;P are considered; if more than one agency provides a rating, the Index Provider assigns a numeric equivalent to the available ratings from Fitch, Moody’s or S&amp;P, calculates the average rating of the numeric equivalents and that average rating is then attached to the bond); (iii) are registered with the SEC, exempt from registration at issuance, or offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), with or without registration rights; (iv) have at least $250 million of outstanding face value; (v) have an original maturity date of at least 18 months at the time of issuance; and (vi) have at least one year to maturity as of the rebalancing date. There is no upper limit on the maturity of bonds eligible for inclusion in the Index. For more information regarding the Underlying Index, see “More Information About the Funds—Underlying Index” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high-yield, below-investment grade bonds (sometimes called “junk bonds”) rated BB (or its equivalent) denominated in U.S. dollars of corporate issuers, either directly or indirectly (e.g., through derivatives). The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, securities of other registered investment companies, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Fund seeks to track the investment results of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is concentrated.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As of December 31, 2025, the Fund is not concentrated in any industry.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_z3PUsjQUkgp1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zTzID3fMLSK4">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zAW8sO3hgJy8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>High Yield Securities Risk. </i></b>Securities that are rated below investment-grade (sometimes referred to as “junk bonds,” which may include those bonds rated below “BBB-” by S&amp;P and Fitch or below “Baa3” by Moody’s), or similar securities that are unrated, may be deemed speculative, may involve greater levels of risk than higher-rated securities of similar maturity and may be more likely to default. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in the NAV of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities because there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities could experience sudden and sharp volatility, which is generally associated more with investments in stocks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--BondRiskMember_zwiq1KBGx9zb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Bond Risk.</i></b> The Fund invests a substantial portion of its assets in U.S. dollar-denominated bonds. A bond is an interest-bearing security typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors. An issuer may have the right to redeem or “call” a bond before maturity, in which case the Fund may have to reinvest the proceeds at lower market rates. Similarly, the Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Bonds may be unsecured (backed only by the issuer’s general creditworthiness) or secured (backed by specified collateral).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_zhtdTxyHEzN9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Corporate Bond Risk.</i></b> The Fund will invest in corporate bonds, which are debt instruments issued by corporations to raise capital. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zjIU5WlVQwed" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zgbqjVNbXe5f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_z7Ou45f2x5g8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zkgcm8lFLMWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider, and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zCJzbshD7807" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. <b>INDEX-BASED EXCHANGE TRADED FUNDS (“ETFs”) THAT TRACK INDICES WITH SIGNIFICANT WEIGHT IN HIGH YIELD SECURITIES MAY EXPERIENCE HIGHER TRACKING ERROR THAN OTHER INDEX ETFs THAT DO NOT TRACK SUCH INDICES.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zYxLJIp6r7Ta" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. The Fund invests in fixed income securities of high yield issuers that may exhibit higher levels of credit risk than other types of fixed income instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zT1lJoQf8v35" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zaG3Kdq4v3J4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests more heavily in particular sectors, sub-sectors, industries, groups of industries, asset classes, markets, regions, countries, or groups of countries, its performance will be especially sensitive to developments that significantly affect those sectors, sub-sectors, industries, asset classes, markets, regions, or countries. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. An individual sector, sub-sector, industry, group of industries, asset-class, market, region, country, or group of countries may outperform the broader market during particular periods, but may do so with considerably greater volatility than the broader market. In addition, the several industries that constitute a sector or sub-sector or the several countries or markets that constitute a region or group of countries may all react similarly to economic, political, regulatory or other market events. The Fund’s performance could also be affected if the sectors, sub-sectors, industries, asset classes, markets, regions, or countries do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zrOt5oXajmec" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_z0RERLZ29Sdj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zgTTTLceXn1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_ziwBcRm4H3j8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zBRK7sAZ4xH4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicRiskMember_zeL4P4AXlVXk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Geographic Risk</i>.</b> A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_zUwvCBestk0g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk of Investing in the United States.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSIssuersRiskMember_zETa9xvMP0e5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-U.S. Issuers Risk</i></b>. Securities issued by non-U.S. issuers have different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, restrictions or limitations on trade, including export controls and tariffs, adverse changes in investment or exchange control regulations, political instability which could affect U.S. investments in non-U.S. countries, uncertainties of transnational litigation, regulatory and economic differences, and potential restrictions on the flow of international capital, including the possible seizure or nationalization of the securities issued by non-U.S. issuers held by the Fund. Non-U.S. issuers may be subject to less governmental regulation than U.S. issuers. Moreover, individual non-U.S. economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payment positions. Unfavorable political, economic or governmental developments in non-U.S. countries could affect the payment of a security’s principal and interest. Securities issued by non-U.S. issuers may also be less liquid than, and more difficult to value than, securities of U.S. issuers. In addition, the value of these securities may fluctuate due to changes in the exchange rate of the issuer’s local currency against the U.S. dollar.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zpWztdQNTPp4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration Risk.</i></b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, sector, sub-sector, market segment, market, industry, group of industries, country, group of countries, region or asset class.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zPUPax11kVPf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV. The high yield securities in which the Fund invests may experience greater liquidity challenges than other types of securities during periods of market stress.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatelyIssuedSecuritiesRiskMember_ze9LrDF4Aka9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Privately Issued Securities Risk. </i></b>The Fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately issued securities are securities that have not been registered under the 1933 Act and as a result may be subject to legal restrictions on resale. Privately issued securities are generally not traded on established markets. As a result of the absence of a public trading market, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly traded securities and may be subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zcycwImvZ83e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zQwkCcBUcJ0j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zKvDmNZbG4i6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk. </i></b>The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zdTymNEYjTV" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z3OLVWl5JKra" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zMVNktyXumYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>. </i>The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_z4b6AyrEsmi2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zL74F3SNpmI9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> Performance Information <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zYbONpnlhYj8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member_zHV0CEYFwBq7">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index.</span> <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member_znMYBAygTld1">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member_zZi9NO1fXQhc">www.bondbloxxetf.com</span> or by calling <span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member_z17lczwq7veg">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025   BondBloxx BB Rated USD High Yield Corporate Bond ETF <p id="xdx_A85_eoef--BarChartTableTextBlock_z4oGf4n3Sxu7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="xbb_001.jpg" style="height: 240px; width: 400px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_znSjUhCMBO11" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000234989Member_z1PUMJYRmnNg" style="display: none; text-align: center; width: 50%">11.00%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000234989Member_zcBesPUVqjp7" style="display: none; text-align: center">6.16%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000234989Member_zvRO7d7adI97" style="display: none; text-align: center">8.72%</td></tr> </table> 0.1100 0.0616 0.0872 <p id="xdx_A88_eoef--BarChartClosingTextBlock_z79EhN5ecfJ9" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:<br/> <span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member_z6fyrIajtSwd">Highest</span>: <span id="xdx_902_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member_z3pcQWlhNJ3h">7.29% Quarter ended: </span> <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member_zuuwY8kUZtK2"> 12/31/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_905_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member_z1lSnOH9orX1">Lowest</span>: <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member_zcIMTeJItWr2">(0.86)% Quarter ended: </span> <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member_zAjt8BeWF0g1"> 9/30/2022</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The <span id="xdx_90D_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member_zI9KWQ44Q8m3">year-to-date total return</span> for the Fund as of <span id="xdx_909_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member_zS8r58xfnwca">December 31, 2025</span> was <span id="xdx_903_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member_zGvJa4NvNAS1">8.72%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> Highest 0.0729 2023-12-31 Lowest -0.0086 2022-09-30 year-to-date total return 2025-12-31 0.0872 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zdNGttOloZWa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zjvHVwNTnUG1" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20251231_zCH5fhltU7Tk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20220524__20251231_zKASBTsV4Kf6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/> (<span id="xdx_909_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000234989Member_zuw6Hrum59r1">05/24/2022</span>)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234989Member_zvHOLaWMmyU3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">8.72</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6.95</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234989Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zUbu5W0bkmQ6" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.32</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.35</td> <td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234989Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zRQ3Lk6jlpCg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.11</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.17</td> <td style="text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234989Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zhvvTFcwz4Xd" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Aggregate Bond Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.54</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234989Member__oef--PerformanceMeasureAxis__custom--IceBofABBUSCashPayHYConstrainedIndexMember_zXt09c4UWOB2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICE BofA BB US Cash Pay HY Constrained Index<br/> <i>(<span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000075709Member_z3Qm9bjKvPIh">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.86</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.14</td> <td style="text-align: left">%</td></tr> </table> 2022-05-24 0.0872 0.0695 0.0632 0.0435 0.0511 0.0417 0.0730 0.0254 reflects no deduction for fees, expenses, or taxes 0.0886 0.0714 BONDBLOXX B RATED USD HIGH YIELD CORPORATE BOND ETF Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zKYntBJFc7S5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx B Rated USD High Yield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of B (or its equivalent) fixed rate U.S. dollar-denominated, high yield corporate bonds.</span></p> Fees and Expenses <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zqJjEshFdqJe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zELKhovj5Mz9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zIfyT08vx4m7" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member__oef--ClassAxis__custom--C000234988Member_zFq6DkmuUco8" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zVXuDuniRR1h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 88%; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F49_zTIILdfYpc02">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.30</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z6nrKuIu4pbf" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: justify">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zEBiTlzA6wF1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: justify; padding-bottom: 1pt">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zN6n53s0Dlf5" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: justify">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.30</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_z86AKGZcCcxf">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F12_z3FZpyQN3Nai" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0030 0 0.0000 0.0030 Example. <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zzfLCMRITgG9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zbnD8MYq1VLb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zJABrtT7wCX5" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_487_eoef--ExpenseExampleYear01_zDFidGXH1RDa" style="border-bottom: Black 1pt solid; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_zeO8JnsVTZT" style="border-bottom: Black 1pt solid; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48C_eoef--ExpenseExampleYear05_zkOgaabI3Zcb" style="border-bottom: Black 1pt solid; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_484_eoef--ExpenseExampleYear10_zIwq8Nw2lQ0d" style="border-bottom: Black 1pt solid; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_418_20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member__oef--ClassAxis__custom--C000234988Member_zuUPp5VG2MNc" style="vertical-align: top"> <td style="background-color: #C9EDFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$31</span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$97</span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$169</span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$381</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 31 97 169 381 Portfolio Turnover. <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zDp9IjelT2Al" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> 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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member_zhaQDj4xI4gf">45%</span> of the average value of its portfolio.</p> 0.45 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zhC1PjBhxe5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is diversified and seeks to track the investment results of the ICE BofA Single-B US Cash Pay High Yield Constrained Index (the “Index”), which contains all bonds in the ICE BofA US Cash Pay High Yield Index (the “Underlying Index”) that are rated B1 through B3, based on an average of Moody’s Investors Services Inc. (“Moody’s”), S&amp;P Global Ratings (“S&amp;P”) and Fitch Ratings, Inc. (“Fitch”), but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis. See “More Information About the Funds—Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is no limit to the number of issues in the Index, but as of December 31, 2025, the Index included approximately 605 constituents. The bonds included in the Index are publicly issued in the United States domestic market. Because the Index is reconstituted and rebalanced monthly, the components of the Index are likely to change over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the bonds eligible for inclusion in the Index include U.S. dollar-denominated high yield corporate bonds, currently in a coupon paying period, that are publicly issued in the U.S. domestic market, and that: (i) are issued by companies having “risk exposure” to countries (<i>i.e.,</i> issuers that are subject to the risks of one or more of these countries as a result of the principal country of domicile of the issuers (as determined by ICE Data Indices, LLC or its affiliates, collectively “Index Provider” or “IDI”)) that are members of the FX-G10, which include Australia, Austria, Belgium, Canada, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, the U.K. and the U.S. and their respective territories; (ii) have an average rating of below investment grade (ratings from Fitch, Moody’s or S&amp;P are considered; if more than one agency provides a rating, the Index Provider assigns a numeric equivalent to the available ratings from Fitch, Moody’s or S&amp;P, calculates the average rating of the numeric equivalents and that average rating is then attached to the bond); (iii) are registered with the SEC, exempt from registration at issuance, or offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), with or without registration rights; (iv) have at least $250 million of outstanding face value; (v) have an original maturity date of at least 18 months at the time of issuance; and (vi) have at least one year to maturity as of the rebalancing date. There is no upper limit on the maturity of bonds eligible for inclusion in the Index. For more information regarding the Underlying Index, see “More Information About the Funds—Underlying Index” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high-yield, below-investment grade bonds (sometimes called “junk bonds”) rated B (or its equivalent) denominated in U.S dollars of corporate issuers, either directly or indirectly (e.g., through derivatives).The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, securities of other registered investment companies, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to track the investment results of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is concentrated.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As of December 31, 2025, the Fund is not concentrated in any industry.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_zjQQoMZJU0A9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z0w1qXa6CE3k">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zfiGLWlSeEE6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>High Yield Securities Risk. </i></b>Securities that are rated below investment-grade (sometimes referred to as “junk bonds,” which may include those bonds rated below “BBB-” by S&amp;P and Fitch or below “Baa3” by Moody’s), or similar securities that are unrated, may be deemed speculative, may involve greater levels of risk than higher-rated securities of similar maturity and may be more likely to default. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in the NAV of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities because there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities could experience sudden and sharp volatility, which is generally associated more with investments in stocks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--BondRiskMember_ziWXznNT25ak" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Bond Risk.</i></b> The Fund invests a substantial portion of its assets in U.S. dollar-denominated bonds. A bond is an interest-bearing security typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors. An issuer may have the right to redeem or “call” a bond before maturity, in which case the Fund may have to reinvest the proceeds at lower market rates. Similarly, the Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Bonds may be unsecured (backed only by the issuer’s general creditworthiness) or secured (backed by specified collateral).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_zmVSUZ0E0r41" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Corporate Bond Risk.</i></b> The Fund will invest in corporate bonds, which are debt instruments issued by corporations to raise capital. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zzFejp6c5sCc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zfhK8wWnwbX2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zhlGxHFyEzb1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zDAoYzhISjc9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Index-Related Risk. </i></b></span>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider, and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zm34FPLmVK7f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. <b>INDEX-BASED EXCHANGE TRADED FUNDS (“ETFs”) THAT TRACK INDICES WITH SIGNIFICANT WEIGHT IN HIGH YIELD SECURITIES MAY EXPERIENCE HIGHER TRACKING ERROR THAN OTHER INDEX ETFs THAT DO NOT TRACK SUCH INDICES.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zc3HX9LVp1fl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. The Fund invests in fixed income securities of high yield issuers that may exhibit higher levels of credit risk than other types of fixed income instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i> </i></b></span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zgLZELNVIsN9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_z8es15pRgClb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests more heavily in particular sectors, sub-sectors, industries, groups of industries, asset classes, markets, regions, countries, or groups of countries, its performance will be especially sensitive to developments that significantly affect those sectors, sub-sectors, industries, asset classes, markets, regions, or countries. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. An individual sector, sub-sector, industry, group of industries, asset-class, market, region, country, or group of countries may outperform the broader market during particular periods, but may do so with considerably greater volatility than the broader market. In addition, the several industries that constitute a sector or sub-sector or the several countries or markets that constitute a region or group of countries may all react similarly to economic, political, regulatory or other market events. The Fund’s performance could also be affected if the sectors, sub-sectors, industries, asset classes, markets, regions, or countries do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zWNInqxToOgl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zM0z05r3eiD" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zGqXdjTjd2Bi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zOm691i6J1z6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zYl3IX6wv95f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicRiskMember_zxR6EfwXxlvl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Geographic Risk</i>.</b> A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_zmwLaZRA2xzd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Risk of Investing in the United States.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSIssuersRiskMember_zudqZIw7i6Nl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Non-U.S. Issuers Risk</i></b>. Securities issued by non-U.S. issuers have different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, restrictions or limitations on trade, including export controls and tariffs, adverse changes in investment or exchange control regulations, political instability which could affect U.S. investments in non-U.S. countries, uncertainties of transnational litigation, regulatory and economic differences, and potential restrictions on the flow of international capital, including the possible seizure or nationalization of the securities issued by non-U.S. issuers held by the Fund. Non-U.S. issuers may be subject to less governmental regulation than U.S. issuers. Moreover, individual non-U.S. economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payment positions. Unfavorable political, economic or governmental developments in non-U.S. countries could affect the payment of a security’s principal and interest. Securities issued by non-U.S. issuers may also be less liquid than, and more difficult to value than, securities of U.S. issuers. In addition, the value of these securities may fluctuate due to changes in the exchange rate of the issuer’s local currency against the U.S. dollar.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zNTpNXs0T1zk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Concentration Risk.</i></b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, sector, sub-sector, market segment, market, industry, group of industries, country, group of countries, region or asset class.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zwtd19s1Iwu4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV. The high yield securities in which the Fund invests may experience greater liquidity challenges than other types of securities during periods of market stress.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatelyIssuedSecuritiesRiskMember_zWalNH8H5gh3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Privately Issued Securities Risk. </i></b>The Fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately issued securities are securities that have not been registered under the 1933 Act and as a result may be subject to legal restrictions on resale. Privately issued securities are generally not traded on established markets. As a result of the absence of a public trading market, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly traded securities and may be subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_z7g2FrPa1rmk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zhG4SGJbKPue" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zcRo0lIWo3c9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk. </i></b>The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zj0rN4lOvbUk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zRsqoMElMqu4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_z2QTzTrN0Lh8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Limited History of Operations Risk</i></b><i>. </i>The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zVtDQtPgg64g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zJSH8Hoqnpy9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> Performance Information <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_z2VOE0Vl0vch" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member_z7iubneOYy1d">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index.</span> <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member_zogNhKdkm2I7">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member_zaOlUY8FLZE6">www.bondbloxxetf.com</span> or by calling <span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member_zn6UCnqTkuii">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zYzNLCwNxeC7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="xb_001.jpg" style="height: 240px; width: 400px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zoe8OYMk1dY1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000234988Member_zPB0DCjOwO9h" style="display: none; text-align: center; width: 50%">13.55%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_989_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000234988Member_zz2L1D3Lyyu6" style="display: none; text-align: center">7.12%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_983_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000234988Member_zmwxZZimo5Ic" style="display: none; text-align: center">8.00%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p> 0.1355 0.0712 0.0800 <p id="xdx_A82_eoef--BarChartClosingTextBlock_z63B27vVzhOh" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:<br/> <span id="xdx_901_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member_zKLkAD1TypJj">Highest:</span> <span id="xdx_906_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member_zSinuqxwB6Ge">6.70% Quarter ended: </span> <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member_z6AYFv8C4nsd"> 12/31/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member_z40naEvcEAg5">Lowest:</span> <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member_zF5CXr9JilG2">(0.91)% Quarter ended: </span> <span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member_zOUY3fgsBTyc"> 9/30/2022</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The <span id="xdx_90F_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member_zzuRVwrFQ6C5">year-to-date total return</span> for the Fund as of <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member_zsQZQijUJsH6">December 31, 2025</span> was <span id="xdx_908_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member_zbf0nxb5Ptm5">8.00%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> Highest: 0.0670 2023-12-31 Lowest: -0.0091 2022-09-30 year-to-date total return 2025-12-31 0.0800 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A82_eoef--PerformanceTableTextBlock_zbYHZRrL5aX5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z47WCBvIIWP8" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_zUh3CGsueMM1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20220524__20251231_zwOHnUzu5Fw" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/> (<span id="xdx_905_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000234988Member_z2ALAKFD8LVl">05/24/2022</span>)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234988Member_zHTXaFAQcJ5j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">8.00</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">7.54</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234988Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zik9TkvKpDHc" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.97</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.23</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234988Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zUHjWVrb2ii1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.67</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.30</td> <td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234988Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_ziYQgmX0ptIk" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Aggregate Bond Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.54</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234988Member__oef--PerformanceMeasureAxis__custom--IceBofASingleBUSCashPayHYConstrainedIndexMember_zSqpIatSfGi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICE BofA Single-B US Cash Pay HY Constrained Index<br/> <i>(<span id="xdx_90D_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000075708Member_zWAcKdYmmZc5">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.22</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.00</td> <td style="text-align: left">%</td></tr> </table> 2022-05-24 0.0800 0.0754 0.0497 0.0423 0.0467 0.0430 0.0730 0.0254 reflects no deduction for fees, expenses, or taxes 0.0822 0.0800 BONDBLOXX CCC RATED USD HIGH YIELD CORPORATE BOND ETF Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zohOzeaZYPx" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx CCC Rated USD High Yield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of CCC (or its equivalent) fixed rate U.S. dollar-denominated, high yield corporate bonds.</span></p> Fees and Expenses <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zm9AMZVI2Id" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zWBsdsL1Srni"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zDJgF8BtgjH1" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member__oef--ClassAxis__custom--C000234990Member_zEOIHq0Oxyih" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zEADK1oqUl8h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F43_zuZVOLOE3gV2">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.40</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zhFrlPfuhi8" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zyRlJoq2PAP2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z3aYopwuDjQe" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.40</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_z8p8nR3xWHR2">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F18_zhgc1CVng34e" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0040 0 0.0000 0.0040 Example. <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zrMchPEBsEF6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zuHm1B7odKF9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zGJAZPESehFi" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zFD4pd8JFA0g" style="border-bottom: Black 1pt solid; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zpHHrkYjIr3e" style="border-bottom: Black 1pt solid; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_487_eoef--ExpenseExampleYear05_zXxUheFKlwW" style="border-bottom: Black 1pt solid; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_483_eoef--ExpenseExampleYear10_z3Kc5WaotLq1" style="border-bottom: Black 1pt solid; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_414_20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member__oef--ClassAxis__custom--C000234990Member_zwuy4f3NbBu9" style="vertical-align: top"> <td style="background-color: #C9EDFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$41</span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$128</span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$224</span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$505</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 41 128 224 505 Portfolio Turnover. <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zYI6ve8UuLG5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> 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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_907_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member_z6W1GHBcDL7i">60%</span> of the average value of its portfolio.</p> 0.60 Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zCcd1P0ZaNV7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The Fund is diversified and seeks to track the investment results of the ICE CCC US Cash Pay High Yield Constrained Index (the “Index”) which contains all bonds in the ICE BofA US Cash Pay High Yield Index (the “Underlying Index”) that are rated CCC1 through CCC3, based on an average of Moody’s Investors Services, Inc. (“Moody’s”), S&amp;P Global Ratings (“S&amp;P”) and Fitch Ratings, Inc. (“Fitch”), but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis. See “More Information About the Funds—Index Construction” for more information about the adjustment formula.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is no limit to the number of issues in the Index, but as of December 31, 2025, the Index included approximately 204 constituents. The bonds included in the Index are publicly issued in the United States domestic market. Because the Index is reconstituted and rebalanced monthly, the components of the Index are likely to change over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">As of December 31, 2025, the bonds eligible for inclusion in the Index include U.S. dollar-denominated high yield corporate bonds, currently in a coupon paying period, that are publicly issued in the U.S. domestic market, and that: (i) are issued by companies having “risk exposure” to countries (<i>i.e.,</i> issuers that are subject to the risks of one or more of these countries as a result of the principal country of domicile of the issuers (as determined by ICE Data Indices, LLC or its affiliates, collectively “Index Provider” or “IDI”)) that are members of the FX-G10, which include Australia, Austria, Belgium, Canada, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, the U.K. and the U.S. and their respective territories; (ii) have an average rating of below investment grade (ratings from Fitch, Moody’s or S&amp;P are considered; if more than one agency provides a rating, the Index Provider assigns a numeric equivalent to the available ratings from Fitch, Moody’s or S&amp;P, calculates the average rating of the numeric equivalents and that average rating is then attached to the bond); (iii) are registered with the SEC, exempt from registration at issuance, or offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), with or without registration rights; (iv) have at least $250 million of outstanding face value; (v) have an original maturity date of at least 18 months at the time of issuance; and (vi) have at least one year to maturity as of the rebalancing date. There is no upper limit on the maturity of bonds eligible for inclusion in the Index. For more information regarding the Underlying Index, see “More Information About the Funds—Underlying Index” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high-yield, below-investment grade bonds (sometimes called “junk bonds”) rated CCC (or its equivalent) denominated in U.S. dollars of corporate issuers, either directly or indirectly (e.g., through derivatives). The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, securities of other registered investment companies, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Fund seeks to track the investment results of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is concentrated.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As of December 31, 2025, the Fund is not concentrated in any industry.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_zxJwHdXoWAv3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z0Z8cAmyzI11">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zunWt5krQFx5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>High Yield Securities Risk. </i></b>Securities that are rated below investment-grade (sometimes referred to as “junk bonds,” which may include those bonds rated below “BBB-” by S&amp;P and Fitch or below “Baa3” by Moody’s), or similar securities that are unrated, may be deemed speculative, may involve greater levels of risk than higher-rated securities of similar maturity and may be more likely to default. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in the NAV of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities because there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities could experience sudden and sharp volatility, which is generally associated more with investments in stocks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--BondRiskMember_zFzuN0CnGZzj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Bond Risk.</i></b> The Fund invests a substantial portion of its assets in U.S. dollar-denominated bonds. A bond is an interest-bearing security typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors. An issuer may have the right to redeem or “call” a bond before maturity, in which case the Fund may have to reinvest the proceeds at lower market rates. Similarly, the Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Bonds may be unsecured (backed only by the issuer’s general creditworthiness) or secured (backed by specified collateral).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_ztR4ZMYplAQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Corporate Bond Risk.</i></b> The Fund will invest in corporate bonds, which are debt instruments issued by corporations to raise capital. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zdag26Nn0gw4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zn0eKF4st241" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_znZUHGOO5R99" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zbfY3rxjCh2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Index-Related Risk. </i></b></span>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider, and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zz3wkguVN3fi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. <b>INDEX-BASED EXCHANGE TRADED FUNDS (“ETFs”) THAT TRACK INDICES WITH SIGNIFICANT WEIGHT IN HIGH YIELD SECURITIES MAY EXPERIENCE HIGHER TRACKING ERROR THAN OTHER INDEX ETFs THAT DO NOT TRACK SUCH INDICES.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zjRbHp3AcWJ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation. The Fund invests in fixed income securities of high yield issuers that may exhibit higher levels of credit risk than other types of fixed income instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zglYHFyDmftf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zTRXL33Cpvu5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests more heavily in particular sectors, sub-sectors, industries, groups of industries, asset classes, markets, regions, countries, or groups of countries, its performance will be especially sensitive to developments that significantly affect those sectors, sub-sectors, industries, asset classes, markets, regions, or countries. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. An individual sector, sub-sector, industry, group of industries, asset-class, market, region, country, or group of countries may outperform the broader market during particular periods, but may do so with considerably greater volatility than the broader market. In addition, the several industries that constitute a sector or sub-sector or the several countries or markets that constitute a region or group of countries may all react similarly to economic, political, regulatory or other market events. The Fund’s performance could also be affected if the sectors, sub-sectors, industries, asset classes, markets, regions, or countries do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zhxBokbPebw2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zhfJbodb2iGf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zLnRB4tJ4Ire" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zhufoMiYCZT9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_z7Wsr0nYCzVg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicRiskMember_z1DmExgLs0Nb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Geographic Risk</i>.</b> A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_z0lxh7fgpmY3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk of Investing in the United States.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSIssuersRiskMember_zcb9Y4t1iF67" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-U.S. Issuers Risk</i></b>. Securities issued by non-U.S. issuers have different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, restrictions or limitations on trade, including export controls and tariffs, adverse changes in investment or exchange control regulations, political instability which could affect U.S. investments in non-U.S. countries, uncertainties of transnational litigation, regulatory and economic differences, and potential restrictions on the flow of international capital, including the possible seizure or nationalization of the securities issued by non-U.S. issuers held by the Fund. Non-U.S. issuers may be subject to less governmental regulation than U.S. issuers. Moreover, individual non-U.S. economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payment positions. Unfavorable political, economic or governmental developments in non-U.S. countries could affect the payment of a security’s principal and interest. Securities issued by non-U.S. issuers may also be less liquid than, and more difficult to value than, securities of U.S. issuers. In addition, the value of these securities may fluctuate due to changes in the exchange rate of the issuer’s local currency against the U.S. dollar.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z9jigzneM49g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration Risk.</i></b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, sector, sub-sector, market segment, market, industry, group of industries, country, group of countries, region or asset class.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zpXR3OEmhnB4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV. The high yield securities in which the Fund invests may experience greater liquidity challenges than other types of securities during periods of market stress.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatelyIssuedSecuritiesRiskMember_z3eU8M0S1ix1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Privately Issued Securities Risk. </i></b>The Fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately issued securities are securities that have not been registered under the 1933 Act and as a result may be subject to legal restrictions on resale. Privately issued securities are generally not traded on established markets. As a result of the absence of a public trading market, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly traded securities and may be subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zxoTShmLd4Vc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zthMlOUrt5V8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. These large redemptions may also force the Fund to sell portfolio securities when it might not otherwise do so, which may negatively impact the Fun</span>d’<span style="font-family: Times New Roman, Times, Serif">s NAV, increase the Fund’s brokerage costs and/or have a material effect on the market price of the Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zGcKjTgvIYa9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk. </i></b>The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zd3YqcPbS6Gi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zJwW6faq01R8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zSEXn5tP6sme" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>. </i>The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zEYCbbPf1uVa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zDKltoIsBVx1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> Performance Information <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zwsVOHpvDrtf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member_zplQrYzhaW96">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index.</span> <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member_zTZ79WnaCjc5">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member_zXchpXR8ca57">www.bondbloxxetf.com</span> or by calling <span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member_z5d3UMZuXQWe">(800) 896-5089</span> (toll free).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zvYpCtJl9w5b" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xcc_001.jpg" style="height: 240px; width: 400px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zM9oMor4z2ne" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000234990Member_zK5JRvlT7UZi" style="display: none; text-align: center; width: 50%">19.26%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_989_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000234990Member_zWipc2nG4kUb" style="display: none; text-align: center">12.95%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000234990Member_zNVE9dIwYERg" style="display: none; text-align: center">7.60%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 0.1926 0.1295 0.0760 <p id="xdx_A80_eoef--BarChartClosingTextBlock_zTftWFFI4Xw1" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:<br/> <span id="xdx_90D_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member_z9ZnOsUHRX38">Highest</span>: <span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member_zyaCmO0TxTDk">9.03% Quarter ended: </span> <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member_zVKaHTdzgocb">9/30/2024</span><br/> <span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member_zZDw8vjnp0Vh">Lowest</span>: <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member_zhgbqdCEqpo9">(1.38)% Quarter ended: </span> <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member_zCNFXStmeNK6">3/31/2025</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The <span id="xdx_904_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member_zMbbdFVYF4a9">year-to-date total return</span> for the Fund as of <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member_zKR3MXppFiH8">December 31, 2025</span> was <span id="xdx_908_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member_zSR8ReOgCuk2">7.60%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> Highest 0.0903 2024-09-30 Lowest -0.0138 2025-03-31 year-to-date total return 2025-12-31 0.0760 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zrg0LgX6tg2i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zy2Mg64X5DR" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zwAAN63txsUe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20220524__20251231_z4HhAVyGZ8d8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/> (<span id="xdx_90A_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000234990Member_zu0nm9F57kB5">05/24/2022</span>)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234990Member_zzYTMTYZBXEh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">7.60</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">10.04</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234990Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zUYhiiePxY74" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.32</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.23</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234990Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zumIXHT9aZI9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.40</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.51</td> <td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234990Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_ze84OKshA8Ti" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Aggregate Bond Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.54</td> <td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234990Member__oef--PerformanceMeasureAxis__custom--IceCCCUSCashPayHYConstrainedIndexMember_zlGausqa8yVk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICE CCC US Cash Pay HY Constrained Index<br/> <i>(<span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000075710Member_zFAbByLJXzAg">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.24</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10.80</td> <td style="text-align: left">%</td></tr> </table> 2022-05-24 0.0760 0.1004 0.0332 0.0523 0.0440 0.0551 0.0730 0.0254 reflects no deduction for fees, expenses, or taxes 0.0824 0.1080 BONDBLOXX JP MORGAN USD EMERGING MARKETS 1-10 YEAR BOND ETF Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zpRecJLsiVN" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated emerging market bonds with an average life of below 10 years.</span></p> Fees and Expenses <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zDkzsF1hgHTj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zbtXdo9pNR3a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zvpADiAGm6o1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49D_20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member__oef--ClassAxis__custom--C000236606Member_zSTRGeOaMmD2" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zeBxWsGeVMkd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F43_zLJv4C9VW2jb">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.29</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z21iSCKTgEtl" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zEUoZ3VPHBF3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top">Other Expenses</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zbamMqemcgga" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.29</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="-sec-ix-redline: true; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_z52STKuRZTl6">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F17_zfmZvQ2OKNs1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0029 0 0.0000 0.0029 Example. <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zJoansiJVqxa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zxR6UsR59dX4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zTBHuIpq3iWl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_483_eoef--ExpenseExampleYear01_z5h2jns1qxG" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zVwt5SjrazJj" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_481_eoef--ExpenseExampleYear05_zE7Dcsz2qCik" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48A_eoef--ExpenseExampleYear10_z7oThLuh2IJ1" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_413_20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member__oef--ClassAxis__custom--C000236606Member_z4vSKhadEmvk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #C9EDFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$30</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$93</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$163</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$368</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 30 93 163 368 Portfolio Turnover. <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_z0RnBbElvAk8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_907_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member_zOvfwdxVKq0k" style="-sec-ix-redline: true">28%</span> of the average value of its portfolio.</p> 0.28 Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zNB1na1nigs4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The Fund is diversified and seeks to track the investment results of the J.P. Morgan EMBI Global Diversified Liquid 1-10 Year Maturity Index (the “Index”), which contains all bonds with at least $1 billion in face amount outstanding in the J.P. Morgan EMBI Global Diversified Index (the “Underlying Index”) that have an average life below 10 years at each month-end rebalance. A bond’s “average life” or “average maturity” is the length of time the principal of the bond is expected to be outstanding. The Underlying Index is a broad, diverse U.S. dollar-denominated emerging markets debt benchmark that tracks the total return of actively-traded external debt instruments in emerging market countries. The index methodology of the Underlying Index is designed to distribute the weight of each country within the Underlying Index by limiting the weights of countries with higher debt outstanding and reallocating this excess to countries with lower debt outstanding. “External debt instruments” means the U.S. dollar denominated bonds issued by sovereign or quasi-sovereign issuers in the index-eligible countries representing the portion of a country’s debt that is borrowed from foreign lenders, including commercial banks, governments, or international financial institutions. The Index was comprised of 52 countries as of December 31, 2025. As of December 31, 2025, the Index’s five highest weighted countries were Saudi Arabia, Turkey, Argentina, Mexico and United Arab Emirates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The Underlying Index was comprised of 68 countries as of December 31, 2025. As of December 31, 2025, the Underlying Index’s five highest weighted countries were Mexico, Saudi Arabia, Turkey, Indonesia and United Arab Emirates. The Underlying Index may change its composition and weighting monthly upon rebalancing. The Underlying Index includes both fixed-rate and floating-rate instruments issued by sovereign and quasi-sovereign entities from index-eligible countries. Quasi-sovereign entities are defined as entities that are 100% guaranteed or 100% owned by the national government and reside in the index eligible country. A fixed-rate bond is a bond typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. A floating-rate bond is a debt instrument which pays a rate of interest that fluctuates over time because it is based on an underlying benchmark interest rate or index that changes periodically. Only instruments which meet the following criteria are considered for inclusion in the Underlying Index (i) are denominated in U.S. dollars, (ii) have a current face amount outstanding of $500 million or more, (iii) have at least 2.5 years until maturity to be eligible for inclusion and, at each subsequent rebalance, have at least six months until maturity to remain in the index and (iv) have bid and offer prices that are available on a daily and timely basis sourced from a third party valuation vendor. As of December 31, 2025, the Underlying Index consisted of both investment-grade and non-investment-grade bonds (commonly referred to as “junk bonds”), each as defined by JPMorgan Chase &amp; Co. (the “Index Provider” or “J.P. Morgan”). Convertible bonds are not eligible for inclusion in the Underlying Index. The Underlying Index is market value weighted and is rebalanced monthly on the last business day of the month. Eligible issuer countries must have (1) gross national income (“GNI”) below the Index Income Ceiling (“IIC”) for three consecutive years or (2) an Index Purchasing Power Parity Ratio (the “IPR”) below the EM IPR threshold, each as defined by the Index Provider, for three consecutive years. The Index differs from the Underlying Index in that the Index includes only bonds in the Underlying Index with an average life of below 10 years and an outstanding face amount of $1 billion or more (as opposed to $500 million or more for the Underlying Index).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of bonds that collectively has an investment profile similar to that of the applicable index that the Fund seeks to track. The bonds selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of the applicable index that the Fund seeks to track. The Fund may or may not hold all of the bonds in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets bonds with an average life of 1-10 years denominated in U.S. dollars, either directly or indirectly (<i>e.g</i>., through derivatives). The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, cash and cash equivalents, as well as in bonds not included in the Index, but which BIM believes will help the Fund track the Index. The Fund seeks to track the investment results of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is sponsored by J.P. Morgan, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the securities in the Index and publishes information regarding the market value of the Underlying Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e</i>., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is concentrated.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. As of December 31, 2025, the Fund is not concentrated in any industry.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_znE0vllbNUse" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z2vd4k5iQpg5">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zT2WrZe7OS8g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>High Yield Securities Risk. </i></b>Securities that are rated below investment-grade (commonly referred to as “junk bonds,” which may include those bonds rated below “BBB-” by S&amp;P Global Ratings and Fitch Ratings, Inc. (“Fitch”) or below “Baa3” by Moody’s Investors Service, Inc. (“Moody’s”)), or are unrated, may be deemed speculative, may involve greater levels of risk than higher-rated securities of similar maturity and may be more likely to default.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zicdeNWaobZf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest Rate Risk. </i></b></span>During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRisksMember_zIqJdGf5rVcl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Emerging Markets Risks. </i></b>Investments in emerging market issuers are subject to a greater risk of loss than investments in issuers located or operating in more developed markets. This is due to, among other things, the potential for greater market volatility, lower trading volume, higher levels of inflation, political and economic instability, greater risk of a market shutdown and more governmental limitations on foreign investments in emerging market countries than are typically found in more developed markets. Companies in many emerging markets are not subject to the same degree of regulatory requirements, recordkeeping requirements, accounting standards or auditor oversight as companies in more developed countries, and as a result, information about the securities in which the Fund invests may be less reliable or complete. Moreover, emerging markets often have less reliable securities valuations and greater risks associated with custody of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or litigation against companies and shareholders may have limited legal </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">remedies. The Fund is not actively managed and does not select investments based on investor protection considerations. In addition, emerging markets often have greater risk of capital controls through such measures as taxes or interest rate control than developed markets. Certain emerging market countries may also lack the infrastructure necessary to attract large amounts of foreign trade and investment. Local securities markets in emerging market countries may trade a small number of securities and may be unable to respond effectively to changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Settlement procedures in emerging market countries are frequently less developed and reliable than those in the U.S. (and other developed countries). In addition, significant delays may occur in certain markets in registering the transfer of securities. There could be additional impacts on the value of the Fund as a result of sustainability risks, in particular those caused by environmental changes related to climate change, social issues (including relating to labor rights) and governance risk (including but not limited to risks around board independence, ownership and control, or audit and tax management). Additionally, disclosures or third-party data coverage associated with sustainability risks is generally less available or transparent in these markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--BondRiskMember_zd1Z56ga6lr" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bond Risk. </i></b>The Fund invests a substantial portion of its assets in U.S. dollar-denominated bonds. A bond is an interest-bearing security typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors. An issuer may have the right to redeem or “call” a bond before maturity, in which case the Fund may have to reinvest the proceeds at lower market rates. Similarly, the Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Other types of bonds bear interest at an interest rate that is adjusted periodically. Interest rates on “floating rate” or “variable rate” bonds may be higher or lower than current market rates for fixed-rate bonds of comparable quality with similar final maturities. Because of their adjustable interest rates, the value of “floating rate” or “variable rate” bonds fluctuates much less in response to market interest rate movements than the value of fixed-rate bonds, but their value may decline if their interest rates do not rise as much, or as quickly, as interest rates in general. Bonds may be unsecured (backed only by the issuer’s general creditworthiness) or secured (backed by specified collateral).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SovereignAndQuasiSovereignObligationsRiskMember_z4QKtIgKsFC6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sovereign and Quasi-Sovereign Obligations Risk. </i></b>The Fund invests in securities issued by or guaranteed by non-U.S. sovereign governments and by entities affiliated with or backed by non-U.S. sovereign governments, which may be unable or unwilling to repay principal or interest when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zKxpBZkOxwUj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit Risk</i>. </b>Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zlHyS2zCnyxa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk. </i></b>Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zvuy5XfCrElc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zQnOKARkujol" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b></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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zLV9dLoHzMH2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Call Risk. </i></b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z4OV92ZnQ0hj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration Risk. </i></b>The Fund’s investments will generally follow the weightings of the Index, which may result in concentration of the Fund’s investments in a particular sovereign or quasi-sovereign entity or entities in a particular country, group of countries, region or market. To the extent that its investments are concentrated in a particular sovereign or quasi-sovereign entity or entities in a particular country, group of countries, region or market, the Fund may be more adversely affected by the underperformance of those bonds, may be subject to increased price volatility and may be more susceptible to adverse economic, market, political, sustainability-related or regulatory occurrences affecting those securities and/or other assets than a fund that does not concentrate its investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CustodyRiskMember_zeGshqEskdJj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Custody Risk. </i></b>Less developed securities markets are more likely to experience problems with the clearing and settling of trades, as well as the holding of securities by local banks, agents and depositories.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zLvnfjwJGrpk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risk. </i></b>Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicRiskMember_zAuj1MSrW11h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Geographic Risk. </i></b>A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_z4GeAdKOEbZf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid Investments Risk. </i></b>The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zwwpNvzjExXg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower- yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zgjJIp3iaOqh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider, and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_z6xmBR2Hyiuc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (<i>i.e</i>., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zz6isEhEc1e4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk. </i></b>The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zbCKwxUB5Hek" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk. </i></b>Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zOPaxPzhPK9k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk. </i></b>The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zhkz50IMeR36" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk. </i></b>The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zRYRZCAjgEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>National Closed Market Trading Risk</i>.</b> <span id="xdx_902_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zU012WneFko7">To the extent that securities or other assets held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between such asset’s current price and its last quoted price (i.e., the quote from the closed foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other funds.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> To the extent that securities or other assets held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between such asset’s current price and its last quoted price (i.e., the quote from the closed foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other funds. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSAgencyDebtRiskMember_z8dCcGu3hhk6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-U.S. Agency Debt Risk. </i></b>The Fund invests in uncollateralized bonds issued by agencies, subdivisions or instrumentalities of foreign governments. Bonds issued by foreign government agencies, subdivisions or instrumentalities are generally backed only by the general creditworthiness and reputation of the entity issuing the bonds and may not be backed by the full faith and credit of the foreign government. Moreover, a foreign government that explicitly provides its full faith and credit to a particular entity may be, due to changed circumstances, unable or unwilling to provide that support. A non-U.S. agency’s operations and financial condition are influenced by the foreign government’s economic and other policies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSIssuersRiskMember_zKTpwIDmhqG" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-U.S. Issuers Risk. </i></b>Securities issued by non-U.S. issuers have different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, restrictions or limitations on trade, including export controls and tariffs, adverse changes in investment or exchange control regulations, political instability which could affect U.S. investments in non-U.S. countries, uncertainties of transnational litigation, regulatory and economic differences, and potential restrictions on the flow of international capital, including the possible seizure or nationalization of the securities issued by non-U.S. issuers held by the Fund. Non-U.S. issuers may be subject to less governmental regulation than U.S. issuers. Moreover, individual non-U.S. economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payment positions. Unfavorable political, economic or governmental developments in non-U.S. countries could affect the payment of a security’s principal and interest. Securities issued by non-U.S. issuers may also be less liquid than, and more difficult to value than, securities of U.S. issuers. In addition, the value of these securities may fluctuate due to changes in the exchange rate of the issuer’s local currency against the U.S. dollar. The Fund is specifically exposed to <b>Asian Economic Risk, Central and South American Economic Risk </b>and <b>Middle Eastern Economic Risk.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zT8BVqvRIW32" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk. </i></b>An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zupQvPlG5mJl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>.</i> The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zBbH2qBO8Xfd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive Investment Risk. </i></b>The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatizationRiskMember_zKOTUfgO0aPh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Privatization Risk</i>. </b>Some countries in which the Fund invests have privatized, or have begun the process of privatizing, certain entities and industries. Privatized entities may lose money or be re-nationalized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RelianceOnTradingPartnersRiskMember_zCU18XgitmZ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reliance on Trading Partners Risk</i>.</b> The Fund invests in countries or regions whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund’s investments. Through its holdings of securities of certain issuers, the Fund is specifically exposed to <b>Asian Economic Risk, Central and South American Economic Risk, European Economic Risk, Middle Eastern Economic Risk </b>and <b>U.S. Economic Risk</b>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RussianInvasionOfUkraineRiskMember_zMMp5VT7ievl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Russian Invasion of Ukraine. </i></b>Russia launched a large-scale invasion of Ukraine on February 24, 2022. As a result of this military action, the United States and many other countries have instituted various economic sanctions against Russian individuals and entities. The situation has led to increased financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities, such as oil and natural gas. The extent and duration of the military action, resulting sanctions imposed and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar in the region are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (e.g., cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on Russian entities or individuals, including politicians, could have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. How long such military action and related events will last cannot be predicted. These and any related events could have significant impact on Fund performance and the value of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecurityRiskMember_zeC1GUHt1uDl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Security Risk. </i></b>Some countries and regions in which the Fund invests have experienced security concerns, such as terrorism and strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and may adversely affect its economy and the Fund’s investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuralRiskMember_zROHkuzby8Zk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Structural Risk. </i></b>The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zjvoRTfP66uj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tracking Error Risk. </i></b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. <b>INDEX ETFs THAT TRACK INDICES WITH SIGNIFICANT WEIGHT IN EMERGING MARKETS ISSUERS MAY EXPERIENCE HIGHER TRACKING ERROR THAN OTHER ETFs THAT DO NOT TRACK SUCH INDICES.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zsIK3aekxaT1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk. </i></b><span style="font-style: normal; font-weight: normal">The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. Because non-U.S. stock exchanges may be open on days when the Fund does not price its shares, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zdNgkUYj6eK3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk. </i></b>The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</p> Performance Information <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_z2WqU136dWN2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member_zLgd159weQf2">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index.</span> <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member_zR88kudx5KXc">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member_zSKCONWSW3D1">www.bondbloxxetf.com</span> or by calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member_zITXYdJ6mFAi">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_z6M1tYDdBsX7" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xemd_001.jpg" style="height: 240px; width: 400px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zu0L2DmfBZal" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000236606Member_zE7T1eEaCJ86" style="display: none; text-align: center; width: 50%">9.96%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000236606Member_zuJNfBMfV7N6" style="display: none; text-align: center">9.26%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000236606Member_zfBpEeaEct2c" style="display: none; text-align: center">13.47%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 0.0996 0.0926 0.1347 <p id="xdx_A8D_eoef--BarChartClosingTextBlock_zpfxf3jQZNye" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:<br/> <span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member_zsqC8Y5y9Nse">Highest:</span> <span id="xdx_904_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member_z3wppU1u8VT3">7.02%</span> Quarter ended: 12/312023<span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member_zGyxrWcUHPT1" style="display: none">12/31/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_90A_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member_z6oGNxirOzT7">Lowest:</span> <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member_zBafn7ARq2ii">(3.47)% Quarter ended: </span><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member_zb51QHBoHA29">9/30/2022</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The <span id="xdx_907_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member_zYR6AEsrhwub">year-to-date total return</span> for the Fund as of <span id="xdx_901_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member_z7VkAlWuLMW7">December 31, 2025</span> was <span id="xdx_903_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member_zgkKzT6TPtY">13.47%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> Highest: 0.0702 2023-12-31 Lowest: -0.0347 2022-09-30 year-to-date total return 2025-12-31 0.1347 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A86_eoef--PerformanceTableTextBlock_zgOfjym2iSch"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zEvIZYDtz0mk" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: center"> </td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" id="xdx_499_20250101__20251231_zD0gWA69n67c" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td colspan="2" id="xdx_493_20220628__20251231_zLaWBDbqXjWa" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Since Inception<br/> (<span id="xdx_90B_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000236606Member_zoSvMUMCq4F1">06/28/2022</span>)</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000236606Member_zyfmaIJRP6d3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">13.47</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">9.83</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000236606Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z9DmHVHYkpZ3" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10.61</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.06</td> <td style="text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000236606Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zGjs3yeBbBAi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.91</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.33</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000236606Member__oef--PerformanceMeasureAxis__custom--BloombergGlobalAggregateTotalReturnIndexValueUnhedgedUSDMember_zCkWbN4Kz2Cj" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg Global-Aggregate Total Return Index Value Unhedged USD<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.17</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.80</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000236606Member__oef--PerformanceMeasureAxis__custom--JPMorganEMBIGlobalDiversifiedLiquid110YearMaturityIndexMember_z6A0oWKtKYF9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.P. Morgan EMBI Global Diversified Liquid 1-10 Year Maturity Index<br/> <i>(<span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000076617Member_zNSPo1Jo3Js5">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14.04</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10.24</td> <td style="text-align: left">%</td></tr> </table> 2022-06-28 0.1347 0.0983 0.1061 0.0706 0.0791 0.0633 0.0817 0.0280 reflects no deduction for fees, expenses, or taxes 0.1404 0.1024 BONDBLOXX BLOOMBERG SIX MONTH TARGET DURATION US TREASURY ETF Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zVvtsBUU1M72" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury securities with a duration between 1 and 12 months.</span></p> Fees and Expenses <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_z7KCHGGLCk16" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zJEQkVB1Lgw2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zjorb9RsWH3c" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_492_20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member__oef--ClassAxis__custom--C000237706Member_zrnY04Xil6V2" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zifygqzQGqT3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F43_zbZzKdOFU071">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.03</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zw6rH5bfuQS4" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zeUR79TzGZH4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zO0KYxzpa69h" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.03</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="-sec-ix-redline: true; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F00_zVEUOnVyyKJ9">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F15_z3YvuB6Z65tj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0003 0 0.0000 0.0003 Example. <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zFMKv3qRjvYb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zpxlclaXhhZ4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_485_eoef--ExpenseExampleYear01_zDJyEh5wxYkc" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_z9sQ7bIlzFZa" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_480_eoef--ExpenseExampleYear05_zumGcx5SygI8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_481_eoef--ExpenseExampleYear10_zF97WfmiQE4f" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41D_20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member__oef--ClassAxis__custom--C000237706Member_zyPzerKJMFb1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #C9EDFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$17</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$39</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 3 10 17 39 Portfolio Turnover. <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zNH9m1g3MjZd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member_z7IeAc4n7Ab2">0%</span> of the average value of its portfolio.</p> 0 Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zMIZ798lJV8k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is diversified and seeks to track the investment results of the Bloomberg US Treasury Six Month Target Duration Index (the “Index”). The Index is comprised of certain U.S. Treasury bills that are included in the Bloomberg US Treasury Bill Index (the “Underlying Index”). The Index is constructed using two underlying “duration buckets” of U.S. Treasury bills included in the Underlying Index that are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 6 month target duration of the Index at the monthly rebalancing date. Securities in the Index and the Underlying Index are updated on the last business day of each calendar month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The Index and the Underlying Index are sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or BIM. The Index Provider determines the composition of the Index and the Underlying Index, relative weightings of the securities in the Index and the Underlying Index and publishes information regarding the respective market value of the Index and the Underlying Index. See “More Information About the Funds -- Index Construction” for more information about the adjustment formula. There is no limit to the number of issues in the Index and the Underlying Index, but as of December 31, 2025, the Index and the Underlying Index each included approximately 43 constituents. Because the Index and the Underlying Index are reconstituted and rebalanced monthly, the respective components of the Index and the Underlying Index are likely to change over time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">As of December 31, 2025, the securities eligible for inclusion in the Index include U.S. Treasury bills with durations in the following two duration bucket ranges from the Underlying Index: 1 to 6 month duration securities and 6 to 12 month duration securities. The Underlying Index tracks the market for Treasury bills issued by the U.S. government. For more information regarding the Index and the Underlying Index, see “More Information About the Funds — Index” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of U.S. Treasury securities that collectively have an average duration of approximately 6 months, either directly or indirectly (<i>e.g.</i>, through derivatives). The Fund may also invest up to 20% of its net assets in certain other U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to track the investment results (<i>i.e.,</i> the total return) of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in U.S Treasury securities.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_z85hI0MEDlPl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z5c3XJ5ph5hd">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_z2NhDCXXAXme" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Treasury Obligations Risk.</i></b> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zv83A5GT8UXf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Government Obligations Risk.</i></b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (<i>i.e</i>., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zHaB1xBqVOjg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Interest Rate Risk</i>. </b></span>During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Funds invest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReinvestmentRiskMember_zJOEHzVEQn48" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Reinvestment Risk</i>. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zaNULF4yDhI3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Duration Risk.</i></b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zUiKlAJRvwO6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (<i>i.e.,</i> as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zNBtCZHJp5uf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zEin5DQ6j9c7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_z6FHm8eilew9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider, and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zWwogFhXBCAd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zCSj86diY2Y1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zcpwxIgiLluc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests predominantly in U.S. Treasury securities, its performance will be especially sensitive to developments that significantly affect those securities. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. The Fund’s performance could also be affected if U.S. Treasury securities do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zIa6qJ3KSM0e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zkuqF36v2yY9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zQP9WE0pr7o3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zzgUoHi3b871" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zidkmCs6qyR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_zl25Aew4URJg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Risk of Investing in the United States.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zrTJglf6pqY" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration Risk.</i></b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in U.S Treasury securities. The Fund may be susceptible to an increased risk of loss due to adverse events that affect U.S. Treasury securities more than the market as a whole.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zmh1qD5SeEu6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk. </i></b></span>An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zNk53LyYUM2l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zjJGSNqskc43" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zLZoxTUWphQc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>. </i>The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_z22tjXoHYIP9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zp4fUAnniKpl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zcnooMs75kl7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zsVcsZfbo1Ya" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.</span></p> Performance Information <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zDuxrDJEAQG1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member_zNd1SIEbSWjk">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. </span><span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member_zABc83MFMWqb">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member_zmHWG4qvG4R6">www.bondbloxxetf.com </span>or by calling <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member_zwZjNuTVPnak">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zc41ejAiiXW2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xhlf_001.jpg" style="height: 239px; width: 400px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zmDzaVVrp1Tg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000237706Member_zWjfJqDbQw8l" style="display: none; text-align: center; width: 50%">4.90%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_987_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000237706Member_zcGHK5pYxct3" style="display: none; text-align: center">5.08%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000237706Member_zwkSUrlm0wXh" style="display: none; text-align: center">4.23%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 0.0490 0.0508 0.0423 <p id="xdx_A87_eoef--BarChartClosingTextBlock_zNFNLxnGuZEd" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:</p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member_zVM9A88CqrW">Highest:</span> <span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member_zG7bSbGgPdgl">1.61%</span> Quarter ended: <span id="xdx_906_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member_zOQlRWPMwVK7">9/30/2024</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_90A_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member_zXBHcFN30UP3">Lowest:</span> <span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member_zYAvJYl2Txpi">0.77%</span> Quarter ended: <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member_zu7D0DWLZWW8">12/31/2022</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The <span id="xdx_904_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member_zcFbLCU5Z0Ml">year-to-date total return</span> for the Fund as of <span id="xdx_908_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member_zM9vrbiwoT12">December 31, 2025</span> was <span id="xdx_90E_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member_zZB8Y0w2GOE7">4.23%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> Highest: 0.0161 2024-09-30 Lowest: 0.0077 2022-12-31 year-to-date total return 2025-12-31 0.0423 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zwHyb3yjiwf5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zlHGZdcbBV34" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; vertical-align: top; padding-left: 0.125in; text-align: center"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_492_20250101__20251231_zcGpAp0yxvSa" style="border-bottom: Black 1pt solid; text-align: center"><b>1 Year</b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_49F_20220913__20251231_zFTxBbutEPyd" style="border-bottom: Black 1pt solid; text-align: center"><b>Since Inception<br/> (<span id="xdx_903_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000237706Member_zr3RMxVrRuzd">09/13/2022</span>)</b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237706Member_zKL9l53eU4Nl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4.23</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4.59</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237706Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zvpN3Yk9u7j1" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.55</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.76</td> <td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237706Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zSW7Hl4zDT2k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.48</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.72</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237706Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasuryIndexMember_z6syeB652Wpk" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Treasury Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.32</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.84</td> <td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237706Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasury6MonthDurationIndexMember_zfDeQJX4PqPf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg US Treasury Six Month Target Duration Index<br/> <i>(<span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000077345Member_z7Pq3xbjTaAi">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.28</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.64</td> <td style="text-align: left">%</td></tr> </table> 2022-09-13 0.0423 0.0459 0.0255 0.0276 0.0248 0.0272 0.0632 0.0284 reflects no deduction for fees, expenses, or taxes 0.0428 0.0464 BONDBLOXX BLOOMBERG ONE YEAR TARGET DURATION US TREASURY ETF Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zAb2XYwjhjd6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx Bloomberg One Year Target Duration US Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury securities with a duration between 6 and 18 months.</span></p> Fees and Expenses <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zVQ4JhlaX143" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zoSUlm0Thwa7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zgtqpn3byDhl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member__oef--ClassAxis__custom--C000237704Member_zqcix4w2svJ7" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zAlFKj7vt8G2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F4C_znnUNlORZvE9">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.03</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zK2IoFAeuMS9" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">None</td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zRh2BajDIEEa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zeezczlN93E" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.03</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="-sec-ix-redline: true; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F08_zoR1nOBvHIr4">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F1A_zuvx659QYqX4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0003 0 0.0000 0.0003 Example. <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zXPi0pKrntXf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zNsit8z7E7Rc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zs5qEnuUHaW4" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_z95wRTxw85Lh" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_486_eoef--ExpenseExampleYear05_zAFHz0cf44Ai" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_486_eoef--ExpenseExampleYear10_zgXL1la34lsd" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_412_20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member__oef--ClassAxis__custom--C000237704Member_zOAkG1yXfsO7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #C9EDFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$17</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$39</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 3 10 17 39 Portfolio Turnover. <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zViYwECFlOs2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> 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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_907_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member_zVnKWeY3m9Fc">69%</span> of the average value of its portfolio.</p> 0.69 Principal Investment Strategies <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_z7xyx9vgmvmc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is diversified and seeks to track the investment results of the Bloomberg US Treasury One Year Target Duration Index (the “Index”). The Index is comprised of certain U.S. Treasury notes and bonds that are included in the Bloomberg US Short Treasury Index and the Bloomberg US Treasury Index (each an “Underlying Index”). The Index is constructed using two underlying “duration buckets” of U.S. Treasury notes and bonds included in each Underlying Index that are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 1 year target duration of the Index at the monthly rebalancing date. Securities in the Index and each Underlying Index are updated on the last business day of each calendar month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index and each Underlying Index are sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or BIM. The Index Provider determines the composition of the Index and each Underlying Index, relative weightings of the securities in the Index and each Underlying Index and publishes information regarding the respective market value of the Index and each Underlying Index. See “More Information About the Funds -- Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">There is no limit to the number of issues in the Index and in each Underlying Index, but as of December 31, 2025, the Index included approximately 57 constituents, the Bloomberg US Short Treasury Index included approximately 48 constituents and the Bloomberg US Treasury Index included approximately X constituents. Because the Index and each Underlying Index are reconstituted and rebalanced monthly, the respective components of the Index and each Underlying Index are likely to change over time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">As of December 31, 2025, the securities eligible for inclusion in the Index include U.S. Treasury notes and bonds with durations in the following two duration bucket ranges from each respective Underlying Index: 6 to 12 month duration securities from the Bloomberg US Short Treasury Index and 12 to 18 month duration securities from the Bloomberg US Treasury Index. The Bloomberg US Short Treasury Index is a market value weighted index of U.S. Treasury bills, notes, and bonds under 1 year to maturity. The Bloomberg US Treasury Index includes a broad range of U.S. Treasury obligations with a remaining maturity of 1 year or more. No U.S. Treasury bills from the Bloomberg US Short Treasury Index are included in the Index. For more information regarding the Index and each Underlying Index, see “More Information About the Funds — Index” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of U.S. Treasury securities that collectively have an average duration of approximately 1 year, either directly or indirectly (<i>e.g.</i>, through derivatives). The Fund may also invest up to 20% of its net assets in certain other U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to track the investment results (<i>i.e.,</i> the total return) of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in U.S Treasury securities.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_zq2S4zGDFeZj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zJwo3XJkFvq">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zWUbqAhWTGJ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Treasury Obligations Risk.</i></b> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zWw4Em13WhUg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Government Obligations Risk.</i></b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (<i>i.e.,</i> the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zhPLVChklNSi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Interest Rate Risk</i>. </b></span>During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Funds invest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReinvestmentRiskMember_zRUtkSOWUebg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Reinvestment Risk</i>. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zJBGSHLpDg69" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Duration Risk.</i></b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zXRe3OxXBzxb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (<i>i.e.,</i> as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z49MLRyCsbde" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_z1ntEXe3MGS8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zpW5Maa9ferj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider, and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zBMXYP6gJQrk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zvvhRJn5az5l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zPRNW2FhMDna" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests predominantly in U.S. Treasury securities, its performance will be especially sensitive to developments that significantly affect those securities. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. The Fund’s performance could also be affected if U.S. Treasury securities do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zZ6cFBEAVMB1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zNPPl9PtfCRf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zzHAUeL3Esu" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_z1Tz39tY8Oui" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zb2lCU4MSLy5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_zGp7BoMoyjHh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Risk of Investing in the United States</i>.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zajOuYfJD2Zc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Concentration Risk.</i></b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in U.S Treasury securities. The Fund may be susceptible to an increased risk of loss due to adverse events that affect U.S. Treasury securities more than the market as a whole.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zzrbD1fQgkFe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk. </i></b></span>An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_ztvax6nXGcHa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zGR3BxEtBv3d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zn18BgnJuWWa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Limited History of Operations Risk</i></b><i>. </i>The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zLT9qNYUX0Ae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zl0TwLXewvb3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zGG5f9CiHmq7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zOFvcAALcvrg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.</span></p> Performance Information <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zAc6uR7h31p3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member_zO8zcHZKIS9g">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. </span><span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member_z4sGt6HZfZVc">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member_zSCs7pHWhl91">www.bondbloxxetf.com </span>or by calling <span id="xdx_90D_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member_zUQtm7vlogp8">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zOob74p615Jh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xone_001.jpg" style="height: 240px; width: 400px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zo4HewoD6nKd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000237704Member_zElJFfBClHO1" style="display: none; text-align: center; width: 50%">4.73%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000237704Member_zg10psS1ShHh" style="display: none; text-align: center">4.85%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000237704Member_z8kPfoJiQDJ7" style="display: none; text-align: center">4.45%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 0.0473 0.0485 0.0445 <p id="xdx_A81_eoef--BarChartClosingTextBlock_zcbl9TLicr5c" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:</p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member_zorjNvLVvgJ3">Highest:</span> <span id="xdx_906_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member_zZoaNQnLwCYc">2.11%</span> Quarter ended: <span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member_zOJ3kjHAZCL7">9/30/2024</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_901_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member_zKnlBrvmdkP5">Lowest:</span> <span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member_zeimCWwhkep9">0.32%</span> Quarter ended: <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member_zjJbC2bYaTdg">6/30/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The <span id="xdx_90B_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member_zCv0CVgRjy0g">year-to-date total return</span> for the Fund as of <span id="xdx_903_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member_zZYScyw3xEec">December 31, 2025</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member_zXTejubWpGDl">4.45%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> Highest: 0.0211 2024-09-30 Lowest: 0.0032 2023-06-30 year-to-date total return 2025-12-31 0.0445 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zHEMnBx135Lb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zM5nIIOcHPP4" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; text-align: left"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_497_20250101__20251231_zgSEXdDDdvm1" style="border-bottom: Black 1pt solid; text-align: center"><b>1 Year</b> </td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_499_20220913__20251231_zexllty383kl" style="border-bottom: Black 1pt solid; text-align: center"><b>Since Inception<br/> (<span id="xdx_902_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000237704Member_ztB5FNxPxyck">09/13/2022</span>)</b> </td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237704Member_z98ldDXNjlj6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4.45</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4.40</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237704Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zaeHGs12Jm2i" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.62</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.47</td> <td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237704Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zppNJh56rON9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.61</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.53</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237704Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasuryIndexMember_zJHvxHl1QbQ6" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Treasury Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.32</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.84</td> <td style="text-align: left">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237704Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasury1YearDurationIndexMember_zLbUO0RN7Me3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg US Treasury One Year Target Duration Index<br/> <i>(<span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000077343Member_zt1AtVuHUco9">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.49</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.45</td> <td style="text-align: left">%</td></tr> </table> 2022-09-13 0.0445 0.0440 0.0262 0.0247 0.0261 0.0253 0.0632 0.0284 reflects no deduction for fees, expenses, or taxes 0.0449 0.0445 BONDBLOXX BLOOMBERG TWO YEAR TARGET DURATION US TREASURY ETF Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zdAwgx0rQmN3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx Bloomberg Two Year Target Duration US Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury securities with a duration between 1 and 3 years.</span></p> Fees and Expenses <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zbvQLqRE4nZ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zh3O5CFAyeQ4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zUiDR8U7uAR1" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member__oef--ClassAxis__custom--C000237710Member_zuqtsvevIy7a" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zVzjsaPXhMP5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F45_zPVrENBF6AJf">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.05</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zgqohpG2p2d4" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_ztrKoX5b5oBd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zLvP5TM9HBw1" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.05</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="-sec-ix-redline: true; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0E_zwa6eOA160yd">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F12_zXhLwVh6D9T2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0005 0 0.0000 0.0005 Example. <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zmDQTKvcgNCe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zNFdcCppghU9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_489_eoef--ExpenseExampleYear01_zIrMmnuF00rf" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zNdGJs1Vtuo3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_482_eoef--ExpenseExampleYear05_zC7NVAyVRxj2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_487_eoef--ExpenseExampleYear10_zjfFYMDXfShf" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_412_20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member__oef--ClassAxis__custom--C000237710Member_ztKnfxKPu8Cb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #C9EDFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$16</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$28</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$64</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 5 16 28 64 Portfolio Turnover. <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zqmtKo7omAA6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> 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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_908_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member_zJFgWDsrqg0j">55%</span> of the average value of its portfolio.</p> 0.55 Principal Investment Strategies <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_z8zI7sx9jQna" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is diversified and seeks to track the investment results of the Bloomberg US Treasury Two Year Target Duration Index (the “Index”). The Index is comprised of certain U.S. Treasury notes and bonds that are included in the Bloomberg US Treasury Index (the “Underlying Index”). The Index is constructed using two underlying “duration buckets” of U.S. Treasury notes and bonds included in the Underlying Index that are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 2 year target duration of the Index at the monthly rebalancing date. Securities in the Index and the Underlying Index are updated on the last business day of each calendar month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Index and the Underlying Index are sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or BIM. The Index Provider determines the composition of the Index and the Underlying Index, relative weightings of the securities in the Index and the Underlying Index and publishes information regarding the respective market value of the Index and the Underlying Index. See “More Information About the Funds – Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true">There is no limit to the number of issues in the Index and the Underlying Index, but as of December 31, 2025, the Index included approximately 101 constituents, and the Underlying Index included approximately 295 constituents. Because the Index and the Underlying Index are reconstituted and rebalanced monthly, the respective components of the Index and the Underlying Index are likely to change over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">As of December 31, 2025, the securities eligible for inclusion in the Index include U.S. Treasury notes and bonds with durations in the following two duration bucket ranges from the Underlying Index: 1 to 2 year duration securities and 2 to 3 year duration securities. The Underlying Index includes a broad range of U.S. Treasury obligations with a remaining maturity of 1 year or more. For more information regarding the Index and the Underlying Index, see “More Information About the Funds — Index” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of U.S. Treasury securities that collectively have an average duration of approximately 2 years, either directly or indirectly (<i>e.g.</i>, through derivatives). The Fund may also invest up to 20% of its net assets in certain other U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Fund seeks to track the investment results (<i>i.e.,</i> the total return) of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in U.S Treasury securities.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_zFRT9TcBKTO6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zuKnyKTGTEF3">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zADlfwAR0k27" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Treasury Obligations Risk.</i></b> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zzwLFEMg1Cvh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Government Obligations Risk.</i></b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (<i>i.e</i>.<i>,</i> the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_ziPdyXDutTV" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Interest Rate Risk</i>. </b></span>During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Funds invest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReinvestmentRiskMember_zzRiGMVVTl46" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Reinvestment Risk</i>. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zVUTmkjsY093" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Duration Risk.</i></b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_z7W0JY0vyTP2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (<i>i.e.,</i> as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z5bYyLoZESdc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zDLn5lO0llAi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zwG5RF8iyv56" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider, and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zw9qm9C05f0k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zvJwlwmWTTT9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zz8aEhDqAqll" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests predominantly in U.S. Treasury securities, its performance will be especially sensitive to developments that significantly affect those securities. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. The Fund’s performance could also be affected if U.S. Treasury securities do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zGlHIzOdYUA6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zzyzyFSKDo99" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_znz68ccBSY6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zu17f2qEuwRl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zfpEhTGvCm1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_zM6L4e619rD3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk of Investing in the United States.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zDpNHFrBLqD2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration Risk.</i></b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in U.S Treasury securities. The Fund may be susceptible to an increased risk of loss due to adverse events that affect U.S. Treasury securities more than the market as a whole.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_z8SETHKxSVAd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk. </i></b></span>An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_znxOQwcgSNS9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zYjwSgu5Qdw4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zs9jEpJfDsBe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>. </i>The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zayKZGzbFTll" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zEisMb4iumfj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zjlN31cGJM5g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zZHacG85TDEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.</span></p> Performance Information <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zrVItgIK3nL4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member_zatU3No31DT8">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. </span><span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member_zrjcfemUxkTd">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member_zMewhm06sm2e">www.bondbloxxetf.com </span>or by calling <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member_zYhDiKCKyWz5">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zV2xVIbKFrj3" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xtwo_001.jpg" style="height: 240px; width: 400px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zSMdKKMV8bu8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000237710Member_zgTyLu0Ygwo6" style="display: none; text-align: center; width: 50%">4.23%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_986_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000237710Member_zp1AXRI5yMKf" style="display: none; text-align: center">3.87%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000237710Member_zzjU1ADqKRCe" style="display: none; text-align: center">5.25%</td></tr> </table> 0.0423 0.0387 0.0525 <p id="xdx_A84_eoef--BarChartClosingTextBlock_zDziJgHCnvVd" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:</p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_905_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member_zv5Tvg3WBdq2">Highest:</span> <span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member_zbOHhSMl5jai">3.01%</span> Quarter ended: <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member_zFJHuSSxFMe6">9/30/2024</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_905_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member_zdjDNWBWFlVi">Lowest:</span> <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member_ze8BKEEsRcT6">(0.68)%</span> Quarter ended: <span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member_zeOQCPwPT5P1">6/30/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The <span id="xdx_901_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member_zMpP1JuTSgbj">year-to-date total return</span> for the Fund as of <span id="xdx_906_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member_zOkSEQ04Fubl">December 31, 2025</span> was <span id="xdx_907_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member_zOESUq7qgfJ8">5.25%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> Highest: 0.0301 2024-09-30 Lowest: -0.0068 2023-06-30 year-to-date total return 2025-12-31 0.0525 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zhdMNufMvQXb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zfb4WKyCM1Re" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; text-align: left"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_493_20250101__20251231_z5VrrHB7obGf" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>1 Year</b></p></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_49E_20220913__20251231_zGFnw4BN7TMb" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Since Inception<br/> (<span id="xdx_90B_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000237710Member_zci08ZV1zaTk">09/13/2022</span>)</b></p> </td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237710Member_zOkcipqOB0n2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">5.25</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4.03</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237710Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zKQBtsMcfzdg" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.45</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.25</td> <td style="text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237710Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zwtMhF5mw9zj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.09</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.31</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237710Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasuryIndexMember_z5zl3j1Ffcyf" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Treasury Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.32</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.84</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237710Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasury2YearDurationIndexMember_zEAftWeEJYcc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg US Treasury Two Year Target Duration Index<br/> <i>(<span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000077349Member_zsL901jLwMel">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.09</td> <td style="text-align: left">%</td></tr> </table> 2022-09-13 0.0525 0.0403 0.0345 0.0225 0.0309 0.0231 0.0632 0.0284 reflects no deduction for fees, expenses, or taxes 0.0530 0.0409 BONDBLOXX BLOOMBERG THREE YEAR TARGET DURATION US TREASURY ETF Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zLXpkxXcosL2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx Bloomberg Three Year Target Duration US Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury securities with a duration between 2 and 4 years.</span></p> Fees and Expenses <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zI0lIK2any0b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zrzs8eUIWkij"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zrC9sWy5oMak" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_495_20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member__oef--ClassAxis__custom--C000237708Member_zLWQxAvdBys9" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zqPTAMmkWfFd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F44_zeHAqD5PNYlb">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.05</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zugFR9IW9642" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zlKMOIuUeZg6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zWBnxGsqAeW8" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.05</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="-sec-ix-redline: true; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_ztcyMjwW9A12">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F11_zImYEtuHAtf2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0005 0 0.0000 0.0005 Example. <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zkva4NUjg7fc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zYHgI118RHA4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_485_eoef--ExpenseExampleYear01_z9hakuOJ60gh" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_zxRVS0MecCZ" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_483_eoef--ExpenseExampleYear05_zm7px1qUEj3c" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_483_eoef--ExpenseExampleYear10_z7ce7RV1hGvk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_412_20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member__oef--ClassAxis__custom--C000237708Member_zNKrJH3R2pm9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #C9EDFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$16</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$28</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$64</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 5 16 28 64 Portfolio Turnover. <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zRmy9pNbB4W4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> 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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90A_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member_zvZTtWfb6MFi">56%</span> of the average value of its portfolio.</p> 0.56 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zgSMcBfTlH2l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is diversified and seeks to track the investment results of the Bloomberg US Treasury Three Year Target Duration Index (the “Index”). The Index is comprised of certain U.S. Treasury notes and bonds that are included in the Bloomberg US Treasury Index (the “Underlying Index”). The Index is constructed using two underlying “duration buckets” of U.S. Treasury notes and bonds included in the Underlying Index that are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 3 year target duration of the Index at the monthly rebalancing date. Securities in the Index and the Underlying Index are updated on the last business day of each calendar month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Index and the Underlying Index are sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or BIM. The Index Provider determines the composition of the Index and the Underlying Index, relative weightings of the securities in the Index and the Underlying Index and publishes information regarding the respective market value of the Index and the Underlying Index. See “More Information About the Funds -- Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true">There is no limit to the number of issues in the Index and the Underlying Index, but as of December 31, 2025, the Index included approximately 77 constituents, and the Underlying Index included approximately 295 constituents. Because the Index and the Underlying Index are reconstituted and rebalanced monthly, the respective components of the Index and the Underlying Index are likely to change over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true">As of December 31, 2025, the securities eligible for inclusion in the Index include U.S. Treasury notes and bonds with durations in the following two duration bucket ranges from the Underlying Index: 2 to 3 year duration securities and 3 to 4 year duration securities. The Underlying Index includes a broad range of U.S. Treasury obligations with a remaining maturity of 1 year or more. For more information regarding the Index and the Underlying Index, see “More Information About the Funds — Index” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of U.S. Treasury securities that collectively have an average duration of approximately 3 years, either directly or indirectly (<i>e.g.</i>, through derivatives). The Fund may also invest up to 20% of its net assets in certain other U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Fund seeks to track the investment results (<i>i.e.,</i> the total return) of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in U.S Treasury securities.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_zizFI5oZ9Lqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zy6KAeLNoyul">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zUn9K8u3ueq5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Treasury Obligations Risk.</i></b> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zL7OiLm9eayh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Government Obligations Risk.</i></b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (<i>i.e</i>., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zQq4JZCuVLj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Interest Rate Risk</i>. </b></span>During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Funds invest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReinvestmentRiskMember_z7A7E2Ry6Gul" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Reinvestment Risk</i>. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zCcW88BhXhYc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Duration Risk.</i></b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zp9X9xdIMXdk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (<i>i.e.,</i> as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zBOoyYTr2up6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zkcNLdcKTb85" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_z9GSU97yn1O7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider, and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zj7tZDRyeVB2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zn7kBfUwnwOg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_z5jWmZHemMXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests predominantly in U.S. Treasury securities, its performance will be especially sensitive to developments that significantly affect those securities. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. The Fund’s performance could also be affected if U.S. Treasury securities do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zTJphzZl7B8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zoSymXK6DnVc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zYhhFqNfzBUa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zZpm1UO4oFai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zGZhA6Iv0SPb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_zfZKuPDJXGja" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Risk of Investing in the United States</i>.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zajKVkfV8yoe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Concentration Risk.</i></b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in U.S Treasury securities. The Fund may be susceptible to an increased risk of loss due to adverse events that affect U.S. Treasury securities more than the market as a whole.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zrRQOJj9H59c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Authorized Participant Concentration Risk. </i></b></span>An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e</i>., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zxmVdfuLUKOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zxbgrP4HFnX8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zQRcsIIcXAv3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>.</i> The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zPdb2myCPd3d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zEHGo6FhT9rf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zLazLXPFYbQb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zrOV45WbsDx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.</span></p> Performance Information <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zzpbNIJIrCjf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member_zreVRmwKNST5">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. </span><span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member_zJ006Lba6Cr7">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member_zt37kTYvFc06">www.bondbloxxetf.com </span>or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member_z6AoKfRZd2g4">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zPHBboUKERi4" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xtre_001.jpg" style="height: 240px; width: 400px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zx3ChN7b9qxa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000237708Member_zLQysKCoqC3b" style="display: none; text-align: center; width: 50%">4.33%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000237708Member_zG4nxDJ5b9Bi" style="display: none; text-align: center">2.95%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000237708Member_zFch0Ae1ZzMe" style="display: none; text-align: center">6.22%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 0.0433 0.0295 0.0622 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_ze7tu4TtvkFc" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:</p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_90D_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member_zBBe3EbKwTCb">Highest:</span> <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member_zLtl6Q6tuMx6">3.72%</span> Quarter ended: <span id="xdx_906_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member_zMwEIoB3Ox73">9/30/2024</span><br/> <span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member_zqprrtN9KqSk">Lowest:</span> <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member_zXARg643YVwd">(1.17)%</span> Quarter ended: <span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member_zBS0DJWmJnef">12/31/2024</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The <span id="xdx_90A_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member_zddrW2q6Oav1">year-to-date total return</span> for the Fund as of <span id="xdx_903_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member_zSobB9ttCrIf">December 31, 2025</span> was <span id="xdx_901_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member_zoaHTE0HRIug">6.22%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> Highest: 0.0372 2024-09-30 Lowest: -0.0117 2024-12-31 year-to-date total return 2025-12-31 0.0622 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A8E_eoef--PerformanceTableTextBlock_z5EBcPnZrKsi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zIRvVctF2UDb" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; text-align: left"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_49A_20250101__20251231_zQQJeaof1uc7" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>1 Year</b></p></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_49A_20220913__20251231_zKCtXIMBPuWb" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Since Inception<br/> (<span id="xdx_901_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000237708Member_z5hRDjXYCJF6">09/13/2022</span>)</b></p> </td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237708Member_z4Uvge5hecsb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6.22</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4.03</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237708Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zQsSquZJpYQ8" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.56</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.35</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237708Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z5aHFJfOoIJd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.66</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.35</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237708Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasuryIndexMember_zvEyKKwlgyHe" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Treasury Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.32</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.84</td> <td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237708Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasury3YearDurationIndexMember_zOzEEad4kpNi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg US Treasury Three Year Target Duration Index<br/> <i>(<span id="xdx_90D_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000077347Member_zBp46J39R61h">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.26</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.07</td> <td style="text-align: left">%</td></tr> </table> 2022-09-13 0.0622 0.0403 0.0456 0.0235 0.0366 0.0235 0.0632 0.0284 reflects no deduction for fees, expenses, or taxes 0.0626 0.0407 BONDBLOXX BLOOMBERG FIVE YEAR TARGET DURATION US TREASURY ETF Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zkGJJqvHEHK3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx Bloomberg Five Year Target Duration US Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury securities with a duration between 4 and 6 years.</span></p> Fees and Expenses <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_z2wu3vscpNZe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zHi0EfwH6uK9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zIw6WutMKLw1" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_498_20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member__oef--ClassAxis__custom--C000237703Member_zkPP8kiTlFf7" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zCLfYatYI2y2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F40_zQtcjV3Vn57e">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.05</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z1bl49sT7Lei" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zc9HK4NMqe73" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zsAv7yZXRy9k" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.05</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zvHWvhc1Uol6">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F13_zXWA3qfc49K3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0005 0 0.0000 0.0005 Example. <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zQDSVgnPBNDf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGhdbPSGqCQ8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zrgpFrgz7qc5" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_zzX9SXFjVGvf" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48F_eoef--ExpenseExampleYear05_z88PNmB1fdQ3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zEn6nMwLmjT9" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_412_20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member__oef--ClassAxis__custom--C000237703Member_zzU87cPHUk72" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #C9EDFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$16</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$28</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$64</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 5 16 28 64 Portfolio Turnover. <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_z96Vr1O1Mnx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> 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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member_zRsdmwYnBu18">81%</span> of the average value of its portfolio.</p> 0.81 Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zwrnXCxuWIrf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The Fund is diversified and seeks to track the investment results of the Bloomberg US Treasury Five Year Target Duration Index (the “Index”). The Index is comprised of certain U.S. Treasury notes and bonds that are included in the Bloomberg US Treasury Index (the “Underlying Index”). The Index is constructed using two underlying “duration buckets” of U.S. Treasury notes and bonds included in the Underlying Index that are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 5 year target duration of the Index at the monthly rebalancing date. Securities in the Index and the Underlying Index are updated on the last business day of each calendar month.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index and the Underlying Index are sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or BIM. The Index Provider determines the composition of the Index and the Underlying Index, relative weightings of the securities in the Index and the Underlying Index and publishes information regarding the respective market value of the Index and the Underlying Index. See “More Information About the Funds -- Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">There is no limit to the number of issues in the Index and the Underlying Index, but as of December 31, 2025, the Index included approximately 50 constituents, and the Underlying Index included approximately 295 constituents. Because the Index and the Underlying Index are reconstituted and rebalanced monthly, the respective components of the Index and the Underlying Index are likely to change over time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the securities eligible for inclusion in the Index include U.S. Treasury notes and bonds with durations in the following two duration bucket ranges from the Underlying Index: 4 to 5 year duration securities and 5 to 6 year duration securities. The Underlying Index includes a broad range of U.S. Treasury obligations with a remaining maturity of 1 year or more. For more information regarding the Index and the Underlying Index, see “More Information About the Funds — Index” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of U.S. Treasury securities that collectively have an average duration of approximately 5 years, either directly or indirectly (<i>e.g.</i>, through derivatives). The Fund may also invest up to 20% of its net assets in certain other U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Fund seeks to track the investment results (<i>i.e.,</i> the total return) of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in U.S Treasury securities.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_zC3IXyBzNcu3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_907_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zh5pXZ6gQF9k" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zJpmCDgWj2ae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>U.S. Treasury Obligations Risk.</i></b> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_z4SCLLpuEfdh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>U.S. Government Obligations Risk.</i></b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (<i>i.e</i>., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zRR3YsANWNEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Interest Rate Risk</i>. </b></span>During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Funds invest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReinvestmentRiskMember_z4Z2JE0uDL0i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Reinvestment Risk</i>. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_z0gv5WsqjwP4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Duration Risk.</i></b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zeod92QPakC9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (<i>i.e.,</i> as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z8Xca4xdiJ05" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zY2ig0aNlQzc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zXbjVrlwzfda" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider, and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zzcsEjnUIk4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zvONJpnlXeQh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zLf7PriMCAq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests predominantly in U.S. Treasury securities, its performance will be especially sensitive to developments that significantly affect those securities. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. The Fund’s performance could also be affected if U.S. Treasury securities do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zaSzycoDMv29" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zs2GLzNdpUF6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zbjacVlH3v52" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRisksMember_zlYwtyeFXOp1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_z4NSGbVAyIM3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_z55tnGAKqnrh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Risk of Investing in the United States</i>.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zkEo2YKHXDu9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Concentration Risk.</i></b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in U.S Treasury securities. The Fund may be susceptible to an increased risk of loss due to adverse events that affect U.S. Treasury securities more than the market as a whole.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zgSk1qX0S8Qi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk. </i></b></span> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e</i>., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zaL4hPa0WQR4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zk82dMhm4Tg6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zmkT582mCcF9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>.</i> The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zAfn94r4Cxsh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zJjR3xQBatnd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zuEXTujSQgk3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zxp76QzTewX5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.</span></p> Performance Information <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zZDFf02N1et3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member_zjvAiaT4Fyle">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. </span><span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member_zi3hgw0x8QKb">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member_zevUjDJHaHW">www.bondbloxxetf.com </span>or by calling <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member_zsclG5OYFGxc">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zSUEphUw2Ad" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xfiv_001.jpg" style="height: 240px; width: 400px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zxUo4MI2iMS" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_987_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000237703Member_zvl4KRuR9Tg6" style="display: none; text-align: center; width: 50%">4.41%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000237703Member_ztbvvqRwlrO6" style="display: none; text-align: center">1.26%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000237703Member_zSHYkTnnNPDb" style="display: none; text-align: center">7.70%</td></tr> </table> 0.0441 0.0126 0.0770 <p id="xdx_A86_eoef--BarChartClosingTextBlock_z5YPoFyemPW4" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:<br/> <span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member_zNEPbDIvCRV7">Highest:</span> <span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member_zhJ1EbvDDHd2">5.09%</span> Quarter ended: <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member_zVzYfFtLKsnc">12/31/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member_z2oo0lnW01ud">Lowest:</span> <span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member_zO00fodKMQu3">(2.98)% </span> Quarter ended: <span id="xdx_902_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member_zWwzcl4sfn7i">12/31/2024</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The <span id="xdx_903_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member_zUNPw6eqYsVa">year-to-date total return</span> for the Fund as of <span id="xdx_90A_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member_zeJk87IMcNY5">December 31, 2025</span> was <span id="xdx_90A_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member_zXPVMG3ebhE8">7.70%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> Highest: 0.0509 2023-12-31 Lowest: -0.0298 2024-12-31 year-to-date total return 2025-12-31 0.0770 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A89_eoef--PerformanceTableTextBlock_ziSzvoEZ1wk5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zs0Di4FfOqJa" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1pt; text-align: left"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_493_20250101__20251231_zhmb3CR47Ll7" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>1 Year</b></p></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_499_20220913__20251231_zZZTyJSo1bpa" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Since Inception<br/> (<span id="xdx_905_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000237703Member_zL9SPfMefLWf">09/13/2022</span>)</b></p> </td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237703Member_ze1PDZZagrb8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">7.70</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.75</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237703Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zs1fPXgzGcwc" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.93</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.14</td> <td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237703Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zlc53TxQPjsa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.53</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.17</td> <td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237703Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasuryIndexMember_z7Ma6AT4bH22" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Treasury Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.32</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.84</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237703Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasury5YearDurationIndexMember_zOghDbrS8BMe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg US Treasury Five Year Target Duration Index<br/> <i>(<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000077342Member_zU0zRAQsTSuf">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.75</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.80</td> <td style="text-align: left">%</td></tr> </table> 2022-09-13 0.0770 0.0375 0.0593 0.0214 0.0453 0.0217 0.0632 0.0284 reflects no deduction for fees, expenses, or taxes 0.0775 0.0380 BONDBLOXX BLOOMBERG SEVEN YEAR TARGET DURATION US TREASURY ETF Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zbSaBwX5MET" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx Bloomberg Seven Year Target Duration US Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury securities with a duration between 5 and 9 years.</span></p> Fees and Expenses <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zeK1ALYMpfW7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_z7ACYJaTwVq7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zaIHAOYMZ7z7" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_495_20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member__oef--ClassAxis__custom--C000237705Member_zXKThMgiVUyc" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zLposNs61I3a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F46_z8fz6jex3Ej7">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.05</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOm5BOcK1Ms2" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dpn_zzI8r78WjZLa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zv2Tqb5662Il" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.05</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0E_zG485sYvYX27">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F12_zRNsIwbtGahb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0005 0 0.0000 0.0005 Example. <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zWbT9PA0ne46" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zF2svuGPFFTc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zUvGlek9s8Of" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_zCYZVjFITOLg" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_487_eoef--ExpenseExampleYear05_zAZXjaS7o7mb" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_489_eoef--ExpenseExampleYear10_zdr0OOhAfj14" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41D_20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member__oef--ClassAxis__custom--C000237705Member_z4KGxfr2cF4i" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #C9EDFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$16</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$28</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$64</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 5 16 28 64 Portfolio Turnover. <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zDdZJ62Hx6vg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> 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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member_zFc4cYeQHZP4">62%</span> of the average value of its portfolio.</p> 0.62 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_z59FYU5Nkln7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is diversified and seeks to track the investment results of the Bloomberg US Treasury Seven Year Target Duration Index (the “Index”). The Index is comprised of certain U.S. Treasury notes and bonds that are included in the Bloomberg US Treasury Index (the “Underlying Index”). The Index is constructed using two underlying “duration buckets” of U.S. Treasury notes and bonds included in the Underlying Index that are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 7 year target duration of the Index at the monthly rebalancing date. Securities in the Index and the Underlying Index are updated on the last business day of each calendar month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index and the Underlying Index are sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or BIM. The Index Provider determines the composition of the Index and the Underlying Index, relative weightings of the securities in the Index and the Underlying Index and publishes information regarding the respective market value of the Index and the Underlying Index. See “More Information About the Funds -- Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is no limit to the number of issues in the Index and the Underlying Index, but as of December 31, 2025, the Index included approximately 38 constituents, and the Underlying Index included approximately 295 constituents. Because the Index and the Underlying Index are reconstituted and rebalanced monthly, the respective components of the Index and the Underlying Index are likely to change over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the securities eligible for inclusion in the Index include U.S. Treasury notes and bonds with durations in the following two duration bucket ranges from the Underlying Index: 5 to 7 year duration securities and 7 to 9 year duration securities. The Underlying Index includes a broad range of U.S. Treasury obligations with a remaining maturity of 1 year or more. For more information regarding the Index and the Underlying Index, see “More Information About the Funds — Index” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of U.S. Treasury securities that collectively have an average duration of approximately 7 years, either directly or indirectly (<i>e.g.</i>, through derivatives). The Fund may also invest up to 20% of its net assets in certain other U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Fund seeks to track the investment results (<i>i.e.,</i> the total return) of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in U.S Treasury securities.</span></p> <p id="xdx_A8A_eoef--RiskTextBlock_zB49OFE7uQY2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zzD5eoEn9mxk">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zxB6jSyQWks"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zOP8xMDyytm6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Treasury Obligations Risk.</i></b> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zoW18J2LGKF1"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zTWNOH5K1GJ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Government Obligations Risk.</i></b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (<i>i.e.,</i> the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zDvPKxgL4HL8"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zbmxfONBWQz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest Rate Risk</i>.</b></span> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Funds invest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zwXjhQJjrAEf"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReinvestmentRiskMember_zRncgmQ7Erp4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reinvestment Risk</i>. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zgmJIG3OEN4l"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zoQv6PYvfOaa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Duration Risk.</i></b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zKQw7VTGsqUb"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zh0TjDq0yBO7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (<i>i.e.,</i> as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zrutjRV8NcVa"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zoY0DYrlIcYc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zkR8vDF4GUD7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zzReOSkRNJz2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider, and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zVqH10E19wUk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zglhymczOwUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zu9OD9xgj1V9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests predominantly in U.S. Treasury securities, its performance will be especially sensitive to developments that significantly affect those securities. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. The Fund’s performance could also be affected if U.S. Treasury securities do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zJh6qcOH5oL5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zmpaef5pT1Ag" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zYCSVP9omEa1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zFDUwGBvXy5g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zdad7rmGXQ9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_zSoIZOCYZmk5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Risk of Investing in the United States</i>.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zos6xTCdtKH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Concentration Risk.</i></b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in U.S Treasury securities. The Fund may be susceptible to an increased risk of loss due to adverse events that affect U.S. Treasury securities more than the market as a whole.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_z5q7ZhVekGX3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Authorized Participant Concentration Risk. </i></b></span>An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e</i>., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zQVZhgFKgca3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zoG2pFdGEfn3"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zzffw5lgyE1a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zSINXI5nTLbd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>.</i> The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zeVxQyFSc4Ma"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_z2btQgnINkGi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zDfdEU5oUYWd"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z0YUWMS4Kfkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zdGS41g9VsSe"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zufJf7kFiKC4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zZHQiRh7oHt6"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zvm1W2CNno8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.</span></p> Performance Information <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zMhtggYrxGu1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member_zqoCVeBLS3df">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. </span><span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member_zD6kNAHI2aW">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member_zmaVGGkEDSo9">www.bondbloxxetf.com </span>or by calling <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member_zbfr9vMffo7i">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zTr04fXifOqf" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xsvn_001.jpg" style="height: 240px; width: 400px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zLUs9jLOvCTe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000237705Member_zzv186SziOE9" style="display: none; text-align: center; width: 50%">3.72%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_986_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000237705Member_zw2a1ezLmAja" style="display: none; text-align: center">-0.50%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000237705Member_zvCQvZcv7QX2" style="display: none; text-align: center">8.30%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 0.0372 -0.0050 0.0830 <p id="xdx_A80_eoef--BarChartClosingTextBlock_zyt4lCNKxQF4" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:<br/> <span id="xdx_90D_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member_zXV8s9YP1Gza">Highest</span>: <span id="xdx_904_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member_zv68FdBIV2Bc">6.43%</span> Quarter ended: <span id="xdx_908_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member_zpY5yAplBWw8">12/31/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member_zzOfOIQirbtc">Lowest</span>: <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member_zvvKRKoi9bHd">(4.42)% </span> Quarter ended: <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member_z94cgS8P4ky7">12/31/2024</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The <span id="xdx_90C_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member_zttEdqgFSN14">year-to-date total return</span> for the Fund as of <span id="xdx_90A_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member_zWctOyV1GSXf">December 31, 2025</span> was <span id="xdx_90F_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member_zG2Vq6eXy6Hf">8.30%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> Highest 0.0643 2023-12-31 Lowest -0.0442 2024-12-31 year-to-date total return 2025-12-31 0.0830 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A87_eoef--PerformanceTableTextBlock_zten1sRTqV8i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zLgiU8H7MC88" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1pt; text-align: left"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_494_20250101__20251231_zWzE698rVxff" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>1 Year</b></p></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_49D_20220913__20251231_z4oE4xO0Zbwc" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Since Inception<br/> (<span id="xdx_901_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000237705Member_z3s10MxMZpti">09/13/2022</span>)</b></p> </td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237705Member_zScvj5S0Ff3h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">8.30</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2.90</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237705Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zAZIgTGxdGk6" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.52</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.30</td> <td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237705Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z7CSjeCeKP09" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.89</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.52</td> <td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237705Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasuryIndexMember_zdvrw89L5WO2" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Treasury Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.32</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.84</td> <td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237705Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasury7YearDurationIndexMember_zTbnDtuQWUCb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg US Treasury Seven Year Target Duration Index<br/> <i>(<span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000077344Member_zelLxggIwNdl">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8.36</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.97</td> <td style="text-align: left">%</td></tr> </table> 2022-09-13 0.0830 0.0290 0.0652 0.0130 0.0489 0.0152 0.0632 0.0284 reflects no deduction for fees, expenses, or taxes 0.0836 0.0297 BONDBLOXX BLOOMBERG TEN YEAR TARGET DURATION US TREASURY ETF Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zYOTnPL8M7wl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury securities with a duration between 6 and 14 years.</span></p> Fees and Expenses <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zXl8DtM0tIol" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zJwKEhGNNva"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z76e9r9rND6k" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member__oef--ClassAxis__custom--C000237707Member_z8SgbhhxTwzf" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zuTtR7Ew1JQ6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F4D_zOWagUCbXyw8">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.08</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_zDyBRFFzJ1Rc" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zfrMG8YImxx" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zJw2x2YLVFy6" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.08</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F04_zYr1NtgVlAg8">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F1E_zXfRxYi3hhYi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0008 0 0.0000 0.0008 Example. <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zThUQlO6Li9j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zsiSV6x1bVV5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_481_eoef--ExpenseExampleYear01_zxuROqoY3xng" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zFJWEkK1NQI5" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_488_eoef--ExpenseExampleYear05_zMZ4DEOjNOFl" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_483_eoef--ExpenseExampleYear10_zzYu6if4OWxb" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41F_20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member__oef--ClassAxis__custom--C000237707Member_zyC6IrtvD7Qa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #C9EDFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$8</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$24</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$42</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$96</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 8 24 42 96 Portfolio Turnover. <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zFIJDB7ZTTWk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> 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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_905_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member_zuvejhap9Zt3">38%</span> of the average value of its portfolio.</p> 0.38 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zBqJGbTLUbf1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is diversified and seeks to track the investment results of the Bloomberg US Treasury Ten Year Target Duration Index (the “Index”). The Index is comprised of certain U.S. Treasury notes and bonds that are included in the Bloomberg US Treasury Index (the “Underlying Index”). The Index is constructed using two underlying “duration buckets” of U.S. Treasury notes and bonds included in the Underlying Index that are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 10 year target duration of the Index at the monthly rebalancing date. Securities in the Index and the Underlying Index are updated on the last business day of each calendar month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index and the Underlying Index are sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or BIM. The Index Provider determines the composition of the Index and the Underlying Index, relative weightings of the securities in the Index and the Underlying Index and publishes information regarding the respective market value of the Index and the Underlying Index. See “More Information About the Funds -- Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">There is no limit to the number of issues in the Index and the Underlying Index, but as of December 31, 2025, the Index included approximately 66 constituents, and the Underlying Index included approximately 295 constituents. Because the Index and the Underlying Index are reconstituted and rebalanced monthly, the respective components of the Index and the Underlying Index are likely to change over time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the securities eligible for inclusion in the Index include U.S. Treasury notes and bonds with durations in the following two duration bucket ranges from the Underlying Index: 6 to 10 year duration securities and 10 to 14 year duration securities. The Underlying Index includes a broad range of U.S. Treasury obligations with a remaining maturity of 1 year or more. For more information regarding the Index and the Underlying Index, see “More Information About the Funds — Index” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of U.S. Treasury securities that collectively have an average duration of approximately 10 years, either directly or indirectly (<i>e.g.</i>, through derivatives). The Fund may also invest up to 20% of its net assets in certain other U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Fund seeks to track the investment results (<i>i.e.,</i> the total return) of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in U.S Treasury securities.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_zit01LAIAtS8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member__oef--RiskAxis__oef--RiskLoseMoneyMember_ziHhyQpcXp7e">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zTWrug0L1wff"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_za0zeZE09pki" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Treasury Obligations Risk.</i></b> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zjVwgOmNTNtd"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zU6BD40kVAOa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Government Obligations Risk.</i></b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (<i>i.e.,</i> the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zeEzvQGJC9q8"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_z4hQ3DsXt1hg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Interest Rate Risk</i>. </b></span>During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Funds invest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReinvestmentRiskMember_zaawPpR25Dme" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Reinvestment Risk</i>. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zMRxjmO7b9di" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Duration Risk.</i></b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_z3D1Zmd17Jbe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (<i>i.e.,</i> as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zv2w3nJ8G9oj"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z2nlytBJGuP4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zRBJhhj9iR11" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_znyxhDFyBKEi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider, and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zbzzLhh6Rlt9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zHhOOsjpo7Ea" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zgFphJ3utFR1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests predominantly in U.S. Treasury securities, its performance will be especially sensitive to developments that significantly affect those securities. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. The Fund’s performance could also be affected if U.S. Treasury securities do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zj8YSPNxS3vl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zMAhB6Antao2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zlDIuepoXCkk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_ziRnKZEhTDVg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zKUSU2z2EqK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_zt6VcbG9COn2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Risk of Investing in the United States</i>.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zzr0zJ4hZ7r2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Concentration Risk.</i></b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in U.S Treasury securities. The Fund may be susceptible to an increased risk of loss due to adverse events that affect U.S. Treasury securities more than the market as a whole.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zYRhi8Zrcnfb"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zixxSE8S6Umg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk. </i></b></span>An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_z9rBJxv1Q5ej"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z8FYu8knClBh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zutEDKjjvEEc"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z3icTn7fYVq4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zhRhhHref6L9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>. </i>The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zTz9ogO2Il56"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zYoan6b7M2n7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zQm1GRuqDOt6"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z0hPD19WLT75" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zsa2MFiOczkk"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zII6pJCAtVq8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zm6FiTrro1mk"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_z0FdI2FGrjU6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.</span></p> Performance Information <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zQE9UqzjUJUi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member_zkvpCucNLtFj">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. </span><span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member_zPSly9Hcsp45">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member_zpLQLlyJDqzf">www.bondbloxxetf.com </span>or by calling <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member_zPl58TibWNL4">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_z7P6zJRRcbzl" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xten_001.jpg" style="height: 240px; width: 400px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zcjKgs74GCAd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000237707Member_zGLpZgeXP70a" style="display: none; text-align: center; width: 50%">3.74%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000237707Member_zPcXXhWtpTxe" style="display: none; text-align: center">-2.28%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_983_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000237707Member_zMSfN0eW6oYi" style="display: none; text-align: center">7.55%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 0.0374 -0.0228 0.0755 <p id="xdx_A83_eoef--BarChartClosingTextBlock_zvq9NwcN9iu" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:<br/> <span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member_z9sC9JoijeSe">Highest</span>: <span id="xdx_906_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member_zFYx6QIkf8Y5">8.95%</span> Quarter ended: <span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member_zqPSKp2Pt9Nc">12/31/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member_zzSdYAt7Z3Mb">Lowest</span>: <span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member_zChh4m93JFJj">(6.90)%</span> Quarter ended: <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member_z622tqsioUag">9/30/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The <span id="xdx_90B_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member_z7k925aBQA47">year-to-date total return</span> for the Fund as of <span id="xdx_904_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member_z518vtSppac4">December 31, 2025</span> was <span id="xdx_90C_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member_zuzsbFUFqJsf">7.55%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Highest 0.0895 2023-12-31 Lowest -0.0690 2023-09-30 year-to-date total return 2025-12-31 0.0755 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A82_eoef--PerformanceTableTextBlock_zwdh2mZGK8V4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zzc4751Jw2bc" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1pt; text-align: left"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_491_20250101__20251231_zn4lwVkN76G1" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>1 Year</b></p></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_49F_20220913__20251231_zFS32gZoQNIj" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Since Inception<br/> (<span id="xdx_902_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000237707Member_zCbDswtDUTej">09/13/2022</span>)</b></p> </td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237707Member_zJZWIzg4jDYd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">7.55</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">1.78</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237707Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zSAx5yxIfwqf" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.79</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.17</td> <td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237707Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z0IGQvzdmbzk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.44</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.66</td> <td style="text-align: left">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237707Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasuryIndexMember_zv79f8ejXoAj" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Treasury Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.32</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.84</td> <td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237707Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasury10YearDurationIndexMember_zorzSNMHLcwc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg US Treasury Ten Year Target Duration Index<br/> <i>(<span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000077346Member_ztrdjr9xkIE7">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.61</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.83</td> <td style="text-align: left">%</td></tr> </table> 2022-09-13 0.0755 0.0178 0.0579 0.0017 0.0444 0.0066 0.0632 0.0284 reflects no deduction for fees, expenses, or taxes 0.0761 0.0183 BONDBLOXX BLOOMBERG TWENTY YEAR TARGET DURATION US TREASURY ETF Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_z2Y8REdNhtr8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury securities with a duration of 20 years.</span></p> Fees and Expenses <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_z1V8RJj8JVf4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_z2tia0ouI2Cg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_za9qpEcmfEY9" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_493_20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member__oef--ClassAxis__custom--C000237709Member_zTJLXKB8WtLc" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zMWtcpddoXP8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F4C_zhoFK6aEzMZf">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.13</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zdkOciFEWCRk" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zmOakGnyTDda" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zVUK4iKjFemc" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.13</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F01_z5cy5Mp0tAcj">1</sup></span></td> <td style="text-align: justify"><span id="xdx_F1A_zdMuUn7pptY7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0013 0 0.0000 0.0013 Example. <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zglOG5j7VEIa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zcUNBaMOqCL3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zvxLh74UeL59" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_zhe4NuA9EToj" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_487_eoef--ExpenseExampleYear05_z2kIKNjDetpe" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48E_eoef--ExpenseExampleYear10_ztmmZQWWIiK5" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_419_20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member__oef--ClassAxis__custom--C000237709Member_z8BaXhXWAIY" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #C9EDFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$13</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$40</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$71</span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$160</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 13 40 71 160 Portfolio Turnover. <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_z0u72vYduer2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> 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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member_zq4AqkVR5Kmi">99%</span> of the average value of its portfolio.</p> 0.99 Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zKZsSXfm03x4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is diversified and seeks to track the investment results of the Bloomberg US Treasury Twenty Year Target Duration Index (the “Index”). The Index is comprised of certain U.S. Treasury notes and bonds that are included in the Bloomberg US Treasury Index (the “Underlying Index”), along with principal only U.S. Treasury STRIPS (as defined herein). The Index is constructed using two underlying buckets: one bucket of 16 to 20 year duration U.S. Treasury notes and bonds included in the Underlying Index, and one bucket of at least 20 year duration U.S. Treasury notes and bonds included in the Underlying Index along with principal only U.S. Treasury STRIPS. The buckets are weighted by market capitalization of their component securities and then blended according to the weighting required to match the 20 year target duration of the Index at the monthly rebalancing date. Securities in the Index and the Underlying Index are updated on the last business day of each calendar month.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index and the Underlying Index are sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or BIM. The Index Provider determines the composition of the Index and the Underlying Index, relative weightings of the securities in the Index and the Underlying Index and publishes information regarding the respective market value of the Index and the Underlying Index. See “More Information About the Funds -- Index Construction” for more information about the adjustment formula.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">There is no limit to the number of issues in the Index and the Underlying Index, but as of December 31, 2025, the Index included approximately 54 constituents, and the Underlying Index included approximately 295 constituents. Because the Index and the Underlying Index are reconstituted and rebalanced monthly, the respective components of the Index and the Underlying Index are likely to change over time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the securities eligible for inclusion in the Index include U.S. Treasury notes and bonds from the Underlying Index, along with U.S. Treasury STRIPS, in the following two buckets: 16 to 20 year duration securities from the Underlying Index and (2) at least 20 year duration securities from the Underlying Index, along with principal only U.S. Treasury STRIPS. The Underlying Index includes a broad range of U.S. Treasury obligations with a remaining maturity of 1 year or more. For more information regarding the Index and the Underlying Index, see “More Information About the Funds — Index” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index. There may be instances in which BIM may choose to underweight or overweight a security in the Index and/or purchase securities not in the Index that BIM believes are appropriate to substitute for certain securities in the Index in seeking to replicate as closely as possible, before fees and expenses, the performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from the Index or purchase securities not represented in the Index in anticipation of their addition to the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of U.S. Treasury securities that collectively have an average duration of approximately 20 years, either directly or indirectly (<i>e.g.</i>, through derivatives). U.S. Treasury STRIPS are considered U.S. Treasury securities for purposes of the Fund’s investment policies and are backed by the full faith and credit of the U.S. government. The Fund may also invest up to 20% of its net assets in certain other U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Fund seeks to track the investment results (<i>i.e.,</i> the total return) of the Index before fees and expenses of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in U.S Treasury securities.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_zNP9QquSHun9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zKLdXrifKNVb">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_z8P5Nd9gJw3k"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zvc9phs3MCUj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Treasury Obligations Risk.</i></b> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Treasury obligations include separately traded interest and principal component parts of such obligations, known as Separately Traded Registered Interest and Principal Securities (“STRIPS”), which are transferable through the Federal book-entry system. STRIPS are sold as zero-coupon securities, which means that they are sold at a substantial discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. This discount is accreted over the life of the security, and such accretion will constitute the income earned on the security for both accounting and tax purposes. Because of these features, such securities may be subject to greater interest rate volatility than interest paying U.S. Treasury obligations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zvtfP39iyCLl"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_ztEy8YvDQCkf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Government Obligations Risk.</i></b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (<i>i.e.,</i> the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zjBx1pz0xpn7"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zzRfYG0jPNj4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest Rate Risk</i>. </b></span>During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Funds invest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_ziOQDuWwHH06"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReinvestmentRiskMember_z2YHYhYWgoc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reinvestment Risk</i>. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_z9j5gh1qSxI2"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_znZRPF3ydpWa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Duration Risk.</i></b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zEj3WALEgecd"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zGrcns8dbnVg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (<i>i.e.,</i> as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zNxE2QeRgJy"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zTNYuGoL20Rc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zeBlhAj6mLbg"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zqTVm6tRp8t5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_z0NKd8UqvIo4"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zyQdPbG1DkNk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider, and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zqusIy9Wsh6a"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z0qTxwEJFO4i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zTQuWh2ThDV3"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zcPnpZqKkDpb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zVRA8hDRYOxe"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_z36dz9bgf3Ri"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedInvestmentRiskMember_zEAr9dqp60yf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Focused Investment Risk.</i></b> To the extent the Fund invests predominantly in U.S. Treasury securities, its performance will be especially sensitive to developments that significantly affect those securities. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries. The Fund’s performance could also be affected if U.S. Treasury securities do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zYIMpxUDps8g"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zIg551CQIj22" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zC6BiaGCKsvb"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_z8S4wnFyB7o9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zlR2MvBtWv4g"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zqBSFkbX0D1b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zKlxYJa5uhs3"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_ztS9TkeXYRBk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_z93jpNXGm5u1"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zR7ySwX7aVVc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zHtrzloOnyZ5"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUnitedStatesMember_z5EerKfWCUU9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk of Investing in the United States.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zwNoYY5iTdeh"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zqH3bRI2241h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration Risk.</i></b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in U.S Treasury securities. The Fund may be susceptible to an increased risk of loss due to adverse events that affect U.S. Treasury securities more than the market as a whole.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_z8xA9JrCydp3"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zDbpL6ANDtyl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk. </i></b></span>An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zvMo4R13pbP8"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zCEr1dlFBPE2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_z1wLRrglObg7"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zMMuv36LXn2j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zAR31rPjOY2c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; -sec-ix-redline: true"><b><i>Limited History of Operations Risk</i></b><i>.</i> The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zrONwIsfGsK6"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zbMUIr7z1Q97" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zoA4nK57Hkk4"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zKutn1Ncox0f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the Fund’s distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zyqHwdYqR9fi"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zGGFrNFvTuTd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zlHcQ7MLc2H1"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zUgzH037K7r3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.</span></p> Performance Information <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zOuoOFlevPE3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member_z0PV7pbIhRK2">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index.</span> <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member_zE87bIth0XWc">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member_zNJcg19of99i">www.bondbloxxetf.com</span> or by calling <span id="xdx_90F_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member_zYHhVVkTzuHa">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_z7WWAbhzcqO8" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="xtwy_001.jpg" style="height: 240px; width: 400px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zWTPO4nktAP1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000237709Member_zAJa6ZHnh5Ib" style="display: none; text-align: center; width: 50%">2.39%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000237709Member_zdldU1DdU991" style="display: none; text-align: center">-10.40%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000237709Member_zJPCw1TTRiAc" style="display: none; text-align: center">3.00%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 0.0239 -0.1040 0.0300 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_zNqCpz4cZRE2" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:<br/> <span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member_zw1AL5mb2l23">Highest</span>: <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member_z1mX5BYLn9nh">15.70%</span> Quarter ended: <span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member_zVg45JGx1DIk">12/31/2023</span><br/> <span id="xdx_90A_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member_z9zqyIX9cmQi">Lowest</span>: <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member_zvC2FEs06kid">(15.31)% Quarter ended:</span> <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member_zx6arwbRDxT7">9/30/2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">The <span id="xdx_903_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member_zdpIEK3DwCRj">year-to-date total return</span> for the Fund as of <span id="xdx_90F_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member_z5a3nR1uMLvl">December 31, 2025</span> was <span id="xdx_90A_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member_zAohn9FrBQzd">3.00%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Highest 0.1570 2023-12-31 Lowest -0.1531 2023-09-30 year-to-date total return 2025-12-31 0.0300 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A81_eoef--PerformanceTableTextBlock_z92MXbMvtn0h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zJ6b6E9yzfy9" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; padding-bottom: 1pt; text-align: left"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_49F_20250101__20251231_zJofAjFbuUT4" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>1 Year</b></p></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td> <td colspan="2" id="xdx_490_20220913__20251231_zV66mLQGss6i" style="border-bottom: Black 1pt solid; text-align: center"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Since Inception<br/> (<span id="xdx_903_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000237709Member_zfHZNepOHgb3">09/13/2022</span>)</b></p> </td> <td style="padding-bottom: 1pt; text-align: center"><b> </b></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237709Member_zp9d6NIVRNm7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">3.00</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">(3.91</td> <td style="width: 1%; text-align: left">)%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237709Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zXiNcb1izNnf" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.15</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(5.52</td> <td style="text-align: left">)%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237709Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zUeOaQ76cOsc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1.78</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3.58</td> <td style="text-align: left">)%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237709Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasuryIndexMember_zGowg6WULBog" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg US Treasury Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.32</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.84</td> <td style="text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000237709Member__oef--PerformanceMeasureAxis__custom--BloombergUSTreasury20YearDurationIndexMember_zdyADSgP38X6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg US Treasury Twenty Year Target Duration Index<br/> <i>(<span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000077348Member_ziPCMYFY92wk">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.18</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3.72</td> <td style="text-align: left">)%</td></tr> </table> 2022-09-13 0.0300 -0.0391 0.0115 -0.0552 0.0178 -0.0358 0.0632 0.0284 reflects no deduction for fees, expenses, or taxes 0.0318 -0.0372 BONDBLOXX BBB RATED 1-5 YEAR CORPORATE BOND ETF Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zEKVu6F99Bij" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The BondBloxx BBB Rated 1-5 Year Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of BBB-rated, fixed-rate, taxable U.S. dollar-denominated corporate bonds issued by U.S. and non-U.S. corporate issuers with remaining maturities of greater than or equal to one year and less than five years.</p> Fees and Expenses <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zdrp7BUwbqF" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_z5JbP2ob6Gah"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zRVYWoWUooA7" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: transparent"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td id="xdx_49B_20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member__oef--ClassAxis__custom--C000243310Member_zaovTDVMK2G" style="font-family: Times New Roman, Times, Serif; text-align: right"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zRt04XzPzf5i" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F4D_zyqGfPUw5uJ4">1</sup></b></span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.19</span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zxOkUrLVTAMf" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: transparent"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Distribution and Service (12b-1)</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z5PgxiUdFPlj" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Expenses</b></span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zzlp03j79905" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: transparent"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total Annual Fund Operating Expenses</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.19</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <div style="font-family: Times New Roman, Times, Serif; width: 25%"><div style="border-top: Black 1pt solid; font: 1pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="font-family: Times New Roman, Times, Serif; width: 0in"></td> <td style="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0F_ziW86kRdGEb9">1</sup></span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zh5wfV1fp6cl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0019 0 0.0000 0.0019 Example. <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_z8Oe5qKGpKgg" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zjGXjqq6vep2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_za3U3pe0EUZd" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-left: auto; width: 100%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_488_eoef--ExpenseExampleYear01_z1t4PU1DHfUk" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: top; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zh1rVo5SENyi" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years </b></span></td> <td style="padding-bottom: 1pt; text-align: center; width: 2%"> </td> <td id="xdx_484_eoef--ExpenseExampleYear05_z3ZezmI1Mb0j" style="border-bottom: Black 1pt solid; text-align: center; width: 24%"><b>5 Years</b></td> <td style="padding-bottom: 1pt; text-align: center; width: 2%"> </td> <td id="xdx_485_eoef--ExpenseExampleYear10_zkS1MTWbo1r" style="border-bottom: Black 1pt solid; text-align: center; width: 23%"><b>10 Years</b></td></tr> <tr id="xdx_410_20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member__oef--ClassAxis__custom--C000243310Member_zHCiOdeGbWel" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$19</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$61</span></td> <td style="text-align: center"> </td> <td style="text-align: center">$107</td> <td style="text-align: center"> </td> <td style="text-align: center">$243</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> 19 61 107 243 Portfolio Turnover. <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zVRZ5uTxrwDc" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member_z3BXQRtYm9ek">34%</span> of the average value of its portfolio.</span></p> 0.34 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zIDsjJh7kFik" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The Fund is “non-diversified,” which means that it may invest a greater percentage of its assets in a particular issuer and may invest in fewer issuers than a diversified fund. The Fund seeks to track the investment results (<i>i.e.,</i> the total return) of the Bloomberg US Corporate BBB 1-5 Year Index (the “Index”) before fees and expenses of the Fund. The Index is designed to reflect the performance of BBB (or its equivalent) fixed-rate, taxable U.S. dollar-denominated corporate bonds issued by U.S. and non-U.S. industrial, utility and financial issuers (as determined by Bloomberg Index Services Limited (the “Index Provider”)). As of the December 31, 2025, the bonds eligible for inclusion in the Index are taxable, U.S. dollar-denominated corporate bonds that: (i) pay fixed-rate coupons; (ii) have at least $500 million in par amount outstanding (par amount outstanding provides a measure of relative liquidity and is often seen as a proxy of the float available for investors to purchase); (iii) have a maturity of greater than or equal to one year and less than five years; and (iv) carry a rating of Baa1/BBB+, Baa2/BBB or Baa3/BBB- using Bloomberg’s index rating methodology. BBB-rated bonds are considered investment grade. The Index is market value weighted based on amounts outstanding of issuances consisting of publicly issued BBB fixed-rate, taxable U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporate issuers with remaining maturities of greater than or equal to one year and less than five years. As of December 31, 2025, a significant portion of the Index is represented by securities of companies in the financial industry or sector. While there is no limit to the number of issues in the Index, as of December 31, 2025, the Index included approximately 1,277 constituents, reflecting the currently expected approximate number of constituents in the Index. The Index is rebalanced monthly, on the last business day of the month. Accordingly, the components of the Index are likely to change over time. For more information regarding the Index, see “More Information About the Funds—Underlying Index” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended (the “1933 Act”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="background-color: transparent">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) </span>either directly or indirectly (<i>e.g.</i>, through derivatives) in a portfolio of U.S. dollar-denominated, investment grade corporate bonds issued by U.S. and non-U.S. corporate issuers rated BBB (or its equivalent) with remaining maturities of greater than or equal to one year and less than five years<span style="background-color: transparent">. The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, securities of other registered investment companies (including exchange-traded funds (“ETFs”)), cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries to the same extent that the Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. The degree to which components of the Index represent certain sectors or industries may change over time.</p> <p id="xdx_A86_eoef--RiskTextBlock_zOyTb103Wd9d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_903_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zyGwMujPayg1">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zXuRcLNG5ask" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zgqF3lshTUv4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Duration Risk.</b> Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to changes in interest rates. When interest rates change, the values of longer-duration fixed-rate securities usually change more than the values of shorter-duration fixed-rate securities. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Rising interest rates also may lengthen the duration of securities with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--BondRiskMember_z4d7aN0LHuJc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Bond Risk.</i></b> The Fund invests a substantial portion of its assets in U.S. dollar-denominated, fixed-rate bonds. A bond is an interest-bearing security typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors. An issuer may have the right to redeem or “call” a bond before maturity, in which case the Fund may have to reinvest the proceeds at lower market rates. Similarly, the Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Bonds may be unsecured (backed only by the issuer’s general creditworthiness) or secured (backed by specified collateral).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_z6ex1iByfK2d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Corporate Bond Risk. </i></b>The Fund will invest in corporate bonds, which are debt instruments issued by corporations to raise capital. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--BBBRatedBondRiskMember_zUThbXqNjVd7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>BBB-Rated Bond Risk</i>.</b> BBB-rated bonds are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or substantial period of rising interest rates. Adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. Any downgrade of such bonds would relegate such bonds from the investment grade universe to the high yield (or “junk” bond) universe, which could negatively affect their liquidity and their value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z8Fzs0OXIxz3" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zXcPTDctSbTh" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zvrhr73YQBgk" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zxOHEALlVyD2" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_znNwFhnZCCql" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_zmb5n8DsXZig" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial Sector Risk.</i></b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, and decreased liquidity in credit markets. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financial sector as a whole, cannot be predicted. In recent years, cyberattacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zdNwUBcFGU9j" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zPgJ8wV28Uf4" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zONT5Nyhxv3j" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zwrkwZzFJz4k" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Credit risk is greater for lower-rated securities. Those bonds rated Baa3/BBB-/BBB-, while considered to be “investment grade,” may have speculative characteristics. Because the issuers of lower rated investment grade bonds may be in uncertain financial health, the prices of their debt securities could be more vulnerable to bad economic news, or even the expectation of bad news, than higher rated investment-grade debt securities. Credit ratings may not be an accurate assessment of credit risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zmH5fLXBAstl" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zgLdYL9PifQg" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInTheUSMember_zkd4UaONQ1b9" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk of Investing in the U.S</i>.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSIssuersRiskMember_zv5z1sBwkTj5" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Non-U.S. Issuers Risk</i>.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, restrictions or limitations on trade, including export controls and tariffs, adverse changes in investment or exchange control regulations, political instability which could affect U.S. investments in non-U.S. countries, uncertainties of transnational litigation, regulatory and economic differences and potential restrictions on the flow of international capital, including the possible seizure or nationalization of the securities issued by non-U.S. issuers held by the Fund. Non-U.S. issuers may be subject to less governmental regulation than U.S. issuers. Moreover, individual non-U.S. economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payment positions. Unfavorable political, economic or governmental developments in non-U.S. countries could affect the payment of a security’s principal and interest. Securities issued by non-U.S. issuers may also be less liquid than, and more difficult to value than, securities of U.S. issuers. In addition, the value of these securities may fluctuate due to changes in the exchange rate of the issuer’s local currency against the U.S. dollar.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z61wvdbgT7Al" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration Risk.</i></b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, sector, sub-sector, market segment, market, industry, group of industries, country, group of countries, region or asset class.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">To the extent the Fund invests more heavily in particular sectors, sub-sectors, industries, groups of industries, asset classes, markets, regions, countries, or groups of countries, its performance will be especially sensitive to developments that significantly affect those sectors, sub-sectors, industries, asset classes, markets, regions, or countries. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">An individual sector, sub-sector, industry, group of industries, asset-class, market, region, country, or group of countries may outperform the broader market during particular periods, but may do so with considerably greater volatility than the broader market. In addition, the several industries that constitute a sector or sub-sector or the several countries or markets that constitute a region or group of countries may all react similarly to economic, political, regulatory or other market events. The Fund’s performance could also be affected if the sectors, sub-sectors, industries, asset classes, markets, regions, or countries do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">See “—Financial Sector Risk,” “—Industrial Sector Risk,” and “—Utilities Sector Risk.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialSectorRiskMember_zzZQeSUNZUnh" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Industrial Sector Risk</i>.</b> The industrial sector consists of numerous sub-sectors, including the basic materials, capital goods, transportation and services sub-sectors. Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this sector rely, to a significant extent, on U.S. and foreign government demand for their products and services. Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSectorRiskMember_zykKRpZkUYsj" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Utilities Sector Risk.</i></b> The utilities sector may be adversely affected by changing commodity prices, government regulation stipulating rates charged by utilities, increased tariffs, changes in tax laws, interest rate fluctuations and changes in the cost of providing specific utility services. The utilities sector is also subject to potential terrorist attacks, including hacks and cyber-security attacks, natural disasters and severe weather conditions, as well as regulatory and operational burdens associated with the operation and maintenance of nuclear facilities. Government regulators monitor and control utility revenues and costs, and therefore may limit utility profits. In certain countries, regulatory authorities may also restrict a company’s access to new markets, thereby diminishing the company’s long-term prospects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zmql10m3bo9g" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Non-Diversification Risk.</i></b> <span id="xdx_905_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z3Tlc44VAaA3">The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is subject to a higher degree of risk associated with and developments affecting that issuer than a fund that invests more widely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is subject to a higher degree of risk associated with and developments affecting that issuer than a fund that invests more widely. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zuiEyStAkTWh" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatelyIssuedSecuritiesRiskMember_zc6nL4R1Byn6" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Privately Issued Securities Risk. </i></b>The Fund will invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately issued securities are securities that have not been registered under the 1933 Act and as a result may be subject to legal restrictions on resale. Privately issued securities are generally not traded on established markets. As a result of the absence of a public trading market, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly traded securities and may be subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></span></p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zo2WGiy09w96" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zqbPcHCrZZ35" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk. </i></b>The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zQmjcqFDhGae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z8Eqjj3Teyqi" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zjjw0NodEMsc" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zpJqKMujUFOc" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Limited History of Operations Risk</i>.</b> The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_z2Eb8gb2E98h" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. Because non-U.S. stock exchanges may be open on days when the Fund does not price its shares, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zH6DxjfOdII2" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> Performance Information <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_z3XHb9Wv0oEj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member_z0U7RJlp9ZX2">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index.</span> <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member_z9i7OQ6M7fa7">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member_z0CFJCvMp5G6">www.bondbloxxetf.com</span> or by calling <span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member_zKtBTBR8bWO5">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zwHgI8Nunfwl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="bbbs_001.jpg" style="height: 240px; width: 400px"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zPmHGmFPxGl9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Years</span></td> <td style="text-align: center">Returns<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="display: none; vertical-align: top"> <td style="width: 50%; text-align: center">2025<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_987_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000243310Member_zfz6QBuRLDWa" style="width: 50%; text-align: center">6.83%<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 0.0683 <p id="xdx_A86_eoef--BarChartClosingTextBlock_zYHgq3hZDig7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member_zezWvRY99mvf">Highest</span>:</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member_ztPFM5AY7hga">3.74%</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">Quarter ended: <span id="xdx_902_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member_zMQRBVHj35gc">9/30/2024</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member_zFuy9xlPjZ7e">Lowest</span>:</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member_zTwmXftSt9Fe">(0.34)%</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">Quarter ended: <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member_zaREnw6BmUGe">12/31/2024</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The <span id="xdx_904_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member_zygk9fY3ZcF1">year-to-date total return</span> for the Fund as of <span id="xdx_900_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member_ztfW7BgpZ6gd">December 31, 2025</span> was <span id="xdx_90D_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member_zV2TrdGBD2Ud">6.83%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Highest 0.0374 2024-09-30 Lowest -0.0034 2024-12-31 year-to-date total return 2025-12-31 0.0683 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A87_eoef--PerformanceTableTextBlock_zxvIIaLZqyic"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zEpakYSj8Sga" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; padding-left: 0.125in; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20251231_zTAK8JWqBCTi" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td> </td> <td colspan="2" id="xdx_493_20240123__20251231_zZRLhiSllqYe" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"> <p style="margin-top: 0; margin-bottom: 0">Since Inception</p> (<span id="xdx_901_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000243310Member_zxneXxpEoYuj">01/23/2024</span>)</td> <td style="vertical-align: bottom; font-weight: bold; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243310Member_zg4VcEJDv18k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6.83</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6.12</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243310Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zfcXYkhKxoNb" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.86</td> <td>%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.16</td> <td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243310Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z3ouja2ZsFqd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.01</td> <td>%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.83</td> <td style="text-align: left">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243310Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zmm08aMtxkpe" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg US Aggregate Bond Index</span> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.25in; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(reflects no deduction for fees, expenses, or taxes)</i></span></p></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td>%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.12</td> <td style="text-align: left">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243310Member__oef--PerformanceMeasureAxis__custom--BloombergUSCorporateBBB1To5YearIndexMember_zOLiDpNPzRs6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg US Corporate BBB 1-5 Year Index</span> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.25in; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(<span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000080775Member_zRDxlJ95wDRj">reflects no deduction for fees, expenses, or taxes</span>)</i></span></p></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.00</td> <td>%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6.35</td> <td style="text-align: left">%</td></tr> </table> 2024-01-23 0.0683 0.0612 0.0486 0.0416 0.0401 0.0383 0.0730 0.0512 reflects no deduction for fees, expenses, or taxes 0.0700 0.0635 BONDBLOXX BBB RATED 5-10 YEAR CORPORATE BOND ETF Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zxf55e4PwDIk" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The BondBloxx BBB Rated 5-10 Year Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of BBB-rated, fixed-rate, taxable U.S. dollar-denominated corporate bonds issued by U.S. and non-U.S. corporate issuers with remaining maturities of greater than or equal to five years and less than ten years.</p> Fees and Expenses <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zoQS49OES9xk" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zt8kNhAG39zb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zaZaywx7gQje" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: transparent"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td id="xdx_49E_20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member__oef--ClassAxis__custom--C000243312Member_zbUSZlIeV2I9" style="font-family: Times New Roman, Times, Serif; text-align: right"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z6sWJfAVU3m9" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F48_zIUW2uB7NMi6">1</sup></b></span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.19</span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zmb6GykRQU98" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: transparent"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Distribution and Service (12b-1)</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zrg2aAj2SlNi" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Expenses</b></span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zAI6GZBlSjLg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: transparent"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total Annual Fund Operating Expenses</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.19</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <div style="font-family: Times New Roman, Times, Serif; width: 25%"><div style="border-top: Black 1pt solid; font: 1pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="font-family: Times New Roman, Times, Serif; width: 0in"></td> <td style="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F02_z9XN4BkkB8o4">1</sup></span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zU33UdhrVVsf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0019 0 0.0000 0.0019 Example. <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zu4gWKQFGOoa" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zFmgp9MCM09g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zZHpcWQODVI5" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-left: auto; width: 100%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_489_eoef--ExpenseExampleYear01_zbbFWpdoLva1" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: top; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_z3rnuBe4x9Z8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years </b></span></td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td id="xdx_484_eoef--ExpenseExampleYear05_z9U2gl1f9k51" style="border-bottom: Black 1pt solid; text-align: center; width: 24%"><b>5 Years</b></td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td id="xdx_480_eoef--ExpenseExampleYear10_z2QY0QngtDi8" style="border-bottom: Black 1pt solid; text-align: center; width: 23%"><b>10 Years</b></td></tr> <tr id="xdx_415_20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member__oef--ClassAxis__custom--C000243312Member_zD16UMpGLh6a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$19</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$61</span></td> <td> </td> <td style="text-align: center">$107</td> <td> </td> <td style="text-align: center">$243</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> 19 61 107 243 Portfolio Turnover. <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zpHp5YIOB8Ch" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_908_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member_zrlI5364iFC">45%</span> of the average value of its portfolio.</span></p> 0.45 Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zjtE7Vbaqh0l" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The Fund is “non-diversified,” which means that it may invest a greater percentage of its assets in a particular issuer and may invest in fewer issuers than a diversified fund. The Fund seeks to track the investment results (<i>i.e.,</i> the total return) of the Bloomberg US Corporate BBB 5-10 Year Index (the “Index”) before fees and expenses of the Fund. The Index is designed to reflect the performance of BBB (or its equivalent) fixed-rate, taxable U.S. dollar-denominated corporate bonds issued by U.S. and non-U.S. industrial, utility and financial issuers (as determined by Bloomberg Index Services Limited (the “Index Provider”)). As of December 31, 2025, the bonds eligible for inclusion in the Index are taxable, U.S. dollar-denominated corporate bonds that: (i) pay fixed-rate coupons; (ii) have at least $500 million in par amount outstanding (par amount outstanding provides a measure of relative liquidity and is often seen as a proxy of the float available for investors to purchase); (iii) have a maturity of greater than or equal to five years and less than ten years; and (iv) carry a rating of Baa1/BBB+, Baa2/BBB, or Baa3/BBB- using Bloomberg’s index rating methodology. BBB-rated bonds are considered investment grade. The Index is market value weighted based on amounts outstanding of issuances consisting of publicly issued BBB fixed-rate, taxable U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporate issuers with remaining maturities of greater than or equal to five years and less than ten years. As of December 31, 2025, a significant portion of the Index is represented by securities of companies in the financial industry or sector. While there is no limit to the number of issues in the Index, as of December 31, 2025, the Index included approximately 1,016 constituents, reflecting the currently expected approximate number of constituents in the Index. The Index is rebalanced monthly, on the last business day of the month. Accordingly, the components of the Index are likely to change over time. For more information regarding the Index, see “More Information About the Funds—Underlying Index” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The Fund will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended (the “1933 Act”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="background-color: transparent">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) </span>either directly or indirectly (<i>e.g.</i>, through derivatives) in a portfolio of U.S. dollar-denominated, investment grade corporate bonds issued by U.S. and non-U.S. corporate issuers rated BBB (or its equivalent) with remaining maturities of greater than or equal to five year and less than ten years<span style="background-color: transparent">. The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, securities of other registered investment companies (including exchange-traded funds (“ETFs”)), cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries to the same extent that the Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. The degree to which components of the Index represent certain sectors or industries may change over time. </p> <p id="xdx_A82_eoef--RiskTextBlock_zwz96T3ETrc" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_90C_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zhZEGCCIU0sf">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zxTXhBMtxpBb" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zcNRlm7b51Qg" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Duration Risk.</b> Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to changes in interest rates. When interest rates change, the values of longer-duration fixed-rate securities usually change more than the values of shorter-duration fixed-rate securities. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Rising interest rates also may lengthen the duration of securities with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--BondRiskMember_zXwja0QUE9Kb" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Bond Risk.</i></b> The Fund invests a substantial portion of its assets in U.S. dollar-denominated, fixed-rate bonds. A bond is an interest-bearing security typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors. An issuer may have the right to redeem or “call” a bond before maturity, in which case the Fund may have to reinvest the proceeds at lower market rates. Similarly, the Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Bonds may be unsecured (backed only by the issuer’s general creditworthiness) or secured (backed by specified collateral).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_z9r4fdNuMv57" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Corporate Bond Risk. </i></b>The Fund will invest in corporate bonds, which are debt instruments issued by corporations to raise capital. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--BBBRatedBondRiskMember_zeTs3AJy0Gg9" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>BBB-Rated Bond Risk</i>.</b> BBB-rated bonds are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or substantial period of rising interest rates. Adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. Any downgrade of such bonds would relegate such bonds from the investment grade universe to the high yield (or “junk” bond) universe, which could negatively affect their liquidity and their value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_ztyKlSXdhBo3" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zIq7VayNGMW3" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zUn5YoUFJM66" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zxdxKJrzPTsc" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_z1SuqlaKixye" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_zz6W6ooUrUVh" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial Sector Risk.</i></b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, and decreased liquidity in credit markets. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financial sector as a whole, cannot be predicted. In recent years, cyberattacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zJX8dcCaFd04" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zYPYJZiUtFHf" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zG3peEGe45El" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zQq6KwfawVAh" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Credit risk is greater for lower-rated securities. Those bonds rated Baa3/BBB-/BBB-, while considered to be “investment grade,” may have speculative characteristics. Because the issuers of lower rated investment grade bonds may be in uncertain financial health, the prices of their debt securities could be more vulnerable to bad economic news, or even the expectation of bad news, than higher rated investment-grade debt securities. Credit ratings may not be an accurate assessment of credit risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zROHOGaVAsp1" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_z4ZsdT6gErLg" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> </p> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInUMember_ztS1CjpWTZrf" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk of Investing in the U.S</i>.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSIssuersRiskMember_z7EPcZLHvmCb" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Non-U.S. Issuers Risk</i>.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, restrictions or limitations on trade, including export controls and tariffs, adverse changes in investment or exchange control regulations, political instability which could affect U.S. investments in non-U.S. countries, uncertainties of transnational litigation, regulatory and economic differences and potential restrictions on the flow of international capital, including the possible seizure or nationalization of the securities issued by non-U.S. issuers held by the Fund. Non-U.S. issuers may be subject to less governmental regulation than U.S. issuers. Moreover, individual non-U.S. economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payment positions. Unfavorable political, economic or governmental developments in non-U.S. countries could affect the payment of a security’s principal and interest. Securities issued by non-U.S. issuers may also be less liquid than, and more difficult to value than, securities of U.S. issuers. In addition, the value of these securities may fluctuate due to changes in the exchange rate of the issuer’s local currency against the U.S. dollar.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_znqDkvBsKm97" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration Risk.</i></b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, sector, sub-sector, market segment, market, industry, group of industries, country, group of countries, region or asset class.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">To the extent the Fund invests more heavily in particular sectors, sub-sectors, industries, groups of industries, asset classes, markets, regions, countries, or groups of countries, its performance will be especially sensitive to developments that significantly affect those sectors, sub-sectors, industries, asset classes, markets, regions, or countries. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">An individual sector, sub-sector, industry, group of industries, asset-class, market, region, country, or group of countries may outperform the broader market during particular periods, but may do so with considerably greater volatility than the broader market. In addition, the several industries that constitute a sector or sub-sector or the several countries or markets that constitute a region or group of countries may all react similarly to economic, political, regulatory or other market events. The Fund’s performance could also be affected if the sectors, sub-sectors, industries, asset classes, markets, regions, or countries do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">See “—Financial Sector Risk,” “—Industrial Sector Risk,” and “—Utilities Sector Risk.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialSectorRiskMember_zjreJze0BJ3e" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Industrial Sector Risk</i>.</b> The industrial sector consists of numerous sub-sectors, including the basic materials, capital goods, transportation and services sub-sectors. Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this sector rely, to a significant extent, on U.S. and foreign government demand for their products and services. Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSectorRiskMember_zlbTdd65zyek" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Utilities Sector Risk.</i></b> The utilities sector may be adversely affected by changing commodity prices, government regulation stipulating rates charged by utilities, increased tariffs, changes in tax laws, interest rate fluctuations and changes in the cost of providing specific utility services. The utilities sector is also subject to potential terrorist attacks, including hacks and cyber-security attacks, natural disasters and severe weather conditions, as well as regulatory and operational burdens associated with the operation and maintenance of nuclear facilities. Government regulators monitor and control utility revenues and costs, and therefore may limit utility profits. In certain countries, regulatory authorities may also restrict a company’s access to new markets, thereby diminishing the company’s long-term prospects. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zg0SbZF0rE63" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Non-Diversification Risk.</i></b> <span id="xdx_900_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z1sGDOzIOkr7">The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is subject to a higher degree of risk associated with and developments affecting that issuer than a fund that invests more widely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is subject to a higher degree of risk associated with and developments affecting that issuer than a fund that invests more widely. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_z48aQMtCCrKc" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatelyIssuedSecuritiesRiskMember_zUx9gn58IPpi" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Privately Issued Securities Risk. </i></b>The Fund will invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately issued securities are securities that have not been registered under the 1933 Act and as a result may be subject to legal restrictions on resale. Privately issued securities are generally not traded on established markets. As a result of the absence of a public trading market, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly traded securities and may be subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zsGLO8VUpnhc" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangetradedFundAndOtherRegisteredInvestmentCompanyRiskMember_z3FKr6CtS853" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk. </i></b>The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zrnDNfTElbm3" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zc2t5BoJ8PQ7" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zVRgOLoiYzd1" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zRP2Nj10cmX8" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Limited History of Operations Risk</i>.</b> The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zOEfeLlHfi55" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. Because non-U.S. stock exchanges may be open on days when the Fund does not price its shares, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zFH5lcj15La1" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> Performance Information <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zhsRPW1jTxUd" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member_zXt4cHdJpeE">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index.</span> <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member_zVdPAb9XCXI3">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member_zxR2ypDgpkyl">www.bondbloxxetf.com</span> or by calling <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member_zxHWiDPJuBve">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zF1UhHgPGHrd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><img alt="" src="bbbi_001.jpg" style="height: 240px; width: 400px"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zOO9UJ59QZFg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span>Years</td> <td style="display: none; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span>Returns</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; width: 50%; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span>2025</td> <td id="xdx_984_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000243312Member_zjVm7vOeZAXc" style="display: none; width: 50%; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span>9.43%</td></tr> </table> 0.0943 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_zrUc7RkmS6Ij" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><span id="xdx_909_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member_zsC1nBSgtAu9">Highest</span>: <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member_zBPmJE3l3xaf">5.82%</span> Quarter ended: <span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member_zAQAUZEHWtva">9/30/2024</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member_zvvyWUlyjYFe">Lowest</span>: <span id="xdx_903_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member_zCRG2fEaIsd1">(2.43)%</span> Quarter ended: <span id="xdx_900_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member_zo1GayiH4Fh1">12/31/2024</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">The <span id="xdx_901_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member_zATuCfNUTuI4">year-to-date total return</span> for the Fund as of <span id="xdx_901_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member_z61F91Vi8Hmj">December 31, 2025</span> was <span id="xdx_901_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member_zGZQfmuiCHl7">9.43%</span>.</span></p> Highest 0.0582 2024-09-30 Lowest -0.0243 2024-12-31 year-to-date total return 2025-12-31 0.0943 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A85_eoef--PerformanceTableTextBlock_zM3V0RjMuKZ7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zmYLwBv7NAa9" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20251231_zGoEyRhwHWu4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20240123__20251231_zPBuGFBhc2Fj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/> (<span id="xdx_906_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000243312Member_zTQohxSv4wub">01/23/2024</span>)</td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243312Member_zKz7MP444924" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">9.43</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">7.30</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243312Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zOyA1sQQa656" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.24</td> <td>%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.17</td> <td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243312Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zUhSrKI4CeB" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.53</td> <td>%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.65</td> <td style="text-align: left">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243312Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zFZ4SleDyWli" style="vertical-align: bottom; background-color: White"> <td style="font-weight: normal; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-style: normal; text-align: left">Bloomberg US Aggregate Bond Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td>%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.12</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243312Member__oef--PerformanceMeasureAxis__custom--BloombergUSCorporateBBB5To10YearIndexMember_zVqkPSEKhd89" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: normal; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-style: normal; text-align: left">Bloomberg US Corporate BBB 5-10 Year Index<br/> <i>(<span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000080777Member_zJcGmfS9WGC9">reflects no deduction for fees, expenses, or taxes</span>)</i></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9.64</td> <td>%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.50</td> <td style="text-align: left">%</td></tr> </table> 2024-01-23 0.0943 0.0730 0.0724 0.0517 0.0553 0.0465 0.0730 0.0512 reflects no deduction for fees, expenses, or taxes 0.0964 0.0750 BONDBLOXX BBB RATED 10+ YEAR CORPORATE BOND ETF Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zHyUlGq3t8l" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The BondBloxx BBB Rated 10+ Year Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of BBB-rated, fixed-rate, taxable U.S. dollar-denominated corporate bonds issued by U.S. and non-U.S. corporate issuers with remaining maturities of greater than or equal to ten years.</p> Fees and Expenses <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_znlQpD3ZQqu7" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_z3p5b85vCUK2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zzYYIWm8D9T5" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: transparent"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"> </td> <td style="font-family: Times New Roman, Times, Serif"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td> <td id="xdx_492_20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member__oef--ClassAxis__custom--C000243311Member_zak78V6WWcb2" style="font-family: Times New Roman, Times, Serif; text-align: right"> </td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zdmzeKUBODc" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F43_z8spOlb5B7N3">1</sup></b></span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.19</span></td> <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zHjjRxwC3ze6" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: transparent"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Distribution and Service (12b-1)</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zw15O1ZrZFa2" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Expenses</b></span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z28uJLSraewg" style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: transparent"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total Annual Fund Operating Expenses</span></td> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.19</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <div style="font-family: Times New Roman, Times, Serif; width: 25%"><div style="border-top: Black 1pt solid; font: 1pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="font-family: Times New Roman, Times, Serif; width: 0in"></td> <td style="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_zjmeRiX6bSt6">1</sup></span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zPHxAN8Kb5Ef" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0019 0 0.0000 0.0019 Example. <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zTxv5HY7zsnk" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_z6gPoclNxh7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zjIhD7ITC8Vd" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-left: auto; width: 100%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zEMlCvdwZiqi" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: top; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zZTJOPXouhT8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years </b></span></td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td id="xdx_480_eoef--ExpenseExampleYear05_zrFs027rlLwf" style="border-bottom: Black 1pt solid; text-align: center; width: 24%"><b>5 Years</b></td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zcpM4H4zaCB" style="border-bottom: Black 1pt solid; text-align: center; width: 23%"><b>10 Years</b></td></tr> <tr id="xdx_413_20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member__oef--ClassAxis__custom--C000243311Member_z2R6P9smCwQj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$19</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$61</span></td> <td> </td> <td style="text-align: center">$107</td> <td> </td> <td style="text-align: center">$243</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> 19 61 107 243 Portfolio Turnover. <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_z4PtOYJo68A" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member_zaDyfr6W92E4">28%</span> of the average value of its portfolio.</span></p> 0.28 Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zQu9txTpewcl" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The Fund is “non-diversified,” which means that it may invest a greater percentage of its assets in a particular issuer and may invest in fewer issuers than a diversified fund. The Fund seeks to track the investment results (<i>i.e.,</i> the total return) of the Bloomberg US Corporate BBB 10+ Year Index (the “Index”) before fees and expenses of the Fund. The Index is designed to reflect the performance of BBB (or its equivalent) fixed-rate, taxable U.S. dollar-denominated corporate bonds issued by U.S. and non-U.S. industrial, utility and financial issuers (as determined by Bloomberg Index Services Limited (the “Index Provider”)). As of the December 31, 2025, the bonds eligible for inclusion in the Index are taxable, U.S. dollar-denominated corporate bonds that: (i) pay fixed-rate coupons; (ii) have at least $500 million in par amount outstanding (par amount outstanding provides a measure of relative liquidity and is often seen as a proxy of the float available for investors to purchase); (iii) have a maturity of greater than or equal to ten years; and (iv) carry a rating of Baa1/BBB+, Baa2/BBB, or Baa3/BBB- using Bloomberg’s index rating methodology. BBB-rated bonds are considered investment grade. The Index is market value weighted based on amounts outstanding of issuances consisting of publicly issued BBB fixed-rate, taxable U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporate issuers with remaining maturities of greater than or equal to ten years. While there is no limit to the number of issues in the Index, as of December 31, 2025, the Index included approximately 945 constituents, reflecting the currently expected approximate number of constituents in the Index. The Index is rebalanced monthly, on the last business day of the month. Accordingly, the components of the Index are likely to change over time. For more information regarding the Index, see “More Information About the Funds—Underlying Index” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended (the “1933 Act”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BIM uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “outperform” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">BIM uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable target index that BIM determines to collectively have an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and sector weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="background-color: transparent">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) </span>either directly or indirectly (<i>e.g.</i>, through derivatives) in a portfolio of U.S. dollar-denominated, investment grade corporate bonds issued by U.S. and non-U.S. corporate issuers rated BBB (or its equivalent) with remaining maturities of greater than or equal to ten years<span style="background-color: transparent">. The Fund may also invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, securities of other registered investment companies (including exchange-traded funds (“ETFs”)), cash and cash equivalents, as well as in securities not included in its Index, but which BIM believes will help the Fund track its Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index is sponsored by the Index Provider, which is independent of the Fund and BIM. The Index Provider determines the composition and relative weightings of the bonds in the Index and publishes information regarding the market value of the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries to the same extent that the Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. The degree to which components of the Index represent certain sectors or industries may change over time.</p> <p id="xdx_A85_eoef--RiskTextBlock_zgbOjTEYcZ5l" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_909_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zU0vIZS9Mixl">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments</span>. The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zm1AyMSujPV3" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zE6TqKvXxcT7" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Duration Risk</i>.</b> Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to changes in interest rates. When interest rates change, the values of longer-duration fixed-rate securities usually change more than the values of shorter-duration fixed-rate securities. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Rising interest rates also may lengthen the duration of securities with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--BondRiskMember_zL8MShDvnUrl" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Bond Risk.</i></b> The Fund invests a substantial portion of its assets in U.S. dollar-denominated, fixed-rate bonds. A bond is an interest-bearing security typically issued by a corporate or government issuer that has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) periodically or on a specified maturity date. Bonds generally are used by corporations and governments to borrow money from investors. An issuer may have the right to redeem or “call” a bond before maturity, in which case the Fund may have to reinvest the proceeds at lower market rates. Similarly, the Fund may have to reinvest interest income or payments received when bonds mature, sometimes at lower market rates. Most bonds bear interest income at a “coupon” rate that is fixed for the life of the bond. The value of a fixed-rate bond usually rises when market interest rates fall, and falls when market interest rates rise. Bonds may be unsecured (backed only by the issuer’s general creditworthiness) or secured (backed by specified collateral).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateBondRiskMember_z2urG88WNki5" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Corporate Bond Risk. </i></b>The Fund will invest in corporate bonds, which are debt instruments issued by corporations to raise capital. The investment return of corporate bonds reflects interest earned on the security and changes in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--BBBRatedBondRiskMember_zw8SVAWn5F6d" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>BBB-Rated Bond Risk</i>.</b> BBB-rated bonds are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or substantial period of rising interest rates. Adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. Any downgrade of such bonds would relegate such bonds from the investment grade universe to the high yield (or “junk” bond) universe, which could negatively affect their liquidity and their value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zRlWrH0mceL8" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zUp2MuDIkuP2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexRelatedRiskMember_zWsZO7VWht22" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Index-Related Risk. </i></b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Index or that the Fund will achieve its investment objective. Indexing will eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Index to vary from its normal or expected composition. In addition, the Index Provider may be subject to business or regulatory changes that impair its ability to continue to operate the Index in its current form.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zuKmCMY2zcdj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Tracking Error Risk</i>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV or differences between the securities prices used to value the Index and those used by the Fund), transaction costs incurred by the Fund, securities lending earnings, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain qualification for treatment as a regulated investment company (“RIC”) for U.S. federal income tax purposes, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_z8CUOgB8YYf2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialSectorRiskMember_zUL5WvRbek0i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial Sector Risk.</i></b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, and decreased liquidity in credit markets. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financial sector as a whole, cannot be predicted. In recent years, cyberattacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zyst9roYxOk5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive Investment Risk</i>.</b> The Fund is not actively managed, and BIM generally does not attempt to take defensive positions under any market conditions, including declining markets or changing interest rate environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zM2usetRJly5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Risk. </i></b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zmb7UEXdmj3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zeMvmMc1zuDk" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Credit risk is greater for lower-rated securities. Those bonds rated Baa3/BBB-/BBB-, while considered to be “investment grade,” may have speculative characteristics. Because the issuers of lower rated investment grade bonds may be in uncertain financial health, the prices of their debt securities could be more vulnerable to bad economic news, or even the expectation of bad news, than higher rated investment-grade debt securities. Credit ratings may not be an accurate assessment of credit risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_z12m93AmrsTk" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation Risk.</i></b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zfQVxDYSqtvj" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskOfInvestingInUMember_z8wgT7qNA8i" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk of Investing in the U.S</i>.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSIssuersRiskMember_zdn0StnLJjq8" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Non-U.S. Issuers Risk</i>.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, restrictions or limitations on trade, including export controls and tariffs, adverse changes in investment or exchange control regulations, political instability which could affect U.S. investments in non-U.S. countries, uncertainties of transnational litigation, regulatory and economic differences and potential restrictions on the flow of international capital, including the possible seizure or nationalization of the securities issued by non-U.S. issuers held by the Fund. Non-U.S. issuers may be subject to less governmental regulation than U.S. issuers. Moreover, individual non-U.S. economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payment positions. Unfavorable political, economic or governmental developments in non-U.S. countries could affect the payment of a security’s principal and interest. Securities issued by non-U.S. issuers may also be less liquid than, and more difficult to value than, securities of U.S. issuers. In addition, the value of these securities may fluctuate due to changes in the exchange rate of the issuer’s local currency against the U.S. dollar.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z1VHIGXvzLL3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Concentration Risk.</i></b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, sector, sub-sector, market segment, market, industry, group of industries, country, group of countries, region or asset class.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">To the extent the Fund invests more heavily in particular sectors, sub-sectors, industries, groups of industries, asset classes, markets, regions, countries, or groups of countries, its performance will be especially sensitive to developments that significantly affect those sectors, sub-sectors, industries, asset classes, markets, regions, or countries. In addition, the value of the Fund’s shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors, sub-sectors, industries, asset classes, markets, regions, or countries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">An individual sector, sub-sector, industry, group of industries, asset-class, market, region, country, or group of countries may outperform the broader market during particular periods, but may do so with considerably greater volatility than the broader market. In addition, the several industries that constitute a sector or sub-sector or the several countries or markets that constitute a region or group of countries may all react similarly to economic, political, regulatory or other market events. The Fund’s performance could also be affected if the sectors, sub-sectors, industries, asset classes, markets, regions, or countries do not perform as expected. Alternatively, a lack of exposure to one or more other sectors, sub-sectors, industries, asset classes, markets, regions, or countries may adversely affect performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">See “—Financial Sector Risk,” “—Industrial Sector Risk,” and “—Utilities Sector Risk.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialSectorRiskMember_zcDgyEIViLV6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Industrial Sector Risk</i>.</b> The industrial sector consists of numerous sub-sectors, including the basic materials, capital goods, transportation and services sub-sectors. Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this sector rely, to a significant extent, on U.S. and foreign government demand for their products and services. Transportation securities, a component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSectorRiskMember_zXu5YwXOEqrd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Utilities Sector Risk.</i></b> The utilities sector may be adversely affected by changing commodity prices, government regulation stipulating rates charged by utilities, increased tariffs, changes in tax laws, interest rate fluctuations and changes in the cost of providing specific utility services. The utilities sector is also subject to potential terrorist attacks, including hacks and cyber-security attacks, natural disasters and severe weather conditions, as well as regulatory and operational burdens associated with the operation and maintenance of nuclear facilities. Government regulators monitor and control utility revenues and costs, and therefore may limit utility profits. In certain countries, regulatory authorities may also restrict a company’s access to new markets, thereby diminishing the company’s long-term prospects. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zPbRkr46Wyka" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Non-Diversification Risk.</i></b> <span id="xdx_90E_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zB9RT7q1pVai">The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is subject to a higher degree of risk associated with and developments affecting that issuer than a fund that invests more widely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is subject to a higher degree of risk associated with and developments affecting that issuer than a fund that invests more widely. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidInvestmentsRiskMember_zHKlM9qZvgth" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Illiquid Investments Risk</i>.</b> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatelyIssuedSecuritiesRiskMember_z1TQuxNg0l9i" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Privately Issued Securities Risk. </i></b>The Fund will invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately issued securities are securities that have not been registered under the 1933 Act and as a result may be subject to legal restrictions on resale. Privately issued securities are generally not traded on established markets. As a result of the absence of a public trading market, privately issued securities may be deemed to be illiquid investments, may be more difficult to value than publicly traded securities and may be subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zt2Cmo7xNAu8" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangetradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zln6f1Nzftjb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk. </i></b>The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zcDsOjnO22nh" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zaSdmNELh1Ll" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk</i>.</b> Because BIM uses a representative sampling indexing strategy, the Fund may not be able to fully replicate the Index and may hold securities not included in the Index. As a result, the Fund is subject to the risk that BIM’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zx6eufLHKZGj" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_z3yzC70lhXlc" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Limited History of Operations Risk</i>.</b> The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zgdsmTdxl5H5" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the security or other asset and from the value used by the Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. Because non-U.S. stock exchanges may be open on days when the Fund does not price its shares, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zOrhgL8nbF4d" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, the distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> Performance Information <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zPkmFicLg4w" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member_z6dJZBWyMXn3">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index.</span> <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member_zejQJpSdToZ2">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member_zDrAyAcIUzVg">www.bondbloxxetf.com</span> or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member_zZD1g5MWb1nd">(800) 896-5089</span> (toll free).</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A86_eoef--BarChartTableTextBlock_zvR6MCVMjEa4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="bbbl_001.jpg" style="height: 240px; width: 401px"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zb8ZPvjOm4vg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Years</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Returns</span></td></tr> <tr style="display: none; vertical-align: top"> <td style="width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 2025</span></td> <td id="xdx_98C_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000243311Member_zfY7BliuXkAg" style="width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 7.37%</span></td></tr> </table> 0.0737 <p id="xdx_A87_eoef--BarChartClosingTextBlock_znQf0lITzKR4" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member_zMCzaKwRyGZk">Highest</span>:</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member_zLC5XkvZ5RM7">7.93%</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter ended: <span id="xdx_903_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member_zBjagQ7thTA5">9/30/2024</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member_zcN5sX0iZNP5">Lowest</span>:</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member_ztBdlC6vADs">(5.42)%</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter ended: <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member_zeAAMPeJiUMb">12/31/2024</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The <span id="xdx_909_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member_zM0lTJpLvXP4">year-to-date total return</span> for the Fund as of <span id="xdx_90C_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member_z1dAmEJ2jFXb">December 31, 2025</span> was <span id="xdx_906_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member_zFXUSkUnNjc4">7.37%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Highest 0.0793 2024-09-30 Lowest -0.0542 2024-12-31 year-to-date total return 2025-12-31 0.0737 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zPGiJBcWPOIh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zxM9dAmx41fj" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1pt; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20250101__20251231_zvYXphgGcwK6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240123__20251231_zADN7ruv4R4a" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/> (<span id="xdx_906_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000243311Member_z8lOSSz4KZCk">01/23/2024</span>)</td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243311Member_zdKlYbycGyVe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">7.37</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">4.62</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243311Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zMkatFZ9yI6l" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.88</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.27</td> <td style="text-align: left">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243311Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z5fbKWniRDYe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.32</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2.51</td> <td style="text-align: left">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243311Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_z8ULB8muWVZj" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg US Aggregate Bond Index</span> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.25in; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(reflects no deduction for fees, expenses, or taxes)</i></span></p></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.12</td> <td style="text-align: left">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243311Member__oef--PerformanceMeasureAxis__custom--BloombergUSCorporateBBB10PlusYearIndexMember_zHSItEPtvV0a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg US Corporate BBB 10+ Year Index</span> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.25in; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(<span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000080776Member_z19xPgIAs8Ab">reflects no deduction for fees, expenses, or taxes</span>)</i></span></p></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.28</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.69</td> <td style="text-align: left">%</td></tr> </table> 2024-01-23 0.0737 0.0462 0.0488 0.0227 0.0432 0.0251 0.0730 0.0512 reflects no deduction for fees, expenses, or taxes 0.0728 0.0469 BONDBLOXX IR+M TAX-AWARE SHORT DURATION ETF Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zGRvs2SvOOfi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx IR+M Tax-Aware Short Duration ETF (the “Fund”) seeks attractive after-tax income, consistent with preservation of capital.</span></p> Fees and Expenses <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zffqE0Hof1Sl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_z6PlCHLiQcV"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9UB6WaFlgLb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49D_20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member__oef--ClassAxis__custom--C000248003Member_zQV8xTGiFCDe" style="text-align: right"><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zmzsGxh1Bjcj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b>Management Fees<sup id="xdx_F42_zyQfgtjGf9mc">1</sup></b></span></td> <td style="width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">0.35</span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline: true">%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zZcuWLwZKQn3" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline: true">Distribution and Service (12b-1)</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">None</span></td> <td style="text-align: left"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zg8TYQ9OkJz7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b>Other Expenses</b></span></td> <td style="padding-bottom: 1pt"><span style="-sec-ix-redline: true"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">0.00</span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="-sec-ix-redline: true">%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zmnVUt3VYzAb" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="-sec-ix-redline: true">Total Annual Fund Operating Expenses</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">0.35</span></td> <td style="text-align: left"><span style="-sec-ix-redline: true">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0E_zkRC5bKsFuyf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true">¹</span></td> <td style="text-align: justify"><span id="xdx_F13_z50fRO3oCcRd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> 0.0035 0 0.0000 0.0035 Example. <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zHkEUGPbSR31" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zyAh0eySsff"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zog6JldShwp5" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 100%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_483_eoef--ExpenseExampleYear01_zHMF6SffIQIh" style="border-bottom: Black 1pt solid; text-align: center; width: 23%"><b>1 Year</b></td> <td style="padding-bottom: 1pt; text-align: center; width: 2%"> </td> <td id="xdx_483_eoef--ExpenseExampleYear03_zM0ASKPrpMFe" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: top; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_482_eoef--ExpenseExampleYear05_zIxsLtcskaU7" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years </b></span></td> <td style="padding-bottom: 1pt; text-align: center; width: 2%"> </td> <td id="xdx_487_eoef--ExpenseExampleYear10_zbBqWpBiMHNf" style="border-bottom: Black 1pt solid; text-align: center; width: 23%"><b>10 Years</b></td></tr> <tr id="xdx_411_20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member__oef--ClassAxis__custom--C000248003Member_zqGZFJgdcAvd" style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="text-align: center">$36</td> <td style="text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$113</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$197</span></td> <td style="text-align: center"> </td> <td style="text-align: center">$443</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 36 113 197 443 Portfolio Turnover. <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_z4QT1ZXN5TTi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from November 1, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member_z3xLLs5VpTdh">24%</span> of the average value of its portfolio.</span></p> 0.24 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zX7YyCDOIrV7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The Fund is an actively managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specified index. The Fund is newly organized and invests in a diversified portfolio of U.S. dollar-denominated municipal and taxable short duration fixed income securities that in the Sub-Adviser’s (as defined below) view offers relatively attractive after-tax income (i.e., securities that generate a greater amount of after-tax return than the comparable universe of U.S. dollar-denominated, investment-grade fixed income debt instruments over a specified period of time). The Fund invests, under normal circumstances, at least 50% of its total assets in municipal securities that pay interest that is exempt from U.S. federal income tax. These securities may pay interest that is subject to the U.S. federal alternative minimum tax and state and local income tax for certain taxpayers. The income earned and distributed to shareholders on taxable securities would not be exempt from U.S. federal, state or local income tax.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.3pt 0pt 0; text-align: justify"><span>The Fund invests, under normal circumstances, at least 80% of its total assets (plus the amount of any borrowings for investment purposes) either directly or indirectly (e.g., through derivatives) in a portfolio of U.S. dollar-denominated, investment-grade fixed income debt instruments. The fixed income debt instruments in which the Fund may invest include municipal securities, securities issued or guaranteed by the U.S. government and its agencies, corporate debt securities, agency and non-agency mortgage-backed securities of any kind, including commercial mortgage-backed securities (“CMBS”), asset-backed securities of any kind, and the rated debt tranches of collateralized loan obligations (“CLOs”) (i.e., securities backed by an underlying portfolio of loan obligations, which may include senior unsecured loans and subordinate corporate loans).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.3pt 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">“Investment-grade” securities are securities that at the time of purchase are rated above Baa3 by at least one nationally recognized statistical rating organizations (“NRSRO”). In the case where only one NRSRO has provided a rating, that rating shall apply. In the case of a split rated security (that is, two or more NRSROs give a security different ratings), the lowest rating shall apply. The Fund may only invest in fixed income investments that have a minimum of B3 by Moody’s Investors Services, Inc. (“Moody’s”) or B- by S&amp;P Global Ratings (“S&amp;P”), or the equivalent by another NRSRO or that are unrated but considered to be of equivalent quality by the Sub-Adviser. Those bonds rated Baa3/BBB-/BBB-, while considered to be “investment grade,” may have speculative characteristics. Any credit quality requirements as to investments apply only at the time of an investment to which the requirement is applicable and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Accordingly, any later credit quality downgrade or change in circumstances will not be considered in determining whether any investment complies with the Fund’s credit quality limitation or requirement. Nevertheless, while the percentage of investments in investment grade securities is below 80%, the Fund will only purchase qualifying securities and not purchase additional non-investment grade securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund may invest up to 20% of its total assets in other securities, including fixed-income securities rated, at the time of purchase, below investment grade (“high yield” or “junk” bonds) or the unrated equivalent as determined by the Sub-Adviser, U.S. dollar denominated foreign securities, securities of other registered investment companies, including ETFs, cash, and cash equivalents. The Sub-Adviser does not consider the term “junk bonds” to include any mortgage-backed securities or any other asset backed securities, regardless of their credit rating or credit quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The Fund expects to invest up to 30% of its total assets in U.S. dollar-denominated, investment-grade fixed income debt instruments issued by non-U.S. domiciled issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>Income Research + Management (“IR+M” or the “Sub-Adviser”) serves as the Fund’s sub-adviser. The Sub-Adviser selects securities for the Fund based on a variety of factors, including credit quality, diversification benefits, and the relative expected after-tax returns of taxable and municipal securities (considering federal tax rates and without regard to state and local income taxes). Consistent with the Fund’s investment objective, the Fund could continue to hold a security even if the interest on that security changes from being tax-exempt to taxable. If the Fund should hold a municipal security that loses its tax-exempt status retroactively, the Sub-Adviser will evaluate the after-tax yield of the security relative to the broader universe of U.S. dollar-denominated, investment-grade fixed income debt instruments that the Sub-Adviser follows to determine whether to continue to hold or dispose of the security. Although the Fund may invest in instruments of any duration or maturity, the Fund normally will seek to maintain a weighted average portfolio duration of between 1.5 and 2 years. Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to changes in interest rates. The Fund’s dollar weighted average portfolio duration, however, may be longer or shorter at any time or from time to time based on market conditions (including, among other events or factors, lack of liquidity in the bond markets or periods of high volatility and reduced liquidity) in the Sub-Adviser’s discretion. For example, the price of a security with a two-year duration would be expected to drop approximately 2% in response to a 1% increase in interest rates. As part of its tax-aware strategy, the Fund typically sells securities when, in the opinion of the Sub-Adviser, the anticipated performance benefit justifies the resulting gain. This strategy often includes minimizing the sale of securities with large unrealized gains, holding securities long enough to avoid short-term capital gains taxes, selling securities with a higher cost basis first and offsetting capital gains realized in one security by selling another security at a capital loss.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_zxyA9yUD9r94" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zR9cITakeMTa">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zkv1wmFqAdKg"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zcAdJjBpNSh2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>. </b></span>The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zUm0f2iwj4i3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Credit risk is greater for lower-rated securities. Those bonds rated Baa3/BBB-/BBB-, while considered to be “investment grade,” may have speculative characteristics. Because the issuers of lower rated investment grade bonds may be in uncertain financial health, the prices of their debt securities could be more vulnerable to bad economic news, or even the expectation of bad news, than higher rated investment-grade debt securities. Credit ratings may not be an accurate assessment of credit risk.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zb5fUzYnBK4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Municipal Securities Risk.</i></b> Municipal securities risks include the possibility that the issuer may be unable to pay interest or repay principal on a timely basis or at all, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. In addition, state or local political or economic conditions and developments can adversely affect the securities issued by state and local governments. The value of the municipal securities owned by the Fund also may be adversely affected by future changes in U.S. federal, state or local tax laws.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesMarketLiquidityRiskMember_zSrGZ8NusGx9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Municipal Securities Market Liquidity Risk.</i></b> From time to time, inventories of municipal securities held by brokers and dealers may decrease, lessening their ability to make a market in these securities. Any reduction in market making capacity has the potential to decrease the Fund’s ability to buy or sell municipal securities, and increase price volatility and trading costs, particularly during periods of economic or market stress. As a result, the Fund may be forced to accept a lower price to sell a municipal security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zapAh1TocXkk"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zWH0bvITq7P5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Tax Risk</i></b>. From time to time, the U.S. government and the U.S. Congress consider changes in U.S. federal tax law that could limit or eliminate the U.S. federal income tax exemption for municipal bond income, which would in effect reduce the after-tax returns received by shareholders from the Fund by increasing taxes on distributions from the Fund. In such event, the Fund’s NAV could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zmaKmDntCSfa"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxAwareRiskMember_zFmaAS4Djlg7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Tax Aware Risk.</i></b> Tax aware risk is the possibility that the use of investment practices that seek to maximize after tax return may not minimize tax consequences. The Fund may have substantial taxable gains and returns may be similar to a fund that is not tax managed. Economic developments or unforeseeable investor redemptions may also reduce returns without any corresponding increase in tax efficiency.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zLq77L3tAvSh"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AlternativeMinimumTaxRiskMember_zjbP3tX5ULq3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Alternative Minimum Tax Risk.</i></b> Although the interest received from municipal securities is generally exempt from U.S. federal income tax, the Fund may invest in municipal securities subject to the U.S. federal alternative minimum tax on individuals. For tax years beginning after December 31, 2022, interest on the bonds may affect the U.S. federal corporate alternative minimum tax for certain corporations. Accordingly, investment in the Fund could cause shareholders to be subject to the U.S. federal alternative minimum tax.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zcNrnjvuh6k6"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zME2CeVIdgAe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zDmutm2IRiY"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zmmNrMCTyiUg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Duration Risk. </i></b>Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to changes in interest rates. When interest rates change, the values of longer-duration fixed-rate securities usually change more than the values of shorter-duration fixed-rate securities. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Rising interest rates also may lengthen the duration of securities with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_z3azYjbFP2p4"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zzI4Tzha9rHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation Risk</i></b>. Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_z4J3FUAhG9n"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_z1KcazUSVHr7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_z7DBEOyZKWEc"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageRelatedAndAssetBackedSecuritiesRiskMember_zZoCiMcHBct1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mortgage-Related and Asset-Backed Securities Risk</i></b><i>.</i> Mortgage-related and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. These mortgage-related or asset-backed securities are subject to credit risk, interest rate risk, “prepayment risk” (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and “extension risk” (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in mortgage-related or asset-backed securities that are subordinated to other interests in the same mortgage or asset pool, the Fund may only receive payments after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. Uniform Mortgage-Backed Securities, which generally align the characteristics of Fannie Mae and Freddie Mac certificates, are a recent innovation and the effect they may have on the market for mortgage-related securities is uncertain.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionsRiskMember_zKsQpIolQpa4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Cash Transactions Risk. </i></b>Unlike most other ETFs, the Fund expects to effect all of its creations and redemptions for cash, rather than in-kind securities. Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio securities or other assets at an inopportune time 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. As a result, the Fund may pay out higher or lower annual capital gains distributions than ETFs that redeem in-kind. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or discounts to the Fund’s NAV. Furthermore, the Fund may not be able to execute cash transactions for creation and redemption purposes at the same price used to determine the Fund’s NAV. To the extent that the maximum additional charge for creation or redemption transactions is insufficient to cover the execution shortfall, the Fund’s performance could be negatively impacted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zJiN7LHICw26"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CLORiskMember_zGHXU6xzQD1e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>CLO Risk.</i></b> The risks of investing in CLOs include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Fund is invested. The Fund intends to invest primarily in the rated debt tranches of CLOs; however, any such ratings do not constitute a guarantee, may be downgraded, and in stressed market environments it is possible that even senior CLO tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Sub-Adviser may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLOs will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLOs are liquidity risk, interest rate risk, credit risk, prepayment risk, and the risk of default of the underlying asset, among others.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommercialMortgageBackedSecuritiesRiskMember_zJRhV674J7Fk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Commercial Mortgage-Backed Securities Risk. </i></b>CMBS are not backed by the full faith and credit of the U.S. government and are subject to risk of default on the underlying mortgages, particularly during periods of economic downturn. CMBS issued by non-agency issuers may offer higher yields than those issued by government entities, but also may be subject to greater volatility than government issues. CMBS are subject to a greater degree of prepayment and extension risk than many other forms of fixed-income securities and therefore react differently to changes in interest rates than other bonds, and the prices of CMBS may reflect adverse economic and market conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zKb0z2L2GaS2"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zR2sftDPGIX6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Treasury Obligations Risk.</i></b> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_z7yLA8d650c7"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zixaUAMdNV8h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S. Government Obligations Risk. </i></b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_z1IR3p6Wyp87"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SovereignDebtObligationsRiskMember_z28iwfzMvlob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Sovereign Debt Obligations Risk.</i></b> Investments in debt securities issued by governments involve the risk that the governmental entities responsible for repayment may be unable or unwilling to pay interest and repay principal when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations. Any restructuring of a sovereign debt obligation held by the Fund will likely have a significant adverse effect on the value of the obligation. In the event of default of sovereign debt, the Fund may be unable to pursue legal action against the sovereign issuer or to realize on collateral securing the debt.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateSecuritiesRiskMember_zsBawlbomeni" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Variable and Floating-Rate Securities Risk</i></b>. Variable and floating-rate securities pay interest at rates that are adjusted periodically, according to a specific formula. Because the interest rate is reset only periodically, changes in the interest rate on these securities may lag behind changes in the prevailing market interest rates. The value of the security may rise or fall depending on changes in interest rates between periodic resets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zve3sPdgodEb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zzOZo3ulRqpi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Limited History of Operations Risk</i></b><i>.</i> The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_ziQ19yySARFf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zZg2QVYeCrVh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zcMDbZcwJ09k"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--BelowInvestmentGradeSecuritiesRiskMember_zKo62NmIdNJ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Below Investment Grade Securities Risk</i></b>. Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific municipal or corporate developments and negative performance of the junk bond market generally and may be more difficult to trade than other types of securities.</span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_z505bcOkFbsf"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zlM5nrWHMvUj"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zjhXRFq4p9Hf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zPEuotOlHvek"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zo4oimBD8Vta" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Management Risk</i>.</b> The Fund is subject to management risk because it is an actively-managed ETF. The Sub-Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. See also “Management—Manager of Managers Structure.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zjhkyttBVFD"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z6n8fbBImVE9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zSMBtMUY9ER1"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zk9I86WaZUK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale 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 as a result of trade suspensions or for other reasons. Because non-U.S. stock exchanges may be open on days when the Fund does not price its shares, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zmDEMdLwTTzl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, distributor, and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of its service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_z0HFeaxJUnt3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk.</i></b> The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zqC4KigpIeA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>Certain shareholders, including an Authorized Participant, a third-party investor, the Fund’s adviser or an affiliate of the Funds 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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</span></p> Performance Information <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_z4NBz1SzSbui" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member_zQZrQ06DYmh6">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index.</span> <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member_zrrypejCn7vi">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member_zH9nnAsyefw6">www.bondbloxxetf.com</span> or by calling <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member_zHBrROQ8jqVk">(800) 896-5089</span> (toll free).</span></p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A85_eoef--BarChartTableTextBlock_zcJ8OwhfpaFi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="-sec-ix-redline: true"><img alt="" src="taxx_001.jpg" style="height: 240px; width: 400px"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="-sec-ix-redline: true"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zs2GGhmcRM9d" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; text-align: center"><span style="display: none; -sec-ix-redline: true"> Years</span></td> <td style="display: none; text-align: center"><span style="display: none; -sec-ix-redline: true">Returns </span></td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; width: 50%; text-align: center"><span style="display: none; -sec-ix-redline: true"> 2025</span></td> <td id="xdx_989_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000248003Member_znA6SGBYnURi" style="display: none; width: 50%; text-align: center"><span style="display: none; -sec-ix-redline: true"> 4.54%</span></td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center"><span style="display: none; -sec-ix-redline: true"> </span></td> <td style="display: none; text-align: center"><span style="display: none; -sec-ix-redline: true"> </span></td></tr> </table> 0.0454 <p id="xdx_A82_eoef--BarChartClosingTextBlock_zlEFCu06tb39" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="-sec-ix-redline: true">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member_zP6GUjIzG4P7">Highest</span>: <span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member_zGnJfRiGvn1i">2.26%</span> Quarter ended: <span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member_zlfvnw25OHe3">9/30/2024</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member_zuaWp290egR3">Lowest</span>: <span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member_zz17mCyAicJj">0.42%</span> Quarter ended: <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member_zZLdVfPQti2c">12/31/2024</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">The <span id="xdx_90C_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member_zrb74L0bknyh">year-to-date total return</span> for the Fund as of <span id="xdx_909_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member_zR7nzWDLFfEg">December 31, 2025</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member_zpFvdCFsisn9">4.54%</span>.</span></p> Highest 0.0226 2024-09-30 Lowest 0.0042 2024-12-31 year-to-date total return 2025-12-31 0.0454 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A80_eoef--PerformanceTableTextBlock_zQsexUnD8yyf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zLqxGJYfKs4k" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="-sec-ix-redline: true"> </span></td> <td colspan="2" id="xdx_49B_20250101__20251231_z8xSmK1PKr0l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">1 Year</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="-sec-ix-redline: true"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="-sec-ix-redline: true"> </span></td> <td colspan="2" id="xdx_495_20240312__20251231_zuhgCQYlrdL3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Since Inception<br/> (<span id="xdx_90F_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000248003Member_zoodxhJVSlW2">03/12/2024</span>)</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248003Member_zkKdOq7tAKN2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"><span style="-sec-ix-redline: true">Return Before Taxes</span></td> <td style="width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td style="width: 9%; text-align: right"><span style="-sec-ix-redline: true">4.54</span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline: true">%</span></td> <td style="width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td style="width: 9%; text-align: right"><span style="-sec-ix-redline: true">4.35</span></td> <td style="width: 1%; text-align: left"><span style="-sec-ix-redline: true">%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248003Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zXd149alOQwf" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline: true">Return After Taxes</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: right"><span style="-sec-ix-redline: true">3.96</span></td> <td style="text-align: left"><span style="-sec-ix-redline: true">%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: right"><span style="-sec-ix-redline: true">3.72</span></td> <td style="text-align: left"><span style="-sec-ix-redline: true">%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248003Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_znSm0mA8zE1f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline: true">Return After Taxes and Sale of Fund Shares</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: right"><span style="-sec-ix-redline: true">3.66</span></td> <td style="text-align: left"><span style="-sec-ix-redline: true">%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: right"><span style="-sec-ix-redline: true">3.56</span></td> <td style="text-align: left"><span style="-sec-ix-redline: true">%</span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248003Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zZuB8cbbv0M3" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline: true">Bloomberg US Aggregate Bond Index<br/> <i>(<span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000083914Member_zfbpXsKaCoL5">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: right"><span style="-sec-ix-redline: true">7.30</span></td> <td style="text-align: left"><span style="-sec-ix-redline: true">%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: right"><span style="-sec-ix-redline: true">5.22</span></td> <td style="text-align: left"><span style="-sec-ix-redline: true">%</span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248003Member__oef--PerformanceMeasureAxis__custom--BloombergMunicipal13YearIndexMember_zR7rIDGFPBvg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-redline: true">Bloomberg Municipal 1-3 Year Index<br/> <i>(reflects no deduction for fees, expenses, or taxes)</i></span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: right"><span style="-sec-ix-redline: true">3.66</span></td> <td style="text-align: left"><span style="-sec-ix-redline: true">%</span></td> <td><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: left"><span style="-sec-ix-redline: true"> </span></td> <td style="text-align: right"><span style="-sec-ix-redline: true">3.30</span></td> <td style="text-align: left"><span style="-sec-ix-redline: true">%</span></td></tr> </table> 2024-03-12 0.0454 0.0435 0.0396 0.0372 0.0366 0.0356 reflects no deduction for fees, expenses, or taxes 0.0730 0.0522 0.0366 0.0330 BONDBLOXX IR+M TAX-AWARE INTERMEDIATE DURATION ETF Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zLOsXzYxXGH2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">The BondBloxx IR+M Tax-Aware Intermediate Duration ETF (the “Fund”) seeks attractive after-tax income, consistent with preservation of capital.</p> Fees and Expenses <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zAjrAR4IP4o7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zj9xnJuQnJ83"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zFt7kjvIx1t2" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_490_20260227__20260227__dei--LegalEntityAxis__custom--S000090520Member__oef--ClassAxis__custom--C000257785Member_zGvLy8w3iXt2" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zKqAkDq6Yzc3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 88%; font-weight: bold; vertical-align: top"><b>Management Fees<sup id="xdx_F47_zd7weJ6CfTw3">1</sup></b></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.35</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zq12ZTgZrWrb" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.00</td> <td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zRwxCzrXV0Q2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; padding-bottom: 1pt; vertical-align: top"><b>Other Expenses<sup id="xdx_F4C_zM6IRN2UDw01">2</sup></b></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zUXBbtsfJqR5" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.35</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0in"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span id="xdx_F08_zl9njZF2B8N" style="-sec-ix-redline: true">¹</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F19_zFy2XKLdifT7" style="-sec-ix-redline: true"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, 12b-1 fees, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> 0.0035 0.0000 0.0000 0.0035 Example. <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zLvXa2xfAUue" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zBBY8o5y6QWb"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A58_dU_zeO5LTnqaA6l" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_489_eoef--ExpenseExampleYear01_zUaCpRKoWhqf" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center; vertical-align: bottom"><b>1 Year </b></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: bottom; width: 2%; text-align: center"><b> </b></td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zCXYDzJdzct8" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; vertical-align: bottom"><b>3 Years </b></td> <td style="padding-bottom: 1pt; text-align: center; width: 2%"><b> </b></td> <td id="xdx_487_eoef--ExpenseExampleYear05_zrf87nTviTc" style="border-bottom: Black 1pt solid; text-align: center; width: 24%"><b>5 Years</b></td> <td style="padding-bottom: 1pt; text-align: center; width: 2%"><b> </b></td> <td id="xdx_484_eoef--ExpenseExampleYear10_zMEG1cZXdPR5" style="border-bottom: Black 1pt solid; text-align: center; width: 23%"><b>10 Years</b></td></tr> <tr id="xdx_410_20260227__20260227__dei--LegalEntityAxis__custom--S000090520Member__oef--ClassAxis__custom--C000257785Member_zlCaFYMGyzih" style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; white-space: nowrap; text-align: center">$36</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; white-space: nowrap; text-align: center">$113</td> <td style="text-align: center"> </td> <td style="text-align: center">$197</td> <td style="text-align: center"> </td> <td style="text-align: center">$443</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 36 113 197 443 Portfolio Turnover. <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zrU0dCFjJQUk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from March 11, 2025 to October 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_901_eoef--PortfolioTurnoverRate_c20260227__20260227__dei--LegalEntityAxis__custom--S000090520Member_zknJaFeXHkN5">14%</span> of the average value of its portfolio.</p> 0.14 Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zWWUICkiKGvg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund is an actively managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specified index. The Fund is newly organized and invests in a diversified portfolio of U.S. dollar-denominated municipal and taxable intermediate duration fixed income securities that in the Sub-Adviser’s (as defined below) view offers relatively attractive after-tax income (i.e., securities that generate a greater amount of after-tax return than the comparable universe of U.S. dollar-denominated, investment-grade fixed income debt instruments over a specified period of time). The Fund invests, under normal circumstances, at least 50% of its total assets in municipal securities that pay interest that is exempt from U.S. federal income tax. These securities may pay interest that is subject to the U.S. federal alternative minimum tax and state and local income tax for certain taxpayers. The income earned and distributed to shareholders on taxable securities would not be exempt from U.S. federal, state or local income tax.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund invests, under normal circumstances, at least 80% of its total assets (plus the amount of any borrowings for investment purposes) either directly or indirectly (e.g., through derivatives) in a portfolio of U.S. dollar-denominated, investment-grade fixed income debt instruments. The fixed income debt instruments in which the Fund may invest include municipal securities, securities issued or guaranteed by the U.S. government and its agencies, corporate debt securities, agency and non-agency mortgage-backed securities of any kind, including commercial mortgage-backed securities (“CMBS”), asset-backed securities of any kind, and the rated debt tranches of collateralized loan obligations (“CLOs”) (i.e., securities backed by an underlying portfolio of loan obligations, which may include senior unsecured loans and subordinate corporate loans).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">“Investment-grade” securities are securities that at the time of purchase are rated above Baa3 by at least one nationally recognized statistical rating organizations (“NRSRO”). In the case where only one NRSRO has provided a rating, that rating shall apply. In the case of a split rated security (that is, two or more NRSROs give a security different ratings), the lowest rating shall apply. The Fund may only invest in fixed income investments that have a minimum of B3 by Moody’s Investors Services, Inc. (“Moody’s”) or B- by S&amp;P Global Ratings (“S&amp;P”), or the equivalent by another NRSRO or that are unrated but considered to be of equivalent quality by the Sub-Adviser. Fixed income investments with a rating below Baa3 by Moody’s (which includes investments rated B3) or below BBB- by S&amp;P (which includes investments rated B-) are below investment grade securities. Those bonds rated Baa3/BBB-/BBB-, while considered to be “investment grade,” may have speculative characteristics. Any credit quality requirements as to investments apply only at the time of an investment to which the requirement is applicable and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Accordingly, any later credit quality downgrade or change in circumstances will not be considered in determining whether any investment complies with the Fund’s credit quality limitation or requirement. Nevertheless, while the percentage of investments in investment grade securities is below 80%, the Fund will only purchase qualifying securities and not purchase additional non-investment grade securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund may invest up to 20% of its total assets in other securities, including fixed-income securities rated, at the time of purchase, below investment grade (“high yield” or “junk” bonds) or the unrated equivalent as determined by the Sub-Adviser, U.S. dollar denominated foreign securities, securities of other registered investment companies, including ETFs, cash, and cash equivalents. The Sub-Adviser does not consider the term “junk bonds” to include any mortgage-backed securities or any other asset backed securities, regardless of their credit rating or credit quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund expects to invest up to 30% of its total assets in U.S. dollar-denominated, investment-grade fixed income debt instruments issued by non-U.S. domiciled issuers, other than sovereign debt.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Income Research + Management (“IR+M” or the “Sub-Adviser”) serves as the Fund’s sub-adviser. The Sub-Adviser selects securities for the Fund based on a variety of factors, including credit quality, diversification benefits, and the relative expected after-tax returns of taxable and municipal securities (considering federal tax rates and without regard to state and local income taxes). Consistent with the Fund’s investment objective, the Fund could continue to hold a security even if the interest on that security changes from being tax-exempt to taxable. If the Fund should hold a municipal security that loses its tax-exempt status retroactively, the Sub-Adviser will evaluate the after-tax yield of the security relative to the broader universe of U.S. dollar-denominated, investment-grade fixed income debt instruments that the Sub-Adviser follows to determine whether to continue to hold or dispose of the security. Although the Fund may invest in instruments of any duration or maturity, the Fund normally will seek to maintain a weighted average portfolio duration of between 4 and 8 years. Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to changes in interest rates. The Fund’s dollar weighted average portfolio duration, however, may be longer or shorter at any time or from time to time based on market conditions (including, among other events or factors, lack of liquidity in the bond markets or periods of high volatility and reduced liquidity) in the Sub-Adviser’s discretion. For example, the price of a security with a two-year duration would be expected to drop approximately 2% in response to a 1% increase in interest rates. As part of its tax-aware strategy, the Fund typically sells securities when, in the opinion of the Sub-Adviser, the anticipated performance benefit justifies the resulting gain. This strategy often includes minimizing the sale of securities with large unrealized gains, holding securities long enough to avoid short-term capital gains taxes, selling securities with a higher cost basis first and offsetting capital gains realized in one security by selling another security at a capital loss.</span></p> <p id="xdx_A85_eoef--RiskTextBlock_z03dogDadvo8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_90A_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000090520Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zmZnV4Cvofbb" style="-sec-ix-redline: true">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zhzcTtfaMSIc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zAsp7ASPfJLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Credit risk is greater for lower-rated securities. Those bonds rated Baa3/BBB-/BBB-, while considered to be “investment grade,” may have speculative characteristics. Because the issuers of lower rated investment grade bonds may be in uncertain financial health, the prices of their debt securities could be more vulnerable to bad economic news, or even the expectation of bad news, than higher rated investment-grade debt securities. Credit ratings may not be an accurate assessment of credit risk.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zaLFz7fU2k1k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Municipal Securities Risk.</i></b> Municipal securities risks include the possibility that the issuer may be unable to pay interest or repay principal on a timely basis or at all, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. In addition, state or local political or economic conditions and developments can adversely affect the securities issued by state and local governments. The value of the municipal securities owned by the Fund also may be adversely affected by future changes in U.S. federal, state or local tax laws.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesMarketLiquidityRiskMember_zIRhbRad89fc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Municipal Securities Market Liquidity Risk.</i></b> From time to time, inventories of municipal securities held by brokers and dealers may decrease, lessening their ability to make a market in these securities. Any reduction in market making capacity has the potential to decrease the Fund’s ability to buy or sell municipal securities, and increase price volatility and trading costs, particularly during periods of economic or market stress. As a result, the Fund may be forced to accept a lower price to sell a municipal security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zoRl6kBbJrK2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Tax Risk</i>.</b> From time to time, the U.S. government and the U.S. Congress consider changes in U.S. federal tax law that could limit or eliminate the U.S. federal income tax exemption for municipal bond income, which would in effect reduce the after-tax returns received by shareholders from the Fund by increasing taxes on distributions from the Fund. In such event, the Fund’s NAV could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxAwareRiskMember_zL3Hm7suHx7i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Tax Aware Risk.</i></b> Tax aware risk is the possibility that the use of investment practices that seek to maximize after tax return may not minimize tax consequences. The Fund may have substantial taxable gains and returns may be similar to a fund that is not tax managed. Economic developments or unforeseeable investor redemptions may also reduce returns without any corresponding increase in tax efficiency.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AlternativeMinimumTaxRiskMember_zUFqB97t8Xgg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Alternative Minimum Tax Risk.</i></b> Although the interest received from municipal securities is generally exempt from U.S. federal income tax, the Fund may invest in municipal securities subject to the U.S. federal alternative minimum tax on individuals. For tax years beginning after December 31, 2022, interest on the bonds may affect the U.S. federal corporate alternative minimum tax for certain corporations. Accordingly, investment in the Fund could cause shareholders to be subject to the U.S. federal alternative minimum tax.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zsPavwY7lIg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zM1TGO9PblU4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Duration Risk. </i></b>Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to changes in interest rates. When interest rates change, the values of longer-duration fixed-rate securities usually change more than the values of shorter-duration fixed-rate securities. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Rising interest rates also may lengthen the duration of securities with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zSBRv3kC6i84" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Inflation Risk</i>.</b> Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zEiABSEBsWZd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zfG07knAhkCl"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageRelatedAndAssetBackedSecuritiesRiskMember_zz4qJyeoFPEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Mortgage-Related and Asset-Backed Securities Risk.</i></b> Mortgage-related and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. These mortgage-related or asset-backed securities are subject to credit risk, interest rate risk, “prepayment risk” (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and “extension risk” (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in mortgage-related or asset-backed securities that are subordinated to other interests in the same mortgage or asset pool, the Fund may only receive payments after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. Uniform Mortgage-Backed Securities, which generally align the characteristics of Fannie Mae and Freddie Mac certificates, are a recent innovation and the effect they may have on the market for mortgage-related securities is uncertain.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CLORiskMember_zSF4POXr4F3i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>CLO Risk.</i></b> The risks of investing in CLOs include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Fund is invested. The Fund intends to invest primarily in the rated debt tranches of CLOs; however, any such ratings do not constitute a guarantee, may be downgraded, and in stressed market environments it is possible that even senior CLO tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Sub-Adviser may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLOs will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLOs are liquidity risk, interest rate risk, credit risk, prepayment risk, and the risk of default of the underlying asset, among others.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommercialMortgageBackedSecuritiesRiskMember_zqcObjf1ALD6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Commercial Mortgage-Backed Securities Risk. </i></b>CMBS are not backed by the full faith and credit of the U.S. government and are subject to risk of default on the underlying mortgages, particularly during periods of economic downturn. CMBS issued by non-agency issuers may offer higher yields than those issued by government entities, but also may be subject to greater volatility than government issues. CMBS are subject to a greater degree of prepayment and extension risk than many other forms of fixed-income securities and therefore react differently to changes in interest rates than other bonds, and the prices of CMBS may reflect adverse economic and market conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zVeCLKUGsbQi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>U.S. Treasury Obligations Risk.</i></b> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zyAAxU2Nv7Y3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>U.S. Government Obligations Risk. </i></b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zcPLl1Hn8MK8"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SovereignDebtObligationsRiskMember_z1etCSlLTAdc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Sovereign Debt Obligations Risk.</i></b> Investments in debt securities issued by governments involve the risk that the governmental entities responsible for repayment may be unable or unwilling to pay interest and repay principal when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations. Any restructuring of a sovereign debt obligation held by the Fund will likely have a significant adverse effect on the value of the obligation. In the event of default of sovereign debt, the Fund may be unable to pursue legal action against the sovereign issuer or to realize on collateral securing the debt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zwFxLY24UkG"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateSecuritiesRiskMember_zhuuja0GCgS4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Variable and Floating-Rate Securities Risk</i></b>. Variable and floating-rate securities pay interest at rates that are adjusted periodically, according to a specific formula. Because the interest rate is reset only periodically, changes in the interest rate on these securities may lag behind changes in the prevailing market interest rates. The value of the security may rise or fall depending on changes in interest rates between periodic resets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zeXZUPq8nIwg"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_z2Uwrg8giHGl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zNy3qxb2p93l"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zNmtNi7XaLV3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Limited History of Operations Risk</i></b><i>.</i> The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zVe4xzpKMrb7"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_z9caBydz89Gb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_z0PNGDNQNz39"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zoT6A7iYKsM7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--BelowInvestmentGradeSecuritiesRiskMember_zmOi1s7GZUkl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Below Investment Grade Securities Risk</i>. </b>Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific municipal or corporate developments and negative performance of the junk bond market generally and may be more difficult to trade than other types of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSIssuersRiskMember_zaLysRF75Ak7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Non-U.S. Issuers Risk</i></b>. Securities issued by non-U.S. issuers have different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, restrictions or limitations on trade, including expert controls and tariffs, adverse changes in investment or exchange control regulations, political instability which could affect U.S. investments in non-U.S. countries, uncertainties of transnational litigation, and potential restrictions on the flow of international capital, including the possible seizure or nationalization of the securities issued by non-U.S. issuers held by the Fund. Non-U.S. issuers may be subject to less governmental regulation than U.S. issuers. Moreover, individual non-U.S. economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payment positions. Unfavorable political, economic or governmental developments in non-U.S. countries could affect the payment of a security’s principal and interest. Securities issued by non-U.S. issuers may also be less liquid than, and more difficult to value than, securities of U.S. issuers. In addition, the value of these securities may fluctuate due to changes in the exchange rate of the issuer’s local currency against the U.S. dollar.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zM7tjBy3G612"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zOMKy07vMFKa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Authorized Participant Concentration Risk. </i></b>An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_z4MdOyppEQ0f"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zPCCZSZdIwGj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Management Risk</i>.</b> The Fund is subject to management risk because it is an actively-managed ETF. The Sub-Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. See also “Management—Manager of Managers Structure.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zY5QbyIEasmd"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zqOdleFcQRXg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zbAJh2bUiNLe"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zYeQbWiBUAve" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale 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 as a result of trade suspensions or for other reasons. Because non-U.S. stock exchanges may be open on days when the Fund does not price its shares, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zC4nvpBvlOMe"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z6IUoWNv9rNc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, distributor, and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of its service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zA1yYpTVbCA8"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zHwuR8Qtfpr" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk.</i></b> The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zMRwuQQoqyf5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionsRiskMember_z5M4vEHGjRr8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Cash Transactions Risk. </i></b>Unlike most other ETFs, the Fund expects to effect all of its creations and redemptions for cash, rather than in-kind securities. Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio securities or other assets at an inopportune time 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. As a result, the Fund may pay out higher or lower annual capital gains distributions than ETFs that redeem in-kind. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or discounts to the Fund’s NAV. Furthermore, the Fund may not be able to execute cash transactions for creation and redemption purposes at the same price used to determine the Fund’s NAV. To the extent that the maximum additional charge for creation or redemption transactions is insufficient to cover the execution shortfall, the Fund’s performance could be negatively impacted.</span></p> Performance Information <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zFTrZBcghQS4" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"><span id="xdx_902_eoef--PerformanceOneYearOrLess_c20260227__20260227__dei--LegalEntityAxis__custom--S000090520Member_zuKk4WXmtTM8">The Fund commenced operations on March 11, 2025. The Fund’s performance information will be included after the Fund has been in operation one full calendar year.</span></span></p> The Fund commenced operations on March 11, 2025. The Fund’s performance information will be included after the Fund has been in operation one full calendar year. BONDBLOXX IR+M TAX-AWARE ETF FOR CALIFORNIA RESIDENTS Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zhzxdux9I1Gj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">The BondBloxx IR+M Tax-Aware ETF for California Residents (the “Fund”) seeks attractive after-tax income for California residents, consistent with preservation of capital.</p> Fees and Expenses <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zNmOJq2ON6S2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zP9JRZpo0fH3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z1VoHFyr3HUa" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20260227__20260227__dei--LegalEntityAxis__custom--S000085522Member__oef--ClassAxis__custom--C000250807Member_zgzcgPzSbi4e" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zCHY6FeLkSXe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 88%; font-weight: bold; text-align: left"><b>Management Fees<sup id="xdx_F4F_zZoA2PqrNME5">1</sup></b></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.35</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zqDHalgWqylg" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.00</td> <td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z5qlQ8bLham7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt"><b>Other Expenses<sup id="xdx_F44_zSjwt1AiBOe">2</sup></b></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zUa48nc9Sqdc" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.35</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="-sec-ix-redline: true; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><sup id="xdx_F0D_zG1qPTZ2H03l">1</sup></td> <td id="xdx_F1F_zCQ3RImMH1pa" style="text-align: justify"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, 12b-1 fees, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><sup id="xdx_F0F_zd3vtOabf4Nb">2</sup> </td> <td id="xdx_F1A_ztmj7bHem0Rj" style="text-align: justify"> <span id="xdx_905_eoef--OtherExpensesNewFundBasedOnEstimates_c20260227__20260227__dei--LegalEntityAxis__custom--S000085522Member_zGrALQb2K5yc"> Other Expenses are based on estimated amounts for the current fiscal year.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0035 0.0000 0.0000 0.0035 Other Expenses are based on estimated amounts for the current fiscal year. Example. <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zDzcSv2mukv8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z41S1hvPhHk2"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zSroqVJl8YZh" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-left: auto; width: 100%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_482_eoef--ExpenseExampleYear01_zRjIQ8aukc4g" style="font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center; vertical-align: bottom"><b>1 Year </b></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: top; width: 2%; text-align: center"> </td> <td id="xdx_481_eoef--ExpenseExampleYear03_z2KFV69H7mf7" style="font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; vertical-align: bottom"><b>3 Years </b></td> <td style="padding-bottom: 1pt; text-align: center; width: 2%"> </td> <td id="xdx_489_eoef--ExpenseExampleYear05_zVg0nE1z7Sv" style="border-bottom: Black 1pt solid; text-align: center; width: 24%"><b>5 Years</b></td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td id="xdx_485_eoef--ExpenseExampleYear10_zllXMuFiNYp4" style="border-bottom: Black 1pt solid; text-align: center; width: 23%"><b>10 Years</b></td></tr> <tr id="xdx_419_20260227__20260227__dei--LegalEntityAxis__custom--S000085522Member__oef--ClassAxis__custom--C000250807Member_zgwaNvtpDyM" style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; white-space: nowrap; text-align: center">$36</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"> </td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; white-space: nowrap; text-align: center">$113</td> <td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center">$197</td> <td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center">$443</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 36 113 197 443 Portfolio Turnover. <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_z6Cx2ioeYeBd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. Portfolio turnover information for the Fund is not presented because the Fund had not commenced investment operations as of the date of this prospectus (the “Prospectus”).</p> Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zxAFDlim0nd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">The Fund is an actively managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specified index. The Fund is newly organized and invests in a diversified portfolio of U.S. dollar-denominated municipal and taxable intermediate duration fixed income securities that in the Sub-Adviser’s (as defined below) view offers relatively attractive after-tax income (i.e., securities that generate a greater amount of after-tax return than the comparable universe of U.S. dollar-denominated, investment-grade fixed income debt instruments over a specified period of time) for California residents. The Fund invests, under normal circumstances, at least 50% of its total assets in municipal securities that pay interest that is exempt from U.S. federal and California income taxes (i.e., excluded from gross income for U.S. federal and California income tax purposes but not necessarily exempt from the U.S. federal alternative minimum tax). Because the Fund may invest a significant portion of its assets in taxable securities, an investor’s U.S. federal income tax and California state and local income tax obligations may be greater than if it had invested in a California municipal bond fund for California investors. These municipal securities are generally issued by the State of California, a city in California, or a political subdivision, agency, authority, or instrumentality of such state or city, but may be issued by other U.S. states and/or U.S. territories, the interest from which is exempt from California and U.S. federal income taxes. The income earned and distributed to shareholders on taxable securities would not be exempt from U.S. federal, state or local income tax. While at least 50% of the Fund’s total assets will be invested in municipal securities that pay interest that is exempt from U.S. federal and California income taxes, the Fund will not invest 80% or more of its total assets in municipal securities that pay interest that is exempt from U.S. federal and California income taxes, and will not be considered to be a California tax-exempt fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund invests, under normal circumstances, at least 80% of its total assets (plus the amount of any borrowings for investment purposes) either directly or indirectly (e.g., through derivatives) in a portfolio of U.S. dollar-denominated, investment-grade fixed income debt instruments. The fixed income debt instruments in which the Fund may invest include municipal securities, securities issued or guaranteed by the U.S. government and its agencies, corporate debt securities, agency and non-agency mortgage-backed securities of any kind, including commercial mortgage-backed securities (“CMBS”), asset-backed securities of any kind. and the rated debt tranches of collateralized loan obligations (“CLOs”) (i.e., securities backed by an underlying portfolio of loan obligations, which may include senior unsecured loans and subordinate corporate loans).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true">“Investment-grade” securities are securities that at the time of purchase are rated above Baa3 by at least one nationally recognized statistical rating organizations (“NRSRO”). In the case where only one NRSRO has provided a rating, that rating shall apply. In the case of a split rated security (that is, two or more NRSROs give a security different ratings), the lowest rating shall apply. The Fund may only invest in fixed income investments that have a minimum of B3 by Moody’s Investors Services, Inc. (“Moody’s”) or B- by S&amp;P Global Ratings (“S&amp;P”), or the equivalent by another NRSRO or that are unrated but considered to be of equivalent quality by the Sub-Adviser. Those bonds rated Baa3/BBB-/BBB-, while considered to be “investment grade,” may have speculative characteristics. Any credit quality requirements as to investments apply only at the time of an investment to which the requirement is applicable and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Accordingly, any later credit quality downgrade or change in circumstances will not be considered in determining whether any investment complies with the Fund’s credit quality limitation or requirement. Nevertheless, while the percentage of investments in investment grade securities is below 80%, the Fund will only purchase qualifying securities and not purchase additional non-investment grade securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund may invest up to 20% of its total assets in other securities, including fixed-income securities rated, at the time of purchase, below investment grade (“high yield” or “junk” bonds) or the unrated equivalent as determined by the Sub-Adviser, U.S. dollar denominated foreign securities, securities of other registered investment companies, including ETFs, cash, and cash equivalents. However, as noted above, a downgrade or default affecting any of the Fund’s securities could result in the Fund holding more than 20% of its total assets in below investment grade securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">The Fund expects to invest up to 30% of its total assets in U.S. dollar-denominated, investment-grade fixed income debt instruments issued by non-U.S. domiciled issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Income Research + Management (“IR+M” or the “Sub-Adviser”) serves as the Fund’s sub-adviser. The Sub-Adviser selects securities for the Fund based on a variety of factors, including credit quality, diversification benefits, and the relative expected after-tax returns of taxable and municipal securities (considering top marginal U.S. federal and California state tax rates). Consistent with the Fund’s investment objective, the Fund could continue to hold a security even if the interest on that security changes from being tax-exempt to taxable. If the Fund should hold a municipal security that loses its tax-exempt status retroactively, the Sub-Adviser will evaluate the after-tax yield of the security relative to the broader universe of U.S. dollar-denominated, investment-grade fixed income debt instruments that the Sub-Adviser follows to determine whether to continue to hold or dispose of the security. Although the Fund may invest in instruments of any duration or maturity, the Fund normally will seek to maintain a dollar-weighted average portfolio duration of between 4 and 8 years. The Fund’s dollar weighted average portfolio duration, however, may be longer or shorter at any time or from time to time based on market conditions (including, among other events or factors, lack of liquidity in the bond markets or periods of high volatility and reduced liquidity) in the Sub-Adviser’s discretion. For example, the price of a security with a three-year duration would be expected to drop approximately 3% in response to a 1% increase in interest rates. As part of its tax-aware strategy, the Fund typically sells securities when, in the opinion of the Sub-Adviser, the anticipated performance benefit justifies the resulting gain. This strategy often includes minimizing the sale of securities with large unrealized gains, holding securities long enough to avoid short-term capital gains taxes, selling securities with a higher cost basis first and offsetting capital gains realized in one security by selling another security at a capital loss.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_zCIAJdXcKVcj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_901_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000085522Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zSXiFFVQZd42">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zA4p1BSkIlFf"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zEJJBiv0dU3c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zRhqizvaoFrc"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_z6QFomgpbqN8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">Credit risk is greater for lower-rated securities. Those bonds rated Baa2/BBB/BBB or lower, while considered to be “investment grade,” including bonds rated BBB, may have speculative characteristics. Because the issuers of lower rated investment grade bonds may be in uncertain financial health, the prices of their debt securities could be more vulnerable to bad economic news, or even the expectation of bad news, than higher rated investment-grade debt securities. Credit ratings may not provide an accurate assessment of credit risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zIFjbxE1y196"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zLdACWRasN57" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b><i>Municipal Securities Risk.</i></b> Municipal securities risks include the possibility that the issuer may be unable to pay interest or repay principal on a timely basis or at all, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. In addition, state or local political or economic conditions and developments can adversely affect the securities issued by state and local governments. The value of the municipal securities owned by the Fund also may be adversely affected by future changes in U.S. federal, state or local tax laws.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zLpecyNv6yw6"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CaliforniaStateSpecificRiskMember_zlQUHRASEc5j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b><i>California State-Specific Risk. </i></b>The Fund has significant investments in California municipal securities. Therefore, events in California are likely to affect the Fund’s investments and its performance and may involve greater risk than funds that invest in a broader base of securities. These events may include economic or political policy changes, tax base erosion, budget deficits and other financial difficulties, as well as changes in the credit ratings assigned to municipal issuers located in California. A negative change in any one of these or other areas could affect the ability of California municipal issuers to meet their obligations and adversely affect Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesMarketLiquidityRiskMember_zHnxsVGCjmQ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Municipal Securities Market Liquidity Risk.</i></b> From time to time, inventories of municipal securities held by brokers and dealers may decrease, lessening their ability to make a market in these securities. Any reduction in market making capacity has the potential to decrease the Fund’s ability to buy or sell municipal securities, and increase price volatility and trading costs, particularly during periods of economic or market stress. As a result, the Fund may be forced to accept a lower price to sell a municipal security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--StateSpecificAndUSTerritoriesConcentrationRiskMember_zffPhBGAnPJ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>State-Specific and U.S. Territories’ Concentration Risk. </i></b>The Fund will be less diversified geographically than a fund investing across many states and therefore has greater exposure to adverse economic and political changes in California and territories or possessions of the U.S. (including, but not limited to, Puerto Rico, the U.S. Virgin Islands and Guam).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zLrP6NHBPIQd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Tax Risk</i></b>. From time to time, the U.S. government and the U.S. Congress consider changes in U.S. federal tax law that could limit or eliminate the U.S. federal income tax exemption for municipal bond income, which would in effect reduce the after-tax returns received by shareholders from the Fund by increasing taxes on distributions from the Fund. In such event, the Fund’s NAV could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxAwareRiskMember_zJDxvizlhSD3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Tax Aware Risk.</i></b> Tax aware risk is the possibility that the use of investment practices that seek to maximize after tax return may not minimize tax consequences. The Fund may have substantial taxable gains and returns may be similar to a fund that is not tax managed. Economic developments or unforeseeable investor redemptions may also reduce returns without any corresponding increase in tax efficiency.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">In-state California municipal securities serve as a hurdle rate for either taxable securities or non-California municipal securities to be added to the portfolio. Tax optimization allows these additional securities to be added when additional after-tax yield, accounting for both U.S. federal and state taxes, can be added to the Fund’s portfolio in excess of what can be added through buying California municipal securities. There will be environments when California municipal securities offer the most compelling after-tax income profile, at which point the Fund’s exposure to California municipal securities is expected to increase. However, when adjusting for taxes, if California municipal securities do not offer the more compelling after-tax profile, the Sub-Adviser expects to lower the weight of such securities in the Fund’s portfolio (but not below 50% of the Fund’s assets). The Sub-Adviser’s tax optimization strategy involves dynamically shifting the Fund’s portfolio to achieve the best after-tax income and total return, accounting for all forms of taxation – U.S. federal and state income taxes in addition to any capital gains and losses that could result from trading.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AlternativeMinimumTaxRiskMember_z5WBlno1gFe7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Alternative Minimum Tax Risk.</i></b> Although the interest received from municipal securities is generally exempt from U.S. federal income tax, the Fund may invest in municipal securities subject to the U.S. federal alternative minimum tax on individuals. For tax years beginning after December 31, 2022, interest on the bonds may affect the U.S. federal corporate alternative minimum tax for certain corporations. Accordingly, investment in the Fund could cause shareholders to be subject to the U.S. federal alternative minimum tax.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_z30abJj7n6B3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zoaJSWcxZPxj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Duration Risk. </i></b>Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to changes in interest rates. When interest rates change, the values of longer-duration fixed-rate securities usually change more than the values of shorter-duration fixed-rate securities. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Rising interest rates also may lengthen the duration of securities with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zhhSrPKGp421" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Inflation Risk</i></b>. Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zFYO4gN2nRZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageRelatedAndAssetBackedSecuritiesRiskMember_z1stRGjDT7Xe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Mortgage-Related and Asset-Backed Securities Risk</i></b><i>.</i> Mortgage-related and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. These mortgage-related or asset-backed securities are subject to credit risk, interest rate risk, “prepayment risk” (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and “extension risk” (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in mortgage-related or asset-backed securities that are subordinated to other interests in the same mortgage or asset pool, the Fund may only receive payments after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. Uniform Mortgage-Backed Securities, which generally align the characteristics of Fannie Mae and Freddie Mac certificates, are a recent innovation and the effect they may have on the market for mortgage-related securities is uncertain.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CLORiskMember_zXExTdLE3oBc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>CLO Risk.</i></b> The risks of investing in CLOs include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Fund is invested. The Fund intends to invest primarily in the rated debt tranches of CLOs; however, any such ratings do not constitute a guarantee, may be downgraded, and in stressed market environments it is possible that even senior CLO tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Sub-Adviser may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLOs will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLOs are liquidity risk, interest rate risk, credit risk, prepayment risk, and the risk of default of the underlying asset, among others.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommercialMortgageBackedSecuritiesRiskMember_zSLlG2WERR9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Commercial Mortgage-Backed Securities Risk.</i></b> CMBS are not backed by the full faith and credit of the U.S. government and are subject to risk of default on the underlying mortgages, particularly during periods of economic downturn. CMBS issued by non-agency issuers may offer higher yields than those issued by government entities, but also may be subject to greater volatility than government issues. CMBS are subject to a greater degree of prepayment and extension risk than many other forms of fixed-income securities and therefore react differently to changes in interest rates than other bonds, and the prices of CMBS may reflect adverse economic and market conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zpgBAhylUIQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true"><b><i>U.S. Treasury Obligations Risk.</i></b> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zemOxVwl0dZ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true"><b><i>U.S. Government Obligations Risk. </i></b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SovereignDebtObligationsRiskMember_zInJLViGxULh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Sovereign Debt Obligations Risk.</i></b> Investments in debt securities issued by governments involve the risk that the governmental entities responsible for repayment may be unable or unwilling to pay interest and repay principal when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations. Any restructuring of a sovereign debt obligation held by the Fund will likely have a significant adverse effect on the value of the obligation. In the event of default of sovereign debt, the Fund may be unable to pursue legal action against the sovereign issuer or to realize on collateral securing the debt.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateSecuritiesRiskMember_zHvfq8apSLm8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Variable and Floating-Rate Securities Risk</i></b>. Variable and floating-rate securities pay interest at rates that are adjusted periodically, according to a specific formula. Because the interest rate is reset only periodically, changes in the interest rate on these securities may lag behind changes in the prevailing market interest rates. The value of the security may rise or fall depending on changes in interest rates between periodic resets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NoOperatingHistoryMember_zrtupLHa87k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>No Operating History.</i></b> As a newly organized entity, the Fund has no operating history. The Fund’s shares have no history of public trading.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zd2FDY39N34c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_ziQMi4GW0op3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zQaQaNDVMj2l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--BelowInvestmentGradeSecuritiesRiskMember_zuVhKnjlYuce" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Below Investment Grade Securities Risk</i></b>. Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. Below investment grade securities often are regarded as having predominately speculative characteristics with respect to an issuer’s capacity to pay interest and repay principal. These securities may be subject to greater price volatility due to such factors as specific municipal or corporate developments and negative performance of the junk bond market generally and may be more difficult to trade than other types of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSIssuersRiskMember_zOsH2wZPmD39" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Non-U.S. Issuers Risk</i></b>. Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_z6aEy5q4aEL7"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zds3j3qydzU3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zUvOkzFaJEXj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Management Risk</i>.</b> The Fund is subject to management risk because it is an actively-managed ETF. The Sub-Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. See also “Management—Manager of Managers Structure.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zuC9fXthA6Vd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zEMap4QXqIF" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale 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 as a result of trade suspensions or for other reasons. Because non-U.S. stock exchanges may be open on days when the Fund does not price its shares, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zju0jLOHQqBf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, distributor, and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of its service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zTwctcYN0VXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk.</i></b> The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zdsLlTCNW9jk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionsRiskMember_ztuKZoQHOszh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Cash Transactions Risk. </i></b>Unlike most other ETFs, the Fund expects to effect all of its creations and redemptions for cash, rather than in-kind securities. Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio securities or other assets at an inopportune time 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. As a result, the Fund may pay out higher or lower annual capital gains distributions than ETFs that redeem in-kind. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or discounts to the Fund’s NAV. Furthermore, the Fund may not be able to execute cash transactions for creation and redemption purposes at the same price used to determine the Fund’s NAV. To the extent that the maximum additional charge for creation or redemption transactions is insufficient to cover the execution shortfall, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Performance Information <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zi1Id5kF1Whg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_908_eoef--PerformanceOneYearOrLess_c20260227__20260227__dei--LegalEntityAxis__custom--S000085522Member_zjgXBVcZdEp2">In the future, this section will show how the Fund’s total return has varied from year-to-year, along with a broad-based market index for reference.</span> <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000085522Member_zkQ38WxKSHDe">Past performance (before and after taxes) is not an indication of future performance.</span> Because the Fund has not commenced operations as of the date of this Prospectus, there is no past performance to return. Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000085522Member_zikjCnpNHOti">www.bondbloxxetf.com </span>or by calling <span id="xdx_90D_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000085522Member_ziygg1vzfAQf">(800) 896-5089</span> (toll free).</p> In the future, this section will show how the Fund’s total return has varied from year-to-year, along with a broad-based market index for reference. Past performance (before and after taxes) is not an indication of future performance. www.bondbloxxetf.com (800) 896-5089 BONDBLOXX IR+M TAX-AWARE ETF FOR MASSACHUSETTS RESIDENTS Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zgo7vpcjOtci" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (the “Fund”) seeks attractive after-tax income for Massachusetts residents, consistent with preservation of capital.</span></p> Fees and Expenses <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zsh13rGe3m13" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zCWX3f7snkJg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zZ5Xr4cYkPxf" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49C_20260227__20260227__dei--LegalEntityAxis__custom--S000085523Member__oef--ClassAxis__custom--C000250808Member_zasaUEWwHem7" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zV5DyJy6tgpa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 88%; font-weight: bold; text-align: left"><b>Management Fees<sup id="xdx_F41_zwTB52QRBnX7">1</sup></b></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.35</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zjIzjNdLClwh" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.00</td> <td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zB6vi4ZHl093" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1pt"><b>Other Expenses<sup id="xdx_F4A_zyWVDcjI7qg6">2</sup></b></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zmXuKbtVSHTg" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.35</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="-sec-ix-redline: true; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><sup id="xdx_F07_zUzIAKkFAYMf">1</sup></td> <td id="xdx_F19_zwNvhiqu9kXd" style="text-align: justify"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, 12b-1 fees, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0035 0.0000 0.0000 0.0035 Example. <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_z5bMMxg9Mehb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zckOkcz4GtA7"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zxQf3AO6Flek" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 100%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_483_eoef--ExpenseExampleYear01_ziNOk4WLSso1" style="font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center; vertical-align: bottom"><span style="-sec-ix-redline: true"><b>1 Year </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: bottom; width: 2%; text-align: center"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_z3GJmsmh4fw" style="font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; vertical-align: bottom"><span style="-sec-ix-redline: true"><b>3 Years </b></span></td> <td style="padding-bottom: 1pt; width: 2%"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_486_eoef--ExpenseExampleYear05_zrHvgVAsvXE7" style="border-bottom: Black 1pt solid; text-align: center; width: 24%"><span style="-sec-ix-redline: true"><b>5 Years</b></span></td> <td style="padding-bottom: 1pt; width: 2%"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zCCaGRPOntE6" style="border-bottom: Black 1pt solid; text-align: center; width: 23%"><span style="-sec-ix-redline: true"><b>10 Years</b></span></td></tr> <tr id="xdx_414_20260227__20260227__dei--LegalEntityAxis__custom--S000085523Member__oef--ClassAxis__custom--C000250808Member_zedmlHJE5Jxc" style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true">$36</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="-sec-ix-redline: true"> </span></td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; white-space: nowrap; text-align: center"><span style="-sec-ix-redline: true">$113</span></td> <td style="text-align: center; vertical-align: top"><span style="-sec-ix-redline: true"> </span></td> <td style="vertical-align: top; text-align: center"><span style="-sec-ix-redline: true">$197</span></td> <td style="text-align: center; vertical-align: top"><span style="-sec-ix-redline: true"> </span></td> <td style="vertical-align: top; text-align: center"><span style="-sec-ix-redline: true">$443</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 36 113 197 443 Portfolio Turnover. <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zq3DzvPGIdX3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from March 11, 2025 to October 31, 2025, the Fund’s portfolio turnover rate was 17% of the average value of its portfolio.</p> Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zLvrWDsHaMLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund is an actively managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specified index. The Fund is newly organized and invests in a diversified portfolio of U.S. dollar-denominated municipal and taxable intermediate duration fixed income securities that in the Sub-Adviser’s (as defined below) view offers relatively attractive after-tax income (i.e., securities that generate a greater amount of after-tax return than the comparable universe of U.S. dollar-denominated, investment-grade fixed income debt instruments over a specified period of time) for Massachusetts residents. The Fund invests, under normal circumstances, at least 50% of its total assets in municipal securities that pay interest that is exempt from U.S. federal and Massachusetts income taxes (i.e., excluded from gross income for U.S. federal and Massachusetts income tax purposes but not necessarily exempt from the U.S. federal alternative minimum tax). Because the Fund may invest a significant portion of its assets in taxable securities, an investor’s U.S. federal income tax and Massachusetts state and local income tax obligations may be greater than if it had invested in a Massachusetts municipal bond fund for Massachusetts investors. These municipal securities are generally issued by the Commonwealth of Massachusetts, a city in Massachusetts, or a political subdivision, agency, authority, or instrumentality of such commonwealth or city, but may be issued by other U.S. states and/or U.S. territories, the interest from which is exempt from Massachusetts and U.S. federal income taxes. The income earned and distributed to shareholders on taxable securities would not be exempt from U.S. federal, state or local income tax. While at least 50% of the Fund’s total assets will be invested in municipal securities that pay interest that is exempt from U.S. federal and Massachusetts income taxes, the Fund will not invest 80% or more of its total assets in municipal securities that pay interest that is exempt from U.S. federal and Massachusetts income taxes, and will not be considered to be a Massachusetts tax-exempt fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund invests, under normal circumstances, at least 80% of its total assets (plus the amount of any borrowings for investment purposes) either directly or indirectly (e.g., through derivatives) in a portfolio of U.S. dollar-denominated, investment-grade fixed income debt instruments. The fixed income debt instruments in which the Fund may invest include municipal securities, securities issued or guaranteed by the U.S. government and its agencies, corporate debt securities, agency and non-agency mortgage-backed securities of any kind, including commercial mortgage-backed securities (“CMBS”), asset-backed securities of any kind. and the rated debt tranches of collateralized loan obligations (“CLOs”) (i.e., securities backed by an underlying portfolio of loan obligations, which may include senior unsecured loans and subordinate corporate loans).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true">“Investment-grade” securities are securities that at the time of purchase are rated above Baa3 by at least one nationally recognized statistical rating organizations (“NRSRO”). In the case where only one NRSRO has provided a rating, that rating shall apply. In the case of a split rated security (that is, two or more NRSROs give a security different ratings), the lowest rating shall apply. The Fund may only invest in fixed income investments that have a minimum of B3 by Moody’s Investors Services, Inc. (“Moody’s”) or B- by S&amp;P Global Ratings (“S&amp;P”), or the equivalent by another NRSRO or that are unrated but considered to be of equivalent quality by the Sub-Adviser. Those bonds rated Baa3/BBB-/BBB-, while considered to be “investment grade,” may have speculative characteristics. Any credit quality requirements as to investments apply only at the time of an investment to which the requirement is applicable and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Accordingly, any later credit quality downgrade or change in circumstances will not be considered in determining whether any investment complies with the Fund’s credit quality limitation or requirement. Nevertheless, while the percentage of investments in investment grade securities is below 80%, the Fund will only purchase qualifying securities and not purchase additional non-investment grade securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund may invest up to 20% of its total assets in other securities, including fixed-income securities rated, at the time of purchase, below investment grade (“high yield” or “junk” bonds) or the unrated equivalent as determined by the Sub-Adviser, U.S. dollar denominated foreign securities, securities of other registered investment companies, including ETFs, cash, and cash equivalents. However, as noted above, a downgrade or default affecting any of the Fund’s securities could result in the Fund holding more than 20% of its total assets in below investment grade securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund expects to invest up to 30% of its total assets in U.S. dollar-denominated, investment-grade fixed income debt instruments issued by non-U.S. domiciled issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Income Research + Management (“IR+M” or the “Sub-Adviser”) serves as the Fund’s sub-adviser. The Sub-Adviser selects securities for the Fund based on a variety of factors, including credit quality, diversification benefits, and the relative expected after-tax returns of taxable and municipal securities (considering top marginal U.S. federal and Massachusetts state tax rates). Consistent with the Fund’s investment objective, the Fund could continue to hold a security even if the interest on that security changes from being tax-exempt to taxable. If the Fund should hold a municipal security that loses its tax-exempt status retroactively, the Sub-Adviser will evaluate the after-tax yield of the security relative to the broader universe of U.S. dollar-denominated,</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">investment-grade fixed income debt instruments that the Sub-Adviser follows to determine whether to continue to hold or dispose of the security. Although the Fund may invest in instruments of any duration or maturity, the Fund normally will seek to maintain a dollar-weighted average portfolio duration of between 4 and 8 years. The Fund’s dollar weighted average portfolio duration, however, may be longer or shorter at any time or from time to time based on market conditions (including, among other events or factors, lack of liquidity in the bond markets or periods of high volatility and reduced liquidity) in the Sub-Adviser’s discretion. For example, the price of a security with a three-year duration would be expected to drop approximately 3% in response to a 1% increase in interest rates. As part of its tax-aware strategy, the Fund typically sells securities when, in the opinion of the Sub-Adviser, the anticipated performance benefit justifies the resulting gain. This strategy often includes minimizing the sale of securities with large unrealized gains, holding securities long enough to avoid short-term capital gains taxes, selling securities with a higher cost basis first and offsetting capital gains realized in one security by selling another security at a capital loss.</p> <p id="xdx_A81_eoef--RiskTextBlock_zhJtvatWdvkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_90C_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000085523Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zNubvIGrr29c">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zo307VsMQdl2"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_znpcI25ua8v4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zRmJ2WcurZX8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Credit risk is greater for lower-rated securities. Those bonds rated Baa2/BBB/BBB or lower, while considered to be “investment grade,” including bonds rated BBB, may have speculative characteristics. Because the issuers of lower rated investment grade bonds may be in uncertain financial health, the prices of their debt securities could be more vulnerable to bad economic news, or even the expectation of bad news, than higher rated investment-grade debt securities. Credit ratings may not provide an accurate assessment of credit risk.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zoULAPfyOud7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Municipal Securities Risk.</i></b> Municipal securities risks include the possibility that the issuer may be unable to pay interest or repay principal on a timely basis or at all, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. In addition, state or local political or economic conditions and developments can adversely affect the securities issued by state and local governments. The value of the municipal securities owned by the Fund also may be adversely affected by future changes in U.S. federal, state or local tax laws.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MassachusettsCommonwealthSpecificRiskMember_z0FQuFCjjhS" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Massachusetts Commonwealth-Specific Risk. </i></b>The Fund may be affected significantly by economic, regulatory or political developments affecting the ability of Massachusetts issuers to pay interest or repay principal. Certain issuers of Massachusetts municipal securities have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain Massachusetts issuers to pay principal or interest on their obligations. Provisions of the Massachusetts Constitution and Commonwealth statutes which limit the taxing and spending authority of Massachusetts governmental entities may impair the ability of Massachusetts issuers to pay principal and/or interest on their obligations. While Massachusetts’s economy is broad, it does have major concentrations in advanced technology, aerospace and defense-related manufacturing, trade, entertainment, real estate and financial services, and may be sensitive to economic problems affecting those industries. Future Massachusetts political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of Massachusetts issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zlqYSFWrLRX"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesMarketLiquidityRiskMember_zMKom2saYcd2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b><i>Municipal Securities Market Liquidity Risk.</i></b> From time to time, inventories of municipal securities held by brokers and dealers may decrease, lessening their ability to make a market in these securities. Any reduction in market making capacity has the potential to decrease the Fund’s ability to buy or sell municipal securities, and increase price volatility and trading costs, particularly during periods of economic or market stress. As a result, the Fund may be forced to accept a lower price to sell a municipal security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zKfTbTa2fPmj"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--StateSpecificAndUSTerritoriesConcentrationRiskMember_ziePBfhcwJza" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b><i>State-Specific and U.S. Territories’ Concentration Risk. </i></b>The Fund will be less diversified geographically than a fund investing across many states and therefore has greater exposure to adverse economic and political changes in Massachusetts and territories or possessions of the U.S. (including, but not limited to, Puerto Rico, the U.S. Virgin Islands and Guam).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zfoBQeZLGoK4"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zIfH5NwV2lNa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b><i>Tax Risk</i></b>. From time to time, the U.S. government and the U.S. Congress consider changes in U.S. federal tax law that could limit or eliminate the U.S. federal income tax exemption for municipal bond income, which would in effect reduce the after-tax returns received by shareholders from the Fund by increasing taxes on distributions from the Fund. In such event, the Fund’s NAV could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_z47sOrsTdpt5"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxAwareRiskMember_zVHzhCJ0Xpv5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Tax Aware Risk.</i></b> Tax aware risk is the possibility that the use of investment practices that seek to maximize after tax return may not minimize tax consequences. The Fund may have substantial taxable gains and returns may be similar to a fund that is not tax managed. Economic developments or unforeseeable investor redemptions may also reduce returns without any corresponding increase in tax efficiency.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">In-state Massachusetts municipal securities serve as a hurdle rate for either taxable securities or non-Massachusetts municipal securities to be added to the portfolio. Tax optimization allows these additional securities to be added when additional after-tax yield, accounting for both U.S. federal and state taxes, can be added to the Fund’s portfolio in excess of what can be added through buying Massachusetts municipal securities. There will be environments when Massachusetts municipal securities offer the most compelling after-tax income profile, at which point the Fund’s exposure to Massachusetts municipal securities is expected to increase. However, when adjusting for taxes, if Massachusetts municipal securities do not offer the more compelling after-tax profile, the Sub-Adviser expects to lower the weight of such securities in the Fund’s portfolio (but not below 50% of the Fund’s assets). The Sub-Adviser’s tax optimization strategy involves dynamically shifting the Fund’s portfolio to achieve the best after-tax income and total return, accounting for all forms of taxation – U.S. federal and state income taxes in addition to any capital gains and losses that could result from trading.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AlternativeMinimumTaxRiskMember_zXsFJfU3eC42" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Alternative Minimum Tax Risk.</i></b> Although the interest received from municipal securities is generally exempt from U.S. federal income tax, the Fund may invest in municipal securities subject to the U.S. federal alternative minimum tax on individuals. For tax years beginning after December 31, 2022, interest on the bonds may affect the U.S. federal corporate alternative minimum tax for certain corporations. Accordingly, investment in the Fund could cause shareholders to be subject to the U.S. federal alternative minimum tax.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zYtICpAvHu8e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_z5oKMGRLoYfa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Duration Risk. </i></b>Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to changes in interest rates. When interest rates change, the values of longer-duration fixed-rate securities usually change more than the values of shorter-duration fixed-rate securities. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Rising interest rates also may lengthen the duration of securities with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zhIdHO5t7K9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Inflation Risk</i></b>. Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zwd0ou4ivtRl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageRelatedAndAssetBackedSecuritiesRiskMember_z2n4i3DA4pvj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Mortgage-Related and Asset-Backed Securities Risk</i></b><i>.</i> Mortgage-related and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. These mortgage-related or asset-backed securities are subject to credit risk, interest rate risk, “prepayment risk” (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and “extension risk” (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in mortgage-related or asset-backed securities that are subordinated to other interests in the same mortgage or asset pool, the Fund may only receive payments after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. Uniform Mortgage-Backed Securities, which generally align the characteristics of Fannie Mae and Freddie Mac certificates, are a recent innovation and the effect they may have on the market for mortgage-related securities is uncertain.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CLORiskMember_zDP5ucLTWTXb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>CLO Risk.</i></b> The risks of investing in CLOs include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Fund is invested. The Fund intends to invest primarily in the rated debt tranches of CLOs; however, any such ratings do not constitute a guarantee, may be downgraded, and in stressed market environments it is possible that even senior CLO tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Sub-Adviser may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLOs will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLOs are liquidity risk, interest rate risk, credit risk, prepayment risk, and the risk of default of the underlying asset, among others.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommercialMortgageBackedSecuritiesRiskMember_z2ikKLw0GoS8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Commercial Mortgage-Backed Securities Risk.</i></b> CMBS are not backed by the full faith and credit of the U.S. government and are subject to risk of default on the underlying mortgages, particularly during periods of economic downturn. CMBS issued by non-agency issuers may offer higher yields than those issued by government entities, but also may be subject to greater volatility than government issues. CMBS are subject to a greater degree of prepayment and extension risk than many other forms of fixed-income securities and therefore react differently to changes in interest rates than other bonds, and the prices of CMBS may reflect adverse economic and market conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zVQc1575RMMe"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zhToNOowvqC8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b><i>U.S. Treasury Obligations Risk.</i></b> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_z7MAIp9tORCf"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zBBaMe1pAqG2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b><i>U.S. Government Obligations Risk. </i></b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zaVFfDy5ueK2"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SovereignDebtObligationsRiskMember_zP6FkdQsMO54" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b><i>Sovereign Debt Obligations Risk.</i></b> Investments in debt securities issued by governments involve the risk that the governmental entities responsible for repayment may be unable or unwilling to pay interest and repay principal when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations. Any restructuring of a sovereign debt obligation held by the Fund will likely have a significant adverse effect on the value of the obligation. In the event of default of sovereign debt, the Fund may be unable to pursue legal action against the sovereign issuer or to realize on collateral securing the debt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateSecuritiesRiskMember_zIDZDsEhgRmk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Variable and Floating-Rate Securities Risk</i></b>. Variable and floating-rate securities pay interest at rates that are adjusted periodically, according to a specific formula. Because the interest rate is reset only periodically, changes in the interest rate on these securities may lag behind changes in the prevailing market interest rates. The value of the security may rise or fall depending on changes in interest rates between periodic resets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NoOperatingHistoryMember_zCuBKZi7amFk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Limited History of Operations Risk.</i></b> The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zSaHK7WHr6pf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zA0H6u7KqdL6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zKhuBmV7gxNa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--BelowInvestmentGradeSecuritiesRiskMember_zjp4m0MpFbv8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Below Investment Grade Securities Risk</i></b>. Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. Below investment grade securities often are regarded as having predominately speculative characteristics with respect to an issuer’s capacity to pay interest and repay principal. These securities may be subject to greater price volatility due to such factors as specific municipal or corporate developments and negative performance of the junk bond market generally and may be more difficult to trade than other types of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSIssuersRiskMember_z7irlq3AIWYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Non-U.S. Issuers Risk.</i></b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_z1Msev6j1Z2d"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zVK8JukcuTR1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zbLMFfiouwid" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Management Risk</i>.</b> The Fund is subject to management risk because it is an actively-managed ETF. The Sub-Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. See also “Management—Manager of Managers Structure.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zpXrIkAE3tnl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_z8kf4KN0avkd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale 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 as a result of trade suspensions or for other reasons. Because non-U.S. stock exchanges may be open on days when the Fund does not price its shares, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zNq4bd7mA0z7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, distributor, and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of its service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_znp2ySReCeKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk.</i></b> The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_zoom0mYy5Dt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionsRiskMember_zMLcPQKkgmV" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Cash Transactions Risk. </i></b>Unlike most other ETFs, the Fund expects to effect all of its creations and redemptions for cash, rather than in-kind securities. Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio securities or other assets at an inopportune time 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. As a result, the Fund may pay out higher or lower annual capital gains distributions than ETFs that redeem in-kind. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or discounts to the Fund’s NAV. Furthermore, the Fund may not be able to execute cash transactions for creation and redemption purposes at the same price used to determine the Fund’s NAV. To the extent that the maximum additional charge for creation or redemption transactions is insufficient to cover the execution shortfall, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Performance Information <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zGZPjR5vODQg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20260227__20260227__dei--LegalEntityAxis__custom--S000085523Member_zp4qkQzCTxl5">The Fund commenced operations on March 11, 2025. The Fund’s performance information will be included after the Fund has been in operation one full calendar year.</span></p> The Fund commenced operations on March 11, 2025. The Fund’s performance information will be included after the Fund has been in operation one full calendar year. BONDBLOXX IR+M TAX-AWARE ETF FOR NEW YORK RESIDENTS Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zXCp31hsvnS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">The BondBloxx IR+M Tax-Aware ETF for New York Residents (the “Fund”) seeks attractive after-tax income for New York residents, consistent with preservation of capital.</p> Fees and Expenses <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zrNFMqN0MTt2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zRS11EnqaL4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z34hozZ23Kz2" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_49A_20260227__20260227__dei--LegalEntityAxis__custom--S000085524Member__oef--ClassAxis__custom--C000250809Member_zqNVJkvEIaS3" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_znxCQ3g2cLyc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold; text-align: left"><b>Management Fees<sup id="xdx_F45_zrydpXxEoHIa">1</sup></b></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.35</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zcgsQxCyxBM7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.00</td> <td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zn3g8h9h86Mk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt"><b>Other Expenses<sup id="xdx_F4A_zE0hABo5lV76">2</sup></b></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.00</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zJX9ylxyUX53" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.35</td> <td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><sup id="xdx_F03_zQssLyfRWTb2">1</sup></td> <td id="xdx_F17_z9TTJ1LFLYza" style="text-align: justify"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, 12b-1 fees, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="-sec-ix-redline: true; vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><sup id="xdx_F0D_zC2a12sQm1fd">2</sup> </td> <td id="xdx_F16_z2YL2XUsjvRi" style="text-align: justify"> <span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260227__20260227__dei--LegalEntityAxis__custom--S000085524Member_z3fVkyujCzM6"> Other Expenses are based on estimated amounts for the current fiscal year.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0035 0.0000 0.0000 0.0035 Other Expenses are based on estimated amounts for the current fiscal year. Example. <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zkMn1NWkHeH4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_ztzCNeg3aHEd"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zezxBv9WSSci" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-left: auto; width: 100%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_484_eoef--ExpenseExampleYear01_z6lBcWD9cH1c" style="font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center; vertical-align: bottom"><b>1 Year </b></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; vertical-align: bottom; width: 2%; text-align: center"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zan6m7rAcnD3" style="font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; vertical-align: bottom"><b>3 Years </b></td> <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: center; width: 2%"> </td> <td id="xdx_489_eoef--ExpenseExampleYear05_zyZZGUGFnYni" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 24%"><b>5 Years</b></td> <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: center; width: 2%"> </td> <td id="xdx_489_eoef--ExpenseExampleYear10_zAcqa4HRsib2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 23%"><b>10 Years</b></td></tr> <tr id="xdx_41A_20260227__20260227__dei--LegalEntityAxis__custom--S000085524Member__oef--ClassAxis__custom--C000250809Member_zrnJMOyxyGdl" style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)"> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; white-space: nowrap; text-align: center">$36</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"> </td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; white-space: nowrap; text-align: center">$113</td> <td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center">$197</td> <td style="text-align: center; vertical-align: top"> </td> <td style="vertical-align: top; text-align: center">$443</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 36 113 197 443 Portfolio Turnover. <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zUcnRNZYMVO5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. Portfolio turnover information for the Fund is not presented because the Fund had not commenced investment operations as of the date of this prospectus (the “Prospectus”).</p> Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zgAmsZe1y759" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund is an actively managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specified index. The Fund is newly organized and invests in a diversified portfolio of U.S. dollar-denominated municipal and taxable intermediate duration fixed income securities that in the Sub-Adviser’s (as defined below) view offers relatively attractive after-tax income (i.e., securities that generate a greater amount of after-tax return than the comparable universe of U.S. dollar-denominated, investment-grade fixed income debt instruments over a specified period of time) for New York residents. The Fund invests, under normal circumstances, at least 50% of its total assets in municipal securities that pay interest that is exempt from U.S. federal and New York and, where relevant, New York City income taxes (i.e., excluded from gross income for U.S. federal and New York income tax purposes but not necessarily exempt from the U.S. federal alternative minimum tax). Because the Fund may invest a significant portion of its assets in taxable securities, an investor’s U.S. federal income tax and New York state and local income tax obligations may be greater than if it had invested in a New York municipal bond fund for New York investors. These municipal securities are generally issued by the State of New York, the City of New York, another city in New York, or a political subdivision, agency, authority, or instrumentality of such state or city, but may be issued by other U.S. states and/or U.S. territories, the interest from which is exempt from New York and U.S. federal income taxes. The income earned and distributed to shareholders on taxable securities would not be exempt from U.S. federal, state or local income tax. While at least 50% of the Fund’s total assets will be invested in municipal securities that pay interest that is exempt from U.S. federal and New York state income taxes, the Fund will not invest 80% or more of its total assets in municipal securities that pay interest that is exempt from U.S. federal and New York state income taxes, and will not be considered to be a New York state tax-exempt fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund invests, under normal circumstances, at least 80% of its total assets (plus the amount of any borrowings for investment purposes) either directly or indirectly (e.g., through derivatives) in a portfolio of U.S. dollar-denominated, investment-grade fixed income debt instruments. The fixed income debt instruments in which the Fund may invest include municipal securities, securities issued or guaranteed by the U.S. government and its agencies, corporate debt securities, agency and non-agency mortgage-backed securities of any kind, including commercial mortgage-backed securities (“CMBS”), asset-backed securities of any kind. and the rated debt tranches of collateralized loan obligations (“CLOs”) (i.e., securities backed by an underlying portfolio of loan obligations, which may include senior unsecured loans and subordinate corporate loans).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">“Investment-grade” securities are securities that at the time of purchase are rated above Baa3 by at least one nationally recognized statistical rating organizations (“NRSRO”). In the case where only one NRSRO has provided a rating, that rating shall apply. In the case of a split rated security (that is, two or more NRSROs give a security different ratings), the lowest rating shall apply. The Fund may only invest in fixed income investments that have a minimum of B3 by Moody’s Investors Services, Inc. (“Moody’s”) or B- by S&amp;P Global Ratings (“S&amp;P”), or the equivalent by another NRSRO or that are unrated but considered to be of equivalent quality by the Sub-Adviser. Those bonds rated Baa3/BBB-/BBB-, while considered to be “investment grade,” may have speculative characteristics. Any credit quality requirements as to investments apply only at the time of an investment to which the requirement is applicable and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Accordingly, any later credit quality downgrade or change in circumstances will not be considered in determining whether any investment complies with the Fund’s credit quality limitation or requirement. Nevertheless, while the percentage of investments in investment grade securities is below 80%, the Fund will only purchase qualifying securities and not purchase additional non-investment grade securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund may invest up to 20% of its total assets in other securities, including fixed-income securities rated, at the time of purchase, below investment grade (“high yield” or “junk” bonds) or the unrated equivalent as determined by the Sub-Adviser, U.S. dollar denominated foreign securities, securities of other registered investment companies, including ETFs, cash, and cash equivalents. However, as noted above, a downgrade or default affecting any of the Fund’s securities could result in the Fund holding more than 20% of its total assets in below investment grade securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund expects to invest up to 30% of its total assets in U.S. dollar-denominated, investment-grade fixed income debt instruments issued by non-U.S. domiciled issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Income Research + Management (“IR+M” or the “Sub-Adviser”) serves as the Fund’s sub-adviser. The Sub-Adviser selects securities for the Fund based on a variety of factors, including credit quality, diversification benefits, and the relative expected after-tax returns of taxable and municipal securities (considering top marginal U.S. federal and New York state tax rates). Consistent with the Fund’s investment objective, the Fund could continue to hold a security even if the interest on that security changes from being tax-exempt to taxable. If the Fund should hold a municipal security that loses its tax-exempt status retroactively, the Sub-Adviser will evaluate the after-tax yield of the security relative to the broader universe of U.S. dollar-denominated, investment-grade fixed income debt instruments that the Sub-Adviser follows to determine whether to continue to hold or dispose of the security. Although the Fund may invest in instruments of any duration or maturity, the Fund normally will seek to maintain a dollar-weighted average portfolio duration of between 4 and 8 years. The Fund’s dollar weighted average portfolio duration, however, may be longer or shorter at any time or from time to time based on market conditions (including, among other events or factors, lack of liquidity in the bond markets or periods of high volatility and reduced liquidity) in the Sub-Adviser’s discretion. For example, the price of a security with a three-year duration would be expected to drop approximately 3% in response to a 1% increase in interest rates. As part of its tax-aware strategy, the Fund typically sells securities when, in the opinion of the Sub-Adviser, the anticipated performance benefit justifies the resulting gain. This strategy often includes minimizing the sale of securities with large unrealized gains, holding securities long enough to avoid short-term capital gains taxes, selling securities with a higher cost basis first and offsetting capital gains realized in one security by selling another security at a capital loss.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_z459NDCMgyZf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_905_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000085524Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z4az9YGQnoi2">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zcVOGrmJwQB9"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z0pyw4lxLl6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zILa69xqX4U9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Credit Risk</i>.</b> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer’s or counterparty’s financial condition and on the terms of an obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Credit risk is greater for lower-rated securities. Those bonds rated Baa2/BBB/BBB or lower, while considered to be “investment grade,” including bonds rated BBB, may have speculative characteristics. Because the issuers of lower rated investment grade bonds may be in uncertain financial health, the prices of their debt securities could be more vulnerable to bad economic news, or even the expectation of bad news, than higher rated investment-grade debt securities. Credit ratings may not provide an accurate assessment of credit risk.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zlgFTca6Yj3b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Municipal Securities Risk.</i></b> Municipal securities risks include the possibility that the issuer may be unable to pay interest or repay principal on a timely basis or at all, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. In addition, state or local political or economic conditions and developments can adversely affect the securities issued by state and local governments. The value of the municipal securities owned by the Fund also may be adversely affected by future changes in U.S. federal, state or local tax laws.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewYorkStateSpecificRiskMember_zwp0Hi0TSiY6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>New York State-Specific Risk. </i></b>The Fund may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal. Certain issuers of New York municipal securities have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations. Provisions of the New York Constitution and State statutes which limit the taxing and spending authority of New York governmental entities may impair the ability of New York issuers to pay principal and/or interest on their obligations. While New York’s economy is broad, it does have major concentrations in advanced technology, aerospace and defense-related manufacturing, trade, entertainment, real estate and financial services, and may be sensitive to economic problems affecting those industries. Future New York political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of New York issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesMarketLiquidityRiskMember_zzR4b7STKdt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Municipal Securities Market Liquidity Risk.</i></b> From time to time, inventories of municipal securities held by brokers and dealers may decrease, lessening their ability to make a market in these securities. Any reduction in market making capacity has the potential to decrease the Fund’s ability to buy or sell municipal securities, and increase price volatility and trading costs, particularly during periods of economic or market stress. As a result, the Fund may be forced to accept a lower price to sell a municipal security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--StateSpecificAndUSTerritoriesConcentrationRiskMember_zSuzAmeluUb3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>State-Specific and U.S. Territories’ Concentration Risk. </i></b>The Fund will be less diversified geographically than a fund investing across many states and therefore has greater exposure to adverse economic and political changes in New York and territories or possessions of the U.S. (including, but not limited to, Puerto Rico, the U.S. Virgin Islands and Guam).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zBRTRzLLF6r7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Tax Risk</i></b>. From time to time, the U.S. government and the U.S. Congress consider changes in U.S. federal tax law that could limit or eliminate the U.S. federal income tax exemption for municipal bond income, which would in effect reduce the after-tax returns received by shareholders from the Fund by increasing taxes on distributions from the Fund. In such event, the Fund’s NAV could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxAwareRiskMember_zcnHn3HWBZ7j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Tax Aware Risk.</i></b> Tax aware risk is the possibility that the use of investment practices that seek to maximize after tax return may not minimize tax consequences. The Fund may have substantial taxable gains and returns may be similar to a fund that is not tax managed. Economic developments or unforeseeable investor redemptions may also reduce returns without any corresponding increase in tax efficiency.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">In-state New York municipal securities serve as a hurdle rate for either taxable securities or non-New York municipal securities to be added to the portfolio. Tax optimization allows these additional securities to be added when additional after-tax yield, accounting for both U.S. federal and state taxes, can be added to the Fund’s portfolio in excess of what can be added through buying New York municipal securities. There will be environments when New York municipal securities offer the most compelling after-tax income profile, at which point the Fund’s exposure to New York municipal securities is expected to increase. However, when adjusting for taxes, if New York municipal securities do not offer the more compelling after-tax profile, the Sub-Adviser expects to lower the weight of such securities in the Fund’s portfolio (but not below 50% of the Fund’s assets). The Sub-Adviser’s tax optimization strategy involves dynamically shifting the Fund’s portfolio to achieve the best after-tax income and total return, accounting for all forms of taxation – U.S. federal and state income taxes in addition to any capital gains and losses that could result from trading.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AlternativeMinimumTaxRiskMember_zHy6noAyMk3e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Alternative Minimum Tax Risk.</i></b> Although the interest received from municipal securities is generally exempt from U.S. federal income tax, the Fund may invest in municipal securities subject to the U.S. federal alternative minimum tax on individuals. For tax years beginning after December 31, 2022, interest on the bonds may affect the U.S. federal corporate alternative minimum tax for certain corporations. Accordingly, investment in the Fund could cause shareholders to be subject to the U.S. federal alternative minimum tax.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zU6buy2z6P0d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zjSlghArUVFh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Duration Risk. </i></b>Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to changes in interest rates. When interest rates change, the values of longer-duration fixed-rate securities usually change more than the values of shorter-duration fixed-rate securities. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Rising interest rates also may lengthen the duration of securities with call features, since exercise of the call becomes less likely as interest rates rise, which in turn will make the securities more sensitive to changes in interest rates and result in even steeper price declines in the event of further interest rate increases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zlqFXnVouDJ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Inflation Risk</i></b>. Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zHaS6QXX8eo7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageRelatedAndAssetBackedSecuritiesRiskMember_zeMqk3raDKcj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Mortgage-Related and Asset-Backed Securities Risk</i></b><i>.</i> Mortgage-related and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. These mortgage-related or asset-backed securities are subject to credit risk, interest rate risk, “prepayment risk” (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and “extension risk” (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in mortgage-related or asset-backed securities that are subordinated to other interests in the same mortgage or asset pool, the Fund may only receive payments after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. Uniform Mortgage-Backed Securities, which generally align the characteristics of Fannie Mae and Freddie Mac certificates, are a recent innovation and the effect they may have on the market for mortgage-related securities is uncertain.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CLORiskMember_z2YFusXopX6d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>CLO Risk.</i></b> The risks of investing in CLOs include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Fund is invested. The Fund intends to invest primarily in the rated debt tranches of CLOs; however, any such ratings do not constitute a guarantee, may be downgraded, and in stressed market environments it is possible that even senior CLO tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Sub-Adviser may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLOs will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLOs are liquidity risk, interest rate risk, credit risk, prepayment risk, and the risk of default of the underlying asset, among others.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommercialMortgageBackedSecuritiesRiskMember_zsGoHawzfGp8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Commercial Mortgage-Backed Securities Risk.</i></b> CMBS are not backed by the full faith and credit of the U.S. government and are subject to risk of default on the underlying mortgages, particularly during periods of economic downturn. CMBS issued by non-agency issuers may offer higher yields than those issued by government entities, but also may be subject to greater volatility than government issues. CMBS are subject to a greater degree of prepayment and extension risk than many other forms of fixed-income securities and therefore react differently to changes in interest rates than other bonds, and the prices of CMBS may reflect adverse economic and market conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zVGwq3NknY06" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true"><b><i>U.S. Treasury Obligations Risk.</i></b> U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_z3dmtvofqzsa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true"><b><i>U.S. Government Obligations Risk. </i></b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SovereignDebtObligationsRiskMember_znQR4ZBCsIWd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Sovereign Debt Obligations Risk.</i></b> Investments in debt securities issued by governments involve the risk that the governmental entities responsible for repayment may be unable or unwilling to pay interest and repay principal when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations. Any restructuring of a sovereign debt obligation held by the Fund will likely have a significant adverse effect on the value of the obligation. In the event of default of sovereign debt, the Fund may be unable to pursue legal action against the sovereign issuer or to realize on collateral securing the debt.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateSecuritiesRiskMember_zKTRWkhHDK2i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Variable and Floating-Rate Securities Risk</i></b>. Variable and floating-rate securities pay interest at rates that are adjusted periodically, according to a specific formula. Because the interest rate is reset only periodically, changes in the interest rate on these securities may lag behind changes in the prevailing market interest rates. The value of the security may rise or fall depending on changes in interest rates between periodic resets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NoOperatingHistoryMember_ztBno4l7Vhf1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>No Operating History.</i></b> As a newly organized entity, the Fund has no operating history. The Fund’s shares have no history of public trading.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zPlcUIlx6HYh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zjDNXB6Xfs0d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Call Risk</i>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security prior to its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower interest rates, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zes5VAjvJjUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--BelowInvestmentGradeSecuritiesRiskMember_z9fLcdWzrck1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Below Investment Grade Securities Risk</i></b>. Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. Below investment grade securities often are regarded as having predominately speculative characteristics with respect to an issuer’s capacity to pay interest and repay principal. These securities may be subject to greater price volatility due to such factors as specific municipal or corporate developments and negative performance of the junk bond market generally and may be more difficult to trade than other types of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSIssuersRiskMember_z2xkMVD4GUKb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Non-U.S. Issuers Risk</i></b>. Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_z658nzv5wcl7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zRv6FfYk4f7l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Management Risk</i>.</b> The Fund is subject to management risk because it is an actively-managed ETF. The Sub-Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. See also “Management—Manager of Managers Structure.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zwdSxd3ebpab" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zRPCJR9etLG3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale 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 as a result of trade suspensions or for other reasons. Because non-U.S. stock exchanges may be open on days when the Fund does not price its shares, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zXPru5oSuSW3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, distributor, and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of its service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zB9IDFtISFN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk.</i></b> The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_z9PiLkN1ZsYg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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 Shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionsRiskMember_zhXaxfVTH4vb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b><i>Cash Transactions Risk. </i></b>Unlike most other ETFs, the Fund expects to effect all of its creations and redemptions for cash, rather than in-kind securities. Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio securities or other assets at an inopportune time 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. As a result, the Fund may pay out higher or lower annual capital gains distributions than ETFs that redeem in-kind. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at greater bid-ask spreads or greater premiums or discounts to the Fund’s NAV. Furthermore, the Fund may not be able to execute cash transactions for creation and redemption purposes at the same price used to determine the Fund’s NAV. To the extent that the maximum additional charge for creation or redemption transactions is insufficient to cover the execution shortfall, the Fund’s performance could be negatively impacted.</p> Performance Information <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zIMiP8tDcOOe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20260227__20260227__dei--LegalEntityAxis__custom--S000085524Member_zYApoeVgIXN1">In the future, this section will show how the Fund’s total return has varied from year-to-year, along with a broad-based market index for reference.</span> <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000085524Member_zcdEifD5vbm3">Past performance (before and after taxes) is not an indication of future performance.</span> Because the Fund has not commenced operations as of the date of this Prospectus, there is no past performance to return. Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000085524Member_zGNFIvOcTL6g">www.bondbloxxetf.com </span>or by calling <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000085524Member_zAXucxpbepr9">(800) 896-5089</span> (toll free).</p> In the future, this section will show how the Fund’s total return has varied from year-to-year, along with a broad-based market index for reference. Past performance (before and after taxes) is not an indication of future performance. www.bondbloxxetf.com (800) 896-5089 BONDBLOXX PRIVATE CREDIT CLO ETF Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zQyCUBf2jnG" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BondBloxx Private Credit CLO ETF (the “Fund”) seeks capital preservation and current income.</span></p> Fees and Expenses <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zW3c3Do7DA7c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)   <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zjRQ3WBNGE0e"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zwPtxiRnROVk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_497_20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member__oef--ClassAxis__custom--C000255313Member_zH99EqWuc2Ri" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z15dR4j5hmW6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 88%; font-weight: bold; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Fees<sup id="xdx_F4D_zUuqt6bb5LC7">1</sup></b></span></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">0.68</td> <td style="width: 1%; text-align: left">%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zdIvHKNmYi0f" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Distribution and Service (12b-1)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td style="text-align: left"> </td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zxULr6B4BYOl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; padding-bottom: 1pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Expenses<sup id="xdx_F40_z3uJjbvab3U1">2</sup></b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="padding-bottom: 1pt; text-align: left">%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zshpxxdm9iNd" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.68</span></td> <td style="text-align: left">%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="-sec-ix-redline: true; vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><sup id="xdx_F03_zk8LaOCSBS05">1</sup></td> <td style="text-align: justify"><span id="xdx_F1D_zr08PnxnvvJk" style="font-size: 10pt"> The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, acquired fund fees and expenses, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0068 0 0.0000 0.0068 Example. <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zSiGT6qIhAHg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzCogOgrlrCc"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A52_dU_zZ4HjljQLuw5" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 100%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48E_eoef--ExpenseExampleYear01_zpeyMBUTvQ8a" style="border-bottom: Black 1pt solid; width: 23%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year </b></span></td> <td style="padding-bottom: 1pt; vertical-align: top; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_zf0zxRbMw6A3" style="border-bottom: Black 1pt solid; text-align: center; width: 24%"><b>3 Years</b></td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear05_z6Vo5qrZ3ual" style="border-bottom: Black 1pt solid; text-align: center; width: 24%"><b>5 Years</b></td> <td style="padding-bottom: 1pt; width: 2%"> </td> <td id="xdx_488_eoef--ExpenseExampleYear10_zdZBL4Djy3Ll" style="border-bottom: Black 1pt solid; width: 23%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years </b></span></td> </tr> <tr id="xdx_41C_20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member__oef--ClassAxis__custom--C000255313Member_zUvOo0T4007h" style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$69</span></td> <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center">$218</td> <td> </td> <td style="text-align: center">$379</td> <td> </td> <td style="vertical-align: top; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$847</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 69 218 379 847 Portfolio Turnover. <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zkPJRp8YCvak" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true; font-family: Times New Roman, Times, Serif; font-size: 10pt">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 for the Fund may indicate higher transaction costs, may cause the Fund to incur increased expenses 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. For the period from December 2, 2024 to October 31, 2025, the Fund’s portfolio turnover rate was 19% of the average value of its portfolio.</span></p> Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_z4wNZURVmLI" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">The Fund is “non-diversified,” which means that it may invest a greater percentage of its assets in a particular issuer and may invest in fewer issuers than a diversified fund. The Fund is an actively managed exchange-traded fund (“ETF”) that does not seek to replicate the performance of a specified index. The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in private credit collateralized loan obligations (“CLOs”). A CLO is a type of asset backed security supported by interest and principal payments generated from a pool of loans, which may include, among others, U.S. and non-U.S. senior secured loans and subordinated corporate loans and privately placed loans. The term “private credit” refers to lending activity that occurs outside of the broadly-syndicated markets where banks and other traditional lenders place an issuer’s debt obligations across a wide range of investors. For purposes of the Fund’s 80% policy, the Fund expects private credit CLOs to be CLOs in which at least 80% of each such CLO consists of a pool of loans to companies that are privately-owned and do not issue equity securities in the public markets (“private credit CLOs,” also commonly known as “middle market CLOs”). The companies underlying these private credit CLOs can be companies of any size, although middle market CLOs are typically backed by pools of loans to small or medium-sized private companies with EBITDA values of $100 million or less. The Fund expects that each private credit CLO will consist of loans where at least 80% of the total companies within the CLO are private or where at least 80% of total loan amounts within the CLO are issued to private companies. The Fund may temporarily deviate from its 80% policy while deploying new capital as the result of the initial seeding of the Fund, as a result of cash creation or redemption activity, or during unusual market conditions such as a downgrade in the rating of one or more private credit CLOs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest up to 20% of its net assets (plus the amount of any borrowings for investment purposes) in broadly syndicated bank loans, broadly syndicated bank loans CLOs, high yield bonds, investment grade bonds and cash. The Fund will not invest more than 10% of its net assets (plus the amount of any borrowings for investment purposes) in any single CLO. The Fund may invest in floating- and fixed-rate CLOs, but will not invest more than 20% of its net assets (plus the amount of any borrowings for investment purposes) in fixed-rate CLOs. The Fund may purchase CLOs both in the primary and secondary markets. Additionally, the credit obligations in which the Fund invests through its CLO investments may include newly-issued securities, or “new issues,” such as initial debt offerings or newly-issued loans.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund primarily invests in securities rated investment grade at the time of purchase. Investment grade securities are considered to be those instruments that are rated BBB- or higher by S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings, Inc. (“Fitch”), or Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”), or the equivalent by another nationally recognized statistical rating organization (“NRSRO”), or if unrated, are determined by the Sub-Adviser (as defined below) to be of comparable quality. The Fund may also invest up to 25% of its net assets (plus the amount of any borrowings for investment purposes) in securities rated below investment grade by an NRSRO (inclusive of private credit CLOs and broadly syndicated loan CLOs), or, if unrated, determined by the Sub-Adviser to be of comparable quality including securities in the lowest rating categories and comparable unrated securities (commonly referred to as “high yield” or “junk bonds”). In the event that a security receives different ratings from different NRSROs, the Fund will treat the security as being rated in the highest rating category received from an NRSRO. The Fund may invest in the aggregate up to 25% of its net assets (plus the amount of any borrowings for investment purposes) in non-U.S. dollar denominated instruments. The Fund may seek to limit its risk or enhance returns through derivatives designed to adjust the Fund’s exposure to interest rates, foreign currency, portfolio duration and specific securities or baskets of securities. In selecting investments for the Fund, the Sub-Adviser will evaluate overall investment opportunities and risks among the types of investments the Fund may hold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund engages in active trading—that is, frequent trading of its securities—in order to take advantage of new investment opportunities. The Fund expects to be more heavily involved in active trading during periods of market volatility seeking to preserve gains or limit losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may invest up to 20% of its net assets in certain futures, options and swap contracts, U.S. Treasury obligations, U.S. government obligations, U.S. agency securities, securities of other registered investment companies, cash and cash equivalents. Instead of, or in addition to, investing directly in particular securities, the Fund may invest in derivative instruments, including futures, forwards, options, swaps, and options on swaps, to try to enhance return or to try to reduce (“hedge”) investment risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">The Adviser has retained Macquarie Asset Management Credit Advisers US, LLC, a Delaware limited liability company, to serve as the Fund’s investment sub-adviser (“MAMCA” or the “Sub-Adviser”). In managing the Fund’s assets, the Sub-Adviser uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models, and risk management systems. In the top-down economic analysis, the Sub-Adviser develops views on economic, policy and market trends by continually evaluating economic data that affect the movement of markets and securities prices. This top-down macroeconomic analysis is integrated into the Sub-Adviser’s bottom-up research which informs security selection. In its bottom-up research, the Sub-Adviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer. The Sub-Adviser may also consider investment factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. The Fund may invest in a security based upon the expected total return rather than the yield of such security.</p> <p id="xdx_A8B_eoef--RiskTextBlock_zpCarAocWvb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zVcNzI2nGZdl">As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments.</span> The Fund is subject to certain risks, including the principal risks noted below. Any such risk may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zk3PMOh4lds8"></span></div> As with any investment, you could lose all or a substantial part of your investment in the Fund, and the Fund’s performance could trail that of other investments. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CLORiskMember_zfHjNjdRfuJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>CLO Risk.</i></b> The risks of investing in CLOs include both the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche in which the Fund is invested. The Fund intends to invest primarily in investment grade-rated private credit CLOs; however, any such ratings do not constitute a guarantee, may be downgraded, and in stressed market environments it is possible that even investment grade rated CLO tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of the subordinated/equity tranches, market anticipation of defaults, as well as negative market sentiment with respect to CLO securities as an asset class. The Sub-Adviser may not be able to accurately predict how specific CLOs or the portfolio of underlying loans for such CLOs will react to changes or stresses in the market, including changes in interest rates. The most common risks associated with investing in CLOs are liquidity risk, interest rate risk, credit risk, prepayment risk, and the risk of default of the underlying asset, among others. These risks may be heightened for private credit CLOs, as the portfolios of underlying loans for such CLOs are typically smaller than those of broadly syndicated loan CLOs, and as such, private credit CLOs may not have the same access to the capital markets to potentially mitigate and/or diversify such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zdc8XoA9KAxi"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtSecuritiesRiskMember_znFE7snQXffg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Debt Securities Risk.</i></b> Variable-and floating-rate debt obligations (including CLOs and the portfolio of loans underlying the CLOs), as well as fixed-income debt instruments are subject to the following risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">●</span></td> <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Liquidity Risk.</b> Liquidity risk refers to the possibility that Fund investments cannot be readily sold within seven calendar days at approximately the price at which the Fund has valued them. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility. CLOs, and their underlying loan obligations, are typically not registered for sale to the public and therefore are subject to certain restrictions on transfer and sale, potentially making them less liquid than other types of securities. Additionally, when the Fund purchases a newly issued CLO directly from the issuer (rather than from the secondary market), there often may be a delayed settlement period, during which time the liquidity of the CLO may be further reduced. During periods of limited liquidity and higher price volatility, the Fund’s ability to acquire or dispose of CLOs at a price and time the Fund deems advantageous may be impaired. CLOs are generally considered to be long-term investments and there is no guarantee that an active secondary market will exist or be maintained for any given CLO.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest Rate Risk. </b>As interest rates decrease, issuers of the underlying loan obligations may refinance any floating rate loans, which will result in a reduction in the principal value of the CLO’s portfolio and require the CLO to reinvest cash at an inopportune time. Conversely, as interest rates rise, borrowers with floating rate loans may experience difficulty in making payments, resulting in delinquencies and defaults, which will result in a reduction in cash flow to the CLO and the CLO investors, including the Fund. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. The Fund may be subject to a greater risk of rising interest rates due to inflationary trends and the effect of government fiscal and monetary policy initiatives and resulting market reaction to those initiatives.</span></td> </tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Floating Rate Obligations Risk.</b> Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction of income received from floating rate securities held by the Fund and may adversely affect the value of the Fund’s shares. Generally, floating rate securities carry lower yields than fixed notes of the same maturity. The interest rate for a floating rate note resets or adjusts periodically by reference to a benchmark interest rate. The impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of the investments. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. Benchmark interest rates, such as the Secured Overnight Financing Rate (“SOFR”), may not accurately track market interest rates.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit Risk. </b>Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. Ratings provided by NRSROs represent their opinions of the claims-paying ability of the entities rated by them. Such ratings are general and are not absolute standards of quality. For CLOs, the primary source of credit risk is the ability of the underlying portfolio of loans to generate sufficient cash flow to pay investors on a full and timely basis when principal and/or interest payments are due. Default in payment on the underlying loans will result in less cash flow from the underlying portfolio and, in turn, less funds available to pay investors in the CLO.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity. CLOs are typically structured such that, after a specified period of time, the majority investor in the equity tranche can call (i.e., redeem) the securities issued by the CLO in full. The Fund may not be able to accurately predict when or which of its CLO investments may be called, resulting in the Fund having to reinvest the proceeds in unfavorable circumstances, which in turn could cause a decline in the Fund’s income.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Prepayment Risk. </b>During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the security’s maturity, which may cause the Fund to have to reinvest in securities with lower yields or higher risk of default, resulting in a decline in the Fund’s income or return potential. Also, if a security subject to prepayment had been purchased at a premium, the value of the premium would be lost in the event of prepayment.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Extension Risk. </b>During periods of rising interest rates, certain debt obligations potentially including the portfolio of loans underlying a CLO will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund’s income and potentially in the value of the Fund’s investments.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income Risk.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because most of the CLO debt instruments held by the Fund will have floating or variable interest rates.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valuation Risk. </b>Valuation Risk is the risk that one or more of the debt securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or security. The tiered structure of certain CLOs may subject them to price volatility and enhanced liquidity and valuation risk in times of market stress.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Privately Issued Securities Risk.</b> CLOs are generally privately-issued securities, and are normally purchased pursuant to Rule 144A or Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). Privately-issued securities typically may be resold only to qualified institutional buyers, in a privately negotiated transaction, to a limited number of purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration. Because there may be relatively few potential purchasers for such securities, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Fund may find it more difficult to sell such securities when it may be advisable to do so or it may be able to sell such securities only at prices lower than if such securities were more widely held and traded. At times, it also may be more difficult to determine the fair value of such securities for purposes of computing the Fund’s net asset value per share (“NAV”) due to the absence of an active trading market. There can be no assurance that a privately-issued security previously deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Fund, and its value may decline as a result.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zAubcSHyvNWb"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CollateralizedLoanObligationsLeveragingRiskMember_zzpoQAyTboTi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Collateralized Loan Obligations Leveraging Risk.</i></b> CLOs are typically leveraged, and such leverage will magnify the loss on CLO investments, which may in turn magnify the loss experienced by the Fund. The cumulative effect of the use of leverage with respect to any investments in a market that moves adversely to such investments could result in a substantial loss that would be greater than if the Fund’s investments were not leveraged. The Fund will invest primarily in investment grade rated tranches of CLOs, which generally are less affected by the effects of leverage than more junior tranches.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zvbNCgc7Z0Z4"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--BelowInvestmentGradeCLORiskMember_zlJAJl7Jhn2e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Below Investment Grade CLO Risk. </i></b>Debt securities rated below investment grade (including CLOs) are also referred to as high yield securities or “junk securities.” Such securities may be more sensitive than investment grade CLO securities to economic changes, political changes, industry or sector-specific changes, or adverse developments specific to the underlying loans of a CLO, which may adversely affect the value of the below investment grade CLO security. Below investment grade CLO securities are those rated below investment grade by the primary rating agencies such as S&amp;P, Fitch, and Moody’s or are unrated CLOs of similar quality. The value of lower quality CLO securities is generally more dependent on credit risk than investment grade CLO securities. Issuers of the below investment grade loans that underlie a CLO may not be as strong financially as those issuers with higher credit ratings and are more vulnerable to real or perceived economic changes, political changes, or adverse developments specific to the issuer. In addition, the below investment grade CLO market is considered to be speculative in nature and can experience sudden and sharp price swings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zVH0Pm1N8Si9"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CLOManagerRiskMember_zSfkMb2rFiZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>CLO Manager Risk. </i></b>CLOs are managed by investment advisers independent of the Adviser and the Sub-Adviser. CLO managers are responsible for selecting, managing and replacing the underlying loans within a CLO. CLO managers may have limited operating histories, may be subject to conflicts of interests, including managing the assets of other clients or other investment vehicles, or receiving fees that incentivize maximizing the yield, and indirectly the risk, of a CLO. Adverse developments with respect to a CLO manager, such as personnel and resource constraints, regulatory issues or other developments that may impact the ability and/or performance of the CLO manager, may adversely impact the performance of the CLO securities in which the Fund invests. This risk may be more pronounced given the Fund’s investments in private credit CLOs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_z5noiigPK8il"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MiddleMarketLoanRiskMember_zWZe3JFWVWL3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Middle Market Loan Risk. </i></b>Investment in middle market companies involves a number of significant risks. Generally, little public information exists about these companies, and the Fund is required to rely on the ability of the Sub-Adviser’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If the Sub-Adviser is unable to uncover all material information about these companies, it may not be able to make a fully informed investment decision, and the Fund may lose money on is investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zxqNxnSGa17e"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--BroadlySyndicatedBankLoansRiskMember_zOhsgOsUEMpd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Broadly Syndicated Bank Loans Risk</i>. </b>The Fund may invest directly or indirectly in broadly syndicated bank loans. Broadly syndicated bank loans (“BSLs”) are typically originated and structured by banks on behalf of large corporate borrowers. The proceeds of BSLs are often used for leveraged buyout transactions, mergers and acquisitions, recapitalizations, refinancings, and financing capital expenditures. BSLs are typically distributed by the arranging bank to a diverse group of investors primarily consisting of: CLOs; senior secured loan and high yield bond mutual funds; closed-end funds, hedge funds, banks, and insurance companies; and finance companies. A borrower must comply with various covenants contained in a loan agreement or note purchase agreement between the borrower and the holders of the broadly syndicated loan. Investments in BSLs may expose the Fund to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation. Fluctuations in the market price of securities may affect the value of the BSL’s investments and may increase the risks inherent in such investments. The ability to sell the investments in the market may depend on demand, which may be impracticable or impossible in certain market environments. Despite diversification, high concentration may arise in certain markets. Problems may be encountered in the valuation or sale of certain investments, and in some cases, investments may have to be sold below their value. Some investments may involve assets which are exposed to high market, credit and liquidity risks (including the risk of insolvency or bankruptcy of the borrower). Investments may be leveraged at the level of the investment (e.g., by margin borrowing or otherwise). If the capital gains on the investments acquired with leverage are greater than the interest on the loans, the investment’s assets will increase faster than if no leverage had been used. In the event of price falls, this leverage is outweighed by a more rapid decline in the investment’s assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zapqvMyfYHTl"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zM1ZQiAJ6Eea" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Derivatives Risk. </i></b>Derivatives, such as swaps, forwards, and futures, involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage because leverage can exaggerate the effect of any increase or decrease in the value of securities and other instruments held by the Fund. Derivatives entail the risk that the counterparty will default on its payment obligations. Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zYzOWD2HpNEc"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zNNCipqaPoek" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Risk</i>.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level. For instance, actual or threatened events such as war, acts of terrorism, social unrest, supply chain disruptions, the spread of infectious illness or other public health issues, recessions, the advent of significant inflation, imposition of sanctions and other similar measures, including the imposition of tariffs, or other U.S. economic policies, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zufgaeHpKevi"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zZlhjNa3IMhk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Interest Rate Risk</i>.</b> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. The U.S. government and the U.S. Federal Reserve, as well as certain foreign governments and central banks, have from time to time taken steps to support financial markets. The U.S. government and the U.S. Federal Reserve may, conversely, reduce market support activities, including by taking action intended to increase certain interest rates. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Changes in government activities in this regard, such as changes in interest rate policy, can negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zvz969mxIru5"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewlyIssuedSecuritiesRiskMember_z9WlVa2pHG7f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Newly Issued Securities Risk. </i></b>The credit obligations in which the Fund invests may include newly issued securities, or “new issues,” such as initial debt offerings. New issues may have a magnified impact on the performance of the Fund during periods in which it has a small asset base. The impact of new issues on the Fund’s performance likely will decrease as the Fund’s asset size increases, which could reduce the Fund’s returns. New issues may not be consistently available to the Fund for investing, particularly as the Fund’s asset base grows. Certain new issues, such as initial debt offerings, may be volatile in price due to the absence of a prior trading market, limited quantities available for trading and limited information about the issuer. The Fund may hold new issues for a short period of time. This may increase the Fund’s portfolio turnover and may lead to increased expenses for the Fund, such as transaction costs. In addition, new issues can experience an immediate drop in value after issuance if the demand for the securities does not continue to support the offering price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zxScCCatbWB6"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExtendedSettlementRiskMember_z0xepVu6jEVc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Extended Settlement Risk. </i></b>Newly issued CLOs purchased in the primary market typically experience delayed or extended settlement periods. In the period following such a purchase and prior to settlement these CLOs may be considered less liquid than similar CLOs available in the secondary market. In such circumstances the Fund bears a risk of loss if the value of the CLO declines before the settlement date or if the Fund is required to sell the CLO prior to settlement. There is also the risk that the security will not be issued or that the counterparty will not meet its obligation, resulting in a loss of the investment opportunity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zNycosq292f"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentFocusRiskMember_zFbUdUMj4wt5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investment Focus Risk. </i></b>Because the Fund invests primarily in CLOs it is susceptible to an increased risk of loss due to adverse occurrences in the CLO market, generally, and in the various markets impacting the portfolios of loans underling these CLOs. The Fund’s CLO investment focus may cause the Fund to perform differently than the overall financial market and the Fund’s performance may be more volatile than if the Fund’s investments were more diversified across financial instruments and or markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zYkHUZCk9uD2"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignExposureRiskMember_z1jmJvMd4b3c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign Exposure Risk. </i></b>The Fund may have exposure to foreign markets as a result of its investments in foreign securities and securities denominated in foreign currencies. As a result, its returns and NAV may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio. To the extent the Fund invests in foreign debt securities, such investments are sensitive to changes in interest rates. The Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zHtoJIOMxjBl"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zY11rFpQ5Uni" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation Risk</i></b>. Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money (i.e., as inflation increases, the values of the Fund’s assets can decline). Inflation poses a “stealth” threat to investors because it reduces savings and investment returns. Central banks, such as the U.S. Federal Reserve, generally attempt to control inflation by regulating the pace of economic activity. They typically attempt to affect economic activity by raising and lowering short-term interest rates. At times, governments may attempt to manage inflation through fiscal policy, such as by raising taxes or reducing spending, thereby reducing economic activity; conversely, governments can attempt to combat deflation with tax cuts and increased spending designed to stimulate economic activity. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments with longer maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zPWGBO53qwLf"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zjSy3GEbqHsd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash Transaction Risk.</i></b> Unlike other ETFs, the Fund expects to effect its creations and redemptions at least partially for cash, rather than wholly for in-kind securities, because of the nature of the Fund’s investments. Therefore, it may be required to sell portfolio securities and subsequently incur brokerage costs and/or recognize gains or losses on such sales that the Fund might not have recognized if it were to distribute portfolio securities in kind. As such, investments in the Fund’s shares may be less tax-efficient than an investment in a conventional ETF. In addition, Creation Unit redemptions for cash may cause the Fund to incur portfolio transaction fees or charges it would not otherwise incur with an in-kind redemption, to the extent such fees or charges are not offset by the redemption transaction fee paid by Authorized Participants (“APs”). In addition, the Fund’s use of cash transactions may result in wider bid-ask spreads in Fund shares trading in the secondary market as compared to ETFs that transact exclusively on an in-kind basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zyNAMq7TQg61"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_z45VL5eHPWeh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market Trading Risk</i>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zis64D2CeT0f"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_zmYGA20QU72h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset Class Risk.</i></b> Securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_z43auXS8VEKd"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_zf86pDfcvmi2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Limited History of Operations Risk.</i></b> The Fund has a limited history of operations for investors to evaluate. Accordingly, the Fund may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If the Fund fails to achieve sufficient scale, it may be liquidated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zS2FTEHibiQh"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zz4P1SRndW2l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuer Risk</i>.</b> The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zlAwqIXKs58k"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zYQhTmLu85Kb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-Diversification Risk. </i></b><span id="xdx_90A_eoef--RiskTextBlock_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zQPzmNeSzXS2">The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is subject to a higher degree of risk associated with and developments affecting that issuer than a fund that invests more widely.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zBsutMUo9Jz3"></span></div> The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer than if it were a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer, the Fund is subject to a higher degree of risk associated with and developments affecting that issuer than a fund that invests more widely. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantConcentrationRiskMember_zqasrW3qh9i8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized Participant Concentration Risk.</i></b> An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (<i>i.e.,</i> on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zdFqHe3iLGe9"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zPmmDi2VDy03" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management Risk</i>.</b> The Fund is subject to management risk because it is an actively-managed ETF. The Sub-Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. See also “Management—Manager of Managers Structure.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zGhef1Lu9KT3"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zhzc3FrZdaGi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Portfolio Turnover Risk.</i></b> High portfolio turnover (considered by the Fund to mean higher than 100% annually) may result in increased transaction costs to the Fund or an Underlying Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_z7sbKBva8Xe5"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zXFYa3yD0vOa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operational Risk</i>.</b> An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The rapid development and increasingly widespread use of artificial intelligence in the financial services industry, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. The occurrence of any of these failures, errors or breaches could result in investment losses to the Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund and BIM seek to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zk139yHO1ti1"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zdJ4y4pseHse" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Valuation Risk</i>.</b> The price the Fund could receive upon the sale 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 as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund’s shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by a lack of current market prices, technological issues or errors by pricing services or other third-party service providers. See also “Debt Securities Risk—Valuation Risk.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_z08qlrGvyHr9"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zD0892Rf5uR" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"><b><i>Cybersecurity Risk</i>.</b> Failures or breaches of the electronic or computer systems of the Fund, BIM, distributor, and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of its service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; -sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundAndOtherRegisteredInvestmentCompanyRiskMember_zNZRJ23J1UY4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b><i>Exchange-Traded Fund and Other Registered Investment Company Risk.</i></b> The Fund may invest in shares of other registered investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another registered investment company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio. Certain ETFs traded on exchanges may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderAndLargeScaleRedemptionRiskMember_z2aHJVayYqqi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Large Shareholder and Large-Scale Redemption Risk. </i></b>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 its 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. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. 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</span><span style="font-family: DengXian">’</span><span style="font-family: Times New Roman, Times, Serif">s brokerage costs and/or have a material effect on the market price of the Shares. In addition, large purchases of Fund shares may adversely affect the Fund</span><span style="font-family: DengXian">’</span><span style="font-family: Times New Roman, Times, Serif">s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.</span></p> Performance Information <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zddZPH7J8st6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member_zwWVwIO2Tvwi">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index.</span> <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member_z9fsmPhR0p6i">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member_z9hSBKghe1d5">www.bondbloxxetf.com</span> or by calling <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member_zgTRJ4xu7xN3">(800) 896-5089</span> (toll free).</span></p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s shares for each full calendar year since the Fund’s inception. The table below shows how the average annual total returns of the Fund’s shares for the periods shown compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.bondbloxxetf.com (800) 896-5089 Annual Total Returns (%) as of December 31, 2025 <p id="xdx_A83_eoef--BarChartTableTextBlock_zRS05cvsW4Me" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="pcmm_001.jpg" style="height: 240px; width: 400px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zginNI8Bcsfl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Years</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Returns<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 2025</span></td> <td id="xdx_98A_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000255313Member_z2XusJqI1HDb" style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center">6.10%<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 0.0610 <p id="xdx_A8F_eoef--BarChartClosingTextBlock_zHYDNVwRiGcg" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the periods shown above, the highest and lowest quarterly returns earned by the Fund’s shares were:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member_zW7b9ELgyQPl">Highest</span>:</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><span id="xdx_902_eoef--BarChartHighestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member_zw6RWkwsPdgd">1.88%</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Quarter ended: <span id="xdx_90B_eoef--BarChartHighestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member_z3mGFk1P7Kl5">9/30/2025</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member_zG1dDNugZyGl">Lowest</span>:</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member_zy1OHky4Vmbj">1.12%</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Quarter ended: <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member_zW9nwuQdaY6g">12/31/2025</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The <span id="xdx_904_eoef--YearToDateReturnLabel_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member_zyLD3VotbJaj">year-to-date total return</span> for the Fund as of <span id="xdx_90E_eoef--BarChartYearToDateReturnDate_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member_zeheI8J9Ax5c">December 31, 2025</span> was <span id="xdx_902_eoef--BarChartYearToDateReturn_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member_zYKOeopsShZb">6.10%</span>.</span></p> Highest 0.0188 2025-09-30 Lowest 0.0112 2025-12-31 year-to-date total return 2025-12-31 0.0610 AVERAGE ANNUAL TOTAL RETURNS (for the period ended December 31, 2025)   <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zF8qAtRDggFe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zM5gIZciCRR" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: bottom; text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_49B_20250101__20251231_zhIob95XWiKf" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_492_20241202__20251231_zQuaZLQJslV3" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Since Inception<br/> (<span id="xdx_90B_eoef--PerfInceptionDate_c20260227__20260227__oef--ClassAxis__custom--C000255313Member_zw2D5ljuhwqe">12/02/2024</span>)</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000255313Member_zsxBBv7nViH4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6.10</td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">6.56</td> <td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000255313Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zuAbfiYf4Cjh" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.12</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.78</td> <td style="text-align: left">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000255313Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zZ5sKEHikbw8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes and Sale of Fund Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.56</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3.82</td> <td style="text-align: left">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000255313Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_z50RKe9nIdOi" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bloomberg US Aggregate Bond Index<br/> <i>(<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260227__20260227__dei--LegalEntityAxis__custom--S000088915Member_zujTr65Hgklk">reflects no deduction for fees, expenses, or taxes</span>)</i></span></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5.06</td> <td style="text-align: left">%</td></tr> </table> 2024-12-02 0.0610 0.0656 0.0312 0.0378 0.0356 0.0382 reflects no deduction for fees, expenses, or taxes 0.0730 0.0506 The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The Fund may incur “Acquired (Underlying) Fund Fees and Expenses.” Acquired (Underlying) 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 operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. The Acquired (Underlying) Fund Fees and Expenses are based on estimated amounts for the current fiscal year. BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) has contractually agreed to waive fees and/or reimburse operating expenses (other than interest, brokerage, taxes, extraordinary expenses and non-affiliated acquired fund fees and expenses) so that the ratio of the Fund’s net total annual operating expenses will not exceed 0.55% through the anniversary of the listing date of the Fund in 2027. The contractual fee waiver may be terminated prior to the anniversary of the listing date of the Fund in 2027 only upon written agreement of the Trust and BIM. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, 12b-1 fees, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, 12b-1 fees, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, 12b-1 fees, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser”) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, 12b-1 fees, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses. Other Expenses are based on estimated amounts for the current fiscal year. The investment advisory agreement between BondBloxx ETF Trust (the “Trust”) and BondBloxx Investment Management Corporation (“BIM” or the “Adviser) (the “Investment Advisory Agreement”) provides that BIM will pay all operating expenses of the Fund, except the management fees, interest expenses, taxes, acquired fund fees and expenses, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or expenses, litigation expenses and any extraordinary expenses.