# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001752724-25-157836
**Filing Date:** 2025-6
**Character Count:** 29802
**Document Hash:** 6d83685ea711ce238b0e94959e1e9496
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-157836.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-157836

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 251076903

**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 BBB-B CLO Active ETF (Series ID: S000089141)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255648 | iShares BBB-B CLO Active ETF |  |

## Nport-Ex

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock ETF Trust II** |
| • iShares BBB-B CLO Active ETF \| BCLO \| NASDAQ |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Schedule of Investments (unaudited)

April 30, 2025

**iShares BBB-B CLO Active ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| &nbsp;&nbsp;&nbsp; 720 East CLO Ltd., 7.17%, 01/20/38, <br> (3-mo. CME Term SOFR + 2.900%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; $1250 | $1244187 |
| &nbsp;&nbsp;&nbsp; AIMCO CLO 18 Ltd., 7.12%, 07/20/37, <br> (3-mo. CME Term SOFR + 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 1965275 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO 28 Ltd., 7.13%, 01/20/38, <br> (3-mo. CME Term SOFR + 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 1965973 |
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd., 8.76%, 10/15/36, <br> (3-mo. CME Term SOFR + 4.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2250 | 2264553 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO 11 Ltd., 7.45%, 01/22/38, <br> (3-mo. CME Term SOFR + 3.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2500 | 2423281 |
| &nbsp;&nbsp;&nbsp; Birch Grove CLO 6 Ltd., 10.10%, 07/20/35, <br> (3-mo. CME Term SOFR + 5.830%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 2013624 |
| &nbsp;&nbsp;&nbsp; Bryant Park Funding Ltd., 9.29%, 04/15/38, <br> (3-mo. CME Term SOFR + 5.000%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1000 | 927859 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO V Ltd., 8.52%, 10/20/37, <br> (3-mo. CME Term SOFR + 4.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 1999919 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 10 Ltd., <br> 7.37%, 10/20/37, <br> (3-mo. CME Term SOFR + 3.100%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 3050 | 2943392 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 74 B Ltd., 7.48%, 07/25/37, <br> (3-mo. CME Term SOFR + 3.200%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 1938598 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 76 B Ltd., 10.03%, <br> 10/25/37, (3-mo. CME Term SOFR + 5.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 650 | 642442 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXVII Ltd., 8.01%, 04/15/37, <br> (3-mo. CME Term SOFR + 3.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 2007578 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Eaton Vance CLO Ltd., 9.77%, <br> 07/20/36, (3-mo. CME Term SOFR + 5.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 2013089 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 44 Ltd., 6.91%, <br> 10/16/35, (3-mo. CME Term SOFR + 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 1959113 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 46 Ltd., 6.92%, <br> 01/20/37, (3-mo. CME Term SOFR + 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 1984144 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 59 Ltd., 8.10%, <br> 01/23/39, (3-mo. CME Term SOFR + 3.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1650 | 1663969 |
| &nbsp;&nbsp;&nbsp; New Mountain CLO 4 Ltd., 9.77%, 04/20/36, <br> (3-mo. CME Term SOFR + 5.500%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1000 | 1000000 |
| &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., 12.74%, 04/15/36, <br> (3-mo. CME Term SOFR + 8.480%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1800 | 1800000 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 11 Ltd., 7.12%, 07/19/37, <br> (3-mo. CME Term SOFR + 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 550 | 535755 |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding 2 Ltd., 6.97%, 01/21/38, <br> (3-mo. CME Term SOFR + 2.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 1965427 |
| &nbsp;&nbsp;&nbsp; OHA Credit Partners XIV Ltd., 7.12%, 07/21/37, <br> (3-mo. CME Term SOFR + 2.850%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 4000 | 3930717 |
| Palmer Square CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08%, 05/21/34, <br> (3-mo. CME Term SOFR + 2.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 1974050 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Par* <br>*(000*<br> *)*<br>| *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.92%, 01/20/38, <br> (3-mo. CME Term SOFR + 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; $2000 | $1963920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.98%, 01/15/38, <br> (3-mo. CME Term SOFR + 2.650%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 1967397 |
| &nbsp;&nbsp;&nbsp; Pikes Peak CLO 6, 8.92%, 05/18/34, <br> (3-mo. CME Term SOFR + 4.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1000 | 936542 |
| &nbsp;&nbsp;&nbsp; RAD CLO 28 Ltd., 7.06%, 04/20/38, <br> (3-mo. CME Term SOFR + 2.800%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 1970871 |
| &nbsp;&nbsp;&nbsp; Regatta VIII Funding Ltd., 7.98%, 04/17/37, <br> (3-mo. CME Term SOFR + 3.700%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1000 | 1003663 |
| &nbsp;&nbsp;&nbsp; RR 28 Ltd., 8.71%, 04/15/37, <br> (3-mo. CME Term SOFR + 4.450%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1950 | 1962297 |
| &nbsp;&nbsp;&nbsp; Sandstone Peak III Ltd., 9.53%, 04/25/37, <br> (3-mo. CME Term SOFR + 5.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1500 | 1509158 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXXIII Ltd., 6.88%, 01/24/38, <br> (3-mo. CME Term SOFR + 2.600%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 1961020 |
| &nbsp;&nbsp;&nbsp; Wellington Management CLO 3 Ltd., 10.02%, 07/18/37, <br> (3-mo. CME Term SOFR + 5.750%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 500 | 491505 |
| &nbsp;&nbsp;&nbsp; Whitebox CLO I Ltd., 8.53%, 07/24/36, <br> (3-mo. CME Term SOFR + 4.250%)<sup>(a)(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2000 | 2002086 |
| **Total Long-Term Investments — 96.7%** <br>**(Cost: $58,639,250)** | **Total Long-Term Investments — 96.7%** <br>**(Cost: $58,639,250)** | 56931404 |
|  | &nbsp;&nbsp; *Shares* |  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.6%** | **Money Market Funds — 2.6%** | **Money Market Funds — 2.6%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 1520000 | 1520000 |
| **Total Short-Term Securities — 2.6%** <br>**(Cost: $1,520,000)** | **Total Short-Term Securities — 2.6%** <br>**(Cost: $1,520,000)** | 1520000 |
| **Total Investments — 99.3%** <br>**(Cost: $60,159,250)** | **Total Investments — 99.3%** <br>**(Cost: $60,159,250)** | 58451404 |
| **Other Assets Less Liabilities — 0.7%** | **Other Assets Less Liabilities — 0.7%** | 396863 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $58848267 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**iShares BBB-B CLO Active ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*01/29/25*<sup>(a)</sup> <br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $— | &nbsp;&nbsp; $1520000 <br><sup>(b)</sup><br>| $— | $— | $— | $1520000 | 1520000 | $13390 | $— |
| iShares AAA CLO Active ETF<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2495520 | &nbsp;&nbsp; (2491611)<br>| (3909)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; 11702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  | $(3909) | $— | $1520000 |  | $25092 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> As of period end, the entity is no longer held.

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56931404 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56931404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1520000 |
|  | &nbsp;&nbsp; $1520000 | &nbsp;&nbsp; $56931404 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $58451404 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| CLO | Collateralized Loan Obligation |
| SOFR | Secured Overnight Financing Rate |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock ETF Trust II

- **b. Investment Company Act file number:** 811-23511

- **c. CIK number of Registrant:** 0001804196

- **d. LEI of Registrant:** 549300PLJCTZLQ2LE832

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 BELLEVUE PARKWAY

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** iShares BBB-B CLO Active ETF

- **b. EDGAR series identifier (if any):** S000089141

- **c. LEI of Series:** 52990036JB8ZZNY5F960

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $58869725.61

**Total Liabilities:** $21611.30

**Net Assets:** $58848114.31

**Cash Not Reported:** $5890.04

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 18948.52000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 1523.37000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255648 | 0.48%                | -0.64%               | -0.52%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-12525.83               | $-278743.31                                |
| Month 2  | $-2980.12                | $-750256.47                                |
| Month 3  | $0.00                    | $-666264.29                                |

### Schedule of Portfolio Investments

| Name                                           | Title                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Oak Hill Credit                                | OHA Credit Funding 2 LTD                         | CUSIP: 67707ECA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1965427.40   | 3.34%             | 2038-01-21      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                           | Birch Grove Clo 11 Ltd                           | CUSIP: 09077YAJ3<br>LEI: 2549009HQHT8KMO8YJ79 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2423281.00   | 4.12%             | 2038-01-22      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| New Mountain CLO Ltd                           | New Mountain CLO 4 Ltd                           | CUSIP: 64754JAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   1000000 | PA      | $1000000.00   | 1.70%             | 2036-04-20      | Floating      | 9.77%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                 | Barings CLO Ltd 2023-III                         | CUSIP: 067932AJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2264552.78   | 3.85%             | 2036-10-15      | Floating      | 8.76%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO I Ltd                             | Whitebox Clo I Ltd                               | CUSIP: 96467FBE9<br>LEI: 549300E4AC0513DYO913 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2002085.80   | 3.40%             | 2036-07-24      | Floating      | 8.53%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                | OHA Credit Funding 11 Ltd                        | CUSIP: 67115VAW2<br>LEI: 2549002MG7GTTY5LHR97 | Long             | ABS-CBDO         | CORP              | BM        |    550000 | PA      | $535755.00    | 0.91%             | 2037-07-19      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                       | Neuberger Berman Loan Advisers Clo 44 Ltd        | CUSIP: 64133VAQ0<br>LEI: 549300HMTDFWN3B2DI35 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1959113.00   | 3.33%             | 2035-10-16      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                          | Palmer Square CLO 2023-1 Ltd                     | CUSIP: 69702TAS1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1963919.80   | 3.34%             | 2038-01-20      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                | OHA Credit Partners XIV Ltd                      | CUSIP: 67706XAY9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3930716.80   | 6.68%             | 2037-07-21      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                | Golub Capital Partners CLO 74 B Ltd              | CUSIP: 38190BAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   2000000 | PA      | $1938598.20   | 3.29%             | 2037-07-25      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                          | Palmer Square CLO 2015-1 Ltd                     | CUSIP: 69689ACC2<br>LEI: 5493006ZPBFJJGSXB826 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1974050.20   | 3.35%             | 2034-05-21      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                       | Neuberger Berman Loan Advisers CLO 59 Ltd        | CUSIP: 640962AL0<br>LEI: 254900ERHU6RJHYSL744 | Long             | ABS-CBDO         | CORP              | KY        |   1650000 | PA      | $1663968.57   | 2.83%             | 2039-01-23      | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                    | RAD CLO 28 Ltd                                   | CUSIP: 75009UAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1970870.60   | 3.35%             | 2038-04-20      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO V Ltd                              | Elmwood CLO V Ltd                                | CUSIP: 29003BAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1999919.00   | 3.40%             | 2037-10-20      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                        | Bryant Park Funding 2023-19 Ltd                  | CUSIP: 11765BAE7<br>LEI: 5493004CTFWJSWYD8564 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $927858.70    | 1.58%             | 2038-04-15      | Floating      | 9.29%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                          | Palmer Square CLO 2024-4 Ltd                     | CUSIP: 69703WAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1967397.00   | 3.34%             | 2038-01-15      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                         | RR 28 Ltd                                        | CUSIP: 74989NAG4<br>LEI: 254900ZSKVCYOXP11C98 | Long             | ABS-CBDO         | CORP              | KY        |   1950000 | PA      | $1962296.90   | 3.33%             | 2037-04-15      | Floating      | 8.71%                 | No            |                  2 | On Loan: No      |
| Sandstone Peak, Ltd                            | Sandstone Peak III Ltd                           | CUSIP: 799928AN6<br>LEI: 2549005C0PJHMYEI7U38 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1509158.40   | 2.56%             | 2037-04-25      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                  | Ballyrock CLO 28 Ltd                             | CUSIP: 05876HAJ1<br>LEI: 2549006FL37LMQQU3H44 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1965973.40   | 3.34%             | 2038-01-20      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| Wellington Management CLO                      | Wellington Management Clo 3 Ltd                  | CUSIP: 949574AA5<br>LEI: 2138007662K4YWZ79U31 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $491505.25    | 0.84%             | 2037-07-18      | Floating      | 10.02%                | No            |                  2 | On Loan: No      |
| Morgan Stanley Eaton Vance CLO Ltd             | Morgan Stanley Eaton Vance CLO 2023-19 Ltd       | CUSIP: 617934AJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2013089.20   | 3.42%             | 2036-07-20      | Floating      | 9.77%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                           | Birch Grove CLO 6 Ltd                            | CUSIP: 09077FAJ4<br>LEI: 254900HENKWLW4T9SW86 | Long             | ABS-CBDO         | CORP              | JE        |   2000000 | PA      | $2013623.60   | 3.42%             | 2035-07-20      | Floating      | 10.10%                | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                       | Neuberger Berman Loan Advisers CLO 46 Ltd        | CUSIP: 64134QAQ0<br>LEI: 549300LCOEVXWN75LP18 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1984143.80   | 3.37%             | 2037-01-20      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Aimco                                          | AIMCO CLO 18 Ltd                                 | CUSIP: 00889EAW5<br>LEI: 2549005IX0D6XDJNNS95 | Long             | ABS-CBDO         | CORP              | JE        |   2000000 | PA      | $1965275.20   | 3.34%             | 2037-07-20      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| 720 East CLO Ltd.                              | 720 East CLO 2022-I Ltd                          | CUSIP: 81785AAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1244187.50   | 2.11%             | 2038-01-20      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Regatta VIII Funding Ltd                       | Regatta VIII Funding Ltd                         | CUSIP: 75888KAU8<br>LEI: 2549002R0TTC87W9EH67 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003663.20   | 1.71%             | 2037-04-17      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                       | Madison Park Funding XXXVII Ltd                  | CUSIP: 55817EBC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2007577.60   | 3.41%             | 2037-04-15      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES | BlackRock Cash Funds: Treasury, SL Agency Shares | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |   1520000 | NS      | $1520000.00   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Pikes Peak CLO                                 | Pikes Peak CLO 6                                 | CUSIP: 72133BAC8<br>LEI: 635400BKNXKWEO3G2J74 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $936542.20    | 1.59%             | 2034-05-18      | Floating      | 8.92%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                | Oaktree CLO 2023-1 Ltd                           | CUSIP: 67389EAA7<br>LEI: 254900WZ1Z6PQ6U3P013 | Long             | ABS-CBDO         | CORP              | JE        |   1800000 | PA      | $1800000.00   | 3.06%             | 2036-04-15      | Floating      | 12.74%                | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                               | Symphony CLO XXXIII Ltd                          | CUSIP: 87169JAS1<br>LEI: 254900K6DKU2R9SF7M98 | Long             | ABS-CBDO         | CORP              | JE        |   2000000 | PA      | $1961019.60   | 3.33%             | 2038-01-24      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD         | Goldentree Loan Management US Clo 10 Ltd         | CUSIP: 38138TAY7<br>LEI: 5493007PBV0WMI12LF68 | Long             | ABS-CBDO         | CORP              | KY        |   3050000 | PA      | $2943392.13   | 5.00%             | 2037-10-20      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                | Golub Capital Partners CLO 76 B Ltd              | CUSIP: 38180CAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    650000 | PA      | $642441.80    | 1.09%             | 2037-10-25      | Floating      | 10.03%                | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** BlackRock ETF Trust II

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer