Established strategies with nearly $55 billion in combined assets¹

BlackRock has filed initial registration statements with the U.S. Securities and Exchange Commission to add ETF share classes to five active mutual funds. As ETFs have become a preferred vehicle for investors, the new share classes would provide another way to access BlackRock’s active investment strategies.

The filings cover:

• BlackRock High Yield Portfolio
• BlackRock Strategic Municipal Opportunities Fund
• BlackRock California Municipal Opportunities Fund
• BlackRock New York Municipal Opportunities Fund
• BlackRock Equity Dividend Fund

“Investors increasingly want to access investments through the vehicle that best fits their needs and preferences,” said Elise Terry, Co-Head of the Americas for Global Product Solutions and Head of Americas iShares at BlackRock.

“BlackRock brings together two capabilities that few firms can offer at scale: established active investment strategies and the ETF infrastructure to deliver them in an exchange-traded wrapper. The proposed share classes would give investors greater choice in how they access the same established portfolios, combining the flexibility and potential tax and cost efficiencies of an ETF with BlackRock’s investment expertise and long-term track records.”

If launched, each proposed ETF share class would trade on an exchange while investing in the same underlying portfolio as the mutual fund share classes. The structure would not create a separately managed strategy or require existing mutual fund shareholders to move their investments.

The proposed share classes would pair established active strategies across municipal bonds, high yield and equity dividend with the strength of the iShares platform. With more than two decades of ETF experience, iShares has the infrastructure and capital markets capabilities to operate ETFs at scale. Today, iShares is the third-largest active ETF issuer globally, with nearly $190 billion in assets.²

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | X: @blackrock | LinkedIn: www.linkedin.com/company/blackrock

About iShares

iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of more than 1,700 exchange traded funds (ETFs) and approximately $6.2 trillion in assets under management as of June 30, 2026, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this material. Any representation to the contrary is a criminal offense.

The information in this material is not complete and may be changed. These securities may not be sold until the registration statements filed with the Securities and Exchange Commission are effective. This material and the prospectus (or Statement of Additional Information) is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

Although a registration statement relating to the securities described herein has been filed with the Securities and Exchange Commission, that registration statement has not yet become effective. Consequently, the securities described herein are not available for sale and will not be available for sale, nor may offers to buy these securities be accepted, prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State. To view the registration statements, visit the SEC website.

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting www.blackrock.com. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

Actively managed funds do not seek to replicate the performance of a specified index, may have higher portfolio turnover, and may charge higher fees than index funds due to increased trading and research expenses. There is no guarantee that an active fund will meet its investment objective.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in the value of debt securities. Credit risk refers to the possibility that the debt issuer will not be able to make principal and interest payments.

Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable. There is no guarantee that any fund will pay dividends.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

© 2026 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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