# EDGAR Filing Document

**Accession Number:** 0001804196
**File Stem:** 0001193125-25-224548
**Filing Date:** 2025-9
**Character Count:** 189913
**Document Hash:** 674cc214b847e9e40cd787a3e3aad622
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-224548.hdr.sgml**: 20250930

**ACCESSION NUMBER**: 0001193125-25-224548

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250930

**DATE AS OF CHANGE**: 20250930

**EFFECTIVENESS DATE**: 20250930

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23511
- **FILM NUMBER:** 251358945

**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 Large Cap Moderate Buffer ETF (Series ID: S000080645)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000243161 | iShares Large Cap Moderate Buffer ETF |  |

### iShares Large Cap Deep Buffer ETF (Series ID: S000080646)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000243162 | iShares Large Cap Deep Buffer ETF |  |

?xml version='1.0' encoding='ASCII'? BlackRock ETF Trust II

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:

811-23511

Name of Fund:

BlackRock ETF Trust II

iShares Large Cap Deep Buffer ETF

iShares Large Cap Moderate Buffer ETF

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock ETF Trust II,

50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(800) 441-7762

Date of fiscal year end:

07/31/2025

Date of reporting period:

07/31/2025

Item 1 — Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith

![TSR - Blackrock Fund Logo](g23299images_28893.jpg)

### iShares Large Cap Moderate Buffer ETF

### IVVM \| Cboe BZX Exchange

#### Annual Shareholder Report — July 31, 2025

------

This annual shareholder report contains important information about iShares Large Cap Moderate Buffer ETF (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| iShares Large Cap Moderate Buffer ETF | $50(a) | 0.47%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup>

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 13.96%. 

* For the same period, the S&P 500<sup>®</sup> Index returned 16.33%. 

What contributed to performance?

The Fund accomplished its goal of delivering upside performance to the cap in line with the index, as well as protecting against the majority of the losses for the index during times of market weakness.

What detracted from performance?

As designed, the Fund underperformed during periods of strong equity returns and provided a measure of downside protection when equities moved lower in early 2025. The Fund used derivatives, such as options and futures contracts, during the period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: June 28, 2023 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g23299chartimages_10477034.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | |
|:---|:---|:---|
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 13.96% | 14.40% |
| S&P 500<sup>®</sup> Index | 16.33 | 21.09 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$108091373 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$371136 |
| Portfolio Turnover Rate | &nbsp;&nbsp;0% |

---

The inception date of the Fund was June 28, 2023.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of July 31, 2025)

 **Portfolio composition**

---

| | |
|:---|:---|
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets*  |
| Equity Funds | 99.8% |
| Purchased Put Options | 1.5% |
| Futures | 0.0 %(a) |
| Written Put Options | (0.7)% |
| Written Call Options | (0.9)% |
| Money Market Funds | 0.3% |
| Other assets, less liabilities | 0.0 (a) |

---

<sup><sup>(a)</sup></sup><sup>Rounds to less than 0.1%.</sup>

#### Material fund changes
This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

On July 11, 2025, the Fund's Board approved a change in the name of the Fund to iShares Large Cap Moderate Quarterly Laddered ETF. The investment objective of the Fund will change to seek to track the share price return of the iShares Core S&P 500 ETF (the "Underlying ETF") up to an approximate upside limit, while seeking to provide downside protection. In connection with the Fund's name change, the Fund's investment strategy will change to seek to obtain downside protection by employing a "laddered" strategy pursuant to which it buys and sells approximately three-month FLEX Options or other exchange-traded options with overlapping expiration dates. These changes are expected to become effective on or about October 1, 2025.

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g23299images_28891.jpg)

iShares Large Cap Moderate Buffer ETF

Annual Shareholder Report — July 31, 2025

IVVM-07/25-AR

![TSR - Blackrock Fund Logo](g23299images_28893.jpg)

### iShares Large Cap Deep Buffer ETF

### IVVB \| Cboe BZX Exchange

#### Annual Shareholder Report — July 31, 2025

------

This annual shareholder report contains important information about iShares Large Cap Deep Buffer ETF (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| iShares Large Cap Deep Buffer ETF | $50(a) | 0.48%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup>

How did the Fund perform last year?

* For the reporting period ended July 31, 2025, the Fund returned 9.78%. 

* For the same period, the S&P 500<sup>®</sup> Index returned 16.33%. 

What contributed to performance?

The Fund accomplished its goal of delivering upside performance to the cap in line with the index, as well as protecting against the majority of the losses for the index during times of market weakness.

What detracted from performance?

As designed, the Fund underperformed during periods of strong equity returns and provided a measure of downside protection when equities moved lower in early 2025. The Fund used derivatives, such as options and futures contracts, during the period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: June 28, 2023 through July 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g23299chartimages_10476990.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | |
|:---|:---|:---|
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 9.78% | 12.10% |
| S&P 500<sup>®</sup> Index | 16.33 | 21.09 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$235650295 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$728398 |
| Portfolio Turnover Rate | &nbsp;&nbsp;1% |

---

The inception date of the Fund was June 28, 2023.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of July 31, 2025)

 **Portfolio composition**

---

| | |
|:---|:---|
| *Asset Type* | &nbsp;&nbsp;*Percent of<br> Net Assets*  |
| Equity Funds | 100.0% |
| Purchased Put Options | 0.8% |
| Futures | 0.0 %(a) |
| Written Put Options | (0.2)% |
| Written Call Options | (0.9)% |
| Money Market Funds | 0.3% |
| Liabilities in excess of other assets | (0.0)(b) |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup> |
| <sup><sup>(b)</sup></sup> <sup>Rounds to greater than (0.1)%.</sup> |

---

#### Material fund changes
This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after July 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

On July 11, 2025, the Fund's Board approved a change in the name of the Fund to iShares Large Cap Deep Quarterly Laddered ETF. The investment objective of the Fund will change to seek to track the share price return of the iShares Core S&P 500 ETF (the "Underlying ETF") up to an approximate upside limit, while seeking to provide downside protection. In connection with the Fund's name change, the Fund's investment strategy will change to seek to obtain downside protection by employing a "laddered" strategy pursuant to which it buys and sells approximately three-month FLEX Options or other exchange-traded options with overlapping expiration dates. These changes are expected to become effective on or about October 1, 2025.

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g23299images_28891.jpg)

iShares Large Cap Deep Buffer ETF

Annual Shareholder Report — July 31, 2025

IVVB-07/25-AR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.  |

---

Item 3 – Audit Committee Financial Expert – The registrant's board of trustees (the "board of trustees"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Lorenzo A. Flores

Catherine A. Lynch

Arthur P. Steinmetz

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for the services rendered to the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Current</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Current</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Current</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u><br> <u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;iShares Large Cap Deep Buffer ETF | $13938 | $13433 | $0 | $0 | $10185 | $9700 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;iShares Large Cap Moderate Buffer ETF | $13938 | $13433 | $0 | $0 | $10185 | $9700 | $0 | $0 |

---

The following table presents fees billed by PwC that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or

#### 2

------

"BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

---

| | | |
|:---|:---|:---|
|  | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; (b) Audit-Related Fees<sup>1</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (c) Tax Fees<sup>2</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (d) All Other Fees<sup>3</sup> | $2149000 | $2149000 |

---

<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax

#### 3

------

Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Entity Name** | **Current Fiscal <br>Year End** | **Previous Fiscal <br>Year End** |
| &nbsp;&nbsp;&nbsp;iShares Large Cap Deep Buffer ETF | $10185 | $9700 |
| &nbsp;&nbsp;&nbsp;iShares Large Cap Moderate Buffer ETF | $10185 | $9700 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) – Not Applicable

Item 5 – Audit Committee of Listed Registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following individuals are members of the registrant's separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Lorenzo A. Flores

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Phillip Holloman

Catherine A. Lynch

Arthur P. Steinmetz

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

#### 4

------

---

| | |
|:---|:---|
| ![LOGO](g23299g42l24.jpg)  | **JULY 31, 2025** |

---

**2025 Annual Financial Statements**<br> **and Additional Information**<br>

#### BlackRock ETF Trust II
● iShares Large Cap Moderate Buffer ETF \| IVVM \| Cboe BZX Exchange ● iShares Large Cap Deep Buffer ETF \| IVVB \| Cboe BZX Exchange

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

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

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Schedules of Investments](#fin23299_1) | 3 |
|  [Statements of Assets and Liabilities](#fin23299_2) | 9 |
|  [Statements of Operations](#fin23299_3) | 10 |
|  [Statements of Changes in Net Assets](#fin23299_4) | 11 |
|  [Financial Highlights](#fin23299_5) | 12 |
|  [Notes to Financial Statements](#fin23299_6) | 14 |
|  [Report of Independent Registered Public Accounting Firm](#fin23299_7) | 21 |
|  [Important Tax Information](#fin23299_8) | 22 |
|  [Additional Information](#fin23299_9) | 23 |
|  [Disclosure of Investment Advisory Agreement](#fin23299_10) | 25 |
|  [Glossary of Terms Used in these Financial Statements](#fin23299_11) | 28 |
|  **Additional Information:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments (unaudited)](#fin23299_12) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities (unaudited)](#fin23299_13) | 36 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments<br> July 31, 2025 | **iShares**<sup>®</sup> **Large Cap Moderate Buffer ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Investment Companies** |  |  |
| **Equity Funds — 99.8%** |  |  |
|  iShares Core S&P 500 ETF<sup>(a)(b)</sup> | 169900 | $107869510 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $99,789,820)** | **Total Long-Term Investments — 99.8%<br>(Cost: $99,789,820)** | 107869510 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.3%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares,<br>4.30%<sup>(a)(c)</sup> | 308378 | 308378 |
|  **Total Short-Term Securities — 0.3%<br>(Cost: $308,378)** | **Total Short-Term Securities — 0.3%<br>(Cost: $308,378)** | 308378 |
|  **Options Purchased — 1.4%<br>(Cost: $2,755,074)** | **Options Purchased — 1.4%<br>(Cost: $2,755,074)** | 1563735 |
|  **Total Investments Before Options Written — 101.5%<br>(Cost: $102,853,272)** | **Total Investments Before Options Written — 101.5%<br>(Cost: $102,853,272)** | 109741623 |
|  **Options Written — (1.6)%<br>(Premiums Received: $(2455182))** | **Options Written — (1.6)%<br>(Premiums Received: $(2455182))** | (1705582) |
|  **Total Investments Net of Options Written — 99.9%<br>(Cost: $100,398,090)** | **Total Investments Net of Options Written — 99.9%<br>(Cost: $100,398,090)** | 108036041 |
|  **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 55332 |
|  **Net Assets — 100.0%** |  | $108091373 |

---

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

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 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>07/31/24 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net<br>Realized<br>Gain*<br> *(Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | Value at<br>07/31/25 | Shares<br>Held at<br>07/31/25 | Income | Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $361092 | $— | $(52714) <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $308378 | 308378 | $17487 | $— |
|  iShares Core S&P 500 ETF | 46160721 | 94113338 | (43532723) | 8368128 | 2760046 | 107869510 | 169900 | 1014815 |  |
|  |  |  |  | $8368128 | $2760046 | $108177888 |  | $1032302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000) | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini S&P 500 Index | 20 | 09/19/25 | $637 | $25429 |

---

S C H E D U L E O F I N V E S T M E N T S 3

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> July 31, 2025 | **iShares**<sup>®</sup> **Large Cap Moderate Buffer ETF** |

---

#### Exchange-Traded Options Purchased

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Exercise<br>Price | *Notional<br>Amount*<br> *(000)* | Value |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 1709 | 10/01/25 | USD 620.90 | USD 108,504 | $1563735 |

---

#### Exchange-Traded Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Exercise<br>Price | *Notional<br>Amount*<br> *(000)* | Value |
|  Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 1709 | 10/01/25 | USD 655.17 | USD 108,504 | $(938241) |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 1709 | 10/01/25 | USD 589.86 | USD 108,504 | (767341) |
|  |  |  |  |  | $(1705582) |

---

#### Balances Reported in the Statements of Assets and Liabilities for Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | *Options*<br> *Premiums*<br> *Paid* | *Options*<br> *Premiums<br>Received* | *Unrealized*<br> *Appreciation* | *Unrealized*<br> *Depreciation* | Value |
|  Options Written | $N/A | $(2455182) | $749600 | $– $| (1705582) |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $25429 | $— | $— | $— | $25429 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  | 1563735 |  |  |  | 1563735 |
|  | $— | $— | $1589164 | $— | $— | $— | $1589164 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value | $— | $— | $1705582 | $— | $— | $— | $1705582 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

<sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments.

4 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> July 31, 2025 | **iShares**<sup>®</sup> **Large Cap Moderate Buffer ETF** |

---

For the period ended July 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $46753 | $— | $— | $— | $46753 |
|  Options purchased<sup>(a)(b)</sup> |  |  | (3854004) |  |  |  | (3854004) |
|  Options written<sup>(a)</sup> |  |  | 2422878 |  |  |  | 2422878 |
|  | $— | $— | $(1384373) | $— | $— | $— | $(1384373) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $21321 | $— | $— | $— | $21321 |
|  Options purchased<sup>(c)</sup> |  |  | (1054223) |  |  |  | (1054223) |
|  Options written |  |  | 764565 |  |  |  | 764565 |
|  | $— | $— | $(268337) | $— | $— | $— | $(268337) |

---

<sup>(a)</sup> Includes activity from In-kind redemptions.

<sup>(b)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(c)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $684174.0 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | 1991124.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 1827153.0 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to 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;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $107869510 | $— | $— | $107869510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 308378 |  |  | 308378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 1563735 |  |  | 1563735 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109741623 | $&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109741623 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $25429 | $— | $— | $25429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (1705582) |  |  | (1705582) |
|  | $(1680153) | $— | $— | $(1680153) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts and options written. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 5

------

---

| | |
|:---|:---|
| Schedule of Investments <br> July 31, 2025 | **iShares**<sup>®</sup> **Large Cap Deep Buffer ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Investment Companies** |  |  |
| **Equity Funds — 100.0%** |  |  |
|  iShares Core S&P 500 ETF<sup>(a)(b)</sup> | 371100 | $235611390 |
|  **Total Long-Term Investments — 100.0%<br>(Cost: $212,418,155)** | **Total Long-Term Investments — 100.0%<br>(Cost: $212,418,155)** | 235611390 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.3%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.30%<sup>(a)(c)</sup> | 759341 | 759341 |
|  **Total Short-Term Securities — 0.3%<br>(Cost: $759,341)** | **Total Short-Term Securities — 0.3%<br>(Cost: $759,341)** | 759341 |
|  **Options Purchased — 0.8%<br>(Cost: $3,458,541)** | **Options Purchased — 0.8%<br>(Cost: $3,458,541)** | 1800871 |
|  **Total Investments Before Options Written — 101.1%<br>(Cost: $216,636,037)** | **Total Investments Before Options Written — 101.1%<br>(Cost: $216,636,037)** | 238171602 |
|  **Options Written — (1.1)%<br>(Premiums Received: $(2724106))** | **Options Written — (1.1)%<br>(Premiums Received: $(2724106))** | (2527358) |
|  **Total Investments Net of Options Written — 100.0%<br>(Cost: $213,911,931)** | **Total Investments Net of Options Written — 100.0%<br>(Cost: $213,911,931)** | 235644244 |
|  **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 6051 |
|  **Net Assets — 100.0%** |  | $235650295 |

---

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

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 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>07/31/24 | *Purchases*<br> *at Cost* | Proceeds<br>from Sales | *Net<br>Realized<br>Gain*<br> *(Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | Value at<br>07/31/25 | Shares<br>Held at<br>07/31/25 | Income | *Capital*<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $471240 | $288101 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $— | $759341 | 759341 | $27473 | $— |
|  iShares Core S&P 500 ETF | 65402424 | 261751199 | (124983218) | 16162647 | 17278338 | 235611390 | 371100 | 2341253 |  |
|  |  |  |  | $16162647 | $17278338 | $236370731 |  | $2368726 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount (000) | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini S&P 500 Index | 46 | 09/19/25 | $1466 | $62481 |

---

6 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> July 31, 2025 | **iShares**<sup>®</sup> **Large Cap Deep Buffer ETF** |

---

#### Exchange-Traded Options Purchased

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Exercise<br>Price | *Notional<br>Amount*<br> *(000)* | Value |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 3734 | 10/02/25 | USD 589.86 | USD 237,072 | $1800871 |

---

#### Exchange-Traded Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Exercise<br>Price | *Notional<br>Amount*<br> *(000)* | Value |
|  Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 3734 | 10/02/25 | USD 655.98 | USD 237,072 | $(2047763) |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 3734 | 10/02/25 | USD 496.72 | USD 237,072 | (479595) |
|  |  |  |  |  | $(2527358) |

---

#### Balances Reported in the Statements of Assets and Liabilities for Options Written

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | *Options*<br> *Premiums*<br> *Paid* | *Options*<br> *Premiums<br>Received* | Unrealized<br>Appreciation | *Unrealized*<br> *Depreciation* | Value |
|  Options Written | $N/A | $(2724106) | $210338 | $(13590) | $(2527358) |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $62481 | $— | $— | $— | $62481 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  | 1800871 |  |  |  | 1800871 |
|  | $— | $— | $1863352 | $— | $— | $— | $1863352 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value | $— | $— | $2527358 | $— | $— | $— | $2527358 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

<sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments.

S C H E D U L E O F I N V E S T M E N T S 7

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> July 31, 2025 | **iShares**<sup>®</sup> **Large Cap Deep Buffer ETF** |

---

For the period ended July 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $145948 | $— | $— | $— | $145948 |
|  Options purchased<sup>(a)(b)</sup> |  |  | (9887480) |  |  |  | (9887480) |
|  Options written<sup>(a)</sup> |  |  | (5104618) |  |  |  | (5104618) |
|  | $— | $— | $(14846150) | $— | $— | $— | $(14846150) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $57004 | $— | $— | $— | $57004 |
|  Options purchased<sup>(c)</sup> |  |  | (1591181) |  |  |  | (1591181) |
|  Options written |  |  | 254194 |  |  |  | 254194 |
|  | $— | $— | $(1279983) | $— | $— | $— | $(1279983) |

---

<sup>(a)</sup> Includes activity from In-kind redemptions.

<sup>(b)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(c)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $1141930 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | 2275462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 1957022 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to 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;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $235611390 | $&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;&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;&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;— | $235611390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 759341 |  |  | 759341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 1800871 |  |  | 1800871 |
|  | $238171602 | $— | $— | $238171602 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $62481 | $— | $— | $62481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (2527358) |  |  | (2527358) |
|  | $(2464877) | $— | $— | $(2464877) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts and options written. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

*See notes to financial statements.* 

8 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Statements of Assets and Liabilities

July 31, 2025

---

| | | |
|:---|:---|:---|
|  | iShares<br>Large Cap Moderate<br>Buffer ETF | iShares<br> Large Cap<br> Deep Buffer<br> ETF |
|  **ASSETS** |  |  |
|  Investments, at value — unaffiliated<sup>(a)</sup> | $1563735 | $1800871 |
|  Investments, at value — affiliated<sup>(b)</sup> | 108177888 | 236370731 |
|  Cash | 247 | 218 |
|  Cash pledged: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 48000 | 109000 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 19911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 1318227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 852 | 2581 |
|  Total assets | 111128860 | 238283401 |
|  **LIABILITIES** |  |  |
|  Options written, at value<sup>(c)</sup> | 1705582 | 2527358 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1288139 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 41566 | 100688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 2200 | 5060 |
|  Total liabilities | 3037487 | 2633106 |
|  **Commitments and contingent liabilities** |  |  |
|  NET ASSETS | $108091373 | $235650295 |
|  **NET ASSETS CONSIST OF:** |  |  |
|  Paid-in capital | $100121007 | $213412161 |
|  Accumulated earnings | 7970366 | 22238134 |
|  NET ASSETS | $108091373 | $235650295 |
|  **NET ASSET VALUE** |  |  |
|  Shares outstanding | 3280000 | 7480000 |
|  Net asset value | $32.95 | $31.50 |
|  Shares authorized | Unlimited | Unlimited |
|  Par value |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $2755074 | $3458541 |
|  <sup>(b) </sup>Investments, at cost — affiliated | $100098198 | $213177496 |
|  <sup>(c)</sup> Premiums received | $2455182 | $2724106 |

---

*See notes to financial statements.* 

S T A T E M E N T S OF A S S E T S A N D L I A B I L I T I E S 9

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Statements of Operations

Year Ended July 31, 2025

---

| | | |
|:---|:---|:---|
|  | iShares<br> Large Cap Moderate<br>Buffer ETF | iShares<br>Large Cap<br>Deep Buffer<br>ETF |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $1032302 | $2368726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 5672 | 5755 |
|  Total investment income | 1037974 | 2374481 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 395045 | 775285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 3575 | 9329 |
|  Total expenses | 398620 | 784614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (23909) | (46887) |
|  Total expenses after fees waived | 374711 | 737727 |
|  Net investment income | 663263 | 1636754 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 3541 | (32697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 26561 | 27453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 1330 | 10915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 46753 | 145948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup> | (1435997) | (14970316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(a)</sup> | 8341567 | 16135194 |
|  | 6983755 | 1316497 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (1054223) | (1591181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 2760046 | 17278338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 764565 | 254194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 21321 | 57004 |
|  | 2491709 | 15998355 |
|  Net realized and unrealized gain | 9475464 | 17314852 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $10138727 | $18951606 |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

10 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Large Cap Moderate Buffer<br>ETF | iShares Large Cap Moderate Buffer<br>ETF | iShares Large Cap Deep Buffer<br> ETF | iShares Large Cap Deep Buffer<br> ETF |
|  | Year Ended<br> 07/31/25 | Year Ended<br> 07/31/24 | Year Ended<br> 07/31/25 | Year Ended<br> 07/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $663263 | $122276 | $1636754 | $161619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6983755 | (1036860) | 1316497 | (727040) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2491709 | 4871554 | 15998355 | 5465678 |
|  Net increase in net assets resulting from operations | 10138727 | 3956970 | 18951606 | 4900257 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (523881) |  | (754426) |  |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 51921544 | 31270513 | 151454159 | 48704483 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 61536390 | 35227483 | 169651339 | 53604740 |
|  Beginning of year | 46554983 | 11327500 | 65998956 | 12394216 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108091373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46554983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235650295 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65998956 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 11

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Financial Highlights

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | iShares Large Cap Moderate Buffer ETF | iShares Large Cap Moderate Buffer ETF | iShares Large Cap Moderate Buffer ETF |
|  | Year Ended<br>07/31/25 | Year Ended<br>07/31/24 | Period From<br> 06/28/23to 07/31/23<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $29.10 | $25.74 | $25.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 0.26 | 0.13 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(c)</sup> | 3.78 | 3.23 | 0.72 |
|  Net increase from investment operations | 4.04 | 3.36 | 0.71 |
|  **Distributions<sup>(d)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.18) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.01) |  |  |
|  Total distributions | (0.19) |  |  |
|  **Net asset value, end of period** | $32.95 | $29.10 | $25.74 |
|  **Total Return<sup>(e)</sup>** |  |  |  |
|  Based on net asset value | 13.96% | 13.02% | 2.84 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |
|  Total expenses | 0.50% | 0.51% | 0.50 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.47% | 0.48% | 0.50 %<sup>(h)</sup> |
|  Net investment income (loss) | 0.84% | 0.46% | (0.48)%<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11328 |
|  Portfolio turnover rate | 0 %<sup>(i)(j)</sup> | 0 %<sup>(i)</sup> | 0% |

---

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

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(j)</sup> Rounds to less than 0.5%. 

*See notes to financial statements.* 

12 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | iShares Large Cap Deep Buffer ETF | iShares Large Cap Deep Buffer ETF | iShares Large Cap Deep Buffer ETF |
|  | Year Ended<br>07/31/25 | Year Ended<br>07/31/24 | Period From<br> 06/28/23to 07/31/23<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $28.95 | $25.82 | $25.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 0.32 | 0.12 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain<sup>(c)</sup> | 2.50 | 3.01 | 0.80 |
|  Net increase from investment operations | 2.82 | 3.13 | 0.79 |
|  Distributions from net investment income<sup>(d)</sup> | (0.27) |  |  |
|  **Net asset value, end of period** | $31.50 | $28.95 | $25.82 |
|  **Total Return<sup>(e)</sup>** |  |  |  |
|  Based on net asset value | 9.78% | 12.10% | 3.16 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |
|  Total expenses | 0.51% | 0.51% | 0.50 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.48% | 0.49% | 0.50 %<sup>(h)</sup> |
|  Total expenses after fees waived and excluding interest expense | 0.47% | 0.49% | 0.50 %<sup>(h)</sup> |
|  Net investment income (loss) | 1.06% | 0.46% | (0.48)%<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65999 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12394 |
|  Portfolio turnover rate | 1 %<sup>(i)</sup> | 0 %<sup>(i)(j)</sup> | 0% |

---

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

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(j)</sup> Rounds to less than 0.5%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 13

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Notes to Financial Statements

*1. ORGANIZATION* 

BlackRock ETF Trust II (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | | |
|:---|:---|:---|
| Fund Name | Herein Referred To As | Diversification<br>Classification |
|  iShares Large Cap Moderate Buffer ETF | Large Cap Moderate Buffer | Non-Diversified |
|  iShares Large Cap Deep Buffer ETF<br>| Large Cap Deep Buffer | Non-Diversified |

---

Each Fund seeks to achieve its investment objective by investing primarily in iShares Core S&P 500 ETF ("Core S&P 500"). The unaudited Schedule of Investments and Statement of Assets and Liabilities as of July 31, 2025 for Core S&P 500 are included elsewhere in this report and should be read in conjunction with the Funds' financial statements. Core S&P 500's audited financial statements as of March 31, 2025 are available, without charge, on the U.S. Securities and Exchange Commission's ("SEC") website at www.sec.gov.

On July 11, 2025, the Board of Trustees of the Trust (the "Board") approved to change the name of iShares Large Cap Moderate Buffer ETF to iShares Large Cap Moderate Quarterly Laddered ETF and iShares Large Cap Deep Buffer ETF to iShares Large Cap Deep Quarterly Laddered ETF. The investment objective of each Fund will change to seek to track the share price return of the Core S&P 500 up to an approximate upside limit, while seeking to provide downside protection. In connection with each Fund's name change, each Fund's investment strategy will change to seek to obtain downside protection by employing a "laddered" strategy pursuant to which it buys and sells approximately three-month FLEX Options or other exchange-traded options with overlapping expiration dates. These changes are expected to become effective on or about October 1, 2025.

*2. SIGNIFICANT ACCOUNTING POLICIES* 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

14 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (continued)

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

• Flexible Exchange Options ("FLEX Options") are valued at the last executed trade price on the options market in which the options trade. If there were no executed trades, FLEX Options are valued by an independent pricing service using a mathematical model, such as Black-Scholes model, which incorporates a number of market data factors, such as trades and prices of the underlying instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

**Fair Value Hierarchy:** 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 each 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

• 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.

*4. DERIVATIVE FINANCIAL INSTRUMENTS* 

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

N O T E S T O F I N A N C I A L S T A T E M E N T S 15

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Notes to Financial Statements (continued)

**Options:** An options contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy (in the case of a call option) or sell (in the case of a put option) a particular asset at a specified future date at an agreed upon price (commonly known as the "strike price").

The Funds invest primarily in FLEX Options. FLEX Options provide the Funds with the ability to customize key option contract terms such as strike price, style and expiration date, while avoiding the counterparty exposure of over-the-counter options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the Options Clearing Corporation (the "OCC"), a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options in which the Funds invest are European-style, which are exercisable at the strike price only on the expiration date. The FLEX Options traded by the Funds are listed on the Chicago Board Options Exchange ("CBOE"). Although each Fund will generally utilize FLEX Options that are physically settled, a fund may also utilize FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe an amount) of cash upon the exercise of the option.

The Funds will purchase and sell call and put European-style FLEX Options. A European-style call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price on the expiration date. A European-style put option gives the seller (holder) of the option the right (but not the obligation) to sell, and obligates the buyer (writer) to buy (when the option is exercised) the underlying instrument at the exercise or strike price on the expiration date.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write put options, cash is segregated in an amount sufficient to cover the obligations. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market.

*5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES* 

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| Fund Name | Investment Advisory Fees |
|  Large Cap Moderate Buffer | 0.50% |
|  Large Cap Deep Buffer<br>| 0.50% |

---

**Expense Waivers:** BFA has contractually agreed to waive a portion of its management fees to each Fund in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by each Fund in other equity and fixed-income mutual funds and ETFs advised by BFA or its affiliates through June 30, 2026. BFA has also contractually agreed to waive a portion of its management fees to each Fund by an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by each Fund in money market funds advised by BFA or its affiliates through June 30, 2026. The agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| Fund Name | Amounts Waived |
|  Large Cap Moderate Buffer | $23909 |
|  Large Cap Deep Buffer<br>| 46887 |

---

**Distributor:** BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**ETF Servicing Fees:** Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ("ETF Services"). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends - affiliated in the Statements of Operations.

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Notes to Financial Statements (continued)

*6. PURCHASES AND SALES* 

For the year ended July 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| Fund Name | Purchases | Sales |
|  Large Cap Moderate Buffer | $94113337 | $203553 |
|  Large Cap Deep Buffer<br>| 261751200 | 1179259 |

---

For the year ended July 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| Fund Name | In-kind<br>Purchases | *In-kind*<br> *Sales* |
|  Large Cap Moderate Buffer | $– $| 43329170 |
|  Large Cap Deep Buffer<br>| – | 123803959 |

---

*7. INCOME TAX INFORMATION* 

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2025, permanent differences attributable to distributions in connection with fund share redemptions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| Fund Name | Paid-in capital | Accumulated earnings (loss) |
|  Large Cap Moderate Buffer | $6954218 | $(6954218) |
|  Large Cap Deep Buffer<br>| 1163108 | (1163108) |

---

The tax character of distributions paid was as follows:

---

| | |
|:---|:---|
| Fund Name | Period<br>Ended<br>07/31/25 |
|  Large Cap Moderate Buffer |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $499311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long term capital gains | 24570 |
|  | $523881 |
|  Large Cap Deep Buffer |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754426 |

---

As of July 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund Name | Undistributed<br>Ordinary Income | Undistributed Long-Term<br>Capital Gains | Non-expiring<br>Capital Loss<br>Carryforwards<sup>(a)</sup> | Net Unrealized<br>Gains(Losses)<sup>(b)</sup> | Total |
|  Large Cap Moderate Buffer | $325144 | $22626 | $— | $7622596 | $7970366 |
|  Large Cap Deep Buffer | 1043947 |  | (500553) | 21694740 | 22238134 |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles and the realization for tax purposes of unrealized gains (losses) on certain futures contracts.

For the year ended July 31, 2025, Large Cap Deep Buffer utilized $246,197 of its capital loss carryforwards.

N O T E S T O F I N A N C I A L S T A T E M E N T S 17

------

Notes to Financial Statements (continued)

As of July 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Tax Cost | Gross Unrealized<br>Appreciation | Gross Unrealized<br>Depreciation | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Large Cap Moderate Buffer | $102853819 | $8829290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1191886) | $7637404 |
|  Large Cap Deep Buffer<br>| 216636037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23403573 | (1671260) | 21732313 |

---

*8. BANK BORROWINGS* 

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended July 31, 2025, the Funds did not borrow under the credit agreement.

*9. PRINCIPAL RISKS* 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed

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Notes to Financial Statements (continued)

and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**FLEX Options Risk:** FLEX Options are subject to the risk that they may be less liquid than certain other securities, such as standardized options. In less liquid markets, terminating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market, the liquidation of a large number of options may significantly impact the price of the options and may adversely impact the value of the Funds. Additionally, to the extent market participants are not willing or able to enter into FLEX Option transactions with the Funds at prices that reflect the market price of the Funds' shares, the Funds' NAV and, in turn the share prices of the Funds, could be negatively impacted.

*10. CAPITAL SHARE TRANSACTIONS* 

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>07/31/25 | Year Ended<br>07/31/25 | Year Ended<br>07/31/24 | Year Ended<br>07/31/24 |
| Fund Name | Shares | Amount | Shares | Amount |
|  Large Cap Moderate Buffer |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3080000 | $95616359 | 1680000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45232376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1400000) | (43694815) | (520000) | (13961863) |
|  | 1680000 | $51921544 | 1160000 | $31270513 |
|  Large Cap Deep Buffer |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 9080000 | $270572173 | 3160000 | $83909115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3880000) | (119118014) | (1360000) | (35204632) |
|  | 5200000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151454159 | 1800000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48704483 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

To the extent applicable, to facilitate the timely settlement of orders for Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Fund's custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Fund may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

As of July 31, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | |
|:---|:---|
| Fund Name | |
|  Large Cap Moderate Buffer | 1064500 |
|  Large Cap Deep Buffer<br>| 550000 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 19

------

Notes to Financial Statements (continued)

*11. SUBSEQUENT EVENTS* 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of

Trustees of BlackRock ETF Trust II and Shareholders of each of the two funds listed in the table below

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting BlackRock ETF Trust II, hereafter collectively referred to as the "Funds") as of July 31, 2025, the related statements of operations for the year ended July 31, 2025, the statements of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the two years in the period ended July 31, 2025 and for the period June 28, 2023 (commencement of operations) through July 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of July 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2025 and each of the financial highlights for each of the two years in the period ended July 31, 2025 and for the period June 28, 2023 (commencement of operations) through July 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; iShares Large Cap Moderate Buffer ETF |
| &nbsp;&nbsp;&nbsp; iShares Large Cap Deep Buffer ETF<br>|

---

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

September 23, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M 21

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Important Tax Information (unaudited)

The Fund hereby designates the following amount, or maximum amount allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended July 31, 2025:

---

| | |
|:---|:---|
| Fund Name | 20% Rate<br>Long-Term<br>Capital Gain<br>Dividends |
|  Large Cap Moderate Buffer | $44107 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended July 31, 2025:

---

| | |
|:---|:---|
| Fund Name | Qualified<br>Short-Term<br>Capital Gains |
|  Large Cap Moderate Buffer<br>| $5202 |

---

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Additional Information

#### Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **blackrock.com.** 

#### Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **blackrock.com.** Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.

#### Availability of Portfolio Holdings Information
A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets when available, at **blackrock.com.**

A D D I T I O N A L I N F O R M A T I O N 23

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Additional Information (continued)

#### Fund and Service Providers

---

| | |
|:---|:---|
| Investment Adviser | Independent Registered Public Accounting Firm |
| BlackRock Fund Advisors | PricewaterhouseCoopers LLP |
| San Francisco, CA 94105 | Philadelphia, Pennsylvania 19103 |
| Administrator, Custodian and Transfer Agent | Legal Counsel |
| The Bank of New York Mellon | Willkie Farr & Gallagher LLP |
| New York, NY 10286 | New York, NY 10019 |
| Distributor | Address of the Trust |
| BlackRock Investments, LLC | 100 Bellevue Parkway |
| Princeton, NJ 08540 | Wilmington, DE 19809 |

---

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Disclosure of Investment Advisory Agreement

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock ETF Trust II (the "Trust") met on May 8, 2025 (the "May Meeting") and June 5-6, 2025 (the "June Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement" or the "Agreement") between the Trust, on behalf of iShares Large Cap Moderate Buffer ETF ("IVVM") and iShares Large Cap Deep Buffer ETF ("IVVB" and together with IVVM, the "Funds" and each, a "Fund"), and BlackRock Fund Advisors (the "Manager" or "BlackRock"), each Fund's investment advisor.

#### The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreement for each Fund on an annual basis. The Board Members who are not "interested persons" of the Trust, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May Meeting to consider specific information regarding the renewal of the Agreement. In considering the renewal of the Agreement, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to each Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of each Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and each Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock's implementation of each Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and each Fund's operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreement and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T 25

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Disclosure of Investment Advisory Agreement (continued)

*A. Nature, Extent and Quality of the Services Provided by BlackRock* 

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund's portfolio management team discussing each Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives. In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

*B. The Investment Performance of each Fund* 

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-year and since-inception periods reported, IVVM ranked in the first and second quartiles, respectively, against its Performance Peers.

The Board noted that for the one-year and since-inception periods reported, IVVB ranked in the first and second quartiles, respectively, against its Performance Peers.

*C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund* 

The Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's

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Disclosure of Investment Advisory Agreement (continued)

assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that IVVM's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to IVVM's Expense Peers.

The Board noted that IVVB's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to IVVB's Expense Peers.

*D. Economies of Scale* 

*The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of each Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered each Fund's asset levels and whether the current fee schedule was appropriate.* 

*E. Other Factors Deemed Relevant by the Board Members* 

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with each Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to each Fund, including for administrative, distribution, securities lending, ETF servicing and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the ETF marketplace, and that shareholders are able to redeem or sell their Fund shares if they believe that each Fund's fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

#### Conclusion
At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of each Fund, for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T 27

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Glossary of Terms Used in these Financial Statements

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| | |
|:---|:---|
| Currency Abbreviation | Currency Abbreviation |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Dollar |
| Portfolio Abbreviation | Portfolio Abbreviation |
| ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Fund |

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Additional Financial Information

Schedule of Investments (Unaudited)

July 31, 2025

Statement of Assets and Liabilities (Unaudited)

July 31, 2025

**iShares Trust** 

iShares Core S&P 500 ETF \| IVV \| NYSE Arca

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| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> July 31, 2025 | **iShares<sup>®</sup> Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
|  Axon Enterprise, Inc.<sup>(a)(b)</sup> | 883744 | $667659755 |
|  Boeing Co. (The)<sup>(a)(b)</sup> | 9006181 | 1997931193 |
|  GE Aerospace | 12737334 | 3452836501 |
|  General Dynamics Corp. | 3009350 | 937743553 |
|  Howmet Aerospace, Inc.<sup>(a)</sup> | 4822181 | 866883478 |
|  Huntington Ingalls Industries, Inc. | 468528 | 130653718 |
|  L3Harris Technologies, Inc. | 2232687 | 613587041 |
|  Lockheed Martin Corp. | 2490668 | 1048521415 |
|  Northrop Grumman Corp. | 1616181 | 931906126 |
|  RTX Corp. | 15957896 | 2514485673 |
|  Textron, Inc.<sup>(a)</sup> | 2156950 | 167746002 |
|  TransDigm Group, Inc. | 670737 | 1078853635 |
|  |  | 14408808090 |
| **Air Freight & Logistics — 0.3%** |  |  |
|  CH Robinson Worldwide, Inc. | 1413642 | 163021195 |
|  Expeditors International of Washington, Inc. | 1636016 | 190170500 |
|  FedEx Corp. | 2632871 | 588420340 |
|  United Parcel Service, Inc., Class B | 8763968 | 755103483 |
|  |  | 1696715518 |
| **Automobile Components — 0.0%** |  |  |
|  Aptiv plc<sup>(b)</sup> | 2601447 | 178563322 |
| **Automobiles — 1.8%** |  |  |
|  Ford Motor Co. | 46651559 | 516432758 |
|  General Motors Co. | 11485206 | 612620888 |
|  Tesla, Inc.<sup>(a)(b)</sup> | 33471599 | 10318289824 |
|  |  | 11447343470 |
| **Banks — 3.6%** |  |  |
|  Bank of America Corp. | 78271769 | 3699906521 |
|  Citigroup, Inc. | 22309202 | 2090372227 |
|  Citizens Financial Group, Inc. | 5179890 | 247184351 |
|  Fifth Third Bancorp | 7975794 | 331553757 |
|  Huntington Bancshares, Inc. | 17401154 | 285900960 |
|  JPMorgan Chase & Co. | 33195282 | 9833770340 |
|  KeyCorp | 11781582 | 211125949 |
|  M&T Bank Corp. | 1917694 | 361868858 |
|  PNC Financial Services Group, Inc. (The) | 4724424 | 898916155 |
|  Regions Financial Corp. | 10738034 | 271994401 |
|  Truist Financial Corp. | 15642154 | 683718551 |
|  US Bancorp | 18610528 | 836729339 |
|  Wells Fargo & Co. | 38871002 | 3134168891 |
|  |  | 22887210300 |
| **Beverages — 1.1%** |  |  |
|  Brown-Forman Corp., Class B, NVS | 2172547 | 62677981 |
|  Coca-Cola Co. (The) | 46268357 | 3141158757 |
|  Constellation Brands, Inc., Class A | 1828088 | 305363820 |
|  Keurig Dr Pepper, Inc. | 16223482 | 529696687 |
|  Molson Coors Beverage Co., Class B | 2049589 | 99855976 |
|  Monster Beverage Corp.<sup>(a)(b)</sup> | 8386749 | 492721504 |
|  PepsiCo, Inc. | 16376795 | 2258687566 |
|  |  | 6890162291 |
| **Biotechnology — 1.6%** |  |  |
|  AbbVie, Inc. | 21099445 | 3988217094 |
|  Amgen, Inc. | 6422307 | 1895222796 |
|  Biogen, Inc.<sup>(a)(b)</sup> | 1749707 | 223962496 |
|  Gilead Sciences, Inc. | 14858101 | 1668416161 |
|  Incyte Corp.<sup>(a)(b)</sup> | 1913176 | 143277750 |
|  Moderna, Inc.<sup>(a)(b)</sup> | 4065271 | 120169411 |
|  Regeneron Pharmaceuticals, Inc. | 1240156 | 676455492 |

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| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Biotechnology (continued) |  |  |
|  Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 3067783 | $1401578019 |
|  |  | 10117299219 |
| Broadline Retail — 4.2% |  |  |
|  Amazon.com, Inc.<sup>(b)</sup> | 112859332 | 26421498214 |
|  eBay, Inc. | 5506753 | 505244588 |
|  |  | 26926742802 |
| Building Products — 0.5% |  |  |
|  A O Smith Corp. | 1388890 | 98319523 |
|  Allegion plc | 1028053 | 170574554 |
|  Builders FirstSource, Inc.<sup>(a)(b)</sup> | 1319930 | 167802701 |
|  Carrier Global Corp. | 9524060 | 653540997 |
|  Johnson Controls International plc | 7859781 | 825277005 |
|  Lennox International, Inc. | 381480 | 232321320 |
|  Masco Corp. | 2524451 | 171990846 |
|  Trane Technologies plc | 2664272 | 1167164278 |
|  |  | 3486991224 |
| Capital Markets — 3.5% |  |  |
|  Ameriprise Financial, Inc. | 1131405 | 586282757 |
|  Bank of New York Mellon Corp. (The) | 8545104 | 866900801 |
|  BlackRock, Inc.<sup>(c)</sup> | 1739558 | 1923968544 |
|  Blackstone, Inc., Class A | 8715462 | 1507426308 |
|  CBOE Global Markets, Inc. | 1250971 | 301534050 |
|  Charles Schwab Corp. (The) | 20400699 | 1993760313 |
|  CME Group, Inc., Class A | 4304633 | 1197893271 |
|  Coinbase Global, Inc., Class A<sup>(a)(b)</sup> | 2525391 | 953991704 |
|  FactSet Research Systems, Inc. | 452389 | 182267528 |
|  Franklin Resources, Inc. | 3689909 | 88557816 |
|  Goldman Sachs Group, Inc. (The) | 3665114 | 2652039839 |
|  Intercontinental Exchange, Inc. | 6852207 | 1266493420 |
|  Invesco Ltd. | 5340506 | 112204031 |
|  KKR & Co., Inc. | 8085623 | 1185190619 |
|  MarketAxess Holdings, Inc. | 449229 | 92316559 |
|  Moody's Corp. | 1847676 | 952901943 |
|  Morgan Stanley | 14755419 | 2102056991 |
|  MSCI, Inc. | 924986 | 519250141 |
|  Nasdaq, Inc. | 4937537 | 475089810 |
|  Northern Trust Corp. | 2323897 | 302106610 |
|  Raymond James Financial, Inc. | 2168798 | 362471210 |
|  S&P Global, Inc. | 3750219 | 2066745691 |
|  State Street Corp. | 3406140 | 380636145 |
| T. Rowe Price Group, Inc. | 2607017 | 264481875 |
|  |  | 22336567976 |
| Chemicals — 1.2% |  |  |
|  Air Products & Chemicals, Inc. | 2657847 | 765140994 |
|  Albemarle Corp. | 1398361 | 94878794 |
|  CF Industries Holdings, Inc. | 1935769 | 179697436 |
|  Corteva, Inc. | 8148697 | 587765515 |
|  Dow, Inc. | 8442922 | 196635653 |
|  DuPont de Nemours, Inc. | 4998797 | 359413504 |
|  Eastman Chemical Co. | 1378978 | 100127593 |
|  Ecolab, Inc. | 3014002 | 788945164 |
|  International Flavors & Fragrances, Inc. | 3055325 | 217019735 |
|  Linde plc | 5622899 | 2587995494 |
|  LyondellBasell Industries NV, Class A | 3071509 | 177932516 |
|  Mosaic Co. (The) | 3782051 | 136191656 |
|  PPG Industries, Inc. | 2711570 | 286070635 |
|  Sherwin-Williams Co. (The) | 2753800 | 911177344 |
|  |  | 7388992033 |
| Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% |  |
|  Cintas Corp. | 4100057 | 912467685 |
|  Copart, Inc.<sup>(a)(b)</sup> | 10501118 | 476015679 |
|  Republic Services, Inc. | 2426325 | 559631861 |

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> July 31, 2025 | **iShares<sup>®</sup> Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
|  Rollins, Inc. | 3357650 | $| 192292616 |
|  Veralto Corp. | 2960312 |  | 310329507 |
|  Waste Management, Inc. | 4373863 |  | 1002314445 |
|  |  |  | 3453051793 |
| **Communications Equipment — 0.9%** |  |  |  |
|  Arista Networks, Inc.<sup>(a)(b)</sup> | 12300282 |  | 1515640748 |
|  Cisco Systems, Inc. | 47519196 |  | 3235106864 |
|  F5, Inc.<sup>(a)(b)</sup> | 686568 |  | 215184143 |
|  Motorola Solutions, Inc. | 1994235 |  | 875429280 |
|  |  |  | 5841361035 |
| **Construction & Engineering — 0.1%** |  |  |  |
|  Quanta Services, Inc.<sup>(a)</sup> | 1769693 |  | 718725418 |
| **Construction Materials — 0.1%** |  |  |  |
|  Martin Marietta Materials, Inc. | 720529 |  | 414217712 |
|  Vulcan Materials Co. | 1577972 |  | 433421569 |
|  |  |  | 847639281 |
| **Consumer Finance — 0.6%** |  |  |  |
|  American Express Co. | 6611322 |  | 1978834788 |
|  Capital One Financial Corp. | 7640500 |  | 1642707500 |
|  Synchrony Financial | 4547316 |  | 316811506 |
|  |  |  | 3938353794 |
| **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** |
|  Costco Wholesale Corp. | 5299755 |  | 4979861788 |
|  Dollar General Corp. | 2627356 |  | 275609644 |
|  Dollar Tree, Inc.<sup>(a)(b)</sup> | 2360045 |  | 267983110 |
|  Kroger Co. (The) | 7318648 |  | 513037225 |
|  Sysco Corp. | 5790163 |  | 460896975 |
|  Target Corp. | 5427074 |  | 545420937 |
|  Walgreens Boots Alliance, Inc. | 8540248 |  | 99408487 |
|  Walmart, Inc. | 51606827 |  | 5056436909 |
|  |  |  | 12198655075 |
| **Containers & Packaging — 0.2%** |  |  |  |
|  Amcor plc | 27370542 |  | 255914568 |
|  Avery Dennison Corp. | 933673 |  | 156642319 |
|  Ball Corp. | 3314368 |  | 189780712 |
|  International Paper Co. | 6305999 |  | 294742393 |
|  Packaging Corp. of America | 1067434 |  | 206815338 |
|  Smurfit WestRock plc | 5923767 |  | 262896779 |
|  |  |  | 1366792109 |
| **Distributors — 0.1%** |  |  |  |
|  Genuine Parts Co. | 1655761 |  | 213394478 |
|  LKQ Corp. | 3094726 |  | 91201575 |
|  Pool Corp. | 448860 |  | 138311720 |
|  |  |  | 442907773 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
|  AT&T, Inc. | 85948402 |  | 2355845699 |
|  Verizon Communications, Inc. | 50359039 |  | 2153352507 |
|  |  |  | 4509198206 |
| **Electric Utilities — 1.6%** |  |  |  |
|  Alliant Energy Corp. | 3068677 |  | 199494692 |
|  American Electric Power Co., Inc. | 6380446 |  | 721883660 |
|  Constellation Energy Corp. | 3743648 |  | 1302190520 |
|  Duke Energy Corp. | 9284281 |  | 1129339941 |
|  Edison International | 4595818 |  | 239534034 |
|  Entergy Corp. | 5330484 |  | 482035668 |
|  Evergy, Inc. | 2748537 |  | 194596420 |
|  Eversource Energy | 4388434 |  | 290075487 |
|  Exelon Corp. | 12058574 |  | 541912316 |
|  FirstEnergy Corp. | 6135389 |  | 262042464 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | Shares | Value | Value |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
|  NextEra Energy, Inc. | 24589475 | $| 1747328094 |
|  NRG Energy, Inc. | 2335028 |  | 390416682 |
|  PG&E Corp. | 26250308 |  | 368029318 |
|  Pinnacle West Capital Corp. | 1425579 |  | 129185969 |
|  PPL Corp. | 8829857 |  | 315137596 |
|  Southern Co. (The) | 13128059 |  | 1240339014 |
|  Xcel Energy, Inc. | 6888718 |  | 505907450 |
|  |  |  | 10059449325 |
| Electrical Equipment — 1.0% |  |  |  |
|  AMETEK, Inc. | 2757491 |  | 509722211 |
|  Eaton Corp. plc | 4674075 |  | 1798210134 |
|  Emerson Electric Co. | 6714578 |  | 977038245 |
|  GE Vernova, Inc. | 3260060 |  | 2152585017 |
|  Generac Holdings, Inc.<sup>(a)(b)</sup> | 709726 |  | 138176555 |
|  Hubbell, Inc. | 638051 |  | 279134552 |
|  Rockwell Automation, Inc. | 1346939 |  | 473731916 |
|  |  |  | 6328598630 |
| Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% |
|  Amphenol Corp., Class A | 14448318 |  | 1538890350 |
|  CDW Corp. | 1573229 |  | 274339673 |
|  Corning, Inc. | 9207260 |  | 582267122 |
|  Jabil, Inc. | 1281859 |  | 286072473 |
|  Keysight Technologies, Inc.<sup>(a)(b)</sup> | 2064177 |  | 338339252 |
|  Ralliant Corp.<sup>(b)</sup> |  |  | 9 |
|  TE Connectivity plc | 3542166 |  | 728800655 |
|  Teledyne Technologies, Inc.<sup>(a)(b)</sup> | 560044 |  | 308595445 |
|  Trimble, Inc.<sup>(a)(b)</sup> | 2850178 |  | 239101433 |
|  Zebra Technologies Corp., Class A<sup>(b)</sup> | 607419 |  | 205927189 |
|  |  |  | 4502333601 |
| Energy Equipment & Services — 0.2% | Energy Equipment & Services — 0.2% |  |  |
|  Baker Hughes Co., Class A | 11834380 |  | 533138819 |
|  Halliburton Co. | 10268718 |  | 230019283 |
|  Schlumberger NV | 17925572 |  | 605884334 |
|  |  |  | 1369042436 |
| Entertainment — 1.6% |  |  |  |
|  Electronic Arts, Inc. | 2726249 |  | 415725710 |
|  Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 1882484 |  | 278042887 |
|  Netflix, Inc.<sup>(b)</sup> | 5083155 |  | 5893409907 |
|  Take-Two Interactive Software, Inc.<sup>(b)</sup> | 2023705 |  | 450739815 |
|  TKO Group Holdings, Inc., Class A<sup>(a)</sup> | 801109 |  | 134594323 |
|  Walt Disney Co. (The)<sup>(a)</sup> | 21473544 |  | 2557713826 |
|  Warner Bros Discovery, Inc.<sup>(a)(b)</sup> | 26892020 |  | 354167903 |
|  |  |  | 10084394371 |
| Financial Services — 4.2% |  |  |  |
|  Apollo Global Management, Inc. | 5392184 |  | 783592179 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)(b)</sup> | 21902953 |  | 10335565462 |
|  Block, Inc., Class A<sup>(a)(b)</sup> | 6636068 |  | 512702614 |
|  Corpay, Inc.<sup>(a)(b)</sup> | 842398 |  | 272136674 |
|  Fidelity National Information Services, Inc. | 6275643 |  | 498348810 |
|  Fiserv, Inc.<sup>(a)(b)</sup> | 6622567 |  | 920139459 |
|  Global Payments, Inc. | 2913200 |  | 232910340 |
|  Jack Henry & Associates, Inc. | 868140 |  | 147423194 |
|  Mastercard, Inc., Class A | 9689038 |  | 5488549356 |
|  PayPal Holdings, Inc.<sup>(a)(b)</sup> | 11616871 |  | 798776050 |
|  Visa, Inc., Class A | 20437467 |  | 7060531724 |
|  |  |  | 27050675862 |
| Food Products — 0.6% |  |  |  |
|  Archer-Daniels-Midland Co. | 5739208 |  | 310950290 |
|  Bunge Global SA | 1605077 |  | 128020942 |
|  Campbell's Co. (The) | 2342760 |  | 74780899 |
|  Conagra Brands, Inc. | 5702170 |  | 104121624 |

---

S C H E D U L E O F I N V E S T M E N T S 31

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> July 31, 2025 | **iShares<sup>®</sup> Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Food Products (continued)** |  |  |
|  General Mills, Inc. | 6540739 | $320365396 |
|  Hershey Co. (The) | 1767327 | 328952575 |
|  Hormel Foods Corp. | 3481266 | 97788762 |
|  J M Smucker Co. (The) | 1269008 | 136215319 |
|  Kellanova | 3211795 | 256397595 |
|  Kraft Heinz Co. (The) | 10320203 | 283392774 |
|  Lamb Weston Holdings, Inc. | 1685315 | 96180927 |
|  McCormick & Co., Inc. (Non-Voting), NVS | 3018061 | 213165648 |
|  Mondelez International, Inc., Class A | 15465812 | 1000483378 |
|  Tyson Foods, Inc., Class A | 3418900 | 178808470 |
|  |  | 3529624599 |
| **Gas Utilities — 0.0%** |  |  |
|  Atmos Energy Corp. | 1897489 | 295856485 |
| **Ground Transportation — 0.9%** |  |  |
|  CSX Corp. | 22439808 | 797510777 |
|  JB Hunt Transport Services, Inc. | 935802 | 134802278 |
|  Norfolk Southern Corp. | 2692792 | 748596176 |
|  Old Dominion Freight Line, Inc. | 2221593 | 331572755 |
|  Uber Technologies, Inc.<sup>(a)(b)</sup> | 24977903 | 2191810988 |
|  Union Pacific Corp. | 7137146 | 1584232298 |
|  |  | 5788525272 |
| **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |  |
|  Abbott Laboratories | 20781702 | 2622442975 |
|  Align Technology, Inc.<sup>(a)(b)</sup> | 813669 | 104971438 |
|  Baxter International, Inc. | 6129729 | 133382903 |
|  Becton Dickinson & Co. | 3423259 | 610195917 |
|  Boston Scientific Corp.(b) | 17671095 | 1854051287 |
|  Cooper Cos., Inc. (The)<sup>(a)(b)</sup> | 2388640 | 168852962 |
|  Dexcom, Inc.<sup>(b)</sup> | 4683116 | 378255279 |
|  Edwards Lifesciences Corp.<sup>(b)</sup> | 7006551 | 555689560 |
|  GE HealthCare Technologies, Inc.<sup>(a)</sup> | 5468989 | 390048296 |
|  Hologic, Inc.<sup>(a)(b)</sup> | 2662313 | 177895755 |
|  IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 960156 | 513020952 |
|  Insulet Corp.<sup>(a)(b)</sup> | 841063 | 242562569 |
|  Intuitive Surgical, Inc.<sup>(b)</sup> | 4281601 | 2059835425 |
|  Medtronic plc | 15319531 | 1382434478 |
|  ResMed, Inc. | 1751863 | 476401624 |
|  Solventum Corp.<sup>(a)(b)</sup> | 1653559 | 117997970 |
|  STERIS plc | 1173588 | 265805946 |
|  Stryker Corp. | 4108316 | 1613458943 |
|  Zimmer Biomet Holdings, Inc. | 2363471 | 216612117 |
|  |  | 13883916396 |
| **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** |  |
|  Cardinal Health, Inc. | 2851092 | 442546500 |
|  Cencora, Inc. | 2060684 | 589520479 |
|  Centene Corp.<sup>(b)</sup> | 5943963 | 154959115 |
|  Cigna Group (The) | 3191390 | 853313858 |
|  CVS Health Corp. | 14974756 | 929932348 |
|  DaVita, Inc.<sup>(a)(b)</sup> | 496558 | 69701846 |
|  Elevance Health, Inc. | 2698456 | 763878924 |
|  HCA Healthcare, Inc. | 2068835 | 732346902 |
|  Henry Schein, Inc.<sup>(a)(b)</sup> | 1454110 | 98370542 |
|  Humana, Inc. | 1441390 | 360160119 |
|  Labcorp Holdings, Inc. | 999345 | 259909648 |
|  McKesson Corp. | 1494589 | 1036557255 |
|  Molina Healthcare, Inc.<sup>(a)(b)</sup> | 647448 | 102212616 |
|  Quest Diagnostics, Inc. | 1333527 | 223245755 |
|  UnitedHealth Group, Inc. | 10835309 | 2704059714 |
|  Universal Health Services, Inc., Class B | 683411 | 113753761 |
|  |  | 9434469382 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security | Shares | Value | Value |
| Health Care REITs — 0.3% |  |  |  |
|  Alexandria Real Estate Equities, Inc. | 1834753 | $| 140230172 |
|  Healthpeak Properties, Inc. | 8325848 |  | 141039865 |
|  Ventas, Inc. | 5389910 |  | 362094154 |
|  Welltower, Inc. | 7420715 |  | 1224937425 |
|  |  |  | 1868301616 |
| Hotel & Resort REITs — 0.0% |  |  |  |
|  Host Hotels & Resorts, Inc. | 8321741 |  | 130817768 |
| Hotels, Restaurants & Leisure — 2.0% | Hotels, Restaurants & Leisure — 2.0% |  |  |
|  Airbnb, Inc., Class A<sup>(a)(b)</sup> | 5154721 |  | 682536607 |
|  Booking Holdings, Inc. | 388462 |  | 2138118156 |
|  Caesars Entertainment, Inc.<sup>(a)(b)</sup> | 2484450 |  | 66285126 |
|  Carnival Corp.<sup>(a)(b)</sup> | 12541491 |  | 373360187 |
|  Chipotle Mexican Grill, Inc.<sup>(a)(b)</sup> | 16093652 |  | 690095798 |
|  Darden Restaurants, Inc. | 1397763 |  | 281886864 |
|  Domino's Pizza, Inc. | 408776 |  | 189349131 |
|  DoorDash, Inc., Class A<sup>(a)(b)</sup> | 4094964 |  | 1024764741 |
|  Expedia Group, Inc. | 1452717 |  | 261808658 |
|  Hilton Worldwide Holdings, Inc. | 2839009 |  | 761081533 |
|  Las Vegas Sands Corp. | 4051163 |  | 212280941 |
|  Marriott International, Inc., Class A | 2715277 |  | 716371531 |
|  McDonald's Corp. | 8540815 |  | 2562842357 |
|  MGM Resorts International<sup>(a)(b)</sup> | 2470826 |  | 90061608 |
|  Norwegian Cruise Line Holdings<br>Ltd.<sup>(a)(b)</sup> | 5337096 |  | 136416174 |
|  Royal Caribbean Cruises Ltd. | 2983683 |  | 948423315 |
|  Starbucks Corp. | 13574124 |  | 1210268896 |
|  Wynn Resorts Ltd. | 1051285 |  | 114621603 |
|  Yum! Brands, Inc. | 3322581 |  | 478950051 |
|  |  |  | 12939523277 |
| Household Durables — 0.3% |  |  |  |
|  DR Horton, Inc. | 3302218 |  | 471688819 |
|  Garmin Ltd. | 1839930 |  | 402503087 |
|  Lennar Corp., Class A | 2773323 |  | 311111374 |
|  Mohawk Industries, Inc.<sup>(a)(b)</sup> | 624353 |  | 71494662 |
|  NVR, Inc.<sup>(a)(b)</sup> | 35217 |  | 265870390 |
|  PulteGroup, Inc. | 2393759 |  | 270303266 |
|  |  |  | 1792971598 |
| Household Products — 0.9% |  |  |  |
|  Church & Dwight Co., Inc. | 2941322 |  | 275807764 |
|  Clorox Co. (The) | 1472452 |  | 184881073 |
|  Colgate-Palmolive Co. | 9679866 |  | 811656764 |
|  Kimberly-Clark Corp. | 3963567 |  | 493939719 |
|  Procter & Gamble Co. (The) | 28004891 |  | 4213895949 |
|  |  |  | 5980181269 |
| Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% | Independent Power and Renewable Electricity Producers — 0.1% |
|  AES Corp. (The) | 8479664 |  | 111507582 |
|  Vistra Corp.<sup>(a)</sup> | 4050777 |  | 844749035 |
|  |  |  | 956256617 |
| Industrial Conglomerates — 0.4% |  |  |  |
|  3M Co | 6428813 |  | 959307476 |
|  Honeywell International, Inc. | 7676442 |  | 1706856879 |
|  |  |  | 2666164355 |
| Industrial REITs — 0.2% |  |  |  |
|  Prologis, Inc. | 11084017 |  | 1183551335 |
| Insurance — 1.9% |  |  |  |
|  Aflac, Inc. | 5811990 |  | 577479326 |
|  Allstate Corp. (The) | 3162849 |  | 642849059 |
|  American International Group, Inc. | 6884224 |  | 534422309 |
|  Aon plc, Class A | 2578856 |  | 917324868 |
|  Arch Capital Group Ltd. | 4464228 |  | 384191462 |
|  Arthur J Gallagher & Co. | 3058834 |  | 878650067 |

---

32 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> July 31, 2025 | **iShares<sup>®</sup> Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Insurance (continued)** |  |  |
|  Assurant, Inc. | 605698 | $113447235 |
|  Brown & Brown, Inc. | 3342362 | 305391616 |
|  Chubb Ltd. | 4451494 | 1184275464 |
|  Cincinnati Financial Corp. | 1866733 | 275361785 |
|  Erie Indemnity Co., Class A, NVS | 297634 | 106029136 |
|  Everest Group Ltd. | 507956 | 170571625 |
|  Globe Life, Inc. | 986248 | 138538257 |
|  Hartford Insurance Group, Inc. (The) | 3393892 | 422166226 |
|  Loews Corp. | 2079279 | 188257921 |
|  Marsh & McLennan Cos., Inc. | 5885603 | 1172412118 |
|  MetLife, Inc. | 6735963 | 511596390 |
|  Principal Financial Group, Inc. | 2464009 | 191773820 |
|  Progressive Corp. (The)<sup>(a)</sup> | 7002224 | 1694818297 |
|  Prudential Financial, Inc. | 4228449 | 437982747 |
|  Travelers Cos., Inc. (The) | 2706551 | 704352832 |
|  Willis Towers Watson plc | 1184824 | 374179267 |
|  WR Berkley Corp. | 3575567 | 246034765 |
|  |  | 12172106592 |
| **Interactive Media & Services — 6.9%** |  |  |
|  Alphabet, Inc., Class A | 69517873 | 13340479829 |
|  Alphabet, Inc., Class C, NVS | 56077647 | 10815135000 |
|  Match Group, Inc. | 2929519 | 100394616 |
|  Meta Platforms, Inc., Class A | 25934500 | 20058779680 |
|  |  | 44314789125 |
| **IT Services — 1.0%** |  |  |
|  Accenture plc, Class A | 7478150 | 1997413865 |
|  Akamai Technologies, Inc.<sup>(a)(b)</sup> | 1746143 | 133248172 |
|  Cognizant Technology Solutions Corp., Class A | 5889321 | 422617675 |
|  EPAM Systems, Inc.<sup>(a)(b)</sup> | 674794 | 106421762 |
|  Gartner, Inc.<sup>(b)</sup> | 918894 | 311183453 |
|  GoDaddy, Inc., Class A<sup>(a)(b)</sup> | 1701834 | 274982338 |
|  International Business Machines Corp. | 11101657 | 2810384469 |
|  VeriSign, Inc. | 1004172 | 269991726 |
|  |  | 6326243460 |
| **Leisure Products — 0.0%** |  |  |
|  Hasbro, Inc. | 1573604 | 118272077 |
| **Life Sciences Tools & Services — 0.8%** |  |  |
|  Agilent Technologies, Inc. | 3405176 | 390948257 |
|  Bio-Techne Corp. | 1884473 | 103137207 |
|  Charles River Laboratories International, Inc.<sup>(a)(b)</sup> | 586722 | 99531520 |
|  Danaher Corp. | 7608223 | 1500037247 |
|  IQVIA Holdings, Inc.<sup>(a)(b)</sup> | 1963141 | 364869386 |
|  Mettler-Toledo International, Inc.<sup>(a)(b)</sup> | 247964 | 305908228 |
|  Revvity, Inc.<sup>(a)</sup> | 1408446 | 123802403 |
|  Thermo Fisher Scientific, Inc. | 4509324 | 2108920648 |
|  Waters Corp.<sup>(a)(b)</sup> | 710686 | 205217689 |
|  West Pharmaceutical Services, Inc. | 857773 | 205230768 |
|  |  | 5407603353 |
| **Machinery — 1.6%** |  |  |
|  Caterpillar, Inc. | 5618304 | 2460929518 |
|  Cummins, Inc. | 1645116 | 604777544 |
|  Deere & Co. | 3015905 | 1581450105 |
|  Dover Corp. | 1637747 | 296661492 |
|  Fortive Corp. | 4056452 | 194425744 |
|  IDEX Corp. | 901837 | 147459368 |
|  Illinois Tool Works, Inc. | 3184419 | 815115732 |
|  Ingersoll Rand, Inc.<sup>(a)</sup> | 4819063 | 407837302 |
|  Nordson Corp. | 645878 | 138353526 |
|  Otis Worldwide Corp. | 4714349 | 403972566 |
|  PACCAR, Inc. | 6270603 | 619284752 |
|  Parker-Hannifin Corp. | 1525861 | 1116777666 |
|  Pentair plc | 1967029 | 201030364 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Machinery (continued)** |  |  |
|  Snap-on, Inc. | 624059 | $200441510 |
|  Stanley Black & Decker, Inc. | 1847665 | 124994537 |
|  Westinghouse Air Brake Technologies Corp. | 2044044 | 392558650 |
|  Xylem, Inc. | 2907107 | 420425814 |
|  |  | 10126496190 |
| **Media — 0.5%** |  |  |
|  Charter Communications, Inc., Class A<sup>(a)(b)</sup> | 1139771 | 307008717 |
|  Comcast Corp., Class A | 44485704 | 1478259944 |
|  Fox Corp., Class A, NVS | 2556326 | 142540738 |
|  Fox Corp., Class B | 1572330 | 80408956 |
|  Interpublic Group of Cos., Inc. (The) | 4431991 | 109026979 |
|  News Corp., Class A, NVS | 4500911 | 131966710 |
|  News Corp., Class B<sup>(a)</sup> | 1330254 | 44457089 |
|  Omnicom Group, Inc. | 2330384 | 167904167 |
|  Paramount Global, Class B, NVS<sup>(a)</sup> | 7187729 | 90349753 |
|  Trade Desk, Inc. (The), Class A<sup>(a)(b)</sup> | 5348622 | 465116169 |
|  |  | 3017039222 |
| **Metals & Mining — 0.3%** |  |  |
|  Freeport-McMoRan, Inc. | 17155231 | 690326495 |
|  Newmont Corp. | 13294945 | 825616085 |
|  Nucor Corp. | 2756113 | 394317087 |
|  Steel Dynamics, Inc. | 1648664 | 210303580 |
|  |  | 2120563247 |
| **Multi-Utilities — 0.6%** |  |  |
|  Ameren Corp. | 3228866 | 326535219 |
|  CenterPoint Energy, Inc. | 7796292 | 302652055 |
|  CMS Energy Corp. | 3573384 | 263715739 |
|  Consolidated Edison, Inc. | 4303673 | 445430156 |
|  Dominion Energy, Inc. | 10185650 | 595351243 |
|  DTE Energy Co. | 2478205 | 343008354 |
|  NiSource, Inc. | 5622556 | 238677502 |
|  Public Service Enterprise Group, Inc. | 5960813 | 535221399 |
|  Sempra | 7789625 | 636256570 |
|  WEC Energy Group, Inc. | 3811539 | 415762674 |
|  |  | 4102610911 |
| **Office REITs — 0.0%** |  |  |
|  BXP, Inc. | 1739882 | 113840479 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |  |
|  APA Corp. | 4310378 | 83147192 |
|  Chevron Corp. | 22907043 | 3473623928 |
|  ConocoPhillips | 15079193 | 1437650261 |
|  Coterra Energy, Inc. | 9115796 | 222334264 |
|  Devon Energy Corp. | 7669983 | 254796835 |
|  Diamondback Energy, Inc. | 2233122 | 331975917 |
|  EOG Resources, Inc. | 6519426 | 782461509 |
|  EQT Corp. | 7149989 | 384311909 |
|  Expand Energy Corp. | 2586804 | 271045323 |
|  Exxon Mobil Corp. | 51482345 | 5747488996 |
|  Kinder Morgan, Inc. | 23091113 | 647936631 |
|  Marathon Petroleum Corp. | 3669406 | 624496207 |
|  Occidental Petroleum Corp. | 8462785 | 371854773 |
|  ONEOK, Inc. | 7461241 | 612642498 |
|  Phillips 66 | 4867330 | 601504641 |
|  Targa Resources Corp. | 2591144 | 431192273 |
|  Texas Pacific Land Corp.(a) | 225017 | 217845708 |
|  Valero Energy Corp. | 3741330 | 513722022 |
|  Williams Cos., Inc. (The) | 14584749 | 874355703 |
|  |  | 17884386590 |
| **Passenger Airlines — 0.2%** |  |  |
|  Delta Air Lines, Inc. | 7798664 | 414966911 |
|  Southwest Airlines Co. | 6806958 | 210539211 |

---

S C H E D U L E O F I N V E S T M E N T S 33

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> July 31, 2025 | **iShares<sup>®</sup> Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Passenger Airlines (continued)** |  |  |  |
|  United Airlines Holdings, Inc.<sup>(a)(b)</sup> | 3901428 | $| 344535107 |
|  |  |  | 970041229 |
| **Personal Care Products — 0.1%** |  |  |  |
|  Estee Lauder Cos., Inc. (The), Class A | 2797315 |  | 261101382 |
|  Kenvue, Inc. | 22932365 |  | 491669906 |
|  |  |  | 752771288 |
| **Pharmaceuticals — 2.7%** |  |  |  |
|  Bristol-Myers Squibb Co. | 24308001 |  | 1052779523 |
|  Eli Lilly & Co. | 9395642 |  | 6953432775 |
|  Johnson & Johnson | 28739558 |  | 4734554785 |
|  Merck & Co., Inc. | 29993618 |  | 2343101438 |
|  Pfizer, Inc. | 67909573 |  | 1581613955 |
|  Viatris, Inc. | 14019861 |  | 122533585 |
|  Zoetis, Inc., Class A | 5318112 |  | 775327549 |
|  |  |  | 17563343610 |
| **Professional Services — 0.6%** |  |  |  |
|  Automatic Data Processing, Inc. | 4849028 |  | 1500774166 |
|  Broadridge Financial Solutions, Inc. | 1402710 |  | 347184752 |
|  Dayforce, Inc.<sup>(a)(b)</sup> | 1909342 |  | 110111753 |
|  Equifax, Inc. | 1483195 |  | 356307935 |
|  Jacobs Solutions, Inc. | 1435347 |  | 203632679 |
|  Leidos Holdings, Inc. | 1537572 |  | 245473370 |
|  Paychex, Inc. | 3828888 |  | 552623405 |
|  Paycom Software, Inc. | 582346 |  | 134836393 |
|  Verisk Analytics, Inc. | 1671334 |  | 465817499 |
|  |  |  | 3916761952 |
| **Real Estate Management & Development — 0.2%<sup>(a)(b)</sup>** | **Real Estate Management & Development — 0.2%<sup>(a)(b)</sup>** |  |  |
|  CBRE Group, Inc., Class A | 3507232 |  | 546216312 |
|  CoStar Group, Inc. | 5039266 |  | 479687730 |
|  |  |  | 1025904042 |
| **Residential REITs — 0.2%** |  |  |  |
|  AvalonBay Communities, Inc. | 1698507 |  | 316397884 |
|  Camden Property Trust | 1276085 |  | 139348482 |
|  Equity Residential | 4084630 |  | 258148616 |
|  Essex Property Trust, Inc. | 769057 |  | 200093250 |
|  Invitation Homes, Inc. | 6808466 |  | 208679483 |
|  Mid-America Apartment Communities, Inc. | 1398126 |  | 199135086 |
|  UDR, Inc. | 3601105 |  | 141487416 |
|  |  |  | 1463290217 |
| **Retail REITs — 0.3%** |  |  |  |
|  Federal Realty Investment Trust | 927478 |  | 85476372 |
|  Kimco Realty Corp. | 8090966 |  | 171771208 |
|  Realty Income Corp. | 10786359 |  | 605438331 |
|  Regency Centers Corp. | 1951023 |  | 139303042 |
|  Simon Property Group, Inc. | 3664872 |  | 600269385 |
|  |  |  | 1602258338 |
| **Semiconductors & Semiconductor Equipment — 13.4%** | **Semiconductors & Semiconductor Equipment — 13.4%** | **Semiconductors & Semiconductor Equipment — 13.4%** | **Semiconductors & Semiconductor Equipment — 13.4%** |
|  Advanced Micro Devices, Inc.<sup>(a)(b)</sup> | 19367070 |  | 3414608112 |
|  Analog Devices, Inc. | 5924522 |  | 1330825377 |
|  Applied Materials, Inc. | 9704791 |  | 1747444667 |
|  Broadcom, Inc. | 56162506 |  | 16494928012 |
|  Enphase Energy, Inc.<sup>(a)(b)</sup> | 1579134 |  | 51100776 |
|  First Solar, Inc.<sup>(a)(b)</sup> | 1280681 |  | 223773391 |
|  Intel Corp. | 52102255 |  | 1031624649 |
|  KLA Corp. | 1579523 |  | 1388448103 |
|  Lam Research Corp. | 15284208 |  | 1449554287 |
|  Microchip Technology, Inc. | 6423586 |  | 434170178 |
|  Micron Technology, Inc. | 13349314 |  | 1456944130 |
|  Monolithic Power Systems, Inc. | 571636 |  | 406570388 |
|  NVIDIA Corp. | 291303228 |  | 51814105164 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  NXP Semiconductors NV | 3017496 | $| 645050120 |
|  ON Semiconductor Corp.<sup>(a)(b)</sup> | 4991916 |  | 281344386 |
|  QUALCOMM, Inc. | 13106134 |  | 1923456226 |
|  Skyworks Solutions, Inc. | 1793867 |  | 122951644 |
|  Teradyne, Inc. | 1916537 |  | 205893570 |
|  Texas Instruments, Inc. | 10851201 |  | 1964718453 |
|  |  |  | 86387511633 |
| **Software — 11.8%** |  |  |  |
|  Adobe, Inc.<sup>(a)(b)</sup> | 5091439 |  | 1821156816 |
|  Autodesk, Inc.<sup>(a)(b)</sup> | 2555250 |  | 774521828 |
|  Cadence Design Systems, Inc.<sup>(a)(b)</sup> | 3261237 |  | 1188949173 |
|  Crowdstrike Holdings, Inc.,<br>Class A<sup>(a)(b)</sup> | 2975031 |  | 1352359842 |
|  Datadog, Inc., Class A<sup>(a)(b)</sup> | 3812678 |  | 533698666 |
|  Fair Isaac Corp.<sup>(b)</sup> | 290318 |  | 417105677 |
|  Fortinet, Inc.<sup>(b)</sup> | 7588405 |  | 758081660 |
|  Gen Digital, Inc. | 6519180 |  | 192250618 |
|  Intuit, Inc. | 3339277 |  | 2621766551 |
|  Microsoft Corp. | 88779110 |  | 47363655185 |
|  Oracle Corp. | 19427360 |  | 4930081147 |
|  Palantir Technologies, Inc., Class A<sup>(b)</sup> | 25405697 |  | 4022992120 |
|  Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 7908769 |  | 1372962298 |
|  PTC, Inc.<sup>(a)(b)</sup> | 1432965 |  | 307815212 |
|  Roper Technologies, Inc. | 1283748 |  | 706574899 |
|  Salesforce, Inc. | 11460191 |  | 2960511141 |
|  ServiceNow, Inc.<sup>(a)(b)</sup> | 2472329 |  | 2331702926 |
|  Synopsys, Inc.<sup>(a)(b)</sup> | 2203535 |  | 1395873316 |
|  Tyler Technologies, Inc.<sup>(a)(b)</sup> | 514623 |  | 300828021 |
|  Workday, Inc., Class A<sup>(a)(b)</sup> | 2587712 |  | 593569379 |
|  |  |  | 75946456475 |
| **Specialized REITs — 0.8%** |  |  |  |
|  American Tower Corp. | 5591403 |  | 1165192471 |
|  Crown Castle, Inc. | 5201368 |  | 546611763 |
|  Digital Realty Trust, Inc. | 3781610 |  | 667227269 |
|  Equinix, Inc. | 1168663 |  | 917599128 |
|  Extra Space Storage, Inc. | 2534527 |  | 340539048 |
|  Iron Mountain, Inc. | 3524023 |  | 343098879 |
|  Public Storage | 1885721 |  | 512802969 |
|  SBA Communications Corp. | 1283035 |  | 288323625 |
|  VICI Properties, Inc. | 12622220 |  | 411484372 |
|  Weyerhaeuser Co. | 8663047 |  | 217009327 |
|  |  |  | 5409888851 |
| **Specialty Retail — 1.7%** |  |  |  |
|  AutoZone, Inc.<sup>(a)(b)</sup> | 199975 |  | 753581790 |
|  Best Buy Co., Inc. | 2301277 |  | 149721082 |
|  CarMax, Inc.<sup>(a)(b)</sup> | 1819723 |  | 103014519 |
|  Home Depot, Inc. (The) | 11872471 |  | 4363251817 |
|  Lowe's Cos., Inc. | 6685211 |  | 1494612623 |
|  O'Reilly Automotive, Inc.<sup>(a)(b)</sup> | 10211291 |  | 1003974131 |
|  Ross Stores, Inc. | 3928237 |  | 536361480 |
|  TJX Cos., Inc. (The) | 13336240 |  | 1660761967 |
|  Tractor Supply Co. | 6333210 |  | 360676310 |
|  Ulta Beauty, Inc.<sup>(a)(b)</sup> | 539652 |  | 277926177 |
|  Williams-Sonoma, Inc. | 1465117 |  | 274050135 |
|  |  |  | 10977932031 |
| **Technology Hardware, Storage & Peripherals — 6.1%** | **Technology Hardware, Storage & Peripherals — 6.1%** | **Technology Hardware, Storage & Peripherals — 6.1%** | **Technology Hardware, Storage & Peripherals — 6.1%** |
|  Apple, Inc. | 178405142 |  | 37031555325 |
|  Dell Technologies, Inc., Class C | 3578848 |  | 474877341 |
|  Hewlett Packard Enterprise Co. | 15689887 |  | 324623762 |
|  HP, Inc. | 11259724 |  | 279241155 |
|  NetApp, Inc. | 2429631 |  | 252997476 |
|  Seagate Technology Holdings plc | 2534595 |  | 397956761 |
|  Super Micro Computer, Inc.<sup>(a)(b)</sup> | 6130590 |  | 361520893 |

---

34 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> July 31, 2025 | **iShares<sup>®</sup> Core S&P 500 ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
|  Western Digital Corp. | 4167293 | $327924286 |
|  |  | 39450696999 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |  |
|  Deckers Outdoor Corp.<sup>(a)(b)</sup> | 1813302 | 192518273 |
|  Lululemon Athletica, Inc.<sup>(b)</sup> | 1320131 | 264725869 |
|  NIKE, Inc., Class B | 14064945 | 1050510742 |
|  Ralph Lauren Corp., Class A | 476842 | 142456548 |
|  Tapestry, Inc. | 2481198 | 268043820 |
|  |  | 1918255252 |
| **Tobacco — 0.7%** |  |  |
|  Altria Group, Inc. | 20120143 | 1246241657 |
|  Philip Morris International, Inc. | 18592295 | 3050065995 |
|  |  | 4296307652 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |  |
|  Fastenal Co. | 13703230 | 632130000 |
|  United Rentals, Inc. | 776007 | 685167621 |
|  WW Grainger, Inc. | 522378 | 543032826 |
|  |  | 1860330447 |
| **Water Utilities — 0.1%** |  |  |
|  American Water Works Co., Inc. | 2329251 | 326654160 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |  |
|  T-Mobile US, Inc. | 5695803 | 1357936393 |
|  **Total Long-Term Investments — 99.9%<br>(Cost: $569,855,641,087)** | **Total Long-Term Investments — 99.9%<br>(Cost: $569,855,641,087)** | 641857026738 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Short-Term Securities |  |  |
| Money Market Funds — 0.5%<sup>(c)(d)</sup> |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.44%<sup>(e)</sup> | 2900661182 | $2901821445 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.30% | 272789124 | 272789124 |
|  **Total Short-Term Securities — 0.5%<br>(Cost: $3,173,152,946)** | **Total Short-Term Securities — 0.5%<br>(Cost: $3,173,152,946)** | 3174610569 |
|  **Total Investments — 100.4%<br>(Cost: $573,028,794,033)** |  | 645031637307 |
|  **Liabilities in Excess of Other Assets — (0.4)%** | **Liabilities in Excess of Other Assets — (0.4)%** | (2512220068) |
|  **Net Assets — 100.0%** |  | $642519417239 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Non-income producing security.

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

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

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount (000) | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 1976 | 09/19/25 | $629776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24895392 |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to 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;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641857026738 | $&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;641857026738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 3174610569 |  |  | 3174610569 |
|  | $645031637307 | $— | $— | $645031637307 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity contracts | $24895392 | $— | $— | $24895392 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

S C H E D U L E O F I N V E S T M E N T S 35

------

Statement of Assets and Liabilities (unaudited)

July 31, 2025

---

| | |
|:---|:---|
|  | iShares Core<br> S&P 500 ETF |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $639933058194 |
|  Investments, at value — affiliated<sup>(c)</sup> | 5098579113 |
|  Cash | 32028 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 42983000 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 394954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 12061363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 348447891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 2454555 |
|  Total assets | 645438011098 |
|  **LIABILITIES** |  |
|  Collateral on securities loaned | 2759091828 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 140493211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 852824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 16159660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 1996336 |
|  Total liabilities | 2918593859 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $642519417239 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $556415593189 |
|  Accumulated earnings | 86103824050 |
|  NET ASSETS | $642519417239 |
|  **NET ASSET VALUE** |  |
|  Shares outstanding | 1011800000 |
|  Net asset value | $635.03 |
|  Shares authorized | Unlimited |
|  Par value |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $568273582106 |
|  <sup>(b)</sup> Securities loaned, at value | $2783621833 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $4755211927 |

---

36 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Glossary of Terms Used in these Financial Statements

---

| | |
|:---|:---|
| Portfolio Abbreviation | Portfolio Abbreviation |
| MSCI | Morgan Stanley Capital International |
| Nasdaq | National Association of Securities Dealers Automated Quotations |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S 37

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### Want to know more?
**blackrock.com** \| 1-800-474-2737

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds' current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

---

| | |
|:---|:---|
| ![LOGO](g2329940a.jpg)  | ![LOGO](g2329940b.jpg) |

---

------

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item2)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached.](d23299dex99cert.htm)

#### 5

------

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached.](d23299dex99906cert.htm)

#### 6

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock ETF Trust II

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock ETF Trust II |

---

Date: September 23, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock ETF Trust II |

---

Date: September 23, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock ETF Trust II |

---

Date: September 23, 2025

#### 7

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock ETF Trust II, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock ETF Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 23, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust II

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock ETF Trust II, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock ETF Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 23, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ETF Trust II

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock ETF Trust II (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended July 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: September 23, 2025

<u>/s/ John. M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust II

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock ETF Trust II (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended July 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: September 23, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ETF Trust II

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**