# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001193125-25-173418
**Filing Date:** 2025-8
**Character Count:** 18789
**Document Hash:** d0372c22d4b4265d4ed59e31f3209a58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-173418.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001193125-25-173418

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**EFFECTIVENESS DATE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock ETF Trust II
- **CENTRAL INDEX KEY:** 0001804196

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-236575
- **FILM NUMBER:** 251184320

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800 882 0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### iShares Securitized Income Active ETF (Series ID: S000092376)

---

|  |  |
|:---|:---|
| Class Name                            | Class ID   |
| iShares Securitized Income Active ETF | C000260348 |

---

## Series and Classes Contracts Data

### iShares Securitized Income Active ETF (Series ID: S000092376)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000260348 | iShares Securitized Income Active ETF |  |

?xml version='1.0' encoding='ASCII'? iShares Securitized Income Active ETF

------

#### BLACKROCK ETF TRUST II
iShares Securitized Income Active ETF

(the "Fund")

#### Supplement dated August 5, 2025 to the

#### Summary Prospectus, Prospectus

#### and Statement of Additional Information ("SAI") of the Fund,

#### each dated July 23, 2025

#### Effective immediately, the following changes are made to the Fund's Summary Prospectus, Prospectus and SAI, as applicable:
**The second paragraph of the section of the Summary Prospectus entitled "Principal Investment Strategies" and the second paragraph of the section of the Prospectus entitled "Additional Information on Principal Investment Strategies" are deleted in their entirety and replaced with the following:**

The Fund will concentrate its investments (i.e., invest at least 25% of its total assets) in non-agency mortgage-backed securities and may invest in other non-agency securities issued by banks and other financial institutions. Non-agency securities are not backed by the full faith and credit of the United States and do not involve sponsorship or guarantees by government agencies or enterprises. The non-agency mortgage-backed securities in which the Fund will invest may be rated below investment grade (commonly known as "junk bonds"), including distressed securities, or securities determined by Fund management to be of similar quality. For purposes of determining a bond's credit rating, split rated bonds will be considered to have the higher credit rating.

**The section of the Summary Prospectus entitled "Summary of Principal Risks" and the section of the Prospectus entitled "More Information About the Fund— A Further Discussion of Principal Risks" are amended to add the following as a principal risk of the Fund:**

• **Distressed Securities Risk** — Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**The section of the Summary Prospectus entitled "Summary of Principal Risks—Collateralized Loan Obligations Risk" and the section of the Prospectus entitled "More Information About the Fund—A Further Discussion of Principal Risks—Collateralized Loan Obligations Risk" are deleted in their entirety and replaced with the following:**

• **Collateralized Loan Obligations Risk.** The risks of investing in CLOs depend largely on the type of the collateral securities and the tranche of the CLO. In stressed market conditions, it is possible that even senior CLO debt tranches, such as those in which the Fund will invest, could experience losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and the disappearance of protecting tranches, market anticipation of defaults as well as investor aversion to CLO securities as an asset class. To the extent that the Fund invests in unrated CLO tranches, the Fund's ability to achieve its investment objective will be more dependent on Fund management's credit analysis than would be the case when the Fund invests in rated CLO tranches.

------

Further, interest on certain tranches of a CLO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments. Fund management may not be able to accurately predict how specific CLOs or the portfolio of underlying loans or bonds for such CLOs will perform based on financial models or react to changes or stresses in the market, including changes in interest rates.

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. Some unrated CLO securities may not have an active trading market or may be difficult to value. Additionally, when the Fund purchases a newly issued CLO security in the primary market (rather than from the secondary market), there often may be a delayed settlement period. As a result, the proceeds from the sale of CLO securities may not be readily available to make additional investments or to meet the Fund's redemption obligations. During a delayed settlement period, 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 CLO securities at a price and time the Fund deems advantageous may be impaired. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks and other lenders. CLO securities 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 security.

**The chart listing investments and investment strategies in the section of the Fund's SAI entitled "Investment Objective and Policies" is deleted in its entirety and replaced with the following:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Asset-Backed Securities** | X |
| &nbsp;&nbsp;&nbsp; **Asset-Based Securities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Precious Metal-Related Securities |  |
| &nbsp;&nbsp;&nbsp; **Borrowing and Leverage** | X |
| &nbsp;&nbsp;&nbsp; **Cash Management** | X |
| &nbsp;&nbsp;&nbsp; **Collateralized Debt Obligations** | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Bond Obligations | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | X |
| &nbsp;&nbsp;&nbsp; **Commercial Paper** | X |
| &nbsp;&nbsp;&nbsp; **Commodity-Linked Derivative Instruments and Hybrid Instruments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualifying Hybrid Instruments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hybrid Instruments Without Principal Protection |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Limitations on Leverage |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty Risk |  |
| &nbsp;&nbsp;&nbsp; **Convertible Securities** | X |
| &nbsp;&nbsp;&nbsp; **Corporate Loans** | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Direct Lending |  |
| &nbsp;&nbsp;&nbsp; **Credit Linked Securities** | X |
| &nbsp;&nbsp;&nbsp; **Cyber Security Issues** | X |
| &nbsp;&nbsp;&nbsp; **Debt Securities** | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Floating Rate and Variable Rate Securities | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Inflation-Indexed Bonds | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Grade Debt Obligations | X |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; <u>High Yield Investments ("Junk Bonds")</u> | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mezzanine Investments | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Pay-in-kind Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Supranational Entities | X |
| &nbsp;&nbsp;&nbsp; **Depositary Receipts (ADRs, EDRs and GDRs)** |  |
| &nbsp;&nbsp;&nbsp; **Derivatives** | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Hedging | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Speculation | X |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Risk Factors in Derivatives</u> | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Correlation Risk | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty Risk | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Risk | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency Risk | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illiquidity Risk | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leverage Risk | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Risk | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Risk | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Volatility Risk | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | X |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Swap Agreements</u> | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaps and Similar Instruments | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps, Floors and Caps | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps | X |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Options</u> | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options on Securities and Securities Indices | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call Options | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Put Options | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options on Government National Mortgage Association ("GNMA") Certificates | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options on Swaps ("Swaptions") | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLEX Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Foreign Exchange Transactions</u> | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spot Transactions and FX Forwards | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency Futures | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency Options | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency Swaps | X |
| &nbsp;&nbsp;&nbsp; **Distressed Securities** | X |
| &nbsp;&nbsp;&nbsp; **Environmental, Social and Governance ("ESG") Integration** | X |
| &nbsp;&nbsp;&nbsp; **Equity Securities** | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate-Related Securities | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities of Smaller or Emerging Growth Companies |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tracking Stocks |  |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Exchange-Traded Notes ("ETNs")** |  |
| &nbsp;&nbsp;&nbsp; **Foreign Investments** | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Investment Risks | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Market Risk | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Economy Risk | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency Risk and Exchange Risk | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Governmental Supervision and Regulation/Accounting Standards | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Certain Risks of Holding Fund Assets Outside the United States | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicly Available Information | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Settlement Risk | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding Tax Reclaims Risk | X |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Economic Trading Partners Risk | X |
| &nbsp;&nbsp;&nbsp; **Funding Agreements** |  |
| &nbsp;&nbsp;&nbsp; **Guarantees** | X |
| &nbsp;&nbsp;&nbsp; **Illiquid Investments** | X |
| &nbsp;&nbsp;&nbsp; **Index Funds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Flows; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tracking Error Risk |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell Indexes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI Indexes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FTSE Indexes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg Indexes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ICE BofA Indexes |  |
| &nbsp;&nbsp;&nbsp; **Indexed and Inverse Securities** | X |
| &nbsp;&nbsp;&nbsp; **Inflation Risk** | X |
| &nbsp;&nbsp;&nbsp; **Initial Public Offering ("IPO") Risk** |  |
| &nbsp;&nbsp;&nbsp; **Investment in Emerging Markets** | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Brady Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China Investments Risk |  |
| &nbsp;&nbsp;&nbsp; **Investment in Other Investment Companies** | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | X |
| &nbsp;&nbsp;&nbsp; **Issuer Insolvency Risk** | X |
| &nbsp;&nbsp;&nbsp; **Lease Obligations** | X |
| &nbsp;&nbsp;&nbsp; **Life Settlement Investments** |  |
| &nbsp;&nbsp;&nbsp; **Liquidity Risk Management** | X |
| &nbsp;&nbsp;&nbsp; **Master Limited Partnerships** |  |
| &nbsp;&nbsp;&nbsp; **Merger Transaction Risk** |  |
| &nbsp;&nbsp;&nbsp; **Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks** | X |
| &nbsp;&nbsp;&nbsp; **Money Market Securities** | X |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Mortgage-Related Securities** | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations ("CMOs") | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustable Rate Mortgage Securities | X |
| &nbsp;&nbsp;&nbsp;&nbsp; CMO Residuals | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Stripped Mortgage-Backed Securities | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Tiered Index Bonds | X |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA Commitments | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Dollar Rolls | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Interest Margin (NIM) Securities | X |
| &nbsp;&nbsp;&nbsp; **Municipal Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk Factors and Special Considerations Relating to Municipal Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Description of Municipal Bonds</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity Bonds ("PABs") |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moral Obligation Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Commercial Paper |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Lease Obligations |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yields |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Obligations ("VRDOs") |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions in Financial Futures Contracts on Municipal Indexes |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call Rights |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Interest Rate Swap Transactions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insured Municipal Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build America Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Municipal Investments |  |
| &nbsp;&nbsp;&nbsp; **Participation Notes** |  |
| &nbsp;&nbsp;&nbsp; **Portfolio Turnover Rates** | X |
| &nbsp;&nbsp;&nbsp; **Preferred Stock** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Preferred Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust Preferred Securities |  |
| &nbsp;&nbsp;&nbsp; **Proxy Voting Policies** | X |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Open-End Active and Fixed Income Index Fund Proxy Voting Policy</u> | X |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Active Investment Stewardship Climate and Decarbonization Stewardship Guidelines |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>Index Equity Fund Proxy Voting Policy</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Investment Stewardship Climate and Decarbonization Stewardship Guidelines |  |
| &nbsp;&nbsp;&nbsp; **Real Estate Investment Trusts ("REITs")** |  |
| &nbsp;&nbsp;&nbsp; **Recent Market Events** | X |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Reference Rate Replacement Risk** | X |
| &nbsp;&nbsp;&nbsp; **Repurchase Agreements and Purchase and Sale Contracts** | X |
| &nbsp;&nbsp;&nbsp; **Restricted Securities** | X |
| &nbsp;&nbsp;&nbsp; **Reverse Repurchase Agreements** | X |
| &nbsp;&nbsp;&nbsp; **Rights Offerings and Warrants to Purchase** |  |
| &nbsp;&nbsp;&nbsp; **Rule 144A Securities** | X |
| &nbsp;&nbsp;&nbsp; **Securities Lending** | X |
| &nbsp;&nbsp;&nbsp; **Short Sales** | X |
| &nbsp;&nbsp;&nbsp; **Special Purpose Acquisition Companies** |  |
| &nbsp;&nbsp;&nbsp; **Standby Commitment Agreements** | X |
| &nbsp;&nbsp;&nbsp; **Stripped Securities** | X |
| &nbsp;&nbsp;&nbsp; **Structured Notes** | X |
| &nbsp;&nbsp;&nbsp; **Taxability Risk** |  |
| &nbsp;&nbsp;&nbsp; **Temporary Defensive Measures** | X |
| &nbsp;&nbsp;&nbsp; **U.S. Government Obligations** | X |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | X |
| &nbsp;&nbsp;&nbsp; **U.S. Treasury Rolls** | X |
| &nbsp;&nbsp;&nbsp; **Utility Industries** |  |
| &nbsp;&nbsp;&nbsp; **When-Issued Securities, Delayed Delivery Securities and Forward Commitments** | X |
| &nbsp;&nbsp;&nbsp; **Yields and Ratings** | X |
| &nbsp;&nbsp;&nbsp; **Zero Coupon Securities** | X |

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#### Shareholders should retain this Supplement for future reference.
PRSAI-SECU-0825SUP