We demonstrate a versatile, state-dependent trapping scheme for the ground and first excited rotational states of ^{23}Na^{40}K molecules. Close to the rotational manifold of a narrow electronic transition, we determine tune-out frequencies where the polarizability of one state vanishes while the other remains finite, and a magic frequency where both states experience equal polarizability. The proximity of these frequencies of only 10 GHz allows for dynamic switching between different trap configurations in a single experiment, while still maintaining sufficiently low scattering rates.