Rich Mathieson

1. Source: FactSet, as of 3/31/2026, market cap weight of top 10 constituents in S&P 500 Index. Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Fund’s prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.

|By Key points: A “winner-takes-all” world: Leadership across markets and the economy has become increasingly concentrated, with a narrow group of companies and consumers now driving a disproportionate share of profits and spending. AI warrants selectivity: The dominant AI theme behind that concentration has entered a more discerning phase, with divergence, disruption risk, and greater scrutiny of margins and costs increasing the importance of security selection over broad exposure.

When Dudi Miabok received his Master of Science in Business Administration from the Pamplin College of Business this spring, it marked the latest step in a journey shaped by perseverance, purpose, and a deep commitment to using education in service to others. That sense of purpose - central to Virginia Tech's motto, Ut Prosim (That I May Serve) - has defined Miabok's path from the start.